- Universal Music Group: continued
strong performance
- Canal+ Group: strong international
performance and the turnaround in France underway
- Successful integration of
Gameloft
Regulatory News:
Vivendi (Paris:VIV):
2016 key figures1
Changeyear-on-year
Change at constant currencyand perimeter2
year-on-year
€10,819 M +0.5% -0.2%
IFRS measures
€1,194 M -2.9%
- Earnings from continuing operations attributable to Vivendi
SA shareowners
€1,236 M +77.0%
- Earnings attributable to Vivendi SA shareowners3
€1,256 M -35.0%
Adjusted
measures4
€853 M -19.6% -18.5%
€724 M -23.2% -21.5%
€755 M +8.4% Cash
€1.1bn
- Cash flow from operations (CFFO)4
€729M -18.3%
- Cash flow from operations after interests and taxes
(CFAIT)4
-€69 M in 2015 and +€341 M in
2016
Return to shareholders €4.2bn
- Dividends paid
- Share buyback
€2.6bn €1.6bn
Vivendi's Supervisory Board met today under the chairmanship of
Vincent Bolloré and reviewed the Group’s Consolidated Financial
Statements for the year ended December 31, 2016, which were
approved by the Management Board on February 16, 2017.
In the Financial Statements:
- Revenues remained relatively stable at
€10.8 billion, reflecting the contrasting results in the
Group’s business segments:
- Strong increase in Universal Music
Group’s (UMG) revenues (+4.4% at constant rate and perimeter).
UMG’s revenues continued to grow (+3.4%) in the fourth quarter of
2016, despite an unfavorable seasonality effect.
- Decrease in Canal Group’s revenues
(-4.2% at constant rate and perimeter) due to the decline of the
performances of the pay-TV segment in France and Studiocanal, even
though international operations continued to grow strongly (+6.8%),
particularly in Africa (+19.9%).
- EBIT of €1,194 million, down 2.9%.
-Earnings attributable to Vivendi SA shareowners of €1,256
million, down 35%, of which earnings attributable to Vivendi SA
shareowners from continuing operations, after non-controlling
interests of €1,236 million, up 77.0%.
As of December 31, 2016, the net cash position amounted
to €1.1 billion, bearing in mind that the return to
shareholders was particularly large in 2016, amounting to
€4.2 billion.
Vivendi strategy
Vivendi is building a global content and media group, a very
attractive business sector in the 3rd millennium. It owns powerful
and complementary assets in this industry, which it gets to work
together in order to extract greater value from them. The Group
owns the three most widely consumed forms of content in the world:
music, video games and audiovisual, and holds leading positions in
the three most dynamic sectors of the creative industries: music
with Universal Music Group, video games with Gameloft and
audiovisual with Canal+ Group.
Alongside its content creation capacity, Vivendi has its own
distribution capabilities and, to ensure its content gets maximum
exposure, establishes partnerships with telecom operators and
invests in digital and physical distribution networks.
The Group therefore relies on two growth drivers: creation and
distribution. Producing and distributing relevant content requires
in-depth consumer knowledge, data leveraging and supporting the
shift to mobile advertising.
This ambitious strategy is made possible thanks to its main
shareholder, the family-owned Bolloré Group
(it will hold 29% of voting rights in April 2017), which
provides the long-term stability that is needed.
Outlook
In 2017, revenues should increase by more than 5% and, thanks to
the measures taken in 2016, EBITA should increase by around
25%.
Dividend and share repurchases
The Management Board confirmed to the Supervisory Board that
this year it would propose the distribution of an ordinary dividend
of €0.40 per share with respect to 2016. While building a group
creating high long-term value, the cash flow generated by Vivendi
allows the Group to provide a 2% yield on its shares (2.35% with
the closing stock price of February 22, 2017).
Furthermore, the Group may continue to undertake share
repurchases depending on market conditions.
Comments on Business Key Financials
Universal Music Group
Universal Music Group’s (UMG) revenues amounted to €5,267
million, up 4.4% at constant currency compared to 2015 (+3.1% on an
actual basis), driven by growth across all divisions.
Recorded music revenues grew 2.9% at constant currency thanks to
the growth in subscription and streaming revenues (+57.9 %), which
more than offset the decline in both download and physical
sales.
Music publishing revenues grew 6.7% at constant currency, also
driven by increased subscription and streaming revenues, as well as
growth in synchronization and performance income.
Merchandising and other revenues were up 16.1% at constant
currency thanks to stronger touring activity.
Recorded music best sellers for the year included new releases
from Drake, Rihanna, Ariana Grande and The Rolling Stones, as well
as carryover sales from Justin Bieber.
UMG’s income from operations amounted to €687 million, up 10.7%
at constant currency compared to 2015 (+9.8% on an actual basis).
This favorable performance reflected the benefit of both revenue
growth and cost savings.
UMG’s EBITA amounted to €644 million, up 9.1% at constant
currency compared to 2015 (+8.4% on an actual basis). EBITA
included legal settlement income and restructuring charges in 2016
and 2015.
In recent months, UMG entered into several agreements with the
estate of the late artist Prince and NPG Records Inc., becoming the
home for Prince’s music publishing, merchandise and much of his
recorded music. UMG is now the exclusive worldwide publishing
administrator for all of the artist's released and unreleased songs
and the exclusive worldwide branding and licensing partner. It also
holds the exclusive licensing rights to certain of his NPG
recordings, including some Grammy-winning songs, as well as the
right to compile and release albums from his unreleased
recordings.
Canal+ Group
Canal+ Group revenues amounted to €5,253 million, down 4.7%
compared to 2015.
Revenues from pay-TV operations in mainland France were down
6.1% year-on-year. This change was primarily due to a decline of
the individual subscriber base (down 492,000 year-on-year to 5.25
million subscribers), despite a strong improvement in business
performance towards the end of the year following the launch of the
new Canal offers in mid-November 2016. Moreover, Canal+ Group
entered into agreements with Free and Orange during the fourth
quarter of 2016 pursuant to which the Canal TV offer can be
included in the set-top boxes of these operators (only the fiber
offer for Orange).
Revenues from pay-TV international operations grew by 5.7%
compared to 2015, thanks to continued growth in the subscriber
base, particularly in Africa where the year-on-year increase
amounted to 692,000 to reach nearly 2.8 million subscribers at
the end of December 2016.
At the end of December 2016, Canal+ Group had increased its
subscriber base to approximately 11.5 million individual
subscribers and 2.9 million Free and Orange customers under the
aforementioned partnerships.
Advertising revenues from free-to-air channels in mainland
France were up 6.9% year-on-year, notably thanks to C8, which was
the most watched DTT channel in France and the fifth most watched
channel overall at the end of 2016. Among its primary target
audience of 25-49 year old, C8 was the fourth most watched French
channel with an average share of 4.4% in 2016.
Studiocanal's revenues amounted to €416 million, down 26.1%
compared to the record high achieved in 2015, which benefited from
exceptional performances with the success of several movies,
including Paddington, Shaun the Sheep, Imitation Game, Legend and
Hunger Games.
Canal+ Group's income from operations amounted to
€303 million, compared to €542 million in 2015, and EBITA
amounted to €240 million, compared to €454 million in
2015. This change was mainly due to the decline in the individual
subscriber base in mainland France (excluding wholesale agreements)
and content investments.
EBITA from Canal+ channels in France5 amounted to a
€399 million loss, compared to a €264 million loss in
2015.
Gameloft
Gameloft’s revenues amounted to €132 million for the second
half of 2016. As a reminder, Vivendi has fully consolidated
Gameloft since June 29, 2016; Gameloft’s revenues amounted to
€125 million for the first half of 2016.
Gameloft’s dynamic growth accelerated compared to the first half
of 2016. Gameloft’s operations in the second half of the year were
notably driven by the strong development of its mobile advertising
agency, Gameloft Advertising Solutions. The continued long-term
success of games such as Asphalt 8: Airborne, Dungeon Hunter 5,
Dragon Mania Legends, March of Empires and Modern Combat 5:
Blackout and the successful launch of Disney Magic Kingdoms in 2016
also contributed to a strong second half performance. Gameloft
benefited from improved monetization of services for existing games
and from a more efficient and targeted user acquisition policy.
Year-end was especially dynamic for Gameloft, with sales reaching a
historic high of €69 million for the fourth quarter of
2016.
The games released in 2016 accounted for 14% of Gameloft’s sales
during the second half of 2016. Disney Magic Kingdoms in particular
has been a stand out since its launch by Gameloft in March 2016,
notably in Japan where the game, which is distributed in
partnership with GungHo, was the most downloaded game on iOS and
Google Play upon its release.
During the second half of 2016, two thirds of Gameloft’s sales
were generated by internally developed franchises which continue to
grow as a percentage of sales. Gameloft franchises represented 57%
of sales in 2013, 60% in 2014, 64% in 2015, and 67% in the second
half of 2016. The goal is to continue to create new franchises
every year and, at the same time, to strengthen the appeal of the
existing franchises.
Gameloft’s income from operations amounted to €10 million
for the second half of 2016 thanks to a sharp increase in revenues
and fewer operating costs. The income from operations’ margin stood
at 7.6%, a level that Gameloft had not achieved since the second
half of 2013.
Gameloft’s EBITA amounted to €7 million for the second half
of 2016.
Vivendi Village
Vivendi Village’s revenues amounted to €111 million, a 10.9%
increase compared to 2015 (+14.7% at constant currency and +3.8% at
constant currency and perimeter). Over the same period, Vivendi
Village’s income from operations and EBITA amounted to losses of €7
million and €9 million, respectively. Vivendi Village continues to
serve as a lab for experimentation and a launch pad for new
projects for the entire Group thanks in particular to the
flexibility offered by small organizational structures.
Vivendi Ticketing generated revenues of €52 million in 2016 and
significantly improved its income from operations (+11.8% compared
to 2015).
MyBestPro (web-based expert counseling) continued to perform
well in 2016 with an 11.3% increase in revenues and a 23.5%
increase in income from operations compared to 2015.
Despite a difficult environment following the November 2016
Paris bombings, L’Olympia almost maintained the same level of
revenues in 2016 as the year before by increasing its initiatives,
in particular partnerships and events. The Théâtre de L’Œuvre in
Paris was re-launched in October 2016 with an original program
line-up.
Since early 2017, Olympia Production has coproduced the
ambitious tour of Slimane, the 2016 winner of the The Voice France.
CanalOlympia has successfully opened three new cinema and
entertainment venues in Africa since the beginning of the year and
will open a fourth one in Burkina Faso on February 24, 2017.
New Initiatives: Dailymotion and Vivendi
Content
Revenues generated by New Initiatives, which groups together
Dailymotion (since June 30, 2015) and Vivendi Content, amounted to
€103 million, compared to €43 million in 2015.
Dailymotion, a global video platform with 300 million unique
users per month and 3 billion video views, began a major
transformation plan in 2016. Over the past few months, Dailymotion
has strengthened its technical infrastructure, optimized its
monetization tools, improved the quality of its audience and taken
measures to remove explicit content incompatible with its new
premium positioning. Dailymotion intends to offer its users a
new experience allowing them to better discover and watch videos,
including live videos, directly related to their individual
interests and desires. To do this, Dailymotion will rely on the
content provided by the hundreds of contributors (publishers, media
groups) around the world with whom it has established partnerships.
This new experience will be available in the second quarter of
2017, with the worldwide launch of a completely revamped user
interface for all screen types, particularly mobile screens, which
will mark an important step in Dailymotion’s transformation.
Vivendi Content is a business dedicated to developing new
content formats aimed at an international audience in close
collaboration with the Group’s other businesses. It includes
Studio+, an offer of short premium digital series specifically
designed for mobile devices which was launched in Latin America and
Europe during the fourth quarter of 2016, and Vivendi Entertainment
which produces original formats for television shows. Vivendi
Content also includes the Group’s initiatives in the field of
e-sports.
New Initiatives’ income from operations amounted to a €44
million loss in 2016, compared to an €18 million loss in 2015.
EBITA amounted to a €56 million loss, compared to a €20 million
loss in 2015.
Notes1 In compliance with IFRS 5, GVT (sold in 2015), has
been reported as a discontinued operation. In practice, income and
charges from this business have been reported as follows:
- GVT’s contribution, until its effective
divestiture on May 28, 2015, to each line of Vivendi’s Consolidated
Statement of Earnings has been reported on the line “Earnings from
discontinued operations”; and
- the share of net income and the capital
gain recognized as a result of the divestiture have been excluded
from Vivendi’s adjusted net income.
2 Constant perimeter reflects the impacts of the acquisitions of
Dailymotion on June 30, 2015, Radionomy on December 17, 2015,
Alterna’TV (Thema America) on April 7, 2016, Gameloft on June 29,
2016 and the licence of the Paddington Bear on June 30, 2016.3 A
reconciliation of EBIT to EBITA and to income from operations, as
well as a reconciliation of earnings attributable to Vivendi SA
shareowners to adjusted net income, are presented in Appendix IV.4
Non-GAAP measures.5 Relates to the six premium channels: Canal+,
Canal+ Cinéma, Canal+ Sport, Canal+ Séries, Canal+ Family and
Canal+ Décalé.
Note: This press release contains audited consolidated
earnings established under IFRS, which were approved by Vivendi’s
Management Board on February 16, 2017, reviewed by the Vivendi
Audit Committee February 20, 2017, and by Vivendi’s Supervisory
Board on February 23, 2017.
For additional information, please refer to the “Financial
Report and audited Consolidated Financial Statements for the year
ended December 31, 2016” which will be released later online
on Vivendi’s website (www.vivendi.com).
About VivendiVivendi is an integrated media and content
group. The company operates businesses throughout the media value
chain, from talent discovery to the creation, production and
distribution of content. Universal Music Group is engaged in
recorded music, music publishing and merchandising. It owns more
than 50 labels covering all genres. Canal+ Group is engaged in
pay-TV in France, as well as in Africa, Poland and Vietnam. Its
subsidiary Studiocanal is a leading European player in production,
sales and distribution of movies and TV series. Gameloft is a
worldwide leader in mobile games, with 2 million games downloaded
per day.Vivendi Village, groups together Vivendi Ticketing (in the
United Kingdom, the United States and France), MyBestPro (expert
counseling), Watchever (subscription streaming services), Radionomy
(digital radio), the venues L’Olympia and Theâtre de L‘Œuvre in
Paris, and CanalOlympia in Africa, as well as Olympia Production.
With 3 billion videos viewed each month, Dailymotion is one of
the biggest video content aggregation and distribution platforms in
the world. www.vivendi.com, www.cultureswithvivendi.com
Important DisclaimersCautionary Note Regarding
Forward-Looking Statements. This press release contains
forward-looking statements with respect to the financial condition,
results of operations, business, strategy, plans and outlook of
Vivendi, including the impact of certain transactions and the
payment of dividends and distributions, as well as share
repurchases. Although Vivendi believes that such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance. Actual results may differ
materially from the forward-looking statements as a result of a
number of risks and uncertainties, many of which are outside our
control, including, but not limited to, the risks related to
antitrust and other regulatory approvals as well as any other
approvals which may be required in connection with certain
transactions and the risks described in the documents of the Group
filed by Vivendi with the Autorité des Marchés Financiers (the
French securities regulator), which are also available in English
on Vivendi's website (www.vivendi.com). Investors and security
holders may obtain a free copy of documents filed by Vivendi with
the Autorité des Marchés Financiers at www.amf-france.org, or
directly from Vivendi. Accordingly, we caution readers against
relying on such forward looking statements. These forward-looking
statements are made as of the date of this press release. Vivendi
disclaims any intention or obligation to provide, update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
ANALYST CONFERENCE CALL
Speakers:Arnaud de PuyfontaineChief Executive
OfficerHervé PhilippeMember of the Management Board and
Chief Financial Officer
Date: Thursday February 23, 20176:00pm Paris time –
5:00pm London time – 12:00pm New York time
Media invited on a listen-only basis.The conference
will be held in English.
Internet: The conference can be followed on the Internet
at: www.vivendi.com (audiocast)
Numbers to dial:UK +44 (0)330 336 9105US +1
719-457-2086France +33 (0) 1 76 77 22 74Access code : 727 93 21
(EN) / 427 42 74 (FR)
Numbers for replay:UK +44 (0) 207 984 7568US +1
719-457-0820France +33 (0) 1 70 48 00 94Access code : 727 93
21(EN) / 427 42 74 (FR)
On our website www.vivendi.com will be available dial-in
numbers for the conference call and for replay (14 days), an audio
webcast and the slides of the presentation.
APPENDIX I
VIVENDI
CONSOLIDATED STATEMENT OF EARNINGS
(IFRS, audited)
Three
months ended December 31,
%Change
Year ended December 31,
%Change
2016 2015 2016 2015
3,107 3,147 -
1.2% Revenues 10,819 10,762 + 0.5%
(2,112) (1,959) Cost of revenues (6,829) (6,555) (903) (944)
Selling, general and administrative expenses excluding amortization
of intangible assets acquired through business combinations (3,172)
(3,163) (32) (37) Restructuring charges (94) (102) (55) (104)
Amortization of intangible assets acquired through business
combinations (223) (408) (23) (2) Impairment losses on intangible
assets acquired through business combinations (23) (3) - - Reversal
of reserve related to the Liberty Media litigation in the United
States 240 - 4 34 Other income 661 745 (70) (7) Other charges (185)
(45)
(84) 128 na EBIT 1,194
1,231 - 2.9% 81 (3) Income from equity affiliates 169
(10) (13) (6) Interest (40) (30) 19 17 Income from investments 47
52 8 1 Other financial income 31 16 (29) 9 Other financial charges
(69) (73)
(18) 146 na Earnings from
continuing operations before provision for income taxes
1,332 1,186 + 12.3% 73 - Provision for income
taxes (77) (441)
55 146 - 62.2% Earnings
from continuing operations 1,255 745 +
68.4% 22 (3) Earnings from discontinued operations 20 1,233
77 143 - 46.8% Earnings 1,275
1,978 - 35.6% 4 (1) Non-controlling interests (19)
(46)
81 142 - 43.4% Earnings attributable
to Vivendi SA shareowners 1,256 1,932 -
35.0% 59 145 - 59.1%
of which earnings from
continuing operations attributable to Vivendi SA shareowners
1,236 699 + 77.0% 0.06 0.10 Earnings
attributable to Vivendi SA shareowners per share - basic (in euros)
0.99 1.42 0.05 0.10 Earnings attributable to Vivendi SA shareowners
per share - diluted (in euros) 0.95 1.41
In millions of euros, except per share
amounts.
na: not applicable.
Nota:
As a reminder, GVT (sold in 2015) has been reported as a
discontinued operation in compliance with IFRS 5. In practice,
income and charges from this business has been reported as
follows:
- GVT’s contribution, until its effective
divestiture on May 28, 2015, to each line of Vivendi’s Consolidated
Statement of Earnings as well as any capital gain recognized has
been reported on the line “Earnings from discontinued operations”;
and
- the share of net income and the capital
gain recognized as a result of such divestiture have been excluded
from Vivendi’s adjusted net income.
For any additional information, please refer to the “Financial
Report and Audited Consolidated Financial Statements for the year
ended December 31, 2016“, which will be released online later on
Vivendi’s website (www.vivendi.com).
APPENDIX II
VIVENDI
ADJUSTED STATEMENT OF EARNINGS
(IFRS, audited)
Three
months ended December 31,
%Change
Year ended December 31,
%Change
2016 2015 2016 2015
3,107 3,147 -
1.2% Revenues 10,819 10,762 +
0.5% 123 304 - 59.7% Income from
operations 853 1,061 - 19.6% 60
207 - 71.4% EBITA 724 942 -
23.2% 74 (3) Income from equity affiliates 214 (10) (13) (6)
Interest (40) (30) 19 17 Income from investments 47 52 140 215 -
34.9% Adjusted earnings from continuing operations before provision
for income taxes 945 954 - 1.0% (13) (15) Provision for income
taxes (162) (199) 127 200 - 36.9% Adjusted net income before
non-controlling interests 783 755 + 3.6% 3 (4) Non-controlling
interests (28) (58)
130 196 - 33.8%
Adjusted net income 755 697 + 8.4%
0.10 0.14 Adjusted net income per share - basic (in euros)
0.59 0.51 0.10 0.14 Adjusted net income per share - diluted (in
euros) 0.54 0.51
In millions of euros, except per share
amounts.
The reconciliation of EBIT to EBITA and to income from
operations, as well as of earnings attributable to Vivendi SA
shareowners to adjusted net income is presented in the Appendix
IV.
APPENDIX III
VIVENDI
REVENUES, INCOME FROM OPERATIONS AND
EBITA
BY BUSINESS SEGMENT
(IFRS, audited)
Three months ended December 31, (in millions of
euros) 2016 2015 % Change
% Change atconstantcurrency
% Change atconstantcurrency andperimeter
(a)
Revenues Universal Music Group 1,644 1,616 +1.7% +3.4% +3.4%
Canal+ Group 1,351 1,479 -8.6% -8.0% -8.2% Gameloft 69 - na na na
Vivendi Village 33 27 +22.9% +29.3% +19.2% New Initiatives 27 25
+4.3% +4.3% +4.3% Elimination of intersegment transactions (17) - x
8,8 x 8,8 x 8,8
Total Vivendi 3,107 3,147
-1.2% +0.1% -2.4% Income from
operations Universal Music Group 296 348 -15.0% -14.6% -14.6%
Canal+ Group (136) (12) x 11.1 x 11.2 x 11.2 Gameloft 6 - na na na
Vivendi Village 2 1 x 2.2 x 3.1 x 3.4 New Initiatives (19) (8) x
2.2 x 2.2 x 2.2 Corporate (26) (25) -8.5% -8.1% -8.1%
Total
Vivendi 123 304 -59.7% -58.8%
-61.4% EBITA Universal Music Group 291 334
-13.0% -12.9% -12.9% Canal+ Group (187) (96) -94.4% -95.9% -96.5%
Gameloft 5 - na na na Vivendi Village - 1 na na na New Initiatives
(21) (10) x 2.1 x 2.1 x 2.1 Corporate (28) (22) -29.4% -28.9%
-28.9%
Total Vivendi 60 207 -71.4%
-70.6% -73.5%
APPENDIX III (Cont’d)
VIVENDI
REVENUES, INCOME FROM OPERATIONS AND
EBITA
BY BUSINESS SEGMENT
(IFRS, audited)
Year ended December 31, (in millions of euros) 2016
2015 % Change
% Change atconstantcurrency
% Change atconstantcurrency andperimeter
(a)
Revenues Universal Music Group
5,267 5,108 +3.1% +4.4% +4.4% Canal+ Group 5,253 5,513 -4.7% -4.1%
-4.2% Gameloft 132 - na na na Vivendi Village 111 100 +10.9% +14.7%
+3.8% New Initiatives 103 43 x 2.4 x 2.4 +51.6% Elimination of
intersegment transactions (47) (2) na na na
Total Vivendi
10,819 10,762 +0.5% +1.5% -0.2%
Income from operations Universal Music Group 687 626
+9.8% +10.7% +10.7% Canal+ Group 303 542 -44.1% -44.0% -44.2%
Gameloft 10 - na na na Vivendi Village (7) 10 na na na New
Initiatives (44) (18) x 2.4 x 2.4 -78.0% Corporate (96) (99) +2.3%
+2.3% +2.3%
Total Vivendi 853 1,061
-19.6% -18.8% -18.5% EBITA
Universal Music Group 644 593 +8.4% +9.1% +9.1% Canal+ Group 240
454 -47.1% -46.9% -47.1% Gameloft 7 - na na na Vivendi Village (9)
9 na na na New Initiatives (56) (20) x 2.8 x 2.8 x 2.2 Corporate
(102) (94) -8.4% -8.4% -8.4%
Total Vivendi 724
942 -23.2% -22.5% -21.5%
na: not applicable.
a. Constant perimeter reflects the impacts of the following
acquisitions:
- Alterna’TV, renamed Thema America
(April 7, 2016) and Paddington (June 30, 2016) by Canal+
Group;
- Gameloft (June 29, 2016);
- Radionomy within Vivendi Village
(December 17, 2015); and
- Dailymotion within New Initiatives
(June 30, 2015).
The reconciliation of EBIT to EBITA and to income from
operations is presented in the Appendix IV.
APPENDIX IV
VIVENDI
RECONCILIATION OF NON-GAAP MEASURES
IN STATEMENT OF EARNINGS
(IFRS, audited)
Income from operations, adjusted earnings before interest and
income taxes (EBITA), and adjusted net income, non-GAAP measures,
should be considered in addition to, and not as a substitute for,
other GAAP measures of operating and financial performance. Vivendi
considers these to be relevant indicators of the group’s operating
and financial performance. Vivendi Management uses income from
operations, EBITA and adjusted net income for reporting, management
and planning purposes because they provide a better illustration of
the underlying performance of continuing operations by excluding
most non-recurring and non-operating items.
Year ended December 31, (in millions of euros) 2016
2015
EBIT (a) 1,194 1,231 Adjustments
Amortization of intangible assets acquired through business
combinations 223 408 Impairment losses on intangible assets
acquired through business combinations (a) 23 3 Reversal of reserve
related to the Liberty Media litigation in the United States (a)
(240) - Other income (a) (661) (745) Other charges (a) 185 45
EBITA 724 942 Adjustments Restructuring
charges (a) 94 102 Charges related to equity-settled share-based
compensation plans 14 16 Other non-current operating charges and
income 21 1
Income from operations 853 1,061
Year ended December 31, (in millions of euros) 2016
2015
Earnings attributable to Vivendi SA shareowners
(a) 1,256 1,932 Adjustments Amortization of
intangible assets acquired through business combinations 223 408
Impairment losses on intangible assets acquired through business
combinations (a) 23 3 Reversal of reserve related to the Liberty
Media litigation in the United States (a) (240) - Other income (a)
(661) (745) Other charges (a) 185 45 Amortization of intangible
assets related to equity affiliates 45 - Other financial income (a)
(31) (16) Other financial charges (a) 69 73 Earnings from
discontinued operations (a) (20) (1,233) Change in deferred tax
asset related to Vivendi SA's French Tax Group and to the
Consolidated Global Profit Tax Systems (33) 42 Income taxes related
to the sale of the 20% interest in Numericable-SFR - 124 Net income
taxes related to the sales of GVT and Telefonica Brasil shares - 63
Non-recurring items related to provision for income taxes 16 145
Provision for income taxes on adjustments (68) (132)
Non-controlling interests on adjustments (9) (12)
Adjusted net
income 755 697
As reported in the Consolidated Statement of Earnings.
APPENDIX V
VIVENDI
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
(IFRS, audited)
(in millions of euros) December 31,
2016 December 31, 2015
ASSETS Goodwill 10,987 10,177
Non-current content assets 2,169 2,286 Other intangible assets 310
224 Property, plant and equipment 671 737 Investments in equity
affiliates 4,416 3,435 Non-current financial assets 3,900 4,132
Deferred tax assets 752 622
Non-current assets 23,205
21,613 Inventories 123 117 Current tax receivables
536 653 Current content assets 1,054 1,088 Trade accounts
receivable and other 2,273 2,139 Current financial assets 1,102
1,111 Cash and cash equivalents 4,072 8,225
Current assets
9,160 13,333 TOTAL ASSETS
32,365 34,946 EQUITY AND LIABILITIES
Share capital 7,079 7,526 Additional paid-in capital 4,238 5,343
Treasury shares (473) (702) Retained earnings and other 8,539 8,687
Vivendi SA shareowners' equity 19,383 20,854
Non-controlling interests 229 232
Total equity 19,612
21,086 Non-current provisions 1,785 2,679 Long-term
borrowings and other financial liabilities 2,977 1,555 Deferred tax
liabilities 726 705 Other non-current liabilities 126 105
Non-current liabilities 5,614 5,044
Current provisions 356 363 Short-term borrowings and other
financial liabilities 1,104 1,383 Trade accounts payable and other
5,614 6,737 Current tax payables 65 333
Current liabilities
7,139 8,816 Total liabilities
12,753 13,860 TOTAL EQUITY AND
LIABILITIES 32,365 34,946
APPENDIX VI
VIVENDI
CONSOLIDATED STATEMENT OF CASH FLOWS
(IFRS, audited)
Year ended December 31, (in millions of euros) 2016
2015
Operating activities EBIT 1,194 1,231
Adjustments (203) (38) Content investments, net (55) 157
Gross
cash provided by operating activities before income tax paid
936 1,350 Other changes in net working capital (7)
(226)
Net cash provided by operating activities before income
tax paid 929 1,124 Income tax (paid)/received,
net (271) (1,037)
Net cash provided by operating activities of
continuing operations 658 87 Net cash provided
by operating activities of discontinued operations -
153 Net cash provided by operating activities
658 240 Investing activities Capital
expenditures (235) (247) Purchases of consolidated companies, after
acquired cash (553) (359) Investments in equity affiliates (772)
(19) Increase in financial assets (2,759) (3,549)
Investments (4,319) (4,174) Proceeds from
sales of property, plant, equipment and intangible assets 2 1
Proceeds from sales of consolidated companies, after divested cash
3 4,032 Disposal of equity affiliates 1 268 Decrease in financial
assets 1,967 4,713
Divestitures 1,973 9,014
Dividends received from equity affiliates 8 5 Dividends received
from unconsolidated companies 25 9
Net cash provided by/(used
for) investing activities of continuing operations
(2,313) 4,854 Net cash provided by/(used for)
investing activities of discontinued operations -
(262) Net cash provided by/(used for) investing
activities (2,313) 4,592 Financing
activities Net proceeds from issuance of common shares in
connection with Vivendi SA's share-based compensation plans 81 273
Sales/(purchases) of Vivendi SA's treasury shares (1,623) (492)
Distributions to Vivendi SA's shareowners (2,588) (2,727) Other
transactions with shareowners (3) (534) Dividends paid by
consolidated companies to their non-controlling interests (34) (46)
Transactions with shareowners (4,167) (3,526)
Setting up of long-term borrowings and increase in other long-term
financial liabilities 2,101 8 Principal payment on long-term
borrowings and decrease in other long-term financial liabilities
(16) (2) Principal payment on short-term borrowings (557) (126)
Other changes in short-term borrowings and other financial
liabilities 260 6 Interest paid, net (40) (30) Other cash items
related to financial activities (77) 106
Transactions on
borrowings and other financial liabilities 1,671
(38) Net cash provided by/(used for) financing activities
of continuing operations (2,496) (3,564) Net
cash provided by/(used for) financing activities of discontinued
operations - 69 Net cash provided by/(used
for) financing activities (2,496) (3,495)
Foreign currency translation adjustments of continuing operations
(2) 3 Foreign currency translation adjustments of discontinued
operations - (8)
Change in cash and cash equivalents
(4,153) 1,332 Reclassification of discontinued
operations' cash and cash equivalents - 48
Cash and cash equivalents At beginning of the
period
8,225 6,845 At end of the period
4,072
8,225
Nota : As a reminder, in compliance with IFRS 5, GVT
(sold on May 28, 2015) has been reported as a discontinued
operation.
APPENDIX VII
VIVENDI
SELECTED KEY CONSOLIDATED FINANCIAL DATA FOR
THE LAST FIVE YEARS
(IFRS, audited)
Vivendi deconsolidated GVT, SFR, Maroc Telecom group and
Activision Blizzard as from May 28, 2015,
November 27, 2014, May 14, 2014, and October 11,
2013, respectively, i.e., the date of their effective sale by
Vivendi. In compliance with IFRS 5, these businesses have been
reported as discontinued operations for the relevant periods as set
out in the table of selected key consolidated financial data below
in respect of data reflected in the Consolidated Statement of
Earnings and Consolidated Statement of Cash Flows.
Year ended December 31, 2016 2015 2014 2013
2012
Consolidated
data
Revenues 10,819 10,762 10,089 10,252 9,597 EBIT 1,194
1,231 736 637 (1,131) Earnings attributable to Vivendi SA
shareowners 1,256 1,932 4,744 1,967 179 of which earnings from
continuing operations attributable to Vivendi SA shareowners 1,236
699 (290) 43 (1,565) Income from operations (a) 853 1,061
1,108 1,131 na EBITA (a) 724 942 999 955 1,074 Adjusted net income
(a) 755 697 626 454 318 Net Cash Position/(Financial Net
Debt) (a) 1,068 6,422 4,637 (11,097) (13,419) Total equity 19,612
21,086 22,988 19,030 21,291 of which Vivendi SA shareowners' equity
19,383 20,854 22,606 17,457 18,325 Cash flow from operations
(CFFO) (a) 729 892 843 894 846 Cash flow from operations after
interest and income tax paid (CFAIT) (a) 341 (69) 421 503 772
Financial investments (4,084) (3,927) (1,244) (107) (1,689)
Financial divestments 1,971 9,013 17,807 3,471 201 Dividends
paid by Vivendi SA to its shareholders 2,588 (b) 2,727 (c) 1,348
(d) 1,325 1,245 Purchases/(sales) of Vivendi SA's treasury shares
1,623 492 32 - 18
Per share
data
Weighted average number of shares outstanding 1,272.6
1,361.5 1,345.8 1,330.6 1,298.9
Adjusted net income per
share 0.59 0.51 0.46 0.34
0.24 Number of shares outstanding at the end of the
period (excluding treasury shares) 1,259.5 1,342.3 1,351.6 1,339.6
1,322.5 Equity per share, attributable to Vivendi SA shareowners
15.39 15.54 16.73 13.03 13.86
Dividends per share
paid 2.00 (b)
2.00 (c)
1.00 (d)
1.00 1.00
In millions of euros, number of shares in millions, data per
share in euros.
na: not applicable.
a. The non-GAAP measures of Income from operations, EBITA,
Adjusted net income, Net Cash Position (or Financial Net Debt),
Cash flow from operations (CFFO) and Cash flow from operations
after interest and income tax paid (CFAIT) should be considered in
addition to, and not as a substitute for, other GAAP measures of
operating and financial performance as presented in the
Consolidated Financial Statements and the related Notes, or as
described in this Financial Report. Vivendi considers these to be
relevant indicators of the group’s operating and financial
performance. Each of these indicators is defined in the appropriate
section of this Financial Report or in its Appendix. In addition,
it should be noted that other companies may have definitions and
calculations for these indicators that differ from those used by
Vivendi, thereby affecting comparability.
b. On April 21, 2016, Vivendi’s General Shareholders’ Meeting
approved the payment of an ordinary dividend of €3 per share with
respect to fiscal year 2015, i.e., an aggregate dividend payment of
€3,951 million. This amount included €2,588 million paid
in 2016: €1,318 million for the second interim dividend of €1
per share, paid on February 3, 2016, and €1,270 million
representing the balance of €1 per share, paid on April 28,
2016.
c. In 2015, Vivendi paid the dividend with respect to fiscal
year 2014 (€1 per share, i.e., €1,363 million) and a first interim
dividend with respect to fiscal year 2015 (€1 per share, i.e.,
€1,364 million).
d. On June 30, 2014, Vivendi SA paid an ordinary dividend of €1
per share to its shareholders from additional paid-in capital,
treated as a return of capital distribution to shareholders.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170223006310/en/
VivendiMediaParisJean-Louis Erneux, +33
(0)1 71 71 15 84Solange Maulini, +33 (0) 1 71 71 11
73orLondonTim Burt (Teneo Strategy), +44 20 7240
2486orInvestor RelationsParisLaurent Mairot, +33 (0)
1 71 71 35 13Julien Dellys, +33 (0) 1 71 71 13 30
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