Page 181 - 2012 Annual Report

181
VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
I - 2012 FINANCIAL REPORT
SECTION 3 CASH FLOW FROM OPERATIONS ANALYSIS
(in millions of euros)
Year ended December 31,
2012 2011 € Change % Change
Revenues 28,994 28,813 +181 +0.6%
Operating expenses excluding depreciation and amortization (20,641) (20,320) -321 -1.6%
EBITDA (a) 8,353 8,493 -140 -1.6%
Restructuring charges paid (189) (114) -75 -65.8%
Content investments, net (299) (13) -286 x 23.0
Of which internally developed franchises and other games content assets at Activision Blizzard (108) (49) -59 x 2.2
Of which payments to artists and repertoire owners, net at UMG
Payments to artists and repertoire owners (647) (589) -58 -9.8%
Recoupment of advances and other movements 603 581 +22 +3.8%
(44) (8) -36 x 5.5
Of which film and television rights, net at Canal+ Group
Acquisition of film and television rights (760) (724) -36 -5.0%
Consumption of film and television rights 703 706 -3 -0.4%
(57) (18) -39 x 3.2
Of which sports rights, net at Canal+ Group
Acquisition of sports rights (654) (662) +8 +1.2%
Consumption of sports rights 672 695 -23 -3.3%
18 33 -15 -45.5%
Neutralization of change in provisions included in EBITDA (56) (100) +44 +44.0%
Other cash operating items excluded from EBITDA (31) (7) -24 x 4.4
Other changes in net working capital 90 (307) +397 na*
Net cash provided by operating activities before income tax paid (b) 7,868 7,952 -84 -1.1%
Dividends received from equity affiliates (c) 3 79 -76 -96.2%
Of which balance of the contractual dividend paid by GE - 70 -70 -100.0%
Dividends received from unconsolidated companies (c) 1 3 -2 -66.7%
Cash flow from operations, before capital expenditures, net (CFFO before capex, net) 7,872 8,034 -162 -2.0%
Capital expenditures, net (capex, net) (d) (4,490) (3,340) -1,150 -34.4%
Of which SFR (e) (2,736) (1,809) -927 -51.2%
Maroc Telecom Group (457) (466) +9 +1.9%
GVT (947) (705) -242 -34.3%
Cash flow from operations (CFFO) 3,382 4,694 -1,312 -28.0%
Interest paid, net (f) (568) (481) -87 -18.1%
Other cash items related to financial activities (f) (98) (239) +141 +59.0%
Of which settlements with the Brazilian Authorities regarding ICMS (7) (164) +157 +95.7%
fees and premium on borrowings issued/redeemed and early unwinding of hedging
derivative instruments (9) (83) +74 +89.2%
gains/(losses) on currency transactions (52) 8 -60 na*
Financial activities cash payments (666) (720) +54 +7.5%
Payment received from the French State Treasury as part of the Vivendi SA’s French Tax Group and
Consolidated Global Profit Tax Systems 536 591 -55 -9.3%
Other taxes paid (1,298) (1,681) +383 +22.8%
Income tax (paid)/received, net (b) (762) (1,090) +328 +30.1%
Cash flow from operations after interest and income tax paid (CFAIT) 1,954 2,884 -930 -32.2%
na*: not applicable.
(a) EBITDA, a non-GAAP measure, is described in Section 4.2 of this Financial Report.
(b) As presented in operating activities of Vivendi’s Statement of Cash Flows (please refer to Section 5.3).
(c) As presented in investing activities of Vivendi’s Statement of Cash Flows (please refer to Section 5.3).
(d) Relates to cash used for capital expenditures, net of proceeds from property, plant and equipment, and intangible assets as presented in investing
activities of Vivendi’s Statement of Cash Flows (please refer to Section 5.3).
(e) SFR’s capital expenditures notably included a cash payment for 4G mobile spectrum of €1,065 million in 2012 and of €150 million in 2011.
(f) As presented in financing activities of Vivendi’s Statement of Cash Flows (please refer to Section 5.3).