Altice Europe N : France - Q1 2020 Consolidated Financial Statements

Altice France S.A.

Condensed Interim ConsolidatedFinancial Statements

As of and for the three month period ended

March 31, 2020

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 31, 2020

Consolidated Statement of Income	March 31,	March 31,
(€m)	2020	2019 revised (*)
Revenues	2,642.7	2,557.8
Purchasing and subcontracting costs	(703.0)	(654.2)
Other operating expenses	(514.4)	(509.4)
Staff costs and employee benefits	(264.4)	(254.9)
Depreciations, amortizations and impairments	(846.1)	(819.5)
Other expenses and income (**)	(18.0)	2,765.9
Operating profit	296.8	3,085.8
Finance income	7.6	1.2
Interest relative to gross financial debt	(187.7)	(208.3)
Realized and unrealized gains/(loss) on derivative instruments linked to financial debt	194.5	(33.4)
Other financial expenses	(39.3)	(46.3)
Finance costs, net	(24.8)	(286.8)
Share of earnings of associates and joint ventures	(42.3)	(4.8)
Profit/(loss) before income tax from continuing operations	229.7	2,794.2
Income tax benefit/(expenses)	(104.9)	(24.2)
Profit/(loss) from continuing operations	124.8	2,770.0
Profit/(loss) after tax from discontinuing operations	-	-
Profit/(loss)	124.8	2,770.0
Attributable to equity holders of the parent	111.3	2,754.8
Attributable to non-controlling interests	13.5	15.2

1. Refer to Note 20 - Assets (and liabilities) held for sale in the 2019 annual consolidated financial statements. (**) As of March 31, 2019, includes the capital gain due to the loss of control in SFR FTTH (€2,795.9 million).

Consolidated Statement of Other Comprehensive Income	March 31,	March 31,
(€m)	2020	2019 revised (*)
Profit (loss)	124.8	2,770.0
Items that may be subsequently reclassified to profit or loss:
Foreign currency translation adjustments	(0.9)	0.4
Cash flow hedges	12.1	40.1
Related taxes	(3.1)	(10.4)
Other items related to associates	0.1	0.1
Items that will not be subsequently reclassified to profit or loss:
Actuarial gain (loss)	19.6	(0.0)
Related taxes	(5.1)	-
Total Comprehensive Profit (loss)	147.5	2,800.2
Of which:
Attributable to equity holders of the parent	134.2	2,785.0
Attributable to non-controlling interests	13.3	15.3

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

Consolidated Statement of Financial Position	March 31,	December 31,
(€m)	2020	2019
Assets
Goodwill	11,076.1	11,076.3
Intangible assets	5,334.9	5,483.4
Contracts costs	148.3	159.6
Property, plant and equipment	6,333.2	6,323.1
Rights of use assets	3,472.0	3,418.6
Investments in associates and joint ventures	1,513.6	1,551.4
Financial assets	1,870.1	1,028.5
Deferred tax assets	148.0	230.7
Other assets	243.4	247.7
Total non-current assets	30,139.7	29,519.2
Inventories	387.7	348.5
Trade and other receivables	3,557.4	3,421.5
Contracts assets	206.4	217.4
Current tax assets	51.1	48.8
Financial assets	38.6	24.1
Cash and cash equivalents	382.2	556.8
Total current assets	4,623.4	4,617.0
Total Assets	34,763.1	34,136.3
Consolidated Statement of Financial Position	March 31,	December 31,
(€m)	2020	2019
Equity and liabilities
Issued capital	443.7	443.7
Additional paid in capital	3,533.1	3,533.1
Reserves	557.4	446.0
Equity attributable to owners of the company	4,534.2	4,422.8
Non-controlling interests	246.3	226.3
Total equity	4,780.5	4,649.2
Borrowings, financial liabilities and relating hedging instruments	18,339.1	17,336.5
Lease liabilities	2,784.5	2,761.8
Other financial liabilities	300.6	354.6
Provisions	448.3	460.0
Non-current contracts liabilities	539.1	520.8
Deferred tax liabilities	31.9	44.2
Other liabilities	23.5	24.8
Total non-current liabilities	22,466.9	21,502.7
Borrowings, financial liabilities	383.0	426.7
Lease liabilities	714.3	651.3
Other financial liabilities	951.8	1,194.3
Trade and other payables	4,599.1	4,828.6
Contracts liabilities	517.9	501.7
Current tax liabilities	186.4	145.1
Provisions	122.7	149.5
Other liabilities	40.4	87.2
Total Current liabilities	7,515.6	7,984.4
Total Equity & liabilities	34,763.1	34,136.3

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

	Consolidated Statement of				Additional			Other			Non-
	Changes in Equity								Consolidate
			Capital	paid-in	Reserves	comprehensive	Total	controlling
			d equity
					capital			income			interests
	(€m)
	Position at December 31, 2018	443.7	5,403.1		(1,718.2)	(306.9)	3,821.7	216.4	4,038.1
	Transition - IFRS 16	-	-		40.0	-	40.0	-	40.0
	Position at January 1st, 2019	443.7	5,403.1		(1,678.1)	(306.9)	3,861.7	216.4	4,078.2
	Dividends paid	-	-		-	-	-	(2.7)	(2.7)
	Comprehensive income	-	-		2,754.8	30.2	2,785.0	15.3	2,800.2
	Share-based compensation	-	-		0.6	-	0.6	-	0.6
	Other movements	-	-		(2.2)	-	(2.2)	0.1	(2.1)
	Position at March 31, 2019	443.7	5,403.1		1,075.0	(276.7)	6,645.1	229.1	6,874.2
	revised
	Dividends paid	-	(1,870.0)	(501.4)	-	(2,371.4)	(45.0)	(2,416.4)
	Comprehensive income	-	-		97.8	58.3	156.1	30.4	186.5
	Share-based compensation	-	-		1.9	-	1.9	-	1.9
	Other movements	-	-		(8.9)	-	(8.9)	11.9	3.0
	Position at December 31, 2019	443.7	3,533.1		664.5	(218.4)	4,422.8	226.3	4,649.2
	Comprehensive income (loss)		-		-		111.3		22.9		134.2		13.3		147.5
	Share-based compensation		-		-		0.6		-		0.6		-		0.6
	Additional participation in Rhon		-		-		(24.1)		-		(24.1)		7.5		(16.6)
	Telecom and DSP (a)
	Other movements		-		-		0.6		-		0.6		(0.7)		(0.2)
	Position at March 31, 2020		443.7		3,533.1		752.9		(195.5)		4,534.2		246.3		4,780.5

1. Refer to Note 3 - Change in scope

Breakdown of Changes in Equity Related to	December 31,	March 31,		December 31,		March 31,
Other Comprehensive Income	Change				Change
(€m)	2018	2019		2019	2020
Hedging instruments	(418.3)	(378.1)	40.1	(274.6)		(262.5)			12.1
Related taxes	108.0	97.7	(10.4)	70.9		67.8			(3.1)
Actuarial gains and losses	0.8	0.8	(0.0)	(23.7)		(4.0)			19.6
Related taxes	(0.2)	(0.2)	-	5.4		0.3			(5.1)
Foreign currency translation adjustments	(1.0)	(0.6)	0.4	(0.8)		(1.8)			(0.9)
Items related to associates	3.7	3.8	0.1	4.0		4.1			0.1
Total	(306.9)	(276.7)	30.2	(218.7)		(196.1)			22.7

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

Consolidated Statement of Cash Flows	March 31,	March 31,
(€m)	2020	2019 revised (*)
Net income (loss), Group share	111.3	2,754.8
Adjustments:
Result attributable to non-controlling interests	13.5	15.2
Depreciations, amortizations and provisions	821.9	780.7
Share in net income (loss) of associates and joint-ventures	42.3	4.8
Finance costs recognised in the statement of income	24.8	286.8
Income tax (benefit) expense recognised in the statement of income	104.9	24.2
Other non-cash items (a)	10.8	(2,801.5)
Income tax paid	(4.5)	(5.2)
Change in working capital	(103.9)	(389.5)
Net cash flow provided (used) by operating activities	1,021.1	670.4
Payments to acquire tangible and intangible assets	(700.7)	(570.6)
Payments for acquisition of consolidated entities, net of cash acquired	(16.6)	(1.3)
(Net) payments to acquire financial assets	(0.3)	(526.2)
Proceeds from disposal of property, plant and equipment and intangible assets (*)	(0.0)	3.0
Proceeds from disposal of consolidated entities, net of cash disposals	(9.3)	1,618.5
Net cash flow provided (used) by investing activities	(726.9)	523.4
Dividends paid to non-controlling interests	-	(2.7)
Dividends received	0.3	0.3
Issuance of debt	5,421.3	250.0
Repayment of debt	(4,885.7)	(269.2)
Interest paid on debt	(277.8)	(338.6)
Lease payment (principal) related to ROU	(217.3)	(201.8)
Lease payment (interest) related to ROU	(22.0)	(32.7)
Other cash (used in)/provided by financing activities (b)	(482.2)	(43.0)
Net cash flow provided (used) by financing activities	(463.6)	(637.8)
Net increase (decrease) in cash and cash equivalents	(169.3)	555.9
Effects of exchange rate changes on the balance of cash held in foreign currencies	(5.3)	(1.2)
Cash and cash equivalents at beginning of period	556.8	1,068.5
Cash and cash equivalents at end of period	382.2	1,623.2

1. The 2019 amounts have been revised following the harmonization of the presentation of the cash flow statement with Altice Europe N.V presentation and in order to provide a more relevant information in the cash flow statement. Except for the capital gain due to the loss of control in SFR FTTH recorded for (€2,795.9 million) as of M arch 31, 2019, the other revisions are described in the 2019 annual consolidated financial statements.

1. Of which the capital gain due to the loss of control in SFR FTTH : (€2,795.9 million) as of March 3 1, 2019

Commercial paper	(57.5)	6.5
Reverse factoring	(75.9)	6.7
Securitization	0.5	(23.5)
Bank overdrafts	2.7	(4.2)
Transaction with non-controlling interests	(11.1)	(11.1)
Restructuring of swap instruments	49.8	-
Loan Altice Group Luxembourg S.A.	(175.0)	-
Current account Altice Luxembourg S.A.	(180.0)	-
Other interests paid	(8.2)	(7.5)
Other		(27.5)	(10.0)
b) Other cash (used in)/provided by financing activities		(482.2)	(43.0)

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

Notes to the condensed interim consolidated financial statements

1.	Basis of preparation	5
2.	Significant events of the period	6
3.	Change in scope	7
4.	Financial Key Performance Indicators ("KPIs")	7
5.	Financial income	10
6.	Income tax expense	10
7.	Investments in associates and joint ventures	10
8.	Other non-current assets	10
9.	Cash and cash equivalents	11
10.	Equity	11
11.	Financial liabilities	12
12.	Derivative instruments	13
13.	Fair value of financial instruments	14
14.	Provisions	15
15.	Related party transactions	15
16.	Commitments and contractual obligations	17
17.	Litigation	17
18.	Entity consolidating the financial statements	17
19.	Subsequent events	17

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

1. Basis of preparation

Altice France (hereinafter "the Company" or "the Gr oup") is a limited liability corporation ( société anonyme) formed under French law in August 2013 with headquarters in France.

Created subsequent to the merger of Numericable and SFR, the Group Altice France aims to become, on the back of the largest fiber optic network and a leading mobile network, the national leader in France in very-high-speedfixed-line/mobile convergence. The Group has major positions in all segments of the French B2C, B2B, local authorities and wholesale telecommunications market.

Altice France has adopted a new and increasingly integrated model around access and content convergence. Its division Media includes SFR Presse companies, which cover the Group's Press activities in France (Libération, etc.) and NextRadioTV, which covers the Group's audiovisual activities in France (RMC Sport, BFM TV, BFM Business, BFM Paris, RMC, RMC Découverte,…). In 201 8, it also insourced its major providers of technical and maintenance services and customer services (Altice Technical Services France and Altice Customer Services). It also improved its positioning in the French Overseas Territories market via the acquisition of Outremer Telecom.

As of March 31, 2020, Altice Europe directly or indirectly held 100% of the capital of Altice France S.A.

The condensed interim consolidated financial statements were prepared and approved by the Company's Board of Directors on May 13, 2020.

1.1. Basis of preparation of financial information

These condensed interim consolidated financial statements of the Group as of March 31, 2020 and for the three- month period then ended, are presented in millions of Euros, except as otherwise stated, and have been prepared in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting. They should be read in conjunction with the Group's 2019 annual consolidated financial statements and the notes which were prepared in accordance with International Financial Reporting Standards as adopted in the European Union ("IFRS") (the "annual consolidated financial statem ents").

The accounting policies applied for the condensed interim consolidated financial statements as of March 31, 2020 do not differ from those applied in the annual consolidated financial statements as of and for the year ended December 31, 2019, except for the adoption of new standards effective as of January 1, 2020.

1.2. New standards and interpretations

Standards and interpretations applied from January 1, 2020

The following standards have mandatory application for periods beginning on or after January 1, 2020 as described in note 1.2.2 to the annual consolidated financial statements:

• Amendments to IAS 1 and IAS 8 - Definition of material, effective on or after January 1, 2020;
• Amendments to IFRS 3 - Definition of a business, effective on or after January 1, 2020;
• Amendments to References to the Conceptual Framework in IFRS Standards, effective on or after January 1, 2020;
• Interest Rate Benchmark Reform (Amendment to IFRS 9, IAS 39 and IFRS 7), effective on or after January 1, 2020.

The application of those amendments had no material impact on the amounts recognised in the condensed interim consolidated financial statements and had no material impact on the disclosures in these condensed interim consolidated financial statements.

Standards and interpretations not yet applied

The Group has not early adopted the following standards and interpretations, for which application is not mandatory for period started from January 1, 2020 and that may impact the amounts reported:

• Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture, effective date of the amendments has not yet been determined by the IASB; and
• Amendments in Classification of Liabilities as Current or Non-Current (Amendments to IAS 1), effective on or after January 1, 2023.

The Board of Directors anticipates that the application of those amendments will not have a material impact on amounts reported in respect of the Group's financial assets and financial liabilities.

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

Significant accounting judgments and estimates

In the application of the Group's accounting policies, the Board of Directors of the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

These key areas of judgments and estimates, as disclosed in the annual consolidated financial statements are:

• Estimations of provisions for claims and restructuring plans;
• Measurement of post-employments benefits;
• Revenue recognition;
• Fair value measurement of financial instruments;
• Measurement of deferred taxes;
• Impairment of intangible assets;
• Estimation of useful lives of intangible assets and property, plant and equipment;
• Estimation of impairment losses for contract assets and trade receivables; and
• Determination of the right of use and lease liabilities.

As of March 31, 2020, there were no changes in the key areas of judgements and estimates.

2. Significant events of the period

Issuance of New Senior and Senior Secured Debt

On January 24, 2020, Altice France issued €500 mill ion aggregate principal amount of its euro denominated 2.125% Senior Secured Notes due February 15, 2025 (the "2025 Altice France Senior Secured Notes").

On January 24, 2020, Ypso Finance Bis issued $1,225 million aggregate principal amount of its dollar denominated 6.000% Senior Notes due February 15, 2028 (the "202 8 Ypso Finance Bis Dollar Senior Notes") and €500 m illion aggregate principal amount of its euro denominated 4.000% Senior Notes due February 15, 2028 (the "202 8 Ypso Finance Bis Euro Senior Notes" and, together with t he 2028 Ypso Finance Bis Dollar Senior Notes, the " 2028 Ypso Finance Bis Senior Notes").

Exchange offer completed by Ypso Finance Bis and automatic exchange

On February 06, 2020, Ypso Finance Bis commenced an exchange offer to noteholders of Altice Luxembourg's

1. 2027 Altice Luxembourg Dollar Senior Notes and (ii) 2027 Altice Luxembourg Euro Senior Notes, to exchange the 2027 Altice Luxembourg Dollar Senior Notes for an equal aggregate principal amount of corresponding dollar denominated 10.500% Senior Notes due 2027 issued by Ypso Finance Bis (the "Ypso Finance Bis Exchange Dollar Notes") and the 2027 Altice Luxembourg Euro Senior Notes for an equal aggregate principal amount of corresponding euro denominated 8.000% Senior Notes due 2027 issued by Ypso Finance Bis (the "Ypso Fina nce Bis Exchange Euro Notes" and, together with the Yps o Finance Exchange Dollar Notes, the "Ypso Finance Bis Exchange Notes"). At the expiration of the exchange offer, a total of $1,562 million (accounting for 97.63% of the outstanding aggregate principal) of the 2027 Altice Luxembourg Dollar Senior Notes and €1,317 million (accounting for 94.10% of the outstanding aggregate principal) of the 2027 Altice Luxembourg Euro Senior Notes were tendered and accepted. On February 27, 2020, $1,562 million of Ypso Finance Bis Exchange Dollar Notes and €1,317 million of Ypso Finance Exchange Bis Eur o Notes were issued by Ypso Finance Bis.

Upon satisfaction of certain conditions, comprising full discharge, cancellation and/or redemption of 2027 Altice Luxembourg Senior Notes and 2027 Altice Luxembourg Senior Notes, at the discretion of Ypso Finance Bis (i) the Ypso Finance Exchange Dollar Notes were automatically exchanged for an equal aggregate principal amount of dollar-denominated 10.500% % Senior Notes due 2027 to be issued by Altice France Holding, (ii) the Ypso Finance Exchange Euro Notes were automatically exchanged for an equal aggregate principal amount of euro- denominated 8.000% Senior Notes due 2027 to be issued by Altice France Holding, (iii) the 2028 Ypso Finance Bis Dollar Senior Notes were automatically exchanged for an equal aggregate principal amount of dollar- denominated 6.000% Senior Notes due 2028 to be issued by Altice France Holding and (iv) the 2028 Ypso Finance Bis Euro Senior Notes were automatically exchanged for an equal aggregate principal amount of euro-denominated 4.000% Senior Notes due 2028 to be issued by Altice France Holding (the actions described in sub-clauses(i)-(iv) collectively, the "Automatic Exchange").

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

Update on the COVID-19 Pandemic

On March 11, 2020, the COVID-19 outbreak was declared by the World Health Organization (WHO) as a global pandemic, highlighting the health risks of the disease. In this context and following regulatory requirements published by governments over the last months in the countries in which the Group operates, the Group activated a response program in order to minimize the impact of the COVID-19 pandemic (please refer to note 36 of the annual consolidated financial statements for further detail).

The COVID-19 had a limited impact on the condensed interim consolidated financial statements of the Group as of March 31, 2020 and for the three month period then ended. Indeed, the Group has been impacted by a decline in handsets sales (low margin activity) in the context of the closure of the shops in many countries where the Group operates, a decrease in roaming revenue, some delays in the construction of FTTH homes passed in France and a decline in the advertising businesses (NextRadioTV) but the impact has been limited, since the crisis only began at the beginning of March 2020. Although the situation continues to evolve, the Company expects that the COVID- 19 will have limited effects on the Group's operations and financial performance for future periods.

The Group has taken this situation into account in its estimates, notably those related to the non-current and current assets valuation as well as employee benefit provisions. The valuation of the non-current and current assets has not been adjusted as of March 31, 2020 as a result of the COVID-19 outbreak. The discount rate of the employee benefit provisions has been updated as of March 31, 2020 and as a result the employee benefit provisions decreased by €19.6 million in counterpart of an increase in O ther Comprehensive Income (actuarial gain of €14.6 million, net of tax).

Based on the information above, the Group considers that the assessment of the going concern assumption for the Group is not impacted.

Financing flows with Altice Group entities

For the three months ended March 31, 2020:

• The Group increased its receivable position with Altice Group Luxembourg S.A. for an additional amount of €175 million;
• The Group also repaid a portion of its debt towards Altice Luxembourg S.A. for an aggregate amount of €180 million.

3. Change in scope

Over the period ended March 31, 2020, the changes in the consolidation scope are described as follows:

• Additional participation in Rhon'Telecom S.A.S. by Altice Technical Services France S.A.R.L.;
• Additional participation in Moselle Telecom S.A.S. by SFR S.A.;
• Additional participation in Irisé S.A.S. by SFR SA. .;
• Disposal of SFR Business Solutions Morocco S.A. by Altice France S.A. to Intelcia IT Solutions S.A.;
• Disposal of Informatique Telematique Ocean Indien S.A.R.L.;
• Creation of the company Keos Telecom S.A.S.;
• Creation of the company Ypso Finance Bis S.A.

These changes in scope had no material impact on the financial statements of the Group.

4. Financial Key Performance Indicators ("KPIs")

The Board of Directors has defined certain financial KPIs that are tracked and reported by each operating segment every month to the senior executives of the Company. The Board of Directors believes that these indicators offer them the best view of the operational and financial efficiency of each segment and this follows best practices in the rest of the industry, thus providing investors and other analysts a suitable base to perform their analysis of the Group's results.

The financial KPIs tracked by the Board of Directors are:

• Adjusted EBITDA;
• Revenues;
• Capital expenditure ("Capex"); and
• Operating free cash flow ("OpFCF").

Adjusted EBITDA, Capex and OpFCF are non-GAAP measures. These measures are useful to readers of Altice's financial statements as they provide a measure of operating results excluding certain items that Altice's management believe are either outside of its recurring operating activities, or items that are non-cash. Excluding

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

such items enables trends in the Group's operating results and cash flow generation to be more easily observable. The non-GAAP measures are used by the Group internally to manage and assess the results of its operations, make decisions with respect to investments and allocation of resources, and assess the performance of management personnel. Such performance measures are also, de facto, the metrics used by investors and other members of the financial community to value other companies operating in the same industry as the Group and thus are a basis for comparability between the Group and its peers. Moreover, the debt covenants of the Group are based on the Adjusted EBITDA and other associated metrics. The definition of Adjusted EBITDA used in the covenant has not changed with the adoption of IFRS 15 - Revenue from contracts with customers and IFRS 16 - Leases by the Group.

• Adjusted EBITDA

Following the application of IFRS 16, Adjusted EBITDA is defined as operating income before depreciation and amortization, other expenses and incomes (capital gains, non-recurring litigation, restructuring costs and management fees), share-based expenses and after operating lease expenses (i.e., straight-line recognition of the rent expense over the lease term as performed under IAS 17 for operating lease). This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating income as the effects of depreciation, amortization and impairment, excluded from Adjusted EBITDA, do ultimately affect the operating results. Operating results presented in the annual consolidated financial statements are in accordance with IAS 1 - Presentation of financial statements.

• Capex

Capex is an important indicator to follow, as the profile varies greatly between activities:

• • The fixed business has fixed capex requirements that are mainly discretionary (network, platforms, general), and variable capex requirements related to the connection of new customers and the purchase of Customer Premise Equipment (TV decoder, modem, etc.).
  • Mobile capex is mainly driven by investment in new mobile sites, upgrade to new mobile technology and licenses to operate; once engaged and operational, there are limited further capex requirements.
  • Other capex is mainly related to costs incurred in acquiring content rights.
• Operating free cash flow

OpFCF is defined as Adjusted EBITDA less Capex. This may not be comparable to similarly titled measures used by other entities. Further, this measure should not be considered as an alternative for operating cash flow as presented in the consolidated statement of cash flows in accordance with IAS 7 - Statement of cash flows.

4.1. Revenue

The breakdown of revenue is detailed as follows:

Revenues	March 31,	March 31,
(€m)	2020	2019
Residential - Fixed	640.8	627.7
Residential - Mobile	899.9	878.6
Business services	823.4	758.4
Total Telecom excl. equipment sales	2,364.1	2,264.7
Equipment sales	183.0	181.0
Media	95.6	112.2
Total	2,642.7	2,557.8

"Residential" corresponds to B2C services revenues, excluding equipment.

"Business services" includes revenues from B2B and wholesale including construction of the FTTH Network and excluding revenues from equipment and Media presented in the line below.

"Equipment sales" relates to equipment revenues fro m B2B and B2C.

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

4.2. Adjusted EBITDA

The following table shows the reconciliation of the operating profit in the condensed interim consolidated financial statements to Adjusted EBITDA:

Operating Profit	March 31,	March 31,
(€m)	2020	2019 revised
Revenues	2,642.7	2,557.8
Purchasing and subcontracting costs	(703.0)	(654.2)
Other operating expenses	(514.4)	(509.4)
Staff costs and employee benefits	(264.4)	(254.9)
Total	1,160.9	1,139.4
Neutralization of share-based expenses	6.8	0.8
Rental expense operating lease	(193.1)	(183.7)
Adjusted EBITDA	974.5	956.4
Depreciation, amortization and impairment	(846.1)	(819.5)
Share-based expenses	(6.8)	(0.8)
Other expenses and income (*)	(18.0)	2,765.9
Neutralization of rental expense operating lease	193.1	183.7
Operating profit (*)	296.8	3,085.8

(*) As of March 31, 2019, includes the capital gain due to the loss of control in SFR FTTH (€2,795.9 m illion).

4.3. Capital expenditure

The table below reconciles capital expenditure to the payments to acquire capital items (tangible and intangible assets) as presented in the consolidated statement of cash flows.

Capital Expenditure	March 31,	March 31,
(€m)	2020	2019
Capital expenditure (accrued)	518.6	581.4
Capital expenditure - working capital items and other impacts	182.1	(10.7)
Payments to acquire tangible and intangible assets	700.7	570.7

4.4. Adjusted EBITDA less accrued Capex

The table below details the calculation of Adjusted EBITDA less accrued Capex or operating free cash flows ("OpFCF"), as presented to the Board of Directors. This measure is used as an indicator of the Group's financial performance as the Board of Directors believes it is one of several benchmarks used by investors, analysts and peers for comparison of performance in the Group's industry, although it may not be directly comparable to similar measures reported by other companies. Adjusted EBITDA and accrued Capex are both reconciled to GAAP reported figures in this note; this measure is a calculation using these two non-GAAP figures, therefore no further reconciliation is provided.

Adjusted EBITDA less accrued Capex	March 31,	March 31,
(€m)	2020	2019
Adjusted EBITDA	974.5	956.4
Capital expenditure (accrued)	(518.6)	(581.4)
Operating free cash flow	455.9	375.0

9

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

5. Financial income

The following table presents the breakdown of the financial income:

Financial Income	March 31,	March 31,
(€m)	2020	2019
Interest relative to gross financial debt	(187.7)	(208.3)
Realized and unrealized gains/(loss) on derivative instruments linked to financial debt	194.5	(33.4)
Finance income	7.6	1.2
Provisions and unwinding of discount	3.4	3.1
Interest related to lease liabilities	(22.0)	(32.7)
Other	(20.7)	(16.6)
Other financial expenses	(39.3)	(46.3)
Net result on extinguishment of a financial liability	-	-
Finance costs, net	(24.8)	(286.8)

The interest relative to gross financial debt decreased from €208.3 million as of March 31, 2019 to €1 87.7 million as of March 31, 2020. This decrease was mainly driven by a decrease in our cost of debt, resulting from the debt refinancings performed in 2018 and 2019.

For the three-month period ended March 31, 2020, the net gain realized on derivative instruments is mainly due to a favourable variation in the fair value of our derivative financial instruments.

6. Income tax expense

For interim condensed financial statements, the tax expense or tax income on profit or loss is determined in accordance with IAS 34, based on the best estimate of the annual average tax rate expected for the full fiscal year, restated for non-recurring items (which are recorded in the period as incurred).

7. Investments in associates and joint ventures

The change as of March 31, 2020 is analysed as follows:

Change of the Investments in Associates and Joint Ventures	March 31, 2020
(€m)
Opening balance	1,551.4
Dividends paid	(0.3)
Profit/Loss	(42.3)
Other	4.8
Closing balance	1,513.6

8. Other non-current assets

Other non-current assets are detailed as follows:

Other Non-Current Assets	March 31,	December 31,
(€m)	2020	2019
Derivative financial instruments (a)	1,299.6	629.3
Call options with non-controlling interests (b)	28.5	28.5
Loans and receivables (c)	428.6	258.3
Other	113.3	112.4
Non-current financial assets	1,870.1	1,028.5
Other non-current assets (d)	243.4	247.7
Other non-current assets	2,113.5	1,276.2

a) Related to swaps (Refer to Note 12 - Derivative instruments); b) Related to ACS call option;

c) Concerns a loan to Altice Group Luxembourg S.A; d) Includes mainly non-current prepaid expenses.

10

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

9. Cash and cash equivalents

The following table presents the breakdown of the cash and cash equivalents:

Cash and Cash Equivalent	March 31,	December 31,
(€m)	2020	2019
Cash	322.1	501.5
Cash equivalents (a)	60.1	55.2
Cash and cash equivalents	382.2	556.8

1. Cash equivalents mainly consisted of money-market funds.

10. Equity

As of March 31, 2020, Altice France's share capital amounted to €443,706,618 comprising 443,706,618 or dinary shares with a par value of €1 each. There was no ch ange on share capital over the three-month period.

The Group does not hold treasury shares.

The Group did not pay dividends to its shareholders in the three-month period ended March 31, 2020.

The Shareholders' Meeting of May 7, 2019 approved an exceptional dividend distribution at €1.85 per sh are, for an aggregate amount of €820 million, which was dedu cted from the "additional paid-in capital" caption.

The Shareholders' Meeting of August 14, 2019 approved an exceptional dividend distribution at €2.37 pe r share, for an aggregate amount of €1,050 million, which wa s deducted from the "additional paid-in capital" ca ption.

The Board of December 19, 2019 approved an interim dividend distribution at €1.13 per share, for an ag gregate amount of €501.4 million, which was deducted from t he "Reserves" caption.

The Group did not pay dividends to its shareholders during the fiscal years 2017 and 2018.

11

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

11. Financial liabilities

11.1. Financial liabilities breakdown

Financial liabilities breakdown as follows:

			Current		Non-current		Total
	Financial Liabilities breakdown	March 31,		December 31,		March 31,		December 31,		March 31,		December 31,
	(€m)	2020		2019		2020		2019		2020		2019
	Bonds	154.0		257.2		10,342.0		9,677.4		10,495.9		9,934.6
	Loans from financial institutions	229.1		169.4		7,309.9		7,203.3		7,538.9		7,372.7
	Derivative financial instruments	-		-		687.2		455.8		687.2		455.8
	Borrowings, financial liabilities and	383.0		426.7		18,339.0		17,336.5		18,722.1		17,763.2
	related hedging instruments
	Finance lease liabilities	21.8		24.3		38.6		42.5		60.5		66.8
	Operating lease liabilities		692.4		651.3		2,745.8		2,761.8		3,438.3		3,413.2
	Lease liabilities		714.3		675.6		2,784.5		2,804.3		3,498.7		3,479.9
	Perpetual subordinated notes ("TSDI")	-		-		57.7		56.8		57.7		56.8
	Deposits received from customers	31.0		33.9		168.2		166.9		199.2		200.8
	Bank overdrafts	8.8		6.2		-		-		8.8		6.2
	Securitization	153.4		152.9		-		-		153.4		152.9
	Reverse factoring	638.9		601.2		-		-		638.9		601.2
	Commercial paper	91.5		149.0		-		-		91.5		149.0
	Other (a)	28.3		226.8		74.7		88.4		103.0		315.2
	Other financial liabilities		951.8		1,170.1		300.6		312.0		1,252.5		1,482.1
	Financial liabilities	2,049.1		2,272.3		21,424.1		20,452.9		23,473.2		22,725.2

a) As of March 31, 2020, this amount includes:

- €36.7million of liabilities related to the acquisit ion of the minority interests (of ERT Luxembourg for €30.0 million and Icart €6.7 million), compared to €50.1 million as of Dece mber 31, 2019 (of ERT Luxembourg for €41.1 million and Icart €9.0 million);

• €40.0 million related to ACS put option (no change) ;
• €2.2 million related to a current account with Alti ce Luxembourg S.A. compared to €182.2 million as of December 31, 2019.

Financial liabilities issued in US dollars are converted at the following closing rate:

• As of March 31, 2020: €1 = 1.0971 USD;
• As of December 31, 2019: €1 = 1.1229 USD.

On January 24, 2020, Altice France issued bonds for an aggregate amount of €500 million, due in 2025 a nd bearing a coupon of 2.125%. The bonds were issued at an OID of 99.408% and an issuance fee of 0.5%. The proceeds from the issuance of these bonds were used to fully repay the revolving credit facility.

11.2. Net financial debt

Net financial debt as defined and utilized by the Group can be broken down as follows:

Net Financial Debt	March 31,	December 31,
(€m)	2020	2019
Bonds	10,378.4	9,710.0
Loans from financial institutions	7,665.6	7,499.8
Finance lease liabilities	60.5	66.8
Commercial paper	91.5	149.0
Bank overdrafts	8.8	6.2
Other	41.2	68.6
Financial Liabilities contributing to net financial debt (a)	18,246.0	17,500.5
Cash and cash equivalents	382.2	556.8
Net derivative instruments - currency translation impact	1,000.9	755.3
Financial Assets contributing to net financial debt (b)	1,383.1	1,312.0
Net financial debt (a) - (b)	16,862.9	16,188.5

1. Liability items correspond to the nominal value of financial liabilities excluding accrued interest, impact of EIR, perpetual subordinated Notes, operating debts (notably guarantee deposits, securitization debts and reverse factoring). All these liabilities are converted at the closing exchange rates. Refer to Note 11.3 - Reconciliation between net financial liabilities and net financial debt;
2. Asset items consist of cash and cash equivalents and the portion of the fair value of derivatives related to the currency impact (€1,000.9 million as of March 31, 2020 and €755.3 m illion as of December 31, 2019). The fair value of derivatives related to the interest rate impacts €(388.4) million as of March 31, 2020 and €(581.8) million as of December 31, 2019 is not included.

12

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

11.3. Reconciliation between net financial liabilities and net financial debt

In compliance with IAS 7 amendments, the following table shows the reconciliation between net financial liabilities in the consolidated statement of financial position and the net financial debt:

Reconciliation between Net Financial Liabilities and Net Financial Debt	March 31,	December 31,
(€m)	2020	2019
Financial liabilities	23,473.2	22,725.2
Cash and cash equivalents	(382.2)	(556.8)
Derivative instruments classified as asset	(1,299.6)	(629.3)
Net financial debt - consolidated statement of financial position	21,791.4	21,539.2
Reconciliation:
Lease liabilities	(3,438.3)	(3,413.2)
Net derivative instruments - rate impact	(388.4)	(581.8)
Accrued interest	(185.7)	(288.9)
EIR	200.1	197.6
Perpetual subordinated notes ("TSDI")	(57.7)	(56.8)
Deposits received from customers	(199.2)	(200.8)
Securitization	(153.4)	(152.9)
Reverse factoring	(638.9)	(601.2)
Debt on share purchase	(54.2)	(60.0)
Dividend to pay	(1.9)	(1.9)
Current accounts (a)	(2.6)	(182.4)
Other	(8.5)	(8.5)
Net financial debt	16,862.9	16,188.5

a) Of which €2.2 million related to a current account with Altice Luxembourg S.A. compared to €182.2 mill ion as of December 31, 2019.

12. Derivative instruments

The following table shows the derivative instruments fair value:

Type	Underlying element		March 31,		December 31,
(€m)		2020		2019
	2026 USD bonds	470.9		240.7
	2027 USD bonds	280.4		120.8
	2028 USD bonds	115.1		3.6
Cross-currency Swaps	January 2026 USD term loan	57.4		(2.2)
	July 2025 USD term loan	206.9		167.9
	August 2026 USD term loan	7.3		(29.1)
	Fixed rate - Floating rate USD	(484.9)		(291.4)
Interest rate swaps	Fixed rate - EURIBOR 3 months		(29.2)		(26.1)
Swap EURIBOR 1 month - EURIBOR 3 months	(11.4)		(10.7)
	Derivative instruments classified as assets	1,299.6		629.3
	Derivative instruments classified as liabilities	(687.2)		(455.8)
	Net Derivative instruments	612.4		173.5
	O/w currency effect	1,000.9		755.3
	O/w interest rate effect	(388.4)		(581.8)

In accordance with IFRS 9, the Group uses the fair value method to recognise its derivative instruments.

The fair value of derivative financial instruments (cross currency swaps) traded over-the-counter is calculated on the basis of models commonly used by traders to measure these types of instruments. The resulting fair values are checked against bank valuations.

The measurement of the fair value of derivative financial instruments includes a "counterparty risk" c omponent for asset derivatives and an "own credit risk" comp onent for liability derivatives. Credit risk is measured using a simplified model derived from Basel II for calculating exposure risk and using market data to determine the probability of default.

For the three-month period ended March 31, 2020, the following changes were made to the Group's derivative instruments:

• Altice France Holding mirror swap: the Group entered into a back to back swap with its direct shareholder, Altice France Holding, in order to hedge a new dollar denominated debt issued by Altice France Holding. The characteristics of the swap are as follows:

13

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

• • Altice France with financing counterparties: CCS with a USD leg of $1,150.9 million/ EUR leg of €1,046 .0 million with a USD receiving rate of 6.00% and a EUR paying rate of 4.06%;
  • Altice France with Altice France Holding: CCS with a EUR leg of €1,046.0 million/USD leg of $1,150.9 million with a USD paying rate of 6.00% and a receiving rate of EUR 4.06%.
• The Group modified the conditions of two existing sawps associated with the 2026 USD notes:
• • Restrike of a USD receiving/EUR paying CCS ($262 million/€189.5 million) to USD receiving/EUR paying CCS ($262 million/€239.4 million) with the m onetization of €49.8 million recorded in the consolidated statement of income. The EUR paying rate was reduced to 5.84% from 6.79%;
  • Modification of a USD receiving/EUR paying CCS ($851.9 million/€768.4 million), where the EUR paying rate was changed from 5.744% to 4.783%. The Group also entered into a new fixed to floating swap with the same counterparty, for the same nominal amounts, with USD receive rate of USD libor 6m+ 3% and a EUR paying rate of 4.783%. This new swap has a forward start in May 2026, with a maturity date of May 2030.
• The Group also entered into new IRS swaps for a total nominal amount of €3,400 million, with two legs as described below:
• • A floating to fixed swap with an average receive fixed rate of 6.139% and a floating pay rate of Euribor 6m+3% from 2020 to 2024;
  • A fixed to floating swap with an average fixed paying rate of 4.627% and an average receive rate of Euribor 6m+3% from 2020 to 2030.

On an annual basis, the above IRS will allow the Group to economise €51.4 million in cash interest exp ense from 2020 to 2024.

Given that the swaps above were entered with the same counterparties at the same time, the Group has considered that the two legs constitute a single swap and hence has valued the swaps as such, especially for the calculations of the credit risks.

13. Fair value of financial instruments

The following table presents the net carrying amount per category and the fair value of the Group's financial instruments at March 31 of each year:

Fair values of assets and liabilities	March 31, 2020		December 31, 2019
(€m)	Carrying value	Fair value	Carrying value	Fair value
Cash and cash equivalents	382.2	382.2	556.8	556.8
Restricted cash	0.0	0.0	0.0	0.0
Derivatives	0.0	0.0	0.0	0.0
Other financial assets	38.6	38.6	24.1	24.1
Current assets	420.8	420.8	580.8	580.8
Derivatives	1,299.6	1,299.6	629.3	629.3
Call options on non-controlling interests	28.5	28.5	28.5	28.5
Equity instruments at fair value through OCI	0.0	0.0	0.0	0.0
Other financial assets	542.0	542.0	370.7	370.7
Non-current assets	1,870.1	1,870.1	1,028.5	1,028.5
Short term borrowings and financial liabilities	383.0	383.0	426.7	426.7
Put options with non-controlling interests	0.0	0.0	0.0	0.0
Derivatives	0.0	0.0	0.0	0.0
Lease liabilities	714.3	714.3	675.6	675.6
Reverse factoring and securitisation	792.3	792.3	754.1	754.1
Accrued interest	5.7	5.7	5.2	5.2
Commercial paper	91.5	91.5	149.0	149.0
Other financial liabilities	62.4	62.4	261.8	261.8
Current liabilities	2,049.1	2,049.1	2,272.3	2,272.3
Long term borrowings and financial liabilities	17,651.9	17,581.9	16,880.7	17,623.0
Put options with non-controlling interests	40.0	40.0	40.0	40.0
Derivatives	687.2	687.2	455.8	455.8
Lease liabilities	2,784.5	2,784.5	2,804.3	2,804.3
Other financial liabilities	260.6	260.6	272.0	272.0
Non-current liabilities	21,424.1	21,354.2	20,452.9	21,195.2

For the three-month period ended March 31, 2020, there were no transfers of asset or liabilities between levels of the fair value hierarchy. The Group's trade and other receivables and trade and other payables are not shown in

14

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

the table above as their carrying amounts approximate their fair values.

With the exception of derivatives, loans and other short-term and long-term financial debts, and other current and non-current financial liabilities are measured at their amortized cost, which corresponds to the estimated value of the financial liability when initially recognised, minus repayments of principal, and plus or minus cumulative amortization, measured using the effective interest rate method.

Derivatives are measured at fair value through the income statement, or through other items of comprehensive income, for the effective portion of the change in fair value of derivatives qualifying as cash flow hedges. As of March 31, 2020, no derivative was qualified for hedge accounting.

14. Provisions

The following table details the amount of provisions:

	Provisions						March 31, 2020
									Reversal and
	(€m)		Opening		Addition		Utilization		changes of	Other (c)		Closing
					accounting
									estimates
	Employee benefit provisions		164.7		3.4		(0.1)		(0.0)	(19.6)		148.4
	Restructuring charges		6.7		0.0		(2.0)		-	3.6		8.3
	Technical site restoration (a)		90.6		0.0		-		-	1.3		91.9
	Litigation and other (b)		347.5		1.0		(9.2)		(16.9)	0.1		322.5
	Provisions		609.5		4.4		(11.4)		(16.9)	(14.6)		571.1
	Current		149.5		0.6		(11.2)		(16.2)	0.1		122.7
	Non-current		460.0		3.8		(0.2)		(0.7)	(14.7)		448.3

1. Site restoration expenses: the Group has an obligation to restore the technical sites of its network at the end of the lease when they are not renewed or are terminated early;
2. Litigation and other: these are included in provisions mainly when their amounts and types are not disclosed, because disclosing them may harm the Group. Provisions for litigation cover the risks connected with court action against the Group. All provisioned disputes are currently awaiting hearing or motions in a court. The unused portion of provisions recognised at the beginning of the period reflects disputes that have been settled by the Group paying amounts smaller than those provisioned, or to a downward re-assessment of the risk.
3. Of which the impact of an increase in the discount rate on employee benefit provision (€(19.6) million ).

The table for fiscal year 2019 is presented below:

	Provisions			December 31, 2019
					Reversal and
	(€m)	Opening	Addition	Utilization	changes of	Other	Closing
	accounting
					estimates
	Employee benefit provisions	131.9	13.0	(1.0)	(0.4)	21.2	164.7
	Restructuring charges	24.6	3.0	(13.5)	(7.4)	0.0	6.7
	Technical site restoration	88.3	2.5	(4.0)	(0.0)	3.8	90.6
	Litigation and other	448.0	168.6	(85.3)	(49.2)	(134.7)	347.5
	Provisions	692.9	187.0	(103.8)	(57.0)	(109.7)	609.5
	Current	216.5	46.2	(48.1)	(25.7)	(39.5)	149.5
	Non-current	476.4	140.9	(55.7)	(31.3)	(70.2)	460.0

15. Related party transactions

Parties related to the Group include:

• All companies included in the consolidation scope, regardless of whether they are fully consolidated or equity associates;
• Altice Europe, the entities that it consolidates and its related parties;
• All the members of the Executive Committee of Altice France and companies in which they hold a directorship.

Transactions between fully consolidated entities within the consolidation scope have been eliminated when preparing the condensed interim consolidated financial statements. Details of transactions between the Group and other related parties are disclosed below.

15

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

15.1. Shareholders

As of March 31, 2020, the overview of these transactions is as follows:

Related Parties Transactions - Shareholders		March 31,		December 31,
	2020		2019
(€m)
Assets		1,068.7		792.5
Non-current financial assets (a)		460.9		290.5
Non-current operating assets (b)		454.1		439.1
Current financial assets		25.9		10.7
Current operating assets		127.7		52.2
Liabilities		602.8		703.2
Non-current financial liabilities (c)		499.5		426.8
Current financial liabilities (d)		41.3		218.0
Operating liabilities		61.9		58.4

1. Of which loan to Altice Group Luxembourg S.A.: €428 .6 million as of March 31, 2020 compared to €258.3 million as of December 31, 2019;
2. Concerns mainly the transaction with SCI Quadrans (which is majority owned by the Company's controlling shareholder) recorded under IFRS16 - Leases;
3. Concerns the transaction with SCI Quadrans under IFRS16: €429.3 million and Altice France Holding mirr or swap: €61.7 million as of March 31, 2020;
4. Of which current account with Altice Luxembourg S.A.: €2.2 million as of March 31, 2020 compared to €1 82.2 million as of December
   31, 2019 and Altice France Holding mirror swap (accrued interests): €5.1 million as of March 31, 2020.

Related Parties Transactions - Shareholders			March 31,		March 31,
		2020		2019
(€m)
Operating income			16.1		22.2
Operating expenses			64.5		70.0
Financial income			7.2		1.0
Financial expenses (e)			69.7		0.1
Net income (loss)			(110.9)		(47.0)
e) Of which Altice France Holding mirror swap: €65.1	million as of March 31, 2020.

These transactions are carried out as part of the Group's activity, mainly with the following entities:

• Hot, Portugal Telecom: telecommunication services;
• Altice Entertainment News and Sport: television royalties and content;
• Altice Europe: management fees;
• SCI Quadrans: rental of real estate.

15.2. Associates and joint ventures

The main transactions with equity associates (EA) and joint ventures (JV) relate to:

• La Poste Telecom SAS (EA) as part of its telecommunication activities;
• Synerail SAS (JV) as part of the GSM-Rpublic-private partnership;
• SFR FTTH SAS (JV) and its subsidiaries as part of the network deployment in AMII zones.

Associates and Joint Ventures		March 31,		December 31,
	2020		2019
(€m)
Assets		273.1		225.0
Non-current assets		10.0		10.4
Current assets		263.1		214.6
Liabilities		123.5		106.2
Current liabilities		123.5		106.2

16

Altice France S.A. - Condensed Interim Consolidated Financial Statements - March 2020

Associates and Joint Ventures		March 31,		March 31,
	2020		2019
(€m)
Statement of income		198.9		33.7
Revenue		212.1		36.9
Operating expenses		13.6		3.2
Financial income		0.3		-

16. Commitments and contractual obligations

During the three-month period ended March 31, 2020, there was no significant change in the commitments and contractual obligations undertaken or received by the Group as described in the Group's 2019 annual consolidated financial statements.

17. Litigation

In the normal course of business, the Group is subject to a number of lawsuits and governmental arbitration and administrative proceedings as a plaintiff or a defendant.

During the three-month period ended March 31, 2020, there was no significant development in existing litigation or new litigation since the publication of the 2019 annual consolidated financial statements that have had, or that may have, a significant effect on the financial position of the Group.

Furthermore, in the context of the on-going COVID 19 pandemic, all planned audiences and legal procedures were postponed to further dates.

18. Entity consolidating the financial statements

The consolidated financial statements of Altice France are included in the consolidated financial statements of Altice Europe, a company listed for trading in the Netherlands.

19. Subsequent events

Transfer of Libération by Altice France to a foundation

On May 14, 2020, Altice France announced that it would transfer Libération, the daily newspaper, to anon-profit foundation. Altice France would provide this foundation with the financial means to repay Liberation debts and finance its future operations, thus ensuring its editorial, economic and financial independence in the long term.

Restructuring plan at NextRadioTV

On May 19, 2020, NextRadioTV announced the launch of a restructuring plan to take into account the media changing environment and the impact of the pandemic on the advertising market. This plan, based on voluntary adherence in the first stage, aims at reducing the employee workforce and notably by 50% the use of occasional workers, freelancers and consultants.

17