Note: This press release contains audited consolidated earnings established under IFRS, which were approved by Vivendi’s Management Board on February 19, 2014, after having received the recommendation of the Audit Committee on February 18, 2014, and reviewed by the Supervisory Board on February 21, 2014. They will be submitted for approval at the Annual General Shareholders’ meeting to be held on June 24, 2014.
Vivendi: 2013 Results in line with expectations in a challenging environment
Revenues:€22.135 billion, up 0.2% at constant currency (-2.0% at actual currency and -4.0% at constant currency and perimeter) compared to 2012.
Vivendi’s media and content activities increased strongly by 10.1% at constant currency (+5.7% at actual currency and +1.7% at constant currency and perimeter).
The SFR transformation plan has been a success: in the fourth quarter 2013, SFR recorded its best commercial performance over the last two years in the Retail Postpaid Mobile market.
EBITA1,: €2.433 billion, down 20.6% at constant currency (-23.1% at actual currency) compared to 2012, due in particular to SFR adapting to a strong competitive environment.
Adjusted Net Income: €1.540 billion, down 9.7% compared to 2012.
Earnings attributable to Vivendi SA shareowners: €1.967 billion, compared to €179 million in 2012. These earnings included the capital gain on the sale of Activision Blizzard, which was partially offset by the impairment of SFR’s goodwill.
Cash Flow From Operations: €1.453 billon, up 19.8% compared to 2012.
Financial Net debt: reduction to €11.1 billion at year-end 2013, compared to €13.4 billion at year-end 2012. It would amount to €6.9 billion including the disposal of the Maroc Telecom interest.
 As from the second quarter of 2013, in compliance with IFRS 5, Activision Blizzard and Maroc Telecom have been reported in Vivendi’s Consolidated Statement of Earnings as discontinued operations. In practice, income and charges from these two businesses have been reported as follows:
- their contribution until the effective divestiture, to each line of Vivendi’s Consolidated Statement of Earnings (before non-controlling interests) has been grouped under the line “Earnings from discontinued operations”;
- in accordance with IFRS 5, these adjustments have been applied to all periods presented to ensure consistency of information; and
- their share of net income has been excluded from Vivendi’s adjusted net income.
On October 11, 2013, Vivendi deconsolidated Activision Blizzard pursuant to the sale of 88% of its interest in it.
 For more information about EBITA, see appendix IV.
 For the reconciliation of earnings attributable to Vivendi SA shareowners to adjusted net income, see appendix IV.
 Expected to be completed in the near future upon terms known to date.