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Annual Report -
2013
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Vivendi
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Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements |
Statutory Financial Statements
Note 16. Borrowings
16.2
Bank borrowings
As of December 31, 2013, the aggregate amount of loans and
borrowings from credit institutions was €3,683.7 million, compared to
€5,219.9 million as of December 31, 2012. This was mainly comprised
of various long-term credit facilities drawn for €1,655.0 million (see
below) and short-term commercial paper backed on credit facilities for
€1,914.1 million.
As of February 19, 2014, the date on which the Vivendi’s Management
Board approved the 2013 Financial Statements, Vivendi SA had
available committed credit facilities totaling €7.1 billion (compared
to €7.1 billion as of December 31, 2012) of which €3.6 billion were
available at year-end 2013, as follows:
in March, 2013, Vivendi set up a credit facility, for €1.5 billion, with
a maturity date of March 2018, which was drawn in the amount of
€569 million at year-end 2013. The new €1.5 billion credit facility
resulted in the anticipated early cancellation of the credit facility of
€1.5 billion with a maturity date of May 2014;
Vivendi also has the following credit facilities available:
–– a €1 billion credit facility, with a maturity date of
September 2015, set up in September 2010, which was entirely
drawn at year-end 2013,
–– a €2.0 billion credit facility, with a maturity date of May 2016,
set up in May 2011, which was entirely drawn at year-end 2013,
–– a €1.1 billion credit facility, with a maturity date of January 2017,
set up in January 2012, which was undrawn at year-end 2013,
–– a €40 million revolving facility with a maturity date of
January 2015 (undrawn at year-end 2013), which was set up in
January 2012, and
–– a €1.5 billion syndicated bank credit facility, with a maturity date
of May 2017, set up in May 2012, which was undrawn at year-
end 2013.
16.3
Other borrowings
As of December 31, 2013, other borrowings amounted to €4.7 billion
(including Universal Music Group for €4.3 billion) compared to
€3.2 billion as of December 31, 2012 and comprised current account
deposits made by subsidiaries.
16.4
Borrowings Maturity
As of December 31, 2013, 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 4.2 years, compared to 4.4 years
at year-end 2012.
