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Friday, February 19, 2016
2.3 Cash flow from operations analysis
Preliminary comments:
The non-GAAP measures cash flow from operations (CFFO) and cash flow from operations after interest and taxes (CFAIT) should be
considered in addition to, and not as substitutes for, other GAAP measures of operating and financial performance as presented in the
Consolidated Financial Statements and the related notes or as described in the Financial Report. Vivendi considers these to be relevant
indicators of the group’s operating and financial performance.
In compliance with IFRS 5, SFR and Maroc Telecom (sold in 2014), as well as GVT (sold on May 28, 2015) have been reported as
discontinued operations. In practice, cash flows from these businesses have been reported as follows:
- their contribution until their effective sale, to each line of Vivendi’s Consolidated Statement of Cash Flows has been grouped under
the line “Cash flows from discontinued operations”; and
- their cash flow from operations (CFFO) and cash flow from operations after interest and income taxes (CFAIT) have been excluded
from Vivendi’s CFFO and CFAIT, as presented below.
Year ended December 31,
(in millions of euros) 2015 2014 % Change
Revenues 10,762 10,089 +6.7%
Operating expenses excluding depreciation and amortization (9,429) (8,646) -9.1%
1,333 1,443 -7.7%
Restructuring charges paid (84) (84) -0.5%
Content investments, net 157 19 x 8.3
of which film and television rights, net at Canal+ Group:
Acquisition paid (633) (604) -4.7%
Consumption 753 713 +5.6%
120 109 +10.7%
of which sports rights, net at Canal+ Group:
Acquisition paid (719) (818) +12.1%
Consumption 815 801 +1.7%
96 (17) na
of which payments to artists and repertoire owners, net at UMG:
Payments (635) (554) -14.6%
Recoupment and other 675 613 +10.2%
40 59 -31.4%
Neutralization of change in provisions included in operating expenses (47) (154) +69.9%
Other cash operating items (9) (22) +59.9%
Other changes in net working capital (226) (123) -83.5%
Net cash provided by/(used for) operating activities before income tax paid 1,124 1,079 +4.2%
Dividends received from equity affiliates and unconsolidated companies 14 7 x 2.2
Capital expenditures, net (capex, net) (246) (243) -1.2%
Cash flow from operations (CFFO) 892 843 +5.9%
Interest paid, net (30) (96) +68.7%
Other cash items related to financial activities 106 (606) na
Income tax (paid)/received, net (1,037) 280 na
Cash flow from operations after interest and income tax paid (CFAIT) (69) 421 na
na: not applicable.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi / 19