Page 179 - 2012 Annual Report

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VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
I - 2012 FINANCIAL REPORT
SECTION 2 EARNINGS ANALYSIS
Adjusted net income attributable to non-controlling interests
amounted to €797 million, compared to €1,076 million in 2011. The
€279 million decrease was primarily attributable to the impact of the
acquisition of Vodafone’s 44% interest in SFR (-€242 million), offset by the
operating performances of Activision Blizzard (+€34 million).
Earnings attributable to non-controlling interests amounted to
€785 million, compared to €1,046 million in 2011. The €261 million
decrease was mainly attributable to the impact of the acquisition of
Vodafone’s 44% interest in SFR (-€224 million), offset by the operating
performances of Activision Blizzard (+€41 million).
Earnings attributable to Vivendi SA shareowners amounted to
€164 million (or €0.13 per share), compared to €2,681 million (or €2.09 per
share) in 2011, a €2,517 million decrease. In addition to the decline in
EBITA (-€577 million, of which -€678 million from SFR), this change mainly
reflected the recognition in 2012 of the reserve accrual regarding the
Liberty Media Corporation litigation (-€945 million) and the impairment of
Canal+ France’s goodwill (-€665 million), and in 2011, the impact related to
the settlement of the litigation over the share ownership of PTC in Poland
(€1,255 million), partially offset by the capital loss incurred from the sale
of the remaining 12.34% interest in NBC Universal (-€421 million), and the
settlement of the past disputes between GVT and various Brazilian States
regarding the application of the ICMS tax (-€165 million).
The reconciliation of earnings attributable to Vivendi SA
shareowners with adjusted net income is further described in
Appendix 1 of this Financial Report. In 2012, this reconciliation primarily
included the reserve accrual regarding the Liberty Media Corporation
litigation in the United States (-€945 million), the impairment of Canal+
France’s goodwill (-€665 million), and amortization and other impairment
losses on intangible assets acquired through business combinations
(-€414 million, after taxes and non-controlling interests). In 2011, this
reconciliation primarily included the impact of the settlement of the
litigation over the share ownership of PTC in Poland (+€1,255 million)
and the sale in October 2011 of UMG’s interest in Beats Electronics
(+€89 million), partially offset by the capital loss incurred from the sale
of Vivendi’s remaining 12.34% interest in NBC Universal completed
on January 25, 2011 (-€421 million, of which -€477 million related to a
foreign currency translation adjustment reclassified to earnings, which
represented a foreign exchange loss attributable to the decline in
value of the US dollar since January 1, 2004) and the settlement of the
past disputes between GVT and various Brazilian States regarding the
application of ICMS tax on Internet and Broadband services (-€165 million).
The reconciliation also included the impairment of Canal+ France’s
goodwill (-€380 million) and the amortization and other impairment
losses on intangible assets acquired through business combinations
(-€336 million, after taxes and non-controlling interests).