Regulatory News:
Vivendi (Paris:VIV):
Note: This press release contains non audited
consolidated earnings established under IFRS, which were approved
by Vivendi’s Management Board on November 5, 2015, reviewed by the
Audit Committee on November 5, 2015, and by Vivendi’s Supervisory
Board on November 10, 2015.
First nine months 2015 key
figures1
Changeyear-on-year
Change at constantcurrency andperimeter2
year-on-year
€7,615M
+7.0%
+1.4%
- EBIT3
- Earnings attributable to Vivendi shareowners3
€1,103M
€1,790M
+ 63.5%
- 35.0%
€757M - 8.8% - 9.4%
€735M - 3.8% - 4.5%
€501M
+ 13.4%
+€8.0bn vs. +€4.6bn as of December 31,
2014
Vivendi's Supervisory Board met today under the chairmanship of
Vincent Bolloré and reviewed the Group’s condensed financial
statements for the first nine months of 2015, which were approved
by the Management Board on November 5, 2015.
These financial results are in line with the Group’s
forecast.
Vivendi’s businesses are facing profound and rapid changes in
their respective industries, which leads to strong
volatility in their economic performance from one quarter to the
next.
Canal+ Group’s International operations, in particular
those in Africa, continue to sustain its overall performance
although comparison with the third quarter of 2014, which was
particularly dynamic as a result of the World Football Cup, is less
favorable.
Canal+ Group’s pay-TV activities in France are confronted with a
particularly difficult economic and competitive environment. A
company reorganization was initiated this past summer and several
initiatives have been taken to redress the economic situation of
the Group’s premium offers in France. The primary objective is to
increase the value of these offers for the subscriber, in
particular by making investments in exclusive and differentiating
services and content. It also aims to further introduce a more
international perspective into the Group’s activities, notably by
using Dailymotion.
Even as the entire music industry continues to be confronted by
major changes in its digital environment, Universal Music Group
(UMG) is working to evolve and grow its businesses. Significant
growth in streaming and subscription services, along with UMG’s
industry-leading track record of artist development and breaking
global stars, is setting the stage for medium and long-term
opportunity at UMG.
In September, Vivendi Village organized a historical
concert in Conakry, in Guinea, which attracted around 80,000
people. This concert demonstrates the Group’s intention to actively
invest in discovering and supporting talent and to play a major
role in organizing live events, an activity complementary to its
existing businesses and will be developed in close collaboration
with them, while developing further in Africa with the creation of
about ten CanalOlympia venues in 2016.
Considering these results, particularly the 13.4% increase in
adjusted net income for the nine first months of the year,
Vivendi maintains its previously announced 2015 outlook.
In its ambition to build an international media and content
production and distribution group, Vivendi anticipates that the
next two years (2016 and 2017) will be a period of potentially
heavy investments, during which priority will be given to
the long term development of the Group with a strict cost
management policy.
Business and financial highlights for the
third quarter of 2015
Several major business and financial events took place during
the third quarter of 2015:
- On August 19, 2015, Vivendi received a
total of €1.974 billion representing the balance of the sale price
for its remaining interest in Numericable-SFR.
- The success of the public tender offer
for the shares of Société d’Edition de Canal Plus (SECP) led
to the implementation of a squeeze-out procedure in accordance with
stock market regulations on September 29, 2015. As a result, today
Vivendi holds, directly and indirectly, 100% of the share capital
of SECP for a total purchase amount of €522 million.
- At the end of July 2015, Vivendi
divested its entire interest in Telefonica Brasil, in which it held
a 7.5% interest following the sale of GVT and the swap agreement
entered into with Telecom Italia in June 2015. The Group swapped a
3.5% interest in Telefonica Brasil in exchange for a 0.95% interest
in Telefonica and sold its remaining Telefonica Brasil
shares for €800 million, notably benefitting from quite favorable
currency effects between Brazilian reals and euros.
- Vivendi reinvested these amounts in
further capital investments in Telecom Italia, in which it
held a 20.03% interest as of October 23, 2015.
- In October 2015, Vivendi acquired
shares of Ubisoft and Gameloft on the stock market. As of
November 9, 2015, it held 10.81% and 15.98% of the share capital of
these companies, for invested amounts of €256 million and €59
million, respectively. Vivendi intends to continue its acquisition
of shares of these two companies depending on market
conditions.
Vivendi had a net cash position of €8 billion as of September
30, 2015, compared to €6.3 billion as of June 30, 2015. With the
payment of the dividend in 2015, and those scheduled to be paid in
2016 (including a second interim dividend of €1 per share scheduled
on February 3, 2016) and in 2017, Vivendi will have distributed to
its shareholders a total amount of €6.8 billion, of which €2.7
billion during 2015.
Depending on global stock market developments, the Group could
also implement the share repurchase program according to the terms
authorized by Vivendi’s General Shareholders’ Meeting of April 17,
2015.
Vivendi entered into an agreement with the
view to entering into Banijay/Zodiak’s share capital
Following the announcement made on September 2, 2015, Vivendi
entered into an agreement on November 5, 2015, with the view to
acquiring a 26.2% interest in one of the world’s biggest
independent production and distribution companies which will be
born out of the combination between Banijay Group and Zodiak
Media4.
This transaction, which is scheduled to be completed during the
first half of 2016, represents a cash payment of €290 million,
including €100 million to acquire an interest in Banijay Zodiak. In
addition, Vivendi will subscribe to two bonds for €100 million and
€90 million to be issued by Banijay Zodiak and Lov Banijay, a
holding structure controlled by Financière Lov, respectively, each
of which is redeemable at the issuer’s option in shares or cash.
Both bonds have a 7-year maturity.
Vivendi plans to invest in one of the most successful creators
of scripted and non-scripted programs for television and multimedia
platforms. The combined company will own a powerful portfolio of
popular brands and formats in the fields of entertainment, drama,
factual, reality entertainment, docu-dramas, as well as children’s
and animation programs. It will also bring together a formidable
community of innovative creative talent who are developing the next
generation of quality entertainment programs.
In addition, Vivendi recently indicated its intention to invest
further in cinema, notably through a 30% interest in Mars Films, a
leading French feature film producer and distributor. It also
announced the creation of a new UK film and TV series production
company, Guilty Party, in which Studiocanal, part of Canal+ Group,
will acquire a 25% interest, alongside its subsidiary RED
Production Company.
Appointments
Vivendi’s Supervisory Board appointed Frédéric Crépin, Senior
Executive Vice President and Group General Counsel, and Simon
Gillham, Chairman of Vivendi Village and Senior Executive Vice
President, Communications, as members of the Management Board.
In addition, Stéphane Roussel, a member of the Management Board,
was appointed Chief Operating Officer of Vivendi.
Comments on Key Financial Consolidated
Indicators for the first nine months of 2015
Revenues were €7,615 million compared to
€7,118 million for the first nine months of 2014, an increase
of 7.0%, or +1.4% at constant currency and perimeter.
Income from operations was €757 million compared to €831
million for the first nine months of 2014 (-8.8%). At constant
currency, income from operations decreased by 9.7%. The improved
operating performance of Vivendi Village (+€45 million), due
primarily to the transformation plan implemented at Watchever since
the second half of 2014, partially offset the decline of Canal+
Group (-€78 million), notably reflecting increased investment in
content and a positive non-recurring impact in 2014 related to a
litigation settlement, and of Universal Music Group (-€21
million).
EBITA amounted to €735 million compared to
€765 million for the first nine months of 2014 (-3.8%). At
constant currency, EBITA decreased by 4.8%. This decline reflected
the unfavorable change in income from operations, partially offset
by the decrease in restructuring charges, integration and
transition costs, as well as the impact of other operating charges
and income.
The adjusted net income was a €501 million profit
(€0.37 per share) compared to €442 million for the first nine
months of 2014 (€0.33 per share), a 13.4% increase. This
change mainly resulted from the decrease in interest expense
(+€41 million) and the increase in income from investments
(+€32 million), partially offset by the decrease in EBITA
(-€30 million).
Earnings attributable to Vivendi SA shareowners were a
€1,790 million profit (€1.31 per share) compared to
€2,752 million (€2.05 per share) for the first nine
months of 2014. Earnings attributable to Vivendi SA shareowners for
continuing operations, after non-controlling interests (Canal+
Group, UMG, Vivendi Village, New Initiatives’ operations and
Corporate) were a €554 million profit compared to
€378 million for the first nine months of 2014.
For the first nine months of 2015, cash flow from operations
(CFFO) generated by the business segments was €379 million
compared to €443 million for the same period in 2014, down
14.5%. This change reflected the unfavorable change in the net
working capital, notably due to the phasing of advances received by
UMG from major digital platforms.
Comments on Key Financial Consolidated
Indicators for the third quarter of 2015
Revenues were €2,520 million compared to
€2,412 million for the third quarter of 2014 (+4.5%, or -0.5%
at constant currency and perimeter). Revenues included a
€100 million favorable impact, primarily attributable to
Universal Music Group, as a result of the appreciation of the
U.S. dollar and the British pound against the euro.
Income from operations was €257 million compared to €324
million for the third quarter of 2014, down 20.4%. At constant
currency and perimeter, income from operations decreased by 19.3%.
This decrease reflected the decline of Canal+ Group
(-€23 million) and Universal Music Group (-€35 million,
notably related to a positive non-recurring impact in 2014).
EBITA amounted to €219 million compared to
€310 million for the third quarter of 2014, down 29.2%. At
constant currency and perimeter, EBITA decreased by 27.6%. In
addition to the unfavorable change in income from operations, this
decline reflected the increase in restructuring charges at Canal+
Group (-€25 million) related to the new organization put in
place this past summer.
For the third quarter of 2015, adjusted net income was a
€172 million profit (€0.13 per share) compared to
€189 million for the same period in 2014
(€0.14 per share), down 8.8%. The change in adjusted net
income mainly resulted from the decrease in EBITA, partially offset
by the decrease in interest expense (+€22 million), the
increase in income from investments (+€14 million), the
increase in income from equity affiliates (+€10 million) as
well as the decrease in provision for income taxes
(+€30 million).
For the third quarter of 2015, earnings attributable to
Vivendi SA shareowners were a €201 million loss
(-€0.15 per share), compared to a €839 million profit
(€0.62 per share) for the same period in 2014. Earnings
attributable to Vivendi SA shareowners for continuing operations
(Canal+ Group, Universal Music Group, Vivendi Village, New
Initiatives’ operations and Corporate) after non-controlling
interests were a €158 million loss, compared to a
€309 million profit for the same period in 2014.
For the third quarter of 2015, cash flow from operations
(CFFO) generated by the business segments was €145 million
compared to €182 million for the same period in 2014, down
20.6%. This change reflected the unfavorable change in the net
working capital, notably due to the phasing of advances received by
UMG from major digital platforms.
Comments on Business Highlights
Canal+ Group
Canal+ Group's revenues amounted to €4,034 million, a 1.7%
increase (+0.7% at constant currency and perimeter) compared to the
first nine months of 2014.
Canal+ Group had a total of 15.4 million subscriptions, a
year-on-year increase of 619,000, driven by the strong performance
of Canal+ in Africa and Vietnam, and of the Canalplay streaming
service in mainland France.
Revenues from pay-TV operations in mainland France were down
1.9% year-on-year due to a decline in the committed subscriber
base, in a difficult economic and competitive environment. During
the third quarter of 2015, the premium channel recorded a slight
increase in the number of new subscribers, but this change did not
offset the number of terminations.
International pay-TV revenues were up 7.6% compared to the first
nine months of 2014, thanks to continued growth in the subscriber
base.
Advertising revenues from free-to-air channels, up 5% compared
to the first nine months of 2014, benefited from the growing
audience of D8, the leading digital terrestrial channel in
France.
Studiocanal's revenues grew significantly by 12.9%, thanks in
particular to the successful theatrical releases of Paddington,
Imitation Game, Shaun the Sheep and more recently Legend, released
in September 2015 in the United Kingdom.
Canal+ Group’s income from operations was €554 million, compared
to €633 million for the first nine months of 2014, and EBITA was
€550 million compared to €626 million for the first nine
months of 2014. This change mainly resulted from increased
investment in sports programs and rights (exclusive right to
distribute the Eurosport channel on Canalsat and exclusive
broadcasting rights for all the matches of the National French
Rugby Championship (TOP 14) on Canal+), as well as transition costs
related to the new organization put in place this past summer.
Universal Music Group
Universal Music Group’s (UMG) revenues were €3,492 million, up
2.1% at constant currency and perimeter (+12.8% on an actual basis)
compared to the first nine months of 2014, driven by growth across
all divisions.
Recorded music revenues grew 1.9% at constant currency and
perimeter thanks to growth in subscription and streaming revenues
(+33%) and the recognition of legal settlement income, which more
than offset the decline in both digital download and physical
sales.
Music publishing revenues grew 2.6% at constant currency and
perimeter, also driven by increased streaming revenues.
Merchandising and other revenues were up 2.3% at constant currency
and perimeter thanks to stronger touring activity.
Recorded music best sellers for the first nine months of 2015
included strong carryover sales from Taylor Swift and Sam Smith,
new releases from Dreams Come True, Maroon 5, Drake and The Weeknd,
as well as sales from the Fifty Shades of Grey soundtrack.
UMG’s income from operations was €278 million, down 7.0% at
constant currency and perimeter (-4.2% on an actual basis) compared
to the first nine months of 2014. Income from operations excluded
restructuring charges as well as a legal settlement income in the
first nine months of 2015, and the reversal of provisions in the
first nine months of 2014.
UMG’s EBITA was €259 million, down 8.7% at constant currency and
perimeter (-5.4% on an actual basis) compared to the first nine
months of 2014, due to the revenue mix impact on margins as well as
a difficult comparison against 2014 figures which include the
favorable impact of a reversal of provisions.
Vivendi Village
Vivendi Village’s revenues were €73 million, up 5.5% compared to
the first nine months of 2014.
Vivendi Village’s income from operations, €9 million, and EBITA,
€8 million, turned positive for the first nine months of 2015
largely thanks to the transformation plan implemented by Watchever,
the German subscription video-on-demand service, which launched a
new version of its service on September 30, 2015.
This new version completely restructures the platform’s offering
around a number of channels and brands to better leverage all the
content available to the subscribers. In addition to clearer
segmentation, new recommendation tools and a more intuitive
navigation were introduced.
MyBestPro’s activities are progressing very positively, thanks
in particular to the legal platform JuriTravail.com and its new
service Voslitiges.com, as well as to the platforms DevisPresto.com
and RDVmedicaux.com.
As part of its “live” business, Vivendi Village organized a
concert with about ten national and international artists in
Conakry in Guinea, on September 26, attracting a crowd of around
80,000 people. This event provided an opportunity for the Group to
lay the foundation stone for a live-performance venue called
CanalOlympia, the first in a series of about ten such venues to be
created in Central and West Africa during 2016.
For additional information, please refer to the “Financial
Report and Unaudited Condensed Financial Statements for the first
nine months of 2015” which will be released later online on
Vivendi’s website (www.vivendi.com).
About Vivendi
Vivendi is an integrated media and content group. The company
operates businesses throughout the media value chain, from talent
discovery to the creation, production and distribution of content.
The main subsidiaries of Vivendi comprise Canal+ Group and
Universal Music Group. Canal+ is the leading pay-TV operator in
France, and also serves markets in Africa, Poland and Vietnam.
Canal+ operations include Studiocanal, a leading European player in
production, sales and distribution of film and TV series. Universal
Music Group is the world leader in recorded music, music publishing
and merchandising, with more than 50 labels covering all genres. A
separate division, Vivendi Village, brings together Vivendi
Ticketing (ticketing in the UK, the U.S and France), MyBestPro
(experts counseling), Watchever (subscription video-on-demand) and
the Paris-based concert venue L’Olympia. With 3.5 billion videos
viewed each month, Dailymotion is one of the biggest aggregation
and distribution platforms in the world. www.vivendi.com,
www.cultureswithvivendi.com
Important Disclaimers
Cautionary Note Regarding Forward Looking Statements. This press
release contains forward-looking statements with respect to the
financial condition, results of operations, business, strategy,
plans and outlook of Vivendi, including the impact of certain
transactions and the payment of dividends and distributions as well
as share repurchases. Although Vivendi believes that such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance. Actual
results may differ materially from the forward-looking statements
as a result of a number of risks and uncertainties, many of which
are outside our control, including but not limited to the risks
related to antitrust and other regulatory approvals as well as any
other approvals which may be required in connection with certain
transactions and the risks described in the documents Vivendi filed
with the Autorité des Marchés Financiers (French securities
regulator), which are also available in English on Vivendi's
website (www.vivendi.com). Investors and security holders may
obtain a free copy of documents filed by Vivendi with the Autorité
des Marchés Financiers at www.amf-france.org, or directly from
Vivendi. Accordingly, we caution readers against relying on such
forward looking statements. These forward-looking statements are
made as of the date of this press release and Vivendi disclaims any
intention or obligation to provide, update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
ANALYST CONFERENCE CALL (in English)
Speakers:
Arnaud de Puyfontaine
Chief Executive Officer and Chairman of the Management Board
Hervé Philippe
Member of the Management Board and Chief Financial Officer
Date: Tuesday, November 10,
2015
6:00pm Paris time – 5:00pm London time –
12:00pm New York time
Media invited on a listen-only
basis.
Internet: The conference can be
followed on the Internet at: www.vivendi.com (audiocast)
Numbers to dial:
- United Kingdom: +44 (0) 203 427 19 17 - United States of America:
+1 212 444 0896 - France: +33 (0)1 76 77 22 30 Code to connect:
9304466
Numbers for replay:
- United Kingdom: +44 (0) 203 427 0598 - United States of America:
+1 347 366 9565 - France: +33 (0)1 74 20 28 00 Code to listen:
9304466
On our website www.vivendi.com will be available dial-in
numbers for the conference call and for replay (14 days), an audio
webcast and the slides of the presentation.
APPENDIX I VIVENDI
CONSOLIDATED STATEMENT OF EARNINGS (IFRS, unaudited)
Three months endedSeptember 30,
% Change
Nine months endedSeptember 30,
% Change 2015 2014 2015 2014
2,520
2,412 + 4.5 % Revenues 7,615
7,118 + 7.0 % (1,527 ) (1,401 ) Cost of
revenues (4,596 ) (4,243 ) (738 ) (689 )
Selling, general and administrative
expenses excluding amortization of intangible assets acquired
through business combinations
(2,219 ) (2,033 ) (36 ) (12 ) Restructuring charges (65 )
(77 ) (101 ) (85 ) Amortization of intangible assets
acquired through business combinations (304 ) (251 ) (1 ) -
Impairment losses on intangible assets acquired through business
combinations (1 ) - (7 ) 179 Other income 711 182 (34
) (9 ) Other charges (38 ) (22 )
76 395 - 80.9 % EBIT
1,103 674 + 63.5 % - (10 )
Income from equity affiliates (7 ) (12 ) (10 ) (32 )
Interest (24 ) (65 ) 14 - Income from investments 35 3
(20 ) 4 Other financial income 15 16 (48 ) (13 )
Other financial charges (82 ) (49 )
12 344 - 96.5 % Earnings from
continuing operations before provision for income taxes
1,040 567 + 83.5 % (159 ) (23 )
Provision for income taxes (441 ) (143 )
(147 ) 321 na Earnings from
continuing operations 599 424 + 41.5
% (43 ) 535 Earnings from discontinued operations
1,236 2,599
(190 )
856 na Earnings 1,835 3,023 -
39.3 % (11 ) (17 ) Non-controlling interests (45
) (271 )
(201 )
839 na Earnings attributable to Vivendi SA
shareowners 1,790 2,752 -
35.0 % (158 ) 309 na
of which
earnings from continuing operations attributable to Vivendi SA
shareowners 554 378 + 46.7 % (0.15 ) 0.62
Earnings attributable to Vivendi SA shareowners per share - basic
1.31 2.05 (0.15 ) 0.62 Earnings attributable to Vivendi SA
shareowners per share - diluted 1.31 2.04
In millions of euros, per share amounts in
euros.
Nota:
In compliance with IFRS 5, SFR and Maroc Telecom (sold in 2014),
as well as GVT (sold on May 28, 2015) have been reported as
discontinued operations.
In practice, income and charges from these businesses have been
reported as follows:
- their contribution until their
effective divestiture, to each line of Vivendi’s Consolidated
Statement of Earnings (before non-controlling interests) has been
reported on the line “Earnings from discontinued operations”;
- any capital gain recognized as a result
of a completed divestiture is recorded under the line “Earnings
from discontinued operations”; and
- their share of net income and the
capital gain recognized as a result of a completed divestiture have
been excluded from Vivendi’s adjusted net income.
For any additional information, please refer to “Financial
Report and Unaudited Condensed Financial Statements for the nine
months ended September 30, 2015”, which will be released online
later on Vivendi’s website (www.vivendi.com).
APPENDIX II VIVENDI
ADJUSTED STATEMENT OF EARNINGS
(IFRS, unaudited)
Three months endedSeptember 30,
% Change
Nine months endedSeptember 30,
% Change 2015 2014 2015 2014
2,520
2,412 + 4.5 % Revenues 7,615
7,118 + 7.0 % 257 324
- 20.4 % Income from operations 757
831 - 8.8 % 219 310 -
29.2 % EBITA 735 765 - 3.8
% - (10 ) Income from equity affiliates (7 ) (12 )
(10 ) (32 ) Interest (24 ) (65 ) 14 - Income from
investments 35 3 223 268 - 16.5 %
Adjusted earnings from continuing operations before provision for
income taxes 739 691 + 7.1 % (37 ) (67 ) Provision for
income taxes (184 ) (196 ) 186 201 -
7.3 % Adjusted net income before non-controlling interests 555 495
+ 12.2 % (14 ) (12 ) Non-controlling interests (54 ) (53 )
172 189
- 8.8 % Adjusted net income 501
442 + 13.4 % 0.13 0.14
Adjusted net income per share - basic 0.37 0.33 0.13 0.14
Adjusted net income per share - diluted 0.37 0.33
In millions of euros, per share amounts in
euros.
The reconciliation of EBIT to EBITA and to income from
operations, as well as of earnings attributable to Vivendi SA
shareowners to adjusted net income is presented in the Appendix
V.
Nota:
According to the application of IFRS 5 to SFR and Maroc Telecom,
sold in 2014, as well as GVT, sold on May 28, 2015, the Adjusted
Statement of Earnings presents the results of Canal+ Group,
Universal Music Group, Vivendi Village and New Initiatives’
operations, as well as Corporate costs.
APPENDIX III VIVENDI REVENUES,
INCOME FROM OPERATIONS AND EBITA BY BUSINESS SEGMENT
(IFRS, unaudited) Three months
ended September 30, (in millions of euros) 2015 2014
% Change
% Change atconstant currency
% Change atconstant currencyand perimeter
(a)
Revenues Canal+ Group 1,300 1,300 - -0.4 % -0.9 % Universal
Music Group 1,181 1,094 +8.0 % -0.5 % -0.4 % Vivendi Village 22 23
-3.5 % -6.9 % -11.5 % New Initiatives 17 - Elimination of
intersegment transactions - (5 )
Total Vivendi 2,520 2,412
+4.5 % +0.4 % -0.5 %
Income from operations Canal+ Group 186 208 -10.4 %
-10.2 % -11.1 % Universal Music Group 99 131 -24.5 % -26.3 % -26.6
% Vivendi Village 1 - na na na New Initiatives (9 ) - Corporate (20
) (15 )
Total Vivendi
257 324 -20.4 %
-20.8 % -19.3 %
EBITA Canal+ Group 162 206 -21.4 % -21.2 % -22.0 % Universal
Music Group 88 121 -27.3 % -28.4 % -28.8 % Vivendi Village - - na
na na New Initiatives (9 ) - Corporate (22 ) (17 )
Total Vivendi 219
310 -29.2 % -29.2 %
-27.6 % Nine months ended
September 30, (in millions of euros) 2015 2014 %
Change
% Change atconstant currency
% Change atconstant currencyand perimeter
(a)
Revenues Canal+ Group 4,034 3,967 +1.7 % +1.1 % +0.7 %
Universal Music Group 3,492 3,097 +12.8 % +1.9 % +2.1 % Vivendi
Village 73 69 +5.5 % +1.6 % -7.5 % New Initiatives 18 - Elimination
of intersegment transactions (2 ) (15 )
Total Vivendi 7,615 7,118
+7.0 % +1.9 % +1.4 %
Income from operations Canal+ Group 554 633 -12.4 %
-12.3 % -13.0 % Universal Music Group 278 290 -4.2 % -7.1 % -7.0 %
Vivendi Village 9 (37 ) na na na New Initiatives (10 ) - Corporate
(74 ) (55 )
Total Vivendi
757 831 -8.8 %
-9.7 % -9.4 %
EBITA Canal+ Group 550 626 -12.2 % -12.1 % -12.8 % Universal
Music Group 259 274 -5.4 % -8.8 % -8.7 % Vivendi Village 8 (87 ) na
na na New Initiatives (10 ) - Corporate (72 ) (48 )
Total Vivendi 735
765 -3.8 % -4.8 %
-4.5 %
na: not applicable.
a. The constant perimeter allows for the restatement of the
impacts of the acquisitions of Thema by Canal+ Group on October 28,
2014 and Dailymotion on June 30, 2015, as well as of the managerial
transfer of The Olympia music hall from UMG to Vivendi Village as
from January 1, 2015.
The reconciliation of EBIT to EBITA and to income from
operations is presented in the Appendix V.
APPENDIX IV VIVENDI CONSOLIDATED
STATEMENT OF FINANCIAL POSITION (IFRS, unaudited)
September 30, 2015 December 31, 2014 (in
millions of euros) (unaudited)
ASSETS Goodwill 10,021
9,329 Non-current content assets 2,404 2,550 Other intangible
assets 221 229 Property, plant and equipment 721 717 Investments in
equity affiliates 100 306 Non-current financial assets 6,404 6,144
Deferred tax assets 764 710
Non-current assets
20,635 19,985 Inventories 125
114 Current tax receivables 524 234 Current content assets 1,364
1,135 Trade accounts receivable and other 1,919 1,983 Current
financial assets 1,062 49 Cash and cash equivalents 9,187
6,845
14,181 10,360 Assets of discontinued
businesses - 5,393
Current assets
14,181 15,753 TOTAL ASSETS
34,816 35,738 EQUITY AND
LIABILITIES Share capital 7,522 7,434 Additional paid-in
capital 5,336 5,160 Treasury shares (1 ) (1 ) Retained earnings and
other 8,206 10,013
Vivendi SA shareowners'
equity 21,063 22,606 Non-controlling interests
239 382
Total equity 21,302
22,988 Non-current provisions 2,783 2,888 Long-term
borrowings and other financial liabilities 2,261 2,074 Deferred tax
liabilities 691 657 Other non-current liabilities 140 121
Non-current liabilities 5,875 5,740
Current provisions 268 290 Short-term borrowings and other
financial liabilities 207 273 Trade accounts payable and other
6,699 5,306 Current tax payables 465 47
7,639
5,916 Liabilities associated with assets of discontinued
businesses - 1,094
Current liabilities
7,639 7,010 Total liabilities
13,514 12,750 TOTAL EQUITY AND
LIABILITIES 34,816 35,738
APPENDIX V
VIVENDI
RECONCILIATION OF NON-GAAP MEASURES IN
STATEMENT OF EARNINGS(IFRS, unaudited)
Income from operations, adjusted earnings before interest and
income taxes (EBITA), and adjusted net income, non-GAAP measures,
should be considered in addition to, and not as a substitute for,
other GAAP measures of operating and financial performance and
Vivendi considers that they are relevant indicators to assess the
group’s operating and financial performance. Vivendi Management
uses income from operations, EBITA and adjusted net income for
reporting, management and planning purposes because they better
illustrate the underlying performance of continuing operations by
excluding most non-recurring and non-operating items.
Three months ended September 30, Nine
months ended September 30, (in millions of euros) 2015 2014
2015 2014
EBIT (a) 76 395
1,103 674 Adjustments Amortization of intangible
assets acquired through business combinations 101 85 304 251
Impairment losses on intangible assets acquired through business
combinations (a) 1 - 1 - Other income (a) 7 (179 ) (711 ) (182 )
Other charges (a) 34 9 38 22
EBITA 219 310 735
765 Adjustments Restructuring charges (a) 36 12 65 77
Charges related to equity-settled share-based compensation plans 3
1 13 10 Other non-current operating charges and income (1 ) 1
(56 ) (21 )
Income from operations 257
324 757 831
Three months ended September 30,
Nine months ended September 30, (in millions of euros) 2015 2014
2015 2014
Earnings attributable to Vivendi SA shareowners
(a) (201 ) 839 1,790 2,752
Adjustments Amortization of intangible assets acquired through
business combinations 101 85 304 251 Impairment losses on
intangible assets acquired through business combinations (a) 1 - 1
- Other income (a) 7 (179 ) (711 ) (182 ) Other charges (a) 34 9 38
22 Other financial income (a) 20 (4 ) (15 ) (16 ) Other financial
charges (a) 48 13 82 49 Earnings from discontinued operations (a)
43 (535 ) (1,236 ) (2,599 ) Change in deferred tax asset related to
Vivendi SA's French Tax Group and to the Consolidated Global Profit
Tax Systems 158 (13 ) 228 22 Non-recurring items related to
provision for income taxes 4 (4 ) 131 5 Provision for income taxes
on adjustments (40 ) (27 ) (102 ) (80 ) Non-controlling interests
on adjustments (3 ) 5 (9 ) 218
Adjusted net
income 172 189 501
442
a. As reported in the Consolidated Statement of Earnings.
1 In compliance with IFRS 5, SFR and Maroc Telecom group (sold
in 2014), as well as GVT (sold on May 28, 2015), have been reported
as discontinued operations. In practice, income and charges from
these businesses have been reported as follows:
- their contribution, until their
effective divestiture, to each line of Vivendi’s Consolidated
Statement of Earnings (before non-controlling interests) has been
reported on the line “Earnings from discontinued operations”;
- any capital gain recognized as a result
of a completed divestiture is recorded under the line “Earnings
from discontinued operations”; and
- their share of net income and the
capital gain recognized as a result of a completed divestiture have
been excluded from Vivendi’s adjusted net income.
2 Constant perimeter allows for the restatement of the impacts
of the acquisitions of Thema on October 28, 2014 and Dailymotion on
June 30, 2015.
3 A reconciliation of EBIT to EBITA and to income from
operations, as well as a reconciliation of earnings attributable to
Vivendi SA shareowners to adjusted net income, are presented in
Appendix V.
4 This combination is subject to several conditions precedent
including approval by the relevant competition authorities.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151110006714/en/
MediaParisJean-Louis Erneux+33 (0)1 71 71 15
84Solange Maulini+33 (0) 1 71 71 11 73orNew YorkJim
Fingeroth (Kekst)+1 212 521 4819Dawn Dover (Kekst)+1 212 521 48
17orLondonTim Burt (StockWell)+44 20 7240 2486orInvestor
RelationsParisLaurent Mairot+33 (0) 1 71 71 35 13Julien
Dellys+33 (0) 1 71 71 13 30
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Telefonica Brasil (NYSE:VIV)
Historical Stock Chart
From Apr 2023 to Apr 2024
