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Annual Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2007

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Annual Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2007 Annual Financial Report and Audited Consolidated Financial Statements for the Year ended December 31, 2007 VIVENDI Société anonyme with a Management Board and Supervisory Board with a share capital of €6,406,087,710.00 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. Annual Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2007 Vivendi /2 TABLE OF CONTENTS SELECTED KEY CONSOLIDATED FINANCIAL DATA........................................................................................................................................6 I – 2007 FINANCIAL REPORT ...............................................................................................................................................................................7 1 MAIN DEVELOPMENTS..............................................................................................................................................................................8 1.1 MAIN DEVELOPMENTS IN 2007......................................................................................................................................................................8 1.2 MAIN DEVELOPMENTS SINCE DECEMBER 31, 2007 ........................................................................................................................................11 1.3 TRANSACTIONS UNDERWAY AS OF DECEMBER 31, 2007 .................................................................................................................................11 2 STATEMENT OF EARNINGS ANALYSIS ................................................................................................................................................14 2.1 CONSOLIDATED EARNINGS AND CONSOLIDATED ADJUSTED NET INCOME ..........................................................................................................14 2.2 2007 AND 2006 EARNINGS REVIEW.............................................................................................................................................................15 3 CASH FLOW FROM OPERATIONS ANALYSIS ......................................................................................................................................17 4 BUSINESS SEGMENT PERFORMANCE ANALYSIS .............................................................................................................................19 4.1 REVENUES, EBITA AND CASH FLOW FROM OPERATIONS BY BUSINESS SEGMENT .................................................................................................19 4.2 COMMENTS ON REVENUES, EBITA AND CASH FLOW FROM OPERATIONS FOR CONTROLLED BUSINESS SEGMENTS..................................................20 5 TREASURY AND CAPITAL RESOURCES ................................................................................................................................................29 5.1 FINANCIAL NET DEBT CHANGES....................................................................................................................................................................30 5.2 ANALYSIS OF FINANCIAL NET DEBT CHANGES.................................................................................................................................................31 5.3 MAIN FINANCING CHARACTERISTICS AND CREDIT RATINGS .............................................................................................................................32 6 FORWARD LOOKING STATEMENTS ......................................................................................................................................................34 7 DISCLAIMER...............................................................................................................................................................................................34 Annual Financial Report and Audited Consolidated Financial Statements for the Year Ended December 31, 2007 Vivendi /3 TABLE OF CONTENTS II - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2007................................................................35 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS.........................................................................35 CONSOLIDATED STATEMENT OF EARNINGS..................................................................................................................................................37 CONSOLIDATED STATEMENT OF FINANCIAL POSITION..............................................................................................................................38 CONSOLIDATED STATEMENT OF CASH FLOWS.............................................................................................................................................39 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...............................................................................................................................40 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.........................................................................................................................42 NOTE 1. ACCOUNTING POLICIES AND VALUATION METHODS ...........................................................................................................42 NOTE 2. CHANGES IN THE SCOPE OF CONSOLIDATION ......................................................................................................................56 NOTE 3. SEGMENT DATA ......................................................................................................................................................................62 NOTE 4. EBIT...........................................................................................................................................................................................65 NOTE 5. FINANCIAL CHARGES AND INCOME.......................................................................................................................................66 NOTE 6. INCOME TAXES........................................................................................................................................................................67 NOTE 7. RECONCILIATION OF EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT AND ADJUSTED NET INCOME .72 NOTE 8. EARNINGS PER SHARE ............................................................................................................................................................72 NOTE 9. GOODWILL................................................................................................................................................................................72 NOTE 10. CONTENT ASSETS AND COMMITMENTS ..............................................................................................................................74 NOTE 11. OTHER INTANGIBLE ASSETS...................................................................................................................................................77 NOTE 12. PROPERTY, PLANT AND EQUIPMENT......................................................................................................................................78 NOTE 13. PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS OF TELECOM OPERATIONS....................................................78 NOTE 14. INVESTMENTS IN EQUITY AFFILIATES....................................................................................................................................79 NOTE 15. FINANCIAL ASSETS .................................................................................................................................................................80 NOTE 16. NET WORKING CAPITAL ..........................................................................................................................................................81 NOTE 17. CASH AND CASH EQUIVALENTS.............................................................................................................................................82 NOTE 18. INFORMATION ON THE SHARE CAPITAL ................................................................................................................................82 NOTE 19. PROVISIONS .............................................................................................................................................................................83 NOTE 20. EMPLOYEE BENEFITS...............................................................................................................................................................84 NOTE 21. SHARE-BASED COMPENSATION PLANS ................................................................................................................................89 NOTE 22. BORROWINGS AND OTHER FINANCIAL LIABILITIES..............................................................................................................95 NOTE 23. FAIR VALUE OF FINANCIAL INSTRUMENTS............................................................................................................................97 NOTE 24. RISK MANAGEMENT AND FINANCIAL DERIVATIVE INSTRUMENTS....................................................................................98 NOTE 25. TRANSACTIONS WITH RELATED PARTIES............................................................................................................................104
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