Altice N.V. (Successor Entity of Altice S.A.) Condensed
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ALTICE N.V. (SUCCESSOR ENTITY OF ALTICE S.A.) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2015 ALTICE N.V. Successor entity of Altice S.A. Table of contents Condensed consolidated statement of income 2 Condensed consolidated statement of other comprehensive income 3 Condensed consolidated statement of financial position 4 Condensed consolidated statement of changes in equity 6 Condensed consolidated statement of cash flows 8 Notes to the condensed consolidated financial statements 10 Review report of the Réviseur d’Entreprises Agréé 59 1 ALTICE N.V. Successor entity of Altice S.A. Condensed consolidated statement of income For the nine months ended September 30, 2015 Nine Nine Three Three months months months months ended ended ended ended September September September September 30, 30, 2014 30, 30, 2014 Notes 2015 (revised *) 2015 (revised *) (In millions €) Revenues ..................................................................................... 3 10,648.9 2,247.4 3,869.2 832.3 Purchasing and subcontracting costs .......................................... (3,409.1) (533.9) (1,240.5) (193.3) Other operating expenses ............................................................ (2,405.4) (510.4) (822.7) (186.7) Staff costs and employee benefit expenses ................................. (832.6) (183.3) (295.7) (65.5) Depreciation and amortization .................................................... (2,474.6) (665.8) (864.7) (249.5) Impairment losses ....................................................................... 3 (20.8) (5.4) (0.9) - Other expenses and income ........................................................ 3 (165.3) (84.9) (44.9) (21.6) Operating profit ........................................................................ 1,341.1 263.7 599.9 115.7 Gain recognized on step acquisition ........................................... 10 - 256.3 - - Interest relative to gross financial debt ....................................... (1,235.8) (585.9) (483.5) (208.3) Other financial expenses ............................................................. (121.1) (360.2) (87.5) (198.8) Finance income ........................................................................... 39.8 101.0 - 57.3 Gain recognized on extinguishment of a financial liability ........ 11 643.5 - - - Finance costs, net ...................................................................... (673.6) (845.1) (571.1) (349.8) Net result on disposal of businesses ........................................... 2.1 27.5 - 27.5 - Share of profit of associates ........................................................ 4.0 1.3 1.2 0.1 Profit before income tax ........................................................... 699.1 (323.8) 57.6 (233.9) Income tax (expenses)/income.................................................... 12 (175.0) 28.4 (77.1) (40.1) Profit/(loss) for the period ........................................................ 524.1 (295.5) (19.6) (274.0) Attributable to equity holders of the parent ................................ 285.0 (173.5) (43.5) (221.3) Attributable to non-controlling interests .................................... 239.2 (122.0) 23.9 (52.8) Earnings per ordinary share (Basic) 6 0.29 (0.22) (0.04) (0.23) Earnings per ordinary share (Diluted) 6 0.28 (0.21) (0.04) (0.22) The accompanying notes form an integral part of these condensed interim consolidated financial statements. (*)Revised information presents previously published information adjusted to take into account, amongst other items, the impact of the final purchase price allocations of different Group entities acquired during the Financial Year ended December 31, 2014. For the details of the revision see note 17 2 ALTICE N.V. Successor entity of Altice S.A. Condensed consolidated statement of other comprehensive income For the nine months ended September 30, 2015 Three months Three months Nine months Nine months ended ended ended ended September September 30, September 30, September 30, 30, 2014 (revised Notes 2015 2014 (revised *) 2015 *) (In million €) Profit/(loss) for the period ......................................... 524.1 (295.5) (19.6) (274.0) Other comprehensive income/(loss) Exchange differences on translating foreign operations 14.7 25.7 14.8 36.2 Revaluation of available for sale financial assets, net of (0.5) 4.9 1.8 - taxes ............................................................................. Profit/(Loss) on cash flow hedge, net of taxes ............. 5.3,7.6 1.3 (305.1) 134.1 (181.2) Actuarial gains, net of taxes ......................................... 9 31.8 0.2 - 0.4 Total other comprehensive profit/(loss) ................... 47.3 (274.3) 150.7 (144.6) Total comprehensive profit/(loss) for the period ..... 571.5 (569.8) 131.2 (418.6) Attributable to equity holders of the parent ................. 306.9 (416.2) 85.6 (387.9) Attributable to non-controlling interests ...................... 264.6 (153.6) 45.5 (30.9) The accompanying notes form an integral part of these condensed interim consolidated financial statements. (*)Revised information presents previously published information adjusted to take into account, amongst other items, the impact of the final purchase price allocations of different Group entities acquired during the Financial Year ended December 31, 2014. For the details of the revision see note 17 3 ALTICE N.V. Successor entity of Altice S.A. Condensed consolidated statement of financial position September 30, 2015 December September 30, 31, 2014 Notes 2015 (revised *) ASSETS (In millions €) Non-current assets Goodwill ........................................................................ 4 18,642.4 15,447.8 Intangible assets ............................................................. 5,820.3 5,681.6 Property, plant & equipment .......................................... 10,233.2 7,602.8 Investment in associates ................................................ 145.0 130.0 Financial assets .............................................................. 7.7 2,391.8 1,343.2 Deferred tax assets ......................................................... 660.9 549.0 Other non-current assets ................................................ 98.9 78.7 Total non-current assets 37,992.5 30,833.2 Current assets Inventories ..................................................................... 341.1 277.2 Trade and other receivables ........................................... 3,529.4 3,211.9 Current tax assets ........................................................... 215.3 268.7 Financial assets ............................................................... 7.7 36.3 - Cash and cash equivalents ............................................. 8 912.4 1,563.6 Restricted cash ............................................................... 8 1,512.1 - Total Current assets .................................................... 6,546.7 5,321.4 Assets classified as held for sale ..................................... 3.4 119.9 77.3 Total assets ................................................................... 44,659.1 36,231.9 The accompanying notes form an integral part of these condensed interim consolidated financial statements. (*)Revised information presents previously published information adjusted to take into account, amongst other items, the impact of the final purchase price allocations of different Group entities acquired during the Financial Year ended December 31, 2014. For the details of the revision see note 17 4 ALTICE N.V. Successor entity of Altice S.A. Condensed consolidated statement of financial position September 30, 2015 September December 31, 30, 2014 EQUITY AND LIABILITIES Notes 2015 (revised*) Equity .................................................................................... Issued capital .......................................................................... 5.1 69.6 2.5 Additional paid in capital ....................................................... 5.2 901.7 2,971.0 Other reserves ......................................................................... 5.3 (71.1) (93.1) Accumulated losses ................................................................ (608.0) (927.0) Equity attributable to owners of the Company ................. 292.0 1,953.4 Non-controlling interests ....................................................... 5.4 1,589.4 3,283.2 Total equity .......................................................................... 1,881.4 5,236.6 Non-current liabilities Long term borrowings, financial liabilities and related hedging instruments 7 29,862.5 20,483.2 Other non-current financial liabilities and related hedging instruments 7 358.7 890.4 Non-current provisions .......................................................... 9 1,375.2 384.9 Deferred tax liabilities ............................................................ 472.6 483.4 Other non-current liabilities.................................................... 553.7 416.2 Total non-current liabilities ................................................ 32,622.6 22,658.0 Current liabilities Short-term borrowings, financial liabilities………………… 7 188.8 166.6 Other financial liabilities ........................................................ 7 2,660.0 1,072.2 Trade and other payables……………………………………... 5,975.5 5,812.5 Current tax liabilities ............................................................. 65.1 267.9 Current provisions .................................................................