Vivendi Universal Announces 2002 Consolidated Financial Results.Entertainment Editors/Business Editors Note: This press release contains consolidated results that are currently being audited. The results are established under French Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (F-GAAP), and include the company's interest in Vivendi
VIVENDI® is a software package for care management and staff organisation published by the German software company CONNEXT and introduced in 1995. Environnement. PARIS--(BUSINESS WIRE)--March 6, 2003 Vivendi Universal (NYSE NYSE See: New York Stock Exchange :V): -- Net debt strongly reduced to E12.3 billion at December 31, 2002 compared with E37.1 billion at December 31, 2001. -- Net loss (excluding exceptional items and goodwill): -- E94 million on recurring operations, -- E420 million of non-recurring restructuring costs (mainly headquarters, Internet businesses and real estate), -- for total loss of E514 million. -- Asset impairment charges: -- goodwill impairment charge of E18.4 billion for 2002, -- portfolio investments impairment charge of E2.9 billion. -- Net loss of E23.3 billion -- Strong and encouraging (pro forma(1)) operating results reflect performance: -- Operating cash flow(2) of E2.6 billion, up 115% compared with 2001, -- Operating income for the six core business units on a 100% basis (Cegetel-SFR, Universal Music Group, VUE, Canal+ Group, Maroc Telecom and Vivendi Universal Games): E3.2 billion, up 18% compared with 2001. OUTLOOK 2003 -- Determined pursuit of asset disposal program: E7 billion in 2003. -- Strong improvement (on a like-to-like basis) of 2003 operating income and operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (2). -- Return to profit (excluding exceptional items and goodwill). Vivendi Universal today announced its financial results for 2002, which are currently being audited and were reviewed today by the Board of Directors. Jean-Rene Fourtou, Chairman and Chief Executive Officer, said: COMMENTS BY JEAN-RENE FOURTOU, CHAIRMAN AND CHIEF EXECUTIVE OFFICER "2002 has been an extremely difficult year for Vivendi Universal. 2003 will be a year of transition and of financial and economic progress. In 2004, we will see the results of the strategies and actions we have taken. "In 2002 we recorded losses amounting to E23.3 billion. "This result includes in particular asset 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. charges made necessary by the continued deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of the markets and the value of some of our assets. Excluding exceptional items and goodwill amortization, the 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. loss is E94 million, to which is added E420 million of non-recurring costs relating mainly to the headquarters, the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the businesses and real estate. The total loss is therefore E514 million. "Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from all our core business units, on a 100% basis, was up 18% (pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma ) compared with 2001, primarily owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de Cegetel's good performance. It is a positive and encouraging sign. "Since July July: see month. 2002, we have made some major achievements: -- We pulled through a serious cash problem; -- We lowered net debt from E35 billion to E12.3 billion; -- We sold more than E8 billion of assets; -- We won the battle for Cegetel, raising our interest from 44% to 70% (and from 35% to 56% in SFR SFR Swiss Franc (national currency) SFR Société Française du Radiotéléphone (French cellular provider) SFR Single Family Residence SFR Single Family Residence (real estate) ); and -- We considerably improved operating cash flow. 2003 will be a year of transition and of financial and economic progress. "Our priorities remain unchanged. To improve the financial structure and again create value for Vivendi Universal's shareholders, we are determinedly carrying through our E7 billion asset disposal plan for this year. As concerns our U.S. assets, we have been approached by several potential partners. Keeping in mind the two-fold aim of creating value for shareholders and lowering our debt, we are examining all possible options in both industrial and financial terms. "Any disposals or partnerships, and the consequent con·se·quent adj. 1. a. Following as a natural effect, result, or conclusion: tried to prevent an oil spill and the consequent damage to wildlife. b. strategy, will only be made public as and when they are concluded. "At the same time, we are continuing to improve the profitability and management of the company by: -- continuing to reduce cash drains -- focusing on cash-flow-based management -- stimulating the business units to improve their performance -- reorganizing the VU, Canal+ Group and VUE See HP-VUE. VUE - Visual User Environment: a desktop manager for Unix from Hewlett-Packard. headquarters -- stepping up our cost reduction programs. "The consequences will be that, for the first time in three years, in 2003 we will return to a situation of net income (before exceptional items and goodwill amortization) and a good improvement in operating cash flow." DEBT Net debt was lowered by about E24.8 billion in 2002. At December December: see month. 31, 2002, Vivendi Universal's net debt was E12.3 billion compared with E37.1 billion at December 31, 2001. Excluding Vivendi Environnement, net debt fell by about E9.1 billion. Net debt does not include the November November: see month. 2002 issue of E1 billion of notes redeemable Redeemable Eligible for redemption under the terms of an indenture. for shares, which is considered as quasi-shareholders' equity, or the differential relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). total return swap Total Return SwapAny swap in which the non-floating rate side is based on the total return of an equity or fixed income instrument with a life longer than the swap. Notes: Total return swaps are most common in equity or physical commodity markets. , which matures in the second quarter of 2003. In addition, Vivendi Universal is currently examining various possibilities for extending its debt maturity. Vivendi Universal confirms that it will meet the target announced of net debt below E11 billion at the end of 2003, after the acquisition of a 26% interest in Cegetel for E4 billion in January January: see month. 2003. SHORT-TERM Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. LIQUIDITY POSITION On December 31, 2002, at the holding company level, Vivendi Universal had cash of E5 billion and an unused back-up In cartography, an image printed on the reverse side of a map sheet already printed on one side. Also the printing of such images. credit facility of E1 billion. On February February: see month. 28, 2003, after the acquisition of a 26% interest in Cegetel, Vivendi Universal had cash in the bank of E2.3 billion, E0.7 billion available in credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and a E1 billion back-up credit facility, for a total amount of E4 billion. UPDATE ON ASSET DISPOSALS From July 1 to December 31, 2002, Vivendi Universal concluded transactions worth E8.2 billion in asset sales and debt taken over by the acquirers. Of this amount, E6.8 billion was finalized See finalization. at December 31. The E6.8 billion is the sum of E6.4 billion received in cash and E0.4 billion in debt taken over. From the beginning of 2003 up until today, Vivendi Universal finalized about E700 million of disposals: Canal+ Technologies (E190 million), Express-Expansion (E200 million), half of the USAi warrants held by Vivendi Universal ($276 million) and various other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. (E50 million). For 2003, Vivendi Universal reaffirms its target of asset disposals of E7 billion. These disposals will significantly change the company's landscape. As concerns the U.S. assets, Vivendi Universal has been approached by several potential partners. Keeping in mind the two-fold aim of creating value for its shareholders and lowering its debt, Vivendi Universal is examining all possible options in both industrial and financial terms. TREASURY STOCK In compliance with the Board of Directors' decision of August 13, 2002, Vivendi Universal canceled 20.5 million treasury shares on December 20, 2002. These shares represented 1.9% of the capital stock and were available for stock option plans. As a result, Vivendi Universal's capital stock comprised 1,068,558,994 units of common stock at December 31, 2002. Following this cancellation, Vivendi Universal now holds only 0.04% of its own shares. PRO FORMA OPERATING RESULTS 2002 (after the deconsolidation of Vivendi Environnement and of the VUP (VAX Unit of Performance) A unit of measurement equal to the performance of the VAX 11/780, the first VAX machine. VUP - VAX MIPS businesses sold, and taking into account USA Networks, Maroc Telecom Maroc Telecom (Arabic: اتصالات المغرب; Itissalatt Al Maghreb; Acronym: IAM) is the main telecommunication . IAM employs around 11,178 employees. and MP3.com at January 1, 2001) -- Revenues increased 4% to E28.7 billion, owing to growth in all the business units except music -- Operating income was slightly down at E2.0 billion -- The operating income of the six core business units on a 100% basis (Cegetel-SFR, Universal Music Group, VUE, Canal+ Group, Maroc Telecom and Vivendi Universal Games Universal Games is a Nevada company that produced such board games as Merger, Titanic: The Board Game, and the Apollo 13 edition of Solarquest. In 1965, their address was in Houston, Texas. Universal Games released Merger, a financial game for 2-4 players. ) was up 18% to E3.2 billion, driven mainly by Cegetel and VUE. MAIN ELEMENTS OF THE 2002 INCOME STATEMENT Interest expense, net: For full-year 2002, net interest expense totaled E1.3 billion, an 8% decrease on the previous year's amount. It should be taken into account that the strong reduction in debt occurred at the end of the year -- principally through the sale of Houghton Mifflin Houghton Mifflin Company is a leading educational publisher in the United States. The company's headquarters is located in Boston's Back Bay. It publishes textbooks, instructional technology materials, assessments, reference works, and fiction and non-fiction for both young readers , VUP publishing businesses, Echostar and Vivendi Environnement -- and that the first half of the year included the cost of financing the VUE and Echostar acquisitions. The cost of debt (excluding Vivendi Environnement) came to 4.1%. Financial provisions: Financial provisions totaling E2.9 billion were set aside for 2002. The most significant provisions related to the USAi warrants and the Elektrim Telecommunikacja shares. Exceptional items, net: Net exceptional income amounted to E1.0 billion compared with E2.4 billion in 2001. Exceptional gains were primarily comprised of capital gains on the disposal of 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. dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. of the company's interest in other companies. They mainly include a capital gain of E1.6 billion on BSkyB BSkyB British Sky Broadcasting , a contribution of E1.4 billion from the Vivendi Environnement transaction and a capital gain of E329 million on the sale of VUP's publishing assets sold to Natexis/Lagardere. Exceptional losses offsetting the gains were a capital loss of E822 million on the disposal of Houghton Mifflin and of E685 million on Echostar, and a provision of E360 million on the upcoming sale of Telepiu. Income tax expenses: income tax expense totaled E2.6 billion, of which E2.1 billion excluding Vivendi Environnement. This was the sum of E1.1 billion relating to recurring operations (in particular, E544 million for Cegetel), and E1.0 billion of income tax relating to exceptional elements (mainly use of deferred tax), which did not generate any cash outflow. Income tax expense was E1.6 billion in 2001. Goodwill amortization: Goodwill continues to be amortized under French GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . Goodwill amortization totaled E1.3 billion, a decline on the 2001 amount of E1.7 billion, owing to goodwill impairment charges previously taken. Goodwill and intangible asset 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. impairment: The continued deterioration of economic conditions and of the book value of our recently acquired core assets led to management's decision to record further goodwill and intangible asset impairment charges in 2002, resulting in an overall charge of E18.4 billion. This is the sum of E6.5 billion relating to VUE, E5.4 billion relating to Canal+, E5.3 billion relating to Universal Music Group and E1.2 billion relating to various other assets. This adjustment was made on the basis of a valuation carried out by independent experts of the fair value of Vivendi Universal's core assets. Fair value was determined on the basis of commonly used methods: discounted cash flow, for assets to be retained; and market value (the amount that could be obtained under normal market conditions) for other assets. Net income (loss) and earnings (loss) per share: A net loss of E23.3 billion was incurred in 2002, or E21.43 per basic share. In 2001, the net loss was E13.6 billion, or E13.53 per basic share. BUSINESS UNIT RESULTS Cegetel and SFR: 2002 Highlights: Cegetel's revenues increased 11% to E7.1 billion and operating income grew 56% to E1.4 billion. For SFR, revenues increased 10% and operating income grew 40%. SFR's customer base (including SRR SRR Short-Range Radar SRR System Requirements Review SRR Shaped Round Robin (queuing protocol for Cisco routers) SRR Special Reconnaissance Regiment (British Army) SRR Split Ring Resonator , its subsidiary in Reunion Reunion Arafat, Mt . Adam and Eve met here after 200 years. [Muslim Legend: Berra, 44] chickweed flower symbolizing a rejoining. [Flower Symbolism: Jobes, 322] Esau and Jacob after many years, they are reconciled. [O.T. , an overseas department of France) grew to 13.5 million customers. SFR's market share in gross additions increased 1.5 percentage points to 35.5% from 34% in 2001. ARPU (Average Revenue Per User) A calculation often used to determine the overall value of an application. It is also used to rate particular customers, especially in the wireless space, by comparing someone's account to the overall average. from prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. customers increased
13% to E22.2, and ARPU from postpaid post·paid adj. With the postage having been paid in advance. postpaid Adverb, adj with the postage prepaid Adj. 1. customers slightly increased to E58.3. Additionally, SFR was successful in increasing profitability including a 9% reduction in acquisition costs per gross addition (excluding promotions) in the same period. Results at Cegetel's fixed telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. services division continued to improve during the year, resulting in revenue growth of 18%, mainly due to local traffic being opened to competition on January 1, 2002, and a 43% reduction in operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. . 2003 Outlook: In line with projections announced in November 2002, Cegetel-SFR's revenues are expected to increase approximately 7% in 2003 on a like-for-like basis. Operating income is expected to grow by more than 25%. Operating cash flow will remain steady, owing to an increase in capital expenditures. In 2003, Cegetel's priorities are to continue improving its profitability and customer bases, to achieve the best customer satisfaction rate in the French market, offer new voice and data services, and merge Cegetel's fixed-line Refers to wired devices. For example, a fixed-line phone is a standard phone with the handset wired to the base unit in contrast to a portable phone or cellphone. operations with Telecom Developpement. Universal Music Group 2002 Highlights: With the adverse impact of currency translation, revenues were down 4% from the previous year to approximately E6.3 billion. On a constant currency basis, revenues were down only 1%. In 2002, 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 increased its global market share despite difficult market conditions with market share growing in all the world's major music markets. The U.S. saw an industry decline of 10.8% as measured by SoundScan SoundScan™ Osteoporosis An ultrasound used to assess bone density and thickness of cortical bone. See Bone densitometry. while UMG's album share rose 2.5 points to 28.9%. In 2002, five albums sold more than 5 million units each versus one album last year. The best-selling best·sell·er also best seller n. A product, such as a book, that is among those sold in the largest numbers. best album in the world was Eminem's The Eminem Show, and Eminem recordings (including the 8 Mile Soundtrack) sold over 21 million copies during the year. Other major sellers included albums from Shania Twain, Nelly nel·ly or nel·lie n. pl. nel·lies Offensive Slang Used as a disparaging term for an effeminate homosexual man. [Probably from the name Nelly, nickname for Helen.] , U2, Ashanti Ashanti (äshän`tē) or Asante (äsän`tē), historic and modern administrative region, central Ghana, W Africa. The region is the source of much of Ghana's cocoa. , Nirvana nirvana (nērvä`nə), in Buddhism, Jainism, and Hinduism, a state of supreme liberation and bliss, contrasted to samsara or bondage in the repeating cycle of death and rebirth. , Enrique Iglesias Enrique Miguel Iglesias Preysler (born on May 8, 1975, in Madrid, Spain) is a singer/songwriter of Asian and European ancestry. Iglesias's career started on Indie label Fonovisa who helped turn him into one of the most popular artists in Latin America and in the Latin market and Bon Jovi  This article or section reads like a and may need a .Please help [ to improve this article] to make it in tone and meet Wikipedia's . . Operating Income declined 23% (19% in constant currency) reflecting the decline in sales, lower margins in the product mix, higher provisions for returns and A&R (artists and repertoire Repertoire may mean Repertory but may also refer to:
in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. Asia to Viacom
2003 Outlook: UMG's revenues are expected to remain steady or to show a very slight drop at constant exchange rates. UMG should therefore continue to win market share. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: is expected to decline, while the cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses target is flat with 2002. UMG's 2003 release schedule includes albums from 50 Cent CENT, money. A copper coin of the United States of the value of ten mills; ten of them are equal to a dime, and one hundred, to one dollar. Each cent is required to contain one hundred and sixty-eight grains. Act of January 18th, 1837, 4 Sharsw. cont. of Story',s L. U. S. 2524. , Ashanti, Blink 182, Dr. Dre, Jay Z, Limp Bizkit, Nickelback This article is about the Canadian rock band. For American football position, see nickelback (position). Nickelback (IPA: /ˈnɪkəlbæk/ , Sting, Texas and U2. In addition, UMG will continue to take active measures Active Measures (Russian: "Активные мероприятия") are a form of political warfare conducted by the Soviet security services (Cheka, OGPU, NKVD, KGB, and SVR) to against music pirating. Vivendi Universal Entertainment (VUE): 2002 Highlights: VUE revenues reached E6.3 billion, up 27% principally due to the effect of the acquisition of USA Networks on May 7, 2002. On a pro forma basis, (had USA Networks been acquired at January 1, 2001), VUE revenues increased 2%. However, on a constant currency basis, VUE pro forma revenues increased 5% driven by Universal Pictures and Universal Television, and partially offset by lower revenues at Universal Parks & Resorts and Spencer Gifts. VUE operating income reached E816 million, up 172% on an actual basis. On a pro forma basis, (had USA Networks been acquired at January 1, 2001), VUE's operating income increased 2%. However, on a constant currency basis, VUE pro forma operating income increased 6%. This was primarily a result of strong video sales at Universal Pictures, which was partially offset by lower results at Universal Television Networks, Universal Parks & Resorts and Spencer Gifts. Universal Pictures benefited from strong performance in home video, driven by such titles as The Mummy mummy, dead human or animal body preserved by embalming or by unusual natural conditions. As a rule mummies are from ancient times. The word is of Arabic derivation and refers primarily to the burials found in Egypt, where the practice of mummification was perfected Returns, The Fast and the Furious, and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Pie 2. These results were partially offset by lower advertising sales and increased programming costs at Universal Television Networks, as well as lower management fees from theme park joint ventures, land sales, and lower holiday sales at Spencer Gifts. 2003 Outlook: VUE's revenues are expected to increase slightly (in dollars), owing mainly to the theatrical release of Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Almighty, 2 Fast 2 Furious, The Hulk, Seabiscuit Seabiscuit famous horse in history of thoroughbred racing. [Am. Hist.: NCE, 1273] See : Horse , American Wedding, Dr. Seuss' The Cat in the Hat and Peter Pan and to development of television channels. Operating margin will be affected by increased amortization expenses for films and is expected to fall by a few percentage points. However, operating cash flow should increase by more than 30%. VUE will continue to rationalize ra·tion·al·ize v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear its operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and improve its cash management. Also, VUE is working to put in place long-term financing Long-term financing Liabilities repayable in more than one year plus equity. for its $1.62 billion credit facility. Canal+ Group: 2002 Highlights: Canal+ Group reported 6% revenue growth in 2002, reaching E4.8 billion; on a pro forma basis, revenues were up 4%. Canal+ Group improved its operating result in 2002 by 13%, recording an operating loss for the year of E325 million compared with E374 million in 2001. On a pro forma basis, Canal+ Group reported an operating loss of E295 million in 2002. This positive trend is mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to solid operational performances at CanalSatellite and Media Overseas, while StudioCanal and Telepiu significantly reduced their losses. The French premium channel Canal+ slightly improved its churn rate (1) The percentage of customers who cancel their online, cellphone or other subscription service during a certain time period. (2) The percentage of employees who leave the company during a certain time period. See churning. at 10.6%, ending the year with 4.48 million individual subscriptions (representing a net decrease of 70,000 subscribers). CanalSatellite ended the year with a net increase of 220,000 individual subscribers and the lowest churn rates of any 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 the world (8.4%). 2003 Outlook: Revenues are expected to remain steady on a like-for-like basis. Actual revenues will be lower, primarily because of changes under way to the consolidation scope. Canal+ Group is expected to generate operating income in 2003. Operating cash flow will improve, but will remain negative. In 2003, Canal+ Group will continue the execution of its restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan aimed at reorganizing its activities around a more coherent A version of Unix developed by Mark Williams Co., Northbrook, IL, that was noted for its conservative use of resources on Intel-based PCs. and profitable entity based on its core businesses, mainly around its French assets. Another priority for 2003 is to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. the editorial content of the premium channel. Maroc Telecom: 2002 Highlights: Actual revenues were up 47%. On a pro forma basis, Maroc Telecom revenues increased to E1.49 billion, up 10% (13% in local currency.) Its mobile customer base grew by 934,000 to approximately 4.6 million customers. Fixed-line revenues increased 1% (up 4% in local currency). Operating income increased 21% (25% in local currency). On a pro forma basis, Maroc Telecom operating income decreased 1% (increased 1% in local currency) but operating expenses in 2002 include restructuring costs, and amortization on some intangible assets (license) which was booked for the first time in 2002. At constant accounting method, operating income increased 12% (16% in local currency.) 2003 Outlook Revenues are expected to remain stable. Maroc Telecom's operating margin is expected to improve, benefiting fully from the aftermath AFTERMATH. A right to have the last crop of grass or pasturage. 1 Chit. Pr. 181. of the restructuring actions undertaken in 2001 and 2002. The operating cash flow is expected to remain stable. Vivendi Universal Games: 2002 Highlights: Vivendi Universal Games revenues increased to E794 million for the year, an increase of 21% over prior year. On a constant currency basis, revenues were up 25%. Growth was driven by the company's continued strength in the PC games market, as well as its rapidly escalating presence in the console games
A console game is a form of interactive multimedia used for entertainment. market. Best-selling titles for 2002 included Warcraft warcraft the science, art, or craft of war. See also: War III, Nascar 2002, Crash Bandicoots This article is about the first game in the series. For other uses, see Crash Bandicoot (disambiguation). Crash Bandicoot is a platform game developed by Naughty Dog and published by Sony Computer Entertainment for the Sony PlayStation in 1996, featuring the : The Wrath wrath n. 1. Forceful, often vindictive anger. See Synonyms at anger. 2. a. Punishment or vengeance as a manifestation of anger. b. Divine retribution for sin. adj. of Cortex, The Thing, Barbie Barbie in full Barbara Millicent Roberts A plastic doll, 11.5 in. (29 cm) tall, with the figure of an adult woman that was introduced in 1959 by Mattel, Inc., a southern California toy company. as Rapunzel Rapunzel her golden tresses provide access to tower loft. [Ger. Fairy Tale: Rapunzel] See : Hair , Jumpstart jump´start` v. t. 1. To start (the engine of a motor vehicle) using a temporary connection to supply electrical power from another vehicle or another source of current; - an emergency procedure used when a vehicle's own battery has Advanced, Bruce Lee Noun 1. Bruce Lee - United States actor who was an expert in kung fu and starred in martial arts films (1941-1973) Lee Yuen Kam, Lee , Outlaw Golf and Hunters: The Reckoning. Operating income was E63 million for the year, an increase of E45 million, or 250%, over the prior year. The increase was due to the higher gross profit on sales growth, partially offset by increased marketing and product development costs. 2003 Outlook: Revenues are expected to increase more than 15%, principally because of the strong line of product releases planned including The Hulk, Warcraft III: The Frozen Throne throne, chair of state or the seat of a high dignitary. The throne was at first a stool or bench and later became an ornate armchair, usually raised on a dais and surmounted by a canopy. , The Hobbit A microprocessor from AT&T that was used in a variety of portable devices. It is no longer made. 1. Hobbit - A Scheme to C compiler by Tanel Tammet <tammet@cs.chalmers.se>. , Crash Bandicoot, and Spyro the Dragon This article is about the first game in the Spyro series. For information about the character, see Spyro the Dragon (character). For other contexts, see Spiro (disambiguation). Spyro the Dragon is a platform game developed by Insomniac Games for the PlayStation. . The operating margin will be more than 10% of expected 2003 revenues, and operating cash flow is expected to increase considerably. PROCEEDINGS AGAINST THE COMPANY The investigation of the COB in France is principally examining questions relating to the Vivendi Universal group's consolidation scope, commitments and the values of certain intangible assets recorded in the consolidated accounts. Vivendi Universal is also being investigated by the SEC 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. . At this moment in time, Vivendi Universal's Board of Directors has no knowledge of any elements of a nature liable to call into question the decisions taken by the company's management on the accounting principles and methods used to establish its accounts. As a result, the 2002 full-year accounts have been established 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. the same principles and methods used in previous years. In the event that, by means of the investigations under way or by any other means, Vivendi Universal should learn of elements that may modify the above analysis of the situation, Vivendi Universal will of course bring this information to the attention of the general public. ANNUAL SHAREHOLDERS MEETING The Vivendi Universal Shareholders Meeting will be held, on second notice, on April 29, 2003, in Paris, at the Palais des Congres convention center (Porte Maillot). The Board of Directors of Vivendi Universal has requested that a proposal not to pay a dividend for 2002 be submitted to the vote at the Shareholders Meeting. 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 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 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 future performance. Actual results may differ materially from the forward-looking statements and business strategy as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to: the risk that the reduction of Vivendi Universal's indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. expected to be reached as a result of the debt-reduction and maturity-extension plans, proposed disposals and/or 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; that Vivendi Universal will not be able to return to investment grade 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 the timing set forth above; that Vivendi Universal will not be 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; that actual cash flow and net debt figures differ from the estimated targets described above; that Vivendi Universal will be unable to further identify, develop and achieve success for new products, services and technologies; that Vivendi Universal will face increased competition and that the effect on pricing, spending, third-party relationships and revenues of such competition will limit or reduce Vivendi Universal's revenue and/or income; that Vivendi Universal will be unable to establish and maintain relationships with commerce, advertising, marketing, technology, and content providers; as well as the risks described in the documents Vivendi Universal has filed with the U.S. Securities and Exchange Commission and with the French Commission des Operations de Bourse bourse (b rs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. . Investors and security holders may
obtain a free copy of documents filed by Vivendi Universal with the U.S.
Securities and Exchange Commission at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. or directly from Vivendi Universal. Vivendi Universal does not undertake, nor has any obligation, to provide updates or to revise any forward-looking statements. Conference Call Information for Journalists and Investors : Vivendi Universal will host a conference call regarding its unaudited 2002 results on Thursday Thursday: see week. , March 6 at 11:30 AM (EST EST electroshock therapy. EST abbr. electroshock therapy ); 4:30 PM (London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. ); and 5:30 PM (Paris). The conference call will be hosted by Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jean-Rene Fourtou, and will include commentary by COO (Cell Of Origin) See mobile positioning. Jean-Bernard Levy and Senior Executive Vice President and CFO See Chief Financial Officer. Jacques Jacques [ʒɑk] (French for Jacob and James) can refer to: People with the surname of Jacques:
Please dial into the conference call 15 minutes prior to the call and indicate that you want the Vivendi Universal conference call. Journalists and Investors are invited to call in at the following telephone numbers: -- U.S. Dial-In: (1) 212/329-1453 -- U.S. Toll-Free Dial-In: (1) 800/257-7087 -- U.K. Dial-In: +44 (0) 207.365.3723 -- France Dial-In: +33 (0) 1.55.69.80.06 Replay Information: A replay will be available for seven days: -- U.S.: (1) 800/405-2236 - access code 528263# -- U.K.: +44 (0) 208.797.2499 - access code 877090# -- France: +33 (0) 1.40.50.20.20 - access code 6329# Webcast details: The meeting and conference call will also be available at: http://finance.vivendiuniversal.com NB: The actual 2002 income statement includes: the six main business units (Cegetel, UMG, VUE, Canal+, Maroc Telecom, and VU Games), non-core businesses, including Vivendi Environnement, the holding company and corporate. The VUP businesses sold (publishing, Houghton Mifflin and B2B/Health) appear only in the item "share of net income in companies sold". (1) After deconsolidation of Vivendi Environnement and of VUP businesses sold, and taking into account USA Networks, Maroc Telecom and MP3.com at January 1, 2001. (2) Operating cash flow before interest expense and tax and after restructuring costs.
VIVENDI UNIVERSAL
CONSOLIDATED STATEMENT OF INCOME
(French GAAP, Unaudited)
Quarter Ended
December 31, Year Ended December 31,
----------------- ------------------------------
2002 (1)
Illustration
2002 (2) 2001 VE Equity 2002 (2) 2001
Actual Actual Accounting Actual Actual
------ ------ ---------- ------ ------
(In millions of
euros, except per
share amounts)
Revenues EUR EUR EUR
28,112 58,150 57,360
======= ======== ======== ======= =======
Operating EUR EUR EUR
income 1,877 3,788 3,795
Interest
(357) (348) expense, net (650) (1,333) (1,455)
Financial
550 (136) provisions (2,786) (2,895) (482)
Other income
(229) (32) (expense) (658) (514) 9
------- -------- -------- ------- -------
Income (loss)
before exceptional
items, income
taxes, goodwill
amortization,
equity interest and
552 423 minority interest (2,217) (954) 1,867
Exceptional
(334) 1,082 items, net 1,125 1,049 2,365
Income tax
(1,762) (698) expense (2,119) (2,556) (1,579)
------- -------- -------- ------- -------
Income (loss)
before equity
interest,
goodwill
amortization
and minority
(1,544) 807 interest (3,211) (2,461) 2,653
Equity in
earnings
(losses) of
disposed
(16) - (2) businesses (2) 17 17 -
Equity in earnings
(losses) of
unconsolidated
25 (64) companies (99) (294) (453)
Goodwill
(364) (508) amortization (992) (1,277) (1,688)
Goodwill
(7,442) (13,203) impairment (18,442) (18,442) (13,515)
------- -------- -------- ------- -------
Loss before
minority
(9,341) (12,968) interest (22,727) (22,457) (13,003)
Minority
(420) 309 interest (574) (844) (594)
------- -------- -------- ------- -------
EUR EUR Net loss EUR EUR EUR
(9,761) (12,659) (23,301) (23,301) (13,597)
======= ======== ======== ======= =======
EUR EUR Loss per EUR EUR EUR
(8.98) (12.63) basic share (21.43) (21.43) (13.53)
======= ======== ======== ======= =======
Net loss
before
goodwill
amortization
EUR EUR and non-recurring EUR EUR EUR
items (3) (514) (514) (99)
======= ======== ======== ======= =======
Loss per
basic share
before
goodwill
amortization
EUR EUR and non-recurring EUR EUR EUR
items (0.47) (0.47) (0.10)
======= ======== ======== ======= =======
Weighted
average
common
shares
outstanding
(in
1,086.4 1,002.5 (4) millions) (4) 1,087.4 1,087.4 1,004.8
======= ======== ======== ======= =======
(1) Presented to illustrate Vivendi Universal's scope of consolidation
as at December 31, 2002 (i.e. illustrates accounting for Vivendi
Environnement using the equity method from January 1, 2002,
instead of December 31, 2002).
(2) At December 31, 2002, Vivendi Universal applied the option
proposed in paragraph 23100 of the French rules 99-02 and has
presented the results of businesses sold during 2002 on one line
in the consolidated statement of income as "equity in earnings of
disposed businesses." Disposed businesses include all of Vivendi
Universal Publishing's operations excluding Vivendi Universal
Games, publishing activities in Brazil, the consumer press
division (the disposal of which was completed in February 2003)
and Comareg (the disposal of which is awaiting completion).
(3) Net loss before goodwill amortization, goodwill impairment,
financial provisions and net exceptional items, after impact of
taxes (EUR 1,022 million for the year ended December 31, 2002 and
EUR 625 million for the year ended December 31, 2001) and the
impact of minority interest (EUR 581) million for the year ended
December 31, 2002 and (EUR 448) million for the year ended
December 31, 2001).
(4) Excludes treasury shares recorded as a reduction of shareholders
equity.
VIVENDI UNIVERSAL
ACTUAL REVENUES BY BUSINESS SEGMENT
(French GAAP, Unaudited)
ACTUAL (1)
------------------------------------------------------
Quarter Ended December 31, Year Ended December 31,
--------------------------- --------------------------
2002 2001 % Change 2002 2001 % Change
-------- -------- --------- ------- -------- ---------
(In millions of euros)
REVENUES EUR EUR EUR EUR
Cegetel 1,821 1,707 7% 7,067 6,384 11%
Universal
Music Group 2,075 2,115 -2% 6,276 6,560 -4%
Vivendi
Universal
Entertainment 1,828 1,571 16% 6,270 4,938 27%
Canal+ 1,322 1,281 3% 4,833 4,563 6%
Maroc Telecom 372 309 20% 1,487 1,013 47%
Vivendi
Universal
Games (2) 292 287 2% 794 657 21%
-------- -------- ---- -------- -------- ---------
7,710 7,270 6% 26,727 24,115 11%
Other (3) 356 427 -17% 1,385 1,289 7%
-------- -------- ---- -------- -------- ---------
TOTAL VIVENDI
UNIVERSAL
(EXCLUDING
BUSINESSES
SOLD IN EUR EUR EUR EUR
2002) 8,066 7,697 5% 28,112 25,404 11%
Vivendi
Environnement 7,903 7,900 0% 30,038 29,094 3%
-------- -------- ---- -------- -------- ---------
EUR EUR EUR EUR
15,969 15,597 2% 58,150 54,498 7%
VUP assets
sold during
2002 (4) 479 752 -36% 2,839 2,862 -1%
-------- -------- ---- -------- -------- ---------
EUR EUR EUR EUR
16,448 16,349 1% 60,989 57,360 6%
======== ======== ==== ======== ======== =========
(1) Totals represent actual revenues. In order to present meaningful
comparative earnings trends for our major businesses, refer to
attached pro forma information.
(2) Formerly part of Vivendi Universal Publishing (VUP). Includes Kids
Activities e.g. Adi/Adibou in France and JumpStart in the United
States.
(3) Principally comprised of Vivendi Telecom International, Internet,
Vivendi Valorisation (previously reported in non-core businesses)
and VUP assets not sold during 2002 (Comareg, Express-Expansion
and the Brazilian operations - Atica & Scipione).
(4) Comprised of VUP assets sold to Investima 10, which is wholly
owned by Natexis Banques Populaires in December 2002, Houghton
Mifflin sold in December 2002 and VUP's Business to Business and
Health divisions sold in June 2002.
VIVENDI UNIVERSAL
PRO FORMA REVENUES BY BUSINESS SEGMENT
(French GAAP, Unaudited)
PRO FORMA (1)
----------------------------------------------------
Quarter Ended December 31, Year Ended December 31,
-------------------------- -------------------------
2002 2001 % Change 2002 2001 % Change
------- ------- ---------- ------- -------- --------
(In millions of euros)
REVENUES EUR EUR EUR EUR
Cegetel 1,821 1,707 7% 7,067 6,384 11%
Universal Music
Group 2,075 2,115 -2% 6,276 6,560 -4%
Vivendi
Universal
Entertainment 1,838 1,980 -7% 6,978 6,874 2%
Canal+ 1,300 1,281 1% 4,742 4,563 4%
Maroc Telecom 372 309 20% 1,487 1,351 10%
Vivendi
Universal
Games (2) 292 287 2% 794 657 21%
------- ------- -------- -------- -------- ---------
7,698 7,679 0% 27,344 26,389 4%
Other (3) 356 427 -17% 1,385 1,344 3%
------- ------- -------- -------- -------- ---------
TOTAL VIVENDI
UNIVERSAL
(EXCLUDING
BUSINESSES EUR EUR EUR EUR
SOLD IN 2002) 8,054 8,106 -1% 28,729 27,733 4%
======= ======= ======== ======== ======== =========
(1) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks, Inc.,
Maroc Telecom and MP3.com, as if these transactions had occurred
at the beginning of 2001. The pro forma information is calculated
as a simple sum of the actual results of Vivendi Universal's
businesses (excluding businesses sold in 2002) with the actual
results reported by each of the acquired businesses in each period
presented. Additionally, the results of Universal Studios
international television networks are reported by Universal
Television Group. This reclassification has no impact on the total
results of Vivendi Universal. The pro forma results are not
necessarily indicative of the combined results that would have
occurred had the transactions actually occurred at the beginning
of 2001.
(2) Formerly part of Vivendi Universal Publishing (VUP). Includes Kids
Activities e.g. Adi/Adibou in France and JumpStart in the United
States.
(3) Principally comprised of Vivendi Telecom International, Internet,
Vivendi Valorisation (previously reported in non-core businesses)
and VUP assets not sold during 2002 (Comareg, Express-Expansion
and the Brazilian operations - Atica & Scipione).
VIVENDI UNIVERSAL
ACTUAL OPERATING INCOME BY BUSINESS SEGMENT
(French GAAP, Unaudited)
ACTUAL (1)
-------------------------------------------------
Quarter Ended Year Ended
December 31, December 31,
-------------------------------------------------
2002 2001 % Change 2002 2001 % Change
-------------------------------------------------
(In millions of euros)
OPERATING INCOME
Cegetel EUR 243 EUR 75 224% EUR 1,449 EUR 928 56%
Universal Music
Group 371 345 8% 556 719 -23%
Vivendi Universal
Entertainment 91 47 94% 816 300 172%
Canal+ (296) (177) -67% (325) (374) 13%
Maroc Telecom 153 162 -6% 468 387 21%
Vivendi Universal
Games (2) 26 31 -16% 63 18 x3.5
-------------------------------------------------
588 483 22% 3,027 1,978 53%
Holding & Corporate (411) (107) -284% (665) (326) -104%
Other (3) (132) (80) -65% (485) (244) -98%
-------------------------------------------------
TOTAL VIVENDI
UNIVERSAL
(EXCLUDING
BUSINESSES
SOLD IN 2002) EUR 45 EUR 296 -85% EUR 1,877 EUR 1,408 33%
Vivendi Environnement 543 617 -12% 1,911 1,964 -3%
-------------------------------------------------
EUR 588 EUR 913 -36% EUR 3,788 EUR 3,372 12%
VUP assets sold
during 2002(4) (27) 26 NA% 268 423 -37%
-------------------------------------------------
EUR 561 EUR 939 -40% EUR 4,056 EUR 3,795 7%
=================================================
(1) Totals represent actual operating income. In order to present
meaningful comparative earnings trends for our major businesses,
refer to attached pro forma information.
(2) Formerly part of Vivendi Universal Publishing (VUP). Includes Kids
Activities e.g. Adi/Adibou in France and JumpStart in the United
States.
(3) Principally comprised of Vivendi Telecom International, Internet,
Vivendi Valorisation (previously reported in non-core businesses)
and VUP assets not sold during 2002 (Comareg, Express- Expansion
and the Brazilian operations - Atica & Scipione).
(4) Comprised of VUP assets sold to Investima 10, which is wholly
owned by Natexis Banques Populaires in December 2002, Houghton
Mifflin sold in December 2002 and VUP's Business to Business and
Health divisions sold in June 2002.
VIVENDI UNIVERSAL
PRO FORMA OPERATING INCOME BY BUSINESS SEGMENT
(French GAAP, Unaudited)
PRO FORMA (1)
------------------------------------------------
Quarter Ended Year Ended
December 31, December 31,
------------------------ -----------------------
2002 2001 % Change 2002 2001 % Change
------------------------ -----------------------
(In millions of euros)
EUR EUR EUR EUR
Cegetel 243 75 224% 1,449 928 56%
Universal Music Group 371 345 8% 556 719 -23%
Vivendi Universal
Entertainment 62 171 -64% 946 928 2%
Canal+ (275) (177) -55% (295) (374) 21%
Maroc Telecom 153 162 -6% 468 475 -1%
Vivendi Universal
Games (2) 26 31 -16% 63 18 x3.5
----------------------- -----------------------
580 607 -4% 3,187 2,694 18%
Holding & Corporate (411) (107) -284% (665) (326) -104%
Other (3) (132) (80) -65% (485) (255) -90%
----------------------- -----------------------
TOTAL VIVENDI
UNIVERSAL
(EXCLUDING
BUSINESSES EUR EUR EUR EUR
SOLD IN 2002) 37 420 -91% 2,037 2,113 -4%
===============================================
(1) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks, Inc.,
Maroc Telecom and MP3.com, as if these transactions had occurred
at the beginning of 2001. The pro forma information is calculated
as a simple sum of the actual results of Vivendi Universal's
businesses (excluding businesses sold in 2002) with the actual
results reported by each of the acquired businesses in each period
presented. Additionally, the results of Universal Studios
international television networks are reported by Universal
Television Group. This reclassification has no impact on the total
results of Vivendi Universal. The pro forma results are not
necessarily indicative of the combined results that would have
occurred had the transactions actually occurred at the beginning
of 2001.
(2) Formerly part of Vivendi Universal Publishing (VUP). Includes Kids
Activities e.g. Adi/Adibou in France and JumpStart in the United
States.
(3) Principally comprised of Vivendi Telecom International, Internet,
Vivendi Valorisation (previously reported in non-core businesses)
and VUP assets not sold during 2002 (Comareg, Express-Expansion
and the Brazilian operations - Atica & Scipione).
VIVENDI UNIVERSAL
CONDENSED CONSOLIDATED BALANCE SHEET
(French GAAP, Unaudited)
December 31,
2002 2001 (1)
-------------- --------------
(In billions of euros)
Goodwill, net EUR 20.5 EUR 37.6
Intangible assets 14.5 23.3
Fixed assets and investments 13.5 38.2
-------------- --------------
Total non-current assets 48.5 99.1
-------------- --------------
Other current assets 13.5 35.2
Cash and cash equivalents 7.3 4.7
-------------- --------------
Total current assets 20.8 39.9
-------------- --------------
Total Assets EUR 69.3 EUR 139.0
============== ==============
Shareholders' equity EUR 14.0 EUR 36.7
Minority interest 5.5 10.2
Other equity 1.0 -
Other non-current liabilities 8.0 13.9
Gross debt 19.6 41.8
Deferred income taxes 7.9 10.0
Other current liabilities 13.3 26.4
-------------- --------------
Total Liabilities and
Shareholders' Equity EUR 69.3 EUR 139.0
============== ==============
(1) 2001 balance sheet includes Vivendi Environnement and Vivendi
Universal Publishing assets sold in 2002 on a fully consolidated
basis.
VIVENDI UNIVERSAL
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(French GAAP, Unaudited)
Year Ended December 31,
-------------------------------------------
2002 (1) (2)
Illustration
VE Equity 2002 (1) 2001
Accounting Actual Actual
-------------- ------------- -------------
(In billions of euros)
Cash flow from operating
activities:
Net loss EUR (23.3) EUR (23.3) EUR (13.6)
Reversal of equity in
earnings of sold
businesses - - -
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Goodwill amortization
and impairment 19.4 19.7 15.2
Other 6.5 8.4 3.2
Changes in assets and
liabilities, net of
effect - - -
Acquisitions
and dispositions 0.2 (0.1) (0.3)
-------------- ------------- -------------
Net cash provided by
operating activities 2.8 4.7 4.5
Cash flow from investing
activities:
Purchase of property,
plant, equipment and
other, net of proceeds (1.6) (4.0) (4.9)
Purchase of
investments (3) (2.0) (4.8) (8.2)
Sale of investments (3) 9.2 11.0 15.7
Net decrease (increase)
in financial receivables (1.8) (2.0) 0.3
Other investing
activities 0.3 0.2 1.4
-------------- ------------- -------------
Net cash provided by
investing activities 4.1 0.4 4.3
Cash flow from financing
activities:
Net decrease in gross
debt (2.4) (5.1) (2.4)
Notes mandatorily
redeemable for new
shares of Vivendi
Universal 0.8 0.8 -
Net proceeds from
issuance of common
shares and sale
(purchase) of treasury
shares 2.0 3.6 (3.7)
Cash dividends paid (1.1) (1.3) (1.4)
Cash payment to USA
Interactive (1.8) (1.8) -
-------------- ------------- -------------
Net cash used for
financing activities (2.5) (3.8) (7.5)
Effect of foreign
currency exchange rate
changes on cash and cash
equivalents 1.0 1.3 0.1
-------------- ------------- -------------
Change in cash and cash
equivalents EUR 5.4 EUR 2.6 EUR 1.4
============== ============= =============
Cash and cash equivalents:
-------------- ------------- -------------
Beginning EUR 1.9 EUR 4.7 EUR 3.3
============== ============= =============
Ending EUR 7.3 EUR 7.3 EUR 4.7
============== ============= =============
(1) Includes 100% of Cegetel, Maroc Telecom and Vivendi Universal
Entertainment, which are controlled by Vivendi Universal with a
44%, 35% and 86% interest, respectively.
(2) Presented to illustrate Vivendi Universal's scope of consolidation
as at December 31, 2002 (i.e. illustrates accounting for Vivendi
Environnement using the equity method from January 1, 2002,
instead of December 31, 2002).
(3) Includes net cash from acquired or disposed companies.
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