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Section 1
Group Profile
09
1.1. Simplified Economic Organization
Chart of the Group
09
1.2. Key Figures
10
Revenues by business segment
10
Revenues by geographic region
10
Income from operations by business segment
10
EBITA by business segment
11
Earnings attributable to Vivendi SA shareowners
and Adjusted Net Income
11
Adjusted Net Income per share
11
(Net Cash Position)/Financial Net Debt and equity
11
Headcount by business segment
11
Headcount by geographic area
11
1.3. Strategy
12
1.3.1. Vivendi’s Transformation into an Integrated Industrial
Group in Media and Content
12
1.3.2. One Ambition - to Make Vivendi
a World-Class French Multimedia Group
13
1.4. Financial Communication Policy
and Value Creation
14
1.4.1. Investment Policy
14
1.4.2. Financial Communication Policy
14
1.4.3. Value Creation in 2014
15
1.4.4. An Integrated Reporting Process
16
1.5. Insurance
19
1.5.1. Property Damage and Business Interruption
19
1.5.2. Civil Liability
19
1.5.3. Workplace Accidents
19
1.6. Investments
19
Section 2
Businesses
20
2.1. Canal+ Group
20
2.1.1. Strategy/Positioning
20
2.1.2. Pay-TV in France
20
2.1.3. Free-to-air TV
21
2.1.4. International Pay-TV
22
2.1.5. Other Businesses
22
2.1.6. 2014 Highlights
23
2.1.7. Regulatory Environment
23
2.1.8. Piracy
24
2.1.9. Competition
24
2.1.10. Research and Development
25
2.2. Universal Music Group
25
2.2.1. Strategy/Positioning
25
2.2.2. Recorded Music
26
2.2.3. Music Publishing
26
2.2.4. Merchandising
27
2.2.5. 2014 Highlights
27
2.2.6. Regulatory Environment
27
2.2.7. Piracy
27
2.2.8. Competition
28
2.2.9. Research and Development
28
2.3. Vivendi Village
28
2.3.1. Vivendi Ticketing
28
2.3.2. Wengo
29
2.3.3. Watchever
29
2.3.4. The Olympia
29
2.4. Operations Sold or Being Sold
30
2.4.1. SFR
30
2.4.2. Maroc Telecom
30
2.4.3. Activision Blizzard
30
2.4.4. GVT
30
2.5. Seasonality of Group Businesses
31
2.6. RawMaterials Used for the Group’s Operations 31
Section 3
Litigation
32
Vivendi Litigation
32
Litigation involving Vivendi subsidiaries
35
Section 4
Risk Factors
38
Legal Risks
38
Risks Associated with the Group’s Operations
38
Industrial or Environmental Risks
39
Risks Associated with the Current Economic
and Financial Situation
39
Market risks
39
06
Annual Report 2014