* 2012 revenue 28.99 bln eur vs poll avg 28.51 bln
* Adj net income 2.86 bln vs own target 2.7 bln
* CFO says no announcements on disposals
* CFO says will take time to get good prices for assets
* Net debt 13.4 bln eur, below goal of 14 bln
By James Regan and Catherine Monin
PARIS, Feb 26 Entertainment-to-telecoms
conglomerate Vivendi said on Tuesday it could give no
full-year group outlook until it had more clarity on key asset
sales, prompting its shares to slip and analysts to caution the
company needed to deliver on deals.
Vivendi is looking to sell assets including its 53-percent
stake in Maroc Telecom and Brazilian telecoms and TV
subsidiary GVT as part of an overhaul to cut debt and reduce its
exposure to the capital-intensive telecoms business.
Les Echos newspaper reported on Tuesday that Vivendi had
failed to obtain offers near its preferred price of 7 billion
euros for GVT and was delaying the sale.
"If disposals disappoint, investor focus will switch back to
weak earnings momentum and the limited credit rating headroom,"
UBS analysts wrote in a note.
Vivendi beat its full-year earnings target, helped by video
game sales and a smaller-than-expected profit drop at its French
mobile unit SFR, which has been hammered by a price war launched
by low-cost mobile player Iliad.
SFR saw full-year earnings before interest, tax,
depreciation and amortisation (EBITDA) fall 10.6 percent before
one-offs to 3.3 billion euros, better than the group's target
for a drop of close to 12 percent.
Finance chief Philippe Capron said Vivendi was not in a
hurry to push through asset sales. Vivendi's financial position
meant it was not forced to make a "fire sale", he told analysts
"We are not under pressure in our disposals processes,"
Capron said in a conference call with journalists. "If the
prices are not good, we will take our time."
Vivendi shares fell 3 percent in early trading then narrowed
the loss slightly to be off 2.1 percent at 15.605 euros by 0913
GMT, in line with the broader market.
The stock rose 3.2 percent on Monday on expectations of
asset sales after Brazilian newspaper Folha de S.Paulo reported
on Sunday that a deal to sell GVT, which provides fixed-line
telecommunications, high-speed broadband services and pay
television in about 120 Brazilian cities, was just weeks away.
Shares in Vivendi, whose businesses range from video games,
music and pay-TV to telecoms, have lost about two-fifths of
their value in the last five years. The company is penalised by
a conglomerate discount, meaning investors undervalue its
intrinsic value because of the range of subsidiaries - Vivendi
has said it wants to shake this off to improve its valuation.
"The results look ok but, with Vivendi, we see the main
catalyst as the sale of its telecom assets," a Paris-based
MOBILE CUSTOMER BASE "STABLE"
Vivendi posted full-year adjusted net income of 2.86 billion
euros ($3.78 billion) before one-offs, ahead of its target of
2.7 billion. Revenue rose 0.6 percent to 28.99 billion, compared
with the average estimate in a Thomson Reuters I/B/E/S analyst
poll of 28.51 billion.
The company said its postpaid mobile customer base was
stable at the end of last year compared with 2011, and Capron
said he did not expect further price decreases.
Vivendi stuck to its forecast for full-year EBITDA to fall
further to close to 2.9 billion euros at SFR this year, with
capital expenditure of about 1.6 billion.
"Some may see this as evidence of stabilisation in the
French (mobile) market, but after the recent round of price
cuts, we remain cautious on the outlook for French mobile," the
UBS analysts added.
The company's Activision Blizzard video games maker
posted increases of 9.8 percent in revenue to 3.77 billion euros
and 13.6 percent in EBITA to 1.15 billion last year as it
launched new games such as Black Ops II.
The division is not expected to match last year's
performance in 2013, however, due to a "challenged global
economy" and a smaller number of game releases, Vivendi said,
adding that the EBITA target was still above $1 billion.