VIVENDI

European Company with a Management Board and a Supervisory Board and a share capital of €6,522,975,915.50 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.

Wednesday March 03, 2021

KEY CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS ............................................................................................................. 4

I- 2020 FINANCIAL REPORT ...................................................................................................................................................................................... 6

  • 1 EARNINGS ANALYSIS: GROUP AND BUSINESS SEGMENTS ................................................................................................................................ 6

  • 1.1 CONSOLIDATED STATEMENT OF EARNINGS ............................................................................................................................................................ 7

  • 1.2 ANALYSIS OF THE CONSOLIDATED STATEMENT OF EARNINGS .................................................................................................................................. 7

  • 1.3 ANALYSIS OF REVENUES AND OPERATING RESULTS BY BUSINESS SEGMENT ............................................................................................................. 11

  • 2 LIQUIDITY AND CAPITAL RESOURCES ............................................................................................................................................................... 20

  • 2.1 LIQUIDITY AND EQUITY PORTFOLIO ........................................................................................................................................................................ 20

  • 2.2 CASH FLOW FROM OPERATIONS ANALYSIS ............................................................................................................................................................ 22

  • 2.3 ANALYSIS OF INVESTING AND FINANCING ACTIVITIES .............................................................................................................................................. 24

  • 3 OUTLOOK ........................................................................................................................................................................................................ 25

  • 4 FORWARD-LOOKING STATEMENTS ................................................................................................................................................................. 25

  • 5 OTHER DISCLAIMERS ...................................................................................................................................................................................... 26

II- APPENDIX TO THE FINANCIAL REPORT ......................................................................................................................................................... 27

1 QUARTERLY REVENUES BY BUSINESS SEGMENT ..................................................................................................................................................... 27

III- AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 ............................................. 29

STATUTORY AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................................... 29

CONSOLIDATED STATEMENT OF EARNINGS .................................................................................................................................................... 34

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ...................................................................................................................... 35

CONSOLIDATED STATEMENT OF FINANCIAL POSITION ................................................................................................................................ 36

CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................................................................................... 37

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY .............................................................................................................................. 38

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .......................................................................................................................... 40

NOTE 1

ACCOUNTING POLICIES AND VALUATION METHODS ...................................................................................................................................... 40

NOTE 2

MAJOR EVENTS ...................................................................................................................................................................................... 59

NOTE 3

COVID-19 PANDEMIC IMPACTS ................................................................................................................................................................ 61

NOTE 4

SEGMENT DATA ...................................................................................................................................................................................... 62

NOTE 5

EBIT ...................................................................................................................................................................................................... 67

NOTE 6

FINANCIAL CHARGES AND INCOME ............................................................................................................................................................ 68

NOTE 7

INCOME TAXES ........................................................................................................................................................................................ 69

NOTE 8

EARNINGS PER SHARE .............................................................................................................................................................................. 74

NOTE 9

CHARGES AND INCOME DIRECTLY RECOGNIZED IN EQUITY ............................................................................................................................. 74

NOTE 10

GOODWILL .............................................................................................................................................................................................. 75

NOTE 11

CONTENT ASSETS AND COMMITMENTS ..................................................................................................................................................... 79

NOTE 12

LEASES ................................................................................................................................................................................................... 81

NOTE 13

INVESTMENTS IN EQUITY AFFILIATES .......................................................................................................................................................... 82

NOTE 14

FINANCIAL ASSETS .................................................................................................................................................................................. 84

NOTE 15

NET WORKING CAPITAL ............................................................................................................................................................................ 85

NOTE 16

CASH POSITION ....................................................................................................................................................................................... 86

NOTE 17

EQUITY ................................................................................................................................................................................................... 87

NOTE 18

PROVISIONS ............................................................................................................................................................................................ 89

NOTE 19

EMPLOYEE BENEFITS ................................................................................................................................................................................ 90

NOTE 20

SHARE-BASED COMPENSATION PLANS ...................................................................................................................................................... 95

NOTE 21

BORROWINGS AND OTHER FINANCIAL LIABILITIES AND FINANCIAL RISK MANAGEMENT .................................................................................... 99

NOTE 22

CONSOLIDATED CASH FLOW STATEMENT ............................................................................................................................................... 104

NOTE 23

RELATED PARTIES ................................................................................................................................................................................. 105

NOTE 24

CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS ......................................................................................................................... 109

NOTE 25

LITIGATION ........................................................................................................................................................................................... 113

NOTE 26

MAJOR CONSOLIDATED ENTITIES OR ENTITIES ACCOUNTED FOR UNDER THE EQUITY METHOD ........................................................................ 123

NOTE 27

STATUTORY AUDITORS FEES ................................................................................................................................................................... 125

NOTE 28

AUDIT EXEMPTIONS .............................................................................................................................................................................. 125

NOTE 29

SUBSEQUENT EVENTS ............................................................................................................................................................................ 126

Wednesday March 03, 2021

Key consolidated financial data for the last five years

Preliminary comments:

As a reminder, in 2019, Vivendi applied a new accounting standard:

  • • IFRS 16 - Leases: in accordance with IFRS 16, the impact of the change of accounting standard was recorded in the opening balance sheet as of January 1, 2019. In addition, Vivendi applied this change of accounting standard to the Statement of Financial Position, Statement of Earnings and Statement of Cash Flows in 2019; therefore, the data relative to prior years is not comparable. For a detailed description of these changes, please refer to Notes 1.1, 1.3.5.7 and 12 to the Consolidated Financial Statements for the year ended December 31, 2020.

As a reminder, in 2018, Vivendi applied two new accounting standards:

  • • IFRS 15 - Revenues from Contracts with Customers: in accordance with IFRS 15, as from 2017, Vivendi applied this change of accounting standard to revenues. The data presented below with respect to fiscal year 2016 are historical and therefore not restated; and

  • • IFRS 9 - Financial Instruments: in accordance with IFRS 9, as from 2018, Vivendi applied this change of accounting standard to the Statement of Earnings and Statement of Comprehensive Income restating its opening balance sheet as of January 1, 2018; therefore, the data relative to prior years in this report is not comparable.

Year ended December 31,

2020

2019

2018

2017

2016

Consolidated data

Revenues

16,090

15,898

13,932

12,518

10,819

Income from operations (a)

1,815

1,719

1,439

1,098

853

Adjusted earnings before interest and income taxes (EBITA) (a)

1,627

1,526

1,288

969

724

Earnings before interest and income taxes (EBIT)

1,468

1,381

1,182

1,018

887

Earnings attributable to Vivendi SE shareowners

1,440

1,583

127

1,216

1,256

of which earnings from continuing operations attributable to Vivendi SE

1,440

1,583

127

1,216

1,236

shareowners

Adjusted net income (a)

1,228

1,741

1,157

1,300

755

Net Cash Position/(Financial Net Debt) (a)

(4,953)

(4,064)

176

(2,340)

1,231

Total equity

16,431

15,575

17,534

17,866

19,612

of which Vivendi SE shareowners' equity

15,759

15,353

17,313

17,644

19,383

Cash flow from operations (CFFO) (a)

696

903

1,126

989

729

Cash flow from operations after interest and income tax paid (CFAIT) (a)

548

567

822

1,346

341

Financial investments

(1,640)

(2,284)

(694)

(3,685)

(4,084)

Financial divestments

360

1,068

2,303

976

1,971

Dividends paid by Vivendi SE to its shareholders

690

636

568

499

2,588

Purchases/(sales) of Vivendi SE's treasury shares

2,157

2,673

-

203

1,623

Per share data

Weighted average number of shares outstanding

1,140.7

1,233.5

1,263.5

1,252.7

Earnings attributable to Vivendi SE shareowners per share

1.26

1.28

0.10

0.97

Adjusted net income per share

1.08

1.41

0.92

1.04

Number of shares outstanding at the end of the period (excluding treasury shares)

1,092.8

1,170.6

1,268.0

1,256.7

Equity per share, attributable to Vivendi SE shareowners

14.42

13.12

13.65

14.04

Dividends per share paid

0.60

0.50

0.45

0.40

In millions of euros, number of shares in millions, data per share in euros.

(b)

1,272.6

0.99

0.59

1,259.5

15.39

2.00 (b)

  • a. The non-GAAP measures of Income from operations, EBITA, Adjusted net income, Net Cash Position (or Financial Net Debt), Cash flow from operations (CFFO) and Cash flow from operations after interest and income tax paid (CFAIT) should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance as presented in the Consolidated Financial Statements and the related Notes, or as described in this Financial Report. Vivendi considers these to be relevant indicators of the group's operating and financial performance. Each of these indicators is defined in the appropriate section of this Financial Report. In addition, it should be noted that other companies may have definitions and calculations for these indicators that differ from those used by Vivendi, thereby affecting comparability. Furthermore, as of December 31, 2020, in the context of the COVID-19 pandemic, Vivendi had not changed the definition of these indicators, which are therefore comparable to fiscal year 2019.

  • b. With respect to fiscal year 2015, Vivendi paid an ordinary dividend of €3 per share, i.e., an aggregate dividend payment of €3,951 million. This amount included €2,588 million paid in 2016 (€1,318 million for the second interim dividend of €1 per share and €1,270 million representing the balance of €1 per share) and €1,363 million paid in 2015 (first interim dividend of €1 per share).

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Vivendi SA published this content on 03 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2021 14:48:03 UTC.