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Friday, February 19, 2016<br />
SELECTED KEY CONSOLIDATED FINANCIAL DATA ........................................................................................................................................ 4<br />
I- 2015 FINANCIAL REPORT ................................................................................................................................................................................. 6<br />
OVERVIEW ............................................................................................................................................................................................................. 6<br />
1 EARNINGS ANALYSIS: GROUP AND BUSINESS SEGMENTS ........................................................................................................................ 7<br />
1.1 CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF EARNINGS ........................................................................................ 8<br />
1.2 EARNINGS ANALYSIS: GROUP ....................................................................................................................................................................... 8<br />
1.3 PERFORMANCE ANALYSIS: BUSINESS SEGMENTS .......................................................................................................................................... 12<br />
2 TREASURY AND CAPITAL RESOURCES ...................................................................................................................................................... 17<br />
2.1 NET CASH POSITION AND EQUITY PORTFOLIO ................................................................................................................................................ 17<br />
2.2 CHANGES IN NET CASH POSITION ............................................................................................................................................................... 18<br />
2.3 CASH FLOW FROM OPERATIONS ANALYSIS .................................................................................................................................................... 19<br />
2.4 ANALYSIS OF INVESTING AND FINANCING ACTIVITIES ...................................................................................................................................... 21<br />
3 OUTLOOK ................................................................................................................................................................................................ 22<br />
4 FORWARD-LOOKING STATEMENTS ......................................................................................................................................................... 22<br />
5 OTHER DISCLAIMERS .............................................................................................................................................................................. 22<br />
II- APPENDICE TO THE FINANCIAL REPORT: UNAUDITED SUPPLEMENTARY FINANCIAL DATA ...................................................... 23<br />
1 QUARTERLY REVENUES, INCOME FROM OPERATIONS AND EBITA BY BUSINESS SEGMENT .................................................................................... 23<br />
III - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 .............................................................. 25<br />
STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................................... 25<br />
CONSOLIDATED STATEMENT OF EARNINGS .................................................................................................................................................... 27<br />
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ...................................................................................................................... 28<br />
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................................................................................................... 29<br />
CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................................................................................... 30<br />
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY .............................................................................................................................. 31<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .......................................................................................................................... 33<br />
NOTE 1 ACCOUNTING POLICIES AND VALUATION METHODS ........................................................................................................................................ 33<br />
NOTE 2 MAJOR CHANGES IN THE CONSOLIDATION SCOPE AND THE EQUITY PORTFOLIO.................................................................................................. 48<br />
NOTE 3 SEGMENT DATA ........................................................................................................................................................................................ 54<br />
NOTE 4 EBIT ........................................................................................................................................................................................................ 58<br />
NOTE 5 FINANCIAL CHARGES AND INCOME .............................................................................................................................................................. 59<br />
NOTE 6 INCOME TAXES .......................................................................................................................................................................................... 60<br />
NOTE 7 EARNINGS PER SHARE ................................................................................................................................................................................ 63<br />
NOTE 8 CHARGES AND INCOME DIRECTLY RECOGNIZED IN EQUITY ............................................................................................................................... 64<br />
NOTE 9 GOODWILL ................................................................................................................................................................................................ 64<br />
NOTE 10 CONTENT ASSETS AND COMMITMENTS........................................................................................................................................................ 67<br />
NOTE 11 INVESTMENTS IN EQUITY AFFILIATES ............................................................................................................................................................ 69<br />
NOTE 12 FINANCIAL ASSETS .................................................................................................................................................................................... 69<br />
NOTE 13 NET WORKING CAPITAL .............................................................................................................................................................................. 71<br />
NOTE 14 CASH POSITION ......................................................................................................................................................................................... 71<br />
NOTE 15 EQUITY ..................................................................................................................................................................................................... 72<br />
NOTE 16 PROVISIONS .............................................................................................................................................................................................. 73<br />
NOTE 17 EMPLOYEE BENEFITS .................................................................................................................................................................................. 74<br />
NOTE 18 SHARE-BASED COMPENSATION PLANS ......................................................................................................................................................... 79<br />
NOTE 19 BORROWINGS AND OTHER FINANCIAL LIABILITIES .......................................................................................................................................... 82<br />
NOTE 20 CONSOLIDATED CASH FLOW STATEMENT .................................................................................................................................................... 87<br />
NOTE 21 RELATED PARTY TRANSACTIONS .................................................................................................................................................................. 88<br />
NOTE 22 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS .............................................................................................................................. 90<br />
NOTE 23 LITIGATION................................................................................................................................................................................................ 95<br />
NOTE 24 MAJOR CONSOLIDATED ENTITIES OR ENTITIES ACCOUNTED UNDER EQUITY METHOD........................................................................................ 103<br />
NOTE 25 STATUTORY AUDITORS FEES ...................................................................................................................................................................... 104<br />
NOTE 26 AUDIT EXEMPTIONS FOR UMG SUBSIDIARIES IN THE UNITED KINGDOM ........................................................................................................ 104<br />
NOTE 27 SUBSEQUENT EVENTS .............................................................................................................................................................................. 105<br />
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi / 3
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