Altice Europe N : France - Q3 2020 Consolidated Financial Statements

Altice France S.A.

Condensed Interim Consolidated Financial Statements

As of and for the nine-month period ended

September 30, 2020

Altice France S.A. - Condensed Interim Consolidated Financial Statements - September 30, 2020

Consolidated Statement of Income		September 30,		September 30,
	2020		2019 revised (*)
(€m)
Revenues		8,009.9		7,810.5
Purchasing and subcontracting costs		(2,184.8)		(2,072.5)
Other operating expenses		(1,334.2)		(1,356.7)
Staff costs and employee benefits		(767.6)		(745.5)
Depreciations, amortizations and impairments		(2,598.8)		(2,491.6)
Other expenses and income (**)		(127.9)		2,686.3
Operating profit		996.5		3,830.5
Finance income		30.7		3.3
Interest relative to gross financial debt		(584.1)		(628.3)
Realized and unrealized gains/(loss) on derivative instruments linked to financial debt		(82.8)		(115.3)
Other financial expenses		(119.2)		(191.6)
Net result on extinguishment of financial liabilities		-		(79.1)
Finance costs, net		(755.4)		(1,011.0)
Share of earnings of associates and joint ventures		(187.2)		(121.4)
Profit/(loss) before income tax from continuing operations		53.9		2,698.1
Income tax benefit/(expenses)		(112.7)		(28.7)
Profit/(loss) from continuing operations		(58.8)		2,669.4
Profit/(loss) after tax from discontinuing operations		-		-
Profit/(loss)		(58.8)		2,669.4
Attributable to equity holders of the parent		(119.2)		2,630.0
Attributable to non-controlling interests		60.5		39.4

1. Refer to Note 20 - Assets (and liabilities) held for sale in the 2019 annual consolidated financial statements. (**) As of September 30, 2019, includes the capital gain due to the loss of control in SFR FTTH (€2,79 5.9 million).

Consolidated Statement of Other Comprehensive Income		September 30,		September 30,
	2020		2019 revised (*)
(€m)
Profit (loss)		(58.8)		2,669.4
Items that may be subsequently reclassified to profit or loss:
Foreign currency translation adjustments		0.5		0.2
Cash flow hedges		36.5		131.4
Related taxes		(9.4)		(33.9)
Other items related to associates		0.3		0.2
Items that will not be subsequently reclassified to profit or loss:
Actuarial gain (loss)		(0.2)		(26.5)
Related taxes		(0.0)		6.7
Total Comprehensive Profit (loss)		(31.1)		2,747.5
Of which:
Attributable to equity holders of the parent		(91.8)		2,708.1
Attributable to non-controlling interests		60.7		39.4

Altice France S.A. - Condensed Interim Consolidated Financial Statements - September 30, 2020

Consolidated Statement of Financial Position		September 30,		December 31,
(€m)		2020		2019
Assets
Goodwill		11,045.4		11,076.3
Intangible assets		5,302.5		5,483.4
Contracts costs		156.2		159.6
Property, plant and equipment		6,342.2		6,323.1
Rights of use assets		3,471.0		3,418.6
Investments in associates and joint ventures		1,373.4		1,551.4
Financial assets		1,847.1		1,028.5
Deferred tax assets		149.1		230.7
Other assets		220.1		247.7
Total non-current assets		29,907.2		29,519.2
Inventories		433.2		348.5
Trade and other receivables		3,901.0		3,421.5
Contracts assets		194.3		217.4
Current tax assets		189.1		48.8
Financial assets		152.1		24.1
Cash and cash equivalents		663.0		556.8
Assets classified as held for sale		2.9		-
Total current assets		5,535.5		4,617.0
Total Assets		35,442.7		34,136.3
Consolidated Statement of Financial Position		September 30,		December 31,
	2020		2019
(€m)
Equity and liabilities
Issued capital		443.7		443.7
Additional paid in capital		3,533.1		3,533.1
Reserves		339.8		446.0
Equity attributable to owners of the company		4,316.6		4,422.8
Non-controlling interests		280.3		226.3
Total equity		4,596.9		4,649.2
Borrowings, financial liabilities and relating hedging instruments		18,780.6		17,336.5
Lease liabilities		2,833.7		2,804.3
Other financial liabilities		301.6		312.0
Provisions		496.5		460.0
Non-current contracts liabilities		502.8		520.8
Deferred tax liabilities		12.6		44.2
Other liabilities		19.3		24.8
Total non-current liabilities		22,947.0		21,502.7
Borrowings, financial liabilities		214.6		426.7
Lease liabilities		704.4		675.6
Other financial liabilities		872.1		1,170.1
Trade and other payables		5,336.9		4,828.6
Contracts liabilities		505.5		501.7
Current tax liabilities		88.7		145.1
Provisions		134.5		149.5
Other liabilities		39.2		87.2
Liabilities directly associated with assets classified as held for sale		2.9		-
Total Current liabilities		7,898.8		7,984.4
Total Equity & liabilities		35,442.7		34,136.3

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Altice France S.A. - Condensed Interim Consolidated Financial Statements - September 30, 2020

Equity attributable to owners of the company

Consolidated Statement of Changes in Equity

				Additional					Consolidated
			Capital	paid-in	Reserves	OCI	Total	NCI
			equity
				capital
	(€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	-	(1,870.0)	-	-	(1,870.0)	(27.1)	(1,897.1)
	Comprehensive income (loss)	-	-	2,630.0	78.1	2,708.1	39.4	2,747.5
	Share-based compensation	-	-	1.9	-	1.9	-	1.9
	Other movements	-	4.6	(12.7)	-	(8.1)	4.0	(4.2)
	Position at September 30, 2019 revised	443.7	3,537.7	941.1	(228.9)	4,693.6	232.7	4,926.3
	Dividends paid	-	-	(501.4)	-	(501.4)	(20.6)	(522.0)
	Comprehensive income (loss)	-	-	222.5	10.4	232.9	6.3	239.3
	Share-based compensation	-	-	0.6	-	0.6	-	0.6
	Other movements	-	(4.6)	1.6	-	(3.0)	8.0	5.0
	Position at December 31, 2019	443.7	3,533.1	664.5	(218.4)	4,422.8	226.3	4,649.2
	Dividends paid		-	-	-	-	-	(1.1)	(1.1)
	Comprehensive income (loss)		-	-	(119.2)	27.5	(91.8)	60.7	(31.1)
	Share-based compensation		-	-	1.9	-	1.9	-	1.9
	Additional participation in Rhon'Telecom and DSP (a)		-	-	(22.2)	-	(22.2)	(5.3)	(27.5)
	Business combination under common control (b)		-	-	5.7	-	5.7	(0.5)	5.1
	Other movements		-	-	0.2	-	0.2	0.2	0.3
	Position at September 30, 2020		443.7	3,533.1	530.8	(191.0)	4,316.6	280.3	4,596.9

1. Refer to Note 3 - Change in scope
2. Of which Altice Picture : €5.1 million; refer to No te 2 - Significant events of the period - Transfer of sports rights to Altice France

Breakdown of Changes in Equity Related to	December 31,	September 30,		December 31,	September 30,
Other Comprehensive Income			Change			Change
(€m)	2018	2019		2019	2020
Hedging instruments	(418.3)	(286.9)	131.4	(274.6)	(238.1)	36.5
Related taxes	108.0	74.1	(33.9)	70.9	61.5	(9.4)
Actuarial gains and losses	0.8	(25.7)	(26.5)	(23.7)	(23.9)	(0.2)
Related taxes	(0.2)	6.5	6.7	5.4	5.4	(0.0)
Foreign currency translation adjustments	(1.0)	(0.7)	0.2	(0.8)	(0.3)	0.5
Items related to associates	3.7	3.8	0.2	4.0	4.3	0.3
Total	(306.9)	(228.9)	78.1	(218.7)	(191.1)	27.6

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