363
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 27. Fair Value of Derivative Instruments
In addition, Vivendi may also hedge foreign currency exposure resulting
from foreign currency-denominated financial assets and liabilities
by entering into currency swaps and forward contracts enabling the
refinancing or investment of cash balances in euros or other local
currencies, and use monetary or derivative instruments, if applicable, to
manage its foreign currency exposure to inter-company current accounts
denominated in foreign currencies (which qualify for hedge accounting
pursuant to the French PCG).
The table below shows the notional amount of currency to be delivered
or received under currency instruments (currency swaps and forward
contracts). Positive amounts indicate currency receivable and negative
amounts currency deliverable.
(in millions of euros)
December 31, 2013
EUR
GBP
PLN
USD Other currency
Sales against the euro
967
(833)
(13)
(49)
(72)
Sales against other currencies
-
-
-
11
(11)
Purchases against the euro
(2,337)
887
24
1,337
89
Purchases against other currencies
94
(4)
(175)
83
2
(1,276)
50
(164)
1,382
8
Note 27.
Fair Value of Derivative Instruments
As of December 31, 2013, the market value of derivative instrument
portfolios classified as interest rate and currency hedges, pursuant to
Article 372 of the French General Accounting Code, was €81.1 million
and €5.7 million, respectively (theoretical cost of unwinding). As of
December 31, 2012, the fair values of these hedging portfolios were
€93.8 million and -€23.3 million, respectively.
As of December 31, 2013, aggregate derivative financial instruments,
which did not qualify for hedge accounting, totaled -€7.6 million
(theoretical cost of unwinding) compared to €9.6 million as of
December 31, 2012.
(in millions of euros)
As of December 31, 2013
As of December 31, 2012
Derivative financial instruments
Derivative financial instruments
qualifying for
hedge accounting
not qualifying for
hedge accounting
qualifying for
hedge accounting
not qualifying for
hedge accounting
Interest rate risk management
81.1
0.0
93.8
0.0
fixed-rate payer swaps
(7.4)
-
(10.3)
-
floating-rate payer swaps
88.5
-
104.1
-
Foreign currency risk management
5.7
(7.6)
(23.3)
9.6
Note 28.
Subsequent Events
Between December 31, 2013 and February 19, 2014, the date on
which the 2013 statutory financial statements were approved by the
Management Board, no significant events occurred.
