Page 297 - 2012 Annual Report

297
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 23 Financial instruments and management of financial risks
23.2.3. Liquidity risk management
CONTRACTUAL MATURITY OF THE GROUP’S FINANCIAL NET DEBT FUTURE CASH FLOWS
The table below presents the carrying value and the future undiscounted cash flows, as defined in the contractual maturity schedules, of assets and
liabilities that constitute Vivendi’s Financial Net Debt:
(in millions of euros)
December 31, 2012
Carrying
value
Contractual maturity of cash outflows / (inflows)
Total 2013 2014 2015 2016 2017
After
2017
Nominal value of borrowings (a) 17,714 17,714 5,080 2,057 2,380 1,406 2,073 4,718
Cumulative effect of amortized cost and reevaluation due to hedge accounting (1) -
Interest to be paid (b) - 2,586 534 502 402 331 302 515
Borrowings 17,713 20,300 5,614 2,559 2,782 1,737 2,375 5,233
Commitments to purchase non-controlling interests 8 8 4 4
Derivative financial instruments 36 30 18 3 3 3 3
Borrowings and other financial liabilities 17,757 20,338 5,632 2,562 2,785 1,740 2,382 5,237
Cash management financial assets (301) (301) (301)
Derivative financial instruments (137) (156) (40) (29) (28) (28) (11) (20)
Cash deposits backing borrowings (6) (6) (6)
Cash and cash equivalents (c) (3,894) (3,894) (3,894)
Financial Net Debt 13,419 15,981 1,391 2,533 2,757 1,712 2,371 5,217
Undrawn confirmed bank credit facilities (d) 6,616 6 784 1,918 1,209 2,628 71
(in millions of euros)
December 31, 2011
Carrying
value
Contractual maturity of cash outflows / (inflows)
Total 2012 2013 2014 2015 2016
After
2016
Nominal value of borrowings (a) 15,706 15,706 3,299 4,017 2,037 1,603 1,391 3,359
Cumulative effect of amortized cost and reevaluation due to hedge accounting (12) -
Interest to be paid (b) - 2,230 544 436 360 266 196 428
Borrowings 15,694 17,936 3,843 4,453 2,397 1,869 1,587 3,787
Commitments to purchase non-controlling interests 11 11 1 4 6
Derivative financial instruments 5 5 5
Borrowings and other financial liabilities 15,710 17,952 3,849 4,453 2,397 1,869 1,591 3,793
Cash management financial assets (266) (266) (266)
Derivative financial instruments (101) (142) (54) (16) (16) (15) (16) (25)
Cash deposits backing borrowings (12) (12) (12)
Cash and cash equivalents (c) (3,304) (3,304) (3,304)
Financial Net Debt 12,027 14,228 213 4,437 2,381 1,854 1,575 3,768
Undrawn confirmed bank credit facilities 7,164 2,044 110 799 2,261 1,730 220
(a) Future contractual undiscounted cash flows related to the nominal value of currency borrowings are estimated based on the applicable exchange rate
as of December 31, 2012 and December 31, 2011, respectively.
(b) Interest to be paid on floating rate borrowings is estimated based on floating rates as of December 31, 2012 and December 31, 2011, respectively.
(c) Cash and cash equivalents include cash held outside the United States by the Activision Blizzard’s non-American subsidiaries for €1,936 million
(compared to €1,266 million as of December 31, 2011). If these funds are needed in the future to finance American transactions, Activision Blizzard
would accrue and pay the required US taxes to repatriate these funds. However, Activision Blizzard’s intent is to permanently reinvest these funds
outside of the United States and their current business plans do not demonstrate a need to repatriate them to fund their activities in the United States.
(d) In connection with its appeal of the verdict rendered in the Liberty Media Corporation litigation, Vivendi will shortly deliver a letter of credit issued by
Bank of America for the benefit of Liberty Media Corporation, for €975 million (damages and interest, as well as legal costs). This off-balance sheet
financial commitment will have no impact on Vivendi’s net debt (please refer below).