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116 2014 Registration Document
Comments on 2014 fiscal year
4
Financial position
Long and short-term borrowings (excluding derivatives) mature at different dates through 2022 for the longest tranche of bond debt, leading to
balanced repayment obligations in the coming years as shown below:
(in € millions)
2014
2013
Due within one year
1,696
1,683
Due in 1 to 2 years
1,329
1,242
Due in 2 to 5 years
2,486
2,955
Due beyond 5 years
3,000
3,326
TOTAL
8,511
9,206
At December 31, 2014, the Group’s liquidity position was strengthened by the availability of €4.45 billion in committed syndicated lines of credit
with no drawing restrictions expiring in 2017, 2018 and 2019.
4.2.3
Cash flows for the year and cash and cash equivalents
at December 31, 2014
Cash and cash equivalents totaled €3,113 million at December 31, 2014,
compared with €4,757 million at December 31, 2013. The decrease of
€1,644 million was primarily due to the Group’s decision to launch new
capital spending programs in late 2013 that have been continued in 2014.
Net debt was reduced by €837 million over the year, after increasing
by €203 million in 2013. The decrease is analyzed in the simplified
statement of cash flows presented below:
Free cash flow stood at €306 million in 2014, compared with €26 million
in 2013, after taking into account a €465 million increase of cash flow
from operations, a €442 million increase of change in non trade working
capital requirement, and a significantly higher capital expenditure (with
the net spend up €634 million over the year).
Financial investments represented a net outflow of €1,336 million in
2014, compared with a €57 million outflow in 2013. The 2014 net
outflow mainly related to the Carmila capital increase subscribed by the
Group and the the acquisition of Erteco (DIA).
Disposals of the period represented a €236 million inflow and consisted
of the Carmila asset contribution in France and Spain. The €542 million
inflow in 2013 related to the sale of the Group’s 25% stake in Majid Al
Futtaim Hypermarkets.
(in € millions)
2014
2013
Cash flow from operations
2,504
2,039
Change in trade working capital requirement
(63)
76
Investments
(2,305)
(1,671)
Other
169
(418)
Free cash flow
306
26
Financial investments
(1,336)
(57)
Disposals
236
542
Purchases and disposals without change in control
311
(11)
Cash dividends/reinvested dividends
(214)
(206)
Finance costs, net
(399)
(428)
Changes in the scope of consolidation and impact of discontinued operations
(64)
752
Other
323
(415)
Decrease/(Increase) in net debt
(837)
203