While UMG's net income was down to 886 million euros ($1.05 billion), or 0.49 euros (58 cents) per diluted share, from last year's 1.366 billion euros ($1.5 billion), or 0.75 euros (85 cents) per share, that decline was attributed to non-cash charges for declines in the value of shares UMG owns in Spotify and Tencent; as well as 102 million euros ($121.4 million) in some one-time expenses relating to UMG becoming a publicly-traded, stand-alone company and non-cash-based compensation expenses. On an adjusted basis, net income for 2021 was 1.271 billion euros ($1.51 billion), versus 2020's 1.03 billion euros ($1.16 billion), or a 19.4% increase.