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Friday, February 19, 2016<br />
Note 24<br />
Major consolidated entities or entities accounted under equity method<br />
As of December 31, 2015, approximately 520 entities were consolidated or accounted for using the equity method (compared to<br />
approximately 540 entities as of December 31, 2014).<br />
December 31, 2015 December 31, 2014<br />
Accounting Voting Ownership Accounting Voting Ownership<br />
Country<br />
Note<br />
Method Interest Interest Method Interest Interest<br />
Vivendi S.A.<br />
France<br />
Parent company<br />
Parent company<br />
Groupe Canal+ S.A. France C 100% 100% C 100% 100%<br />
Société d'Edition de Canal Plus 2.5 France C 100% 100% C 49% 49%<br />
Multithématiques S.A.S. France C 100% 100% C 100% 100%<br />
Canal+ Overseas S.A.S. France C 100% 100% C 100% 100%<br />
D8 France C 100% 100% C 100% 100%<br />
Studiocanal S.A. France C 100% 100% C 100% 100%<br />
ITI Neovision Poland C 51% 51% C 51% 51%<br />
VSTV (a) Vietnam C 49% 49% C 49% 49%<br />
TVN 2.10 Poland na - - E 49% 26%<br />
Universal Music Group, Inc. United States C 100% 100% C 100% 100%<br />
Universal Music Group Holdings, Inc. United States C 100% 100% C 100% 100%<br />
UMG Recordings, Inc. United States C 100% 100% C 100% 100%<br />
Vevo 11 United States E 49% 49% E 48% 48%<br />
SIG 104 France C 100% 100% C 100% 100%<br />
Universal International Music B.V. Netherlands C 100% 100% C 100% 100%<br />
Universal Music Entertainment GmbH Germany C 100% 100% C 100% 100%<br />
Universal Music LLC Japan C 100% 100% C 100% 100%<br />
Universal Music France S.A.S. France C 100% 100% C 100% 100%<br />
Universal Music Holdings Limited United Kingdom C 100% 100% C 100% 100%<br />
EMI Group Worldwide Holding Ltd. United Kingdom C 100% 100% C 100% 100%<br />
Vivendi Village 0%<br />
See Tickets United Kingdom C 100% 100% C 100% 100%<br />
Digitick France C 100% 100% C 100% 100%<br />
MyBestPro (formerly Wengo) France C 100% 91% C 100% 90%<br />
Watchever GmbH Germany C 100% 100% C 100% 100%<br />
L'Olympia (b) France C 100% 100% C 100% 100%<br />
Radionomy Group 2.6 Belgium C 64% 64% na - -<br />
CanalOlympia 3.1 France C 100% 100% na - -<br />
New Initiatives 0%<br />
Dailymotion 2.1 France C 90% 90% na - -<br />
Group Vivendi Africa 3.1 France C 100% 100% na - -<br />
Vivendi Contents 3.1 France C 100% 100% na - -<br />
Boulogne Studios 2.6 France C 100% 100% na - -<br />
Other<br />
Telecom Italia 2.2 Italia E 21% 15% na na na<br />
Poltel Investment (Elektrim Telekomunikacja)<br />
Poland C 100% 100% C 100% 100%<br />
Discontinued businesses<br />
Global Village Telecom S.A. 2.9 Brazil na - - C 100% 100%<br />
C: Consolidated; E: Equity; na: not applicable.<br />
a. VSTV (Vietnam Satellite Digital Television Company Limited) is held 49% by Canal+ Group and 51% by VCTV, a subsidiary of VTV (the<br />
Vietnamese public television company). This company has been consolidated by Vivendi given that Canal+ Group has both operational<br />
and financial control over it pursuant to a general delegation that was granted by the majority shareholder and pursuant to the<br />
company’s bylaws.<br />
b. L’Olympia was transferred from Universal Music Group to Vivendi Village as from January 1, 2015.<br />
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /103
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