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Management’s discussion and analysis as of December 31, 2015
Group financial position
Long and short-term borrowings (excluding derivatives) mature at different dates through 2025 for the longest tranche of bond debt, leading to
balanced repayment obligations in the coming years as shown below:
2015
2014
(in millions of euros)
Due within one year
921
1,696
Due in 1 to 2 years
1,306
954
Due in 2 to 5 years
2,447
2,662
Due beyond 5 years
2,905
3,198
TOTAL
7,580
8,511
At December 31, 2015, its liquidity position was strengthened by the availability of 3.9 billion euros in committed syndicated lines of credit with no
drawing restrictions, expiring in 2019 and 2020.
Cash and cash equivalents totaled 2,724
million euros at December
31, 2015, compared with 3,113
million euros at December
31, 2014,
representing a decrease of 389 million euros.
Cash flows for the year and cash and cash equivalents at
4.2.3
December 31, 2015
Net debt was reduced by 408 million euros over the year, after increasing by 837 million euros in 2014. The decrease is analyzed in the simplified
statement of cash flows presented below:
2015
2014
(in millions of euros)
Cash flow from operations
2,733
2,504
Change in working capital requirement
81
19
Investments
(2,138)
(2,305)
Other
10
88
Free cash flow
687
306
Financial investments
(85)
(1,336)
Disposals
109
236
Purchases and disposals without change in control
208
311
Cash dividends/capital increase
(474)
(214)
Finance costs, net
(347)
(399)
Changes in the scope of consolidation and impact of discontinued operations
(3)
(64)
Other
315
322
Decrease/(Increase) in net debt
408
(837)
Free cash flow came in at 687 million euros in 2015, compared with The 236 million euros inflow in 2014 also consisted of the proceeds
306
million euros in 2014, after taking into account a 229
million from asset sales to Carmila, in France and Spain.
euros increase in cash flow from operations, a 62
million euros
Purchases and disposals without change in control represented a
favorable change in working capital requirement, and lower capital
208
million euros net inflow and consisted primarily of the balance
expenditure (with the net spend down 167
million euros over the receivable from the sale of a 10% stake in the Group's Brazilian
year).
subsidiary to Peninsula in 2014, and the proceeds from the sale of an
Financial investments represented a net outflow of 85 million euros in additional 2% stake in the first half of 2015.
2015, compared with a 1,336
million euros outflow in 2014. The Changes in the scope of consolidation and discontinued operations
2014 net outflow mainly concerned the acquisition of Erteco (Dia) and had a negative net impact of 3 million euros in 2015 and 64 million
the Group's investment in its new associate, Carmila.
euros in 2014.
Disposals for the year represented a 109
million euros inflow and Other impacts mainly correspond to the sale of treasury stock in
consisted primarily of the proceeds from asset sales to Carmila in March 2015, which generated a net inflow of 392 million euros.
France and Italy.
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