1owHYXa

Notes to the Consolidated Financial Statements
Friday, February 19, 2016
Vivendi is a limited liability company (société anonyme) incorporated under French law and subject to French commercial company law
including the French Commercial Code (Code de commerce). Vivendi was incorporated on December 18, 1987, for a term of 99 years expiring
on December 17, 2086, except in the event of an early dissolution or unless its term is extended. Its registered office is located at 42 avenue
de Friedland - 75008 Paris (France). Vivendi is listed on Euronext Paris (Compartment A).
Vivendi is an integrated media and content group. The company operates businesses throughout the media value chain, from talent discovery
to the creation, production and distribution of content. Canal+ Group is engaged in pay-TV in France, as well as in Africa, Poland and
Vietnam. Its subsidiary Studiocanal is a leading European player in production, sales and distribution of cinema films and TV series. Universal
Music Group is engaged in recorded music, music publishing and merchandising. It owns more than 50 labels covering all music genres.
Vivendi Village brings together Vivendi Ticketing (ticketing in the United Kingdom, the United States and France), MyBestPro (expert
counseling), Watchever (subscription video-on-demand) and L’Olympia (the Paris-based music hall). Within New Initiatives, Dailymotion is
one of the biggest video-content aggregation and distribution platforms in the world.
The Consolidated Financial Statements reflect the financial and accounting situation of Vivendi and its subsidiaries (the “group”) together
with interests in equity affiliates. Amounts are reported in euros and all values are rounded to the nearest million.
On February 10, 2016, at a meeting held at the headquarters of the company, the Management Board approved the Financial Report and the
Consolidated Financial Statements for the year ended December 31, 2015. They were reviewed by the Audit Committee at its meeting held
on February 11, 2016 and the Supervisory Board, at its meeting held on February 18, 2016.
On April 21, 2016, the Consolidated Financial Statements for the year ended December 31, 2015 will be submitted for approval at Vivendi’s
Annual General Shareholders’ Meeting.
Note 1
Accounting policies and valuation methods
1.1 Compliance with accounting standards
The 2015 Consolidated Financial Statements of Vivendi SA have been prepared in accordance with International Financial Reporting
Standards (IFRS) as endorsed by the European Union (EU), and in accordance with IFRS published by the International Accounting Standards
Board (IASB) with mandatory application as of December 31, 2015.
In addition and as a reminder, Vivendi applied, from January 1, 2014, IFRIC 21 interpretation – Levies, which clarifies IAS 37 – Provisions,
Contingent Liabilities and Contingent Assets, and specifically addresses the accounting for a liability to pay a levy imposed by public
authorities on entities in accordance with laws or regulations, except for income tax and value-added taxes. Thus, its application has led to
changes, where applicable, in the analysis of the obligating event triggering recognition of the liability. This interpretation, which
mandatorily applies to accounting periods beginning on or after January 1, 2014, and retrospectively as from January 1, 2013, did not have
any material impact on Vivendi’s Financial Statements.
1.2 Presentation of the Consolidated Financial Statements
1.2.1 Consolidated Statement of Earnings
The main line items presented in Vivendi’s Consolidated Statement of Earnings are revenues, income from equity affiliates, interest,
provision for income taxes, earnings from discontinued or held for sale operations, and earnings. The Consolidated Statement of Earnings
presents a subtotal of Earnings Before Interest and Tax (EBIT) equal to the difference between charges and income (excluding those
financing activities, equity affiliates, discontinued or held for sale operations, and income taxes).
The charges and income related to financing activities consist of interest, income from investments, as well as other financial charges and
income as defined in paragraph 1.2.3 and presented in Note 5.
1.2.2 Consolidated Statement of Cash Flows
Net cash provided by operating activities
Net cash provided by operating activities is calculated using the indirect method based on EBIT. EBIT is adjusted for non-cash items and
changes in net working capital. Net cash provided by operating activities excludes the cash impact of financial charges and income and net
changes in working capital related to property, plant and equipment, and intangible assets.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /33