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Section 5 - Treasury and capital resources
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
(in millions of euros)
Cash and cash
equivalents
Borrowings and
other financial
items
(a)
Financial Net
Debt
Financial Net Debt as of December 31, 2013
(1,041)
12,138
11,097
Outflows/(inflows) related to continuing operations:
Operating activities
(1,359)
-
(1,359)
Investing activities
(16,326)
26
(16,300)
Financing activities
11,128
(9,212)
1,916
Foreign currency translation adjustments of continuing operations
(10)
(1)
(11)
Outflows/(inflows) related to continuing operations
(6,567)
(9,187)
(15,754)
Outflows/(inflows) related to discontinued operations
560
(450)
110
Reclassification of discontinued operations’ Financial Net Debt as of December 31, 2014
203
(293)
(90)
Change related to discontinued operations
763
(743)
20
Financial Net Debt/(Net Cash Position) as of December 31, 2014
(6,845)
2,208
(4,637)
(a)
“Other financial items” include commitments to purchase non-controlling interests, derivative financial instruments (assets and liabilities) and cash
deposits backed to borrowings.
■
■
Financial Net Debt change during fiscal year 2014
As of December 31, 2014, Vivendi had a Net Cash Position of
€4,637 million, compared to a Financial Net Debt of €11,097 million as of
December 31, 2013), a €15,734 million favorable impact.
This change notably reflected:
p
p
proceeds from the sales completed during fiscal year 2014 for
€17.9 billion. They primarily included net proceeds of €13,166 million
from the sale of SFR, €4,138 million from the sale of Vivendi’s 53%
interest in Maroc Telecom group, €623 million from the sale of
41.5 million Activision Blizzard shares, and €221 million from the sale
of UMG’s interest in Beats;
p
p
cash provided by operating activities of continuing operations
(1)
(€1,359 million);
p
p
cash received from the exercise of stock options by the executive
management and employees (€197 million); and
p
p
restatement of GVT’s Financial Net Debt as a discontinued operation
(€217 million);
partially offset by:
p
p
the cash outflow related to the €1 per share distribution made to
Vivendi SA shareowners (€1,348 million);
p
p
the placing of cash deposits in relation to the appeal against the
Liberty Media judgment (€975 million) and to the securities’ class
action in the United States (€45 million);
p
p
cash payments related to financial activities (€702 million), of which
€642 million related to the early redemption of bonds and €96 million
related to net interest paid;
p
p
acquisitions (€303 million) made by Canal+ Group for an aggregate
amount of €244 million (primarily comprised of acquisitions of
Mediaserv, Thema, and of an additional 9% interest in N-Vision) and
by UMG for an aggregate amount of €59 million (notably included the
acquisition of Eagle Rock and the contribution to Vevo’s share capital
increase); and
p
p
cash outflows related to capital expenditures from continuing
operations
(1)
(€243 million).
(1)
Continuing operations include Canal+ Group, Universal Music Group, Vivendi Village, and Corporate.
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Annual Report 2014