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Section 2 - Earnings analysis
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Section 2
Earnings analysis
Preliminary comments
In compliance with IFRS 5, GVT (as from the third quarter of 2014), SFR (as from the first quarter of 2014) as well as Maroc Telecom group and Activision
Blizzard (as from the second quarter of 2013) have been reported in Vivendi’s Consolidated Financial Statements as discontinued operations. Vivendi
deconsolidated SFR, Maroc Telecom group and Activision Blizzard as from November 27, 2014, May 14, 2014, and October 11, 2013, respectively.
In practice, income and charges from these four businesses have been reported as follows:
p
p
their contribution until the effective divestiture, if any, to each line of Vivendi’s Consolidated Statement of Earnings (before non-controlling
interests) has been reported on the line “Earnings from discontinued operations”;
p
p
in accordance with IFRS 5, these adjustments have been applied to all periods presented to ensure consistency of information; and
p
p
their share of net income has been excluded from Vivendi’s adjusted net income.
The adjustments to previously published data are presented in Appendix 2 to the Financial Report and in Note 31 to the Consolidated Financial
Statements for the year ended December 31, 2014.
2.1. Consolidated Statement of Earnings and Adjusted Statement of Earnings
Consolidated statement of earnings
Adjusted statement of earnings
Year ended
December 31,
Year ended
December 31,
2014
2013
(a)
2014
2013
(a)
Revenues
10,089 10,252
10,089 10,252
Revenues
Cost of revenues
(6,121)
(6,097)
(6,121)
(6,097)
Cost of revenues
Margin from operations
3,968
4,155
3,968
4,155
Margin from operations
Selling, general and administrative expenses excluding amortization
of intangible assets acquired through business combinations
(2,811)
(3,008)
(2,811)
(3,008)
Selling, general and administrative expenses excluding amortization
of intangible assets acquired through business combinations
Restructuring charges and other operating charges and income
(158)
(192)
(158)
(192)
Restructuring charges and other operating charges and income
Amortization of intangible assets acquired
through business combinations
(344)
(350)
Impairment losses on intangible assets acquired
through business combinations
(92)
(6)
Other income
203
88
Other charges
(30)
(50)
EBIT
736
637
999
955
EBITA
Income from equity affiliates
(18)
(21)
(18)
(21)
Income from equity affiliates
Interest
(96)
(266)
(96)
(266)
Interest
Income from investments
3
66
3
66
Income from investments
Other financial income
19
13
Other financial charges
(751)
(300)
Earnings from continuing operations
before provision for income taxes
(107)
129
888
734
Adjusted earnings from continuing operations
before provision for income taxes
Provision for income taxes
(130)
17
(200)
(170)
Provision for income taxes
Earnings from continuing operations
(237)
146
Earnings from discontinued operations
5,262
2,633
Earnings
5,025
2,779
688
564
Adjusted net income before non-controlling interests
of which
of which
Earnings attributable to Vivendi SA shareowners
4,744
1,967
626
454
Adjusted net income
Continuing operations
(290)
43
Discontinued operations
5,034
1,924
Non-controlling interests
281
812
62
110
Non-controlling interests
Earnings attributable to Vivendi SA shareowners
per share – basic
(in euros)
3.52
1.48
0.46
0.34
Adjusted net income per share – basic
(in euros)
Earnings attributable to Vivendi SA shareowners
per share – diluted
(in euros)
3.51
1.47
0.46
0.34
Adjusted net income per share – diluted
(in euros)
In millions of euros, except per share amounts.
(a)
Data published with respect to the year 2013 has been adjusted following the application of IFRS 5 (please refer to the preliminary comment above).
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Annual Report 2014