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Annual Report 2015

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Consolidated financial statements


Consolidated statement of profit and loss

In thousands of euros

Note

2015

2014

Revenues

4

481,333

515,547

Other operating income

5

999

2,165

Total income

482,332

517,712

Raw and auxiliary materials

6

28,879

38,263

Personnel costs

7

202,043

182,519

Depreciation, amortisation and impairment losses

8

35,449

77,475

Other operating expenses

9

236,961

250,875

Total operating expenses

503,332

549,132

Operating result

-21,000

-31,420

Result from associates

10

-40

-5,137

Financial income

10

247

240

Financial expenses

10

-2,005

-2,261

Financial income and expenses

-1,798

-7,158

Result before tax

-22,798

-38,578

Income tax

11

841

-491

Net result for the year

-23,639

-38,087

Net result attributable to:

Shareholders of Telegraaf Media Groep N.V.

-22,760

-33,806

Non-controlling interest

-879

-4,281

Net result for the year

-23,639

-38,087

Earnings per share

Result attributable to shareholders of ordinary shares Telegraaf Media Groep N.V.

24

-22,760

-33,806

Weighted average number of ordinary shares

24

46,350,000

46,350,000

Basic and diluted earnings per share (EUR)

-0.49

-0.73


Consolidated statement of comprehensive income

In thousands of euros

Note

2015

2014

Net result for the year

-23,639

-38,087

Items that will not be reclassified subsequently to profit or loss

Actuarial gains and losses on defined-benefit plans

27

-881

-1,850

Income tax

220

463

Other comprehensive income net of tax

-661

-1,387

Total comprehensive income for the year

-24,300

-39,474

Result attributable to:

Shareholders of Telegraaf Media Groep N.V.

-23,421

-35,145

Non-controlling interest

-879

-4,329

Total comprehensive income for the year

-24,300

-39,474


Consolidated statement of financial position

as at 31 December

In thousands of euros

Note

2015

2014

ASSETS

Non-current assets

Intangible assets

14

237,432

249,431

Property, plant and equipment

15

49,726

58,103

Investments in associates

16

24

159

Deferred tax assets

29

38,397

38,862

Other receivables

17

1,077

2,279

Total non-current assets

326,656

348,834

Current assets

Inventories

18

1,859

6,651

Tax receivables

12

623

2

Trade and other receivables

19

73,811

69,703

Cash and cash equivalents

20

42,928

41,260

Assets classified as held for sale

21

62

8,806

Total current assets

119,283

126,422

Total assets

445,939

475,256

EQUITY AND LIABILITIES

Shareholders' equity

Issued capital

11,588

11,588

Other reserves

223,592

247,131

Attributable to equity holders Telegraaf Media Groep N.V.

22

235,180

258,719

Non-controlling interests

25

-7,974

-8,018

Total shareholders' equity

227,206

250,701

Liabilities

Interest-bearing loans and borrowings

26

472

21,623

Post-employment benefit liabilities

27

5,183

8,703

Provisions

28

216

274

Deferred tax liabilities

29

18,023

19,132

Total non-current liabilities

23,894

49,732

Interest-bearing loans and borrowings

26

25,546

8,986

Accounts payables and other current liabilities

30

131,943

132,499

Provisions

28

36,209

28,279

Tax payables

12

1,141

4,143

Liabilities classified as held for sale

21

-

916

Total current liabilities

194,839

174,823

Total liabilities

218,733

224,555

Total equity and liabilities

445,939

475,256


Consolidated statement of cash flows

In thousands of euros

Note

2015

2014

Cash flow from operating activities

Net result for the year

-23,639

-38,087

Adjustments for:

Depreciation of property, plant and equipment

15

9,498

10,691

Amortisation of intangible assets

14

19,143

17,829

Impairment losses intangible assets

14

-

42,906

Impairment losses property, plant and equipment

8

6,117

6,049

Impairment losses financial assets

8

691

-

Net financing costs

10

1,758

2,021

Gain on sale of property, plant and equipment

5

-999

-2,165

Other result from associates

10

40

5,137

Income tax

11

841

-491

13,450

43,890

Change in inventories

4,792

437

Change in trade and other receivables

514

14,145

Change in accounts payable and other current liabilities

-79

-17,236

Change in provisions and post-employment benefit liabilities

3,362

-13,307

22,039

27,929

Interest received

244

232

Interest paid

-923

-893

Income taxes paid

-5,048

-3,139

Net cash from operating activities

16,312

24,129

Cash flows from investing activities

Dividends received

142

-

Investments in intangible assets

14

-3,966

-5,613

Investments in property, plant and equipment

15

-7,640

-7,403

Acquisition of associated companies

-153

-299

Divestment of associated companies

106

-

Disposal of operation, net of cash disposed of

-

-1,449

Divestments of intangible assets

-

2,975

Divestments of property, plant and equipment

1,406

1,160

Net cash used in investing activities

-10,105

-10,629

Cash flows from financing activities

Redemption of borrowings

-5,635

-9,316

Change in non-controlling interests

-

-3,831

Net cash used in financing activities

-5,635

-13,147

Net decrease in cash and cash equivalents

572

353

Cash and cash equivalents at 1 January

41,260

41,311

Change cash and cash equivalents for assets held for sale

1,096

-404

Cash and cash equivalents at 31 December

42,928

41,260


Consolidated statement of changes in equity

Attributable to equity holders of Telegraaf Media Groep N.V.

In thousands of euros

Note

Issued capital

Treasury shares

Other reserves

Total

Non-controlling interests

Total shareholders’ equity

Balance as at 1 January 2014

11,588

-

287,198

298,786

-2,164

296,622

Net result for the year

-

-

-33,806

-33,806

-4,281

-38,087

Other comprehensive income for the year, net of income tax

-

-

-1,339

-1,339

-48

-1,387

Total comprehensive income for the year

-

-

-35,145

-35,145

-4,329

-39,474

Acquisition of minority interest

25

-

-

-4,922

-4,922

-927

-5,849

Change in non-controlling interests

-

-

-

-

-598

-598

Balance as at 31 December 2014

11,588

-

247,131

258,719

-8,018

250,701

Net result for the year

-

-

-22,760

-22,760

-879

-23,639

Other comprehensive income for the year, net of income tax

-

-

-661

-661

-

-661

Total comprehensive income for the year

-

-

-23,421

-23,421

-879

-24,300

Acquisition of minority interest

25

-

-

-118

-118

923

805

Balance as at 31 December 2015

11,588

-

223,592

235,180

-7,974

227,206