288
Annual Report -
2013
-
Vivendi
4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 23. Borrowings and other financial liabilities
circumstances, these provisions could cause Vivendi to have to post
cash collateral for the benefit of the banks. In the same way, if one
of the fifteen banks defaults in respect of its obligations and is not
able to issue a guarantee sufficient enough to provide comfort to Bank
of America, Vivendi could be caused to substitute such bank with
another bank or, as a last resort, be obligated to post cash collateral
in the amount of such bank’s participation in the letter of credit. As of
December 31, 2013, Vivendi SA was in compliance with the terms of
the letter of credit.
23.3.
Breakdown of the nominal value of borrowings by maturity, nature of the interest rate, and currency
Breakdown by maturity
(in millions of euros)
December 31, 2013
December 31, 2012
Maturity
< 1 year
(a)
3,510
29%
5,080
29%
Between 1 and 2 years
588
5%
2,057
12%
Between 2 and 3 years
1,562
13%
2,380
13%
Between 3 and 4 years
2,065
17%
1,406
8%
Between 4 and 5 years
1,005
8%
2,073
12%
> 5 years
3,480
28%
4,718
26%
Nominal value of borrowings
12,210
100%
17,714
100%
(a)
As of December 31, 2013, short-term borrowings (with a maturity of less than one year) notably included commercial paper for €1,906 million
(compared to €3,255 million as of December 31, 2012), with a 17-day weighted-average remaining period as of December 31, 2013 as well as
Vivendi SA’s €894 million bond, maturing in January 2014, and SFR’s €300 million bond, maturing in July 2014.
As of December 31, 2013, the average “economic” term of the group’s financial debt, pursuant to which all undrawn amounts on available medium-
term credit lines may be used to redeem group borrowings with the shortest term was of 4.2 years (compared to 4.4 years at year-end 2012).
Breakdown by nature of interest rate
(in millions of euros)
Note
December 31, 2013
December 31, 2012
Fixed interest rate
7,830
64%
11,666
66%
Floating interest rate
4,380
36%
6,048
34%
Nominal value of borrowings before hedging
12,210
100%
17,714
100%
Pay-fixed interest rate swaps
450
450
Pay-floating interest rate swaps
(2,600)
(1,450)
Net position at fixed interest rate
24.2
(2,150)
(1,000)
Fixed interest rate
5,680
47%
10,666
60%
Floating interest rate
6,530
53%
7,048
40%
Nominal value of borrowings after hedging
12,210
100%
17,714
100%
Please refer to Note 24.2.1 for a description of the group’s interest rate risk management instruments.
