289
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
Breakdown by currency
(in millions of euros)
Note
December 31, 2013
December 31, 2012
Euro – EUR
11,396
93%
14,420
81%
US dollar – USD
433
4%
2,046
12%
Other (of which BRL and PLN)
381
3%
1,248
7%
Nominal value of borrowings before hedging
12,210
100%
17,714
100%
Currency swaps USD
1,468
1,303
Other currency swaps
(199)
(a)
(813)
Net total of hedging instruments
24.2
1,269
490
Euro – EUR
12,665
104%
14,910
84%
US dollar – USD
(1,035)
-9%
743
4%
Other (of which BRL and PLN)
580
5%
2,061
12%
Nominal value of borrowings after hedging
12,210
100%
17,714
100%
(a)
Notably included a forward GBP/EUR contract for a nominal amount of £430 million, put into place in order to cover the proceeds from the sale of
certain assets of EMI Recorded Music. Please refer to Note 24.2.2 for a description of the group’s foreign currency risk management.
23.4.
Credit ratings
As of February 19, 2014, the date of the Management Board Meeting that approved the Financial Statements for the year ended December 31, 2013,
the credit ratings of Vivendi were as follows:
Rating agency
Rating date
Type of debt
Ratings
Outlook
Standard & Poor’s
July 27, 2005
(a)
Long-term
corporate
debt
BBB
Negative
(a)
Short-term
corporate
debt
A-2
Senior unsecured debt
BBB
Moody’s
September 13, 2005
(b)
Long-term senior unsecured debt
Baa2
Negative
(b)
Fitch Ratings
December 10, 2004
Long-term senior unsecured debt
BBB
Stable
(a)
On August 5, 2013, Standard & Poor’s rating agency maintained Vivendi’s rating and negative long-term corporate debt outlook.
(b)
On March 4, 2013, Moody’s rating agency confirmed Vivendi’s long-term senior unsecured debt at Baa2 and revised its outlook to negative.
