20 0 7 Annual Report 20 0 7 Annual Report - Vivendi PDF
Preview 20 0 7 Annual Report 20 0 7 Annual Report - Vivendi
t r o p e R l a u n n A 7 0 0 2 20 0 7 Annual Report Registered Office 42 avenue de Friedland / 75380 Paris Cedex 08 / France Tel.: +33 (0) 1 71 71 10 00 Fax: +33 (0) 1 71 71 10 01 New York Office 800 Third Avenue / New York, NY 10022 / USA 7 Tel.: 1 212 572 7000 0 N A F www.vivendi.com RE D Annual Report 2007 The Annual Report in English is a translation of the French “Document de référence” for information purposes. This translation is qualified in its entirety by reference to the “Document de reference”. Contents Section Description Page Key Figures - Simplified Organization Chart 5 Description of the Group and its Businesses - Litigation - Risk Factors 13 1. Description of the Group 15 1.1. Strategy 15 1.2. Highlights 15 1.3. Financial Communication Policy and Value Creation 19 1.4. Sustainable Development Policy 21 1.5. Human Resources 22 1.6. Insurance 25 2. Description of the Group’s Businesses 26 2.1. Universal Music Group 26 2.2. Canal+ Group 29 2.3. SFR 35 2.4. Maroc Telecom 43 2.5. Vivendi Games 48 2.6. Other Activities 50 3. Litigation 52 4. Risk Factors 56 General Information Concerning the Company - Corporate Governance 61 1. General Information Concerning the Company 62 2. Additional Information Concerning the Company 62 3. Corporate Governance 82 4. Report of the Chairman of the Supervisory Board of Vivendi on the Preparation and Organization of the Work of the Supervisory Board and on Internal Control Procedures - Fiscal Year 2007 117 5. Statutory Auditors’ Report prepared in accordance with Article L. 225-235 of French Company Law (Code de commerce), on the Report prepared by the Chairman of the Supervisory Board of Vivendi, on the Internal Control Procedures Relating to the Preparation and Processing of Financial and Accounting Information - Fiscal Year 2007 127 2 - Annual Report 2007 Section Description Page Financial Report - Consolidated Financial Statements - Statutory Auditors’ Report on the Consolidated Financial Statements - Statutory Financial Statements (summarised) 129 Selected Key Consolidated Financial Data 130 I 2007 Financial Report 131 Preliminary Comments 132 Summary of the 2007, 2006 and 2005 Main Developments 132 1. Main Developments 133 2. Statement of Earnings Analysis 138 3. Cash Flow from Operations Analysis 141 4. Business Segment Performance Analysis 143 5. Treasury and Capital Resources 155 6. Forward Looking Statements 160 7. Disclaimer 160 II Consolidated Financial Statements for the Year Ended December 31, 2007 161 Statutory Auditors’ Report on the Consolidated Financial Statements 162 Consolidated Statement of Earnings 164 Consolidated Statement of Financial Position 165 Consolidated Statement of Cash Flows 166 Consolidated Statement of Changes in Equity 167 Notes to the Consolidated Financial Statements 169 2007 Statutory Financial Statements (summarized) 257 1. Presentation of the Vivendi SA 2007 Statutory Financial Statements 258 2. 2007 Statutory Financial Statements 260 3. Subsidiaries and Affiliates 264 4. Statutory Auditors’ Report on the Financial Statements 267 5. Statutory Auditors’ Special Report on regulated third-party Agreements and Commitments 269 Recent Events - Outlook 273 Recent Events 274 Outlook 274 Statutory Auditors’ Report on the Forecasts of Adjusted Net Income Group Share 275 Audit of the Financial Statements 279 Firms Responsible for the Audit of the Financial Statements 280 - Annual Report 2007 3 56.125 mm Key Figures - Simplified Organization Chart Revenues by Business Segment 6 Revenue by Geographical Zone 6 EBITA by Business Segment 7 Earnings Attributable to Equity Holders of the Parent and Adjusted Net Income 7 Adjusted Net Income per Share and Dividend per Share 8 Earnings Attributable to Equity Holders of the Parent per Share - Basic and diluted 8 Financial Net Debt and Equity 9 Headcount by Business Segment 10 Headcount by Geographical Zone 10 Simplified Organization Chart 11 Key Figures - Simplified Organization Chart Revenues by Business Segment December 31 - in € millions 2007 2006 0 5,000 10,000 15,000 20,000 2006 2007 Universal Music Group 4,955 4,870 Canal+ Group 3,630 4,363 SFR 8,678 9,018 Maroc Telecom 2,053 2,456 Vivendi Games 804 1,018 Including non core operations and elimination of inter-segment transactions -76 -68 Total 20,044 21,657 Revenues by Geographical Zone 22000077 December 31 - in € millions France 13,403 Rest of Europe 2,352 USA 2,319 Morocco 2,139 Rest of World 1,444 Total 21,657 22000066 December 31 - in € millions France 12,372 Rest of Europe 2,081 USA 2,448 Morocco 1,960 Rest of World 1,183 Total 20,044 6 - Annual Report 2007 Key Figures - Simplified Organization Chart EBITA by Business Segment December 31 - in € millions 2007 2006 0 1,000 2,000 3,000 4,000 5,000 2006 2007 Universal Music Group 744 624 Canal+ Group 75 400 SFR 2,583 2,517 Maroc Telecom 912 1,091 Vivendi Games 115 181 Holding & corporate -113 -81 Non-core 2005 20065 4 2007-11 UnTiovetarslal Music Group 681 47,43470 46,27421 Groupe Canal+ 203 75 400 The SdFifRference between EBITA and EBIT consists of the amortization of intangible assets ac2q 4u2ir2ed throug2h 5 b8u2siness 2 517 comMbinaraotcio Tnesle aconmd the impairment of goodwill and other intangibles acquired through busines7s8 c6ombination9s1 t2hat are in1c 0lu9d1ed in EBVIiTv.endi Games 55 115 181 Activités non stratégiques et éliminations des opérations intra-segment 33 54 -11 Total 3 985 20 044 4 370 Earnings Attributable to Equity Holders of the Parent and Adjusted Net Income December 31 - in € millions 2007 2006 0 1,000 2,000 3,000 4,000 2006 2007 Earnings attributable to equity holders of the parent 4,033 2,625 Adjusted net income 2,614 2,832 Vivendi considers Adjusted Net Income, a non-GAAP measure, as a relevant indicator of the group’s operating and financial performance. Vivendi’s management uses Adjusted Net Income because it provides a better illustration of the performance of continuing operations excluding most non-recurring and non-operating items. - Annual Report 2007 7 Key Figures - Simplified Organization Chart Adjusted Net Income per Share and Dividend per Share December 31 - in € 2007 2006 0 0.50 1.00 1.50 2.00 2.50 2006 2007 Adjusted net income per share 2.27 2.44 Dividend per share 1.20 1.30 Earnings Attributable to Equity Holders of the Parent per Share - Basic and diluted December 31 - in € 2007 2006 0 0.50 1.00 1.50 2.00 2.50 3.00 3.50 2006 2007 Earnings attributable to equity holders of the parent per share, basic 3.50 2.26 Earnings attributable to equity holders of the parent per share, diluted 3.47 2.25 8 - Annual Report 2007
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