Vivendi's First Half 2006 Earnings Results.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Vivendi
VIVENDI® is a software package for care management and staff organisation published by the German software company CONNEXT and introduced in 1995.
-- Good performance for the first half of 2006 with a 10.9%
increase in adjusted net income
-- 2006 adjusted net income guidance confirmed, with at least 16%
growth
Note: this press release contains consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: unaudited earnings established under IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System , reviewed by auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together and Vivendi's audit committee. Considering the practices of major European companies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of companies from the countries in the European Union. with respect to the application of IFRS and the accounting impact of acquisitions, Vivendi has made changes to the presentation of its consolidated statement of earnings and its consolidated statement of cash flows as well as the operating performances of its business segments and of the Group. Those changes are detailed in Appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. I. These earnings were reviewed by the Management Board on August 29, 2006 and examined by the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. on September September: see month. 6, 2006. --Earnings, attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to equity holders of the parent, of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1,862 million, an increase of 48.1 %. --Adjusted net income(1) , attributable to equity holders of the parent, of EUR1,378 million, a 10.9 % increase. --Adjusted earnings before interest and income taxes(2) (EBITA EBITA Earnings Before Interest Taxes Amortization ) of EUR2,348 million, an increase of 11.1 % on a comparable basis(3), thanks to the good performance of all business units, which are all profitable. --Vivendi confirms its 2006 adjusted net income guidance of at least a 16% increase, with a dividend distribution rate at a minimum of 50% of adjusted net income. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its new definition, 2006 adjusted net income should be at EUR2.6 billion. Comments of Jean-Bernard Levy To assess; raise; execute; exact; tax; collect; gather; take up; seize. Thus, to levy a tax; to levy a Nuisance; to levy a fine; to levy war; to levy an execution, i.e., to levy or collect a sum of money on an execution. A seizure. , Chairman of Vivendi's Management Board "In the first half of 2006, Vivendi once again achieved substantial improvement in operating performance, thereby demonstrating that it has been pursuing the right strategy. This was true of all our businesses, in terms of both revenue and earnings. Adjusted net income, a good indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of our ability to generate profits, was up by about 11%. Vivendi is well on its way to meeting its targets for the full year. Adjusted net income in 2006 should increase by 16% to a total of EUR2.6 billion. We will continue to distribute at least 50% of adjusted net income to our shareholders, so the 2006 dividend will be higher than the 2005 dividend. During the first half, Vivendi consolidated its competitive standing in its various business segments. The merger of Canal+ and TPS (1) (Transactions Per Second) The number of transactions processed within one second. TPS is a better rating for the performance of hardware and software than the common MHz and GHz rating of the computer. currently under way--and just approved by France's competition authority--will enable us to build a top-ranked player in French pay-TV pay-TV n. A system for receiving television broadcasts by making subscription payments, as by renting a device that unscrambles the broadcaster's scrambled signal. Also called pay television. under our exclusive control. We have also increased our stake in NBC Universal NBC Universal is a media and entertainment company formed in May 2004 by the combination of General Electric's NBC with Vivendi Universal Entertainment (part of the French Media Group, Vivendi SA). GE owns 80% of NBC Universal with the remaining 20% owned by Vivendi SA. and Universal Music Group by buying out Matsushita's holdings, and expanded our interest in Neuf Cegetel Neuf Cegetel is a French telecommunication group founded on 11 May 2005 from Cegetel and Neuf Telecom merging. See also
Our outlook for the next five years provides ample proof of our strengths and potential. We have every reason to be confident in our future." New presentation of the consolidated statement of earnings Considering the practices of major European companies, Vivendi has made, as of June June: see month. 30, 2006, the following changes to the presentation of its consolidated statement of earnings as well as the operating performances of its business segments and of the Group. The most significant changes in the new presentation which impact the definition of the adjusted net income are the elimination of amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. acquired through business combinations and the replacement of earnings from operations (EFO EFO Eddie from Ohio (Virginia pop folk band) EFO Executive Fire Officer EFO Efficient Fiber Optics EFO Errors Freaks and Oddities (philately) EFO Earnings from Operations EFO Emergency Field Office ) by adjusted earnings before interest and income taxes (EBITA), as the key operating performance measure of the business units. The main difference between EBITA and EFO is the amortization of intangible assets acquired through business combinations that is excluded from EBITA. Vivendi considers that these non-GAAP measures are relevant indicators of the Group's operating and financial performance. If this new presentation had occurred in 2005, 2005 net adjusted income would have been EUR2,218 million (versus EUR2,078 million with the former presentation) and 2005 EBITA of EUR3,985 million (versus an EFO of EUR3,746 million with the former presentation). The dividend distribution rate of will now be fixed on the new definition of adjusted net income as described above. Vivendi intends to distribute, each year, at least 50% of the adjusted net income. Comments on Vivendi's First Half 2006 Earnings Revenues increased to EUR9,610 million compared to EUR9,131 million for the half-year ended June 30, 2005, representing an increase of +5.2%. On a comparable basis, revenues amounted to EUR9,572 million compared to EUR9,046 million, an increase of 5.8% (+4.6% at constant currency). All of the Group's businesses contributed to this improvement. EBITA totaled EUR2,348 million compared to EUR2,121 million for the half-year ended June 30, 2005. On a comparable basis, EBITA was up 11.1% (+10.3% at constant currency), to reach EUR2,348 million (compared to EUR2,114 million for the half-year ended June 30, 2005). In the first half of 2006, each business unit generated positive EBITA. Income from equity affiliates totaled EUR155 million compared to EUR172 million for the same period in 2005, representing a decrease of EUR17 million. Income from earnings of NBC Universal amounted to EUR157 million for the half-year ended June 30, 2006 compared to EUR188 million for the same period in 2005. Other financial charges and income generated a EUR519 million loss compared to income of EUR240 million in the half-year ended June 30, 2005, representing a EUR759 million decrease mainly resulting from the capital loss incurred on the PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. shares (EUR -496 million) and the positive impact in 2005 of the unwinding of InterActiveCorp's interest in VUE See HP-VUE. VUE - Visual User Environment: a desktop manager for Unix from Hewlett-Packard. (EUR194 million). Provision for income taxes was an income of EUR651 million (compared to a charge of EUR385 million for the same period in 2005). Items included in this amount are the profit related to the settlement of the DuPont Dupont, DuPont, Du Pont, or du Pont may refer to: Companies
When a person begins a civil lawsuit, the person enters into a process called litigation. (EUR1,019 million) and the tax savings generated by the Consolidated Global Profit Tax System (EUR298 million) (compared to EUR250 million for the same period in 2005). Adjusted net income attributable to equity holders of the parent represented earnings of EUR1,378 million (basic adjusted net income per share of EUR1.20 and EUR1.19 on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis), compared to earnings of EUR1,243 million for the half-year ended June 30, 2005 (basic adjusted net income per share of EUR1.08 and EUR1.08 on a diluted basis). For the half-year ended June 30, 2006, the difference between earnings attributable to equity holders of the parent and adjusted net income attributable to equity holders of the parent (EUR -484 million) mainly related to the elimination of the gain generated by the settlement of the tax dispute involving the DuPont shares (EUR921 million) partially offset by the elimination of the capital loss incurred on the PTC shares (EUR -496 million). Earnings attributable to equity holders of the parent amounted to EUR1,862 million (basic net earnings per share of EUR1.62 and EUR1.60 on a diluted basis), compared to EUR1,257 million for the half-year ended June 30, 2005 (basic net earnings per share of EUR1.10 and EUR1.09 on a diluted basis), representing an increase of 48.1%. Vivendi's Business Units: Comments on First Half 2006 EBITA Universal Music Group (UMG UMG Universal Music Group UMG Universidad Mariano Gálvez de Guatemala (Mariano Galvez University of Guatemala) UMG Upgraded Metallurgical Grade (silicon) UMG Unlicensed Medical Graduate ) Universal Music Group's EBITA of EUR295 million was 22.4% above the same period last year (up 20% on a constant currency basis) primarily as the result of the sales volume growth and the recovery of a previously expensed cash deposit of EUR50 million recovered in the TVT TVT transmissible venereal tumor. lawsuit lawsuit: see procedure; tort. . Vivendi Games Vivendi Games (formerly known as Vivendi Universal Games) is a global developer, publisher and distributor of interactive entertainment. Vivendi Games is a 100% subsidiary of Vivendi SA. Vivendi Games' EBITA of EUR62 million was 226.3% above the same period of the prior year (up 214.6% on a constant currency basis). This significant improvement was driven by growth in revenues, with an increased proportion relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the higher margin of the World of Warcraft “WoW” redirects here. For other uses, see Wow.  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. business. EBITA is also impacted by the beginning start up
investments for the Sierra Online
Sierra Online is a division of Vivendi Games focusing on the growing internet gaming industry, particularly the genre of casual gaming. and Vivendi Games Mobile divisions. Canal+ Group Canal+ Group's EBITA was EUR190 million. On a comparable basis(4), EBITA was on par compared to the first half of 2005. This reflects the company's investment strategy in exclusive contents and in subscriptions acquisition. As scheduled, Ligue1 football rights have been offset over the period mainly by the group's higher subscription portfolio (up 280,000 compared to June 2005) and the increase in revenues per subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. as well as a good performance in the other businesses of the group. In particular, EBITA from the company's film business increased over the period benefiting from better international TV sales. SFR SFR Swiss Franc (national currency) SFR Société Française du Radiotéléphone (French cellular provider) SFR Single Family Residence SFR Single Family Residence (real estate) SFR's EBITA rose by 3.7% to EUR1,389 million. EBITA growth mainly reflected a 1.2% growth in network revenues, a 0.3 percentage point reduction in customer acquisition and retention costs to 9.4% of network revenues, a strict control of other costs and despite the increase of the GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. license cost (renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. in April 2006 with a variable part of 1% of revenues). Maroc Telecom Maroc Telecom (Arabic: اتصالات المغرب; Itissalatt Al Maghreb; Acronym: IAM) is the main telecommunication . IAM employs around 11,178 employees. Maroc Telecom's EBITA amounted to EUR410 million, increasing by 16.5% compared to the same period in 2005 (+14.6% at constant currency). This performance derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the growth in revenue (11.5% at constant currency) and cost control, in particular acquisition costs in a context of steady growth of the mobile customer base(5)(6) (+ 687,000 customers over half year, + 24.2% compared to the end of June 2005) and the ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line customer base(5) (+ 83,000 lines over half year, +140.7% compared to the end of June 2005). This result also includes a EUR27 million provision for a new voluntary leave plan. Important disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the Vivendi is quoted on Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. SA. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as that term is defined in the US Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are not guarantees of the company's future performance. Actual results may differ significantly from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, notably the risks that: the prospects for 2006 adjusted net income and dividend distributions may differ from forecasts made by the company, as well as the risks described in the documents Vivendi has filed with the US Securities and Exchange Commission and the French Autorite des Marches Financiers. Investors and security holders are strongly recommended to read those documents at the Security and Exchange Commission's website at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. and the French Autorite des Marches Financiers' website (www.amf-france.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. ). Copies of the documents may also be obtained free of charge from Vivendi. This press release contains forward-looking statements that can only be assessed on the day the press release is issued. Vivendi does not undertake, nor has any obligation, to provide, update or revise any forward-looking statements
PRESS CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer
Date: Thursday, September 7, 2006
11:00 AM Paris time - 10:00 AM London time - 5:00 AM New
York time
Address: Vivendi Universal Head Office, 42 Avenue de Friedland, 75008
Paris
Internet: The conference can be followed on the Internet at
http://www.vivendi.com
ANALYST CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer
Date: Thursday, September 7, 2006
2:30 PM Paris time - 1:30 PM London time - 8:30 AM New York
time
Media invited on a listen-only basis
Numbers to dial:
Number in France: +33(0)1.55.17.41.42
Number in UK: +44(0)20.7365.1828
Number (US toll free): +1.718.354.1158
and : +1.866.239.0750 (toll-free)
Internet: The conference can be followed on the Internet at
http://www.vivendi.com/ir
The slides of the presentation will also be available online.
A replay service will be available for 14 days
---------------------
(1) Adjusted net income, attributable to equity holders of the parent,
is detailed in Appendix V.
(2) Adjusted earnings before interest and income taxes (EBITA) is
detailed in Appendix I.
(3) Comparable basis essentially illustrates the effect of the
divestitures or abandonment of operations that occurred in 2005
and 2006 (mainly the Paris Saint-Germain soccer club (PSG) and NC
Numericable at Canal+ Group, and Annuaire Express SFR's phone
directory activities) and includes the full consolidation of
stakes in distribution subsidiaries at SFR as if these
transactions had occurred as at January 1, 2005. Comparable basis
results are not necessarily indicative of the results that would
have occurred had the events actually occurred at the beginning of
2005.
(4) Comparable basis essentially illustrates the effect of the
divestitures at Canal+ Group (mainly NC Numericable in 2005 and
PSG in 2006) as if these transactions had occurred as of January
1, 2005.
(5) Without Mauritel.
(6) The mobile customer base, compliant with the ANRT definition and
used by Maroc Telecom in 2006, includes prepaid customers giving
or receiving a voice call during the last 3 months and not
resiliated postpaid customers.
APPENDIX I
VIVENDI
ADJUSTED STATEMENT OF EARNINGS AND CONSOLIDATED STATEMENT OF
EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND JUNE 30, 2005
(IFRS, unaudited)
---------------------------------
Adjusted Statement of Earnings(a)
---------------------------------
(in millions of euros, except per Six Months Ended
share amounts) June 30,
2006 2005
--------- ---------
Revenues EUR 9,610 EUR 9,131
Cost of revenues (4,683) (4,438)
--------- ---------
Margin from operations 4,927 4,693
Selling, general and administrative expenses
excluding amortization of intangible assets
acquired through business combinations (2,568) (2,611)
Restructuring charges and other operating
changes and income (11) 39
--------- ---------
EBITA(a) 2,348 2,121
Income from equity affiliates 155 172
Interest (115) (101)
Income from investments 46 42
--------- ---------
Adjusted earnings from continuing operations
before provision for income taxes 2,434 2,234
Provision for income taxes (463) (433)
--------- ---------
--------- ---------
Adjusted net income EUR 1,971 EUR 1,801
--------- ---------
Attributable to:
Minority interests 593 558
--------- ---------
Equity holders of the parent(b) EUR 1,378 EUR 1,243
========= =========
% Change: + 10.9%
Adjusted net income, attributable to the equity
holders of the parent per share
- basic (in Euros) EUR 1.20 EUR 1.08
Adjusted net income, attributable to the equity
holders of the parent per share
- diluted (in Euros) EUR 1.19 EUR 1.08
-------------------------------------
Consolidated Statement of Earnings(a)
-------------------------------------
(in millions of euros, except per Six Months
share amounts) June 30,
2006 2005
--------- ---------
Revenues EUR 9,610 EUR 9,131
Cost of revenues (4,683) (4,438)
--------- ---------
Margin from operations 4,927 4,693
Selling, general and administrative expenses
excluding amortization of intangible assets
acquired through business combinations (2,568) (2,611)
Restructuring changes and other operating
charges and income (11) 39
Amortization of intangible assets acquired
through business combinations (113) (112)
Impairment losses of intangible assets acquired
through business combinations - (154)
--------- ---------
EBIT 2,235 1,855
Income from equity affiliates 155 172
Interest (115) (101)
Income from investments 46 42
Other financial charges and income (519) 240
--------- ---------
Earnings from continuing operations before
provision for income taxes 1,802 2,208
Provision for income taxes 651 (385)
--------- ---------
Earnings from continuing operations 2,453 1,823
Earnings from discontinued operations - (34)
--------- ---------
Earnings EUR 2,453 EUR 1,789
--------- ---------
Attributable to:
Minority interests 591 532
--------- ---------
Equity holders of the parent EUR 1,862 EUR 1,257
========= =========
% Change: + 48.1%
Earnings, attributable to the equity holders of
the parent per share - basic (in Euros) EUR 1.62 EUR 1.10
Earnings, attributable to the equity holders of
the parent per share - diluted (in Euros) EUR 1.60 EUR 1.09
(a) Vivendi Management evaluates the performance of the business
segments and allocates necessary resources to them based on
certain operating indicators (segment earnings and cash flow from
operations). Until June 30, 2006, segment earnings corresponded to
earnings from operations of each business. As of June 30, 2006,
earnings from operations (EFO) were replaced by adjusted earnings
before interest and income taxes (EBITA). The difference between
EBITA and previously published EFO consists of the amortization of
intangible assets acquired through business combinations that is
excluded from EBITA. As a result, the definition of adjusted net
income has been modified to exclude the amortization of intangible
assets acquired through business combinations, as is presently the
case for impairment losses of goodwill, or other intangibles
acquired through business combinations, that have always been
excluded. The reconciliation of earnings, attributable to equity
holders of the parent to adjusted net income, attributable to
equity holders of the parent is available in the Appendix V.
For supplementary information, please refer to the document
"Management Board's Operating and Financial Review and Prospects
and Unaudited Condensed Financial Statements for the Half-Year
Ended June 30, 2006" that will be posted on Vivendi's website on
September 7, 2006 after the Analyst Conference.
APPENDIX II
VIVENDI
ADJUSTED STATEMENT OF EARNINGS AND CONSOLIDATED STATEMENT OF
EARNINGS FOR THE THREE MONTHS ENDED JUNE 30, 2006 AND JUNE 30, 2005
(IFRS, unaudited)
---------------------------------
Adjusted Statement of Earnings(a)
---------------------------------
(in millions of euros, except per Three Months Ended
share amounts) June 30,
2006 2005
--------- ---------
Revenues EUR 4,844 EUR 4,622
Cost of revenues (2,243) (2,131)
--------- ---------
Margin from operations 2,601 2,491
Selling general and administrative expenses
excluding amortization of intangible assets
acquired through business combinations (1,287) (1,371)
Restructuring changes and other operating
changes and income (13) 25
--------- ---------
EBITA 1,301 1,145
Income from equity affiliates 87 110
Interest (66) (57)
Income from investments 33 23
--------- ---------
Adjusted earnings from continuing operations
before provision for income taxes 1,355 1,221
Provision for income taxes (284) (253)
--------- ---------
--------- ---------
Adjusted net income EUR 1,071 EUR 968
--------- ---------
Attributable to:
Minority interests 321 288
Equity holders of the parent EUR 750 EUR 680
========= =========
% Change: + 10.3%
Adjusted net income, attributable to the equity
holders of the parent per share
- basic (in Euros) EUR 0.65 EUR 0.59
Adjusted net income, attributable to the equity
holders of the parent per share
- diluted (in Euros) EUR 0.65 EUR 0.59
-------------------------------------
Consolidated Statement of Earnings(a)
-------------------------------------
(in millions of euros, except per Three Months Ended
share amounts) June 30,
2006 2005
--------- ---------
Revenues EUR 4,844 EUR 4,622
Cost of revenues (2,243) (2,131)
--------- ---------
Margin from operations 2,601 2,491
Selling, general and administrative expenses
excluding amortization of intangible assets
acquired through business combination (1,287) (1,371)
Restructuring changes and other operating
changes and income (13) 25
Amortization of intangible assets acquired
through business combinations (56) (57)
Impairment losses of intangible assets acquired
through business combinations - (154)
--------- ---------
EBIT 1,245 934
Income from equity affiliates 87 110
Interest (66) (57)
Income from investments 33 23
Other financial charges and income (615) 255
--------- ---------
Earnings from continuing operations before
provision for income taxes 684 1,265
Provision for income taxes 792 (222)
--------- ---------
Earnings from continuing operations 1,476 1,043
Earnings from discontinued operations - (5)
--------- ---------
Earnings EUR 1,476 EUR 1,038
--------- ---------
Attributable to:
Minority interests 321 282
--------- ---------
Equity holders of the parent EUR 1,155 EUR 756
========= =========
% Change: + 52.8%
Earnings, attributable to the equity holders of
the parent per share - basic (in Euros) EUR 1.00 EUR 0.66
Earnings, attributable to the equity holders of
the parent per share - diluted (in Euros) EUR 0.99 EUR 0.65
(a) A reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income, attributable to equity holders
of the parent is available in the Appendix V.
APPENDIX III
VIVENDI
REVENUES AND EBITA ON A COMPARABLE BASIS BY BUSINESS SEGMENT
(IFRS, unaudited)
Comparable basis essentially illustrates the effect of the
divestitures or abandonment of operations that occurred in 2005 and
2006 (mainly the Paris Saint-Germain soccer club (PSG) and NC
Numericable at Canal+ Group, and Annuaire Express SFR's phone
directory activities) and includes the full consolidation of stakes in
distribution subsidiaries at SFR as if these transactions had occurred
as at January 1, 2005. Comparable basis results are not necessarily
indicative of the results that would have occurred had the events
actually occurred at the beginning of 2005.
-------------------------------------------
Three Months Ended June 30,
--------------------------------------------
% % Change at
2006 2005 Change constant rate
---------- ---------- ------- ------------
(in millions of euros)
Revenues
--------
Universal Music Group EUR 1,077 EUR 1,054 2.2% 0.7%
Vivendi Games 162 125 29.6% 27.0%
Canal+ Group 914 800 14.3% 13.8%
SFR 2,166 2,154 0.6% 0.6%
Maroc Telecom 510 454 12.3% 11.3%
Noncore operations and
elimination of
intersegment transactions (5) (2) -150.0% -150.0%
---------- ---------- ------- ------------
Total Vivendi EUR 4,824 EUR 4,585 5.2% 4.6%
========== ========== ======= ============
EBITA
-----
Universal Music Group EUR 154 EUR 157 -1.9% -1.0%
Vivendi Games 39 5 x7,8 x7,3
Canal+ Group 154 80 92.5% 93.0%
SFR 723 740 -2.3% -2.3%
Maroc Telecom 197 166 18.7% 17.2%
Holding & Corporate 16 (20) na* na*
Noncore operations 15 30 -50.0% -47.0%
---------- ---------- ------- ------------
Total Vivendi EUR 1,298 EUR 1,158 12.1% 11.7%
========== ========== ======= ============
na*: not applicable.
-------------------------------------------
Six Months Ended June 30,
--------------------------------------------
% % Change at
2006 2005 Change constant rate
---------- ---------- ------- ------------
(in millions of euros)
Revenues
--------
Universal Music Group EUR 2,202 EUR 2,092 5.3% 1.7%
Vivendi Games 296 238 24.4% 18.7%
Canal+ Group 1,795 1,622 10.7% 10.3%
SFR 4,301 4,229 1.7% 1.7%
Maroc Telecom 993 877 13.2% 11.5%
Noncore operations and
elimination of
intersegment transactions (15) (12) -25.0% -25.0%
---------- ---------- ------- ------------
Total Vivendi EUR 9,572 EUR 9,046 5.8% 4.6%
========== ========== ======= ============
EBITA
-----
Universal Music Group EUR 295 EUR 241 22.4% 20.0%
Vivendi Games 62 19 226.3% 214.6%
Canal+ Group 190 191 -0.5% -0.8%
SFR 1,389 1,340 3.7% 3.7%
Maroc Telecom 410 352 16.5% 14.6%
Holding & Corporate (20) (56) 64.3% 62.7%
Noncore operations 22 27 -18.5% -20.1%
---------- ---------- ------- ------------
Total Vivendi EUR 2,348 EUR 2,114 11.1% 10.3%
========== ========== ======= ============
APPENDIX IV
VIVENDI
REVENUES AND EBITA BY BUSINESS SEGMENT AS PUBLISHED
(IFRS, unaudited)
-------------------------------
Three Months Ended June 30,
-------------------------------
%
2006 2005 Change
---------- ---------- -------
(in millions of euros)
Revenues
--------
Universal Music Group EUR 1,077 EUR 1,054 2.2%
Vivendi Games 162 125 29.6%
Canal+ Group 934 816 14.5%
SFR 2,166 2,175 -0.4%
Maroc Telecom 510 454 12.3%
Noncore operations and elimination of
intersegment transactions (5) (2) -150.0%
---------- ---------- -------
Total Vivendi EUR 4,844 EUR 4,622 4.8%
========== ========== =======
EBITA
-----
Universal Music Group EUR 154 EUR 157 -1.9%
Vivendi Games 39 5 x7,8
Canal+ Group 157 67 134.3%
SFR 723 740 -2.3%
Maroc Telecom 197 166 18.7%
Holding & Corporate 16 (20) na*
Noncore operations 15 30 -50.0%
---------- ---------- -------
Total Vivendi EUR 1,301 EUR 1,145 13.6%
========== ========== =======
na*: not applicable.
-------------------------------
Six Months Ended June 30,
-------------------------------
%
2006 2005 Change
---------- ---------- -------
(in millions of euros)
Revenues
--------
Universal Music Group EUR 2,202 EUR 2,092 5.3%
Vivendi Games 296 238 24.4%
Canal+ Group 1,833 1,697 8.0%
SFR 4,301 4,239 1.5%
Maroc Telecom 993 877 13.2%
Noncore operations and elimination of
intersegment transactions (15) (12) -25.0%
---------- ---------- -------
Total Vivendi EUR 9,610 EUR 9,131 5.2%
========== ========== =======
EBITA
-----
Universal Music Group EUR 295 EUR 241 22.4%
Vivendi Games 62 19 226.3%
Canal+ Group 190 198 -4.0%
SFR 1,389 1,340 3.7%
Maroc Telecom 410 352 16.5%
Holding & Corporate (20) (56) 64.3%
Noncore operations 22 27 -18.5%
---------- ---------- -------
Total Vivendi EUR 2,348 EUR 2,121 10.7%
========== ========== =======
APPENDIX V
VIVENDI
RECONCILIATION OF EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT TO ADJUSTED NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT
(IFRS, unaudited)
Vivendi considers adjusted net income, attributable to equity holders
of the parent, a non-GAAP measure, as a relevant indicator of the
Group's operating and financial performance. Vivendi Management uses
adjusted net income, attributable to equity holders of the parent,
because it provides a better illustration of the performance of
continuing operations excluding most non-recurring and non-operating
items.
Following the adoption of EBITA as the key operating performance
measure of the business segments, Vivendi Management decided to change
the method for calculating adjusted net income, by excluding
amortization of intangible assets acquired through business
combinations. Adjusted net income, attributable to equity holders of
the parent, includes the following items: EBITA, income from equity
affiliates, interest, income from investments, including dividends
received from unconsolidated interests as well as interest collected
on advances to equity affiliates and loans to unconsolidated
interests, as well as taxes and minority interests related to these
items. It does not include the following items: impairment losses of
goodwill and other intangibles acquired through business combinations,
henceforth, the amortization of intangibles acquired through business
combinations, other financial charges and income, earnings from
discontinued operations, provision for income taxes and minority
interests relating to these adjustments, as well as non-recurring tax
items (notably the change in deferred tax assets relating to the
Consolidated Global Profit Tax System, and the reversal of tax
liabilities relating to tax years no longer open to audit or having
been settled with the tax authorities).
Three Months ended June 30,
----------------------------
2006 2005
------------ ------------
(In million of euros)
Earnings, attributable to equity holders
of the parent(a) EUR 1,155 EUR 756
Adjustments
Amortization of intangible assets acquired
through business combinations(a) 56 57
Impairment losses of intangible assets
acquired through business combinations(a) - 154
Other financial charges and income(a) 615 (255)
Earnings from discontinues operations(a) - 5
Change in deferred tax asset related to
the Consolidation Global Profit Tax System (4) (2)
Non recurring items related to provision
for income taxes(b) (1,053) (33)
Provision from income taxes on adjustments (19) 4
Minority interests on adjustments - (6)
----------- -----------
Adjusted net income, attributable to
equity holders of the parent EUR 750 EUR 680
=========== ===========
Six Months ended June 30,
----------------------------
2006 2005
------------ ------------
(In million of euros)
Earnings, attributable to equity holders
of the parent(a) EUR 1,862 EUR 1,257
Adjustments
Amortization of intangible assets acquired
through business combinations(a) 113 112
Impairment losses of intangible assets
acquired through business combinations(a) - 154
Other financial charges and income(a) 519 (240)
Earnings from discontinues operations(a) - 34
Change in deferred tax asset related to
the Consolidation Global Profit Tax System (7) (4)
Non recurring items related to provision
for income taxes(b) (1,066) (33)
Provision from income taxes on adjustments (41) (11)
Minority interests on adjustments (2) (26)
----------- -----------
Adjusted net income, attributable to
equity holders of the parent EUR 1,378 EUR 1,243
=========== ===========
(a) As reported in the Consolidated Statement of Earnings.
(b) Corresponds to the reversal of tax liabilities relating to tax
years no longer open to audit or having been settled with the tax
authorities. For the six months ended June 30, 2006, this item
included mainly the profit related to the settlement of the DuPont
litigation (EUR1,019 million).
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