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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
5.3. Analysis of Financial Net Debt changes
(in millions of euros)
Refer to
section
Year ended December 31, 2014
Impact
on cash
and cash
equivalents
Impact
on borrowings
and other
financial items
Impact
on Financial
Net Debt
EBIT
2
(736)
-
(736)
Adjustments
(447)
-
(447)
Content investments, net
3
(19)
-
(19)
Gross cash provided by operating activities before income tax paid
(1,202)
-
(1,202)
Other changes in net working capital
123
-
123
Net cash provided by operating activities before income tax paid
3
(1,079)
-
(1,079)
Income tax paid, net
3
(280)
-
(280)
Net cash provided by operating activities of continuing operations
(1,359)
-
(1,359)
Net cash provided by operating activities of discontinued operations
(2,234)
-
(2,234)
Operating activities
(3,593)
-
(3,593)
Financial investments
Purchases of consolidated companies, after acquired cash
100
116
216
of which investments realized by Canal+ Group
1
86
95
181
investments realized by UMG
1
14
21
35
Investments in equity affiliates
87
-
87
of which investments realized by Canal+ Group
63
-
63
investments realized by UMG
24
-
24
Increase in financial assets
1,057
-
1,057
of which cash deposit related to Vivendi’s appeal against the Liberty Media judgment
6
975
-
975
cash deposit related to Securities Class Action in the United States
6
45
-
45
Total financial investments
1,244
116
1,360
Financial divestments
Proceeds from sales of consolidated companies, after divested cash
(16,929)
(90)
(17,019)
of which cash proceeds from the sale of SFR
1
(13,366)
-
(13,366)
financing of Virgin Mobile acquisition
1
200
-
200
SFR’s net cash deconsolidated
133
(89)
44
proceeds from the sale of the 53% interest in Maroc Telecom group
1
(4,138)
-
(4,138)
Decrease in financial assets
(878)
-
(878)
of which proceeds from the sale of 41.5 million Activision Blizzard shares
1
(623)
-
(623)
proceeds from the sale of UMG’s interest in Beats
1
(221)
-
(221)
Total financial divestments
(17,807)
(90)
(17,897)
Financial investment activities
(16,563)
26
(16,537)
Dividends received from equity affiliates
(4)
-
(4)
Dividends received from unconsolidated companies
(2)
-
(2)
Net investing activities excluding capital expenditures, net
(16,569)
26
(16,543)
Capital expenditures
249
-
249
Proceeds from sales of property, plant, equipment and intangible assets
(6)
-
(6)
Capital expenditures, net
3
243
-
243
Net cash provided by/(used for) investing activities of continuing operations
(16,326)
26
(16,300)
Net cash provided by/(used for) investing activities of discontinued operations
2,034
55
2,089
Investing activities
(14,292)
81
(14,211)
Please refer to the next page for the end of this table.
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Annual Report 2014