Altice Europe N : International - Q3 2020 Consolidated Financial Statements
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.
2
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Disclaimer
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
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All news about ALTICE EUROPE N.V.
Sales 2020
14 984 M 18 093 M 18 093 M
Net income 2020
-203 M -245 M -245 M
Net Debt 2020
31 405 M 37 921 M 37 921 M
P/E ratio 2020
-26,0x
Yield 2020
-
Capitalization
6 494 M 7 852 M 7 842 M
EV / Sales 2020
2,53x
EV / Sales 2021
2,41x
Nbr of Employees
45 409
Free-Float
46,0%
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Technical analysis trends ALTICE EUROPE N.V.
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Mean consensus
HOLD
Number of Analysts
14
Average target price
4,82 €
Last Close Price
5,34 €
Spread / Highest target
82,7%
Spread / Average Target
-9,68%
Spread / Lowest Target
-25,0%
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