Vivendi Universal Reports Results for Third Quarter and Nine Months of 2002.Business Editors PARIS--(BUSINESS WIRE)--Nov. 26, 2002 Vivendi
VIVENDI® is a software package for care management and staff organisation published by the German software company CONNEXT and introduced in 1995. Universal (Paris Bourse Paris Bourse National stock market of France. : EX FP; NYSE NYSE See: New York Stock Exchange : V) Third Quarter - Stable revenues of E14.6 billion. Excluding Vivendi Environnement, revenues E7.4 billion, up 1% compared to the same period last year, on a pro forma(1) basis, revenues were down 4%. - Operating Income Actual: E1,205 Million, Up 25%; Up 44% Excluding Vivendi Environnement (VE) - Operating Income Pro Forma(1): E1,232 Million, Up 7%;Up 14% excluding VE - Operating Income Pro Forma(1) Growth On a Constant Currency Basis: Up 13%; Up 18% excluding VE - Reported EPS (Earnings Per Share) of (E1.13) Versus Prior-Year Period of (E0.92). EPS before goodwill amortization and non-recurring items of (E0.20) versus the prior year period of (E0.28). Nine Month Period - Revenues of E44.5 billion up 9% from the comparative 2001 period. Revenues of E22.4 billion for Vivendi Universal, excluding Vivendi Environnement, on a 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 (1) basis, revenue growth was 5%. - 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. Actual: E3,495 Million, Up 22%; Up 41% Excluding Vivendi Environnement (VE) - Operating Income Pro Forma(1): E3,611 Million, Up 10%; Up 15% Excluding VE - Operating Income Pro Forma(1) growth On a Constant Currency Basis: Up 11%;Up 17% excluding VE - Reported EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of (E12.45) Versus Prior-Year Period of (E0.89). EPS before goodwill amortization and non-recurring items of (E0.26) versus E0.00 in the first nine months of 2001. (1) The pro forma information illustrates the effect of the acquisitions of the entertainment assets of USA Networks, Inc., Maroc Telecom Maroc Telecom (Arabic: اتصالات المغرب; Itissalatt Al Maghreb; Acronym: IAM) is the main telecommunication . IAM employs around 11,178 employees. , 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 and MP3.com and 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 VUP's (Vivendi Universal Publishing) Business-to-Business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and Health divisions, as if these transactions had occurred at the beginning of 2001. The pro forma forma, adj/n minor elements between the members of a botanical species. information is calculated as a simple sum of the actual results of Vivendi Universal's businesses with the actual results reported by each of the acquired or divested businesses in each year presented. Additionally, the results of Universal Studios international television networks are now reported by CANAL canal, an artificial waterway constructed for navigation or for the movement of water. The digging of canals for irrigation probably dates back to the beginnings of agriculture, and traces of canals have been found in the regions of ancient civilizations. + Group. This reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. has no impact on the total results of Vivendi Universal. The pro forma results are not necessarily indicative indicative: see mood. of the combined results that would have occurred had the transactions actually occurred at the beginning of 2001 Vivendi Universal (Paris Bourse: EX FP; NYSE: V) today announced that for the third quarter ended September September: see month. 30, 2002, the company generated operating income of E1,205 million, up 25% (E848 million, excluding Vivendi Environnement, up 44%). On a pro forma basis, operating income was up 7% (up 14% excluding Vivendi Environnement). For the first nine months of 2002, the company reported operating income of E3,495 million, up 22% (E2,127 million excluding Vivendi Environnement, up 41%). On a pro forma basis, operating income growth was 10% (15% excluding Vivendi Environnement). Chairman and Chief Executive Jean-Rene Fourtou said, "In late September, I announced that my main objectives would be to reduce debt, improve the profitability of the company's core business units and focus on Vivendi Universal's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategy as a media and entertainment company. I am pleased to report that we have made progress on all three fronts. We have made significant progress on our asset disposal program and the announced plan for the sale of the shares Vivendi Universal currently holds in Vivendi Environnement. We remain confident that we will have sold assets worth approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. E7 billion by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002. Additionally, we have been successful in floating E1 billion of notes, mandatorily Adv. 1. mandatorily - in a manner that cannot be evaded; "the ministry considers that contributions to such a fund should be met from voluntary donations rather than from rates compulsorily levied." compulsorily, obligatorily redeemable Redeemable Eligible for redemption under the terms of an indenture. for Vivendi Universal shares outside 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. , and we are in the process of finalizing a credit facility that will give the company even greater financial flexibility. The company remains totally committed to creating value for all our shareholders by performing and executing the strategies we have articulated ar·tic·u·la·ted adj. Characterized by or having articulations; jointed. ." PROFORMA Proforma A financial projection based on assumptions. OPERATING RESULTS Third Quarter Results - 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: revenue: Total for Vivendi Universal were down 2% to E14,551 million on a pro forma basis, and down 4% excluding Vivendi Environnement versus the prior comparable period in 2001, and up 2% on a constant currency basis - Consolidated operating income: Total company results were up 7% to E1,232 million on a pro forma basis; up 14%, excluding Vivendi Environnement versus the prior comparable period in 2001, and up 13% on a pro forma and constant currency basis. Nine Month Results - Consolidated revenue: Total consolidated revenue for Vivendi Universal was up 5% on a pro forma basis to E44,700 million; up 5% excluding Vivendi Environnement for the prior comparable period in 2001. - Consolidated operating income: Results for the company were up 10% on a pro forma basis to E3,611 million, up 15% excluding Vivendi Environnement versus the comparable period in 2001. - Impact of euro/dollar exchange rate on operating results: excluding the effects of foreign exchange ("FX") the company's nine month results on a pro forma basis were up 11%. THIRD QUARTER AND NINE MONTH 2002 BUSINESS UNIT HIGHLIGHTS Revenue Results for Businesses owned more than 50% Music: For the third quarter, Universal Music Group's (UMG's) revenues were down 9% to E1.3 billion, reflecting primarily the strength of the euro against the U.S. dollar. On a constant currency basis revenues were down 2%. Sales of recorded music recorded music n → música grabada increased slightly in constant currency terms but were offset by higher provisions for returns and lower manufacturing revenue. Best sellers in the period included new releases from 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 . , Eve and India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. Arie and a Spanish language Spanish language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). The official language of Spain and 19 Latin American nations, Spanish is spoken as a first language by about 330 million persons release from 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 . 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 in a difficult period for the music industry. The U.S. saw an industry decline of 12.4% in the quarter as measured by SoundScan SoundScan™ Osteoporosis An ultrasound used to assess bone density and thickness of cortical bone. See Bone densitometry. while UMG's share of current albums increased to an unprecedented 31.4%. Operating income was 89% below last year, primarily due to higher provisions for returns and increased A&R (artists and repertoire Repertoire may mean Repertory but may also refer to:
For the nine month period, revenues of E4.2 billion were 5% below last year's comparable period, and 3% on a constant currency basis. Best sellers to September included Eminem, whose album The Eminem Show is the best selling album in the world year to date, 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.] and the debut release from 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. . Operating income was 51% below last year. This reflected the decline in sales, lower margins in the product mix and higher provisions for returns and A&R costs, which were offset by lower marketing expenses and other income including the sale of UMG's interest in MTV MTV 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
Vivendi Universal Publishing (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 ): Vivendi Universal Publishing (VUP) reported third quarter revenue of E1.2 billion, essentially flat year-on-year on a pro forma basis and a 5% growth year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , on a pro forma basis (excluding B-to-B See B2B. and Health divisions sold in June June: see month. 2002). The Publishing division reported a slight decline in revenue offsetting part of first half of the year advance, due to adverse movements in foreign exchange rates impacting North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . On a pro forma basis, excluding B-to-B and Health divisions sold in June 2002, Vivendi Universal Publishing (VUP) reported third quarter operating income of E239 million, down 6% prior year comparable period but still up 6% on the first nine months. Publishing assets in the U.S., in 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). and in Latin America are
in the process to be sold, with the exception of the Games Division,
which reported revenues that were up 22% for the third quarter, due
primarily to the Warcraft warcraftthe science, art, or craft of war. See also: War III launch on the PC platform in July July: see month. 2002 and the success of The Thing and Crash Bandicoot 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 on the console (1) The physical control panel on a computer or electronic device. (2) A terminal or desktop computer used to monitor and control a network. (3) Any display terminal. platform and 35% for the nine month period. Operating income for the first nine months reached E37 million versus a prior-year loss of E13m, and break-even for the third quarter. Vivendi UNIVERSAL Entertainment (VUE See HP-VUE. VUE - Visual User Environment: a desktop manager for Unix from Hewlett-Packard. ): Due to the impact of the acquisition of the entertainment assets of USA Networks on May 7, 2002, VUE achieved 7% actual (non-comparable) revenue growth in the third quarter. On a pro forma basis, VUE reported a 24% revenue decline in the quarter (14% decline on a constant currency basis) primarily due to fewer theatrical releases. Lower attendance at the theme parks, as compared to the same quarter in 2001, also contributed to the decline in revenues for the quarter. Due to the acquisition of the entertainment assets of USA Networks on May 7, 2002, VUE achieved 98% and 186% actual (non-comparable) operating income growth in the third quarter and nine months ended, respectively. On a pro forma basis, VUE reported third quarter operating income of E222 million, down 30% primarily due to fewer theatrical releases. The 2001 results included income from Jurassic Park III, 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, The Fast and the Furious, Traffic, Bridget Noun 1. Bridget - Irish abbess; a patron saint of Ireland (453-523) Brigid, Saint Bride, Saint Bridget, Saint Brigid, St. Bride, St. Bridget, St. Brigid, Bride Jones's Diary diary [Lat.,=day], a daily record of events and observations. As distinguished from memoir (an account of events placed in perspective by the author long after they have occurred), the diary derives its impact from its immediacy, requiring each generation of readers and 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, compared to a lighter release schedule in 2002, which included such theatrical releases as The Bourne Bourne, town (1990 pop. 16,064), Barnstable co., SE Mass., crossed by Cape Cod Canal; settled 1627, inc. 1884. Bourne Bridge (1935), across the canal, made the town an entry point to Cape Cod and a resort and commercial center. Identity, Blue Crush crush A combination commodity trade in which soybean futures are purchased and soybean meal or oil futures are sold. Compare reverse crush. and About a Boy. Higher amortization of program costs at the USA Cable Networks also contributed to the decline in operating income in the quarter. On a pro forma basis, VUE reported nine month operating income of E893 million, up 10% primarily due to the current year video release of The Fast and the Furious, American Pie 2, The Mummy Returns, Jurassic Park III and Dr. Seuss' How the Grinch Grinch hating the delights of Yuletide, he steals Christmas presents but eventually relents and joins in the merriment. [Children’s Lit.: Seuss How the Grinch Stole Christmas in Weiss, 210] See : Christmas Stole Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). offset by lower ad sales at the USA Cable Networks. CANAL+ Group: CANAL+ Group reported a 5% revenue growth during the third quarter, reaching E1.2 billion, mainly driven by 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. portfolio growths at Canalsatellite, Canal+ Nordic and 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. , and partially offset by lower performances from StudioCanal and Canal+ Technologies. Globally, subscriptions increased by 5% to 16.6 million at the end of September. Digital subscribers grew 10% year-over-year to 6.8 million. Revenues were essentially flat for the quarter at Canal+ France. The French digital platform Canalsatellite recorded an 11% growth of its revenues in the third quarter, driven by higher subscriptions, combined with flat 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. (average revenue per user); its subscription base grew by 13% over one year, reaching 2.159 million individual and collective subscriptions at the end of September. Canal+ Group recorded an operating income of E40 million for the third quarter mainly driven by good commercial performances at Canalsatellite (11% revenue growth in the third quarter) and Tele+ and an operating loss 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. of E29 million for the first nine months of 2002. Even after excluding the impact from restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. at StudioCanal and Media Overseas in 2001, the Group's operating income shows a positive growth trend for the quarter and the first nine months of 2002. 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 : In the third quarter, Vivendi Universal's Internet businesses reported revenues of E31 million, down 9% compared to the same period in 2001. On a pro forma basis, Internet revenues fell by 33%, largely due to business 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). , company downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing and declining online advertising revenues for U.S. properties. On a pro forma basis, Internet operating losses were reduced by 17% for the third quarter 2002 compared to the same period in 2001. The improvement in operating losses reflects the effects of the ongoing restructuring process, which includes a number of closures and continuing cost controls. Steady improvement in the underlying operating income for on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" businesses is still offset in the 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. by one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs associated with downsizing or closures. These factors similarly affected nine month results, as cumulative operating losses improved by 11% compared to the prior-period 2001and revenues fell 13% to E118 million. Vivendi Telecom International (excluding Maroc Telecom): Vivendi Telecom International (VTI VTI Väg- och transportforskningsinstitutet VTI Velocity-Time Integral VTI Vietnam Telecom International VTI Vocational Training Institute VTI Virtual Tunnel Interface (Cisco) VTI Vermeer Technologies Incorporated ) reported third quarter revenue of E108 million, up from E73 million in the prior year comparable period, and operating income increased 18% to E13 million. This significant improvement primarily reflects the full consolidation of Kencell (Kenya Kenya (kĕn`yə, kēn`–), officially Republic of Kenya, republic (2005 est. pop. 33,830,000), 224,960 sq mi (582,646 sq km), E Africa. ) in December December: see month. 2001. For the first nine months, operating results for VTI also improved. Revenues increased 101% to 341 million euros, and operating income increased three-fold to E38 million. Operating Results for Businesses Owned Less Than 50% Cegetel and SFR SFR Swiss Franc (national currency) SFR Société Française du Radiotéléphone (French cellular provider) SFR Single Family Residence SFR Single Family Residence (real estate) : In the third quarter, Cegetel's revenues increased 9% to E1.8 billion and operating income grew 64% to E460 million. At SFR, revenues increased 8%. During the third quarter of 2002, 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 La Reunion La Reunion may refer to:
tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. customers increased 19% to 24 euros, 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 increased 1% to E59.1, compared to the third quarter of last year. Additionally, SFR was successful in reducing acquisition costs per gross addition by 4% in the same period. Data and service revenue per average customer rose significantly (34%) in the 2002 third quarter compared with the prior-year period. Operating results for 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 quarter, resulting in revenue growth of 11%, mainly due to local traffic opened to competition since January January: see month. 1, 2002. For the first nine months of 2002, Cegetel's revenues increased 12% to E5.2 billion and operating income grew 41% to E1.2 billion euros. The improved results reflect strong performances of both the mobile and fixed telephony services divisions. At SFR, revenues increased 11%, and operating income increased 32%. SFR's customer base (including SRR, its subsidiary La Reunion, an overseas department of France) grew by 588,000 to approximately 13.2 million customers. SFR's market share of gross additions increased 1.4 percentage points to 35.4% from 34% in the first nine months of 2001. ARPU from prepaid customers increased 12% to E21.9, and ARPU from postpaid customers increased 1% to E58.3, compared to the first nine months of 2001. Additionally, SFR was successful in reducing acquisition costs per gross addition by 9% in the same period. Data and service revenue per average customer rose significantly (38%) in the first nine months of 2002 compared with the prior year period. Operating results for Cegetel's fixed telephony services division continued to improve, resulting in 24% revenue growth, mainly due to local traffic opened to competition since January 1, 2002, and a 34% reduction in operating losses in the first nine months. Maroc Telecom: For the third quarter, Maroc Telecom's revenue increased 18% in the quarter due to strong mobile prepaid customer growth, combined with slight growth in fixed revenues. Operating income grew 18% in the quarter as a result of increased revenues and aggressive cost-cutting program. For the first nine months pro forma, Maroc Telecom's revenue grew by 7%. In the same period, Maroc Telecom's operating income increased 1%, despite increased depreciation resulting from a reduction in the estimated useful life of certain fixed network equipment. Vivendi Environnement: For the first nine months, Vivendi Environnement's revenues(1) increased by 4 % to E22.1 billion. The operating income(2) increased very slightly to E1.4 billion. Excluding non-core businesses, which are in the process to be sold, revenues and operating income grew by respectively 7.9 % and 6 % on a constant currency basis. (1) after intercompagny reconciliation at Vivendi Universal level (2) including restructuring charges, which are not taken into account in Vivendi Environnement's operating income definition. THIRD QUARTER AND NINE MONTHS PROFIT AND LOSS HIGHLIGHTS -- Third quarter reported EPS of (E1.13) versus the prior year period of (E0.92); -- Third quarter EPS before goodwill amortization and non-recurring items of (E0.20) versus the prior year period of (E0.28); -- Nine month reported EPS of (E12.45) versus (E0.89) in 2001; -- Nine month EPS before goodwill amortization and non-recurring items of (E0.26) versus E0.00 in the first nine months of 2001. Interest Expense: For the third quarter, net interest expense decreased from E482 million in 2001 to E377 million in the comparative period for 2002. For the first nine months, net interest expense decreased from E1,107 million in 2001, to E1,052 million in 2002, due to a reduction of the company's debt level by approximately E6 billion from September 2001 to September 2002. Financial provisions: As for the first half of 2002, financial provisions of E3.4 billion were recorded for the nine-months ended September 2002, compared to E346 million for the comparable period in 2001. As for the first half of 2002, the most significant provisions related to international telecom business, VU puts, Sithe v. i. 1. To sigh. n. 1. A scythe. v. t. 1. To cut with a scythe; to scythe. Energies, call premium, 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, Softbank capital SOFTBANK Capital is a venture capital group in the United States. See also
Exceptional Items: The third quarter showed a loss of E735 million, reflecting essentially a provision of E1.2 billion on the loss of Houghton Mifflin and Telepiu asset disposals, partially offset by approximately E300 million 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. profit on Vivendi Environnement increase of capital in July 2002. For the first nine months 2002, exceptional income totaled E1.3 billion, out of which E2.1 billion for the first half of the year, primarily due to E1.6 billion net gain on the BskyB transaction and E630 million gain on Vivendi Environnement transaction in June. Income Tax Expense: For the third quarter, income tax expense grew from E324 million in 2001 to E513 million. The company's income and deferred tax expenses were stable for the first nine months at E878 million, compared to E881 million in 2001 period. Equity in Losses of Affiliates: For the third quarter, the equity in losses from affiliates decreased from E145 million in 2001 to E41 million in 2002. For the first nine months of 2002, the equity in losses from affiliates represented a decrease of 19% to E314 million from E389 million in 2001, primarily due to CANAL+ Group (E17 million, compared to E193 million in 2001), Internet (E151 million, compared to E224 million in 2001, partially offset buy higher losses at Elektrim (E125 million from E10 million in 2001.) Goodwill Amortization: For the third quarter, goodwill amortization declined from E411 million in 2001 to E310 million. It also declined 19% from E1,180 million for the nine month 2001 period to E952 million for 2002, mainly due to the effect of 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. . Goodwill Impairment: The E11 billion impairment charge reflected at the end of September 2002 remains unchanged from the end of June 2002. Such charges relate to E3.8 billion for CANAL+ Group; E3.5 billion for Music; E2.6 billion to Vivendi Universal Entertainment; and E1.1 billion for the Telecom and Internet divisions. Minority Interest: For the third quarter, minority interest expense increased 84% from E147 million to E270 million, due to improved profitability at Cegetel and Maroc Telecom. For the nine month period, minority interest expense declined 53% to E424 million, from E903 million in 2001, due primarily to the impact of the financial provision and goodwill impairment partially offset by improved profitability at Cegetel and the inclusion of a full nine month results of Maroc Telecom. Net Income: The net loss for the third quarter 2002 amounted to E1,234 million, compared to E960 million for the comparable period last year. Excluding goodwill amortization and 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. items, the net loss decreased 23% to E222 million from E290 million for the third quarter of 2001. Third quarter results reflected a reported EPS of (E1.13) versus the prior-year period of (E0.92). Third quarter EPS before goodwill amortization and non-recurring items was (E0.20) versus the prior year period of (E0.28). The company incurred a net loss of E13.5 billion (or E12.45 per basic share) for the first nine months, down from a loss of E0.9 billion (or E0.89 per basic share) for same period last year. Excluding goodwill amortization and non recurring items, the net loss would have been E288 million compared to a net income of E4 million for the first nine months of last year. Nine-month EPS before goodwill amortization and non-recurring items was (E0.26) versus E0.00 in the first nine months of 2001.
ANALYST CONFERENCE CALL
Vivendi Universal will host a conference call with analysts and
investors to discuss the company's Third Quarter and nine months 2002
Operating Results on Tuesday, November 26th at 3pm Paris Time (9am
EST). Dial-in numbers are:
US : 0888.496.6261 or 1.303.262.0078
UK : +44 207.365.3732
France : +33 1 55 69 80.06
or on line at: http://finance.vivendiuniversal.com.
Please call 15 minutes prior to the call in order to be connected and indicate you want the Vivendi Universal conference call. Slides for this conference call will be available at the internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. listed above. The media may dial into the analyst call on a listen-in basis only. 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' 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 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. 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 asset disposals 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 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. or other approvals necessary to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... certain proposed transactions; the credit facility in the process of finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. does not provide the company with the increased financial flexibility it expects; Vivendi Universal will be unable to further identify, develop and achieve success for new products, services and technologies; 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 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. income; 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. (http://www.sec.gov) or directly from Vivendi Universal. Vivendi Universal does not undertake to provide, nor has any obligation to provide, update or revise forward-looking statements.
VIVENDI UNIVERSAL
PRELIMINARY CONSOLIDATED STATEMENT OF INCOME
(French GAAP, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
----------- ----------- ----------- -----------
(In millions of euros,
except per share
amounts)
EUR 14,551 EUR 14,568 Revenues EUR 44,541 EUR 41,011
(10,090) (10,420) Cost of revenues (30,888) (28,350)
Selling, general and
(3,054) (3,113) administrative expenses (9,891) (9,612)
Other operating
(202) (68) expenses, net (267) (193)
----------- ----------- ----------- -----------
1,205 967 Operating income 3,495 2,856
(377) (482) Interest expense, net (1,052) (1,107)
(29) (219) Financial provisions (3,430) (346)
(164) (245) Other income (expense) (318) 41
----------- ----------- ----------- -----------
Income before
exceptional items,
income taxes, goodwill
amortization, equity
interest and minority
635 21 interest (1,305) 1,444
(735) 46 Exceptional items, net 1,333 1,283
(513) (324) Income tax expense (878) (881)
----------- ----------- ----------- -----------
Income before equity
interest, goodwill
amortization and
(613) (257) minority interest (850) 1,846
Equity in losses of
unconsolidated
(41) (145) companies (314) (389)
(310) (411) Goodwill amortization (952) (1,180)
- - Goodwill impairment (11,000) (312)
----------- ----------- ----------- -----------
Income (loss) before
(964) (813) minority interest (13,116) (35)
(270) (147) Minority interest (424) (903)
----------- ----------- ----------- -----------
EUR (1,234) EUR (960) Net income (loss) EUR(13,540) EUR (938)
=========== =========== =========== ===========
Earnings (loss) per
EUR (1.13) EUR (0.92) basic share EUR (12.45) EUR (0.89)
=========== =========== =========== ===========
Net income (loss)
before goodwill
amortization and
EUR (222) EUR (290) non-recurring items(1)EUR (288) EUR 4
=========== =========== =========== ===========
Earnings (loss) per
basic share before
goodwill amortization
and non-recurring
EUR (0.20) EUR (0.28) items EUR (0.26) EUR 0.00
=========== =========== =========== ===========
Weighted average common
shares outstanding (in
1,088.4 1,046.6 millions) 1,087.9 1,049.1
=========== =========== =========== ===========
(1) Net income before goodwill amortization, goodwill impairment,
financial provisions, net exceptional items, related impact of
taxes (EUR (52) million in Q3, 2002, EUR 135 million in Q3, 2001,
EUR (384) million in nine months 2002 and EUR 245 million in nine
months 2001) and impact of minority interest (EUR (9) million in
Q3, 2002, EUR (49) million in Q3, 2001, EUR (412) million in nine
months 2002 and EUR 142 million in nine months 2001).
VIVENDI UNIVERSAL
THIRD QUARTER PRELIMINARY BUSINESS SEGMENT RESULTS
(French GAAP, unaudited)
Three Months Ended September 30,
-------------------------------------------------------
Actual Pro Forma (2)
--------------------------- ---------------------------
% %
2002 2001 Change 2002 2001 Change
---------- ---------- ---- ---------- ---------- -----
(In millions of euros)
Revenues
Music EUR 1,328 EUR 1,459 -9% EUR 1,328 EUR 1,459 -9%
Publishing 1,211 1,401 -14% 1,211 1,218 -1%
Vivendi
Universal
Entertainment
(VUE) 1,291 1,208 7% 1,291 1,692 -24%
CANAL+ Group &
Other 1,167 1,116 5% 1,167 1,126 4%
Internet 31 34 -9% 31 46 -33%
Vivendi
Telecom
International
(VTI) 108 73 48% 108 73 48%
Non-Core
Businesses 28 23 22% 28 23 22%
---------- ---------- ---- ---------- ---------- ----
Greater than
50% owned 5,164 5,314 -3% 5,164 5,637 -8%
Cegetel 1,804 1,661 9% 1,804 1,661 9%
Maroc Telecom 399 339 18% 399 339 18%
---------- ---------- ---- ---------- ---------- ----
Less than 50%
owned 2,203 2,000 10% 2,203 2,000 10%
---------- ---------- ---- ---------- ---------- ----
Vivendi
Universal
(excluding
Vivendi
Environnement) 7,367 7,314 1% 7,367 7,637 -4%
Vivendi
Environnement 7,184 7,254 -1% 7,184 7,254 -1%
Total Vivendi
Universal EUR 14,551 EUR 14,568 0% EUR 14,551 EUR 14,891 -2%
========== ========== ==== ========== ========== ====
Operating
Income (Loss)
(1)
Music EUR 16 EUR 140 -89% EUR 16 EUR 140 -89%
Publishing 239 257 -7% 239 255 -6%
Vivendi
Universal
Entertainment
(VUE) 195 99 97% 222 317 -30%
CANAL+ Group &
Other 40 (166)124% 40 (198) 120%
Internet (65) (75) 13% (65) (78) 17%
Vivendi
Telecom
International
(VTI) 13 11 18% 13 11 18%
Non-Core
Businesses (94) 2 na (94) 2 na
Holding &
Corporate (67) (54)-24% (67) (54) -24%
---------- ---------- ---- ---------- ---------- ----
Greater than
50% owned 277 214 29% 304 395 -23%
---------- ---------- ---- ---------- ---------- ----
Cegetel 460 280 64% 460 280 64%
Maroc Telecom 111 94 18% 111 94 18%
---------- ---------- ---- ---------- ---------- ----
Less than 50%
owned 571 374 53% 571 374 53%
---------- ---------- ---- ---------- ---------- ----
Vivendi
Universal
(excluding
Vivendi
Environnement) 848 588 44% 875 769 14%
Vivendi
Environnement 357 379 -6% 357 379 -6%
Total Vivendi
Universal EUR 1,205 EUR 967 25% EUR 1,232 EUR 1,148 7%
========== ========== ==== ========== ========== ====
(1) Includes depreciation, amortization, restructuring charges and
other one-time items. For details of these amounts refer to
attached supplemental financial information.
(2) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks, Inc.,
Maroc Telecom, Houghton Mifflin and MP3.com and the divestiture of
VUP's (Vivendi Universal Publishing) Business-to-Business and
Health divisions, 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
with the actual results reported by each of the acquired or
divested businesses in each period presented. Additionally, the
results of Universal Studios international television networks are
now reported by CANAL+ 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.
VIVENDI UNIVERSAL
NINE MONTHS PRELIMINARY BUSINESS SEGMENT RESULTS
(French GAAP, unaudited)
Nine Months Ended September 30,
-------------------------------------------------------
Actual Pro Forma (2)
--------------------------- ---------------------------
% %
2002 2001 Change 2002 2001 Change
---------- ---------- ---- ---------- ---------- -----
(In millions of euros)
Revenues
Music EUR 4,201 EUR 4,445 -5% EUR 4,201 EUR 4,445 -5%
Publishing 3,352 3,012 11% 2,883 2,756 5%
Vivendi
Universal
Entertainment
(VUE) 4,442 3,367 32% 5,070 4,820 5%
CANAL+ Group &
Other 3,511 3,282 7% 3,511 3,356 5%
Internet 118 80 48% 118 135 -13%
Vivendi
Telecom
International
(VTI) 341 170 101% 341 170 101%
Non-Core
Businesses 80 80 0% 80 80 0%
---------- ---------- ---- ---------- ---------- ----
Greater than
50% owned 16,045 14,436 11% 16,204 15,762 3%
---------- ---------- ---- ---------- ---------- ----
Cegetel 5,246 4,677 12% 5,246 4,677 12%
Maroc Telecom 1,115 704 58% 1,115 1,042 7%
---------- ---------- ---- ---------- ---------- ----
Less than 50%
owned 6,361 5,381 18% 6,361 5,719 11%
---------- ---------- ---- ---------- ---------- ----
Vivendi
Universal
(excluding
Vivendi
Environnement) 22,406 19,817 13% 22,565 21,481 5%
Vivendi
Environnement 22,135 21,194 4% 22,135 21,194 4%
Total Vivendi
Universal EUR 44,541 EUR 41,011 9% EUR 44,700 EUR 42,675 5%
========== ========== ==== ========== ========== ====
Operating
Income (Loss)
(1)
Music EUR 185 EUR 374 -51% EUR 185 EUR 374 -51%
Publishing 334 407 -18% 282 265 6%
Vivendi
Universal
Entertainment
(VUE) 725 253 187% 893 810 10%
CANAL+ Group &
Other (29) (197) 85% (29) (251) 88%
Internet (167) (178) 6% (167) (188) 11%
Vivendi
Telecom
International
(VTI) 38 12 217% 38 12 217%
Non-Core
Businesses (226) (21) na (226) (21) na
Holding &
Corporate (254) (219)-16% (254) (219) -16%
---------- ---------- ---- ---------- ---------- ----
Greater than
50% owned 606 431 41% 722 782 -8%
---------- ---------- ---- ---------- ---------- ----
Cegetel 1,206 853 41% 1,206 853 41%
Maroc Telecom 315 225 40% 315 313 1%
---------- ---------- ---- ---------- ---------- ----
Less than 50%
owned 1,521 1,078 41% 1,521 1,166 30%
---------- ---------- ---- ---------- ---------- ----
Vivendi
Universal
(excluding
Vivendi
Environnement) 2,127 1,509 41% 2,243 1,948 15%
Vivendi
Environnement 1,368 1,347 2% 1,368 1,347 2%
Total Vivendi
Universal EUR 3,495 EUR 2,856 22% EUR 3,611 EUR 3,295 10%
========== ========== ==== ========== ========== ====
(1) Includes depreciation, amortization, restructuring charges and
other one-time items. For details of these amounts refer to
attached supplemental financial information.
(2) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks, Inc.,
Maroc Telecom, Houghton Mifflin and MP3.com and the divestiture of
VUP's (Vivendi Universal Publishing) Business-to-Business and
Health divisions, 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
with the actual results reported by each of the acquired or
divested businesses in each period presented. Additionally, the
results of Universal Studios international television networks are
now reported by CANAL+ 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.
VIVENDI UNIVERSAL
THIRD QUARTER PRELIMINARY SUPPLEMENTAL FINANCIAL INFORMATION
DEPRECIATION, AMORTIZATION, RESTRUCTURING CHARGES AND OTHER ONE-TIME
ITEMS
(French GAAP, unaudited)
Three Months Ended September, 30
-------------------------------------------
Actual Pro forma (2)
--------------------- ---------------------
2002 2001 (1) 2002 2001
---------- ---------- ---------- ----------
(In millions of euros)
Depreciation of property,
plant and equipment and
amortization of
intangible assets
Music EUR 106 EUR 110 EUR 106 EUR 110
Publishing 148 121 148 117
Vivendi Universal
Entertainment (VUE) 56 104 54 107
CANAL+ Group & Other 89 99 89 110
Internet 8 - 8 3
Vivendi Telecom
International (VTI) 20 7 20 7
Non-Core Businesses 13 (11) 13 (11)
Holding & Corporate 15 (5) 15 (5)
---------- ---------- ---------- ----------
Greater than 50% owned 455 425 453 438
---------- ---------- ---------- ----------
Cegetel 199 187 199 187
Maroc Telecom 51 53 51 53
---------- ---------- ---------- ----------
Less than 50% owned 250 240 250 240
---------- ---------- ---------- ----------
Vivendi Universal
(excluding Vivendi
Environnement) 705 665 703 678
Vivendi Environnement 437 509 437 509
Total Vivendi Universal EUR 1,142 EUR 1,174 EUR 1,140 EUR 1,187
========== ========== ========== ==========
Restructuring charges
Music EUR - EUR - EUR - EUR -
Publishing 0 27 0 30
Vivendi Universal
Entertainment (VUE) (1) - (1) -
CANAL+ Group & Other (3) 26 (3) 26
Internet 24 4 24 4
Vivendi Telecom
International (VTI) 1 - 1 -
Non-Core Businesses - (1) - (1)
Holding & Corporate - - - -
---------- ---------- ---------- ----------
Greater than 50% owned 21 56 21 59
---------- ---------- ---------- ----------
Cegetel - 0 - 0
Maroc Telecom 46 - 46 -
---------- ---------- ---------- ----------
Less than 50% owned 46 0 46 0
---------- ---------- ---------- ----------
Vivendi Universal
(excluding Vivendi
Environnement) 67 56 67 59
Vivendi Environnement 3 (6) 3 (6)
Total Vivendi Universal EUR 70 EUR 50 EUR 70 EUR 53
========== ========== ========== ==========
Other non recurring
expense (income)
Music EUR (5) EUR - EUR (5) EUR -
Publishing (3) (3) (3) (7)
Vivendi Universal
Entertainment (VUE) - - 2 -
CANAL+ Group & Other 1 78 1 78
Internet 0 4 0 4
Vivendi Telecom
International (VTI) (1) 1 (1) 1
Non-Core Businesses 84 (75) 84 (75)
Holding & Corporate 5 (8) 5 (8)
---------- ---------- ---------- ----------
Greater than 50% owned 81 (3) 83 (7)
---------- ---------- ---------- ----------
Cegetel 10 7 10 7
Maroc Telecom 1 - 1 -
---------- ---------- ---------- ----------
Less than 50% owned 11 7 11 7
---------- ---------- ---------- ----------
Vivendi Universal
(excluding Vivendi
Environnement) 92 4 94 -
Vivendi Environnement (20) (47) (20) (47)
Total Vivendi Universal 72 (43) 74 (47)
========== ========== ========== ==========
(1) In the 2001 financial communication, data related to EBITDA
concerning Canal + corresponded to French GAAP EBE. As a
consequence, amortization of film costs and write-off of trade
account receivables and inventories were not included. From
January 1, 2002, unlike the other operating depreciation,
amortization and allowance, these items are included in operating
expenses. However, this has no impact on operating income.
(2) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks, Inc.,
Maroc Telecom, Houghton Mifflin and MP3.com and the divestiture of
VUP's (Vivendi Universal Publishing) Business- to-Business and
Health divisions, 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
with the actual results reported by each of the acquired or
divested businesses in each period presented. Additionally, the
results of Universal Studios international television networks are
now reported by CANAL+ 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.
VIVENDI UNIVERSAL
NINE MONTHS HALF PRELIMINARY SUPPLEMENTAL FINANCIAL INFORMATION
DEPRECIATION, AMORTIZATION, RESTRUCTURING
CHARGES AND OTHER ONE-TIME ITEMS
(French GAAP, unaudited)
Nine Months Ended September, 30
-------------------------------------------
Actual Pro forma(2)
--------------------- ---------------------
2002 2001(1) 2002 2001
---------- ---------- ---------- ----------
(In millions of euros)
Depreciation of property,
plant and equipment
and amortization
of intangible assets
Music EUR 334 EUR 328 EUR 334 EUR 328
Publishing 315 188 304 223
Vivendi Universal
Entertainment (VUE) 181 252 186 262
CANAL+ Group & Other 303 258 303 270
Internet 29 5 29 15
Vivendi Telecom
International (VTI) 60 26 60 26
Non-Core Businesses 19 16 19 16
Holding & Corporate 49 29 49 29
---------- ---------- ---------- ----------
Greater than 50% owned 1,290 1,102 1,284 1,169
---------- ---------- ---------- ----------
Cegetel 600 544 600 544
Maroc Telecom 206 110 206 165
---------- ---------- ---------- ----------
Less than 50% owned 806 654 806 709
---------- ---------- ---------- ----------
Vivendi Universal
(excluding Vivendi
Environnement) 2,096 1,756 2,090 1,878
Vivendi Environnement 1,361 1,295 1,361 1,295
Total Vivendi Universal EUR 3,457 EUR 3,051 EUR 3,451 EUR 3,173
========== ========== ========== ==========
Restructuring charges
Music EUR - EUR - EUR - EUR -
Publishing 1 29 (2) 32
Vivendi Universal
Entertainment (VUE) 44 - 44 -
CANAL+ Group & Other - 20 - 20
Internet 22 14 22 14
Vivendi Telecom
International (VTI) 1 - 1 -
Non-Core Businesses 0 (1) 0 (1)
Holding & Corporate - - - -
---------- ---------- ---------- ----------
Greater than 50% owned 68 62 65 65
---------- ---------- ---------- ----------
Cegetel (1) (2) (1) (2)
Maroc Telecom 47 - 47 -
---------- ---------- ---------- ----------
Less than 50% owned 46 (2) 46 (2)
---------- ---------- ---------- ----------
Vivendi Universal
(excluding Vivendi
Environnement) 114 60 111 63
Vivendi Environnement 8 5 8 5
Total Vivendi Universal EUR 122 EUR 65 EUR 119 EUR 68
========== ========== ========== ==========
Other non recurring
expense (income)
Music EUR (45) EUR - EUR (45) EUR -
Publishing (6) 0 (6) 0
Vivendi Universal
Entertainment (VUE) - - - -
CANAL+ Group & Other (14) 110 (14) 110
Internet 0 3 0 3
Vivendi Telecom
International (VTI) - - - -
Non-Core Businesses 193 (74) 193 (74)
Holding & Corporate (3) 9 (3) 9
---------- ---------- ---------- ----------
Greater than 50% owned 125 48 125 48
---------- ---------- ---------- ----------
Cegetel 13 7 13 7
Maroc Telecom - - - -
---------- ---------- ---------- ----------
Less than 50% owned 13 7 13 7
---------- ---------- ---------- ----------
Vivendi Universal
(excluding Vivendi
Environnement) 138 55 138 55
Vivendi Environnement (45) (47) (45) (47)
Total Vivendi Universal EUR 93 EUR 8 EUR 93 EUR 8
========== ========== ========== ==========
(1) In the 2001 financial communication, data related to EBITDA
concerning Canal + corresponded to French GAAP EBE. As a
consequence, amortization of film costs and write-off of trade
account receivables and inventories were not included. From
January 1, 2002, unlike the other operating depreciation,
amortization and allowance, these items are included in
operating expenses. However, this has no impact on operating
income.
(2) The pro forma information illustrates the effect of the
acquisitions of the entertainment assets of USA Networks,
Inc., Maroc Telecom, Houghton Mifflin and MP3.com and the
divestiture of VUP's (Vivendi Universal Publishing)
Business-to-Business and Health divisions, 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 with the actual
results reported by each of the acquired or divested
businesses in each period presented. Additionally, the results
of Universal Studios international television networks are now
reported by CANAL+ 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.
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