Page 184 - 2012 Annual Report

184 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
4.2.1. Activision Blizzard
IFRS MEASURES, AS PUBLISHED BY VIVENDI
(in millions of euros, except for margins)
Year ended December 31,
2012 2011 % Change
% Change
at constant rate
Activision 2,370 2,047 +15.8% +8.4%
Blizzard 1,160 1,082 +7.2% -1.2%
Distribution 238 303 -21.5% -26.7%
Total Revenues 3,768 3,432 +9.8% +2.3%
EBITDA 1,315 1,174 +12.0% +4.9%
Activision 678 520 +30.4% +23.9%
Blizzard 463 483 -4.1% -11.9%
Distribution 8 8 - -1.3%
Total EBITA 1,149 1,011 +13.6% +6.6%
EBITA margin rate (%) 30.5% 29.5% +1 pt
Cash flow from operations (CFFO) 1,104 877 +25.9%
NON-GAAP AND US GAAP MEASURES, AS PUBLISHED BY ACTIVISION BLIZZARD(1)
US GAAP basis measurement (unaudited) (in millions of US dollars)
Year ended December 31,
2012 2011 % Change
Activision 3,072 2,828 +8.6%
Blizzard 1,609 1,243 +29.4%
Distribution 306 418 -26.8%
Total non-GAAP net revenues 4,987 4,489 +11.1%
Elimination of non-GAAP adjustments: (131) 266 na*
US GAAP net revenues 4,856 4,755 +2.1%
Activision 970 851 +14.0%
Blizzard 717 496 +44.6%
Distribution 11 11 -
Total non-GAAP operating income 1,698 1,358 +25.0%
Non-GAAP operating margin rate (%) 34.0% 30.3% +3.7 pts
Elimination of non-GAAP adjustments: (247) (30)
US GAAP operating income 1,451 1,328 +9.3%
Net revenues by distribution channel
Retail channels 3,082 2,512 +22.7%
Digital online channels (a) 1,599 1,559 +2.6%
Sub-total Activision and Blizzard 4,681 4,071 +15.0%
Distribution 306 418 -26.8%
Total non-GAAP net revenues 4,987 4,489 +11.1%
Net revenues by platform mix
Online subscriptions (b) 1,071 1,155 -7.3%
PC and other (c) 1,250 299 x 4.2
Console 2,201 2,452 -10.2%
Hand-held 159 165 -3.6%
Sub-total Activision and Blizzard 4,681 4,071 +15.0%
Distribution 306 418 -26.8%
Total non-GAAP net revenues 4,987 4,489 +11.1%
Net revenues by geographic region
North America 2,514 2,251 +11.7%
Europe 1,996 1,886 +5.8%
Asia Pacific 477 352 +35.5%
Total non-GAAP net revenues 4,987 4,489 +11.1%
na*: not applicable.
(1) The reconciliation of US GAAP and non-GAAP data published by Activision Blizzard (net revenues and EBITA) to data relating to Activision Blizzard prepared by Vivendi in accordance
with IFRS standards is described in Appendix 2 to this Financial Report.