Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2016

Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2016 February 23, 2017 VIVENDI Société anonyme with a Management Board and a Supervisory Board with a share capital of €7,078,983,142.00 Head Office: 42 avenue de Friedland – 75380 PARIS CEDEX 08 – FRANCE IMPORTANT NOTICE: READERS ARE STRONGLY ADVISED TO READ THE IMPORTANT DISCLAIMERS AT THE END OF THIS FINANCIAL REPORT. Thursday February 23, 2017 SELECTED KEY CONSOLIDATED FINANCIAL DATA ........................................................................................................................................ 5 I- 2016 FINANCIAL REPORT ................................................................................................................................................................................. 7 1 EARNINGS ANALYSIS: GROUP AND BUSINESS SEGMENTS ........................................................................................................................... 7 1.1 CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF EARNINGS .......................................................................................... 8 1.2 EARNINGS ANALYSIS: GROUP.......................................................................................................................................................................... 8 1.3 DETAILED ANALYSIS OF THE MAIN ITEMS FROM THE STATEMENT OF EARNINGS ................................................................................................... 10 1.4 PERFORMANCE ANALYSIS: BUSINESS SEGMENTS ............................................................................................................................................ 13 2 TREASURY AND CAPITAL RESOURCES ........................................................................................................................................................ 21 2.1 NET CASH POSITION AND EQUITY PORTFOLIO .................................................................................................................................................. 21 2.2 CHANGES IN NET CASH POSITION ................................................................................................................................................................. 23 2.3 CASH FLOW FROM OPERATIONS ANALYSIS ...................................................................................................................................................... 24 2.4 ANALYSIS OF INVESTING AND FINANCING ACTIVITIES ....................................................................................................................................... 26 3 OUTLOOK ................................................................................................................................................................................................. 27 4 FORWARD-LOOKING STATEMENTS ........................................................................................................................................................... 27 5 OTHER DISCLAIMERS ............................................................................................................................................................................... 27 II- APPENDIX TO THE FINANCIAL REPORT: UNAUDITED SUPPLEMENTARY FINANCIAL DATA ........................................................ 28 1 QUARTERLY REVENUES, INCOME FROM OPERATIONS AND EBITA BY BUSINESS SEGMENT ..................................................................................... 28 III- CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 .............................................................. 30 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS ....................................................................... 30 CONSOLIDATED STATEMENT OF EARNINGS ................................................................................................................................................ 32 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME................................................................................................................... 33 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................................................................................................ 34 CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................................................................................................... 35 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ........................................................................................................................... 36 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ....................................................................................................................... 38 NOTE 1 ACCOUNTING POLICIES AND VALUATION METHODS ................................................................................................................................ 38 NOTE 2 MAJOR CHANGES IN THE CONSOLIDATION SCOPE AND THE EQUITY PORTFOLIO .......................................................................................... 53 NOTE 3 SEGMENT DATA ............................................................................................................................................................................... 57 NOTE 4 EBIT .............................................................................................................................................................................................. 61 NOTE 5 FINANCIAL CHARGES AND INCOME ...................................................................................................................................................... 62 NOTE 6 INCOME TAXES ................................................................................................................................................................................ 63 NOTE 7 EARNINGS PER SHARE ....................................................................................................................................................................... 67 NOTE 8 CHARGES AND INCOME DIRECTLY RECOGNIZED IN EQUITY ....................................................................................................................... 68 NOTE 9 GOODWILL ...................................................................................................................................................................................... 69 NOTE 10 CONTENT ASSETS AND COMMITMENTS ............................................................................................................................................... 72 NOTE 11 INVESTMENTS IN EQUITY AFFILIATES ................................................................................................................................................... 74 NOTE 12 FINANCIAL ASSETS ........................................................................................................................................................................... 77 NOTE 13 NET WORKING CAPITAL ..................................................................................................................................................................... 78 NOTE 14 CASH POSITION ................................................................................................................................................................................ 79 NOTE 15 EQUITY ........................................................................................................................................................................................... 80 NOTE 16 PROVISIONS .................................................................................................................................................................................... 81 NOTE 17 EMPLOYEE BENEFITS ......................................................................................................................................................................... 82 NOTE 18 SHARE-BASED COMPENSATION PLANS ................................................................................................................................................ 87 NOTE 19 BORROWINGS AND OTHER FINANCIAL LIABILITIES AND FINANCIAL RISK MANAGEMENT ............................................................................... 91 NOTE 20 CONSOLIDATED CASH FLOW STATEMENT ............................................................................................................................................ 96 NOTE 21 RELATED PARTIES ............................................................................................................................................................................. 97 NOTE 22 CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS .................................................................................................................... 100 NOTE 23 LITIGATION .................................................................................................................................................................................... 105 NOTE 24 MAJOR CONSOLIDATED ENTITIES OR ENTITIES ACCOUNTED FOR UNDER THE EQUITY METHOD ..................................................................... 113 NOTE 25 STATUTORY AUDITORS FEES ............................................................................................................................................................

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