254
Annual Report -
2013
-
Vivendi
4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 7. Discontinued operations
7.1.2.
Statement of Cash Flows
Given the deconsolidation of Activision Blizzard on October 11, 2013, the 2013 Statement of Cash Flows included Activision Blizzard until that date.
Activision Blizzard
(in millions of euros)
Year ended December 31,
2013
2012
Operating activities
Gross cash provided by operating activities before income tax paid
907
1,220
Net cash provided by Activision Blizzard’s operating activities
307
1,037
Investing activities
Capital expenditures, net
(44)
(57)
Change in financial assets, net
(1,479)
(35)
Net cash provided by/(used for) Activision Blizzard’s investing activities
(1,523)
(92)
Financing activities
Dividends paid to non-controlling interests
(66)
(62)
Stock repurchase program
-
(241)
Other
1,720
15
Net cash provided by/(used for) Activision Blizzard’s financing activities excluding dividends paid to Vivendi
1,654
(288)
Dividends paid to Vivendi
(98)
(94)
Net cash provided by/(used for) Activision Blizzard’s financing activities
1,556
(382)
Foreign currency translation adjustments
(43)
(22)
Change in Activision Blizzard’s cash and cash equivalents
297
541
Activision Blizzard’s cash and cash equivalents
At beginning of the period
2,989
2,448
At end of the period
(a)
3,286
2,989
(a)
Relates to the balance of net divested cash on October 11, 2013: it was recognized as a deduction from the amount received in cash with respect
to the sale as an investing activity in Vivendi’s Consolidated Statement of Cash Flows.
7.2.
Plan to sell Maroc Telecom Group
On November 4, 2013, Vivendi entered into a definitive agreement with
Etisalat, with whom exclusive negotiations had begun on July 22, 2013,
regarding the sale of Vivendi’s 53% interest in Maroc Telecom Group.
The key terms of this agreement known to date are as follows:
the agreement values the interest in Maroc Telecom Group at
MAD 92.6 per share or sale proceeds to Vivendi of approximately
€4.2 billion in cash, including a €310 million dividend distribution
with respect to fiscal year 2012, according to the financial terms
known to date. Taking into account Maroc Telecom Group’s net
debt, the transaction reflects a proportional enterprise value of
€4.5 billion for Vivendi’s interest, equal to an EBITDA multiple of
6.2x; and
the completion of this transaction is contingent upon the
satisfaction of certain closing conditions, including receipt of
required regulatory approvals in Morocco and the countries in
which Maroc Telecom Group operates, as well as finalization of
the shareholders’ agreement between Etisalat and the Kingdom of
Morocco. This transaction is expected to be completed during the
first months of 2014.
