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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
4.2.3.
Vivendi Village
(in millions of euros)
Year ended December 31,
2014
2013
Digitick
15
13
See Tickets
36
31
Watchever
26
12
Wengo
19
15
Total Revenues
96
71
Income from operations
(34)
(78)
EBITA
(79)
(80)
Cash flow from operations (CFFO)
(44)
(80)
■
■
Revenues and EBITA
Vivendi Village’s revenues amounted to €96 million, an increase of
€25 million. It included revenues from Digitick (€15 million, compared to
€13 million in 2013), See Tickets (€36 million, compared to €31 million
in 2013), Watchever (€26 million, compared to €12 million in 2013), and
Wengo (€19 million, compared to €15 million in 2013).
Vivendi Village’s EBITA amounted to -€79 million, compared to
-€80 million in 2013. In 2014, it was notably impacted by Watchever’s
restructuring charges in Germany (-€44 million).
■
■
Cash flow from operations (CFFO)
Vivendi Village’s cash flow from operations amounted to -€44 million,
compared to -€80 million in 2013. This change was mainly related to the
change in EBITDA.
4.2.4.
Corporate
(in millions of euros)
Year ended December 31,
2014
2013
Income from operations
(82)
(87)
EBITA
(70)
(87)
Cash flow from operations (CFFO)
(69)
(89)
■
■
EBITA
Corporate EBITA was -€70 million (compared to -€87 million in 2013), an
increase of €17 million. This increase was primarily due to the decrease
in operating expenses and to non-recurring items related to pensions.
■
■
Cash flow from operations (CFFO)
Corporate’s cash flow from operations amounted to -€69 million,
compared to -€89 million in 2013. This change was mainly attributable to
the change in EBITA.
4.2.5.
GVT (discontinued operation)
GVT’s revenues were €1,765 million, a 12.8% increase at constant
currency compared to 2013. This performance was driven by continuous
growth of the core segment (retail and SME), which increased 14.1%
at constant currency; including a 56.8% year-on-year increase in pay-
TV. This service, which now represents 14.2% of GVT’s total revenues,
had 858,860 pay-TV subscribers, reflecting a 33.6% increase compared
to 2013.
GVT pursued its expansion in Brazil in a controlled and targeted manner
and launched its services in six additional cities during 2014. It now
operates in 156 cities in the South, Southeast, Midwest and Northeast
regions in Brazil.
GVT’s EBITDA was €702 million, a 8.4% increase at constant currency
compared to 2013. Its EBITDA margin reached 39.8% (41.4% for its
telecom activities alone), which is the highest margin in the Brazilian
telecom operator market.
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Annual Report 2014