Page 199 - 2012 Annual Report

199
VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
I - 2012 FINANCIAL REPORT
SECTION 5 TREASURY AND CAPITAL RESOURCES
5.2. FINANCIAL NET DEBT CHANGES
As of December 31, 2012, Vivendi’s Financial Net Debt amounted to
€13,419 million (compared to €12,027 million as of December 31, 2011),
a €1,392 million increase. This change notably reflected the following
transactions:
✱ the impact of the acquisition of EMI Recorded Music (€1,329 million,
of which €1,363 million paid in cash and €34 million net cash
acquired) and the 40% interest in N-Vision (€277 million, excluding
the redemption of the loan granted by Canal+ Group to ITI in
November 2011), for further details please refer to Section 1.1 above;
✱ the cash payments related to capital expenditures (€4,490 million, of
which €1,065 million was paid in January 2012 by SFR for 4G mobile
spectrum);
✱ the dividends paid notably to shareowners of Vivendi SA
(€1,245 million), Maroc Telecom SA (€345 million), and Activision
Blizzard (€62 million), and the impact of Activision Blizzard’s stock
repurchase program (€241 million); and
✱ interest expense (€568 million);
✱ the above items being offset by net cash generated by operating
activities of business segments (€7,106 million) and by the capital
increase subscribed by employees in connection with Vivendi SA’s
employee stock purchase plan in July 2012 (€127 million).
(in millions of euros)
Refer to Notes to
the Consolidated
Financial Statements December 31, 2012 December 31, 2011
Borrowings and other financial liabilities 17,757 15,710
Of which long-term (a) 22 12,667 12,409
short-term (a) 22 5,090 3,301
Cash management financial assets (b) (c) 15 (301) (266)
Derivative financial instruments in assets (b) 15 (137) (101)
Cash deposits backing borrowings (b) 15 (6) (12)
17,313 15,331
Cash and cash equivalents (a) 17 (3,894) (3,304)
Of which Activision Blizzard (2,989) (2,448)
Financial Net Debt 13,419 12,027
(a) As presented in the Consolidated Statement of Financial Position.
(b) Included in the Financial Assets items of the Consolidated Statement of Financial Position.
(c) Primarily included Activision Blizzard’s US treasuries and government agency securities, with a maturity exceeding three months.
(in millions of euros)
Cash and cash
equivalents
Borrowings
and other
financial items (a)
Impact on
Financial Net Debt
Financial Net Debt as of December 31, 2011 (3,304) 15,331 12,027
Outflows/(inflows) generated by:
Operating activities (7,106) - (7,106)
Investing activities 6,042 21 6,063
Financing activities 427 2,085 2,512
Foreign currency translation adjustments 47 (124) (77)
Change in Financial Net Debt over the period (590) 1,982 1,392
Financial Net Debt as of December 31, 2012 (3,894) 17,313 13,419
(a) “Other financial items” include commitments to purchase non-controlling interests, derivative financial instruments (assets and liabilities), cash
deposits backing borrowings, as well as cash management financial assets.