Consolidated financial statements

Consolidated balance sheet as at 31 December (before profit appropriation)

In millions of euros Notes 2017 2016
Assets      
       
Fixed assets      
-          tangible fixed assets 3 8,499.9  8,665.3 
-          investments in joint ventures 5 190.1  233.2 
-          investments in associates 6 0.7  11.5 
-          other equity interests 7 490.7  470.2 
-          deferred tax assets 8 402.0  430.3 
       
Total fixed assets   9,583.4  9,810.5 
       
Current assets      
-          stocks 9 45.8  39.5 
-          trade and other receivables 10 161.2  182.8 
-          cash and cash equivalents 11 41.2  238.4 
       
Total current assets
  248.2  460.7 
       
Total assets   9,831.6  10,271.2 

In millions of euros   2017 2016
       
Equity and liabilities
     
       
Total shareholder’s equity
12 5,782.3 5,601.9
       
Long-term liabilities      
-          interest-bearing loans 14 2,842.9 3,164.3
-          deferred tax liabilities 15 166.9 202.5
-          employee benefits 16 102.8 100.4
-          provisions 17 57.9 67.6
       
Total long-term liabilities   3,170.5 3,534.8
       
Current liabilities      
-          current financing liabilities 18 602.8 794.9
-          trade and other payables 19 276.0 339.6
       
Total current liabilities   878.8 1,134.5
       
Total equity and liabilities   9,831.6 10,271.2

Consolidated profit and loss account

In millions of euros Notes   2017   2016
           
Revenues 29   1,241.4    1,547.8 
           
Capitalised costs   91.5    98.7   
Staff costs 22 (206.1)    (199.9)   
Other operating expenses 23 (374.2)    (408.8)   
Depreciation costs 3 (304.1)    (304.6)   
Impairments 1 (117.0)    (450.0)   
Total expenses     (909.9)    (1,264.6) 
           
Operating result 30   331.5    283.2 
           
Finance income 24   7.9    2.2 
Finance expenses 25   (85.5)    (127.2) 
Result of disposals of and investments in associates 6   18.6    0.0 
Share in result of joint ventures 5   3.3    31.2 
Share in result of associates 6   1.3    2.8 
Dividend received on investments in other equity interests 7   23.9    27.2 
           
Result before taxation     301.0    219.4 
           
Taxes 26   (41.5)    (35.9) 
           
Result after taxation     259.5    183.5 

Consolidated statement of comprehensive income

In millions of euros Notes   2017   2016
           
Total of results taken to the profit and loss account     259.5    183.5 
           
Balance of actuarial gains and losses on employee benefits, 16 1.3    ‑3.8   
of which corporate income tax   ‑0.3    1.2   
           
Total of results taken to equity which will not be reclassified subsequently to the profit and loss account     1.0    ‑2.6 
           
Movement in other equity interests stated at fair value 7 20.5    35.3   
           
Movements in the cash flow hedge reserves concerning joint ventures and associates valued at the equity method   13.6    1.2   
of which corporate income tax   ‑3.4    ‑0.3   
           
Movement in cash flow hedge reserve, 13 ‑0.9    ‑1.3   
of which corporate income tax   0.2    0.3   
           
Total of results taken to equity which will be reclassified subsequently to the profit and loss account     30.0    35.2 
           
Total comprehensive income for the year, net of tax     290.5    216.1 
           
           
Attributable to shareholder     290.5    216.1 

Consolidated statement of movements in equity

In millions of euros   Share capital Cash flow hedge reserve Fair value reserve Other reserves Unappropriated result Total
2017              
Balance as at 1 January 2017   0.2  ‑46.3  297.4  5,167.1  183.5  5,601.9 
               
Total of comprehensive income for the financial year   - 9.5  20.5  1.0  259.5  290.5 
               
Dividend paid for 2016   - - - - ‑110.1  ‑110.1 
               
Added to other reserves   - - - 73.4  ‑73.4  0.0 
               
Balance as at 31 December 2017   0.2  ‑36.8  317.9  5,241.5  259.5  5,782.3 
               
2016              
Balance as at 1 January 2016   0.2  ‑46.2  262.1  4,948.5  552.9  5,717.5 
               
Total of comprehensive income for the financial year   - ‑0.1  35.3  ‑2.6  183.5  216.1 
               
Dividend paid for 2014   - - - - ‑331.7  ‑331.7 
               
Added to other reserves   - - - 221.2  ‑221.2  0.0 
               
Balance as at 31 December 2016   0.2  ‑46.3  297.4  5,167.1  183.5  5,601.9 

Consolidated cash flow statement

In millions of euros Notes 2017     2016  
             
Cash flow from operating activities            
Revenues    1,241.4       1,547.8   
Total expenses    (909.9)      (1,264.6)  
             
Operating result    331.5       283.2   
             
Adjustments for:            
-          depreciation costs 3  304.1       304.6   
-          impairments 1  117.0       450.0   
-          movement in stocks 9  (6.3)      (5.6)  
-          movement in receivables 10  31.7       14.5   
-          movement in non-interest-bearing liabilities    (10.7)      48.2   
-          results desinvestments    5.4       14.5   
             
Cash flow from business operations      772.7       1,109.4 
             
Interest received    7.9       2.2   
Dividend received on investments in joint ventures 5  41.6       12.6   
Dividend received on investments in associates 6  1.2       3.7   
Dividend received on investments in other equity interests 7  23.9       27.2   
Interest paid 25  (115.4)      (140.9)  
Corporate income tax paid 26  (70.1)      (130.4)  
             
       (110.9)      (225.6)
             
Cash flow from operating activities      661.8       883.8 

Cash flow from investing activities            
Investments in tangible and intangible fixed assets 3  (269.5)      (294.0)  
Disposals of tangible and intangible fixed assets 3  (0.9)      ‑??   
Investments in joint ventures 5  (2.9)      (56.3)  
Redeemed capital in joint ventures 5  18.0         
Result of disposals of associates    20.0         
             
Cash flow from investing activities      (235.3)      (350.3)
             
Cash flow from financing activities            
New long-term loans 14  ‑??       950.0   
Repayment of long-term loans 14  (771.4)      (721.4)  
Movement in short-term financing 18  257.8       (256.7)  
Dividend paid 28  (110.1)      (331.7)  
             
Cash flow from financing activities      (623.7)      (359.8)
             
Movement in cash and cash equivalents      (197.2)      173.7 
             
Cash and cash equivalents at previous year-end    238.4       64.7   
Cash and cash equivalents at year-end    41.2       238.4   
       (197.2)      173.7