Altice International S.à r.l.
Condensed Interim Consolidated
Financial Statements
As of and for the three and nine-month periods ended
September 30, 2020
Table of Contents
Consolidated Statement of Income | 1 | |
Consolidated Statement of Comprehensive Income | 1 | |
Consolidated Statement of Financial Position | 2 | |
Consolidated Statement of Changes in Equity | 3 | |
Consolidated Statement of Cash Flows | 4 | |
Notes to the Condensed Interim Consolidated Financial Statements | 5 | |
1 | About Altice International S.à r.l. and the Altice Group | 5 |
2 | Accounting policies | 5 |
3 | Significant events | 7 |
4 | Segment reporting | 8 |
5 | Goodwill | 14 |
6 | Financial assets | 14 |
7 | Other non-current assets | 15 |
8 | Shareholders' equity | 15 |
9 | Borrowings, other financial liabilities and lease liabilities | 16 |
10 | Fair value of financial assets and liabilities | 21 |
11 | Taxation | 23 |
12 | Net finance costs | 24 |
13 | Contractual obligations and commercial commitments | 24 |
14 | Litigation | 24 |
15 | Going concern | 27 |
Altice International S.à r.l.
Condensed Interim Consolidated Financial Statements
Consolidated Statement of Income | Notes | Three months ended | Nine months ended | ||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||
(€m) | (Unaudited & not | ||||
reviewed) | |||||
Revenues | 4 | 1,021.2 | 1,028.8 | 2,956.4 | 2,997.4 |
Purchasing and subcontracting costs | 4 | (257.7) | (251.7) | (724.6) | (724.8) |
Other operating expenses | 4 | (215.5) | (231.8) | (635.6) | (669.5) |
Staff costs and employee benefits | 4 | (119.4) | (115.8) | (349.4) | (348.7) |
Depreciation, amortization and impairment | 4 | (297.0) | (306.5) | (905.3) | (917.8) |
Other (expenses) and income | 4 | (0.4) | (8.2) | 66.1 | (303.4) |
Operating profit | 131.2 | 114.8 | 407.6 | 33.2 |
Interest relative to gross financial debt Realized and unrealized (losses)/gains on derivative instruments linked to financial debt
Other financial expenses Finance income
Net result on extinguishment and remeasurement of financial liabilities
12 | (105.2) | (149.8) | (432.1) | (453.4) |
12 | (164.7) | 153.4 | (51.1) | 218.9 |
12 | (17.3) | (102.6) | (123.0) | (92.0) |
12 | 164.5 | 43.1 | 119.8 | 111.6 |
12 | (15.0) | - | 439.0 | - |
Finance (costs)/income, net | (137.7) | (55.9) | (47.4) | (214.9) | |||
Share of (loss)/earnings of associates | 4.3 | (0.1) | 2.5 | (0.5) | |||
(Loss)/profit before income tax | (2.2) | 58.8 | 362.7 | (182.2) | |||
Income tax (expense)/benefit | 11 | (23.8) | (11.7) | (9.9) | 56.8 | ||
(Loss)/profit for the period | (26.0) | 47.1 | 352.8 | (125.4) | |||
Attributable to equity holders of the parent | (39.1) | 47.7 | 335.2 | (123.5) | |||
Attributable to non‑controlling interests | 13.1 | (0.6) | 17.6 | (1.9) | |||
Consolidated Statement of Comprehensive | Three months ended | Nine months ended | |||||
Income | |||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||
(€m) | (Unaudited & not | ||||||
reviewed) | |||||||
(Loss)/profit for the period
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations
Cash flow hedges - effective portion of changes in fair value
Cash flow hedges - reclassified to profit or loss
Fair value of financial assets through OCI Related taxes
Items that are not reclassified to profit or loss
Actuarial (loss)/gain
Related taxes
(26.0) | 47.1 | 352.8 | (125.4) |
(19.8) | 10.1 | (9.3) | (38.1) |
(11.7) | 27.4 | 26.9 | 32.3 |
3.6 | 1.6 | 100.0 | 4.3 |
(1.0) | 0.4 | (1.0) | (0.3) |
2.0 | (7.1) | (42.0) | (9.1) |
(26.9) | 32.4 | 74.6 | (10.9) |
(18.7) | (13.1) | 3.5 | (58.7) |
3.9 | 3.9 | (0.8) | 18.2 |
(14.8) | (9.2) | 2.7 | (40.5) |
Total other comprehensive (loss)/gain | (41.7) | 23.2 | 77.3 | (51.4) |
Total comprehensive (loss)/profit for the | (67.7) | 70.3 | 430.1 | (176.8) |
period | ||||
Attributable to equity holders of the parent | (80.1) | 69.7 | 413.7 | (177.0) |
Attributable to non‑controlling interests | 12.4 | 0.6 | 16.4 | 0.2 |
The accompanying notes on pages 5 to 28 form an integral part of these condensed interim consolidated financial statements.
1
Altice International S.à r.l.
Condensed Interim Consolidated Financial Statements
Notes | As of | As of | |
(€m) | September 30, 2020 | December 31, 2019 | |
Non‑current assets | |||
Goodwill | 5 | 3,151.9 | 3,247.9 |
Intangible assets | 1,215.8 | 1,438.1 | |
Property, plant & equipment | 3,435.3 | 3,521.3 | |
Right-of-use assets | 821.4 | 871.3 | |
Contract costs | 99.8 | 104.2 | |
Investment in associates | 14.7 | 16.0 | |
Financial assets | 6 | 3,108.9 | 1,805.7 |
Deferred tax assets | 139.6 | 67.2 | |
Other non-current assets | 7 | 539.0 | 191.8 |
Total non‑current assets | 12,526.4 | 11,263.5 | |
Current assets | |||
Inventories | 120.5 | 130.9 | |
Contract assets | 33.6 | 36.5 | |
Trade and other receivables | 1,009.2 | 1,023.6 | |
Current tax assets | 27.1 | 50.9 | |
Financial assets | 6 | 181.1 | 38.6 |
Cash and cash equivalents | 266.6 | 395.5 | |
Restricted cash | 36.3 | 37.5 | |
1,674.4 | 1,713.5 | ||
Assets classified as held for sale | 1.8 | 118.9 | |
Total current assets | 1,676.2 | 1,832.4 | |
Total assets | 14,202.6 | 13,095.9 | |
Equity | |||
Issued capital | 8.1 | 309.3 | 309.3 |
Other reserves | 8.2 | (177.5) | (256.0) |
Accumulated gains/(losses) | 8 | 857.5 | (583.1) |
Equity attributable to equity holders of the parent | 989.3 | (529.8) | |
Non‑controlling interests | 3.3 | (1.4) | (12.3) |
Total equity | 987.9 | (542.1) | |
Non‑current liabilities | |||
Long term borrowings, financial liabilities and related hedging instruments | 9 | 7,480.7 | 8,155.8 |
Other financial liabilities | 9.7 | 1,366.9 | 690.3 |
Non-current lease liabilities | 9.7 | 821.7 | 840.3 |
Provisions | 902.9 | 977.5 | |
Deferred tax liabilities | 85.1 | 86.2 | |
Non-current contract liabilities | 56.1 | 61.6 | |
Other non-current liabilities | 33.5 | 31.9 | |
Total non‑current liabilities | 10,746.9 | 10,843.6 | |
Current liabilities | |||
Short-term borrowings, financial liabilities and related hedging instruments | 9 | 30.1 | 288.4 |
Other financial liabilities | 9.7 | 604.4 | 676.5 |
Current lease liabilities | 9.7 | 85.3 | 82.8 |
Trade and other payables | 1,341.3 | 1,412.7 | |
Contract liabilities | 133.6 | 117.5 | |
Current tax liabilities | 172.7 | 115.5 | |
Provisions | 86.0 | 78.4 | |
Other current liabilities | 14.3 | 22.4 | |
2,467.7 | 2,794.2 | ||
Liabilities directly associated with assets classified as held for sale | 0.1 | 0.2 | |
Total current liabilities | 2,467.8 | 2,794.4 | |
Total liabilities | 13,214.7 | 13,638.0 | |
Total equity and liabilities | 14,202.6 | 13,095.9 |
The accompanying notes on pages 5 to 28 form an integral part of these condensed interim consolidated financial statements.
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Altice Europe NV published this content on 25 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2020 21:28:00 UTC