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Friday, February 19, 2016
Unrealized gains and losses recognized directly in equity
Interest rate
risk
management
Cash Flow Hedge
Foreign
currency risk
management
Net Investment
Hedge
(in millions of euros)
Balance as of December 31, 2013 9 5 6 20
Charges and income directly recognized in equity - 6 (56) (50)
Items to be reclassified to profit or loss 15 (6) - 9
Tax effect - (2) - (2)
Balance as of December 31, 2014 24 3 (50) (23)
Charges and income directly recognized in equity - (3) (66) (69)
Items to be reclassified to profit or loss (11) 1 - (10)
Tax effect - 1 - 1
Other - (1) - (1)
Balance as of December 31, 2015 13 1 (116) (102)
Total
19.8 Credit ratings
As of February 10, 2016, the date of the Management Board meeting that approved the Financial Statements for the year ended
December 31, 2015, Vivendi’s credit ratings were as follows:
Rating agency Type of debt Ratings Outlook
Standard & Poor's Long-term corporate debt BBB
Senior unsecured debt
BBB
Stable
Moody's Long-term senior unsecured debt Baa2 Stable
Fitch Ratings Long-term senior unsecured debt BBB Stable
Note 20
Consolidated Cash Flow Statement
20.1 Adjustments
Year ended December 31,
(in millions of euros) Note 2015 2014
Items related to operating activities with no cash impact
Amortization and depreciation of intangible and tangible assets 3 716 743
Change in provision, net (53) (125)
Other non-cash items from EBIT (2) (1)
OtherItems related to investing and financing activities
Other income from EBIT 4 (745) (203)
Other charges from EBIT 4 45 30
Proceeds from sales of property, plant, equipment and intangible assets 1 3
Adjustments (38) 447
20.2 Investing and financing activities with no cash impact
On June 24, 2015, Vivendi swapped a 4.5% interest in Telefonica Brasil with Telefonica in exchange for 8.24% of Telecom Italia common
shares. The value of the interest in Telecom Italia amounted to €1,265 million as of this date.
On September 16, 2015, Vivendi swapped a 3.5% interest in Telefonica Brasil in exchange for 46 million Telefonica shares (i.e., a 0.95%
interest). The value of the interest in Telefonica amounted to €538 million. In December 2015, Vivendi received 1.4 million Telefonica shares
with respect to the payment of a dividend in shares, representing a value of €16 million. Please refer to Note 2.3.
On November 27, 2014, Vivendi sold 100% of its interest in SFR to Numericable and received €13,166 million in cash as well as
97,387,845 shares in the newly combined entity Numericable-SFR, which represents a 20% interest and voting rights. This 20% interest in
Numericable-SFR was sold on May 6, 2015 for €3,922 million, €1,948 million received on May 6, 2015 and €1,974 million received on
August 19, 2015.
In 2015 and 2014, there was no significant financing activity without cash impact.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /87