ILIAD 1
In € thousands | Note | Six months to June 30, 2015 |
Revenues Purchases used in production Payroll costs External charges Taxes other than on income Additions to provisions Other income and expenses from operations, net | 2,159,887 (1,100,704) (109,641) (138,806) (35,099) (39,939) (10,663) | |
EBITDA(1) | 725,035 | |
Share-based payment expense Depreciation, amortization and provisions for impairment of non-current assets | (1,830) (393,509) | |
Profit from ordinary activities | 329,696 | |
Other operating income and expense, net | (2,119) | |
Operating profit | 327,577 | |
Income from cash and cash equivalents Finance costs, gross Finance costs, net Other financial income and expense, net Corporate income tax | 539 (31,427) (30,888) (11,564) (122,256) | |
Profit for the period | 162,869 | |
Profit for the period attributable to: § Owners of the Company § Minority interests | 162,826 43 | |
Earnings per share attributable to owners of the Company (in €): § Basic earnings per share § Diluted earnings per share | 2.78 2.72 |
(1) See definition on page 8.
(*) These figures have been restated to reflect the impact of the Group's first-time application of IFRIC 21.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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In € thousands | Note | Six months to June 30, 2015 | Six months to June 30, 2014 restated (*) |
PROFIT FOR THE PERIOD Ø Items that may be subsequently reclassified to profit § Fair value gains on interest rate and currency hedging instruments Tax effect Total comprehensive income for the period | 11 11 | 162,869 1,269 | 136,914 7,397 |
PROFIT FOR THE PERIOD Ø Items that may be subsequently reclassified to profit § Fair value gains on interest rate and currency hedging instruments Tax effect Total comprehensive income for the period | 11 11 | ||
PROFIT FOR THE PERIOD Ø Items that may be subsequently reclassified to profit § Fair value gains on interest rate and currency hedging instruments Tax effect Total comprehensive income for the period | 11 11 | 163,656 | 141,500 |
Total comprehensive income for the period attributable to: § Owners of the Company § Minority interests | 163,672 (16) | 144,632 (3,132) |
(*) These figures have been restated to reflect the impact of the Group's first-time application of IFRIC 21.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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INTERIM CONSOLIDATED BALANCE SHEET - ASSETSIn € thousands | Note | June 30, 2015 |
Goodwill Intangible assets Property, plant and equipment Other long-term financial assets Deferred income tax assets Other non-current assets | 5 5 5 | 214,818 1,123,764 3,042,651 8,675 20,177 0 |
TOTAL NON-CURRENT ASSETS | 4,410,085 | |
Inventories Current income tax assets Trade and other receivables Other short-term financial assets Cash and cash equivalents | 4 | 13,586 0 695,888 2,446 162,609 |
TOTAL CURRENT ASSETS | 874,529 | |
ASSETS HELD FOR SALE | 27,895 | |
TOTAL ASSETS | 5,312,509 |
(*) These figures have been restated to reflect the impact of the Group's first-time application of IFRIC 21.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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INTERIM CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIESIn € thousands | Note | June 30, 2015 |
Share capital Additional paid-in capital Retained earnings and other reserves | 6 | 12,972 397,795 2,043,387 |
TOTAL EQUITY | 2,454,154 | |
Attributable to: . Owners of the Company . Minority interests | 2,451,566 2,588 | |
Long-term provisions Long-term financial liabilities Deferred income tax liabilities Other non-current liabilities | 8 7 9 | 1,384 361,599 0 244,303 |
TOTAL NON-CURRENT LIABILITIES | 607,286 | |
Short-term provisions Taxes payable Trade and other payables Short-term financial liabilities | 8 7 | 91,162 30,024 1,167,021 962,862 |
TOTAL CURRENT LIABILITIES | 2,251,069 | |
TOTAL EQUITY AND LIABILITIES | 5,312,509 |
(*) These figures have been restated to reflect the impact of the Group's first-time application of IFRIC 21.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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In € thousands | Share capital | Additional paid-in capital | Own shares held | Reserves | Retained earnings | Equity attributable to owners of the Company | Minority interests | Total equity |
In € thousands | Share capital | Additional paid-in capital | Reserves | Total equity | ||||
Balance at January 1, 2014 | 12,870 | 370,674 | (4,809) | 51,175 | 1,579,601 | 2,009,511 | 7,084 | 2,016,595 |
Movements in first-half 2014 § Profit for the period § Other comprehensive income for the period, net of tax: ü Impact of interest rate and currency hedges ü Impact of post-employment benefit obligations Total comprehensive income for the period § Capital increase § Dividends paid by Iliad SA § Dividends paid by subsidiaries § Purchases/sales of own shares § Impact of stock options § Impact of changes in minority interests in subsidiaries § Other movements | 4,563 | 140,069 | 140,069 4,563 | (3,155) 23 | 136,914 4,586 | |||
Movements in first-half 2014 § Profit for the period § Other comprehensive income for the period, net of tax: ü Impact of interest rate and currency hedges ü Impact of post-employment benefit obligations Total comprehensive income for the period § Capital increase § Dividends paid by Iliad SA § Dividends paid by subsidiaries § Purchases/sales of own shares § Impact of stock options § Impact of changes in minority interests in subsidiaries § Other movements | 65 | 16,504 | 2,523 | 4,563 214 2,896 | 140,069 (21,591) | 144,632 16,569 (21,591) 2,737 2,896 | (3,132) (69) 50 | 141,500 16,569 (21,591) (69) 2,737 2,946 |
Balance at June 30, 2014 | 12,935 | 387,178 | (2,286) | 58,848 | 1,698,079 | 2,154,754 | 3,933 | 2,158,687 |
Balance at January 1, 2015 | 12,953 | 392,564 | (3,050) | 67,346 | 1,842,470 | 2,312,283 | 2,944 | 2,315,227 |
Movements in first-half 2015 § Profit for the period § Other comprehensive income for the period, net of tax: ü Impact of interest rate and currency hedges ü Impact of post-employment benefit obligations Total comprehensive income for the period § Capital increase § Dividends paid by Iliad SA § Dividends paid by subsidiaries § Purchases/sales of own shares § Impact of stock options § Impact of changes in minority interests in subsidiaries § Other movements | 846 | 162,826 | 162,826 846 | 43 (59) | 162,869 787 | |||
Movements in first-half 2015 § Profit for the period § Other comprehensive income for the period, net of tax: ü Impact of interest rate and currency hedges ü Impact of post-employment benefit obligations Total comprehensive income for the period § Capital increase § Dividends paid by Iliad SA § Dividends paid by subsidiaries § Purchases/sales of own shares § Impact of stock options § Impact of changes in minority interests in subsidiaries § Other movements | 19 | 5,231 | 819 | 846 499 1,816 (9,951) | 162,826 (22,822) | 163,672 5,250 (22,822) 1,318 1,816 (9,951) | (16) (189) 13 (164) | 163,656 5,250 (22,822) (189) 1,318 1,829 (10,115) |
Balance at June 30, 2015 | 12,972 | 397,795 | (2,231) | 60,556 | 1,982,474 | 2,451,566 | 2,588 | 2,454,154 |
(*) These figures have been restated to reflect the impact of the Group's first-time application of IFRIC 21.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (*)In € thousands | Note | Six months to June 30, 2015 | Six months to June 30, 2014 |
Profit for the period (including minority interests) +/- Depreciation, amortization and provisions against non-current assets and net additions to provisions for contingencies and charges -/+ Unrealized gains and losses on changes in fair value +/- Expenses and income related to stock options and other share-based payments -/+ Other income and expenses, net -/+ Gains and losses on disposals of assets -/+ Dilution gains and losses +/- Share of profit of associates - Dividends (investments in non-consolidated undertakings) | 4 | 162,869 388,150 (1,604) 1,829 14,279 2,530 0 0 0 | 136,914 338,676 (940) 2,945 6,548 (1,132) 0 0 0 |
Cash flows from operations after finance costs, net, and income tax | 568,053 | 483,011 | |
+ Finance costs, net +/- Income tax expense (including deferred taxes) | 30,888 122,256 | 36,393 95,496 | |
Cash flows from operations before finance costs, net, and income tax (A) | 721,197 | 614,900 | |
- Income tax paid (B) +/- Change in operating working capital requirement (including employee benefit obligations) (C) | (79,917) (46,527) | (105,604) 9,608 | |
= Net cash generated from operating activities (E) = (A) + (B) + (C) | 594,753 | 518,904 | |
- Acquisitions of property, plant and equipment and intangible assets + Disposals of property, plant and equipment and intangible assets - Acquisitions of investments in non-consolidated undertakings + Disposals of investments in non-consolidated undertakings +/- Effect of changes in Group structure - acquisitions and price adjustments +/- Effect of changes in Group structure - disposals +/- Change in outstanding loans and advances + Cash inflows from assets held for sale - Cash outflows for assets held for sale | 4 | (623,024) 5,575 0 0 (10,115) 0 (619) 5,398 (878) | (405,101) 1,252 0 0 0 0 (247) 2,428 (567) |
= Net cash used in investing activities (F) | (623,663) | (402,235) | |
+ Proceeds from capital increases: . Paid by owners of the Company . Paid by minority shareholders of consolidated companies + Proceeds received on exercise of stock options -/+ Own-share transactions - Dividends paid during the period: . Dividends paid to owners of the Company . Dividends paid to minority shareholders of consolidated companies + Proceeds from new borrowings - Repayment of borrowings (including finance leases) - Net interest paid (including on finance leases) | 7 7 | 4,979 1,318 (22,822) (188) 151,068 (32,038) (45,077) | 22,474 2,737 (21,591) (69) 0 (168,158) (42,895) |
= Net cash generated from/(used in) financing activities (G) | 57,240 | (207,502) | |
+/- Effect of exchange-rate movements on cash and cash equivalents (H) | 26 | 4 | |
= Net change in cash and cash equivalents (E + F + G + H) | 28,356 | (90,829) | |
Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period | 4 | 132,263 160,619 | 315,073 224,244 |
(*) These figures have been restated to reflect the impact of the Group's first-time application of IFRIC 21.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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NOTE 1: SIGNIFICANT EVENTS IN FIRST-HALF 20151-1. SCOPE OF CONSOLIDATION ATJUNE30, 2015
There were no significant changes in the scope of consolidation during first-half 2015.
1-2. BUSINESS OVERVIEW
The Group's growth in first-half 2015 was mainly driven by its mobile business.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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NOTE 2: ACCOUNTING PRINCIPLES AND POLICIES (IFRS)2.1. GENERAL INFORMATION
Iliad SA is a société anonyme registered in France and listed on Eurolist by Euronext Paris under the symbol 'ILD'.
The Iliad Group operates in the French retail telecommunications market.
The condensed interim consolidated financial statements for the six months ended June 30, 2015 were approved by the Board of Directors on August 27, 2015.
2.2. BASIS OF PREPARATION
These condensed interim consolidated financial statements for the six months ended June 30, 2015 have been prepared in accordance with IAS 34, Interim Financial Reporting, and IAS 1, Presentation of Financial Statements.
As permitted under IAS 34, the condensed interim consolidated financial statements do not incorporate all of the notes and disclosures required by IFRS for the annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended December 31, 2014.
2.3. ACCOUNTING POLICIES
Except as described below, the interim consolidated financial information has been prepared in accordance with the same accounting policies as those applied to prepare the annual financial statements for the year ended December 31, 2014, as set out therein:
§ corporate income tax for the period has been calculated by applying the estimated average effective tax rate for the full year to first-half profit before tax;
§ post-employment benefit obligations for the period have been estimated based on actuarial calculations performed for full-year 2014.
The Group presents an additional indicator of earnings performance in its income statement:
Ø EBITDA
EBITDA is a key indicator of the Group's operating performance and corresponds to profit from ordinary activities before:
§ depreciation, amortization and impairment of property, plant and equipment and intangible assets; and
§ share-based payment expense.
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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2.4. NEW STANDARDS AND INTERPRETATIONS AND AMENDMENTS TO EXISTING STANDARDS
a) Standards, amendments and interpretations whose application is mandatory for the first time in 2015:§IFRIC 21, Levies. This interpretation provides guidance on when to recognize a liability for a levy imposed by a government (other than income taxes). It identifies the obligating event for the recognition of the liability as the activity that triggers the payment of the levy in accordance with the relevant legislation. The European Union adopted IFRIC 21 on June 13, 2014 and its application is mandatory for annual periods beginning on or after June 17, 2014. The Group has applied this interpretation since January 1, 2015. The Group's main levies affected are property tax, the IFER flat-rate tax on network operators, office tax, and the 'contribution sociale' surtax. The impacts of the corresponding restatements are described in Note 2.5 below.
§ Amendments to IAS 19, Employee Benefits - Defined Benefit Plans: Employee Contributions.These amendments are effective for annual periods beginning on or after February 1, 2015.
§ Annual improvements to IFRSs (2010-2012 cycle), applicable as from the fiscal year beginning January 1, 2015and which comprise amendments to the following seven standards:
ü IFRS 2, Share-Based Payment: Definition of 'vesting condition';
ü IFRS 3, Business Combinations: Accounting for contingent consideration in a business combination;
ü IFRS 8, Operating Segments: (i) Aggregation of operating segments, and (ii) Reconciliation of the total of the reportable segments' assets to the entity's assets;
ü IFRS 13, Fair Value Measurement: Short-term receivables and payables;
ü IAS 16, Property, Plant and Equipment and IAS 38, Intangible Assets: Revaluation method - proportionate restatement of accumulated depreciation/amortization;
ü IAS 24, Related Party Disclosures: Key management personnel.
The Group has applied these improvements in its interim consolidated financial statements at June 30, 2015.
§ Annual improvements to IFRSs (2011-2013 cycle), applicable as from the fiscal year beginning January 1, 2015and which comprise amendments to the following four standards:
ü IFRS 1, First-time Adoption of International Financial Reporting Standards: Meaning of 'effective IFRSs';
Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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ü IFRS 3, Business Combinations: Scope exceptions for joint ventures;
ü IFRS 13, Fair Value Measurement: Scope of paragraph 52 (an exception for measuring the fair value of a group of financial assets and financial liabilities on a net basis - the 'portfolio exception');
ü IAS 40, Investment Property: Clarifying the interrelationship between IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property.
The Group has applied these improvements in its interim consolidated financial statements at June 30, 2015.
b) New standards and amendments to existing standards that were not applicable at June 30, 2015 (as not yet endorsed by the European Union):§ IFRS 15, Revenue from Contracts with Customers, effective for annual periods beginning on or after January 1, 2017. The core principle of IFRS 15 is for companies to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements.
§ IFRS 9, Financial Instruments (final version) and amendments to IFRS 9, IFRS 7 and IAS 39, effective for annual periods beginning on or after January 1, 2018.The final version of IFRS 9 brings together the three phases of the IASB's project to replace IAS 39: classification and measurement, impairment and hedge accounting. The improvements introduced by the standard include:
ü a logical, single classification and measurement approach for financial assets that reflects the business model in which they are managed and their cash flow characteristics;
ü a single, forward-looking 'expected loss' impairment model;
ü a substantially-reformed approach to hedge accounting.
The amendments to IFRS 9 also introduce enhanced disclosure requirements with the aim of improving the information provided to investors.
§ Amendments to IFRS 11, Joint Arrangements - Accounting for Acquisitions of
Interests in Joint Operations.§ Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture.Iliad Group - Condensed interim consolidated financial information for the six months ended June 30, 2015
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