Notes to the consolidated financial statements

Vivendi is a limited liability company (société anonyme) incorporated under French law, subject to French commercial company law and, in particular, the French Commercial Code (Code de commerce). Vivendi was incorporated on December 18, 1987, for a term of 99 years expiring on December 17, 2086, except in the event of an early dissolution or unless the term is extended. Its registered office is located at 42 avenue de Friedland – 75008 Paris (France). Vivendi is listed on Euronext Paris (Compartment A).

Vivendi is at the heart of the worlds of content, platforms and interactive networks and combines the world’s leader in video games (Activision Blizzard), the world’s leader in music (Universal Music Group), the French leader in alternative telecoms (SFR), the Moroccan leader in telecoms (Maroc Telecom Group), the leading alternative telecoms provider in Brazil (GVT) and the French leader in pay-TV (Canal+ Group).

The Consolidated Financial Statements reflect the financial and accounting situation of Vivendi and its subsidiaries (the “group”), together with interests in equity affiliates. Amounts are reported in euros and all values are rounded to the nearest million.

On February 22, 2011, during a meeting held at the headquarters of the company, the Management Board approved the Annual Financial Report and the Consolidated Financial Statements for the year ended December 31, 2010. Having considered the Audit Committee’s recommendation given at its meeting held on February 24, 2011, the Supervisory Board, at its meeting held on February 28, 2011, reviewed the Annual Financial Report and the Consolidated Financial Statements for the year ended December 31, 2010, as approved by the Management Board on February 22, 2011.

On April 21, 2011, the Consolidated Financial Statements for the year ended December 31, 2010 will be submitted for approval at Vivendi’s Annual General Shareholders’ meeting.

No.	Title	PDF	Size
1.	Accounting policies and valuation methods		150KB
2.	Changes in the scope of consolidation in 2010 and 2009		76KB
3.	Segment data		81KB
4.	EBIT		46KB
5.	Financial charges and income		49KB
6.	Income taxes		74KB
7.	Earnings per share		37KB
8.	Charges and income directly recognized in equity		43KB
9.	Goodwill		78KB
10.	Content assets and commitments		64KB
11.	Other intangible assets		33KB
12.	Property, plant and equipment		36KB
13.	Intangible and tangible assets of telecom operations		56KB
14.	Investments in equity affiliates		55KB
15.	Financial assets		32KB
16.	Net working capital		48KB
17.	Cash and cash equivalents		50KB
18.	Equity		72KB
19.	Provisions		52KB
20.	Employee benefits		83KB
21.	Share-based compensation plans		117KB
22.	Borrowings and other financial liabilities		109KB
23.	Financial instruments and management of market risks		128KB
24.	Consolidated Cash Flow Statement		37KB
25.	Transactions with related parties		44KB
26.	Contractual obligations and other commitments		86KB
27.	Litigation		96KB
28.	Major consolidated entities or entities accounted under equity method		63KB
29.	Statutory auditors fees		21KB
30.	Subsequent events		21KB