Vivendi, the Italian campaign in Tim and Mediaset is in the red for 1.5 billion


Servicebudget 2019

These are the potential losses of the French group on the two shareholdings at the end of 2019 after, in the previous year, it had devalued Telecom’s share of one billion

by Andrea Fontana

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At the end of 2019, on the investments held in Tim and Mediaset Vivendi there were potential losses of around 1.5 billion euros. This is what emerges in the financial report for the 2019 financial year of the French group consulted by Radiocor.

On Telecom still -1.2 billion latent after the devaluation of 2018
In particular, the equity investment in Tim, equal to 23.94% of ordinary share capital, was indicated in the financial statements at € 3.284 billion, higher than the € 3.13 billion determined in 2018 after the 1.066 billion write-down which had lowered the carrying price at 0.86 euro per share (from 1.0709 of the average purchase price). At December 31, 2019, Telecom Italia shares were worth € 0.556 per share, equal to a total value of € 2.025 billion, and therefore the latent capital loss for Vivendi from the Tim share is 1.22 billion.

The Mediaset package is worth 354mn less than the loading price
As for Mediaset, of which the transalpine group owns 28.8% of the share capital (but currently only 9.9% of the voting rights), the latent capital loss at the end of 2019 is quantified as 354 million. The package was purchased in 2016 at an average unit price of 3.70 and is in charge of 1.258 billion but at the end of 2019 the shares of the Italian group were quoted at 2.66 euros, equal to a total value of 905 million. Currently both Telecom Italia and Mediaset shares are listed below the values ​​at the end of December: the former at € 0.517, the latter at € 2.4.

(Il Sole 24 Ore Radiocor)

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