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Friday, February 19, 2016
18.3 Dailymotion’s long-term incentive plan
In 2015, Vivendi implemented a long-term incentive plan for a five-year period with certain key executives of Vivendi, including
Mr. Dominique Delport, a member of Vivendi’s Supervisory Board. This plan is linked to the growth of Dailymotion’s enterprise value
compared to its acquisition value, as it will stand as of June 30, 2020, based upon a third party expertise. In case of an increase in
Dailymotion’s value, the amount of the compensation with respect to the incentive plan is capped at a percentage, depending on the
beneficiary, of this increase. Within the six months following June 30, 2020, the plan will be settled by a payment in cash, if any.
In accordance with IFRS 2, a compensation expense has to be estimated and accounted for at each reporting date until the payment date. As
of December 31, 2015, given that the acquisition date (June 30, 2015) was close to the closing date, no increase in Dalymotion’s value was
recorded and, as a result, no charges were accounted for with respect to Dailymotion’s long-term incentive plan.
Note 19
Borrowings and other financial liabilities
Note
December 31, 2015 December 31, 2014
(in millions of euros) Total Long-term Short-term Total Long-term Short-term
Bonds 19.2 1,950 1,450 500 1,950 1,950 -
Bank overdrafts 53 - 53 168 - 168
Accrued interest to be paid 27 - 27 27 - 27
Other 69 14 55 54 5 49
Bank credit facilities (drawn confirmed) 19.3 - - - - - -
Nominal value of borrowings 2,099 1,464 635 2,199 1,955 244
Cumulative effect of amortized cost and revaluation due to
hedge accounting 19.1 14 (3) 17 28 28 -
Commitments to purchase non-controlling interests 293 83 210 (a) 87 79 8
Derivative financial instruments 19.7 532 11 521 (b) 33 12 21
Borrowings and other financial liabilities 2,938 1,555 1,383 2,347 2,074 273
a. Included the firm commitment of €193 million related to the share repurchase program in place as of December 31, 2015 (please refer to
Note 15).
b. Included the collar hedge (€483 million) denominated in USD on Vivendi’s interest in Activision Blizzard; this instrument was unwound on
January 13, 2016 (please refer to Note 12).
19.1 Fair market value of borrowings and other financial liabilities
December 31, 2015 December 31, 2014
Carrying Fair market
Carrying Fair market
Level
(in millions of euros)
value value
value value
Level
Nominal value of borrowings 2,099 2,199
Cumulative effect of amortized cost and revaluation due to hedge
accounting 14 28
Borrowings at amortized cost 2,113 2,272 na 2,227 2,483 na
Derivative financial instruments 532 532 2 33 33 2
Commitments to purchase non-controlling interests 293 293 (a) 1-3 87 87 3
Borrowings and other financial liabilities 2,938 3,097 2,347 2,603
na: not applicable
a. Included the firm commitment of €193 million related to the share repurchase program in place as of December 31, 2015, classified in Level 1
(please refer to Note 15).
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /82