Page 345 - 2012 Annual Report

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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
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IV - VIVENDI SA 2012 STATUTORY FINANCIAL STATEMENTS
3. NOTES TO THE 2012 STATUTORY FINANCIAL STATEMENTS
Note 16 Borrowings
16.2. BANK BORROWINGS
As of December 31, 2012, the aggregate amount of loans and borrowings
from credit institutions was €5,219.9 million, compared to €4,550.2 million
as of December 31, 2011. This was mainly comprised of various long-
term credit facilities drawn for €1,894.0 million (see below) and short-term
commercial paper backed on credit facilities for €3,263.5 million.
As of February 18, 2013, the date on which the Vivendi’s Management
Board approved the 2012 Financial Statements, Vivendi SA had available
committed credit facilities totaling €7.1 billion (compared to €9.0 billion
as of December 31, 2011) of which €2.0 billion was available at year-end
2012, as follows:
✱ In January, 2012, Vivendi set up two credit facilities, for €1.1 billion
and €40.0 million, with respective maturity dates of January 2017 and
January 2015, each of which were undrawn at year-end 2012. The new
€1.1 billion credit facility resulted in the anticipated early cancellation
of Tranche A ( €1.5 billion) of the credit facility of €5.0 billion that was
put in place in May 2011.
✱ In May, 2012, Vivendi set up a new syndicated bank credit facility, for
€1.5 billion with a maturity date of May 2017, which was undrawn at
year-end 2012.
Simultaneously, Vivendi early cancelled two revolving credit facilities
of €2.0 billion and €1.0 billion that were put in place in August 2006
and February 2008, respectively;
✱ Vivendi also has the following credit facilities available:
– a €3.5 billion syndicated bank credit facility, consisting of a
€1.5 billion tranche with a maturity date of May 2014 (drawn in
the amount of €725 million at year-end 2012) and a €2.0 billion
tranche, with a maturity date of May 2016 (drawn in the amount
of €819 million at year-end 2012), for a original total amount of
€5 billion which was set up in May 2011; and
– in September 2010, a credit facility of €1 billion was set up, with a
maturity date of September 2015, which was drawn in the amount
of €350 million at year-end 2012.
16.3. OTHER BORROWINGS
As of December 31, 2012, other borrowings amounted to €3.2 billion,
compared to €2.2 billion as of December 31, 2011, and comprised current
account deposits made by subsidiaries (including Universal Music Group
for €2.9 billion).
16.4. BORROWINGS MATURITY
As of December 31, 2012, the average «economic» term of the Group’s
financial debt, pursuant to which all undrawn amounts available
on medium-term credit lines may be used to reimburse the Group
borrowings with the shortest term, was 4.4 years, compared to 4.0 years
at year-end 2011.