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View Annual Report 2012 ANNUAL REPORT CONTENTS GROUP PROFILE – BUSINESSES – FINANCIAL REPORT – CONSOLIDATED LITIGATION – RISK FACTORS 2 FINANCIAL STATEMENTS – 1 4 STATUTORY AUDITORS’ REPORT 1. GROUP PROFILE 4 ON THE CONSOLIDATED FINANCIAL 2. BUSINESSES 16 STATEMENTS – STATUTORY 3. LITIGATION 45 AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS – 4. RISK FACTORS 51 STATUTORY FINANCIAL STATEMENTS 168 SELECTED KEY CONSOLIDATED SOCIETAL, SOCIAL AND FINANCIAL DATA 170 ENVIRONMENTAL INFORMATION 54 I. 2012 FINANCIAL REPORT 171 2 II. APPENDICES TO THE FINANCIAL 1. CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY 56 REPORT : UNAUDITED SUPPLEMENTARY FINANCIAL DATA 207 2. SOCIETAL INFORMATION 60 III. CONSOLIDATED FINANCIAL 3. SOCIAL INFORMATION 71 STATEMENTS FOR THE YEAR 4. ENVIRONMENTAL INFORMATION 86 ENDED DECEMBER 31, 2012 212 5. VERIFICATION OF IV. VIVENDI SA 2012 STATUTORY NON-FINANCIAL DATA 95 FINANCIAL STATEMENTS 320 INFORMATION ABOUT RECENT EVENTS – OUTLOOK – THE COMPANY – CORPORATE 5 STATUTORY AUDITORS’ REPORT 364 GOVERNANCE 100 3 1. RECENT EVENTS 366 1. GENERAL INFORMATION 2. OUTLOOK 366 ABOUT THE COMPANY 102 3. STATUTORY AUDITORS’ REPORT 2. ADDITIONAL INFORMATION ON EBITA OR EBITDA FORECASTS ABOUT THE COMPANY 103 BY BUSINESS UNIT 367 3. CORPORATE GOVERNANCE 118 4. REPORT BY THE CHAIRMAN OF VIVENDI’S SUPERVISORY BOARD INDEPENDENT AUDITORS ON CORPORATE GOVERNANCE, 6 RESPONSIBLE FOR AUDITING – INTERNAL AUDITS AND RISK THE FINANCIAL STATEMENTS 368 MANAGEMENT – FISCAL YEAR ENDED DECEMBER 31, 2012 156 1. INDEPENDENT AUDITORS RESPONSIBLE 5. STATUTORY AUDITORS’ REPORT, FOR AUDITING THE FINANCIAL PREPARED IN ACCORDANCE WITH STATEMENTS 370 ARTICLE L.225-235 OF THE FRENCH COMMERCIAL CODE, ON THE REPORT PREPARED BY THE CHAIRMAN OF THE SUPERVISORY BOARD OF VIVENDI SA 166 2012 ANNUAL REPORT The Annual Report in English is a translation of the French “Document de référence” provided for information purposes. This translation is qualifi ed in its entirety by reference to the “Document de référence”. 1 1 2 VIVENDI l 2012 l Annual Report 1 GROUP PROFILE – BUSINESSES – LITIGATION – RISK FACTORS SECTION 1 2.1.7. Regulatory Environment 19 2.5. Maroc Telecom 33 2.1.8. Piracy 20 GROUP PROFILE 4 2.5.1. Strategy/ Positioning 33 2.1.9. Competition 20 2.5.2. Morocco 34 1.1. Simplifi ed Economic 2.1.10. Research and Development 21 2.5.3. International 35 Organization Chart 5 2.2. Universal Music Group 22 2.5.4. 2012 Highlights 36 SUMMARY 2.5.5. Regulatory Environment 37 2.2.1. Strategy/ Positioning 22 1.2. Key Figures 6 2.5.6. Competition 37 2.2.2. Recorded Music 22 2.5.7. Research and Development 38 1.3. Strategy 10 2.2.3. Music Publishing 23 1.3.1. Strategic Planning for a ll 2.2.4. Merchandising 23 2.6. GVT 39 of Vivendi’s Businesses 10 2.2.5. 2012 Highlights 23 2.6.1. Strategy/ Positioning 39 1.3.2. Strengthening Vivendi’s Leadership 2.2.6. Regulatory Environment 24 2.6.2. Products and Services 39 Position in Content and Media 10 2.2.7. Piracy 24 2.6.3. Market/ Distribution 40 1.3.3. Repositioning Vivendi’s Telecoms 2.2.8. Competition 24 2.6.4. Network 41 Activities and Exploring 2.2.9. Research and Development 24 2.6.5. 2012 Highlights 41 Consolidation Opportunities 11 2.3. Activision Blizzard 25 2.6.6. Regulatory Environment 42 2.6.7. Competition 42 1.4. Financial Communication 2.3.1. Strategy/ Positioning 25 2.6.8. Research and Development 43 Policy and Value Creation 12 2.3.2. Activision Publishing 25 1.4.1 Investment Policy 12 2.3.3. Blizzard Entertainment 26 2.7. Other A ctiviti es 43 1.4.2. Financial Communication Policy 12 2.3.4. 2012 Highlights 26 2.7.1. Ticketing 43 1.4.3. Value Creation in 2012 13 2.3.5. Regulatory Environment 27 2.7.2. Wengo 43 2.3.6. Piracy 27 1.5. Insurance 14 2.7.3. Watchever 44 2.3.7. Competition 27 2.8. Seasonality of Group 1.6. Investments 15 2.3.8. Research and Development 27 Businesses 44 2.4. SFR 28 2.4.1. Strategy/ Positioning 28 2.9. Raw M aterials u sed SECTION 2 2.4.2. Performance and Services 28 in the Group B usinesses 44 BUSINESSES 16 2.4.3. Market 30 2.4.4. Network 30 2.1. Canal+ Group 16 2.4.5. 2012 Highlights and Commitments 31 SECTION 3 2.4.6. Regulatory Environment 32 2.1.1. Strategy/ Positioning 16 LITIGATION 45 2.1.2. Pay-TV in France 16 2.4.7. Piracy 32 2.1.3. Free-to-air TV 18 2.4.8. Competition 32 2.1.4. International P ay-TV 18 2.4.9. Research and Development 32 SECTION 4 2.1.5. Other Businesses 18 RISK FACTORS 51 2.1.6. 2012 Highlights 19 VIVENDI l 2012 l Annual Report 3 GROUP PROFILE – BUSINESSES – LITIGATION – RISK FACTORS SECTION 1 - GROUP PROFILE 1 SECTION 1 GROUP PROFILE 1 Vivendi is one of the few multimedia groups in the world to operate across TELECOMMUNICATIONS the entire digital value chain. It creates and publishes content for which it ✱ SFR, the number one alternative telecommunications operator in develops broadcast networks and distribution platforms. France and Europe. The G roup capitalizes on both its employees’ expertise and its strong ✱ Maroc Telecom, the number one fixed-line and mobile brands to offer its customers high added-value digital services and telecommunications operator in Morocco, also operating in Burkina products. Faso, Gabon, Mauritania and Mali. Vivendi currently operates a number of companies that are leaders in ✱ GVT, the number one alternative telecommunications operator content, media and telecommunications. in Brazil, with a high-performance broadband network and new- generation services in fi xed-line telephony, Internet and Pay-TV . CONTENT AND MEDIA Vivendi also owns a number of other market-leading companies: Digitick ✱ Canal+ Group, France’s leading Pay-TV channel and Europe’s largest and See Tickets (event ticketing), Wengo (expert phone counseling) and producer and distributor of fi lms. Watchever (subscription video-on-demand service in Germany). ✱ Universal Music Group (UMG), the world’s leading music company, In 2012, Vivendi reported revenues of €29 billion and adjusted net income operating in about 60 countries and with a catalog of more than of €2.55 billion. €2.6 billion was invested in video games, music, movies 2 million titles. and audiovisual programming, while €4.5 billion was allocated to net capital expenditure, including €4.1 billion to telecommunications activities. ✱ Activision Blizzard, the world leader in video games, with franchises played the world over, including Call of Duty, Skylanders and World As of December 31, 2012, the Group had more than 58,000 employees of Warcraft. throughout the world. 4 VIVENDI l 2012 l Annual Report GROUP PROFILE – BUSINESSES – LITIGATION – RISK FACTORS SECTION 1 - GROUP PROFILE SIMPLIFIED ECONOMIC ORGANIZATION CHART 1 1.1. SIMPLIFIED ECONOMIC ORGANIZATION CHART 1 Percentage of voting interest held by Vivendi as of December 31, 2012 Canal+ Group Universal Music Activision SFR Maroc GVT Group Blizzard (1) Telecom (1) 100% 100% 61.5% 100% 53% 100% Canal+ France StudioCanal 80% 100% EMI Recorded Activision Mauritel Music (3) Publishing 51% 100% 100% nc+ (4) Société d’édition de Canal Plus (1) 51% 49% Universal Music Blizzard Publishing Group Entertainment Onatel 100% 100% 51% VSTV Multithématiques 49% 100% Gabon Télécom 51% i>Télé 100% Canal+ Distribution 100% Sotelma D8 / D17 (2) 51% 100% Canal+ Overseas 100% Canal+ Régie 100% (1) Listed Company. (2) On September 27, 2012, Vivendi and Canal+ Group acquired the free-to-air channels, Direct 8 and Direct Star, subsequently renamed D8 and D17. For more information on this transaction, please refer to Chapter 4, Financial Report, Section 1.1. (3) On September 28, 2012, Vivendi and UMG completed the acquisition of 100% of the recorded music business of EMI Group Global Limited (EMI Recorded Music). For more information on this transaction, please refer to Chapter 4, Financial Report, Section 1.1. (4) Since November 30, 2012, Canal+ Group owns a 51% interest in nc+, the entity newly created, following the merger of Cyfra+ and “n”. For more information on this transaction, please refer to Chapter 4, Financial Report, Section 1.1. VIVENDI l 2012 l Annual Report 5 GROUP PROFILE – BUSINESSES – LITIGATION – RISK FACTORS SECTION 1 - GROUP PROFILE 1 KEY FIGURES 1.2. KEY FIGURES 1 Revenues by business segment December 31 – in millions of euros 30,000 25,000 2012 2011 2010 Canal+ Group (1) 5,013 4,857 4,712 20,000 Universal Music Group (2) 4,544 4,197 4,449 Activision Blizzard 3,768 3,432 3,330 15,000 SFR 11,288 12,183 12,577 Maroc Telecom Group 2,689 2,739 2,835 GVT 1,716 1,446 1,029 10,000 Non-core operations and others, and elimination of intersegment transactions (24) (41) (54) 5,000 TOTAL 28,994 28,813 28,878 (1) Including D8 and D17, consolidated since September 27, 2012 and “n” consolidated since November 30, 2012. 0 (2) Including EMI Recorded Music, consolidated since September 28, 2012. 2012 2011 2010 Revenues by geographical zone December 31 – in millions of euros 2012 2012 2011 2010 France 15,955 16,800 17,097 Rest of Europe 3,393 3,173 3,061 USA 3,395 3,085 3,375 Morocco 2,029 2,166 2,296 Brazil 1,797 1,527 1,084 Rest of the World 2,425 2,062 1,965 TOTAL 28,994 28,813 28,878 2011 2010 6 VIVENDI l 2012 l Annual Report GROUP PROFILE – BUSINESSES – LITIGATION – RISK FACTORS SECTION 1 - GROUP PROFILE KEY FIGURES 1 EBITA by business segment 1 December 31 – in millions of euros 6,000 2012 2011 2010 Canal+ Group (1) 663 701 690 5,000 Universal Music Group (2) 525 507 471 Activision Blizzard 1,149 1,011 692 4,000 SFR 1,600 2,278 2,472 Maroc Telecom Group 987 1,089 1,284 3,000 GVT 488 396 277 Holding & Corporate (115) (100) (127) Non-core operations and others (14) (22) (33) 2,000 TOTAL 5,283 5,860 5,726 1,000 (1) Including D8 and D17, consolidated since September 27, 2012 and “n” consolidated since November 30, 2012.
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