1owHYXa

Friday, February 19, 2016
As of December 31, 2015, the future undiscounted cash flows related to borrowings and other financial liabilities amounted to €3,145 million
(compared to a carrying value of €2,938 million) and are presented in Note 22.1 within the group’s contractual minimum future payments
schedule.
19.5 Breakdown by nature of interest rate
(in millions of euros)
December 31, 2015 December 31, 2014
Fixed interest rate 2,002 95% 1,995 91%
Floating interest rate 97 5% 204 9%
Nominal value of borrowings before hedging 2,099 100% 2,199 100%
Pay-fixed interest rate swaps 450 450
Pay-floating interest rate swaps (1,450) (1,450)
Net position at fixed interest rate (1,000) (1,000)
Fixed interest rate 1,002 48% 995 45%
Floating interest rate 1,097 52% 1,204 55%
Nominal value of borrowings after hedging 2,099 100% 2,199 100%
Interest rate risk
Vivendi’s interest rate risk management seeks to reduce its net exposure to interest rate increases. Therefore, Vivendi uses pay-floating and
pay-fixed interest rate swaps. These instruments thus enable the group to manage and reduce volatility for future cash flows related to
interest payments on borrowings. Considering the fixed/floating rate hedging instruments implemented, an unfavorable change of 1% in the
interest rates would have a cumulative impact of -€10 million on net earnings.
As a reminder, in December 2014, concomitantly with the redemption of the bonds having make-whole options, Vivendi made an early
settlement of pay-floating interest rate swaps having a notional amount of €750 million and €400 million. As of December 31, 2015, the
portfolio of Vivendi’s interest rate hedging instruments included the following swaps (unchanged as of December 31, 2014):
Notional amounts
Fair value
Maturity
December 31, 2015 December 31, 2014
Total
(in millions of euros) 2016 2017 Assets Liabilities Assets Liabilities
Pay-fixed interest rate swaps 450 - 450 - (9) - (12)
Pay-floating interest rate swaps (1,450) (1,000) (450) 49 - 75 -
Net position at fixed interest rate (1,000) (1,000) - (a) 49 (9) 75 (12)
Breakdown by accounting category of rate hedging instruments
Fair Value Hedge (1,000) (1,000) 19 - 35 -
Economic Hedging (b) - - (a) 30 (9) 40 (12)
a. Included pay-floating interest rate swaps for a notional amount of €450 million, as well as pay-fixed interest rate swaps for the same
amount, maturing in 2017, qualified as economic hedges.
b. The economic hedging instruments relate to derivative financial instruments which are not eligible for hedge accounting pursuant to
IAS 39.
19.6 Breakdown by currency
(in millions of euros) December 31, 2015 December 31, 2014
Euro - EUR 2,052 98% 2,162 98%
Other 47 2% 37 2%
Nominal value of borrowings before hedging 2,099 100% 2,199 100%
Currency swaps USD 799 748
Other currency swaps (126) (52)
Net total of hedging instruments (a) 673 696
Euro - EUR 2,725 130% 2,858 130%
US dollar - USD (799) -38% (748) -34%
Other 173 8% 89 4%
Nominal value of borrowings after hedging 2,099 100% 2,199 100%
a. Notional amounts of hedging instruments translated into euros at the closing rates.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /84