185
Annual Report -
2013
-
Vivendi
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
4
SECTION 3 - Cash flow from operations analysis
(in millions of euros)
Year ended December 31,
2013
2012
(a)
€ Change % Change
Revenues
22,135
22,577
-442
-2.0%
Operating expenses excluding depreciation and amortization
(17,207)
(17,027)
-180
-1.1%
EBITDA
(b)
4,928
5,550
-622
-11.2%
Restructuring charges paid
(282)
(114)
-168
x 2.5
Content investments, net
(148)
(145)
-3
-2.1%
of which film and television rights, net at Canal+ Group
Acquisition of film and television rights
(869)
(760)
-109
-14.3%
Consumption of film and television rights
743
703
+40
+5.7%
(126)
(57)
-69
x 2.2
of which sports rights, net at Canal+ Group
Acquisition of sports rights
(714)
(654)
-60
-9.2%
Consumption of sports rights
759
672
+87
+12.9%
45
18
+27
x 2.5
of which payments to artists and repertoire owners, net at UMG
Payments to artists and repertoire owners
(599)
(647)
+48
+7.4%
Recoupment of advances and other movements
561
603
-42
-7.0%
(38)
(44)
+6
+13.6%
Neutralization of change in provisions included in EBITDA
(90)
(144)
+54
+37.5%
Other cash operating items excluded from EBITDA
(80)
(31)
-49
x 2.6
Other changes in net working capital
(308)
69
-377
na
Net cash provided by operating activities before income tax paid
(c)
4,020
5,185
-1,165
-22.5%
Dividends received from equity affiliates
(d)
3
3
-
-
Dividends received from unconsolidated companies
(d)
54
1
+53
x 54.0
Cash flow from operations, before capital expenditures, net (CFFO before capex, net)
4,077
5,189
-1,112
-21.4%
Capital expenditures, net (capex, net)
(e)
(2,624)
(3,976)
+1,352
+34.0%
of which GVT
(769)
(947)
+178
+18.8%
SFR
(g)
(1,610)
(2,736)
+1,126
+41.2%
Cash flow from operations (CFFO)
1,453
1,213
+240
+19.8%
Interest paid, net
(f)
(528)
(544)
+16
+2.9%
Other cash items related to financial activities
(f)
(349)
(96)
-253
x 3.6
of which gains/(losses) on currency transactions
(143)
(50)
-93
x 2.9
fees and premium on borrowings issued/redeemed and early unwinding
of hedging derivative instruments
(194)
(9)
-185
x 21.6
Financial activities cash payments
(877)
(640)
-237
-37.0%
Payment received from the French State Treasury as part of the Vivendi SA’s French Tax Group
and Consolidated Global Profit Tax Systems
201
536
-335
-62.5%
Other taxes paid
(398)
(889)
+491
+55.2%
Income tax (paid)/received, net
(c)
(197)
(353)
+156
+44.2%
Cash flow from operations after interest and income tax paid (CFAIT)
379
220
+159
+72.3%
na: not applicable.
(a)
Data published with respect to fiscal year 2012 has been adjusted following the application of IFRS 5 (please refer to the preliminary comments
above) and amended IAS 19.
(b)
EBITDA, a non-GAAP measure, is described in Section 4 of this Financial Report.
(c)
As presented in net cash provided by operating activities of continuing operations in the Financial Net Debt changes table (please refer to Section 5.3).
(d)
As presented in net cash provided by/(used for) investing activities of continuing operations in the Financial Net Debt changes table (please refer
to Section 5.3).
(e)
Relates to cash used for capital expenditures, net of proceeds from property, plant and equipment, and intangible assets as presented in the
investing activities of continuing operations in the Financial Net Debt changes table (please refer to Section 5.3).
(f)
As presented in net cash provided by/(used for) financing activities of continuing operations in the Financial Net Debt changes table (please refer
to Section 5.3).
(g)
In 2012, SFR’s capital expenditures notably included the acquisition of 4G spectrum for €1,065 million in January 2012.
