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News   Vivendi Universal Restructures
- Posted By Aaron Thayer, 06.25.2002

Today, the Board of Directors of Vivendi Universal made note of the partial disposal of Vivendi Environment despite the current market volatility.

The disposal had been on the agenda for the last several months and had three objectives: to simplify and clarify the structure of the group; to deconsolidate Vivendi Environnement; and to lower debt.

Following the restructuring of Vivendi Environment's equity, the discussions of the Vivendi Universal Board of Directors focused mainly on Vivendi Universal's financial outlook for the full year 2002.

The main points are as follows:
(Note, all dollar figures are in Euros)

-- OPERATING TARGETS:
-- Senior management confirmed the operating targets for 2002.

-- DEBT REDUCTION:
-- The active implementation of a debt-reduction plan has enabled Vivendi Universal to collect over E5.1 billion during the first half of the year, to which can be added the disappearance of its financial risk on BSkyB shares (E2.5 billion) and the imminent sale of the B2B health activities.
-- As a consequence, net debt will be lowered in 2002 and senior management's target (under U.S. definition) is to bring it down from about E19 billion to E15 billion.
-- That level represents a net debt-to-EBITDA ratio of below 2.5 times on a consolidated basis and of around 3 times on a proportional basis (to eliminate the impact of the minority interests in telecoms).

-- CASH SITUATION:
-- Vivendi Universal has E3.3 billion available in unused credit lines, an amount that well exceeds its commercial paper of E912 million.
-- Early repayment clauses in loan agreements apply to less than E170 million and the various bank covenants will all be complied with at both June 30 and December 31, 2002.
-- The company will also continue its policy of increasing the average length of its debt.

-- NEW DIRECTOR APPOINTED:
To replace Bernard Arnault, who has resigned, Dominique Hoenn,the Chief Operating Officer of BNP Paribas, has been appointed to the Board of Directors. His appointment will be voted on at the next Annual Shareholders' Meeting.

Source: Press Release