183
Annual Report -
2013
-
Vivendi
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
4
SECTION 2 - Earnings analysis
The reconciliation of earnings attributable to Vivendi SA
shareowners to adjusted net income
is further described in
Appendix 1 to this Financial Report. In 2013, this reconciliation primarily
included the capital gain on the divestiture of Activision Blizzard
(+€2,915 million), the change in value of the 83 million shares in
Activision Blizzard still owned by Vivendi as of December 31, 2013 (gain
of €245 million), Activision Blizzard’s earnings until October 11, 2013
(+€423 million, after non-controlling interests) and Maroc Telecom
Group’s earnings in 2013 (+€348 million, after non-controlling
interests), offset by the impairment of SFR’s goodwill (-€2,431 million),
the amortization and impairment of intangible assets acquired through
business combinations (-€320 million, after taxes), as well as other
financial charges, net (-€510 million). In 2012, this reconciliation
primarily included earnings from Activision Blizzard and Maroc Telecom
Group (+€833 million, after non-controlling interests), the reserve
accrual in relation to the Liberty Media Corporation litigation in the
United States (-€945 million), the impairment of Canal+ France’s
goodwill (-€665 million), and amortization and impairment losses
on intangible assets acquired through business combinations
(-€388 million, after taxes).
