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Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 22. Financial instruments and management of financial risks
(in millions of euros)
December 31, 2013
Notional amounts
Fair value
Total
USD PLN GBP Other Assets Liabilities
Sales against the euro
(1,060)
(49)
(105)
(834)
(72)
2
(10)
Purchases against the euro
2,329 1,330
21
888
90
11
(7)
Other
-
187
(81)
(4)
(102)
4
(2)
1,269 1,468 (165)
50
(84)
17
(19)
Breakdown by accounting category of foreign currency hedging instruments
Cash fow hedge
Sales against the euro
(73)
(11)
(42)
(7)
(13)
-
-
Purchases against the euro
85
85
-
-
-
1
(1)
Other
-
168
(75)
-
(93)
4
(2)
12
242 (117)
(7)
(106)
5
(3)
Fair value hedge
Sales against the euro
(93)
(38)
(51)
(4)
-
1
(2)
Purchases against the euro
450
432
-
18
-
-
(6)
Other
-
8
(6)
(4)
2
-
-
357
402
(57)
10
2
1
(8)
Net investment hedge
Sales against the euro
(823)
-
-
(a)
(823)
-
-
(8)
Purchases against the euro
-
-
-
-
-
-
-
Other
-
-
-
-
-
-
-
(823)
-
-
(823)
-
-
(8)
Economic hedging
(b)
Sales against the euro
(71)
-
(12)
-
(59)
1
-
Purchases against the euro
1,794
813
21
870
90
10
-
Other
-
11
-
-
(11)
-
-
1,723
824
9
870
20
11
-
(a)
Relates to the hedge of the net investment in certain subsidiaries in the United Kingdom for a notional amount of £832 million as of December 31,
2014 (£692 million as of December 31, 2013).
(b)
The economic hedging instruments relate to derivative financial instruments which are not eligible for hedge accounting pursuant to IAS 39.
22.2.5.
Liquidity risk management
Vivendi SA centralizes daily cash surpluses (cash pooling) of all controlled
entities (a) that are not subject to local regulations restricting the
transfer of financial assets or (b) that are not subject to other contractual
agreements.
As of December 31, 2014, the future undiscontinued cash flows related
to borrowings and other financial liabilities amounted to €2,623 million
(compared to a carrying value of €2,347 million) and are presented in
Note 25.1 within the group’s contractual minimum future payments.
As of February 11, 2015, Vivendi considers that the cash flows generated
by its operating activities, its cash and cash equivalents, as well as the
amounts available through its current bank credit facility will be sufficient
to cover its operating expenses and capital expenditures, service its debt,
pay its income taxes, dividends and share repurchases, if any, as well as
to fund its investment projects, if any, for the next 12 months.
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Annual Report 2014