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Vivendi reports doubled half-year profit

French media and telecom group Vivendi announced on Wednesday a doubling of first-half net profits to €2.5 billion ($3.6 billion) as it continued to reap the benefits from a legal victory.

Published: 31 August 2011 11:51 CEST

The Paris-based group’s results were boosted by a €1.25-billion settlement from a legal battle in Poland during the first quarter.

Sales were broadly stable, nudging up 1.9 percent to €14.2 billion, while earnings before interest, taxes and amortisation (EBITA) rose 3.7 percent to 3.4 billion.

“Despite the turbulent economic and financial environment, our operational indicators are increasing. We confirm our full year outlook for adjusted net income above 3 billion euros, and for an increase in the dividend,” chief executive Jean-Bernard Levy said in a statement.

Vivendi’s Brazilian telecoms unit GVT posted strong growth with sales up nearly 54 percent to €682 million, with EBITA rising 55 percent to €285 million.

Its Activision video games also posted 9.0-percent sales growth to 1.9 billion, with EBITA up 34 percent to 833 million.

However sales by its Universal Music Group slipped by nearly two percent to €1.9 billion, with EBITA dropping 17 percent.

Sales by the French telecoms unit SFR dipped by 2.0 percent to 4.3 billion euros, with EBITA dropping 8.0 percent to €1.9 billion as it absorbed the cost of higer sales tax on some mobile services.

The company’s shares jumped more than four percent in early trading while the Paris CAC 40 index was showing a gain of 0.4 percent.

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It's official! Switzerland is the most expensive country in the world

Photo: FABRICE COFFRINI / AFP

Switzerland topped the list well ahead of Norway in second place, with Iceland, Japan and Denmark rounding out the top five.

The rankings, put together by CEO World magazine, took into account rent, groceries, purchasing power, restaurants and the cost of living in 132 countries across the globe.

European countries featured prominently in the top 20, while countries in Asia and the Caribbean were also prominent.

Switzerland top of the list

Not only did Switzerland top the overall list, but it also ranked highly in several individual metrics, making the cost of living there officially the highest in the world.

READ: Everything you need to know about the cost of living in Switzerland

Groceries in Switzerland are also more expensive than anywhere in the world, ranking a full 30 points higher than second-placed South Korea.

But if you’re looking to avoid the grocery shop, eating out in Switzerland is also more expensive than anywhere else in the world.

The only bright light in the rankings is Switzerland’s national purchasing power – which is also top of the list – perhaps explaining why the Swiss love to travel or even just shop abroad.

This is of course more beneficial elsewhere, with the benefits of the country’s excellent purchasing power somewhat eroded by high prices at home.

Photo: CEO World

In fact, the only metric Switzerland doesn’t top is rental costs. That’s not to say renting in Switzerland is cheap, but it trails Hong Kong, Singapore and Luxembourg on the international rent index.

READ MORE: Eight things you need to know before renting in Switzerland

Least expensive countries

Among the least expensive countries, central Asian nations rank highly. Pakistan is officially the least expensive, followed by Afghanistan, India and Syria.

The least expensive European country on the list is Kosovo (124th) followed closely by Georgia (123rd). Romania is the least expensive European country on the list, in 99th place.

Top ten most expensive countries as per CEO World magazine

1. Switzerland

2. Norway

3. Iceland

4. Japan

5. Denmark

6. Bahamas

7. Luxembourg

8. Israel

9. Singapore

10. South Korea

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