The Vivendi group has written down its stake in Telecom Italia by 512 million, of which it is the largest shareholder with approximately 24%. This was stated in the press release published in the half-yearly accounts of the French group. “Despite the expected improvement in Telecom Italia's prospects for valorisation – reads the note -, if the 2018-2020 business plan unanimously adopted by the previous Telecom Italia board of directors is effectively implemented by the new board, Vivendi has devalued the stake in TI above all to take into account the risk of execution of this industrial plan given the lesser power of Vivendi to participate in decisions relating to Telecom Italia's financial and operating policies”.
For its part, the Vivendi group achieved in the first half of 2018 a net profit of 165 million euros, down by 6,3%. At the adjusted level, the result amounts to 393 million, an increase of 22,8%. Turnover rose by 18,3% to 6,46 billion. The operating result (Ebit) increased by 35,8% to 492 million. The semester marked "good performances of the three main activities of the group", Universal Music Group, Canal + and Havas.
