Invibes Advertising N : 2020 Unaudited Restated Consolidated Financial Statements

INVIBES ADVERTISING NV

TECHNOLOGIEPARK 82

9052 ZWIJNAARDE

CONSOLIDATED FINANCIAL STATEMENTS

From January 1st, 2020 to December 31th, 2020

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2020

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RSM France

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2020

	Table of contents
Consolidated balance sheet ..................................................................................................	5
Consolidated income statement ...........................................................................................	6
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 ........................................................................................................................................	11
1.5. Translation of the accounts and the operations denominated in a foreign currency ...........................	12
1.6.	Intangible assets........................................................................................................................................................................	13
1.7.	Tangible assets...........................................................................................................................................................................	13
1.8.	Leases..............................................................................................................................................................................................	14
1.9. Impairment loss of tangible and intangible assets..................................................................................................	14
1.10.	Accounts receivable............................................................................................................................................................	15
1.11.	Other debtors.........................................................................................................................................................................	15
1.12.	Financial assets and liabilities.......................................................................................................................................	15
1.13.	Loans and other financial liabilities ...........................................................................................................................	15
1.14.	Provisions ................................................................................................................................................................................	15
1.15.	Employee benefits ...............................................................................................................................................................	16
1.16.	Consolidated sales revenue ............................................................................................................................................	16
1.17.	Other operating income and expenses .....................................................................................................................	17
1.18.	Cost of financing and other financial income and expenses..........................................................................	17
1.19.	Taxes...........................................................................................................................................................................................	17
1.20.	Payable tax...............................................................................................................................................................................	17
1.21.	Deferred tax ............................................................................................................................................................................	17
1.22.	Earnings per share ..............................................................................................................................................................	18
1.23.	Shareholders' equity...........................................................................................................................................................	18
1.24.	Credit risk.................................................................................................................................................................................	18
1.25.	Liquidity risk..........................................................................................................................................................................	19
1.26.	Market risk ..............................................................................................................................................................................	19
1.27.	Exchange rate risk...............................................................................................................................................................	19
1.28.	Interest rate risk...................................................................................................................................................................	19
1.29.	Operating segment information...................................................................................................................................	19
2. NOTES ON THE ASSETS .................................................................................................	20
2.1	Goodwill.........................................................................................................................................................................................	20
2.2	Intangible assets........................................................................................................................................................................	20
2.3	Tangible assets...........................................................................................................................................................................	21
2.4	Investments and non-current financial assets...........................................................................................................	21
2.5	Trade receivables and other current assets................................................................................................................	22
2.6	Financial assets at fair value ...............................................................................................................................................	22
2.7	Cash and cash equivalents....................................................................................................................................................	22
3. NOTES ON THE LIABILITIES ...........................................................................................	23
3.1	Loans and financial liabilities .............................................................................................................................................	23
3.2	Supplier accounts payable and other current liabilities.......................................................................................	23
4. NOTES ON THE PROFIT AND LOSS ACCOUNT ...............................................................	24
4.1	Operating segments.................................................................................................................................................................	24
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RSM France

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2020

4.2	Salaries and social charges...................................................................................................................................................	24
4.3	Amortization expenses and provisions .........................................................................................................................	24
4.4	Other operating income and expenses ..........................................................................................................................	24
4.5	Financial income........................................................................................................................................................................	25
4.6	Gains and losses related to transactions.......................................................................................................................	25
4.7	Tax expenses ...............................................................................................................................................................................	25
5.	ADDITIONAL INFORMATION ........................................................................................	26
5.1	Off-balance sheet commitments........................................................................................................................................	26
5.2	Related parties............................................................................................................................................................................	26
5.3	Distribution of dividends......................................................................................................................................................	26

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RSM France

INVIBES ADVERTISING NV Group

Consolidated accounts on December 31th, 2020

Consolidated balance sheet

		ASSETS in thousands of euros	Note	31/12/2020	31/12/2019
		NON-CURRENT ASSETS
		Goodwill	2.1	2 100	2 100
		Intangible assets	2.2	1 988	1 322
		Tangible assets	2.3	421	379
		Investments in associates	2.4	0	0
		Non-current financial assets	2.4	1 284	1 624
		Non-current tax assets
		TOTAL NON-CURRENT ASSETS		5 793	5 426
		CURRENT ASSETS
		Inventories and work in progress		0	0
		Accounts receivables	2.5	2 862	2 433
		Current tax assets	2.5	413	342
		Other current assets	2.5	666	333
		Cash and cash equivalents	2.7	6 867	3 442
		Assets held for sale
		TOTAL CURRENT ASSETS		10 808	6 550
		TOTAL ASSETS		16 601	11 976
LIABILITIES AND EQUITY in thousands of euros	Note	31/12/2020	31/12/2019
EQUITY
Share capital, share premiums		6 665	6 165
Other reserves		146	59
Net income attributable to the parent company		-723	139
		TOTAL EQUITY ATTRIBUTABLE TO THE PARENT COMPANY		6 089	6 363
Minority interests		-213	-74
		TOTAL EQUITY		5 875	6 289
NON-CURRENT LIABILITIES
Long-term financial liabilities	3.1	2 994	987
Deferred tax liabilities
Long-term provisions		72	1
Accounts payable and other long-term creditors
		TOTAL NON-CURRENT LIABILITIES		3 066	988
CURRENT LIABILITIES
Accounts payables	3.2	2 352	1 713
Current part of long-term loans and financial liabilities	3.1	2 652	1 164
(including current overdrafts and accrued interest)
Tax liabilities	3.2	0	0
Current provisions
Other current liabilities	3.2	2 656	1 821
Liabilities held for sale
		TOTAL CURRENT LIABILITIES		7 660	4 698
TOTAL EQUITY AND LIABILITIES		16 601	11 976

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RSM France