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Section 3 - Cash flow from operations analysis
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
(in millions of euros)
Year ended December 31,
2014
2013
(a)
% Change
Revenues
10,089
10,252
-1.6%
Operating expenses excluding depreciation and amortization
(8,646)
(8,797)
+1.7%
EBITDA
1,443
1,455
-0.8%
Restructuring charges paid
(84)
(105)
+20.2%
Content investments, net
19
(148)
na
of which film and television rights, net at Canal+ Group
acquisition of film and television rights
(604)
(738)
+18.1%
consumption of film and television rights
713
743
-4.1%
109
5
×19.7
of which sports rights, net at Canal+ Group
acquisition of sports rights
(818)
(714)
-14.4%
consumption of sports rights
801
759
+5.5%
(17)
45
na
of which payments to artists and repertoire owners, net at UMG
payments to artists and repertoire owners
(554)
(599)
+7.5%
recoupment of advances and other movements
613
561
+9.2%
59
(38)
na
Neutralization of change in provisions included in operating expenses
(154)
(78)
-97.9%
Other cash operating items
(22)
(78)
+72.3%
Other changes in net working capital
(123)
36
na
Net cash provided by operating activities before income tax paid
(b)
1,079
1,082
-0.2%
Dividends received from equity affiliates
(c)
4
3
+32.3%
Dividends received from unconsolidated companies
(c)
3
54
-96.1%
Cash flow from operations, before capital expenditures, net (CFFO before capex, net)
1,086
1,139
-4.7%
Capital expenditures, net (capex, net)
(d)
(243)
(245)
+0.9%
Cash flow from operations (CFFO)
843
894
-5.8%
Interest paid, net
(e)
(96)
(266)
+64.1%
Other cash items related to financial activities
(e)
(606)
(330)
-84.1%
of which premium paid on early bonds redemption
(642)
(182)
×3.3
gains/(losses) on currency transactions
47
(142)
na
Financial activities cash payments
(702)
(596)
-17.8%
Payment received from the French State Treasury as part of the Vivendi SA’s French Tax Group
and Consolidated Global Profit Tax Systems
366
201
+82.1%
Other taxes paid
(86)
4
na
Income tax (paid)/collected, net
(b)
280
205
+36.6%
Cash flow from operations after interest and income tax paid (CFAIT)
421
503
-16.4%
na: not applicable.
(a)
Data published with respect to fiscal year 2013 has been adjusted following the application of IFRS 5 (please refer to the preliminary comments
above).
(b)
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).
(c)
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).
(d)
Relates to cash used for capital expenditures, net of proceeds from sales of 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).
(e)
As presented in net cash provided by/(used for) financial activities of continuing operations in the Financial Net Debt changes table (please refer
to Section 5.3).
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Annual Report 2014