Vivendi has reported its latest full-year financials, including those for its Universal Music Group subsidiary, which is referred to as having experienced a “turnaround” in the financials announcement. UMG’s 2011 revenues were €4.2bn, down 5.7% year-on-year. Digital music sales grew 9.6% in the same period, and accounted for 33.6% of UMG’s recorded music revenues in 2011. UMG’s earnings before interest, tax and amortisation expenses (EBITA) increased 7.6% year-on-year to €507m. However, in Q4 2011 specifically, UMG’s revenues were €1.4bn – down 11% year-on-year – although its EBITA rose 15.9% to €263m. The financials talk about the recorded music market “approaching an inflection point in the US”, and suggests that UMG’s acquisition of EMI Music’s recorded music division will “generate more than £100m per annum in synergies”.