Page 270 - 2012 Annual Report

270 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 18 Equity
Dividend distributed by subsidiaries
On February 7, 2013, Activision Blizzard announced that its Board of
Directors had declared a dividend of $0.19 per common share to its
shareholders. This dividend will be paid in cash on May 15, 2013.
The Supervisory Board of Maroc Telecom Group will propose to the Annual
Shareholders’ Meeting, to be held on April 24, 2013, the payment of an
ordinary dividend of MAD 7.4 per share, which corresponds to 100% of
distributable earnings from 2012. This dividend will be paid in cash on
May 31, 2013.
In 2012, dividend payments to subsidiaries’ non-controlling interests
amounted to €481 million (€721 million in 2011) and mainly included
Maroc Telecom SA for €345 million in 2012 (compared to €384 million
in 2011) and Activision Blizzard for €62 million in 2012 (compared to
€55 million in 2011). Moreover, on June 16, 2011, at the completion of
the acquisition of its 44% interest in SFR, a €200 million interim dividend
was paid to Vodafone.
Activision Blizzard
Stock repurchase program of Activision Blizzard
On February 2, 2012, Activision Blizzard announced that its Board of
Directors had authorized a stock repurchase program under which
Activision Blizzard can repurchase shares of its outstanding common
stock up to an amount of $1 billion. This program will end at the earlier
of March 31, 2013 or on the date of the Board of Directors’ decision to
discontinue it. In 2012, Activision Blizzard repurchased approximately
4 million shares of its common stock in connection with this program,
for a total amount of $54 million. In addition, during the first half of 2012,
Activision Blizzard settled a $261 million purchase of 22 million shares of
its common stock pursuant to the previous $1.5 billion stock repurchase
program. In total, Activision Blizzard repurchased approximately 26 million
shares of its common stock in 2012, for a total amount of $315 million, or
€241 million (compared to $692 million or €502 million in 2011).
Vivendi’s ownership interest in Activision Blizzard
As a reminder, on November 15, 2011, Vivendi sold 35 million Activision
Blizzard shares into the market for $422 million (€314 million).
As of December 31, 2012, Vivendi held 684 million shares out of a
total of 1,112 million Activision Blizzard shares, or a 61.5% interest
(compared to approximately 60% as of December 31, 2011). Moreover,
as of December 31, 2012, the outstanding Activision Blizzard stock
instruments represented 77 million new shares to be issued in favor of
their beneficiaries (52 million shares due to stock options and 25 million
restricted shares, compared to 53 million and 17 million shares,
respectively, as of December 31, 2011; please refer to Note 21.3.2), and
the stock repurchase program authorized in February 2012 not consumed
for up to $946 million, representing approximately 86 million potential
treasury shares (under the assumption of a stock price of $11 per share).
As part of its earnings release announced on February 7, 2013, the
Board of Activision Blizzard is considering, or may consider during 2013,
substantial stock repurchases, dividends, acquisitions, licensing or other
non-ordinary course transactions. These potential transactions could be
financed by debt.