Page 267 - 2012 Annual Report

267
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
III - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 16 Net working capital
Note 16. Net working capital
Trade accounts receivable and other
(in millions of euros) December 31, 2012 December 31, 2011
Trade accounts receivable 5,458 5,684
Trade accounts receivable write-offs (1,315) (1,202)
Trade accounts receivable, net 4,143 4,482
Other 2,444 2,248
Trade accounts receivable and other 6,587 6,730
Vivendi does not consider there to be a significant risk of non-recovery
of non-impaired past due receivables. Vivendi’s trade receivables do
not represent a significant concentration of credit risk due to its broad
customer base, the broad variety of customers and markets, as well as
the subscription-based business model of most of its business segments
(Activision Blizzard, SFR, GVT, and Canal+ Group) as well as the geographic
diversity of its business operations (please refer to Note 3.2). Please also
refer to Note 1.3.5.10 for a description of the method used to evaluate
trade account receivable provisions.
Changes in net working capital
(in millions of euros) December 31, 2011
Changes in
operating working
capital (a)
Business
combinations
Changes in
foreign currency
translation
adjustments Other (b) December 31, 2012
Inventories 805 (80) 29 (12) (4) 738
Trade accounts receivable and other 6,730 (291) 284 (84) (52) 6,587
Working capital assets 7,535 (371) 313 (96) (56) 7,325
Trade accounts payable and other 13,987 (307) 579 (125) 62 14,196
Other non-current liabilities 864 26 56 (19) 75 1,002
Working capital liabilities 14,851 (281) 635 (144) 137 15,198
Net working capital (7,316) (90) (322) 48 (193) (7,873)
(in millions of euros) December 31, 2010
Changes in
operating working
capital (a)
Business
combinations
Changes in
foreign currency
translation
adjustments Other (b) December 31, 2011
Inventories 750 53 1 5 (4) 805
Trade accounts receivable and other 6,711 95 24 (30) (70) 6,730
Working capital assets 7,461 148 25 (25) (74) 7,535
Trade accounts payable and other 14,451 (101) 71 6 (c) (440) 13,987
Other non-current liabilities 1,074 (58) - (7) (145) 864
Working capital liabilities 15,525 (159) 71 (1) (585) 14,851
Net working capital (8,064) 307 (46) (24) 511 (7,316)
(a) Excludes content investments made by Activision Blizzard, UMG, and Canal+ Group.
(b) Mainly includes the change in net working capital relating to content investments, capital expenditures, and other investments.
(c) Notably includes the interim dividend due as of December 31, 2010 by SFR to Vodafone, paid in January 2011 (€440 million).