Page 183 - 2012 Annual Report

183
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 4 BUSINESS SEGMENT PERFORMANCE ANALYSIS
4.2. COMMENTS ON THE OPERATING PERFORMANCE OF BUSINESS SEGMENTS
Preliminary comments:
✱ Vivendi Management evaluates the performance of Vivendi’s business segments and allocates the necessary resources to them based on certain
operating performance indicators, notably the non-GAAP measures EBITA (Adjusted Earnings Before Interest and Income Taxes) and EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization):
– The difference between EBITA and EBIT consists of the amortization of intangible assets acquired through business combinations, the
impairment of goodwill and other intangibles acquired through business combinations and EBIT’s “other charges” and “other income” as defined
in Note 1.2.3 to the Consolidated Financial Statements for the year ended December 31, 2012.
– As defined by Vivendi, EBITDA is calculated as EBITA as presented in the Adjusted Statement of Earnings, before depreciation and amortization
of tangible and intangible assets, restructuring charges, gains/(losses) on the sale of tangible and intangible assets and other non-recurring
items (as presented in the Consolidated Statement of Earnings by operating segment - Please refer to Note 3 to the Consolidated Financial
Statements for the year ended December 31, 2012).
Moreover, it should be noted that other companies may define and calculate EBITA and EBITDA differently from Vivendi, thereby affecting
comparability.
✱ The Vivendi group operates through six businesses at the heart of the worlds of content, platforms and interactive networks. As of December 31,
2012, Vivendi’s ownership interest in each of these businesses was as follows:
– Activision Blizzard: 61.5%;
– Universal Music Group (UMG): 100%;
– SFR: 100%;
– Maroc Telecom Group: 53%;
– GVT: 100%; and
– Canal+ Group: 100% (Canal+ Group holds an 80% interest in Canal+ France).