Invibes Advertising N : 2019 Unaudited Restated Consolidated Financial Statements

INVIBES ADVERTISING NV

TECHNOLOGIEPARK 82

9052 ZWIJNAARDE

CONSOLIDATED FINANCIAL STATEMENTS

From January 1st, 2019 to December 31th, 2019

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2019

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2019

	Table of contents
Consolidated balance sheet ..................................................................................................	4
Consolidated income statement ...........................................................................................	5
Comprehensive income.........................................................................................................	7
Statement of changes in equity ............................................................................................	7
Cash flow statement .............................................................................................................	8
1. GENERAL INFORMATION................................................................................................	9
1.1.	Accounting principles and IFRS estimating methods ...............................................................................................	9
1.2.	Determining accounting estimates and judgements.................................................................................................	9
1.3.	Major operations.......................................................................................................................................................................	10
1.4.	Scope of the consolidation level ........................................................................................................................................	10
1.5.	Translation of the accounts and the operations denominated in a foreign currency ...........................	11
1.6.	Intangible assets........................................................................................................................................................................	12
1.7.	Tangible assets...........................................................................................................................................................................	12
1.8.	Leases..............................................................................................................................................................................................	13
1.9.	Impairment loss of tangible and intangible assets..................................................................................................	13
1.10.	Accounts receivable............................................................................................................................................................	13
1.11.	Other debtors.........................................................................................................................................................................	14
1.12.	Financial assets and liabilities.......................................................................................................................................	14
1.13.	Loans and other financial liabilities ...........................................................................................................................	15
1.14.	Provisions ................................................................................................................................................................................	15
1.15.	Employee benefits ...............................................................................................................................................................	15
1.16.	Consolidated sales revenue ............................................................................................................................................	15
1.17.	Other operating income and expenses .....................................................................................................................	15
1.18.	Cost of financing and other financial income and expenses..........................................................................	16
1.19.	Taxes...........................................................................................................................................................................................	16
1.20.	Payable tax...............................................................................................................................................................................	16
1.21.	Deferred tax ............................................................................................................................................................................	16
1.22.	Earnings per share ..............................................................................................................................................................	17
1.23.	Shareholders' equity...........................................................................................................................................................	17
1.24.	Credit risk.................................................................................................................................................................................	17
1.25.	Liquidity risk..........................................................................................................................................................................	18
1.26.	Market risk ..............................................................................................................................................................................	18
1.27.	Exchange rate risk...............................................................................................................................................................	18
1.28.	Interest rate risk...................................................................................................................................................................	18
1.29.	Operating segment information...................................................................................................................................	18
2. NOTES ON THE ASSETS .................................................................................................	19
2.1	Goodwill.........................................................................................................................................................................................	19
2.2	Intangible assets........................................................................................................................................................................	19
2.3	Tangible assets...........................................................................................................................................................................	20
2.4	Investments and non-current financial assets...........................................................................................................	20
2.5	Trade receivables and other current assets................................................................................................................	21
2.6	Financial assets at fair value ...............................................................................................................................................	21
2.7	Cash and cash equivalents....................................................................................................................................................	21
3. NOTES ON THE LIABILITIES ...........................................................................................	22
3.1	Loans and financial liabilities .............................................................................................................................................	22
3.2	Supplier accounts payable and other current liabilities.......................................................................................	22
4. NOTES ON THE PROFIT AND LOSS ACCOUNT ...............................................................	23
4.1	Operating segments.................................................................................................................................................................	23
4.2	Amortization expenses and provisions .........................................................................................................................	23
4.3	Salaries and social charges...................................................................................................................................................	23

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2019

4.4	Other operating income and expenses ..........................................................................................................................	23
4.5	Financial income........................................................................................................................................................................	24
4.6	Gains and losses related to transactions.......................................................................................................................	24
4.7	Tax expenses ...............................................................................................................................................................................	24
5.	ADDITIONAL INFORMATION ........................................................................................	25
5.1	Off-balance sheet commitments........................................................................................................................................	25
5.2	Related parties............................................................................................................................................................................	25
5.3	Distribution of dividends......................................................................................................................................................	25

Consolidated balance sheet

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2019

ASSETS in thousands of euros	Note	31/12/2019	31/12/2018
NON-CURRENT ASSETS
Goodwill	2.1	2 100	1 998
Intangible assets	2.2	1 322	1 039
Tangible assets	2.3	379	25
Investments in associates	2.4	0	12
Non-current financial assets	2.4	1 624	410
Non-current tax assets
TOTAL NON-CURRENT ASSETS		5 426	3 483
CURRENT ASSETS
Inventories and work in progress		0	0
Accounts receivables	2.5	2 433	1 697
Current tax assets	2.5	342	194
Other current assets	2.5	333	88
Cash and cash equivalents	2.7	3 442	3 602
Assets held for sale
TOTAL CURRENT ASSETS		6 550	5 581
TOTAL ASSETS		11 976	9 064
LIABILITIES AND EQUITY in thousands of euros	Note	31/12/2019	31/12/2018
EQUITY
Share capital, share premiums		6 165	4 165
Other reserves		59	-405
Net income attributable to the parent company		139	667
TOTAL EQUITY ATTRIBUTABLE TO THE PARENT COMPANY		6 363	4 428
Minority interests		-73	-41
TOTAL EQUITY		6 290	4 387
NON-CURRENT LIABILITIES
Long-term financial liabilities	3.1	987	1 175
Deferred tax liabilities
Long-term provisions		1
Accounts payable and other long-term creditors
TOTAL NON-CURRENT LIABILITIES		988	1 175
CURRENT LIABILITIES
Accounts payables	3.2	1 713	1 475
Short-term loans (including current overdrafts and accrued
interest)
Current part of long-term loans and financial liabilities	3.1	1 164	720
Tax liabilities	3.2	0	0
Current provisions
Other current liabilities	3.2	1 821	1 306
Liabilities held for sale
TOTAL CURRENT LIABILITIES		4 698	3 502
TOTAL EQUITY AND LIABILITIES		11 976	9 064

Consolidated income statement