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Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 16. Cash and cash equivalents
Note 15.
Net working capital
Changes in net working capital
(in millions of euros)
December 31,
2013
Changes in
operating
working
capital
(a)
Business
combinations
Divestitures
in progress
or completed
Changes
in foreign
currency
translation
adjustments Other
(b)
December 31,
2014
Inventories
330
16
19
(257)
6
-
114
Trade accounts receivable and other
4,898
135
107
(3,218)
42
19
1,983
Working capital assets
5,228
151
126
(3,475)
48
19
2,097
Trade accounts payable
and other
(c)
10,416
20
138
(5,422)
156
(2)
5,306
Other non-current liabilities
757
8
(8)
(576)
13
(73)
121
Working capital liabilities
11,173
28
130
(5,998)
169
(75)
5,427
Net working capital
(5,945)
123
(4)
2,523
(121)
94
(3,330)
(in millions of euros)
December 31,
2012
Changes in
operating
working
capital
(a)
Business
combinations
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
(c)
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)
(a)
Excludes content investments made by Canal+ Group and UMG. In 2013, related to amounts as published in the 2013 Annual Report; does not
include the adjustments from the impact of the application of IFRS 5 to Activision Blizzard and Maroc Telecom group as well as GVT and SFR on the
Consolidated Statement of Cash Flows.
(b)
Mainly includes the change in net working capital relating to content investments, capital expenditures, and other investments.
(c)
Includes trade accounts payable for €2,215 million (€5,454 million as of December 31, 2013) as well as music royalties to artists and repertoire
owners of UMG whose maturity is lesser than one year for €1,699 million as of December 31, 2014 (€1,598 million as of December 31, 2013). Please
refer to Note 10.2.
Note 16.
Cash and cash equivalents
(in millions of euros)
December 31, 2014
December 31, 2013
Cash
240
525
Cash equivalents
6,605
516
of which UCITS
4,754
46
Term deposits and interest-bearing current accounts
1,851
470
Cash and cash equivalents
6,845
1,041
As of December 31, 2014, outstanding cash and cash equivalents of
Vivendi amounted to €6,845 million, of which €6,524 million is held by
Vivendi SA and invested in the following financial institutions with at
least an A2/A rating:
p
p
€4,754 million in 10 UCITS monetary funds, managed by five
management companies; and
p
p
€1,770 million in term deposits and interest-bearing current accounts
within eight banks. Term deposits with initial maturities greater than
three months contain an option to terminate at any time and present
an insignificant risk of changing in value.
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Annual Report 2014