<PAGE> 1
Filed by The Seagram Company Ltd.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: The Seagram Company Ltd.
Commission File No. 1-2275
and
Subject Company: Canal Plus S.A.
Commission File No. 82-2270
Date: August 17, 2000
THE FOLLOWING IS A PRESS RELEASE DISSEMINATED BY THE SEAGRAM COMPANY LTD.
ON AUGUST 17, 2000
MEDIA RELATIONS:
Anita M. Larsen
212/572-1118
INVESTOR RELATIONS:
Joseph M. Fitzgerald
212/572-7282
Eileen McLaughlin
212/572-8961
-- SEAGRAM ANNOUNCES RECORD FOURTH QUARTER EARNINGS AND RESULTS
FOR FISCAL YEAR 2000
-- UNIVERSAL MUSIC GROUP IS FIRST MUSIC COMPANY EVER TO EXCEED $1
BILLION IN EBITDA FOR FULL YEAR
-- SEAGRAM IS POISED TO MERGE WITH VIVENDI AND CANAL+ TO CREATE A
NEW GLOBAL COMMUNICATIONS AND MEDIA COMPANY CALLED VIVENDI
UNIVERSAL
- EBITDA FOR QUARTER SURGES 70 PERCENT TO $441 MILLION
- MUSIC EBITDA INCREASES 56 PERCENT TO A FOURTH-QUARTER
RECORD OF $217 MILLION
- FILMED ENTERTAINMENT RECORDS STRONG IMPROVEMENT,
RETURNING TO POSITIVE EBITDA OF $5 MILLION
- IN RECREATION AND OTHER, EBITDA FROM CONSOLIDATED AND
UNCONSOLIDATED COMPANIES IS UP 25 PERCENT TO $89
MILLION
- EBITDA FOR CONTINUING SPIRITS AND WINE OPERATIONS
RISES 10 PERCENT TO $159 MILLION
--------------------------------------------------------------------------------
MONTREAL, AUGUST 17, 2000 - The Seagram Company Ltd. [NYSE: VO] reported today
that earnings before interest, taxes, depreciation and amortization (EBITDA)
increased 70 percent to $441 million on revenues of $3.7 billion in the
Company's fiscal fourth quarter ended June 30, 2000. The increase in EBITDA
results reflected improvement in all business units. Revenues for all business
units rose 5 percent.
For the fourth quarter, the Company reported operating income of $116 million,
compared with an operating loss of $47 million last year.
The Company reported a net loss of $128 million or $0.29 per basic share,
compared with a net loss in the prior year of $129 million or $0.32 per basic
share, excluding an additional gain on the 1998 USA Networks, Inc. transactions.
Including this gain, the Company posted a net loss of $53 million or $0.13 per
share last year.
<PAGE> 2
CEO COMMENTS ON RESULTS
Commenting on the Company's results, Edgar Bronfman, Jr., president and chief
executive officer, said: "Our fourth quarter and fiscal year results
demonstrated sustained momentum in all our businesses, and I am very pleased
with the strong earnings growth this quarter in Music, Recreation and Other, and
Spirits and Wine. We projected earlier this year that Filmed Entertainment would
return to profitability in fiscal year 2001, and our fourth quarter results
indicate that we are on track.
"I am very enthusiastic about our proposed combination with Vivendi and Canal+
to create a new global communications and media company. Vivendi Universal will
create and deliver extraordinary content and services to customers everywhere,
at any time and across all platforms and devices. It will take full advantage of
the next generation of the Internet. And it will play a leading role in the
global convergence of telecommunications and entertainment media."
Mr. Bronfman added: "For the year, Universal Music Group delivered more than $1
billion in EBITDA, an impressive performance that was in line with our
projections. For the quarter, Music EBITDA surged 56 percent to a record $217
million, primarily reflecting strong chart positions and cost savings achieved
with the integration of PolyGram and Universal. On a constant exchange rate
basis, EBITDA rose 66 percent. Revenues increased 7 percent to $1.43 billion,
driven by continued strong chart positions, particularly in North America.
Excluding the impact of unfavorable foreign exchange, revenues would have
increased 10 percent. Our current U.S. album year-to-date market share remains
very strong at 28.5 percent.
"Filmed Entertainment recorded a strong improvement and returned to
profitability, earning $5 million of EBITDA this quarter compared with last
year's EBITDA loss of $69 million. The improved EBITDA performance was due to
the theatrical success of Erin Brockovich, U-571 and Gladiator, as well as
strong DVD, home video and pay-TV sales of The Mummy and American Pie. Revenues
increased 5 percent to $827 million, driven by the improved motion picture
performance and higher sales from our television library.
"In Recreation and Other, EBITDA from consolidated and unconsolidated companies
increased 25 percent to $89 million, driven by higher management fees from the
openings of Islands of Adventure and CityWalk at Universal Orlando; overhead
reductions; and an improved contribution from interactive game sales.
"Our Spirits and Wine business reported very strong results, with EBITDA from
continuing operations increasing 10 percent to $159 million. The strong EBITDA
performance reflects sustained momentum in North America, significant growth in
Asia Pacific and improvement in Latin America. Including last year's
contribution from Champagne operations, which were sold on July 2, 1999, EBITDA
increased 7 percent.
<PAGE> 3
Total volumes worldwide increased 3 percent, driven by continued growth in our
key brands.
Mr. Bronfman concluded: "I am optimistic that our transaction with Vivendi and
Canal+ will close before the end of the year and create a company whose growth
prospects are strong, real and immediate."
BUSINESS UNIT HIGHLIGHTS
MUSIC
For the year, Universal Music Group delivered more than $1 billion in EBITDA.
For the quarter, Music EBITDA surged 56 percent to a record $217 million. On a
constant exchange rate basis, EBITDA rose 66 percent. Revenues increased 7
percent to $1.43 billion. Excluding the impact of unfavorable foreign exchange,
revenues would have increased 10 percent.
For the quarter, key artists included Eminem, Bon Jovi, Sisqo, No Doubt, Sting,
Hanson and Dr. Dre. New releases for the first quarter of fiscal year 2001
include 98 Degrees, Boyz II Men, Andrea Bocelli, LL Cool J, George Strait, Ronan
Keating, Andre Rieu, Spitz and Luna Sea.
Universal Music Group (UMG) set a record in the history of the U.S. music
business by achieving the largest single-week market share of current albums -
37.3 percent - for the week ending May 28, 2000, according to SoundScan.
UMG had the #1 and #2 albums in Europe throughout July: Bon Jovi (also #1
throughout June) and Eminem (#2). In Brazil, UMG has achieved a market share of
28 percent, 11 points above its nearest competitor (Warner Music with 17
percent).
UMG successfully completed the integration of its Japanese joint venture
company, Universal Victor, and commenced a strategic alliance in the areas of
sales and distribution with Victor Entertainment.
Over the last few months, UMG has announced a number of alliances and
investments, including:
- APRIL 20, 2000 - UMG granted the first interactive radio license to
ClickRadio, Inc., a free personalized Internet-enhanced, digital radio
service offering CD-quality music both on and offline.
- MAY 2, 2000 - UMG and Sony Music Entertainment agreed to enter into a
joint venture to develop a subscription-based service, which will
include various music and video offerings for the Internet across
multiple platforms.
<PAGE> 4
- JUNE 1, 2000 - UMG, in addition to consumer electronics manufacturers
and technology companies, made an investment in DataPlay, a company
developing Web-enabled digital content recording and distribution media
for portable Internet appliances and hand-held consumer entertainment
devices.
- JULY 6, 2000 - UMG and Grupo Prisa, Spain's largest media company,
signed an agreement to establish Muxxic Latina, a new record label that
will sign and market Latin music outside of Spain.
- AUGUST 1, 2000 - UMG announced the trial of commercial downloads of
music with bluematter, a new digital music product.
- AUGUST 2, 2000 - UMG entered into an agreement to acquire Rondor Music,
the world's leading independent music publishing company.
FILMED ENTERTAINMENT
Filmed Entertainment recorded a strong improvement and returned to
profitability, earning $5 million of EBITDA this quarter compared with last
year's EBITDA loss of $69 million.
Erin Brockovich, a co-production with Columbia Pictures, has grossed more than
$125 million domestically. The submarine thriller U-571 opened in April to first
place at the box office, grossing $19.6 million in its first weekend. To date,
U-571 has grossed more than $76 million domestically.
Gladiator, a co-production with DreamWorks, has already grossed more than $405
million worldwide. Nutty Professor II: The Klumps, featuring Eddie Murphy in
eight different roles, opened in July to $42.5 million in its first weekend.
This marked Murphy's biggest opening ever. The Klumps is expected to cross the
$100 million mark at the box office in the coming week.
Universal's line-up for the fall and winter includes: the comedy Meet the
Parents, starring Robert De Niro and Ben Stiller; the modestly-budgeted
thriller, The Watcher, starring James Spader, Marisa Tomei and Keanu Reeves; and
Dr. Seuss' How the Grinch Stole Christmas, featuring Jim Carrey under the
direction of Ron Howard, opening on November 17. The holiday film The Family
Man, starring Nicolas Cage and Tea Leoni, debuts on December 15. Universal
Focus, Universal's newly announced specialty films division, in October will
roll out Working Title's Billy Elliot, which was enthusiastically received at
the Cannes Film Festival.
With over $1 billion in gross sales, fiscal year 2000 was Universal's most
successful domestic video year in history. Universal's fiscal year 2000 domestic
DVD revenue grew approximately 90 percent over fiscal year 1999. For the
quarter, DVD revenue was up nearly 140 percent over the previous year.
<PAGE> 5
By the end of fiscal year 2000, Universal had distributed 5 of the top-20
selling DVD titles of all time, according to VideoScan. The titles included
American Pie, The Mummy, End of Days, The Bone Collector and Saving Private
Ryan. In VHS and DVD sales, The Mummy was the #1 selling live-action movie of
calendar year 1999.
In domestic television, Universal Television & Networks Group's syndicated hit
reality series Blind Date, which is cleared on more than 153 stations covering
92 percent of the country, began production on a second season of new episodes.
Universal Studios Network Programming's comedy series Just Shoot Me is entering
its fifth season, during which it will mark its 100th episode, and is selling
very well in syndication. Universal Studios Network Programming's comedy series
The Steve Harvey Show is also entering its fifth season and will soon mark its
100th episode. It ended the season as the top-rated comedy on the WB and as the
most popular African-American show on television.
In international television, Universal Television & Networks Group's May launch
of its branded movie channel in Spain, Studio Universal, marked its eighth
network launch.
RECREATION AND OTHER
In Recreation and Other, consolidated EBITDA increased 46 percent to $60 million
for the quarter on 7 percent higher revenues of $214 million.
Revenues from consolidated and unconsolidated companies increased 17 percent to
$350 million, and EBITDA from consolidated and unconsolidated companies
increased 25 percent to $89 million. The EBITDA increase is primarily due to
higher management fees from Universal Orlando, overhead reductions in Recreation
and an improved contribution from interactive game sales.
Islands of Adventure at Universal Orlando launched its second full year of
operation with two new family attractions: "Storm Force Accelatron," in which
young guests help X-Men super-heroine Storm battle her archenemies; and "Flying
Unicorn," a child-sized roller coaster that takes young riders on a gentle
journey aboard a mythical unicorn.
In May, Universal Studios Port Aventura in Barcelona, Spain, debuted "Sea
Odyssey." This attraction - part thrill ride and part undersea exploratorium -
combines computer graphic animation with cutting-edge attraction technologies to
create the most advanced underwater experience ever created.
In June, Universal Studios Hollywood and Nickelodeon created the "Rugrats Magic
Adventure!" attraction, which features an interactive stage performance of
music, magic and mayhem. Also in June, Universal Studios Hollywood opened
"Chicken Run Maze," an attraction based on the DreamWorks Pictures' and Aardman
Studios' animated film,
<PAGE> 6
Chicken Run. The attraction, which will be on display until September, is
interactive and offers a behind-the-scenes look at clay animation.
Upcoming events include:
- EARLY 2001: The opening of The Hard Rock Hotel, A Loews Hotel, at
Universal Orlando.
- SPRING 2001: The opening of Universal Studios Japan in Osaka.
SPIRITS AND WINE
This quarter, Spirits and Wine revenues increased 3 percent to $1.2 billion.
Excluding the impact of unfavorable foreign exchange, revenues would have
increased 7 percent versus last year. EBITDA from continuing operations rose 10
percent to $159 million. Total volumes worldwide increased 3 percent, driven by
strong growth in the U.S.; Japan, Korea, Thailand and Greater China in Asia
Pacific; and Spain and Germany in Europe.
ABSOLUT VODKA, owned by V&S Vin & Sprit AB, and Captain Morgan once again
registered double-digit growth on a global basis. Crown Royal continued its
strong growth pattern in North America, while Glen Grant and Mumm Sekt moved
ahead in Europe. Martell performed well in the U.S. and Asia Pacific. Chivas
Regal registered significant volume gains in North America, Asia Pacific and
Europe.
ABSOLUT MANDRIN, owned by V&S Vin & Sprit AB, completed an outstanding first
year, further building ABSOLUT VODKA's brand franchise. Seagram's new entry in
the Tequila category, Margaritaville, delivered strong results in the U.S.
Marketing investment increased over 20 percent for the quarter, with continued
emphasis on brand equity building behind focus brands, such as the 'When You
Know' global communications program for Chivas Regal and the 'Captain for
President' campaign for Captain Morgan in the U.S.
TWELVE MONTH RESULTS - TOTAL SEAGRAM
- Actual revenues increased 27 percent to $15.7 billion, and actual
EBITDA rose 82 percent to $1.87 billion.
- On a pro forma basis, revenues were 2 percent higher than the prior
year, and EBITDA increased 27 percent.
- The Company reported operating income of $753 million. The twelve-month
operating income included the pre-tax reversal of $59 million of
accrued costs associated with the integration of Universal and PolyGram
operations because of the favorable settlement of certain contractual
and employee severance obligations. In the prior period, operating
income was a loss of $250 million, including a $405
<PAGE> 7
million pre-tax restructuring charge associated with the integration of
Universal and PolyGram operations.
- The Company reported net income of $40 million or $0.09 per basic
share, including the after-tax reversal of accrued costs; a $55 million
after-tax gain on the sale of the concert operations; and an $84
million cumulative effect of an accounting change related to start-up
activities. Excluding these items, the Company had net income of $34
million or $0.08 per basic share. In the prior year, the Company
reported a net loss of $215 million or $0.57 per basic share, excluding
the after-tax restructuring charge; the after-tax gain on the USA
transactions; and a $1.07 billion after-tax gain on the sale of
Tropicana. Reported net income last year was $686 million or $1.81 per
basic share.
The Company's financial results are prepared on a U.S. Generally Accepted
Accounting Principles (GAAP) basis, which conforms in all material respects to
Canadian GAAP.
The Seagram Company Ltd., headquartered in Montreal, operates in four global
business segments: MUSIC, FILMED ENTERTAINMENT, RECREATION AND OTHER, and
SPIRITS AND WINE. Universal Music Group, the world's largest recorded music
company, produces, markets and distributes recorded music throughout the world
in all major genres, and it is engaged in music publishing. The Company's Filmed
Entertainment business produces and distributes motion picture, television and
home video products worldwide; operates and has ownership in a number of
international cable channels; and engages in the licensing of merchandising
rights and film property rights. The Recreation and Other business operates
theme parks and retail stores. It is also involved in the development of
entertainment software. The Spirits and Wine business is engaged principally in
the production and marketing of distilled spirits, wines, coolers, beers and
mixers throughout more than 190 countries and territories. The Company's
corporate website is located at www.seagram.com.
This release contains forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or beliefs and
are subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. Actual results may differ from those set forth in the
forward-looking statements as a result of various factors (including but not
limited to future global economic conditions, market conditions, foreign
exchange rates, the actions of competitors, consumer preferences and operating
and financial risks related to managing growth and integrating acquired
businesses), many of which are beyond the control of the Company. More detailed
information regarding these factors is included in the Company's Annual Report
on Form 10-K and other filings with the U.S. Securities and Exchange Commission.
The forward-looking statements contained in this release also address the
strategic business combination of Vivendi, Seagram and Canal+. The following
factors, among others, could cause actual results to differ materially from
those described in the forward-looking statements: the risk that the Vivendi,
Seagram and Canal+ businesses will not be integrated successfully; costs related
to the business combination; failure of the Vivendi, Seagram or Canal+
stockholders to approve the business combination; inability to further identify,
develop and achieve success for new products, services and technologies;
increased competition and its effect on pricing, spending, third-party
relationships and revenues; inability to establish and maintain relationships
with commerce, advertising, marketing, technology and content providers.
Investors and security holders are urged to read the joint proxy
statement/prospectus when available regarding the strategic business combination
transaction referenced in the foregoing information, because it will contain
important information. The joint proxy statement/prospectus will be filed with
the U.S. Securities and Exchange Commission by
<PAGE> 8
Vivendi, Seagram and Canal+. Investors and security holders may obtain a free
copy of the joint proxy statement/prospectus and other documents when they are
filed by Vivendi, Seagram and Canal+ with the Commission at the Commission's web
site at www.sec.gov. The joint proxy statement/prospectus and these other
documents may also be obtained for free from Seagram. Information regarding the
participants in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, is contained in the joint
press release relating to the transaction filed with the Commission by each of
Vivendi and Seagram on June 20, 2000.
# # #
EDITOR'S NOTE: Fourth-quarter and twelve-month FY 2000 tables follow.
<PAGE> 9
TABLE 1 - INCOME STATEMENT
THE SEAGRAM COMPANY LTD.
(U.S.$ in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30, Twelve Months Ended June 30,
--------------------- ----------------------------------
2000 1999 2000 1999 1999
-------- -------- -------- -------- --------
(Pro Forma)
<S> <C> <C> <C> <C> <C>
Revenues $ 3,698 $ 3,523 $ 15,686 $ 12,312 $ 15,344
Operating income (loss)
Music 23 (46) 288 (126) 75
Filmed Entertainment (18) (87) (158) (206) (281)
Recreation and Other 30 14 83 45 45
Spirits and Wine 129 114 602 552 552
Restructuring (charge) credit - Music and Filmed
Entertainment -- -- 59 (405) --
Corporate (48) (42) (121) (110) (110)
-------- -------- -------- -------- --------
Total operating income (loss) 116 (47) 753 (250) 281
Interest, net and other expense 174 156 661 457 682
Gain on USA transactions and sale of businesses -- 128 98 128 128
-------- -------- -------- -------- --------
(58) (75) 190 (579) (273)
Provision (benefit) for income taxes 83 (15) 158 (33) 61
Minority interest -- 1 17 (26) 4
Equity earnings from unconsolidated companies * 13 8 109 137 130
-------- -------- -------- -------- --------
Income (loss) from continuing operations (128) (53) 124 (383) (208)
Loss from discontinued Tropicana operations, after tax -- -- -- (3) --
Gain on sale of discontinued Tropicana operations, after tax -- -- -- 1,072 --
Cumulative effect of change in accounting principle, after tax -- -- (84) -- --
-------- -------- -------- -------- --------
Net income (loss) $ (128) $ (53) $ 40 $ 686 $ (208)
======== ======== ======== ======== ========
Earnings (loss) per share - basic $ (0.29) $ (0.13) $ 0.09 $ 1.81 $ (0.52)
======== ======== ======== ======== ========
Earnings (loss) per share - diluted $ (0.29) $ (0.13) $ 0.09 $ 1.81 $ (0.52)
======== ======== ======== ======== ========
Supplemental Financial Data:
Income(loss) from continuing operations, excluding net gain
on USA transactions and sale of businesses and
restructuring (charge) credit $ (128) $ (129) $ 34 $ (215) $ (284)
======== ======== ======== ======== ========
</TABLE>
* Includes goodwill amortization related to unconsolidated companies
<PAGE> 10
TABLE 2 - REVENUES AND EBITDA
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL DATA
(U.S.$ in millions, except share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30, Twelve Months Ended June 30,
----------------------- -------------------------------------
2000 1999 2000 1999 1999
--------- --------- --------- --------- ---------
(Pro Forma)
<S> <C> <C> <C> <C> <C>
CONSOLIDATED COMPANIES ONLY
Revenues
Music $ 1,430 $ 1,342 $ 6,236 $ 3,751 $ 6,336
Filmed Entertainment 827 790 3,480 2,931 3,378
Recreation and Other 214 200 862 818 818
Spirits and Wine 1,227 1,191 5,108 4,812 4,812
--------- --------- --------- --------- ---------
Total revenues $ 3,698 $ 3,523 $ 15,686 $ 12,312 $ 15,344
========= ========= ========= ========= =========
EBITDA
Music $ 217 $ 139 $ 1,018 $ 347 $ 861
Filmed Entertainment 5 (69) (61) (136) (200)
Recreation and Other 60 41 188 133 133
Spirits and Wine 159 148 727 684 684
--------- --------- --------- --------- ---------
Total EBITDA 441 259 1,872 1,028 $ 1,478
Depreciation expense (110) (82) (361) (294) (320)
Amortization of goodwill and intangible assets (170) (185) (706) (479) (777)
Restructuring (charge) credit - Music and Filmed Entertainment -- -- 59 (405) --
Corporate expenses (45) (39) (111) (100) (100)
--------- --------- --------- --------- ---------
Operating income (loss) $ 116 $ (47) $ 753 $ (250) $ 281
========= ========= ========= ========= =========
Thousands
Weighted average shares outstanding - basic 436,582 406,292 434,544 378,193 399,281
Weighted average shares outstanding - diluted 436,582 406,292 441,367 378,193 399,281
Shares outstanding at end of period 437,227 432,555 437,227 432,555 432,555
</TABLE>
<PAGE> 11
TABLE 3 - SUPPLEMENTAL FINANCIAL DATA FOR UNCONSOLIDATED COMPANIES PAGE 1 OF 2
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL DATA
(U.S.$ in millions)
(Unaudited)
A portion of Seagram's activities are conducted through interests in public and
non-public entities that are not consolidated subsidiaries. The unconsolidated
public entities in which Seagram retains an interest are USA Networks Inc.
(42.9% effective equity interest - Nasdaq:USAi), Loews Cineplex Entertainment
Corporation (25.6% interest - NYSE:LCP) and Interplay Entertainment Corp. (15.6%
interest - Nasdaq:IPLY). The unconsolidated non-public entities principally
include Universal Orlando, Universal Studios Port Aventura, Cinema International
Corporation, United Cinemas International, USJ Co. Ltd., SEGA GameWorks,
GetMusic and Kirin-Seagram Limited. Consolidated revenues, EBITDA and operating
income of Seagram do not include the results of these unconsolidated entities.
Since Seagram operates some of its core businesses through unconsolidated
entities, Seagram believes that the information provided in Table 3, which
summarizes the results of the non-public unconsolidated entities, provides
additional information for understanding its business results.
The following summary unaudited financial information for Universal Orlando and
other non-publicly traded unconsolidated companies is not prepared in accordance
with generally accepted accounting principles (GAAP) and is intended solely to
provide additional information to investors. It should be viewed in conjunction
with Seagram's financial statements. Seagram does not control these entities and
accordingly could not among other things, cause any unconsolidated company to
distribute to Seagram its undistributed share of the revenue and earnings of
such company.
UNIVERSAL ORLANDO
Universal Orlando is comprised principally of one partnership, Universal City
Development Partners L.P., in which Universal has a 50% interest. Summary
financial information for 100% of Universal Orlando follows:
<TABLE>
<CAPTION>
Universal Orlando Three Months Ended June 30, Twelve Months Ended June 30,
----------------------- -----------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues $ 242 $ 158 $ 832 $ 449
Operating income (loss) 17 9 24 66
Pre-tax income (loss) (15) (7) (98) 37
EBITDA 65 59 195 159
Universal's proportionate share of:
Total assets at quarter-end 1,379 1,485 1,379 1,485
Net debt at quarter-end 789 745 789 745
</TABLE>
<PAGE> 12
TABLE 3 - SUPPLEMENTAL FINANCIAL DATA FOR UNCONSOLIDATED COMPANIES PAGE 2 OF 2
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL DATA
(U.S.$ in millions)
(Unaudited)
NON-PUBLICLY TRADED UNCONSOLIDATED COMPANIES
The following sets forth Seagram's proportionate share of the revenues and
EBITDA of the unconsolidated companies which are not publicly traded.
<TABLE>
<CAPTION>
Three Months Ended June 30, Twelve Months Ended June 30,
----------------------- -----------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues
Music $ 39 $ 12 $ 89 $ 61
Filmed Entertainment 55 47 269 240
Recreation and Other
Universal Orlando 117 79 402 224
Other 19 19 66 66
------- ------- ------- -------
Total Recreation and Other 136 98 468 290
Spirits and Wine 56 47 179 162
------- ------- ------- -------
Total Revenues $ 286 $ 204 $ 1,005 $ 753
======= ======= ======= =======
EBITDA
Music $ (10) $ 1 $ (12) $ 5
Filmed Entertainment 5 4 51 55
Recreation and Other
Universal Orlando * 32 29 97 80
Other (3) 1 (5) 12
------- ------- ------- -------
Total Recreation and Other 29 30 92 92
Spirits and Wine 4 4 10 9
------- ------- ------- -------
Total EBITDA $ 28 $ 39 $ 141 $ 161
======= ======= ======= =======
</TABLE>
* Excludes income on intercompany transactions.
<PAGE> 13
TABLE 4 - CONSOLIDATED AND UNCONSOLIDATED REVENUES AND EBITDA
THE SEAGRAM COMPANY LTD.
SUPPLEMENTAL FINANCIAL INFORMATION
(U.S.$ in millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30, Twelve Months Ended June 30,
------------------------- ------------------------------------------
2000 1999 2000 1999 1999
-------- -------- -------- -------- --------
(Pro Forma)
<S> <C> <C> <C> <C> <C>
REVENUES
Music
Consolidated companies $ 1,430 $ 1,342 $ 6,236 $ 3,751 $ 6,336
Unconsolidated companies 39 12 89 61 61
-------- -------- -------- -------- --------
Total 1,469 1,354 6,325 3,812 6,397
Filmed Entertainment
Consolidated companies 827 790 3,480 2,931 3,378
Unconsolidated companies 515 402 1,908 1,689 1,689
-------- -------- -------- -------- --------
Total 1,342 1,192 5,388 4,620 5,067
Recreation and Other
Consolidated companies 214 200 862 818 818
Unconsolidated companies 136 98 468 290 290
-------- -------- -------- -------- --------
Total 350 298 1,330 1,108 1,108
Spirits and Wine
Consolidated companies 1,227 1,191 5,108 4,812 4,812
Unconsolidated companies 56 47 179 162 162
-------- -------- -------- -------- --------
Total 1,283 1,238 5,287 4,974 4,974
Total consolidated companies 3,698 3,523 15,686 12,312 15,344
Total unconsolidated companies 746 559 2,644 2,202 2,202
-------- -------- -------- -------- --------
Total $ 4,444 $ 4,082 $ 18,330 $ 14,514 $ 17,546
======== ======== ======== ======== ========
EBITDA
Music
Consolidated companies $ 217 $ 139 $ 1,018 $ 347 $ 861
Unconsolidated companies (10) 1 (12) 5 5
-------- -------- -------- -------- --------
Total 207 140 1,006 352 866
Filmed Entertainment
Consolidated companies 5 (69) (61) (136) (200)
Unconsolidated companies 110 65 414 343 343
-------- -------- -------- -------- --------
Total 115 (4) 353 207 143
Recreation and Other
Consolidated companies 60 41 188 133 133
Unconsolidated companies 29 30 92 92 92
-------- -------- -------- -------- --------
Total 89 71 280 225 225
Spirits and Wine
Consolidated companies 159 148 727 684 684
Unconsolidated companies 4 4 10 9 9
-------- -------- -------- -------- --------
Total 163 152 737 693 693
Total consolidated companies 441 259 1,872 1,028 1,478
Total unconsolidated companies 133 100 504 449 449
-------- -------- -------- -------- --------
Total $ 574 $ 359 $ 2,376 $ 1,477 $ 1,927
======== ======== ======== ======== ========
</TABLE>
