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Vivendi: Growth In 2010 Earnings

(*) The reconciliation of EBIT to EBITA is presented in the Appendix IV.

 

APPENDIX IV

 

VIVENDI

 

RECONCILIATION OF EBIT TO EBITA AND OF EARNINGS, ATTRIBUTABLE TO VIVENDI SHAREOWNERS TO ADJUSTED NET INCOME

 

(IFRS, audited)

 

Vivendi considers EBITA and Adjusted net income, non-GAAP measures, as relevant indicators of the Group’s operating and financial performance. Vivendi’s Management uses EBITA and Adjusted net income to manage the Group as they provide a better illustration of the performance from continuing operations by excluding most non-recurring and non-operating items.

       
4th Quarter 2010 4th Quarter 2009 (in millions of euros) Full Year 2010 Full Year 2009
           
 
630 15 EBIT (*) 4,871 3,836
Adjustments
182 210 Amortization of intangible assets acquired through business combinations (*) 603 634
244 920 Impairment losses of intangible assets acquired through business combinations (*) 252 920
1,056 1,145 EBITA 5,726 5,390
 
4th Quarter 2010   4th Quarter 2009   (in millions of euros)   Full Year 2010   Full Year 2009
           
 
559 (958) Earnings attributable to Vivendi shareowners (*) 2,198 830
Adjustments
182 210 Amortization of intangible assets acquired through business combinations (*) 603 634
244 920 Impairment losses of intangible assets acquired through business combinations (*) 252 920
(331) 679 Other financial charges and income (*) 17 795
63 (55) Change in deferred tax asset related to the Consolidated Global Profit Tax System 3 (292)
17 53 Non-recurring items related to provision for income taxes 102 572
(167) (189) Provision for income taxes on adjustments (320) (352)
(83) (187) Non-controlling interests on adjustments (157) (522)
484 473 Adjusted net income 2,698 2,585

(*) As reported in the Consolidated Statement of Earnings.

   

APPENDIX V

 

VIVENDI

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

(IFRS, audited)

 
December 31, 2010 December 31, 2009
(in millions of euros)    
 
ASSETS
Goodwill 25,345 24,516
Non-current content assets 2,784 3,196
Other intangible assets 4,408 4,342
Property, plant and equipment 8,217 7,264
Investments in equity affiliates 2,906 4,146
Non-current financial assets 496 476
Deferred tax assets 1,836 1,843
Non-current assets 45,992 45,783
 
Inventories 750 777
Current tax receivables 576 284
Current content assets 1,032 1,004
Trade accounts receivable and other 6,711 6,467
Current financial assets 622 464
Cash and cash equivalents 3,310 3,346

 

13,001 12,342
Assets held for sale - -
Current assets 13,001 12,342
   
TOTAL ASSETS 58,993 58,125
 
EQUITY AND LIABILITIES
Share capital 6,805 6,759
Additional paid-in capital 8,128 8,059
Treasury shares (2) (2)
Retained earnings and other 9,127 7,201
Vivendi shareowners' equity 24,058 22,017
Non-controlling interests 4,115 3,971
Total equity 28,173 25,988
 
Non-current provisions 1,477 2,090
Long-term borrowings and other financial liabilities 8,573 8,355
Deferred tax liabilities 956 1,104
Other non-current liabilities 1,074 1,311
Non-current liabilities 12,080 12,860
 
Current provisions 552 563
Short-term borrowings and other financial liabilities 3,430 4,907
Trade accounts payable and other 14,451 13,567
Current tax payables 307 239
18,740 19,276
Liabilities associated with assets held for sale - 1
Current liabilities 18,740 19,277
 
Total liabilities 30,820 32,137
   
TOTAL EQUITY AND LIABILITIES 58,993 58,125
 
   

APPENDIX VI

 

VIVENDI

 

CONSOLIDATED STATEMENT OF CASH FLOWS

 

(IFRS, audited)

 
Full Year Full Year
(in millions of euros) 2010 2009
 
Operating activities
EBIT 4,871 3,836
Adjustments 3,210 3,612
Including amortization and depreciation of tangible and intangible assets 3,338 3,800
Content investments, net (137) (274)
Gross cash provided by operating activities before income tax paid 7,944 7,174
Other changes in net working capital 387 315
Net cash provided by operating activities before income tax paid 8,331 7,489
Income tax paid, net (1,365) (137)
Net cash provided by operating activities 6,966 7,352
 
Investing activities
Capital expenditures (3,437) (2,648)
Purchases of consolidated companies, after acquired cash (742) (2,682)
Investments in equity affiliates (15) (9)
Increase in financial assets (640) (359)
Investments (4,834) (5,698)
Proceeds from sales of property, plant, equipment and intangible assets 80 86
Proceeds from sales of consolidated companies, after divested cash (43) 15
Disposal of equity affiliates 1,458 -
Decrease in financial assets 567 82
Divestitures 2,062 183
Dividends received from equity affiliates 235 306
Dividends received from unconsolidated companies 3 4
Net cash provided by/(used for) investing activities (2,534) (5,205)
 
Financing activities
Net proceeds from issuance of common shares in connection with Vivendi SA's share-based compensation plans 112 73
Other transactions with shareowners (356) (723)
Sales/(purchases) of treasury shares (726) (792)
Dividends paid in cash by Vivendi SA to its shareowners (1,721) (735)
Dividends and reimbursements of contribution of capital paid by consolidated companies to their non-controlling interests (953) (786)
Transactions with shareowners (3,644) (2,963)
Setting up of long-term borrowings and increase in other long-term financial liabilities 2,102 3,240
Principal payment on long-term borrowings and decrease in other long-term financial liabilities (879) (2,817)
Principal payment on short-term borrowings (1,911) (449)
Other changes in short-term borrowings and other financial liabilities 310 1,452
Interest paid, net (492) (458)
Other cash items related to financial activities (247) 33
Transactions on borrowings and other financial liabilities (1,117) 1,001
Net cash provided by/(used for) financing activities (4,761) (1,962)
 
Foreign currency translation adjustments 293 9
Change in cash and cash equivalents (36) 194
     
Cash and cash equivalents
At beginning of the period 3,346 3,152
At end of the period 3,310 3,346
 
 

APPENDIX VII

 

VIVENDI

 

SELECTED KEY CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS

 

(IFRS, audited)

           
  Full Year 2010 Full Year 2009   Full Year 2008 Full Year 2007 Full Year 2006
Consolidated data
 
Revenues 28,878 27,132 25,392 21,657 20,044
EBITA 5,726 5,390 4,953 4,721 4,370
Earnings attributable to Vivendi shareowners 2,198 830 2,603 2,625 4,033
Adjusted net income 2,698 2,585 2,735 2,832 2,614
 
Financial Net Debt (a) 8,073 9,566 8,349 5,186 4,344
Total equity 28,173 25,988 26,626 22,242 21,864
of which Vivendi shareowners' equity 24,058 22,017 22,515 20,342 19,912
 
Cash flow from operations, before capital expenditures, net (CFFO before capex, net) 8,569 7,799 7,056 6,507 6,111
Capital expenditures, net (capex, net) (b) (3,357) (2,562) (2,001) (1,626) (1,645)
Cash flow from operations (CFFO) (c) 5,212 5,237 5,055 4,881 4,466
Financial investments (1,397) (3,050) (3,947) (846) (3,881)
Financial divestments 1,982 97 352 456 1,801
 
Dividends paid with respect to previous fiscal year 1,721 1,639 (d) 1,515 1,387 1,152
             
Per share amounts
 
Weighted average number of shares outstanding 1,232.3 1,203.2 1,167.1 1,160.2 1,153.4
Adjusted net income per share 2.19 2.15 2.34 2.44 2.27
 
Number of shares outstanding at the end of the period (excluding treasury shares) 1,237.3 1,228.8 1,170.1 1,164.7 1,155.7
Equity per share, attributable to Vivendi shareowners 19.44 17.92 19.24 17.47 17.23
 
Dividends per share paid with respect to previous fiscal year 1.40 1.40 1.30 1.20 1.00
 

In millions of euros, number of shares in millions, per share amounts in euros.

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