1owHYXa

Friday, February 19, 2016
audits (please refer to Note 6.5) on the amount of tax attributes, Vivendi SA may achieve €809 million in tax savings from tax
attributes (based on the income tax rate applicable as from January 1, 2016, i.e., 34.43%).
As of December 31, 2015, Vivendi SA valued its tax attributes under the French Tax Group System on the basis of one year’s
forecasted results, taken from the following year’s budget. On this basis, Vivendi may achieve tax savings from the French Tax
Group System in an amount of €84 million (based on the income tax rate applicable as from January 1, 2016, i.e., 34.43%).
6.2 Provision for income taxes and income tax paid by geographic area
(in millions of euros)
Year ended December 31,
(Charge)/Income 2015 2014
Current
France (339) (44)
Rest of Europe (28) (12)
United States - 5
Rest of the world (25) (43)
(392) (94)
Deferred
France (100) (61)
Rest of Europe 34 (8)
United States (30) (58)
Rest of the world 47 91
(49) (36)
Provision for income taxes (441) (130)
Income tax (paid)/collected
France (613) 327
Rest of Europe (8) (11)
United States (9) (5)
Rest of the world (407) (a) (31)
Income tax (paid)/collected (1,037) 280
a. Included taxes paid in Brazil related to the sale of GVT for €395 million recorded in the Consolidated Statement of Earnings under the
line “Earnings from discontinued operations”.
6.3 Effective tax rate
Year ended December 31,
(in millions of euros, except %) 2015 2014
Earnings (before non-controlling interests) 1,978 5,025
Eliminations
Income from equity affiliates 10 18
Earnings from discontinued operations (1,233) (5,262)
Provision for income taxes 441 130
Earnings from continuing operations before provision for income taxes
1,196 (89)
French statutory tax rate 38.00% 38.00%
Theoretical provision for income taxes based on French statutory tax rate (454) 34
Reconciliation of the theoretical and effective provision for income taxes:
Earnings tax rate differences 39 36
Impacts of the changes in tax rates (25) -
Use of tax losses 231 112
Depreciation of tax losses (112) (176)
Changes in deferred tax assets related to Vivendi SA's French Tax Group and the Consolidated Global
Profit Tax Systems (42) (37)
Adjustments to tax expense from previous years 64 (33)
Capital gain or loss on the divestiture of or downside adjustments on financial investments or businesses 21 (35)
3% tax on Vivendi SA’s dividends (122) -
Other
(41) (31)
Provision for income taxes (441) (130)
Effective tax rate 36.9% -146.1%
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /61