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Friday, February 19, 2016
2 Treasury and capital resources
2.1 Net Cash Position and equity portfolio
Preliminary comments:
Vivendi considers Net Cash Position, a non-GAAP measure, to be a relevant indicator in measuring Vivendi’s treasury and capital resources. The
Net Cash Position is calculated as the sum of:
i. cash and cash equivalents as reported on the Consolidated Statement of Financial Position, corresponding to cash in banks, money
market funds, complying with the criteria set forth in AMF position No. 2011-13, and other highly liquid short-term investments
with initial maturities of generally three months or less, as required by IAS 7 (please refer to Note 1.3.5.11 to the Consolidated
Financial Statements for the year ended December 31, 2015);
ii.
iii.
iv.
cash management financial assets, included in the Consolidated Statement of Financial Position under “financial assets”,
corresponding to financial investments which do not comply with the criteria for classification as cash equivalents set forth in
IAS 7, and, with respect to money market funds, the criteria set forth in AMF position No. 2011-13; and
derivative financial instruments in assets, and cash deposits backing borrowings, included in the Consolidated Statement of Financial
Position under “financial assets”; less
long-term and short-term borrowings and other financial liabilities as reported on the Consolidated Statement of Financial Position.
Net Cash Position should be considered in addition to, and not as a substitute for, other GAAP measures as presented in the Consolidated
Statement of Financial Position, as well as any other measures of indebtedness reported in accordance with GAAP, and Vivendi considers it to
be a relevant indicator of treasury and capital resources of the group. Vivendi Management uses this indicator for reporting, management, and
planning purposes, as well as to comply with certain covenants.
2.1.1 Net Cash Position as of December 31, 2015
Refer to Notes to the
Consolidated Financial December 31, 2015 December 31, 2014
(in millions of euros)
Statements
Cash and cash equivalents (a) 14 8,225 6,845
of which Vivendi SA's money market funds 5,550 4,754
Vivendi SA's term deposits, interest-bearing current accounts, and MTN 2,372 1,770
Cash management financial assets 14 581 -
Cash position 8,806 6,845
Derivative financial instruments in assets 19 115 139
Cash deposits backing borrowings 12 439 -
Borrowings and other financial liabilities 19 (2,938) (2,347)
of which long-term (a) (1,555) (2,074)
short-term (a) (1,383) (273)
Borrowings and other financial items (2,384) (2,208)
Net Cash Position 6,422 4,637
a. As presented in the Consolidated Statement of Financial Position.
As of December 31, 2015, Vivendi’s Net Cash Position was €6,422 million (compared to €4,637 million as of December 31, 2014). This
amount included the group’s cash position of €8,806 million as of December 31, 2015, of which €8,508 million was held by Vivendi SA and
invested as follows:
€5,550 million invested in money market funds;
€2,638 million invested in term deposits, interest-bearing current accounts and MTN, of which €2,372 million is classified as “cash
and cash equivalents” and the remaining balance (€266 million) as “financial assets”; and
€315 million invested in bond funds and classified as “financial assets”.
As of December 31, 2015, Vivendi’s borrowings and other financial liabilities net of derivative financial instruments in assets and cash
deposits amounted to €2,384 million, compared to €2,208 million as of December 31, 2014, a €176 million increase. They primarily comprised
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi / 17