342
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 7. Long-term Investments
Note 7.
Long-term Investments
7.1
Long-term Investments
(in millions of euros)
Opening gross
value
Additions
Disposals
Foreign
currency
translation
adjustments
Closing
gross
value
Investments in affiliates and Long-term portfolio securities
(a)
42,353.7
11,186.6
(15,280.9)
-
38,259.4
Loans to subsidiaries and affiliates
5,046.5
64.3
(2,440.1)
(157.8)
2,512.9
Other long-term investment securities
0.8
-
-
-
0.8
Loans and other long-term investments
7.8
0.2
-
-
8.0
Total
47,408.8
11,251.1
(17,721.0)
(157.8)
40,781.1
(a)
Includes movements relating to internal reorganizations (see below)
-
10,998.0
(8,277.5)
-
-
7.2
Investments in affiliates and Long-term securities portfolio
The main changes during the year were:
the transactions related to the sale of Activision Blizzard shares
in October 2013 (please see “Significant Events” above), including
the payment by Vivendi Holding I LLC (formerly, Vivendi Holding I
Corp., VHI) to Vivendi SA of a dividend-in-kind for $3,468 million
(€2,562 million) in the form of Activision Blizzard shares (please
see Note 3, Net Financial Income), followed by the contribution
by Vivendi SA to its subsidiary Amber Holding Subsidiary Co.
(Amber Holding) of all of the issued and outstanding shares of
VHI for €5,229 million (please see Note 4, Exceptional Items), and
the acquisition by Vivendi SA of all of the issued and outstanding
shares of Universal Music Group Inc. (UMG) from Amber Holding
Subsidiary for a consideration of €2,264 million, prior to the sale of
(i) approximately 172 million Activision Blizzard shares to ASAC LLP
for $2,339 million (€1,724 million), and (ii) all of the outstanding
shares of Amber Holding Subsidiary (which held approximately
428.7 million Activision Blizzard shares) to Activision Blizzard for
$5,830 million (€4,298 million).
Following these transactions, Vivendi retained 83 million Activision
Blizzard shares and directly owned all of the issued and outstanding
shares of UMG. Given their origin, these Activision Blizzard shares
are classified as portfolio securities;
the acquisition of all of the issued and outstanding shares of
EMI Group Inc. from two British subsidiaries of the Group for
$650 million (€471 million) and the subsequent contribution of the
EMI Group shares to UMG for the same amount; and
the increase in the share capital of SIG 109 by €184 million; SIG 109
relating to the financing of GVT’s development in Brazil.
7.3
Loans to subsidiaries and affiliates
At year-end 2013, the net value of loans to subsidiaries and
affiliates, including accrued interest, was €1,200 million (compared
to €3,780.5 million at year-end 2012). It concerns a loan to SFR in
the form of credit facility granted in December 2011 with a maturity
date of June 17, 2015 for €1,200 million (which was fully drawn as of
December 31, 2013) compared to €2,700 million at year-end 2012. The
credit facility of €1,500 million granted in 2009 was reimbursed at its
maturity date (June 15, 2013).
7.4
Loans and other long-term investments
In 2013, amounts paid by Vivendi under the liquidity agreement totaled
€5.0 million as of December 31, 2013 (out of an available balance of
€50 million) and were recorded in other financial assets. This amount
remains unchanged compared to December 31, 2012.
In addition, purchases and sales of shares were settled immediately.
As of December 31, 2013, Vivendi did not hold any shares under this
liquidity agreement nor did it hold any shares for this purpose as of
December 31, 2012 (see Note 8, Treasury Shares).
