Page 336 - 2012 Annual Report

336 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
IV - VIVENDI SA 2012 STATUTORY FINANCIAL STATEMENTS
3. NOTES TO THE 2012 STATUTORY FINANCIAL STATEMENTS
Note 7 Long-term Investments
Note 7. Long-term Investments
7.2. INVESTMENTS IN AFFILIATES AND LONG-TERM SECURITIES PORTFOLIO
The main changes during the year were:
✱ the contribution by Bolloré Media of the shares of Direct 8 and Direct
Star for €319.6 million and their subsequent sale to Canal+ Group
(please refer to Major Events and Note 13, Equity). This two-part
transaction is part of the strategic development of the Canal+ Group
in the free-to-air television market;
✱ the increase in the share capital of SIG 104 for €1,914 million to
finance its acquisition of the shares in EMI Group Worldwide Holdings
Limited from its subsidiary Universal Music Holding Limited for
€1.4 billion (see Major Events) and the simplification of the funding of
certain other music subsidiaries; and
✱ the increase in the share capital of SIG 109 for €391 million; SIG 109
helps finance the development of GVT in Brazil.
7.3. LOANS TO SUBSIDIARIES AND AFFILIATES
At year-end 2012, the net value of loans to subsidiaries and affiliates,
including accrued interest, was €3,780.5 million (compared to
€4,802.1 million at year-end 2011). It included:
✱ loans to SFR for €2,700 million in the form of two credit facilities,
which were fully drawn as of December 31, 2012, compared to
three credit facilities in an aggregate amount of €3,700 million as of
December 31, 2011:
– a €1.5 billion credit facility granted in 2009, with a maturity date
of June 15, 2013,
– a second €1.2 billion credit facility granted in December 2011 with
a maturity date of June 17, 2015, and
– a third credit facility for an initial amount of €3.0 billion granted to
SFR in 2008, which was subject to two partial reimbursements of
€1 billion each in July 2009 and July 2010 respectively; this facility
was reimbursed at its maturity date (December 31, 2012);
✱ a loan granted to Vivendi Holding I Corp. in 2008, for $1,400 million
(representing €1,057.1 million) to partially finance the integration of
Vivendi Games and Activision, in two tranches of $700 million with a
maturity date of April 2013 and April 2018 respectively.
7.4. LOANS AND OTHER LONG-TERM INVESTMENTS
In 2012, amounts paid by Vivendi under the liquidity agreement totaled
€5.0 million as of December 31, 2012 (out of an available balance of
€50 million) and were recorded in other financial assets. This amount
remains unchanged compared to December 31, 2011.
In addition, purchases and sales of shares were settled immediately. As
of December 31, 2012, Vivendi did not hold any shares under this liquidity
agreement nor did it hold any shares for this purpose as of December 31,
2011 (see Note 8, Treasury Shares).
7.1. LONG-TERM INVESTMENTS
(in millions of euros)
Opening gross
value Additions Disposals
Foreign
currency
translation
adjustments
Closing gross
value
Investments in affiliates and long-term portfolio securities (a) 40,051.5 2,626.3 (324.1) - 42,353.7
Loans to subsidiaries and affiliates 5,893.6 214.4 (1,035.8) (25.7) 5,046.5
Other long-term investment securities 0.7 80.1 (80.0) - 0.8
Loans and other long-term investments 7.5 0.3 - - 7.8
TOTAL 45,953.3 2,921.1 (1,439.9) (25.7) 47,408.8
(a) Includes movements relating to internal reorganizations (see below) - 2,306.2 (319.6) - -