Vivendi Revises Upwards 2006 Guidance and Announces 2011 Outlook.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. (NYSE NYSE See: New York Stock Exchange :V) --11.7% growth in adjusted net income in first quarter of 2006 --2006 adjusted net income growth guidance revised upwards to 16%, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 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. 2.4 billion --2011 outlook : EUR 3.5-4 billion adjusted net income --Adjusted net income(1) of EUR 592 million for the first quarter of 2006, versus EUR 530 million for the first quarter of 2005, a growth of 11.7%. --Earnings from operations amounted to EUR 990 million for the first quarter of 2006, versus EUR 921 million for the first quarter of 2005. This represents an increase of 10.9% on a comparable basis(2). --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 707 million for the first quarter of 2006, versus EUR 501 million for the first quarter of 2005, a growth of 41.1%. Vivendi's Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. , unanimously approved the growth outlook for the period of 2006-2011. Furthermore, the Supervisory Board and the Management Board unanimously rejected a dismantling dis·man·tle tr.v. dis·man·tled, dis·man·tling, dis·man·tles 1. a. To take apart; disassemble; tear down. b. approach presented by a shareholder. Comments on Vivendi's First Quarter 2006 Earnings 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: revenues increased to EUR 4,766 million compared to EUR 4,509 million in the first quarter of 2005, representing an increase of EUR 257 million (+5.7%). On a comparable basis, revenues amounted to EUR 4,766 million compared to EUR 4,474 million, an increase of 6.5% (+4.7% at constant currency). All of the group's business units contributed to this improvement. Earnings from operations totaled EUR 990 million compared to EUR 921 million in the first quarter of 2005. On a comparable basis, earnings from operations were up EUR 97 million, representing an increase of 10.9% (10.1% at constant currency), to reach EUR 990 million (compared to EUR 893 million in the first quarter of 2005). During this quarter, each business unit has had positive earnings from operations. Income from equity affiliates amounted to EUR 68 million compared to EUR 62 million in the first quarter of 2005, representing an increase of EUR 6 million. Other financial charges and income were an income of EUR 97 million compared to a charge of -EUR 15 million in the first quarter of 2005, representing an improvement of EUR 112 million. This significant increase mainly included the financial gain on the sale of Sogecable Sogecable (IBEX-35: SGC) is the leading pay TV company in Spain, created in 1989. It was the first company to introduce interactive systems and specially Digital Television in Spain. shares (+EUR 66 million) and the capital gain on the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the remaining 20% stake in Ypso (+EUR 56 million). Adjusted net income, attributable to equity holders of the parent, was EUR 592 million (adjusted net income per share of EUR 0.51 basic and 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. ) compared to EUR 530 million (adjusted net income per share of EUR 0.46 basic and diluted) in the first quarter of 2005. The EUR 62 million improvement (+11.7%), in adjusted net income, attributable to equity holders of the parent, was mainly achieved through a growth in earnings from operations (+EUR 69 million). Earnings, attributable to equity holders of the parent, amounted to EUR 707 million (earnings per share of EUR 0.61 basic and diluted) compared to EUR 501 million in the first quarter of 2005 (earnings per share of EUR 0.44 basic and EUR 0.43 diluted). Vivendi's Outlook 2006- 2011 Following the presentation of the Group's strategy during the AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f held on April 20, 2006, the Supervisory Board, studied and unanimously approved the outlook for the 2006-2011 period that was outlined by the Management Board. Noteworthy points were as follows: --each of the Group's business units is expected to enjoy robust growth in operations and profits, and each business units will be able to benefit from all the capital expenditure required by its development. Given their good fit, as well as the size and the power of the Group, and because they will benefit from an additional boost from "convergence", our business units are better positioned than their competitors to take advantage of the ongoing growth in consumption of communication services driven by new technologies, --all of the Group's business units should contribute to this growth, in particular video games See video game console. and 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. in France. They will benefit noticeably no·tice·a·ble adj. 1. Evident; observable: noticeable changes in temperature; a noticeable lack of friendliness. 2. Worthy of notice; significant. from the investments made in the last few years, --average growth in the Group's earnings from operations should range between 8% and 10% per year, --adjusted net income is expected to range between EUR 3.5 billion and EUR 4 billion in 2011, including the assumption that all deferred tax assets will have been utilized by that date. Rejection of Shareholder's Dismantling Approach Vivendi's Supervisory Board and Management Board, furthermore, studied the cooperation request presented by a shareholder, Sebastian Sebastian, 1554–78, king of Portugal (1557–78), grandson and successor of John III. He was under the regency first of his grandmother (until 1562) and then of his uncle Henry (a cardinal and later king) until declared of age in 1568. Holdings, aiming to dismantle dis·man·tle tr.v. dis·man·tled, dis·man·tling, dis·man·tles 1. a. To take apart; disassemble; tear down. b. the group. Unanimously, the Supervisory Board and the Management Board rejected this alternative. It is based on economic and legal hypotheses that are unrealistic.. The Supervisory Board and Management Board have decided to further pursue the group's strategy, one which is the best positioned to create value for Vivendi's shareholders. Vivendi's Business Units: Comments on First Quarter 2006 Earnings from Operations Universal Music Group Universal Music Group's (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 ) quarterly earnings from operations were EUR 90 million, versus EUR 38 million last year at the same period. This reflects the margin on higher sales volumes and the recovery of a cash deposit of EUR 50 million from the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. following UMG's successful appeal of an unfavourable decision after trial in a lawsuit lawsuit: see procedure; tort. brought by TVT Records TVT Records is an independent record label founded in 1985 by Steve Gottlieb. Artists
transmissible venereal tumor. Music, Inc ("TVT matter"). This cash deposit, which had negatively impacted UMG's accounts in 2003, was recovered in March 2006. UMG had, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. SoundScan SoundScan™ Osteoporosis An ultrasound used to assess bone density and thickness of cortical bone. See Bone densitometry. , six albums featured in the top 10 best sellers year to date including the top 2. 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' quarterly earnings from operations were EUR 23 million, up 109.1% compared to the prior year (up 107.4% at constant currency). This dramatic improvement was driven by a 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 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. Earnings from operations also included funding
increased product development costs within Blizzard blizzard, winter storm characterized by high winds, low temperatures, and driving snow; according to the official definition given in 1958 by the U.S. Weather Bureau, the winds must exceed 35 mi (56 km) per hr and the temperature 20°F; (−7°C;) or lower. and recently
acquired studios by Sierra (company, games) Sierra - (Or "Sierra On-Line") A computer game developer founded in the early 1980s by Ken and Roberta Willams in the small mountain town of Oakhurst California. Sierra was named after the local mountian range, 15 miles from the famous Yosemite National Park. .Canal Plus Group Canal Plus Group's quarterly earnings from operations were EUR 33 million. On a comparable basis(3), earnings from operations were down EUR 70 million compared to the same period last year, due to the extra cost linked to the new Ligue 1 soccer broadcasting contract, which started in the summer of 2005, as well as the two additional Ligue 1 days broadcasted when compared to the first quarter of 2005. This investment, which impacted mainly first quarter earnings, will be fully absorbed Absorbed 1. In a general business sense, when a cost is treated as an expense instead of being passed on to the customer in the form of higher prices. 2. In underwriting, when an issue has been completely sold to the public. 3. over the year, when portfolio growth and increased revenue 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. recorded in 2005 come into full effect. Earnings from the company's other operations(4) (excluding pay-TV in France) increased slightly compared to the same period last year. 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 quarterly earnings from operations rose by 11.0% to EUR 666 million. This increase in earnings from operations mainly reflected a 2.1% growth in network revenues(5), an improvement of 1.4 point in customer acquisition and retention costs of 10.3% for network revenues (due to higher volumes of customer additions and retention acts and to the penetration of 3G devices among SFR base) and a strong control of other costs. 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 quarterly earnings from operations amounted to EUR 207 million, increasing by 15.0% compared to the same period last year (+12.6% at constant currency). This achievement is linked to the revenue growth (+14.2% and +11.8% at constant currency) and to cost control in the context of a steady growth of the mobile customer base(6)(7)(net growth of + 339,000 customers over the quarter, +27.8% compared to March 2005) and of the ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line customer base(7)(+ 54,000 over the quarter, +225% compared to March 2005). 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 the NYSE and 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 presentation 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 growth in operations and profits, earnings from operations, and adjusted net income may differ from forecasts made by the company; synergies and profits arising from proposed disposals and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. restructurings will not materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. in the timing or manner described above; Vivendi will not able to obtain the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , competition or other approvals necessary to complete certain proposed transactions; Vivendi will not able to further identify, develop and achieve success for new products, services and technologies; Vivendi will face increased competition and that the effect on pricing, spending, third-party relationships and revenues of such competition will limit or reduce Vivendi's revenue and/or income; Vivendi will be unable to establish and maintain relationships with commerce, advertising, marketing, technology, and content providers; Vivendi will be unable to obtain or maintain authorizations or approvals necessary for the operation or expansion of its activities; 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 presentation contains forward-looking statements that can only be assessed on the day the presentation is issued. Vivendi does not undertake, nor has any obligation, to provide, update or revise any forward-looking statements
Note: This press release contains consolidated unaudited earnings
established under IFRS.
(1) Adjusted net income, attributable to equity holders of the parent,
is detailed in Appendix IV.
(2) Comparable basis is detailed in Appendix II.
(3) Comparable basis mainly illustrates the impact of Canal Plus
Group's disposals of businesses (mainly NC Numericable in March 2005)
as if these transactions had occurred on January 1, 2005.
(4) Canal Plus France, now mainly includes Canal Plus premium channel,
CanalSat, thematic channels, Media Overseas and the holding. Moreover,
the reference to "other operations" mainly includes activities from
StudioCanal, pay-TV activities in Poland and PSG soccer club.
(5) Excluding phone directory activities (Annuaire Express).
(6) Without Mauritel.
(7) The customer base, compliant with the ANRT definition and used by
Maroc Telecom in 2006, includes prepaid customers having given or
received a voice call during the last 3 months and post-paid customers
with non cancelled subscriptions.
ANALYST CONFERENCE
Speakers:
Jean-Bernard Levy
Chairman of the Management Board
Jacques Espinasse
Member of the Management Board and Chief Financial Officer
Date: Wednesday, May 17, 2006
2:30 PM Paris time - 1:30 PM London time - 8:30 AM New York time
Numbers to dial:
Number in France: +33(0)1.71.23.04.15
Number in UK: +44(0)20.7138.0827
Number (US toll free): 1.866.850.2201 or (US toll):
+1.718.354.1358
Replay details (replay available for 7 days):
France: +33(0)1.71.23.02.48 - Access code: 8041927#
UK: +44(0)20.7806.1970 - Access code: 7094242#
US: 1.866.239.0765 (Toll free) or 1.718.354.1112 - Access code:
7094242#
Internet: The conference can be followed on the Internet at
http://www.vivendi.com/ir
Presentation slides will also be available online.
APPENDIX I
VIVENDI
CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF
EARNINGS FOR THE FIRST QUARTER ENDED MARCH 31, 2006 AND 2005
(IFRS, unaudited)
---------------------------------
Adjusted Statement of Earnings(a)
---------------------------------
(in millions of euros, 1st quarter ended
except per share amounts) March 31,
2006 2005
--------- ---------
Revenues EUR 4,766 EUR 4,509
Cost of revenues (2,440) (2,307)
--------- ---------
Margin from operations 2,326 2,202
--------- ---------
Earnings from operations 990 921
Other income from ordinary activities 12 19
Income from equity affiliates 68 62
--------- ---------
Earnings before interest and income taxes 1,070 1,002
Interest (49) (44)
--------- ---------
Interest and other financial charges and income (49) (44)
--------- ---------
Earnings from continuing operations before
income taxes 1,021 958
Provision for income taxes (158) (160)
--------- ---------
Earnings from continuing operations 863 798
--------- ---------
Adjusted net income EUR 863 EUR 798
--------- ---------
Attributable to:
Minority interests 271 268
--------- ---------
Equity holders of the parent EUR 592 EUR 530
========= =========
% Change: + 11.7%
Adjusted net income, attributable to the
equity holders of the parent per share -
basic (in euros) EUR 0.51 EUR 0.46
Adjusted net income, attributable to the
equity holders of the parent per share -
diluted (in euros) EUR 0.51 EUR 0.46
-------------------------------------
Consolidated Statement of Earnings(a)
-------------------------------------
(in millions of euros, 1st quarter ended
except per share amounts) March 31,
2006 2005
--------- ---------
Revenues EUR 4,766 EUR 4,509
Cost of revenues (2,440) (2,307)
--------- ---------
Margin from operations 2,326 2,202
--------- ---------
Earnings from operations 990 921
Other income from ordinary activities 12 19
Income from equity affiliates 68 62
--------- ---------
Earnings before interest, other financial
charges and income and income taxes 1,070 1,002
Interest (49) (44)
Other financial charges and income 97 (15)
--------- ---------
Interest and other financial charges and income 48 (59)
--------- ---------
Earnings from continuing operations before
income taxes 1,118 943
Provision for income taxes (141) (163)
--------- ---------
Earnings from continuing operations 977 780
Earnings from discontinued operations - (29)
--------- ---------
Earnings EUR 977 EUR 751
--------- ---------
Attributable to:
Minority interests 270 250
--------- ---------
Equity holders of the parent EUR 707 EUR 501
========= =========
% Change: + 41.1%
Earnings, attributable to the equity
holders of the parent per share -
basic (in euros) EUR 0.61 EUR 0.44
Earnings, attributable to the equity
holders of the parent per share -
diluted (in euros) EUR 0.61 EUR 0.43
(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 IV.
For supplementary information, please refer to the Document "Operating
and financial review and prospects and consolidated financial
statements for the first quarter ended March 31, 2006" that will be
posted on Vivendi's website on May 17, 2006 after the Analyst
Conference.
APPENDIX II
VIVENDI
REVENUES AND EARNINGS FROM OPERATIONS ON A COMPARABLE BASIS BY
BUSINESS SEGMENT
(IFRS, unaudited)
Comparable basis essentially illustrates the effect of the divestiture or abandonment abandonment, in law, voluntary, intentional, and absolute relinquishment of rights or property without conveying them to any other person. Abandonment also means willfully leaving one's spouse or children, intending not to return (see desertion). of operations that occurred in 2005 (mainly NC Numericable Numericable is a French cable television operator, currently proposing standard triple play services. It was formed in 2005 from a merger of France Télécom Câble and NC Numericable. at Canal Plus Group and Annuaire Express, SFR phone directory activities) and includes the full consolidation of minority stakes in distribution subsidiaries at SFR as if these transactions had occurred as at January January: see month. 1, 2005. Comparable basis results are not necessarily indicative indicative: see mood. of the combined results that would have occurred had the events actually occurred as at January 1, 2005.
-------------------------------------------
1st Quarter Ended March 31,
-------------------------------------------
% % Change at
2005 2004 Change constant rate
---------- ---------- ------- -------------
(in millions of euros)
Revenues
--------
Universal Music Group EUR 1,125 EUR 1,038 8.4% 2.8%
Vivendi Games 134 113 18.6% 9.7%
Canal+ Group 899 835 7.7% 7.3%
SFR 2,135 2,075 2.9% 2.9%
Maroc Telecom 483 423 14.2% 11.8%
Noncore operations and
elimination of
intersegment
transactions (10) (10) na* na*
---------- ---------- ------- ------------
Total Vivendi EUR 4,766 EUR 4,474 6.5% 4.7%
========== ========== ======= ============
Earnings from Operations
------------------------
Universal Music Group EUR 90 EUR 38 136.8% 131.7%
Vivendi Games 23 11 109.1% 107.4%
Canal+ Group 33 103 -68.0% -68.8%
SFR 666 600 11.0% 11.0%
Maroc Telecom 207 180 15.0% 12.6%
Holding & Corporate (36) (36) 0.0% 5.6%
Non core operations 7 (3) na* na*
---------- ---------- ------- ------------
Total Vivendi EUR 990 EUR 893 10.9% 10.1%
========== ========== ======= ============
na*: not applicable
APPENDIX III
VIVENDI
REVENUES AND EARNINGS FROM OPERATIONS BY BUSINESS SEGMENT AS
PUBLISHED
(IFRS, unaudited)
--------------------------------
1st quarter ended March 31,
--------------------------------
2006 2005 % Change
---------- ---------- ---------
(in millions of euros)
Revenues
--------
Universal Music Group EUR 1,125 EUR 1,038 8.4%
Vivendi Games 134 113 18.6%
Canal+ Group 899 881 2.0%
SFR 2,135 2,064 3.4%
Maroc Telecom 483 423 14.2%
Noncore operations and
elimination of
intersegment
transactions (10) (10) na*
---------- ---------- ---------
Total Vivendi EUR 4,766 EUR 4,509 5.7%
========== ========== =========
Earnings from Operations
------------------------
Universal Music Group EUR 90 EUR 38 136.8%
Vivendi Games 23 11 109.1%
Canal+ Group 33 131 -74.8%
SFR 666 600 11.0%
Maroc Telecom 207 180 15.0%
Holding & Corporate (36) (36) 0.0%
Noncore operations 7 (3) na*
---------- ---------- ---------
Total Vivendi EUR 990 EUR 921 7.5%
========== ========== =========
na*: not applicable.
APPENDIX IV
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 (loss), attributable to equity holders of the parent, which is a non-GAAP measure, to be a relevant indicator of the company's operating and financial performances. Vivendi management focuses on adjusted net income (loss), attributable to equity holders of the parent, as it best illustrates the performance of continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the excluding most non-recurring and non-operating items. Adjusted net income (loss) includes earnings from operations, other income from ordinary activities, income (loss) from equity affiliates, interest, and tax and minority interests relating to these items. As a consequence, it excludes other charges from ordinary activities (corresponding to impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill and other 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. losses, if any), other financial charges and income and earnings from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. as presented in the consolidated statement of earnings, the tax and minority interests relating to these adjustments, as well as non recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. tax items (notably the changes in deferred tax assets relating to the Consolidated Global Profit Tax System, the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of tax liabilities relating to tax years no longer open to audit). Adjusted net income (loss), attributable to equity holders of the parent never includes adjustments in earnings from operations.
1st quarter ended March 31,
---------------------------
(In millions of euros) 2006 2005
------------ ------------
Earnings, attributable to equity holders
of the parent(a) 707 501
Adjustments
Other charges from ordinary
activities(a) - -
Other financial charges and income(a) (97) 15
Earnings from discontinued
operations(a) - 29
Deferred tax asset related to the
Consolidated Global Profit Tax System (3) (2)
Other adjustments on provision for
income taxes (14) 5
Minority interests in adjustment (1) (18)
------------ ------------
Adjusted net income, attributable to
equity holders of the parent 592 530
------------ ------------
(a) As reported in the Consolidated Statement of Earnings
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