Page 195 - 2012 Annual Report

195
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 4 BUSINESS SEGMENT PERFORMANCE ANALYSIS
REVENUES AND EBITA
Canal+ Group’s revenues were €5,013 million, a 3.2% increase compared
to 2011 (+2.4% at comparable perimeter, i.e. excluding D8, D17 and the
new activities in Poland).
At the end of December 2012, Canal+ France, which includes Canal+
Group’s pay-TV activities in France and French-speaking countries, had
11.363 million subscriptions, representing a net growth of 147,000
year-on-year. This growth was driven by strong performances at
Canal+ Overseas (in French overseas territories and primarily in Africa),
which had 1.683 million subscriptions at year-end, a net growth of
227,000 subscriptions, compared to 2011. In mainland France, the
subscription portfolio reached 9.680 million, a slight decrease compared
to 2011 due to a difficult economic and competitive environment. Average
revenue per subscriber increased slightly to €48, particularly reflecting
improved cross-selling between Canal+ and CanalSat offerings.
Revenues from other Canal+ Group activities grew strongly thanks to
StudioCanal and new international activities (notably in Poland and
Vietnam), as well as to free-to-air TV.
Excluding the impact of D8, D17 and the new activities in Poland (as well
as transition costs), Canal+ Group’s EBITA amounted to €714 million, a
1.9% increase year-on-year, thanks to Canal+ Overseas’ growth, notably in
Africa, and despite the negative impact of a VAT rise (around €40 million).
Including the impact of the integration of the new activities in Poland and
of D8 and D17, Canal+ Group’s EBITA reached €663 million.
On January 31, 2013, Canal+ Group renewed its exclusive rights to
England’s Premier League, the world’s most widely broadcast football
championship, for the coming three seasons. As a result, it will be
positioned to offer its subscribers the best French and European soccer,
with the top two of the Ligue 1, the top Champions League and 100%
of the English Premier League. In addition, Canal+ Group announced on
February 14, 2013, that it had secured exclusive rights in France to the
Formula 1 world championship.
CASH FLOW FROM OPERATIONS (CFFO)
Canal+ Group’s cash flow from operations amounted to €476 million,
compared to €484 million in 2011. The favorable evolution in EBITDA after
changes in net working capital were offset by the increase in content
investments, net (notably StudioCanal).