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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

November 25, 2003

Vivendi Universal
(Exact name of registrant as specified in its charter)

42, avenue de Friedland
75008 Paris
France
(Address of Principal Executive Offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

     Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Contents: Selected US GAAP Financial Data.

This report on Form 6-K shall be incorporated by reference in the Registration Statement on Form F-4 (Registration No. 333-106766), as amended, and the Registration Statement on Form F-3 (Registration No. 333-81578), as amended, filed by Vivendi Universal under the Securities Act of 1933, to the extent not superseded by documents or reports subsequently filed by Vivendi Universal under the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

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EXHIBIT LIST
SIGNATURES
	EXHIBIT 99.1

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EXHIBIT LIST

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 25, 2003

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EXHIBIT 99.1

SELECTED US GAAP FINANCIAL DATA

Reconciliation of shareholders’ equity

Reconciliation of net income (loss)

Unaudited, French GAAP Basis

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(1)		Amortization of goodwill in French GAAP is reversed, since goodwill is no longer amortized under US GAAP.
(2)		Different basis of trademark amortization recognized in US GAAP.
(3)		In 2003, FAS 133 reconciliation items €60 million; financial instruments related to treasury shares €42 million. In 2002, reversal of accruals for and recognition of losses under French GAAP related to put and call options on treasury shares of €888 million; reversal of reserves related to available for sale assets recognized in profit and loss under French GAAP of €173 million (Dupont); reversal of mark-to market of sold marketable securities (€239) million.
(4)		The valuation of the Class B Preferred Interest and the Put/Call provisions has been performed by Standard & Poor’s (“S&P”) under an engagement with Vivendi Universal. After a review by S&P of their methodology and assumptions, S&P has changed the methodology it uses as of June 30, 2003. Had that methodology been applied to the March 31, 2003 valuation, financial instruments would have been valued at €446 million and US GAAP net loss would have been (€254) million.
(5)		In 2003, these adjustments related mainly to Veolia Environment (“VE”).
(6)		In 2003, adoption of FAS 143 asset retirement obligations. VE has estimated the impact as of June 30, 2003 of the adoption of this standard as of January 1, 2003; this estimate may be revised by at December 31, 2003 in connection with the preparation by VE of its audited financial statements for the full year 2003. However, in the opinion of management, any revision would not result in an amount that would be materially different than the estimate reflected in the adjustment set forth above. In 2002, adoption of FAS 142 impairment. This impairment was effectively recorded under French GAAP in 2001.

Reconciliation of other selected financial data to US GAAP

     — Operating income

     — Financing expenses

Unaudited, French GAAP Basis

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     — Financial net debt

Unaudited, French GAAP Basis

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