1owHYXa

Friday, February 19, 2016
6.4 Deferred tax assets and liabilities
Changes in deferred tax assets/(liabilities), net
Year ended December 31,
(in millions of euros) 2015 2014
Opening balance of deferred tax assets/(liabilities), net 53 53
Provision for income taxes (49) (53) (a)
Charges and income directly recorded in equity (67) 54
Business combinations - 9
Divestitures in progress or completed - (20)
Changes in foreign currency translation adjustments and other (20) 10
Closing balance of deferred tax assets/(liabilities), net (83) 53
a. Included in 2014 income/(charges) related to taxes from discontinued operations: in accordance with IFRS 5, these amounts were
reclassified to the line “Earnings from discontinued operations” in the Consolidated Statement of Earnings.
Components of deferred tax assets and liabilities
(in millions of euros) December 31, 2015 December 31, 2014
Deferred tax assets
Recognizable deferred taxes
Tax attributes - Vivendi SA - French Tax Group System (a) (b) 809 1,400
Tax attributes - US Tax Group (a) (c) 445 419
Tax attributes - Other (a) 573 656
Other 609 542
Of which non-deductible provisions 107 117
employee benefits 193 185
net working capital 136 105
Total gross deferred taxes 2,436 3,017
Deferred taxes, unrecognized
Tax attributes - Vivendi SA - French Tax Group System (a) (b) (725) (1,274)
Tax attributes - US Tax Group (a) (c) (445) (419)
Tax attributes - Other (a) (476) (462)
Other (168) (152)
Total deferred tax assets, unrecognized (1,814) (2,307)
Recorded deferred tax assets 622 710
Deferred tax liabilities
Asset revaluations (d) (422) (484)
Other (283) (173)
Recorded deferred tax liabilities (705) (657)
Deferred tax assets/(liabilities), net (83) 53
a. The amounts of tax attributes, as reported in this table, were estimated at the end of the relevant fiscal years. In jurisdictions which are
significant to Vivendi, mainly France and the United States, tax returns are filed on May 1 st and September 15 th of the following year at
the latest, respectively. The amounts of tax attributes reported in this table and the amounts reported to the tax authorities may
therefore differ, and if necessary, may need to be adjusted at the end of the following year in the table.
b. Related to deferred tax assets recognizable in respect of tax attributes by Vivendi SA as head of the French Tax Group, representing
€809 million as of December 31, 2015 (please refer to Note 6.1), related only to tax losses, taking into account the estimated impact
(-€507 million) of 2015 transactions (taxable income and use or expiration of tax credits) and the change in income tax rate in France
which decreased from 38% to 34.43% as from January 1, 2016 (-€84 million), but before taking into account the effects of ongoing tax
audits (please refer to Note 6.5). In France, tax losses can be carried forward indefinitely and Vivendi considers that tax credits can be
carried forward for a minimum period of five years upon exit from the Consolidated Global Profit Tax System. In this respect,
€285 million tax credits matured as of December 31, 2015.
c. Related to deferred tax assets recognizable in respect of tax attributes by Universal Music Group, Inc. in the United States as head of
the US Tax Group, representing $486 million as of December 31, 2015, taking into account the estimated impact (-$23 million) of 2015
transactions (taxable income, capital losses, and tax credits that expired, capital losses and tax credits generated, but before taking into
account the final outcome of ongoing tax audits (please refer to Note 6.5). In the United States, tax losses can be carried forward for a
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /62