Annual report 2014

Selected key consolidated financial data 160 I – 2014 Financial Report 161 Section 1 Significant events 161 1.1. Significant events in 2014 161 1.2. Subsequent events 165 Section 2 Earnings analysis 166 2.1. Consolidated Statement of Earnings and Adjusted Statement of Earnings 166 2.2. Earnings review 167 2.3. Outlook for 2015 169 Section 3 Cash flow from operations analysis 170 Section 4 Business segment performance analysis 172 4.1. Revenues, EBITA and cash flow from operations by business segment 173 4.2. Comments on the operating performance of business segments 174 Section 5 Treasury and capital resources 179 5.1. Summary of Vivendi’s exposure to credit and liquidity risks 179 5.2. Net Cash Position as of December 31, 2014 181 5.3. Analysis of Financial Net Debt changes 182 5.4. Changes to financings 183 Section 6 Litigation 184 Section 7 Forward looking statements 190 Section 8 Other disclaimers 190 II - Appendices to the Financial Report: Unaudited supplementary financial data 191 1. Non-GAAP measures in Statement of Earnings 191 2. Adjustment of comparative information 193 3. Revenues and EBITA by business segment – 2014 and 2013 quarterly data 194 III - Consolidated Financial Statements for the year ended December 31, 2014 195 Statutory Auditors’ Report on the Consolidated Financial Statements 195 Consolidated Statement of Earnings 197 Consolidated Statement of Comprehensive Income 198 Consolidated Statement of Financial Position 199 Consolidated Statement of Cash Flows 200 Consolidated Statements of Changes in Equity 202 Notes to the Consolidated Financial Statements 204 IV - Vivendi SA - 2014 Statutory Financial Statements 294 1. Statutory Auditor’s Report on the Financial Statements 295 2. 2014 Statutory Financial Statements 297 3. Notes to the 2014 Statutory Financial Statements 301 4. Subsidiaries and Affiliates 331 5. Maturity of Trade Accounts Payable 332 6. Financial Results of the Last Five Years 333 7. Statutory Auditors’ Report on Related Party Agreements and Commitments 334

Nota:

In accordance with European Commission Regulation (EC) 809/2004 (Article 28) which sets out the disclosure obligations for issuers of securities listed on a regulated market within the

European Union (implementing Directive 2003/71/EC, the “Prospectus Regulation”), the following items are incorporated by reference into this report:

2013 Financial Report and the Consolidated Financial Statements for the year ended December 31, 2013, prepared under IFRS and the related Statutory Auditors’ Report presented in

pages 172 to 324 of the “Document de référence” No. D.14-0355, filed with the French Autorité des marchés financiers (AMF) on April 14, 2014, and on pages 172 to 324 of the English

translation of this “Document de référence”; and

2012 Financial Report and the Consolidated Financial Statements for the year ended December 31, 2012, prepared under IFRS and the related Statutory Auditors’ Report presented in

pages 168 to 319 of the “Document de référence” No. D.13-0170, filed with the AMF on March 18, 2013, and on pages 168 to 319 of the English translation of this “Document de référence”.

158

Annual Report 2014