265 / 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 21. Borrowings and other financial liabilities
of credit. On July 16, 2014, Vivendi strengthened the guarantees given to
the banks that are parties to the Reimbursement Agreement by placing
a cash deposit of €975 million in an escrow account. This cash deposit
could be used in priority against a claim made against Vivendi, if any, and
if the banks were called with respect to the letter of credit. This deposit,
which significantly reduced the letter of credit’s financing cost, resulted
in a €975 million decrease in the group’s Net Cash Position. Prior to this
deposit being placed, the letter of credit was recorded as an off-balance
sheet financial commitment, with no impact on Vivendi’s Financial Net
Debt.
21.3.
Breakdown of the nominal value of borrowings by maturity, nature of the interest rate,
and currency
Breakdown by maturity
(in millions of euros)
December 31, 2014
December 31, 2013
Maturity
< 1 year
(a)
244
11%
3,510
29%
Between 1 and 2 years
505
23%
588
5%
Between 2 and 3 years
750
34%
1,562
13%
Between 3 and 4 years
-
-
2,065
17%
Between 4 and 5 years
700
32%
1,005
8%
> 5 years
-
-
3,480
28%
Nominal value of borrowings
2,199
100%
12,210
100%
(a)
As of December 31, 2014, short-term borrowings (with a maturity of less than one year) primarily included bank overdrafts for €168 million. As
of December 31, 2013, they mainly included commercial paper issued for €1,906 million (with a 17-day average remaining period), Vivendi SA’s
€894 million bond, maturing in January 2014, SFR’s €300 million bond, maturing in July 2014, and bank overdrafts for €143 million.
As of December 31, 2014, the average “economic” term of the group’s
financial debt, pursuant to which all undrawn amounts on available
medium term credit lines may be used to redeem group borrowings with
the shortest term was 4.9 years (compared to 4.2 years at year-end 2013).
Breakdown by nature of interest rate
(in millions of euros)
Note
December 31, 2014
December 31, 2013
Fixed interest rate
1,995
91%
7,830
64%
Floating interest rate
204
9%
4,380
36%
Nominal value of borrowings before hedging
2,199
100%
12,210
100%
Pay-fixed interest rate swaps
450
450
Pay-floating interest rate swaps
(1,450)
(2,600)
Net position at fixed interest rate
22.2
(1,000)
(2,150)
Fixed interest rate
995
45%
5,680
47%
Floating interest rate
1,204
55%
6,530
53%
Nominal value of borrowings after hedging
2,199
100%
12,210
100%
265
Annual Report 2014