Consolidated financial statements

Consolidated statement of financial position as at 31 December (before profit appropriation)

In millions of euros Notes 31 Dec. 2018 31 Dec. 2017 revised* 1 Jan 2017 revised*
Assets        
         
Fixed assets        
-          tangible fixed assets 2 8,574.9 8,518.1 8,683.9
-          investments in joint ventures 4 197.7 190.1 233.2
-          investments in associates 5 0.8 0.7 11.5
-          other equity interests 6 496.3 490.7 470.2
-          deferred tax assets 7 330.0 402.0 430.3
         
Total fixed assets   9,599.7 9,601.6 9,829.1
         
Current assets        
-          stock 8 45.0 45.8 39.5
-          trade and other receivables 9 196.3 143.1 174.8
-          corporate income tax 7 27.9 18.1 8.0
-          cash and cash equivalents 10 27.3 41.1 238.4
         
Total current assets
  296.5 248.1 460.7
         
Total assets   9,896.2 9,849.7 10,289.8

* Adjusted figures due to implementation of IFRS 15

In millions of euros   31 Dec. 2018 31 Dec. 2017 revised* 1 Jan 2017 revised*
         
Liabilities        
         
         
Total shareholder’s equity
11, 12 5,707.4 5,772.7 5,594.6
         
Non-current liabilities        
-          interest-bearing loans 13 2,815.5 2,842.9 3,164.3
-          deferred tax liabilities 14 169.9 167.0 202.5
-          employee benefits 15 105.5 102.8 100.4
-          provisions 16 50.1 57.9 67.6
-          contract liabilities 21 46.5 47.1 48.6
         
Total non-current liabilities   3,187.5 3,217.7 3,583.4
         
Current liabilities        
-          current financing liabilities 17 677.7 602.8 794.9
-          trade and other payables 18 252.8 204.4 253.9
-          corporate income tax 7 23.7 48.4 59.3
-          restructuring provision 16 43.3 - -
-          contract liabilities 21 3.8 3.7 3.7
         
Total current liabilities   1,001.3 859.3 1,111.8
         
Total liabilities   9,896.2 9,849.7 10,289.8

* Adjusted figures due to implementation of IFRS 15

Consolidated statement of profit and loss

In millions of euros Notes   2018   2017 revised*
Continuing operations          
Revenues 21   1,247.3   1,241.2
           
Capitalised costs   66.2   91.5  
Staff costs 22 ‑287.3   ‑206.1  
Other operating expenses 23 ‑381.7   ‑374.2  
Depreciation costs 2 ‑313.2   ‑304.4  
Impairments 1 -   ‑117.0  
Total expenses     ‑916.0   ‑910.2
           
Operating result 30   331.3   331.0
           
Finance income 24   3.1   7.9
Finance expenses 25   ‑76.9   ‑87.3
Result of disposals of and investments in associates     -   18.6
Share in result of joint ventures 4   30.7   3.3
Share in result of associates 5   0.1   1.3
Dividend received on investments in other equity interests 6   30.1   23.9
           
Result before taxation     318.4   298.7
           
Taxes 26   6.8   ‑41.5
           
Result after taxation     325.2   257.2

* Adjusted figures due to implementation of IFRS 15

Consolidated statement of comprehensive income

In millions of euros Notes   2018   2017*
           
Total of results taken to the profit and loss account     325.2   257.2
           
Balance of actuarial gains and losses on employee benefits, 15 ‑0.3   1.3  
of which corporate income tax   0.1   ‑0.3  
           
Total of results taken to equity which will not be reclassified subsequently to the profit and loss account     ‑0.2   1.0
           
Changes in other equity interests stated at fair value 6 5.6   20.5  
           
           
Changes in the cash flow hedge reserves 12 ‑0.9   ‑0.9  
of which corporate income tax   0.2   0.2  
           
Changes in other reserves     4.9   19.8
           
           
Changes in the cash flow hedge reserves concerning joint ventures and associates valued at the equity method   2.6   13.6  
of which corporate income tax   ‑0.6   ‑3.4  
           
Changes in deffered tax (tax rate change) 26 ‑137.8   -  
           
Change in other reserves     ‑135.8   10.2
           
Total of results taken to equity which will be reclassified subsequently to the profit and loss account     ‑130.9   30.0
           
Total comprehensive income for the year, net of taks     194.1   288.2
           
           
Attributable to shareholder     194.1   288.2

* Adjusted figures due to implementation of IFRS 15

Statement of changes in equity

In millions of euros   Share capital Cash flow hedge reserve Fair value reserve Other reserves Unappropriated result Total
2018              
Balance as at 1 January 2018*   0.2 2.3 317.9 5,195.1 257.2 5,772.7
               
Total of comprehensive income for the financial year   - ‑0.7 5.6 ‑136.0 325.2 194.1
               
Dividend paid for 2017   - - - - ‑258.8 ‑258.8
               
Added to other reserves*   - - - ‑2.2 1.6 ‑0.6
               
Balance as at 31 December 2018   0.2 1.6 323.5 5,056.9 325.2 5,707.4
               
2017 revised*              
Balance as at 1 January 2017   0.2 3.0 297.4 5,110.5 183.5 5,594.6
               
Total of comprehensive income for the financial year   - ‑0.7 20.5 11.2 257.2 288.2
               
Dividend paid for 2016   - - - - ‑110.1 ‑110.1
               
Added to other reserves   - - - 73.4 ‑73.4 -
               
Balance as at 31 December 2017*   0.2 2.3 317.9 5,195.1 257.2 5,772.7

* Adjusted figures due to implementation of IFRS 15

Consolidated statement of cash flows

In millions of euros Notes 2018     2017 revised*  
             
Cash flow from operating activities            
Revenues   1,247.3     1,241.2  
Total expenses   ‑916.0     ‑910.2  
             
Operating result   331.3     331.0  
             
Adjustments for:            
-          depreciation costs 2 313.2     304.4  
-          impairments 1 -     117.0  
-          movement in inventories 8 0.8     ‑6.3  
-          movement in receivables 9 ‑59.1     31.7  
-          movement in non-interest-bearing liabilities   34.0     ‑10.5  
-          results desinvestments   4.3     5.4  
             
Cash generated from operating activities     624.5     772.7
             
Interest received   1.8     7.9  
Dividend received on investments in joint ventures 4 27.3     41.6  
Dividend received on investments in associates   -     1.2  
Dividend received on investments in other equity interests 6 30.1     23.9  
Interest paid 25 ‑71.8     ‑115.4  
Corporate income tax paid 26 ‑90.9     ‑70.1  
             
      ‑103.5     ‑110.9
             
Net cash flow from operating activities     521.0     661.8
             
Cash flow from investing activities            
Investments in tangible and intangible fixed assets 2 ‑328.4     ‑269.5  
Disposals of tangible and intangible fixed assets 2 1.2     ‑0.9  
Investments in joint ventures 4 ‑2.4     ‑2.9  
Redeemed capital in joint ventures   -     18.0  
Result of disposals of associates   -     20.0  
             
Cash flow from investing activities     ‑329.6     ‑235.3
             
Cash flow from financing activities            
New long-term loans 14 300.0     -  
Repayment of long-term loans 14 ‑321.4     ‑771.4  
Movement in short-term financing 18 74.9     257.8  
Dividend paid 28 ‑258.8     ‑110.1  
             
Cash flow from financing activities     ‑205.3     ‑623.7
             
Movement in cash and cash equivalents     ‑13.9     ‑197.2
             
Cash and cash equivalents at previous year-end   41.2     238.4  
Cash and cash equivalents at year-end   27.3     41.2  
      ‑13.9     ‑197.2

* Adjusted figures due to implementation of IFRS 15