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Consolidated Semi-Annual Financial Statements

Consolidated statement of profit and loss

In thousands of euros	Note	Period	Period
In thousands of euros	Note	1/1 - 30/6 2017	1/1 - 30/6 2016

Continuing operations
Revenue	6,7	155,997	171,896
Other operating income		-	12
Total revenue		155,997	171,908

Raw materials and consumables		9,257	10,734
Employee benefits		69,045	71,876
Depreciation, amortisation and impairment losses		5,137	5,139
Other operating expenses		96,647	91,202
Total operating expenses		180,086	178,951

Operating result	6	-24,089	-7,043

Result from associates	10	879	55
Financial income		-	16
Financial expense		-386	-550
Financial income and expense		493	-479

Result from continuing operations before tax		-23,596	-7,522

Income tax	11	-6,028	-1,755
Result for the year from continuing operations		-17,568	-5,767

Discontinued operations
Result from discontinued operations after tax	9	6,175	8,901
Result for the year		-11,393	3,134


Earnings per share
Result for the year attributable to shareholders of ordinary shares in Telegraaf Media Groep N.V.		-11,393	3,134
Weighted average number of ordinary shares		46,350,000	46,350,000
Basic and diluted earnings per share from continuing operations (EUR)		-0.38	-0.12
Basic and diluted earnings per share (EUR)		-0.25	0.07

The figures shown in this report have not been audited

Consolidated statement of comprehensive income

In thousands of euros	Note	Period	Period
In thousands of euros	Note	1/1 - 30/6 2017	1/1 - 30/6 2016

Result for the period		-11,393	3,134

Items that will not be reclassified subsequently to profit or loss
Actuarial gains and losses on defined-benefit plans		258	-
Income tax		-74	-
Other comprehensive income for the year, net of income tax		184	-

Total comprehensive income for the period, attributable to shareholders of Telegraaf Media Groep N.V.		-11,209	3,134

The figures shown in this report have not been audited

Consolidated statement of financial position

In thousands of euros	Note
In thousands of euros	Note	30/6 2017	31/12 2016

ASSETS
Non-current assets
Intangible assets		66,094	181,969
Property, plant and equipment	12	30,235	26,767
Investments in associates		46,675	48,143
Deferred tax assets		51,003	44,636
Other receivables		835	719
Total non-current assets		194,842	302,234

Current assets
Inventories		856	1,175
Tax assets		-	46
Trade and other receivables		35,386	58,256
Cash and cash equivalents		2,009	19,485
Assets classified as held for sale	13	148,411	15,848
Total current assets		186,662	94,810

Total assets		381,504	397,044

EQUITY AND LIABILITIES
Equity
Issued capital		11,588	11,588
Other reserves		204,588	215,797
Attributable to equity holders of Telegraaf Media Groep N.V.		216,176	227,385

Liabilities
Post-employment benefit liabilities		2,776	4,722
Deferred tax liabilities		511	10,190
Total non-current liabilities		3,287	14,912

Interest-bearing loans and borrowings	16	22,687	6,200
Trade and other payables		93,589	131,593
Provisions	15	12,744	16,113
Tax payable		88	841
Liabilities classified as held for sale	13	32,933	-
Total current liabilities		162,041	154,747

Total liabilities		165,328	169,659

Total equity and liabilities		381,504	397,044

The figures shown in this report have not been audited

Consolidated statement of cash flows

In thousands of euros	Note	Period	Period
In thousands of euros	Note	1/1 - 30/6 2017	1/1 - 30/6 2016

Cash flow from operating activities
Net result for the period		-11,393	3,134
Adjustments for:
Depreciation of property, plant and equipment		3,808	3,873
Amortisation of intangible assets		3,999	3,607
Impairment losses on intangible assets		140	-
Impairment losses on property, plant and equipment	Property, plant and equipment	433	-
Reversal of impairment losses on property, plant and equipment	12	-998	-
Net financing costs	10	414	717
Gain on sale of property, plant and equipment		10	-12
Share of result from investments recognised using the equity method		-796	-
Result from associates		-	-55
Income tax		-3,227	1,622
		-7,610	12,886
Change in inventories		-128	329
Change in trade and other receivables		7,012	5,216
Change in accounts payable and other current liabilities		-18,206	-10,237
Change in provisions and post-employment benefit liabilities		-3,203	-28,572
		-22,135	-20,378
Interest received		2	11
Interest paid		-338	-633
Income taxes paid		-3,001	-3,142
Net cash from operating activities		-25,472	-24,142

Cash flow from investing activities
Dividends received		1,575	63
Investments in intangible assets		-3,991	-3,253
Investments in property, plant and equipment	12	-1,250	-2,268
Acquisition of subsidiaries, net of cash acquired		-	58
Acquisition of associated companies		-145	-414
Divestments of property, plant and equipment		-	4,480
Net cash used in investing activities		-3,811	-1,334

Cash flow from financing activities
Dividends paid	14	-	-7,416
Proceeds of borrowings	16	17,093	5,000
Redemption of borrowings		-606	-1,669
Change in non-controlling interests	14	-	-5,700
Net cash used in financing activities		16,487	-9,785

Net decrease in cash and cash equivalents		-12,796	-35,261
Cash and cash equivalents as at 1 January		19,485	42,928
Change in cash and cash equivalents for assets held for sale		-4,680	-3
Cash and cash equivalents as at 30 June		2,009	7,664

The figures shown in this report have not been audited

Consolidated statement of changes in equity

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

Balance as at 1 January 2016		11,588	223,592	235,180	-7,974	227,206

Net result for the period		-	3,134	3,134	-	3,134
Other comprehensive income for the period		-	-	-	-	-
Total comprehensive income for the period		-	3,134	3,134	-	3,134

Dividends paid to shareholders	14	-	-7,416	-7,416	-	-7,416
Change in non-controlling interests		-	-1,705	-1,705	7,974	6,269
Balance as at 30 June 2016		11,588	217,605	229,193	-	229,193

Net result for the period		-	-1,576	-1,576	-	-1,576
Other comprehensive income for the period		-	-232	-232	-	-232
Total comprehensive income for the period		-	-1,808	-1,808	-	-1,808

Balance as at 31 December 2016		11,588	215,797	227,385	-	227,385

Net result for the period		-	-11,393	-11,393	-	-11,393
Other comprehensive income for the period		-	184	184	-	184
Total comprehensive income for the period		-	-11,209	-11,209	-	-11,209

Balance as at 30 June 2017		11,588	204,588	216,176	-	216,176

The figures shown in this report have not been audited