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Friday, February 19, 2016
three Vivendi SA bonds for an aggregate amount of €1,950 million, maturing in December 2016, March 2017 and December 2019,
respectively, as well as the share repurchase program in place as of December 31, 2015 (€193 million).
In addition, Vivendi SA has a €2 billion bank credit facility, undrawn as of December 31, 2015. On October 30, 2015, the maturity of this
credit facility was extended for one year, to October 31, 2020.
As of February 10, 2016, the date of the Management Board meeting that approved Vivendi’s Consolidated Financial Statements for the year
ended December 31, 2015, after taking into account (i) the cash proceeds from the sale of Activision Blizzard shares and the unwinding of the
related hedging instrument on January 13, 2016 (+€1.4 billion), (ii) the payment of the second interim dividend on February 3, 2016 with
respect to fiscal year 2015 (-€1.3 billion), and (iii) the repurchase of treasury shares (-€0.5 billion), Vivendi’s Net Cash Position would be
approximately €6 billion.
2.1.2 Equity portfolio
As of December 31, 2015, Vivendi held a portfolio of quoted and unquoted non-controlling equity interests, mainly in Telecom Italia,
Activision Blizzard, Telefonica, Ubisoft and Gameloft. At this date, this equity portfolio represented an aggregate market value of
approximately €6 billion (before taxes): please refer to Notes 11 and 12 to the Consolidated Financial Statements for the year ended
December 31, 2015.
As of February 10, 2016, the date of the Management Board meeting that approved Vivendi’s Consolidated Financial Statements for the year
ended December 31, 2015, the market value of Vivendi’s portfolio of non-controlling equity interests amounted to approximately €3.8 billion.
This change included the sale of the interest in Activision Blizzard and fluctuations in stock market prices.
2.2 Changes in Net Cash Position
Cash and cash
equivalents
Borrowings and
other financial
items (a)
Net Cash Position
(in millions of euros)
Net Cash Position as of December 31, 2014 6,845 (2,208) 4,637
Outflows/(inflows) related to continuing operations:
Operating activities 87 - 87
Investing activities 4,854 1,011 5,865
Financing activities (3,564) (603) (4,167)
Foreign currency translation adjustments of continuing operations 3 - 3
Outflows/(inflows) related to continuing operations 1,380 408 1,788
Outflows/(inflows) related to discontinued operations - (3) (3)
Net Cash Position as of December 31, 2015 8,225 (1,803) 6,422
a. “Other financial items” include cash management financial assets, commitments to purchase non-controlling interests, derivative
financial instruments (assets and liabilities) and cash deposits backing borrowings.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi / 18