270
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 17. Net working capital
Note 17.
Net working capital
Changes in net working capital
(in millions of euros)
December 31,
2012
Changes in
operating
working
capital
(a)
Business
combina-
tions
Divestitures
in progress
or completed
Changes
in foreign
currency
translation
adjustments
Other
(b)
December 31,
2013
Inventories
738
(20)
(3)
(376)
(9)
-
330
Trade accounts receivable and other
6,587
(8)
(192)
(1,419)
(79)
9
4,898
Working capital assets
7,325
(28)
(195)
(1,795)
(88)
9
5,228
Trade accounts payable and other
14,196
(252)
(8)
(3,506)
(211)
197
10,416
Other non-current liabilities
1,002
(84)
17
(12)
(23)
(143)
757
Working capital liabilities
15,198
(336)
9
(3,518)
(234)
54
11,173
Net working capital
(7,873)
308
(204)
1,723
146
(45)
(5,945)
(in millions of euros)
December 31,
2011
Changes in
operating
working
capital
(a)
Business
combina-
tions
Divestitures
in progress
or completed
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
(26)
(84)
(26)
6,587
Working capital assets
7,535
(371)
313
(26)
(96)
(30)
7,325
Trade accounts payable and other
13,987
(307)
579
(16)
(125)
78
14,196
Other non-current liabilities
864
26
56
-
(19)
75
1,002
Working capital liabilities
14,851
(281)
635
(16)
(144)
153
15,198
Net working capital
(7,316)
(90)
(322)
(10)
48
(183)
(7,873)
(a)
Excludes content investments made by UMG, Canal+ Group, and Activision Blizzard. In 2012, related to amounts as published in the 2012 Annual
Report; does not include the adjustments from the impact of the application of IFRS 5 on the Consolidated Cash Flow Statement.
(b)
Mainly includes the change in net working capital relating to content investments, capital expenditures, and other investments.
Trade accounts receivable and other
(in millions of euros)
December 31, 2013
December 31, 2012
Trade accounts receivable
3,625
5,458
Trade accounts receivable write-offs
(755)
(1,315)
Trade accounts receivable, net
2,870
4,143
Other
2,028
2,444
Trade accounts receivable and other
4,898
6,587
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 (Canal+ Group, GVT, and SFR) and 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.
