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Friday, February 19, 2016
Note 13
Net working capital
Trade accounts receivable and other
(in millions of euros) December 31, 2015 December 31, 2014
Trade accounts receivable 1,308 1,272
Trade accounts receivable write-offs (153) (228)
Trade accounts receivable, net 1,155 1,044
Other 984 939
Trade accounts receivable and other 2,139 1,983
Vivendi does not consider there to be a significant risk of non-recovery of trade accounts receivables for its business segments: the large
individual customer base, the broad variety of customers and markets, as well as the geographic diversity of its business segments (mainly
Canal+ Group and Universal Music Group), enable to minimize the risk of credit concentration related to trade accounts receivable.
Trade accounts payable and other
(in millions of euros) Note December 31, 2015 December 31, 2014
Trade accounts payable 2,224 2,215
Music royalties to artists and repertoire owners 10.2 1,822 1,699
Other 2,691 (a) 1,392
Trade accounts payable and other 6,737 5,306
a. Notably included the second interim dividend, paid on February 3, 2016, for €1,318 million (please refer to Note 15).
Note 14
Cash position
Vivendi’s cash position comprises cash and cash equivalents, as well as cash management financial assets classified as current financial
assets. As defined by Vivendi, cash management financial assets relate to investments which do not meet the criteria for classification as
cash equivalents set out in IAS 7, and, with respect to money market funds, the criteria set forth in AMF position No. 2011-13.
December 31, 2015 December 31, 2014
Carrying
Carrying
Fair value Level
(in millions of euros)
value
value
Fair value Level
Term deposits, interest-bearing current accounts, and MTN 266 na na - -
Bond funds 315 315 1 - -
Cash management financial assets 581 -
Cash 256 na na 240 na na
Term deposits, interest-bearing current accounts, and MTN 2,419 na na 1,851 na na
Money market funds 5,550 5,550 1 4,754 4,754 1
Cash and cash equivalents 8,225 6,845
Cash position 8,806 6,845
na: not applicable.
In 2015, the average interest rate on Vivendi’s investments was 0.35%.
Investment risk and counterparty risk
As of December 31, 2015, the group’s cash position amounted to €8,806 million, of which €8,508 million was held by Vivendi SA. Vivendi SA
centralizes daily cash surpluses (cash pooling) of all controlled entities (a) which are not subject to local regulations restricting the transfer of
financial assets, or (b) which are not subject to other contractual agreements.
Vivendi’s investment policy mainly aims to minimize its exposure to counterparty risk. Consequently, Vivendi allocates a portion of the
amounts available within (i) mutual funds with a low risk class (1 or 2) as defined by the European Securities and Markets Authority’s (ESMA)
synthetic risk and reward indicator (SRRI) which comprises seven risk classes, and (ii) highly rated commercial banks (at least A-). Moreover,
Vivendi allocates investments among selected banks and limits the amount of each such investment.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /71