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Consolidated financial statements

Consolidated statement of profit or loss

In thousands of euros	Note
In thousands of euros	Note	2016	2015

Continuing operations
Revenue	4	420,370	451,409
Other operating income	5	669	999
Total revenue		421,039	452,408

Raw materials and consumables	6	20,732	28,879
Employee benefits	7	175,912	194,756
Depreciation, amortisation and impairment losses	8	17,388	24,460
Other operating expenses	9	215,414	221,055
Total operating expenses		429,446	469,150

Operating result		-8,407	-16,742

Result from associates	10	714	-40
Financial income	10	160	273
Financial expense	10	-903	-1,212
Financial income and expense		-29	-979

Result on continuing operations before tax		-8,436	-17,721

Income tax	11	-2,621	1,907
Result for the year on continuing operations		-5,815	-19,628

Discontinued operations
Result from discontinued operations after tax	13	7,373	-4,011
Result for the year		1,558	-23,639

Result for the year attributable to:
Shareholders of Telegraaf Media Groep N.V.		1,558	-22,760
Non-controlling interest		-	-879
Result for the year		1,558	-23,639

Earnings per share
Result for the year attributable to shareholders of ordinary shares in Telegraaf Media Groep N.V.	24	1,558	-22,760
Weighted average number of ordinary shares	24	46,350,000	46,350,000
Basic and diluted earnings per share from continuing operations (EUR)		-0.13	-0.42
Basic and diluted earnings per share (EUR)		0.03	-0.49

Consolidated statement of comprehensive income

In thousands of euros	Note
In thousands of euros	Note	2016	2015

Result for the year		1,558	-23,639

Items that will not be reclassified subsequently to profit or loss
Actuarial gains and losses on defined-benefit plans	27	-328	-881
Income tax		96	220
Other comprehensive income for the year, net of income tax		-232	-661

Total comprehensive income for the year		1,326	-24,300

Result attributable to:
Shareholders of Telegraaf Media Groep N.V.		1,326	-23,421
Non-controlling interests		-	-879
Total comprehensive income for the year		1,326	-24,300

Consolidated statement of financial position

at 31 December

In thousands of euros	Note
In thousands of euros	Note	2016	2015

ASSETS
Non-current assets
Intangible assets	14	181,969	237,432
Property, plant and equipment	15	26,767	49,726
Investments in associates		48,143	24
Deferred tax assets	29	44,636	38,397
Other receivables	17	719	1,077
Total non-current assets		302,234	326,656

Current assets
Inventories	18	1,175	1,859
Tax assets	12	46	623
Trade and other receivables	19	58,256	73,811
Cash and cash equivalents	20	19,485	42,928
Assets classified as held for sale	21	15,848	62
Total current assets		94,810	119,283

Total assets		397,044	445,939

EQUITY AND LIABILITIES
Equity
Issued capital		11,588	11,588
Other reserves		215,797	223,592
Attributable to equity holders Telegraaf Media Groep N.V.	22	227,385	235,180
Non-controlling interests	25	-	-7,974
Total shareholders' equity		227,385	227,206

Liabilities
Interest-bearing loans and borrowings	26	-	472
Post-employment benefit liabilities	27	4,722	5,183
Provisions	28	-	216
Deferred tax liabilities	29	10,190	18,023
Total non-current liabilities		14,912	23,894

Interest-bearing loans and borrowings	26	6,200	25,546
Trade and other payables	30	131,593	131,943
Provisions	28	16,113	36,209
Tax payable	12	841	1,141
Total current liabilities		154,747	194,839

Total liabilities		169,659	218,733

Total equity and liabilities		397,044	445,939

Consolidated statement of cash flows

In thousands of euros	Note
In thousands of euros	Note	2016	2015

Cash flow from operating activities
Result for the year		1,558	-23,639
Adjustments for:
Depreciation of property, plant and equipment	15	7,817	9,498
Amortisation of intangible assets	14	7,317	19,143
Impairment losses intangible assets	14	182	-
Impairment losses on property, plant and equipment	8	2,073	6,117
Impairment losses financial assets		-	691
Net financing costs	10	636	1,758
Gain on sale of property, plant and equipment	5	-671	-999
Share of result from investments recognised using the equity method	10	-721	-
Result from associates	13	-4,284	40
Income tax	11	514	841
		14,421	13,450
Movement in inventories		684	4,792
Movement in trade and other receivables		7,534	514
Movement in trade and other payables		2,336	-79
Movement in provisions and post-employment benefits		-21,183	3,362
		3,792	22,039
Interest received		144	244
Interest paid		-736	-923
Income taxes paid		-6,051	-5,048
Net cash from operating activities		-2,851	16,312

Cash flow from investing activities
Dividends received		1,163	142
Investments in intangible assets	14	-7,043	-3,966
Investments in property, plant and equipment	15	-4,447	-7,640
Acquisition of operations, net of cash acquired	3	58	-
Acquisition of associates		-1,106	-153
Disposals of associates and other financial assets		11	106
Disposals of operations, net of cash disposed of		-3	-
Disposals of intangible assets	14	27	-
Disposals of property, plant and equipment		5,128	1,406
Net cash flow from investing activities		-6,212	-10,105

Cash flow from financing activities
Dividend paid	23	-7,416	-
Proceeds from borrowings	26	5,000	-
Redemption of borrowings		-6,264	-5,635
Movement in non-controlling interests	22	-5,700	-
Net cash used in financing activities		-14,380	-5,635

Net decrease in cash and cash equivalents		-23,443	572
Cash and cash equivalents as at 1 January		42,928	41,260
Movement in cash and cash equivalents in assets held for sale		-	1,096
Cash and cash equivalents at 31 December		19,485	42,928

Consolidated statement of changes in equity

		Attributable to equity holders of Telegraaf Media Groep N.V.
In thousands of euros	Note	Share capital	Other reserves	Total	Non-controlling interests	Total equity

Balance as at 1 January 2015		11,588	247,131	258,719	-8,018	250,701

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 interests	25	-	-118	-118	923	805
Change in non-controlling interests		-	-	-	-	-
Balance as at 31 December 2015		11,588	223,592	235,180	-7,974	227,206

Result for the year		-	1,558	1,558	-	1,558
Other comprehensive income for the year, net of income tax		-	-232	-232	-	-232
Total comprehensive income for the year		-	1,326	1,326	-	1,326

Dividends paid to shareholders	23	-	-7,416	-7,416	-	-7,416
Acquisition of minority interests	25	-	-1,705	-1,705	7,974	6,269
Balance as at 31 December 2016		11,588	215,797	227,385	-	227,385