Page 252 - 2012 Annual Report

252 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
III - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 6 Income taxes
Components of deferred tax assets and liabilities
(in millions of euros) December 31, 2012 December 31, 2011
Deferred tax assets
Deferred taxes, gross
Tax attributes (a) 2,639 3,742
Of which Vivendi SA (b) 1,567 2,653
Vivendi Holding I Corp. (c) 623 601
Temporary differences (d) 1,734 1,404
Netting (366) (414)
Deferred taxes, gross 4,007 4,732
Deferred taxes, unrecognized
Tax attributes (a) (2,138) (3,175)
Of which Vivendi SA (b) (1,243) (2,281)
Vivendi Holding I Corp. (c) (623) (601)
Temporary differences (d) (469) (136)
Deferred taxes, unrecognized (2,607) (3,311)
Recorded deferred tax assets 1,400 1,421
Deferred tax liabilities
Purchase accounting asset revaluations (e) 901 742
Other 456 400
Netting (366) (414)
Recorded deferred tax liabilities 991 728
DEFERRED TAX ASSETS/(LIABILITIES), NET 409 693
(a) The amounts of tax attributes, as reported in this table, were estimated at the end of the relevant fiscal years. In jurisdictions which are material to
Vivendi, mainly France and the United States, tax returns are filed at the latest on May 15 and September 15 of the following year, respectively. Thus,
the amounts of tax attributes reported in this table and the amounts reported to the tax authorities may differ significantly, and if necessary, may be
adjusted at the end of the following year in the table above.
(b) Relates to deferred tax assets recognizable in respect of tax attributes by Vivendi SA as head of the French Tax Group, representing €2,013 million
as of December 31, 2011, of which €1,055 million related to tax losses (please refer to Note 6.1 above) and €958 million related to tax credits, after
taking into account the estimated impact (-€446 million) of 2012 activities (taxable income and use or expiration of tax credits), but prior to taking into
account the potential consequences of ongoing tax audits (please refer to Note 6.6 below).
In France, tax losses can be carried forward indefinitely and tax credits can be carried forward for a period of up to 5-years. No tax credit matured as
of December 31, 2012.
(c) Relates to deferred tax assets recognizable in respect of tax attributes by Vivendi Holding I Corp. in the United States as head of the US tax group,
representing $848 million as of December 31, 2011, after taking into account the estimated impact (-€22 million) of 2012 activities (taxable income,
capital losses, and tax credits that expired, as well as capital losses and tax credits generated), but prior to taking into account the potential
consequences of ongoing tax audits (please refer to Note 6.6 below).
In the United States, tax losses can be carried forward for a period of up to 20-years and tax credits can be carried forward for a period of
up to 10-years. No tax credit will mature prior to December 31, 2022 and $6 million tax credits matured as of December 31, 2012.
(d) Mainly relates the deferred tax assets related to non-deducted provisions upon recognition, including provisions relating to employee benefit plans,
and share-based compensation plans.
(e) These tax liabilities, generated by asset revaluations following the purchase price allocation of companies are terminated upon the amortization or
divestiture of the underlying asset and generate no current tax charge.