Page 258 - 2012 Annual Report

258 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 9 Goodwill
SENSITIVITY OF RECOVERABLE AMOUNTS
December 31, 2012
Discount rate Perpetual growth rate Cash flows
Applied
rate
(in %)
Change in the discount rate
in order for the recoverable
amount to be equal to the
carrying amount
(in number of points)
Applied
rate
(in %)
Change in the perpetual
growth rate in order for the
recoverable amount to be
equal to the carrying amount
(in number of points)
Change in cash flows in
order for the recoverable
amount to be equal to the
carrying amount
(in %)
Activision Blizzard
Activision 10.50% +9.78 pts 4.00% -24.15 pts -58%
Blizzard 10.50% +10.19 pts 4.00% -25.20 pts -68%
Universal Music Group 9.25% +2.98 pts 1.00% -4.91 pts -25%
SFR 7.30% +0.68 pt 0.50% -1.21 pt -10%
Maroc Telecom Group (a) (a) (a) (a) (a)
GVT (b) 10.91% +2.51 pts 4.00% -6.25 pts -36%
Canal+ Group
Canal+ France (c) 9.00% (c) 1.50% (c) (c)
StudioCanal 9.00% +3.23 pts 0.00% -5.55 pts -28%
December 31, 2011
Discount rate Perpetual growth rate Cash flows
Applied
rate
(in %)
Change in the discount rate
in order for the recoverable
amount to be equal to the
carrying amount
(in number of points)
Applied
rate
(in %)
Change in the perpetual
growth rate in order for the
recoverable amount to be
equal to the carrying amount
(in number of points)
Change in cash flows in
order for the recoverable
amount to be equal to the
carrying amount
(in %)
Activision Blizzard
Activision 10.00% +14.16 pts 4.00% -55.25 pts -68%
Blizzard 10.00% +12.77 pts 4.00% -41.25 pts -70%
Universal Music Group 9.25% +1.25 pt 1.00% -1.86 pt -13%
SFR 7.00% +2.49 pts 1.00% -4.74 pts -32%
Maroc Telecom Group (a) (a) (a) (a) (a)
GVT (b) 11.54% +1.64 pt 4.00% -3.41 pts -25%
Canal+ Group
Canal+ France (c) 9.00% (c) 1.50% (c) (c)
StudioCanal 9.00% +1.99 pt 0.00% -3.31 pts -17%
(a) As of December 31, 2012, and December 31, 2011, Maroc Telecom was valued based on its stock market price.
(b) The goodwill impairment tests on GVT were undertaken on June 30, 2012 and June 30, 2011.
(c) In relation to the recognition of a goodwilll impairment loss on Canal+ France as of December 31, 2012 and December 31, 2011, please refer below for
a sensitivity analysis, which presents (the increase)/decrease in impairment generated by a change of 25 points in the discount rate and the perpetual
growth rate assumptions, and a 2% change in the cash flow assumption with each of these assumptions being taken separately for the goodwill
impairment test:
(in millions of euros)
Discount rate Perpetual growth rate Cash flows
Increase by 25 pts Decrease by 25 pts Increase by 25 pts Decrease by 25 pts Increase by 2% Decrease by 2%
December 31, 2012 (133) 142 105 (98) 77 (77)
December 31, 2011 (149) 159 117 (109) 87 (87)