Page 339 - 2012 Annual Report

339
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 10. Receivables Maturity Schedule
(in millions of euros) Gross value
Maturing in less
than one year
Maturing in more
than one year
Non-current assets
Loans to subsidiaries and affiliates 5,046.5 2,059.8 2,986.7
Other long-term investments 7.8 5.0 2.8
Current assets
Trade accounts receivable and related accounts 19.7 19.7
Other receivables 6,838.9 6,820.5 18.4
TOTAL 11,912.9 8,905.0 3,007.9
Note 11. Deferred Charges
DEFERRED CHARGES RELATING TO FINANCIAL INSTRUMENTS
(in millions of euros) Opening balance
(a)
Increase Amortization Closing balance
Deferred charges relating to credit lines 14.9 11.1 (7.8) 18.2
Issue costs of bonds 14.6 12.9 (5.1) 22.4
TOTAL 29.5 24.0 (12.9) 40.6
(a) New credit lines and bonds issued for 2012 are detailed in Note 16, Borrowings.
Note 12. Unrealized Foreign Exchange Gains and Losses
At year-end 2012, the decrease in unrealized foreign exchange losses to
€84.2 million from €187.0 million at year-end 2011 resulted from:
✱ the €12.9 million decrease in unrealized losses related to the
$700 million bond issue dated April 2008 and maturing in April 2018;
these unrealized losses were reduced to €80.6 million;
✱ the cancellation of unrealized losses of €93.5 million, recorded at
year-end 2011 on the $700 million bond issue dated April 2008
and maturing in April 2013, due to its early redemption in April and
May 2012 (please see Note 16, Borrowings); the redemption resulted
in the recognition of a foreign exchange loss of €78.2 million (which
was offset by a foreign exchange gain of €76.6 million recorded in
symmetrical exchange positions, please see below); and
✱ conversely, the recording of an unrealized exchange loss of
€3.4 million on $700 million of $2 billion bond issue dated April 2012;
this tranche hedges the $700 million loan granted to Vivendi Holding I
Corp. in 2008, maturing in April 2013, and recorded in the symmetrical
exchange position (please see Note 1, Accounting Rules and Methods,
Foreign currency-denominated transactions and Derivative financial
instruments).
At year-end 2012, the decrease in unrealized foreign exchange gains to
€81.4 million from €183.7 million at year-end 2011 resulted from:
✱ the €12.9 million decrease in unrealized losses, in relation to the loan
granted to Vivendi Holding I Corp. in 2008 for $700 million, maturing
in April 2018; these unrealized gains decreased to €79.0 million; and
✱ the downward adjustment at year-end 2012 in the amount of
€76.6 million compared to the €91.9 million unrealized foreign
exchange gains recorded at year-end 2011, in relation to the loan
granted to Vivendi Holding I in 2008 for $700 million maturing in
April 2013, in accordance with the symmetrical exchange position
principle (please see above, early redemption of the $700 million bond
in April and May).
Consequently, and taking into account the overall foreign exchange
position, the provision for foreign exchange losses decreased to
€2.8 million as of December 31, 2012 compared to €3.3 million as of
December 31, 2011 (please see Note 15, Provisions).
Note 10 Receivables Maturity Schedule