1owHYXa

Friday, February 19, 2016
a. Primarily attributable to foreign currency translation (EUR/USD) for €525 million in 2015 and €549 million in 2014.
b. Related to the provisional goodwill attributable to Radionomy (please refer to Note 2.6).
c. Included the provisional goodwill attributable to Dailymotion for €262 million (please refer to Note 2.1).
d. Notably included goodwill attributable to Mediaserv and Thema, acquired by Canal+ Overseas on February 13, 2014 and October 28,
2014, respectively.
e. Related to full impairment losses on the goodwill of Digitick and MyBestPro, formerly Wengo (€43 million and €48 million, respectively).
9.2 Goodwill impairment test
In 2015, Vivendi tested the value of goodwill allocated to its Cash-Generating Units (CGUs) or groups of CGU applying valuation methods
consistent with previous years. Vivendi ensured that the recoverable amount of CGU or groups of CGU exceeded their carrying value
(including goodwill). The recoverable amount is determined as the higher of the value in use determined by the discounted value of future
cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell), determined on the basis of market data (stock market
prices, comparable listed companies, comparison with the value attributed to similar assets or companies in recent transactions). For a
description of the methods used for the impairment test, please refer to Note 1.3.5.7.
Presentation of CGU or groups of CGUs tested
Operating Segments Cash Generating Units (CGU) CGU or groups of CGU tested
Canal+ Group
Pay-TV in Mainland France
Canal+ Overseas (a)
nc+ (Poland)
Free-to-air TV
Studiocanal
Pay-TV and free-to-air TV in France, Poland,
Africa and Vietnam (b)
Studiocanal
Universal Music Group Recorded music
Artist services and merchandising
Music publishing
Universal Music Group
Vivendi Village See Tickets See Tickets
Digitick
Digitick (c)
MyBestPro
MyBestPro (c)
Radionomy
Radionomy (d)
L’Olympia
L’Olympia
CanalOlympia
CanalOlympia
New Initiatives Dailymotion Dailymotion (d)
Vivendi Contents
Vivendi Contents
Group Vivendi Africa
Group Vivendi Africa
a. Related to pay-TV in France overseas, Africa and Vietnam.
b. The process of integrating free-to-air TV operations (D8/D17 channels acquired on September 27, 2012) with pay-TV operations in
mainland France, as well as the development of pay-TV in Poland and Vietnam reflects the further convergence of pay-TV and free-to-air
TV operations in countries in which Canal+ Group operates. As a result, as of December 31, 2015, Vivendi performed a goodwill
impairment test related to pay-TV and free-to-air TV operations in France, Poland, Africa and Vietnam by aggregating the CGU of pay-TV
in Mainland France, Canal+ Overseas, nc+ and free-to-air TV, which corresponds to the level of monitoring the return on such
investments.
c. Goodwill attributable to Digitick and MyBestPro (formerly Wengo) were fully impaired as of December 31, 2014.
d. As of December 31, 2015, no goodwill impairment test attributable to Dailymotion and Radionomy were undertaken given that the
acquisition dates of Dailymotion and Radionomy (June 30, 2015 and December 17, 2015, respectively) were close to the closing date.
During the fourth quarter of 2015, Vivendi performed a goodwill impairment test on each CGU or groups of CGU, on the basis of valuations of
recoverable amounts determined with the assistance of third-party appraisers, for pay-TV and free-to-air TV in France, Africa and Vietnam as
well as Universal Music Group and internal valuations for nc+ in Poland, Studiocanal and See Tickets. As a result, Vivendi Management
concluded that, as of December 31, 2015, the recoverable amount for each CGU or groups of CGU tested exceeded their carrying value.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /65