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4
Section 4 - Business segment performance analysis
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
4.2.2.
Universal Music Group (UMG)
(in millions of euros)
Year ended December 31,
2014
2013
% Change
% Change at
constant rate
% Change
at constant
rate and
perimeter
(a)
Physical sales
1,417
1,665
-14.9%
-13.5%
-12.2%
Digital sales
1,636
1,705
-4.1%
-2.8%
-0.4%
License and other
635
622
+2.1%
+2.6%
+6.0%
Recorded music
3,688
3,992
-7.6%
-6.4%
-4.4%
Music publishing
673
655
+2.8%
+4.2%
+4.2%
Merchandising and other
232
273
-14.9%
-15.0%
-15.0%
Elimination of intersegment transactions
(36)
(34)
Total Revenues
4,557
4,886
-6.7%
-5.6%
-3.8%
Income from operations
606
636
-4.6%
-3.8%
+2.3%
Income from operations’ margin
13.3%
13.0%
Charges related to equity-settled share-based
compensation plans
(2)
(6)
Special items excluded from income from operations
(including integration and restructuring costs)
(39)
(119)
EBITA
565
511
+10.7%
+11.3%
+20.2%
EBITA margin
12.4%
10.5%
Cash flow from operations (CFFO)
425
585
-27.3%
-27.8%
Recorded music revenues by geographical area
Europe
41%
39%
North America
39%
40%
Asia
11%
12%
Rest of the world
9%
9%
100%
100%
(a)
Constant perimeter excludes the impacts in 2013 of operating the Parlophone Label Group repertoire.
Recorded music: sales of physical and digital supports (albums, tracks, DVDs and streaming), in millions of equivalent album units
Artist
2014
Artist
2013
Frozen
10.0 Eminem
8.3
Taylor Swift
8.8 Katy Perry
6.0
Sam Smith
4.6 Rihanna
4.9
Katy Perry
4.2 Imagine Dragons
4.4
Maroon 5
3.7 Luke Bryan
4.1
Ariana Grande
3.6 Lady GaGa
4.0
Eminem
3.5 Drake
3.9
Lana Del Rey
3.0 Justin Bieber
3.8
Helene Fischer
2.9 Taylor Swift
3.6
Lorde
2.9 The Beatles
3.4
Total
47.2 Total
46.4
176
Annual Report 2014