261
Annual Report -
2013
-
Vivendi
4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 10. Goodwill
■
■
Sensitivity of recoverable amounts
December 31, 2013
Discount rate
Perpetual growth rate
Discounted cash flows
Applied
rate
(in %)
Increase in the discount rate
in order for the recoverable
amount to be equal to the
carrying amount
(in number of points)
Applied
rate
(in %)
Decrease in the perpetual
growth rate in order
for the recoverable
amount to be equal
to thecarrying amount
(in number of points)
Decrease in the discounted
cash flows in order
for the recoverable
amount to be equal to
the carrying amount
(in %)
Canal+ Group
Canal+ France
8.30%
+0.23 pt
1.50%
-0.32 pt
-3%
Free-to-air TV
9.50%
+1.84 pt
2.00%
-2.74 pts
-21%
Studiocanal
9.00%
+2.19 pts 0.00%
-3.53 pts
-21%
Universal Music Group
9.15%
+2.25 pts 1.00%
-2.98 pts
-22%
GVT
(a)
11.24%
+1.26 pt
4.00%
-2.57 pts
-20%
SFR
(b)
7.30%
(b)
0.50%
(b)
(b)
December 31, 2012
Discount rate
Perpetual growth rate
Discounted cash flows
Applied
rate
(in %)
Increase in the discount rate
in order for the recoverable
amount to be equal to the
carrying amount
(in number of points)
Applied
rate
(in %)
Decrease in the perpetual
growth rate in order
for the recoverable
amount to be equal
to the carrying amount
(in number of points)
Decrease in the discounted
cash flows in order
for the recoverable
amount to be equal to
the carrying amount
(in %)
Canal+ Group
Canal+ France
(c)
9.00%
(c)
1.50%
(c)
(c)
Studiocanal
9.00%
+3.23 pts 0.00%
-5.55 pts
-28%
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%
GVT
(a)
10.91%
+2.51 pts 4.00%
-6.25 pts
-36%
Maroc Telecom Group
(d)
(d)
(d)
(d)
(d)
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%
(a)
In 2012, the annual goodwill impairment test on GVT was performed in the second quarter.
(b)
In relation to the recognition of a goodwill impairment loss on SFR as of December 31, 2013, please refer below for a sensitivity analysis, which
presents the (increase)/decrease in impairment generated by a 25 point change in the discount rate and in the perpetual growth rate assumptions,
and a 2% change in the cash flow assumptions 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, 2013
(509)
549
286
(266)
243
(243)
(c)
In relation to the recognition of a goodwill impairment loss on Canal+ France as of December 31, 2012, please refer below for a sensitivity
analysis, which presents the (increase)/decrease in impairment generated by a 25 point change in the discount rate and in the perpetual growth
rate assumptions, and a 2% change in the cash flow assumptions 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)
(d)
As of December 31, 2012, Maroc Telecom was valued based on its stock market price.
