TF1 : 2020 Consolidated financial statements and Appendix

TF1 GROUP

CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2020

The consolidated financial statements of the TF1 group for the year ended 31 December 2020 should be read in conjunction with the audited consolidated financial statements for the years ended 31 December 2019 and 31 December 2018, prepared in accordance with international financial reporting standards, as presented in the 2019 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on 10 March 2020 under reference number D.20-0118.

The financial statements have been audited, and an unqualified opinion has been issued by the auditors.

1

CONSOLIDATED INCOME STATEMENT

(€ million)

Revenue

Other income from operations

Purchases consumed and changes in inventory Staff costs

External expenses

Taxes other than income taxes

Net charges for depreciation, amortisation and impairment losses on property, plant & equipment and intangible assets

Net amortisation expense on right of use of leased assets

Charges to provisions and other impairment losses, net of reversals due to utilization Other current operating income

Other current operating expenses

Current operating profit/(loss)

Non-current operating income Non-current operating expenses

Note

5-1 5-2 5-3 5-4 5-5

5-6 5-6

Full year	Full year
2020	2019 (1)
2,081.7	2,337.3
38.8	40.1
(785.7)	(953.6)
(495.5)	(484.8)
(423.7)	(434.5)
(98.8)	(126.1)
(260.5)	(280.4)
(20.6)	(19.1)
(17.0)	3.4
299.9	291.9
(128.5)	(119.1)
190.1	255.1

5-7 5-7

-(75.0)

- -

Operating profit/(loss)

115.1

255.1

Income associated with net debt Expenses associated with net debt

2.3 (3.4)

Cost of net debt 5-8

Interest expense on lease obligations

(1.1)

0.7 (2.3)

(1.6)

Other financial income 5-9

Other financial expenses 5-9

Income tax expense 5-11

Share of profits/(losses) of joint ventures and associates 7-4-4

2.3

(11.3)

1.4

(6.1)

Net profit/(loss) from continuing operations

Net profit/(loss) from discontinued or held-for-sale operations

Net profit/(loss)

53.9

155.2

attributable to the Group:

Net profit/(loss) from continuing operations

Net profit/(loss) from discontinued or held-for-sale operations

55.3

55.3

-

154.8

154.8

-

attributable to non-controlling interests:

Net profit/(loss) from continuing operations

Net profit/(loss) from discontinued or held-for-sale operations

Weighted average number of shares outstanding (in '000)

Basic earnings per share from continuing operations (€) 7-5-2

Diluted earnings per share from continuing operations (€) 7-5-2 Basic earnings per share from held-for-sale operations (€)

Diluted earnings per share from held-for-sale operations (€)

(1.4)

(1.4)

210,3320.26 0.26 - -

(1) The presentation of the financial statements for 2019 has been amended. For details, see Note 2-3 ("Changes in accounting policy").

0.4

0.4

-

-

210,301 0.74 0.74 - -

STATEMENT OF RECOGNISED INCOME AND EXPENSE
(€ million)	Full year
2020	2019

Net profit/(loss) for the period

53.9

155.2

Items not reclassifiable to profit or loss

Actuarial gains/(losses) on post-employment benefits (1)

Fair value remeasurement of investments in equity instruments (2) Taxes on items not reclassifiable to profit or loss

Share of non-reclassifiable income and expense of joint ventures and associates

Items reclassifiable to profit or loss

Remeasurement of hedging assets (3) Translation adjustments

Taxes on items reclassifiable to profit or loss

(4.5) (9.1) 0.1

3.5

(0.6)

(0.8) (1.8)

0.2

0.4

(9.7) (26.5)

(1.4) 0.8

Share of reclassifiable income and expense of joint ventures and associates Income and expense recognised directly in equity

Total recognised income & expense

Recognised income & expense attributable to the Group

Recognised income & expense attributable to non-controlling interests

(16.5) 37.4 38.9 (1.5)

(32.8) 122.4 121.9

0.5

• (1) Reflects changes in actuarial assumptions, including a reduction in the discount rate from 0.92% as of 31 December 2019 to 0.60% as of 31 December 2020 (see Note 7-4-6-2).

• (2) In 2020, negative net changes in the fair value of non-consolidated equity investments recognised in equity amounted to €9.1 million (see Note 7-4-5-2).

• (3) Includes €0.8 million relating to the reclassification of cash flow hedges to profit or loss during 2020.

CONSOLIDATED CASH FLOW STATEMENT

(€ million)Net profit/(loss) from continuing operations

Net charges to/(reversals of) depreciation, amortisation, impairment of property, plant and equipment and intangible assets, and non-current provisions

Amortisation, impairment and other adjustments on right of use of leased assets Other non-cash income and expenses

Gains and losses on asset disposals

Share of profits/losses reverting to joint ventures and associates, net of dividends received Dividends from non-consolidated companies

Income taxes paid

Income taxes, including uncertain tax positions

Cash flow after income from net surplus cash/cost of net debt, interest expense on lease obligations and income taxes paid

Reclassification of income from net surplus cash/cost of net debt and interest expense on lease obligations

Changes in working capital requirements related to operating activities (including current impairment and provisions) (2)

Net cash generated by/(used in) operating activities

Purchase price of property, plant and equipment and intangible assets Proceeds from disposals of property, plant and equipment and intangible assets Net liabilities related to property, plant & equipment and intangible assets Purchase price of non-consolidated companies and other investments Proceeds from disposals of non-consolidated companies and other investments Net liabilities related to non-consolidated companies and other investments Purchase price of consolidated activities

Proceeds from disposals of consolidated activities Net liabilities related to consolidated activities

Other changes in scope of consolidation (cash of acquired or divested entities)

Other cash flows related to investing activities: changes in loans, dividends received from non-consolidated companies

Net cash generated by/(used in) investing activities

Capital increases/(reductions) paid by shareholders and non-controlling interests Dividends paid to shareholders of the parent company

Dividends paid by consolidated companies to non-controlling interests Change in current and non-current debt

Repayment of lease obligations

Income from net surplus cash/cost of net debt and interest expense on lease obligations Other cash flows related to financing activities

Net cash generated by/(used in) financing activities

EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS

CHANGE IN NET CASH POSITION

Net cash position at start of period Net cash flows

Net cash position at end of period

6-2-1

6-2-2

6-2-3

7-6-17-6-1

Note

Full year 2020	Full year 2019 (1)
53.9	155.2
334.9	283.0
20.8	19.1
(37.0)	(43.7)
5.1	5.0
11.3	1.3
(0.1)	-
(53.3)	(85.3)
37.3	82.0
372.9 4.5 103.0	416.6 5.3 (32.3)
480.4	389.6
(283.1)	(243.7)
(0.4)	1.3
(1.1)	(2.6)
(0.8)	(0.7)
0.5	0.2
-	-
(1.4)	(51.3)
1.0	0.5
- 2.4 (36.3)	- 13.1 (3.7)
(319.2)	(286.9)
(7.0)	(19.8)
-	(84.0)
-	-
(57.2)	15.7
(20.5)	(18.4)
(3.8)	(4.9)
-	-
(88.5)	(111.4)
(0.7)	0.3
72.0 102.6 72.0 174.6	(8.4) 111.0 (8.4) 102.6

5-11

• (1) The presentation of the financial statements for 2019 has been amended. For details, see Note 2-3 ("Changes in accounting policy").

• (2) Current assets minus current liabilities excluding income taxes, current debt and debt hedging instruments, which are classified in financing activities.