199
Annual Report -
2013
-
Vivendi
Financial Report
| Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
4
SECTION 5 - Treasury and capital resources
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Financial Net Debt as of December 31, 2013
As from June 30, 2013, in compliance with IFRS 5, Activision Blizzard
and Maroc Telecom Group have been reported until their effective
sale, in Vivendi’s Consolidated Statement of Financial Position as
discontinued businesses.
In practice, as of December 31, 2013, Maroc Telecom Group’s assets
and liabilities have been grouped under the specific lines “assets of
discontinued businesses” and “liabilities associated with assets of
discontinued businesses”. As of December 31, 2013, this accounting
reclassification resulted in a €314 million decrease in Vivendi’s Financial
Net Debt, which related to Maroc Telecom Group’s Financial Net Debt
as of that date.
As of December 31, 2013:
Vivendi’s Financial Net Debt, in IFRS, amounted to €11,097 million.
Borrowings and other financial liabilities amounted to
€12,138 million (compared to €17,313 million as of December 31,
2012), a €5,175 million decrease. This change was due to the impact
of the sale of Activision Blizzard (€6,044 million), net of divested
cash (€3,349 million), and of Parlophone (€699 million), offset by the
acquisition of Lagardère’s non-controlling interest in Canal+ France
(€1,020 million);
the group’s bond debt amounted to €7,827 million (compared to
€10,888 million as of December 31, 2012). This €3,061 million
decrease was related to the early redemption of bonds ($2.1 billion
and €1.5 billion) in the fourth quarter of 2013 following the sale
of Activision Blizzard. The bond debt represented 64.1% of the
borrowings in the group’s Statement of Financial Position (compared
to 61.5% as of December 31, 2012);
the total amount of the group’s confirmed credit facilities amounted
to €7,629 million (compared to €9,039 million as of December 31,
2012). The group’s aggregate amount of credit facilities neither
drawn nor backed by commercial paper amounted to €3,648 million
(compared to €3,361 million as of December 31, 2012);
Vivendi SA’s total confirmed credit facilities amounted to
€7,140 million (unchanged compared to December 31, 2012) and
included €2,600 million in available swinglines. All these credit
facilities have a maturity greater than one year. These credit
facilities were drawn for €1,655 million as of December 31, 2013.
Considering the €1,906 million commercial paper issued as of that
date and backed to bank credit facilities, these facilities were
available up to a maximum amount of €3,579 million; and
the “economic” average term of the group’s debt was 4.2 years
a s o f De c emb e r 3 1 , 2 0 1 3 ( c omp a r e d t o 4 . 4 y e a r s
as of December 31, 2012).
5.2.
Financial Net Debt changes
As of December 31, 2013, Vivendi’s Financial Net Debt amounted to
€11,097 million (compared to €13,419 million as of December 31, 2012),
a €2,322 million decrease.
This change notably reflected:
proceeds received on October 11, 2013 with respect to the sale
of Vivendi’s interest in Activision Blizzard (€6,044 million), net of
divested cash (€3,349 million);
the cash provided by operating activities of continuing operations
(1)
(€3,823 million);
the proceeds from the sale by UMG of Parlophone and other labels
(€699 million);
the capital increase subscribed for by employees in connection
with Vivendi SA’s employee stock purchase plan in July 2013
(€149 million); and
the accounting reclassification of Maroc Telecom Group’s Financial
Net Debt as of December 31, 2013 (€314 million),
partially offset by:
cash payments related to capital expenditures of continuing
operations
(1)
(€2,624 million, of which €1,610 million for SFR and
€769 million for GVT);
cash payments related to dividends paid to Vivendi SA shareowners
(€1,325 million);
the acquisition of Lagardère’s non-controlling interest in Canal+
France (€1,020 million); and
cash payments related to financial activities (€877 million, of which
€528 million of interest paid and €182 million of premium paid as
part of the early redemption of bonds, denominated in US dollars
and in euros).
(1)
Continuing operations relate to Canal+ Group, Universal Music Group, GVT, SFR, other operations of the group, as well as Holding & Corporate.
