297
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 24. Financial instruments and management of financial risks
24.2.3.
Liquidity risk management
■
■
Contractual maturity of the group’s Financial Net Debt future cash flows
The table below shows the carrying value and the future undiscounted cash flows, as defined in the contractual maturity schedules, of assets and
liabilities that constitute Vivendi’s Financial Net Debt:
(in millions of euros)
December 31, 2013
Carrying
value
Contractual maturity of cash outflows/(inflows)
Total
2014
2015
2016
2017
2018 After 2018
Nominal value of borrowings
(a)
12,210
12,210 3,510
588 1,562 2,065 1,005
3,480
Cumulative effect of amortized cost and reevaluation
due to hedge accounting
8
-
Interest to be paid
(b)
-
1,703
394
307
294
264
169
275
Borrowings
12,218
13,913 3,904
895 1,856 2,329 1,174
3,755
Commitments to purchase non-controlling interests
22
22
4
6
12
Derivative financial instruments
26
32
21
4
3
4
Borrowings and other financial liabilities
12,266 13,967 3,925
899 1,863 2,339 1,174
3,767
Derivative financial instruments
(126)
(178)
(42)
(34)
(38)
(22)
(6)
(36)
Cash deposits backing borrowings
(2)
(2)
(2)
Cash and cash equivalents
(1,041)
(1,041)
(1,041)
Financial Net Debt
11,097 12,746 2,840
865 1,825 2,317 1,168
3,731
(in millions of euros)
December 31, 2012
Carrying
value
Contractual maturity of cash outflows/(inflows)
Total
2013
2014
2015
2016
2017 After 2017
Nominal value of borrowings
(a)
17,714
17,714 5,080 2,057 2,380 1,406 2,073
4,718
Cumulative effect of amortized cost and reevaluation
due to hedge accounting
(1)
-
Interest to be paid
(b)
-
2,586
534
502
402
331
302
515
Borrowings
17,713
20,300 5,614 2,559 2,782 1,737 2,375
5,233
Commitments to purchase non-controlling interests
8
8
4
4
Derivative financial instruments
36
30
18
3
3
3
3
Borrowings and other financial liabilities
17,757 20,338 5,632 2,562 2,785 1,740 2,382
5,237
Cash management financial assets
(301)
(301)
(301)
Derivative financial instruments
(137)
(156)
(40)
(29)
(28)
(28)
(11)
(20)
Cash deposits backing borrowings
(6)
(6)
(6)
Cash and cash equivalents
(3,894)
(3,894)
(3,894)
Financial Net Debt
13,419 15,981 1,391 2,533 2,757 1,712 2,371
5,217
(a)
Future contractual undiscounted cash flows related to the nominal value of currency borrowings are estimated based on the applicable exchange
rates as of December 31, 2013 and December 31, 2012, respectively.
(b)
Interest to be paid on floating rate borrowings is estimated based on floating rates as of December 31, 2013 and December 31, 2012, respectively.
Moreover, on March 4, 2013, a letter of credit for €975 million, maturing
in March 2016, was issued in connection with Vivendi’s appeal against
the Liberty Media judgment (please refer to Note 28). This off-balance
sheet financial commitment has no impact on Vivendi’s Net Debt .
