Page 289 - 2012 Annual Report

289
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 22 Borrowings and other financial liabilities
Breakdown by nature of interest rate
(in millions of euros) Note December 31, 2012 December 31, 2011
Fixed interest rate 11,666 66% 9,993 64%
Floating interest rate 6,048 34% 5,713 36%
Nominal value of borrowings before hedging 17,714 100% 15,706 100%
Pay-fixed interest rate swaps 450 1,000
Pay-floating interest rate swaps (1,450) (1,750)
Net position at fixed interest rate 23.2 (1,000) (750)
Fixed interest rate 10,666 60% 9,243 59%
Floating interest rate 7,048 40% 6,463 41%
Nominal value of borrowings after hedging 17,714 100% 15,706 100%
Please refer to Note 23.2.1 for a description of the group’s interest rate risk management instruments.
Breakdown by currency
(in millions of euros) Note December 31, 2012 December 31, 2011
Euro - EUR 14,420 81% 13,751 88%
US dollar - USD 2,046 12% 1,084 7%
Other (of which MAD, BRL, PLN and FCFA) 1,248 7% 871 5%
Nominal value of borrowings before hedging 17,714 100% 15,706 100%
Currency swaps USD 1,303 563
Other currency swaps (a) (813) (78)
Net total of hedging instruments 23.2 490 485
Euro - EUR 14,910 84% 14,236 91%
US dollar - USD 743 4% 521 3%
Other (of which MAD, BRL, PLN and FCFA) 2,061 12% 949 6%
Nominal value of borrowings after hedging 17,714 100% 15,706 100%
(a) Notably included a forward GBP/EUR contract for a nominal amount of £430 million, put into place in order to cover the proceeds from the forthcoming
sale of certain assets of EMI Recorded Music. Please refer to Note 23.2.2 for a description of the group’s foreign currency risk management.
22.4. CREDIT RATINGS
As of February 18, 2013, the date of the Management Board meeting that approved the Financial Statements for the year ended December 31, 2012, the
credit ratings of Vivendi were as follows:
Rating agency Rating date Type of debt Ratings Outlook
Standard & Poor’s July 27, 2005 (a) Long-term corporate debt BBB
Negative (a) Short-term corporate debt A-2
Senior unsecured debt BBB
Moody’s September 13, 2005 Long-term senior unsecured debt Baa2 Stable
Fitch Ratings December 10, 2004 Long-term senior unsecured debt BBB Stable
(a) On October 26, 2012, Standard & Poor’s removed the credit watch negative that it had placed in Vivendi’s debt on July 4, 2012 and confirmed Vivendi’s
rating, with a negative outlook, of the BBB long-term debt and the A-2 short-term debt rating.