205 / 348
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 19. Employee benefits 254 19.1. Analysis of expenses related to employee benefit plans 254 19.2. Employee defined benefit plans 254 19.2.1. Assumptions used in the evaluation and sensitivity analysis 254 19.2.2. Analysis of the expense recorded and of the amount of benefits paid 255 19.2.3. Analysis of net benefit obligations with respect to pensions and post-retirement benefits 256 19.2.4. Benefits estimation and future payments 258 Note 20. Share-based compensation plans 259 20.1. Impact on the Consolidated Statement of Earnings 259 20.2. Plans granted by Vivendi 259 20.2.1. Equity-settled instruments 260 20.2.2. Employee stock purchase and leveraged plans 262 20.2.3. Cash-settled instruments 262 20.3. UMG long-term incentive plan 263 Note 21. Borrowings and other financial liabilities 263 21.1. Bonds 264 21.2. Bank credit facilities 264 21.3. Breakdown of the nominal value of borrowings by maturity, nature of the interest rate, and currency 265 21.4. Credit ratings 266 Note 22. Financial instruments and management of financial risks 267 22.1. Fair value of financial instruments 267 22.2. Management of financial risks 268 22.2.1. Investment risk and counterparty risk management 269 22.2.2. Equity market value risk management 269 22.2.3. Interest rate risk management 270 22.2.4. Foreign currency risk management 271 22.2.5. Liquidity risk management 272 Note 23. Consolidated Cash Flow Statement 273 23.1. Adjustments 273 23.2. Investing and financing activities with no cash impact 273 Note 24. Transactions with related parties 273 24.1. Corporate Officers 273 24.2. Other related parties 274 Note 25. Contractual obligations and other commitments 275 25.1. Contractual obligations and commercial commitments 276 25.1.1. Off-balance sheet commercial commitments 276 25.1.2. Off-balance sheet operating leases and subleases 276 25.2. Other commitments given or received relating to operations 277 25.3. Share purchase and sale commitments 277 25.4. Contingent assets and liabilities subsequent to given or received commitments related to the divestiture or acquisition of shares 278 25.5. Shareholders’ agreements 281 25.6. Collaterals and pledges 281 Note 26. Litigation 282 Note 27. Major consolidated entities or entities accounted under equity method 288 Note 28. Statutory Auditors fees 289 Note 29. Audit exemptions for UMG subsidiaries in the United Kingdom 290 Note 30. Subsequent events 291 Note 31. Adjustment of comparative information 291 31.1. Adjustments made to the main aggregates of the Consolidated Statement of Earnings 291 31.2. Adjustments made to the Statements of Cash Flows 292Notes to the Consolidated Financial Statements
205
Annual Report 2014