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PARIS\/MILAN: Vivendi<\/a> took a 728 million euro ($805 million) writedown on its stake in Telecom Italia<\/a> in 2021, the French media group said on Wednesday, as it reported a doubling in core operating earnings over the same period.
The Paris-based company, whose top investor is billionaire Vincent Bollore, is the largest shareholder of the former Italian monopoly with a 24% stake, which reflects a total initial investment in the company of 3.9 billion euros since 2015.
Private equity firm KKR<\/a> made a non-binding approach to Telecom Italia (TIM<\/a>) in November which was pitched at 0.505 euro per share, valuing Italy's largest telecoms company at 10.8 billion euros.
By comparison, Vivendi's average purchase price of Telecom Italia shares was 1.07 euros each, while the company's current book value for TIM shares is 0.63 euro against 0.83 euro per share as of June 2021, according to a Reuters calculation based on available documents.
A Vivendi spokesperson said the exact figure for the book value for TIM was 0.657 euro per share. TIM shares closed on Wednesday at 0.26 euro each.
In a call with reporters, Vivendi CEO Arnaud de Puyfontaine praised the recent appointment of TIM's new boss, Pietro Labriola, and confirmed that KKR's initial approach undervalued the phone company.
\"It's a turning point for Telecom Italia,\" he said. \"We consider its value very much higher than its current share price and that of the virtual value mentioned by KKR in its statement of intent.\"
Vivendi supports Labriola's turnaround plan for TIM, de Puyfontaine added.
A TIM board meeting to draw up a response to the KKR proposal will be held on Sunday once TIM's advisers complete an analysis to compare TIM's planned in-house revamp with KKR's plan, two sources close to the matter said.
Vivendi said it also took an impairment charge of 200 million euros on its wholly-owned mobile video game-maker Gameloft, reflecting a decline of the division's performance.
The company more than doubled its earnings before interest, tax and amortisation last year to 690 million euros thanks to strong growth at its pay-TV group Canal Plus, advertising unit Havas and publishing division Editis.
Vivendi did not provide targets for the current year.
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威望迪的利润翻倍,意大利电信减记
这家总部位于巴黎的公司的投资者是亿万富翁文森特•博洛尔集团的最大股东是意大利前垄断企业24%的股份,这反映了初始投资总额自2015年以来该公司39亿欧元。
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巴黎/米兰:维旺迪花了7.28亿欧元(8.05亿美元)的减记其股份意大利电信2021年,法国媒体集团周三表示,报道核心同期营业利润将增长一倍。
这家总部位于巴黎的公司的投资者是亿万富翁文森特•博洛尔集团的最大股东是意大利前垄断企业24%的股份,这反映了初始投资总额自2015年以来该公司39亿欧元。
私人股本公司KKR意大利电信的不具约束力的方法(蒂姆11月)定在每股0.505欧元,重视意大利最大的电信公司在108亿欧元左右。
相比之下,威望迪意大利电信股的平均购买价格是1.07欧元,而蒂姆的公司当前账面价值股票每股0.63欧元兑0.83欧元2021年6月,据路透计算基于可用的文档。
威望迪发言人说的确切数字,蒂姆的账面价值为每股0.657欧元。蒂姆股价周三收于0.26欧元。
在与记者通话,威望迪首席执行官Arnaud de Puyfontaine赞扬了最近任命蒂姆的新老板,Pietro Labriola,证实,KKR的初始方法低估了电话公司。
“这是一个意大利电信的转折点,”他说。“我们考虑它的价值高于其当前的股价和KKR在其声明中提到的虚拟价值的意图。”
威望迪支持Labriola重整计划的蒂姆,de Puyfontaine补充道。
蒂姆董事会起草一份回应KKR的提议将在周日举行一次蒂姆的顾问完成一个分析比较蒂姆的计划内部改革与KKR的计划,两位知情人士说。
威望迪称,还花了2亿欧元的减损支出其全资移动视频游戏开发商智乐,反映出部门的性能下降。
公司增加了一倍多利息、税收和摊销由于去年6.9亿欧元强劲增长的付费电视集团Canal Plus,哈瓦斯和出版部门Editis广告单元。
威望迪没有提供目标。
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