Annual report 2014

Financial Report |

Statutory Auditors’ Report on the Consolidated Financial Statements

| Consolidated

Financial Statements | Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements

Statutory Auditors’ Report on the Consolidated Financial Statements

III - Consolidated Financial Statements

for the year ended December 31, 2014

Statutory Auditors’ Report on the Consolidated Financial Statements

To the Shareholders,

In compliance with the assignment entrusted to us by your Annual

General Shareholders’ Meetings, we hereby report to you for the year

ended December 31, 2014 on:

the audit of the accompanying Consolidated Financial Statements of

Vivendi, hereinafter referred to as “the Company”;

the justification of our assessments;

the specific verifications required by law.

These Consolidated Financial Statements have been approved by your

Management Board. Our role is to express an opinion on the financial

statements, based on our audit.

Opinion on the Consolidated Financial Statements

We conducted our audit in accordance with professional standards

applicable in France; those standards require that we plan and perform

the audit to obtain reasonable assurance about whether the Consolidated

Financial Statements are free of material misstatement. An audit involves

performing procedures, using sampling techniques or other methods of

selection, to obtain audit evidence about the amounts and disclosures in

the Consolidated Financial Statements. An audit also includes evaluating

the appropriateness of accounting policies used and the reasonableness

of significant accounting estimates made, as well as the overall

presentation of the Consolidated Financial Statements. We believe that

the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our audit opinion.

In our opinion, the Consolidated Financial Statements give a true and fair

view of the assets and liabilities and of the results of its operations for

the year then ended in accordance with International Financial Reporting

Standards as adopted by the European Union.

II.

Justification of our assessments

In accordance with the requirements of article L.823-9 of the French

Commercial Code

(Code de commerce)

relating to the justification of our

assessments, we draw your attention to the following matters:

Note 1.3.5.8 to the financial statements describes the accounting

principles applicable to financial assets, including non-consolidated

investments. We examined the accounting treatment applied to the

group’s investment in Numericable-SFR. We ensured that Note 3.1 to

the Consolidated Financial Statements gives appropriate disclosures

thereon.

Note 1.3.6 to the Consolidated Financial Statements describes the

applicable criteria for classification and accounting for discontinued

operations or assets held for sale in accordance with IFRS 5.

We verified the correct application of this accounting principle and

we ensured that Note 3 to the Consolidated Financial Statements

provides appropriate disclosures with respect to management’s

position as of December 31, 2014.

At each financial year end, your Company systematically performs

impairment tests on goodwill and assets with indefinite useful lives,

and also assesses whether there is any indication of impairment

of other tangible and intangible assets, according to the methods

described in Note 1.3.5.7 to the Consolidated Financial Statements.

We examined the methods used to perform these impairment tests,

as well as the main assumptions and estimates, and ensured that

Notes 1.3.5.7 and 9 to the Consolidated Financial Statements provide

appropriate disclosures thereon.

Note 1.3.9 to the Consolidated Financial Statements describes the

accounting principles applicable to deferred tax and Note 1.3.8

describes the methods used to assess and recognize provisions.

We verified the correct application of these accounting principles

and also examined the assumptions underlying the positions as of

December 31, 2014. We ensured that Note 6 to the Consolidated

Financial Statements gives appropriate information on tax assets and

liabilities and on your company’s tax positions.

Notes 1.3.8 and 26 to the Consolidated Financial Statements describe

the methods used to assess and recognize provisions for litigation.

We examined the methods used within the group to identify,

calculate, and determine the accounting for such litigation. We

also examined the assumptions and data underlying the estimates

made by the Company. As stated in Note 1.3.1 to the Consolidated

Financial Statements, facts and circumstances may lead to changes

in estimates and assumptions which could have an impact upon the

reported amount of provisions.

Our assessments were made as part of our audit of the Consolidated

Financial Statements taken as a whole, and therefore contributed to the

opinion we formed which is expressed in the first part of this report.

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Annual Report 2014