Page 221 - 2012 Annual Report

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VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
III - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 19. Provisions 271
Note 20. Employee benefits 272
20.1. Analysis of expenses related to employee benefit plans 272
20.2. Employee defined benefit plans 272
20.2.1. Assumptions used in the evaluation and sensitivity analysis 272
20.2.2. Analysis of the expense recorded and of the amount of
benefits paid 274
20.2.3. Analysis of net benefit obligations with respect to
pensions and post-retirement benefits 274
20.2.4. Additional information on pension benefits in France 277
20.2.5. Benefits estimation and future payments 278
Note 21. Share-based compensation plans 278
21.1. Impact on the Consolidated Statement of Earnings 278
21.2. Plans granted by Vivendi 279
21.2.1. Information on plans granted by Vivendi 279
21.2.2. Information on outstanding Vivendi plans since
January 1, 2011 282
21.3. Plans granted by Activision Blizzard 283
21.3.1. Information on plans granted by Activision Blizzard 283
21.3.2. Information on outstanding Activision Blizzard plans
since January 1, 2011 284
21.4. UMG long-term incentive plan 285
Note 22. Borrowings and other financial liabilities 285
22.1. Bonds 286
22.2. Bank credit facilities 287
22.3. Breakdown of the nominal value of borrowings by
maturity, nature of the interest rate, and currency 288
22.4. Credit ratings 289
Note 23. Financial instruments and management
of financial risks 290
23.1. Fair value of financial instruments 290
23.2. Management of financial risks and derivative financial
instruments 292
23.2.1. Interest rate risk management 292
23.2.2. Foreign currency risk management 294
23.2.3. Liquidity risk management 297
23.3. Credit and investment concentration risk and
counterparty risk management 299
23.4. Equity market risk management 299
Note 24. Consolidated Cash Flow Statement 300
24.1. Adjustments 300
24.2. Investing and financing activities with no cash impact 300
Note 25. Transactions with related parties 301
25.1. Corporate officers 301
25.2. Other related parties 301
Note 26. Contractual obligations and other commitments 302
26.1. Contractual obligations and commercial commitments 302
26.1.1. Off balance sheet commercial commitments 303
26.1.2. Off balance sheet operating leases and subleases 303
26.2. Other commitments given or received relating to
operations 304
26.3. Share purchase and sale commitments 304
26.4. Contingent assets and liabilities subsequent to given
or received commitments related to the divestiture or
acquisition of shares 305
26.5. Shareholders’ agreements 308
26.6. Collaterals and pledges 309
Note 27. Litigation 310
Note 28. Major consolidated entities or entities accounted
under equity method 316
Note 29. Statutory auditors fees 318
Note 30. Subsequent events 318
Note 31. Audit exemptions for UMG subsidiaries in the
United Kingdom 319