Page 209 - 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
II - APPENDICES TO THE FINANCIAL REPORT: UNAUDITED SUPPLEMENTARY FINANCIAL DATA
2. RECONCILIATION OF ACTIVISION BLIZZARD’S REVENUES AND EBITA
REVENUES RECONCILIATION
Year ended December 31,
2012 2011
Non-GAAP Net Revenues (in millions of dollars) 4,987 4,489
Elimination of non-GAAP adjustments:
Changes in deferred net revenues (a) (131) 266
Net Revenues in U.S. GAAP (in millions of dollars), as published by Activision Blizzard 4,856 4,755
Elimination of U.S. GAAP vs. IFRS differences: na* na*
Net Revenues in IFRS (in millions of dollars) 4,856 4,755
Dollar to euro translation:
Net Revenues in IFRS (in millions of euros), as published by Vivendi 3,768 3,432
Of which Activision 2,370 2,047
Blizzard 1,160 1,082
Distribution 238 303
na*: not applicable.
EBITA RECONCILIATION
Year ended December 31,
2012 2011
Non-GAAP Operating Income/(Loss) (in millions of dollars) 1,698 1,358
Elimination of non-GAAP adjustments:
Changes in deferred net revenues and related cost of sales (a) (91) 183
Equity-based compensation expense (126) (103)
Restructuring charges - (26)
Amortization of intangibles acquired through business combinations (30) (72)
Impairment of intangibles acquired through business combinations - (12)
Operating Income/(Loss) in U.S. GAAP (in millions of dollars) , as published by Activision Blizzard 1,451 1,328
Elimination of U.S. GAAP vs. IFRS differences: 5 7
Operating Income/(Loss) in IFRS (in millions of dollars) 1,456 1,335
Elimination of items excluded from EBITA:
Amortization of intangibles acquired through business combinations 30 72
Impairment of intangibles acquired through business combinations - 5
Other (1) (3)
EBITA in IFRS (in millions of dollars) 1,485 1,409
Dollar to euro translation:
EBITA in IFRS (in millions of euros), as published by Vivendi 1,149 1,011
Of which Activision 678 520
Blizzard 463 483
Distribution 8 8
(a) Relates to the impact of the change in deferred net revenues and related costs of sales with respect to certain of the company’s online-enabled games.
As of December 31, 2012, both in US GAAP and IFRS:
− the change in deferred net revenues resulted in deferred revenues for $131 million (€103 million) and, after taking into account related costs of
sales, the spreading of margin from operations for $92 million (€72 million); and
− the deferred net revenues balance in the Statement of Financial Position amounted to $1,657 million (€1,251 million), compared to $1,472 million
(€1,139 million) as of December 31, 2011. After taking into account related costs of sales, the deferred margin balance in the Statement of Financial
Position amounted to $1,324 million (€1,000 million), compared to $1,181 million (€913 million) as of December 31, 2011.