Slide 1: First Quarter 2005 Earnings
1 May 19, 2005 – IFRS – unaudited First Quarter 2005 Earnings “A growth media and telco company with an attractive yield” Jacques ESPINASSE Member of the Management Board & Chief Financial Officer IMPORTANT NOTICE: INVESTORS ARE STRONGLY URGED TO READ THE IMPORTANT LEGAL DISCLAIMER AT THE END OF THI
Slide 2: First Quarter Results Confirm Strong Progress
2 May 19, 2005 – IFRS – unaudited First Quarter Results Confirm Strong Progress Figures as published, except when specified In € million — IFRS Q1 2005 Q1 2004 % Growth Revenues (comparable basis)* 4,716 4,391 + 7% Earnings From Operations (comparable basis) 849 697 + 22% Adjusted Net Income * 512 1
Slide 3: Consolidated First Quarter 2005 Statement of Earnings
3 May 19, 2005 – IFRS – unaudited In € million — IFRS 2005 As published 2004 As published 1 Revenues 4 761 4 385 2 Earnings From Operations 877 694 3 Other income from ordinary activities 19 23 4 Income from equity affiliates 72 78 5 Earnings Before Interest and Income Taxes (EBIT) 968 795 6 Interes
Slide 4: First Quarter 2005 Adjusted Net Income Growth
4 May 19, 2005 – IFRS – unaudited First Quarter 2005 Adjusted Net Income Growth The € 352 million improvement in adjusted net income compared to the first quarter 2004 comes from: + € 183m: improvement in earnings from operations + € 98m: reduction in interest due to lower average gross debt (from €
Slide 5: Earnings from operations on a comparable basis by business
5 May 19, 2005 – IFRS – unaudited Details by business (comparable basis ): In € million, IFRS Earnings from operations up € 152 million, +22% on a comparable basis First Quarter 2005 Earnings from operations on a Comparable Basis 697 849 1st Quarter 2004 1st Quarter 2005 -50 50 150 250 350 450 550 6
Slide 6: First Quarter 2005 Financial Net Debt Evolution
6 May 19, 2005 – IFRS – unaudited First Quarter 2005 Financial Net Debt Evolution -8 -7 -6 -5 -4 -3 -2 -1 0 Dec. 31, 2004 Cash flow from operations Cash interest, tax and other Dividends paid to minorities Other adjustments March 31, 2005 In € billion, IFRS - 4.7 — 1.2 * — 0.1 — 0.1 — 4.4 Acquisitio
Slide 7: Business Performance
7 May 19, 2005 – IFRS – unaudited Business Performance
Slide 8: Universal Music Group: 1st quarter 2005 Performance
8 May 19, 2005 – IFRS – unaudited Universal Music Group: 1st quarter 2005 Performance Revenues up 14% on a comparable basis at constant currency: . Strong sales growth in North America, Europe and Australia; ¢º US SoundScan album unit * market share increased to 31.8% with a 10% growth for UMG unit
Slide 9: Vivendi Universal Games: 1st quarter 2005 Performance
9 May 19, 2005 – IFRS – unaudited Vivendi Universal Games: 1st quarter 2005 Performance Revenues up 52% on a comparable basis at constant currency: ¢ºTremendous success of World of Warcraft with approximately 1.5 million subscribers at the end of the quarter; ¢º World of Warcraft has opened new mark
Slide 10: Canal+ Group: 1st quarter 2005 Performance
10 May 19, 2005 – IFRS – unaudited Canal+ Group: 1st quarter 2005 Performance In euro million — IFRS 2005 2004 Revenues 836 824 + 1% + 1% Earnings from operations 104 73 + 42% + 40% EFO margin (%) 12% 9% +3 points na 1st quarter comparable basis Growth on a comparable basis 2005/2004 Growth at const
Slide 11: SFR Cegetel: 1st Quarter 2005 Performance
11 May 19, 2005 – IFRS – unaudited SFR Cegetel : 1st Quarter 2005 Performance Revenues up 7% on a comparable basis to € 2,326m: ¢º Mobile revenues up 7% on a comparable basis to € 2,064m: Higher customer base with a favorable customer mix (61.2% postpaid); Annual rolling ARPU up 1% at € 431 (excludi
Slide 12: Cegetel and neuf Telecom Merger Plan
12 May 19, 2005 – IFRS – unaudited Cegetel and neuf Telecom Merger Plan . Creation of the leading alternative operator for fixed telecommunications services in France; . After having acquired SNCF’s 35% stake in Cegetel, SFR will contribute 100% of Cegetel to neuf Telecom and will receive in exchang
Slide 13: Maroc Telecom: 1st Quarter 2005 Performance
13 May 19, 2005 – IFRS – unaudited Maroc Telecom: 1st Quarter 2005 Performance Recent events ¢º51% growth in ADSL lines to more than 90k lines; ¢ºQ1 2005 mobile net additions of 387,000; ¢ºISO 9001 – 2000 label granted to all activities. In euro million — IFRS 2005 2004 Revenues 423 383 + 10% + 12%
Slide 14: Strategy and 2005 Guidance
14 May 19, 2005 – IFRS – unaudited Strategy and 2005 Guidance
Slide 15: Vivendi Universal: a growth company with an attractive yield
15 May 19, 2005 – IFRS – unaudited Vivendi Universal: a growth company with an attractive yield ¢ºMedia and telecommunications have experienced a stronger growth than other economic sectors; ¢ºAll our businesses benefit from significant internal growth potential: Development of multimedia services o
Slide 16: Vivendi Universal: a growth company with an attractive yield
16 May 19, 2005 – IFRS – unaudited Vivendi Universal: a growth company with an attractive yield ¢º A priority to internal growth , which could be complemented by investment opportunities of small or medium consolidation acquisitions (Music Publishing, Video game development studios, buy-out of minor
Slide 17: 2005 Guidance
17 May 19, 2005 – IFRS – unaudited 2005 Guidance 2005 Adjusted net income growth target: IFRS 2005 2004 ¡Ý +37% € 1,309 m ¡Ý € 1,800 m EPS from € 1.14 ... to at least € 1.57 DPS from € 0.60 ... to at least € 0.82 Weighted average common shares outstanding* (in millions) 1,144.4 1,144.4 * As of Decem
Slide 18: Details on First Quarter 2005 Accounts
18 May 19, 2005 – IFRS – unaudited Details on First Quarter 2005 Accounts
Slide 19: Q1 2005 other financial charges
19 May 19, 2005 – IFRS – unaudited Q1 2005 other financial charges In € million, IFRS Q1 2005 Q1 2004 Premiums paid for early repayment of some bonds (Vinci Exchangeable, High Yield redemption, other bonds) (78) (7) Change in fair value of derivatives 68 (95) • Embedded option on Sogecable Convertib
Slide 20: Income from Equity affiliates
20 May 19, 2005 – IFRS – unaudited Income from Equity affiliates In € million, IFRS Q1 2005 Q1 2004 NBCU 72 — Elektrim Telekomunikacja * — 47 20% of VUE ** — 22 Other ~ 0 9 Income from Equity affiliates 72 78 * Refer to note 7.3 to the consolidated financial statements filed with the SEC as a 6K on
Slide 21: Three Months 2005 Adjusted Net Income
21 May 19, 2005 – IFRS – unaudited Three Months 2005 Adjusted Net Income 1Q Under IFRS – In million of euros 2005 P&L As Published Adjustments 2005 P&L Adjusted 2004 P&L Adjusted Adjustments 4,761 - - - — - - 29 (22) 7 7 3 10 - 10 Minority interests 250 0 250 255 (17) 272 Equity holders of the paren
Slide 22: First Quarter 2004 Revenues - Earnings from Operations IFRS reconciliation
22 May 19, 2005 – IFRS – unaudited First Quarter 2004 Revenues — Earnings from Operations IFRS reconciliation (In millions of euros) Change in presentation (b) Handset subsidies Equipment sales Revenues Universal Music Group 978 — - — - — (1) — 977 Vivendi Universal Games 77 — - — - — - — 77 Canal+
Slide 23: First Quarter 2004 Statement of Earnings IFRS Reconciliation
23 May 19, 2005 – IFRS – unaudited First Quarter 2004 Statement of Earnings IFRS Reconciliation Format compliant with French accounting standards Format compliant with IFRS (in millions of euros) IFRS 3 IAS 18 IFRS 2 IAS 19 IAS 32/39 Please refer to the paragraph mentioned A B C D E/F G Revenues 5 9
Slide 24: Glossary
24 May 19, 2005 – IFRS – unaudited Glossary ¢º Adjusted Net Income : includes earnings from operations, other income from ordinary affiliates, income from equity affiliates, interest, and tax and minority interest relating to these items. As a consequence, it excludes other charges from ordinary act
Slide 25: IR Team
25 May 19, 2005 – IFRS – unaudited IR Team Eileen McLaughlin IR Director eileen.mclaughlin@groupvu.com Laurence Daniel IR Director laurence.daniel@groupvu.com Edouard Lassalle Associate Director edouard.lassalle@groupvu.com Daniel SCOLAN Executive Vice President Investor Relations +33.1.71.71.14.70
Slide 26: Important Legal Disclaimer
26 May 19, 2005 – IFRS – unaudited Important Legal Disclaimer This presentation contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Actual results may differ m