- Adjusted Net Income: €625 million,
+24,8%
- Strong growth of all of Universal
Music Group’s operations, particularly subscription and
streaming
- Continued growth of Canal+ Group’s
international operations; transformation plan at Canal+ in France
well underway
- Gameloft’s new strategy in
place
- Solid contribution from Telecom
Italia
Regulatory News:
Vivendi (Paris:VIV):
First nine months 2016 key
figures1
Changeyear-on-year
Change at constant currencyand perimeter2
year-on-year
€7,712 M +1.3% +0.6%
IFRS measures
€1,278 M +15.9%
- Earnings from continuing operationsattributable to
Vivendi SA shareowners
€1,177 M x2.1
- Earnings attributable to Vivendi SA shareowners3
€1,175 M -34.3%
Adjusted measures4
€730 M -3.6% -1.4%
€664 M -9.7% -6.9%
€625 M +24.8% Cash
- Cash flow from operations (CFFO)4
€555 M +46.3%
+€2.5bn vs. +€6.4bn as of December 31, 2015
1In compliance with IFRS 5, GVT (sold in 2015), has been
reported as a discontinued operation. In practice, income and
charges from this business have been reported as follows:
- GVT’s contribution, until its effective
divestiture on May 28, 2015, to each line of Vivendi’s Consolidated
Statement of Earnings has been reported on the line “Earnings from
discontinued operations”; and
- the share of net income and the capital
gain recognized as a result of the divestiture have been excluded
from Vivendi’s adjusted net income.
2 Constant perimeter reflects the impacts of the acquisitions of
Dailymotion on June 30, 2015, Radionomy on December 17, 2015,
Alterna’TV on April 7, 2016 and Gameloft on June 29, 2016.3 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 IV.4
Non GAAP measures.
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 2016, which were approved
by the Management Board on November 7, 2016.
Revenues increased by 1.3% (+0.6% at constant currency
and perimeter) compared to the first nine months of 2015, reaching
€7,712 million. Revenues were driven by growth across all of
Universal Music Group’s divisions, especially in subscription and
streaming where revenues increased by 64%, as well as by the
growing contribution from operations in emerging markets. Canal+
Group continues to suffer from declining subscriptions to its
pay-TV channels in France1, while its international operations and
free-to-air channels continued their solid performances.
Income from operations amounted to €730 million
(-1.4% at constant currency and perimeter compared to the first
nine months of 2015), an improvement compared to the previous
quarters of 2016. EBITA decreased by 6.9% at constant
currency and perimeter, reflecting the change in income from
operations and the impact of restructuring charges, whereas in the
first nine months of 2015, EBITA notably benefited from litigation
settlement proceeds in the United States at Universal Music Group
and reversals of reserve at Canal+ Group.
Adjusted net income amounted to a profit of
€625 million, up 24.8%. The decline in EBITA was offset by the
increase in income from equity affiliates (+€147 million), the
decrease in income taxes (+€35 million) and the decrease in
minority interests (+€23 million).
In the adjusted statement of earnings, income from equity
affiliates amounted to a €140 million profit, compared to a €7
million loss for the first nine months of 2015. For the first nine
months of 2016, it primarily included Vivendi’s share of Telecom
Italia’s net earnings (+€142 million) for the period from December
15, 2015 to June 30, 2016.
Excluding earnings from discontinued operations, earnings
attributable to Vivendi SA shareowners from continuing
operations, after non-controlling interests (IFRS) amounted to
a profit of €1,177 million, compared to a profit of
€554 million for the same period in 2015. For the first nine
months of 2016, these earnings notably included the capital gain on
the sale of the remaining interest in Activision Blizzard in
January 2016 (€576 million, before taxes) and the net reversal
of reserve related to the Liberty Media litigation
(€240 million, before taxes). For the first nine months of
2015, they primarily included the capital gain on the sale of the
20% interest in Numericable-SFR (€651 million, before taxes).
In addition, income from equity affiliates increased by
€95 million, and provision for income taxes decreased by
€291 million.
For the first nine months of 2016, earnings attributable to
Vivendi SA shareowners amounted to a profit of
€1,175 million, compared to €1,790 million for the same
period in 2015, an unfavorable change of €615 million. In
2015, earnings attributable to Vivendi SA shareowners included
the capital gain on the sale of GVT on May 28, 2015
(+€1,818 million, before taxes of €395 million paid in
Brazil) offset by the capital loss on the sale of Telefonica Brasil
shares (-€294 million). Earnings attributable to Vivendi SA
shareowners per share amounted to €0.92, compared to €1.31 for the
same period in 2015.
As of September 30, 2016, the net cash position increased
to €2.5 billion from €2.1 billion as of June 30,
2016.
5 Canal+, Canal+ Cinéma, Canal+ Sport, Canal+ Séries, Canal+
Family and Canal+ Décalé.
Business Highlights
Universal Music Group signs agreements with
leading streaming players
In music, the kind of strong growth exhibited by subscription
and ad-supported streaming is made possible by a competitive and
healthy market.
Universal Music Group (UMG) plays an active role in fostering
the continued development of new digital services and consumer
offerings. For example, in the third quarter alone, it signed
agreements with streaming players ranging from Pandora (a pure-play
independent digital music company) to iHeartMedia (a leading U.S.
media and entertainment company) to Amazon (a global leader in
e-commerce and cloud-computing). With the addition of these
agreements, UMG has now licensed more than 400 digital services
around the world.
As a result of the continued expansion of streaming, UMG is
developing new opportunities in a number of emerging markets,
including China, Russia, Brazil and Africa. In these territories,
UMG is working closely with Vivendi to grow its presence and
improve the monetization of its library of music-based
entertainment content.
The transformation plan at Canal+ in France
is well underway
To boost its subscriber base, Canal+ Group has redesigned its
offers and its distribution model in France.
It has entered into strategic partnerships with Free and Orange,
as announced by the telecoms operators on September 27, 2016, and
October 5, 2016, respectively, to offer a bouquet of themed
channels to be included in their triple-play packages. This new
distribution strategy enables Canal+ Group to considerably expand
its subscriber base in France while increasing the exposure of the
channels being distributed.
Canal+ Group also introduced completely overhauled offers to be
launched on November 15, 2016. The Canal+ channel will become the
gateway to all new Canal offers. Subscribers will be able to
modularly add themed packages to the Canal+ channel, including
movies and series channels, sports channels and/or the Canal+
channels. All of these offers will be available with or without
commitment. Canal+ Group will also launch a commitment-free premium
offer available only on PCs, tablets and smartphones.
In parallel, Canal+ Group is pursuing the implementation of its
€300 million cost optimization plan for Canal+ in France. The full
effects of the plan are expected to be realized in 2018, with
savings of around €60 to €80 million to be achieved in 2016.
The new Gameloft strategy is in
place
Vivendi successfully completed its public tender offer for
Gameloft shares this summer. An action plan was quickly implemented
in collaboration with Gameloft’s existing teams to maximize the
creative potential of the mobile video games company. An internal
call for projects was opened, resulting in the submission of about
90 proposals. The selected projects will receive the necessary
resources and be allotted the appropriate time to ensure their
development.
Vivendi, which has a long term strategic perspective for
Gameloft, also implemented the practice of “soft launching” the
company’s games. This phase of testing prior to a full-launch is
essential to ensuring that the game will deliver the best possible
user experience.
Gameloft’s strength relies on its large catalog of games,
including approximately 20 titles that account for close to 90% of
smartphone revenues and provide strong resilience in terms of
financial results. Internal licenses as a percentage of sales
continue to grow. The goal is to keep creating new brands every
year and, at the same time, to strengthen the appeal of the
company’s existing brands.
The pace of game releases should accelerate starting in the
fourth quarter of 2016, which should lead to greater sales growth.
In particular, Gameloft recently launched two new games: Zombie
Anarchy and Asphalt Xtreme, at the end of October and early
November, respectively.
Outlook maintained
Universal Music Group’s strong performance over the first nine
months of 2016 enables the confirmation of the outlook announced at
the beginning of the year. The trend toward greater consumption on
streaming and subscription services could lead to a lower
seasonality effect than observed in the past, the impact of which
could be seen in the fourth quarter of 2016.
The important measures undertaken to turn around the Canal+
channels in France (cost optimization plan, launch of new offers on
November 15, 2016) should allow for the attainment of the
objectives set for the channels at the beginning of 2016. The
successfulness of the new offers will be effectively evaluated in
the first half of 2017.
Returns to shareholders
Vivendi’s Management Board has made a commitment to return an
additional €1.3 billion to shareholders by mid-2017 at the latest,
specifying that it would likely take the form of an ordinary
dividend of €1 per share or share repurchases, depending on the
overall economic environment.
Considering the level of share repurchases made between February
18, 2016 and today (41.3 million shares for a total of €722.8
million), the Management Board notified the Supervisory Board that
in 2017 it would propose the payment of an ordinary dividend of
approximately €0.40 per share with respect to 2016, depending on
the overall business performance achieved in 2016. The Group may
undertake share repurchases depending on the overall economic
environment.
Comments on Business Key Financials
Universal Music Group
Universal Music Group’s (UMG) revenues amounted to €3,623
million, up 4.8% at constant currency compared to the first nine
months of 2015 (+3.8% on an actual basis), driven by growth across
all divisions.
Recorded music revenues grew 3.8% at constant currency thanks to
the growth in subscription and streaming revenues (+64.3%), which
more than offset the decline in both download and physical
sales.
Music publishing revenues grew 5.4% at constant currency, also
driven by increasing subscription and streaming revenues, as well
as growth in synchronization and performance income. Merchandising
and other revenues were up 10.8% at constant currency thanks to
stronger touring activity.
Recorded Music best sellers in the first nine months of 2016
included new releases from Drake, Rihanna and Ariana Grande, as
well as carryover sales from Justin Bieber and The Weeknd.
UMG’s income from operations amounted to €391 million, up
42.4% at constant currency compared to the first nine months of
2015 (+40.8% on an actual basis). This favorable performance
reflected the benefit of both revenue growth and overhead cost
savings, as well as a timing-related decline in expenses, which
will pick up with the release schedule.
UMG’s EBITA amounted to €353 million, up 37.4% at constant
currency compared to the first nine months of 2015 (+36.1% on an
actual basis). EBITA included legal settlement income and
restructuring charges in the first nine months of 2016 and
2015.
Canal+ Group
Canal+ Group revenues amounted to €3,902 million, down 3.3%
compared to the first nine months of 2015 (-2.7% at constant
currency and perimeter). Canal+ Group had a total of 11 million
individual subscribers, a year-on-year decrease of 19,000. The
international subscriber base continued to grow strongly, notably
in Africa. In mainland France, the number of subscribers continued
to decline to 5.4 million as of September 30, 2016.
Revenues from pay-TV operations in mainland France were impacted
by the lower subscriber base, despite a slight increase in ARPU.
International pay-TV revenues increased thanks to the growth in the
individual subscriber base, notably in Africa where Canal+ Group
added 505,000 subscribers since September 30, 2015.
Advertising revenues from free-to-air channels, up 9.2% compared
to the first nine months of 2015, benefited from the strong
audiences of C8 (formerly D8) and CStar (formerly D17). At the end
of September 2016, C8 was once again the fourth most watched French
channel with an average share of 4.4% of its primary target
audience of 25-49 year olds.
Studiocanal’s revenues were down compared to the first nine
months of 2015, which notably benefited from the successful
theatrical and video releases of Paddington, Shaun the Sheep and
The Imitation Game. Bridget Jones’s Baby, which has been showing in
theaters in the United Kingdom since September 14, 2016, is
expected to be the country’s biggest box-office movie of 2016.
Canal+ Group’s income from operations amounted to €439 million,
compared to €554 million for the first nine months of 2015, and
EBITA amounted to €427 million (including restructuring charges for
€16 million), compared to €550 million for the first nine
months of 2015. This decline was notably due to the difficulties
faced by the pay-TV operations in mainland France. EBITA from the
Canal+ channels5 in France amounted to a €151 million loss,
compared to €68 million for the first nine months of 2015.
Gameloft
Gameloft’s6 revenues amounted to €63 million for the third
quarter of 2016 and break down as follows: 32% in the EMEA region
(Europe, the Middle East, and Africa), 31% in Asia Pacific, 25% in
North America and 12% in Latin America. As a reminder, Gameloft’s
revenues amounted to €125 million for the first half of
2016.
Gameloft’s sales were up despite the launch of only two new
smartphone games since January 2016: Disney Magic Kingdoms and The
Blacklist: Conspiracy. This solid performance illustrates the
resilience of the business. Disney Magic Kingdoms in particular has
been a stand out since its launch by Gameloft in March 2016,
notably in Japan where the game, which was distributed in
partnership with GungHo, was the most downloaded game on iOS and
Google Play upon its release.
For the third quarter of 2016, Gameloft’s back-catalogue
represented 90% of its sales and benefited from better monetization
of services for existing games and from a more efficient and more
targeted user acquisition policy.
For the third quarter of 2016, Gameloft’s advertising revenues
amounted to €4 million, income from operations amounted to
€4 million and EBITA amounted to €2 million.
Vivendi Village
Revenues generated by Vivendi Village amounted to €78 million,
an increase of 6.6% compared to the first nine months of 2015
(+9.4% at constant currency and -1.8% at constant currency and
perimeter). Over the same period, Vivendi Village’s income from
operations and EBITA amounted to a loss of €9 million. Vivendi
Village aims to serve as an outlet for experimentation and a launch
pad for new projects for the entire Group thanks in particular to
the flexibility offered by small organizational structures.
Watchever launched WatchMusic, a premium music video service for
mobiles, in Brazil on October 6, 2016. It also developed the app
used by Studio+, the first global offer of short premium series for
mobiles operated by Vivendi Content, which was launched in Brazil
on October 17. These two services illustrate the reorientation of
Watchever’s operations towards the development of new global paid
streaming services after the decision was taken to close its
video-on-demand service in Germany by December 31, 2016.
For additional information, please refer to the “Financial
Report and Unaudited Condensed Financial Statements for the first
nine months of 2016” which will be released later online on
Vivendi’s website (www.vivendi.com).
About VivendiVivendi 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+ Group is the leading
pay-TV operator in France, and also serves markets in Africa,
Poland and Vietnam. Canal+ Group operations include Studiocanal, a
leading European player in the production, sale and distribution of
films 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), Radionomy (digital radio), the
L’Olympia and the Theâtre de L‘Oeuvre venues in Paris, the
CanalOlympia venues in Africa and Olympia Production. With 3.5
billion videos viewed each month, Dailymotion is one of the biggest
video content aggregation and distribution platforms in the world.
Gameloft is a worldwide leader in mobile video games, with 2
million games downloaded per
day.www.vivendi.com, www.cultureswithvivendi.com
Important DisclaimersCautionary 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 of the Group
filed by Vivendi with the Autorité des Marchés Financiers (the
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. 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.
6 Gameloft has been fully consolidated since June 29, 2016.
ANALYST CONFERENCE CALL
Speakers:Arnaud de PuyfontaineChief Executive
OfficerHervé PhilippeMember of the Management Board and
Chief Financial Officer
Date: Wednesday, November 9, 2016
6:00pm Paris time – 5:00pm London time – 12:00pm New York
time
Media invited on a listen-only basis.The conference
will be held in English.
Internet: The conference can be followed on the Internet
at: www.vivendi.com (audiocast)
Numbers to dial:UK +44 (0) 203 043 2002US
+1 719 325 2453France +33 (0) 1 76 77 22 76
Access Code: 6967507
Numbers for replay:UK +44 (0) 207 984 7568US
+1 719 457 0820France +33 (0) 1 70 48 00 94
Access Code: 6967507
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.
Note: This press release contains unaudited consolidated
earnings established under IFRS, which were approved by Vivendi’s
Management Board on November 7, 2016, reviewed by the Vivendi Audit
Committee on November 8, 2016, and by Vivendi’s Supervisory Board
on November 9, 2016.
APPENDIX IVIVENDICONSOLIDATED
STATEMENT OF EARNINGS(IFRS, unaudited)
Three months endedSeptember 30,
%Change
Nine months endedSeptember 30,
%Change
2016 2015 2016 2015
2,668 2,520 +
5.9% Revenues 7,712 7,615 + 1.3%
(1,629) (1,527) Cost of revenues (4,717) (4,596) (748) (738)
Selling, general and administrative
expenses excluding amortization of intangibleassets acquired
through business combinations
(2,269) (2,219) (14) (36) Restructuring charges (62) (65) (58)
(101)
Amortization of intangible assets acquired
through business combinations
(168) (304) - (1) Impairment losses on intangible assets acquired
through business combinations - (1) - - Reversal of reserve related
to the Liberty Media litigation in the United States 240 - - (7)
Other income 657 711 (3) (34) Other charges (115) (38)
216
76 x 2.9 EBIT 1,278 1,103 +
15.9% 76 - Income from equity affiliates 88 (7) (10) (10)
Interest (27) (24) 6 14 Income from investments 28 35 6 (20) Other
financial income 23 15 (13) (48) Other financial charges (40) (82)
281 12 x 23.6 Earnings from continuing
operations before provision for income taxes 1,350
1,040 + 29.8% (15) (159) Provision for income taxes
(150) (441)
266 (147) na Earnings from
continuing operations 1,200 599 x 2.0 -
(43) Earnings from discontinued operations (2) 1,236
266
(190) na Earnings 1,198 1,835
- 34.7% (2) (11) Non-controlling interests (23) (45)
264 (201) na Earnings attributable to
Vivendi SA shareowners 1,175 1,790 - 34.3%
264 (158) na
of which earnings from continuing
operations attributable to Vivendi SA shareowners 1,177
554 x 2.1 0.21 (0.15) Earnings attributable to
Vivendi SA shareowners per share - basic (in euros) 0.92 1.31 0.18
(0.15) Earnings attributable to Vivendi SA shareowners per share -
diluted (in euros) 0.89 1.31
In millions of euros, except per share
amounts.
Nota:As a reminder, GVT (sold in 2015) has been reported
as a discontinued operation in compliance with IFRS 5. In practice,
income and charges from this business has been reported as
follows:
- GVT’s contribution, until its effective
divestiture on May 28, 2015, to each line of Vivendi’s Consolidated
Statement of Earnings as well as any capital gain recognized has
been reported on the line “Earnings from discontinued operations”;
and
- the share of net income and the capital
gain recognized as a result of the completed divestiture have been
excluded from Vivendi’s adjusted net income.
For any additional information, please refer to the “Financial
Report and Unaudited Condensed Financial Statements for the nine
months ended September 30, 2016“, which will be released online
later on Vivendi’s website (www.vivendi.com).
APPENDIX IIVIVENDIADJUSTED
STATEMENT OF EARNINGS(IFRS, unaudited)
Three months endedSeptember 30,
%Change
Nine months endedSeptember 30,
%Change
2016 2015 2016 2015
2,668 2,520 +
5.9% Revenues 7,712 7,615 + 1.3%
290 257 + 12.8% Income from operations
730 757 - 3.6% 277 219 +
26.5% EBITA 664 735 - 9.7% 102 -
Income from equity affiliates 140 (7) (10) (10) Interest (27) (24)
6 14 Income from investments 28 35 375 223 + 67.3%
Adjusted earnings from continuing
operations before provisionfor income taxes
805 739 + 8.8% (31) (37) Provision for income taxes (149) (184) 344
186 + 84.9% Adjusted net income before non-controlling interests
656 555 + 18.2% (5) (14) Non-controlling interests (31) (54)
339 172
+ 97.3% Adjusted net income 625 501
+ 24.8% 0.27 0.13 Adjusted net income per share -
basic (in euros) 0.49 0.37 0.23 0.13 Adjusted net income per share
- diluted (in euros) 0.45 0.37
In millions of euros, except per share
amounts.
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
IV.<
APPENDIX IIIVIVENDIREVENUES,
INCOME FROM OPERATIONS AND EBITABY BUSINESS
SEGMENT(IFRS, unaudited)
Three months ended September 30, (in millions of euros) 2016
2015 % Change
% Change atconstant currency
% Change atconstant currencyand perimeter
(a)
Revenues Universal Music Group 1,308 1,181 +10.8% +11.2%
+11.2% Canal+ Group 1,263 1,300 -2.9% -2.1% -2.3% Gameloft 63 - na
na na Vivendi Village 24 22 +5.8% +12.1% -0.9% New Initiatives 18
17 Elimination of intersegment transactions (8) -
Total Vivendi 2,668 2,520 +5.9%
+6.6% +3.8% Income from operations
Universal Music Group 174 99 +77.0% +74.7% +74.7% Canal+ Group 142
186 -23.5% -23.4% -23.5% Gameloft 4 - na na na Vivendi Village (1)
1 na na na New Initiatives (8) (9) Corporate (21) (20)
Total Vivendi 290 257
+12.8% +11.8% +10.7% EBITA
Universal Music Group 176 88 +98.8% +95.6% +95.6% Canal+ Group 139
162 -14.5% -14.2% -14.4% Gameloft 2 - na na na Vivendi Village (5)
- na na na New Initiatives (11) (9) Corporate (24) (22)
Total Vivendi 277 219
+26.5% +25.2% +25.0%
APPENDIX III
(Cont’d)VIVENDIREVENUES, INCOME FROM OPERATIONS AND
EBITABY BUSINESS SEGMENT(IFRS, unaudited)
Nine months ended September 30, (in millions of euros) 2016
2015
% Change
% Change atconstant currency
% Change atconstant currencyand perimeter
(a)
Revenues Universal Music Group 3,623 3,492 +3.8% +4.8% +4.8%
Canal+ Group 3,902 4,034 -3.3% -2.6% -2.7% Gameloft 63 - na na na
Vivendi Village 78 73 +6.6% +9.4% -1.8% New Initiatives 76 18
Elimination of intersegment transactions (30) (2)
Total Vivendi 7,712 7,615 +1.3%
+2.2% +0.6% Income from operations
Universal Music Group 391 278 +40.8% +42.4% +42.4% Canal+ Group 439
554 -20.8% -20.4% -20.5% Gameloft 4 - na na na Vivendi Village (9)
9 na na na New Initiatives (25) (10) Corporate (70) (74)
Total Vivendi 730 757
-3.6% -2.8% -1.4% EBITA
Universal Music Group 353 259 +36.1% +37.4% +37.4% Canal+ Group 427
550 -22.4% -22.0% -22.1% Gameloft 2 - na na na Vivendi Village (9)
8 na na na New Initiatives (35) (10) Corporate (74) (72)
Total Vivendi 664 735
-9.7% -8.9% -6.9%
na: not applicable.
a. Constant perimeter reflects the impacts of the following
acquisitions:
- Alterna’TV by Canal+ Group (April 7,
2016);
- Gameloft (June 29, 2016);
- Radionomy within Vivendi Village
(December 17, 2015); and
- Dailymotion within New Initiatives
(June 30, 2015).
The reconciliation of EBIT to EBITA and to income from
operations is presented in the Appendix IV.
APPENDIX
IVVIVENDIRECONCILIATION OF NON-GAAP MEASURESIN
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. Vivendi
considers these to be relevant indicators of 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 provide a better illustration of
the underlying performance of continuing operations by excluding
most non-recurring and non-operating items.
Three months endedSeptember 30,
Nine months endedSeptember 30,
(in millions of euros) 2016 2015 2016 2015
EBIT
(a) 216 76 1,278 1,103 Adjustments
Amortization of intangible assets acquired through business
combinations 58 101 168 304 Impairment losses on intangible assets
acquired through business combinations (a) - 1 - 1 Reversal of
reserve related to the Liberty Media litigation in the United
States (a) - - (240) - Other income (a) - 7 (657) (711) Other
charges (a) 3 34 115 38
EBITA 277 219
664 735 Adjustments Restructuring charges (a) 14 36
62 65 Charges related to equity-settled share-based compensation
plans 4 3 9 13 Other non-current operating charges and income (5)
(1) (5) (56)
Income from operations 290 257
730 757
Three months endedSeptember 30,
Nine months endedSeptember 30,
(in millions of euros) 2016 2015 2016 2015
Earnings attributable to Vivendi SA shareowners (a)
264 (201) 1,175 1,790 Adjustments
Amortization of intangible assets acquired through business
combinations 58 101 168 304 Impairment losses on intangible assets
acquired through business combinations (a) - 1 - 1 Reversal of
reserve related to the Liberty Media litigation in the United
States (a) - - (240) - Other income (a) - 7 (657) (711) Other
charges (a) 3 34 115 38 Amortization of intangible assets related
to equity affiliates 26 - 52 - Other financial income (a) (6) 20
(23) (15) Other financial charges (a) 13 48 40 82 Earnings from
discontinued operations (a) - 43 2 (1,236)
Change in deferred tax asset related to
Vivendi SA's French Tax Group and to theConsolidated Global Profit
Tax Systems
1 158 4 104 Income taxes related to the sale of the 20% interest in
Numericable-SFR - - - 124 Non-recurring items related to provision
for income taxes 2 4 46 131 Provision for income taxes on
adjustments (19) (40) (49) (102) Non-controlling interests on
adjustments (3) (3) (8) (9)
Adjusted net income 339
172 625 501
a. As reported in the Consolidated Statement of Earnings.
APPENDIX V
VIVENDI
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
(IFRS, unaudited)
(in millions of euros)
September 30,2016(unaudited)
December 31, 2015
ASSETS Goodwill 10,633 10,177
Non-current content assets 2,084 2,286 Other intangible assets 298
224 Property, plant and equipment 671 737 Investments in equity
affiliates 4,213 3,435 Non-current financial assets 2,325 4,132
Deferred tax assets 716 622
Non-current assets 20,940
21,613 Inventories 132 117 Current tax receivables
524 653 Current content assets 1,402 1,088 Trade accounts
receivable and other 2,023 2,139 Current financial assets 873 1,111
Cash and cash equivalents 5,633 8,225
Current assets
10,587 13,333 TOTAL ASSETS
31,527 34,946 EQUITY AND LIABILITIES
Share capital 7,076 7,526 Additional paid-in capital 4,235 5,343
Treasury shares (473) (702) Retained earnings and other 7,960 8,687
Vivendi SA shareowners' equity 18,798 20,854
Non-controlling interests 252 232
Total equity 19,050
21,086 Non-current provisions 1,698 2,679 Long-term
borrowings and other financial liabilities 2,390 1,555 Deferred tax
liabilities 689 705 Other non-current liabilities 105 105
Non-current liabilities 4,882 5,044
Current provisions 333 363 Short-term borrowings and other
financial liabilities 1,626 1,383 Trade accounts payable and other
5,491 6,737 Current tax payables 145 333
Current liabilities
7,595 8,816 Total liabilities
12,477 13,860 TOTAL EQUITY AND
LIABILITIES 31,527 34,946
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VivendiMediaParisJean-Louis Erneux, +33
(0)1 71 71 15 84orSolange Maulini, +33 (0) 1 71 71 11
73orInvestor RelationsParisLaurent Mairot, +33 (0) 1
71 71 35 13orJulien Dellys, +33 (0) 1 71 71 13 30orLondonTim
Burt (Teneo Strategy)+44 20 7240 2486
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