Page 338 - 2012 Annual Report

338 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 9 Current Assets
Note 9. Current Assets
9.1. RECEIVABLES
9.2. MARKETABLE SECURITIES
As of December 31, 2012, receivables, net of impairment, amounted to
€6,751.0 million (compared to €3,014.4 million as of December 31, 2011)
and mainly include:
✱ current account advances by Vivendi to its subsidiaries for a net
amount of €5,807.3 million, including €4,903.2 million for SFR (which
includes the refinancing for €1,000 million of the credit facility
maturing on December 31, 2012 (see Note 7, Long-term Investment),
€278.0 million for Canal+ Group and €324.5 million for Vivendi Holding
I Corp.), compared to €2,451.1 million as of December 31, 2011 (which
includes €1,757.8 million for SFR, €295.0 million for Canal+ Group and
€115.0 million for SIG 109);
✱ a receivable of €319.6 million from Canal+ Group, paid in
January 2013, and equal to the purchase price for the sale of
the shares of Direct 8 and Direct Star by Vivendi to its subsidiary,
following the contribution of these shares by Bolloré Média (please
see Major Events);
✱ a receivable of €16.8 million from Bolloré Média, paid in January 2013,
corresponding to the adjustment of working capital requirements
of the companies contributed by Bolloré Média, as provided in the
Contribution Agreement dated as of September 19, 2012 (please see
Major Events);
✱ the tax receivable of €366.2 million, corresponding to the tax saving
for the year ended December 31, 2011 for which reimbursement was
requested on November 30, 2012, concomitantly with the filing of the
declaration under the Consolidated Global Profit Tax System (please
see Note 5, Income Taxes);
✱ a net tax receivable of €183.7 million (a gross receivable of
€208.4 million) due to the use of tax credits to reduce the tax due
pursuant to the Consolidated Global Profit Tax System for fiscal
year 2012, corresponding primarily to installment payments for which
reimbursement shall be requested (please see Note 5, Income Taxes).
The last two listed receivables relate to tax positions that could be
potentially challenged. Provisions are made to cover the associated risks
(please see Note 4, Net Exceptional Items, and Note 15, Provisions).
Marketable securities excluding treasury shares (please refer to Note 8,
Treasury shares) have a net book value of €0.0 million (compared to
€59.6 million at year-end 2011).
9.3. PREPAID EXPENSES
(in millions of euros) 2012 2011
Expenses relating to the following period 2.4 2.2
Discount paid to subscribers of bonds (a) 35.5 32.7
Amount paid as settlement of swap (b) 52.3 65.3
TOTAL 90.2 100.2
(a) In 2012, this includes discounts in the amount of €14.8 million granted (i) in January 2012 to subscribers to the €1,250 million bond issue, (ii) in
April 2012 to subscribers of the three tranches of the $2.0 billion bond issue and (iii) in December 2012 to subscribers of the €700 million bond issue.
(b) In 2012, no cash payment made was recognized as a prepaid expense.