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Friday, February 19, 2016
Net cash used for investing activities
Net cash used for investing activities includes changes in net working capital related to property, plant and equipment, and intangible assets
as well as cash from investments (particularly dividends received from equity affiliates). It also includes any cash flows arising from the gain
or loss of control of subsidiaries.
Net cash used for financing activities
Net cash used for financing activities includes net interest paid on borrowings, cash and cash equivalents, bank overdrafts, as well as the
cash impact of other items related to financing activities such as premiums from the early redemption of borrowings and the settlement of
derivative instruments. It also includes cash flows from changes in ownership interests in a subsidiary that do not result in a loss of control
(including increases in ownership interests).
1.2.3 Operating performance of each operating segment and the group
Vivendi considers Adjusted Earnings Before Interest and Tax (EBITA), income from operations, Adjusted net income (ANI), and Cash Flow
From Operations (CFF0), non-GAAP measures, to be relevant indicators of the group’s operating and financial performance.
EBITA
Vivendi considers EBITA, a non-GAAP measure, to be a relevant measure to assess the performance of its operating segments as reported in
the segment data. It enables Vivendi to compare the operating performance of operating segments regardless of whether their performance
is driven by the operating segment’s organic growth or by acquisitions. To calculate EBITA, the accounting impact of the following elements
is excluded from the income from EBIT:
the amortization of intangible assets acquired through business combinations;
impairment losses on goodwill and other intangibles acquired through business combinations; and
other income and charges related to transactions with shareowners and to financial investing transactions, which include gains and
losses recognized in business combinations, capital gains or losses related to divestitures, or the depreciation of equity affiliates and
other financial investments, as well as gains or losses incurred from the gain or loss of control in a business.
Income from operations
Vivendi considers income from operations, a non-GAAP measure, to be a relevant measure to assess the performance of its operating
segments as reported in the segment data. As defined by Vivendi, income from operations is calculated as EBITA, before share-based
compensation costs related to equity-settled plans, and special items due to their unusual nature or particular significance.
Adjusted net income
Vivendi considers adjusted net income, a non-GAAP measure, to be a relevant measure to assess the group’s operating and financial
performance. Vivendi Management uses adjusted net income because it provides a better illustration of the underlying performance of
continuing operations by excluding most non-recurring and non-operating items. Adjusted net income includes the following items:
EBITA (**);
income from equity affiliates (*);
interest (*), equal to interest expense on borrowings net of interest income earned on cash and cash equivalents;
income from investments (*), including dividends and interest received from unconsolidated companies; and
taxes and non-controlling interests related to these items.
It does not include the following items:
amortization of intangibles acquired through business combinations (**) as well as impairment losses on goodwill and other
intangibles acquired through business combinations (*) (**);
other income and charges related to financial investing transactions and to transactions with shareowners (*), as defined above;
other financial charges and income (*), equal to the profit and loss related to the change in value of financial assets and the
termination or change in value of financial liabilities, which primarily include changes in the fair value of derivative instruments,
premiums from the early redemption of borrowings, the early unwinding of derivative instruments, the cost of issuing or cancelling
credit facilities, the cash impact of foreign exchange transactions (other than those related to operating activities, included in the
EBIT), as well as the effect of undiscounting assets and liabilities, and the financial components of employee benefits (interest cost
and expected return on plan assets);
earnings from discontinued operations (*); and
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /34