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Friday, February 19, 2016
c. Primarily relates to UMG which routinely commits to pay agreed amounts to artists and other parties upon delivery of content or other
products (“Creative talent and employment agreements”). Until the artist or the other party has delivered his or her content or the
repayment of an advance, UMG discloses its obligation as an off-balance sheet given commitment. While the artist or the other party is
obligated to deliver a content or other product to UMG (these arrangements are generally exclusive), this counterpart cannot be reliably
determined and, thus, is not reported in received commitments.
Note 11
Investments in equity affiliates
Voting interest
Value of equity affiliates
(in millions of euros) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014
Telecom Italia (a) 21.4% - 3,319 -
VEVO 49% 48% 76 71
N-Vision (b) na 49% - 213
Other na na 40 22
3,435 306
na: not applicable.
a. Telecom Italia is accounted for under the equity method as from December 15, 2015 (please refer to Note 2.2).
b. On July 1, 2015, Canal+ Group sold its interest in N-Vision B.V. (please refer to note 2.9).
Note 12
Financial assets
December 31, 2015
December 31, 2014
(in millions of euros) Total Current Non-current Total Current Non-current
Financial assets at fair value
Term deposits, interest-bearing current accounts, and MTN (a) 266 266 - - - -
Level 1
Bond funds (a) 315 315 - - - -
Listed equity securities 2,520 - 2,520 4,676 - 4,676
Other financial assets (b) 979 5 974 980 5 975
Level 2
Unlisted equity securities 331 - 331 162 - 162
Derivative financial instruments (c) 115 47 68 139 40 99
Level 3
Other financial assets 71 1 70 51 - 51
Financial assets at amortized cost (d) 646 477 169 185 4 181
Financial assets 5,243 1,111 4,132 6,193 49 6,144
a. Related to cash management financial assets, included in the cash position: please refer to Note 14.
b. Included a cash deposit of €974 million as part of the appeal against the Liberty Media judgment (please refer to Note 19.3).
c. These derivative financial instruments primarily comprised interest rate and foreign currency hedging instruments, as described in
Note 19.
d. As of December 31, 2015, these financial assets mainly included the following cash deposits:
$480 million (€439 million as of December 31, 2015) related to the hedge of Activision Blizzard shares. This deposit was recovered
following the unwinding of the hedge in January 2016 (please refer below); and
$55 million (€50 million as of December 31, 2015) as part of the partial judgment entered in the securities class action (please refer
to Note 23).
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /69