At the next Annual General Meeting, shareholders will be asked to approve a dividend payment of €2.60 per share.
The assumptions used for calculating the recoverable amounts of the France and Italy CGUs were as follows at December 31, 2019: At December 31, 2019, the Group performed a sensitivity test on its Italy Retail Telecom CGU. On January 16, 2020, iliad announced the results of its public share buyback offer launched on November 12, 2019. The test was performed by comparing each CGU's recoverable amount against its carrying amount.
Lastly, all three companies are claiming €70,000 in damages for non- pecuniary losses related to the alleged breach of their brand rights. At December 31, 2019 all of these currency hedges qualified as cash flow hedges under IFRS 9.
Own shares held are recognized as a deduction from equity based on their acquisition cost. The related financial covenants are described in Note 35. The assets transferred to the Group pursuant to this agreement include licenses to use a portfolio of 2x35 MHz frequencies (2x5 MHz in the 900 MHz band, 2x10 MHz in the 1,800 MHz band, 2x10 MHz in the 2,100 MHz band and 2x10 MHz in the 2,600 MHz band) at a cost of €450 million (excluding extensions and transfer taxes), to be paid between 2017 and 2019. It continued to invest heavily in, networks and in 2019 was the leading mobile site deployment operator, with over 2,500 new mobile sites added in 2019, bringing the total number of sites in Metropolitan France to over 17,000 at the.
Broadband offering, excluding those recorded as having requested the termination of their subscription.
➢ Items that will not be reclassified to profit: ▪ Post-employment benefit obligations (IAS 19 revised): impact, ▪ Items of OCI arising from equity-accounted investments that, Other comprehensive income for the period, net of. Transactions with key management personnel.
Leverage ratio: Represents the ratio between net debt (short- and long-term financial liabilities less cash and cash equivalents) and EBITDAaL.
Intangible assets primarily include the following: These costs are recognized as intangible assets when they relate to distinctly separate projects for which (i) the costs can be clearly identified, (ii) the technical feasibility of successfully completing the project can be demonstrated, and (iii) it is probable that future economic benefits will be generated. On February 10, 2020, Bouygues Telecom appealed the Paris Commercial Court's decision.
In accordance with IFRS 5, non-current assets that are immediately available for sale in their present condition, and whose sale is highly probable in the short/medium term are classified as "Assets held for sale". In accordance with IAS 21, items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity. On January 14, 2018, the Group (through its subsidiary, Free Mobile), along with France's other mobile operators, signed an agreement with the French government aimed at improving the national coverage of ultra-fast mobile networks through increased use of active and passive RAN sharing.
NJJ Tara has granted the Group a call option exercisable in 2024 and 2025 which covers 80% of NJJ Tara's interest in NJJ Boru (i.e.
At December 31, 2019, the iliad Group held 30% of the shares of On Tower France (see Note 21). Pursuant to the decision, iliad Italy is required to: At December 31, 2019 the Group had access to: None of the assets belonging to the Group have been used as collateral for any debt.
The Group decided to apply the initial recognition exemption, permitted under IAS 12, for deferred taxes arising on recognition of right-of-use assets and lease liabilities. On December 13, 2017, KFW IPEX-Bank granted the Group a €90 million loan to help finance the rollout of its FTTH network. The expense recognized for this plan amounted to €683 thousand in 2018 and €2,787 thousand in 2019. Changes in the fair value of other derivative instruments are recorded in the income statement.
January 1, 2019).
Financial assets held under other business models are measured at fair value through profit or loss.
Iliad Group - IFRS consolidated financial statements - Year ended December 31, 2019
As a result of this capital increase, the buyback offer had no impact on iliad's debt or on its earnings per share because the repurchased shares were subsequently canceled.
The historical cost convention has been applied, except for financial assets and liabilities carried at fair value with changes in fair value recognized either directly in the income statement or in equity when hedge accounting is used. Unless otherwise specified, all amounts are presented in millions of euros. Since January 2012, Free has brought mobile phone usage within everyone's reach with straightforward, no-commitment offerings at very attractive prices.
Market place: Eurolist A of Euronext Paris (SRD), Member of Euro Stoxx, SBF 120, CAC Mid 100, Iliad SA published this content on 17 March 2020 and is solely responsible for the information contained therein. A sensitivity analysis of the Group's overall net debt after hedging shows that a 1% increase or decrease in euro interest rates at the reporting date would have resulted in a €10,992 thousand increase or decrease in profit for the period. During 2018, the Company granted shares representing 0.5% of its share capital to 122 employees and executive officers. Consequently, iliad repurchased 11,666,666 of its own ordinary shares, representing 19.7% of its share capital.
generated by the mobile infrastructure deals with Cellnex, the Group's profit rose sharply in 2019. 231/18/CONS, the Italian telecoms regulator AGCOM set out the coverage obligations applicable to the country's 5G operators. September 30, 2023 - end of the vesting period for Tranche 3: 50% of the shares will vest if the number of fiber subscribers in France is higher than 3 million at September 1, 2023; and. The interpretation states that entities should use judgment to decide whether each uncertain tax treatment should be considered independently or whether some tax treatments should be considered together, when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The iliad Group is a leading player in the telecommunications sector in France and Italy, with more than 20 million subscribers. All Group borrowings are denominated in euros. The Group applies the acquisition method to account for business combinations. Based on a recommendation by its independent directors, the Board appointed a second independent valuation firm in order to provide additional reassurance to iliad's shareholders. Based on an analysis of the classification criteria in IFRS 16, the Group considers that the present value of the lease payments receivable is approximately equivalent to the fair value of the leased asset and that losses associated with any cancellation are borne by customers (i.e. ▪ Development costs recognized directly in the income statement, NOTE 9: OTHER INCOME AND EXPENSES FROM OPERATIONS.
ARCEP decision 2010-0043 dated January 12, 2010 authorizing Free Mobile to set up and operate a 3G network included a certain number of obligations, notably concerning the network's commercial launch date, the rollout timeline and population coverage, as well as Free Mobile's future service offering. These costs are primarily incurred by Freebox. Have rolled out between 10,000 and 12,000 sites by. Obtain a B2B market share of around 4% to 5% by 2024. Inventories are written down if their carrying amount is higher than their estimated selling price less any related selling expenses. During 2018, the Company granted shares representing 0.5% of its share capital to 122 employees and executive officers under this plan. Cost is determined using the first-in,first-out (FIFO) method. On March 12 and May 14, 2018, iliad S.A.'s Board of Directors authorized further cash settlements for part of the entitlements of the Free Mobile employees and executive officers who.
In 2019, no such events or circumstances were identified that had a material effect on the carrying amount of these assets. EBITDAaL: profit from ordinary activities before depreciation, amortization and impairment of property, plant and equipment and intangible assets, and impact of stock option-/share-based payment expense. Description of deferred tax assets/liabilities and tax loss carryforwards. By way of this agreement, the Group has undertaken to (i) deploy 2,000 four-operatorRAN-sharing sites in "white spots" within five years, (ii) deploy 3,000 sites in "gray spots" (located in priority rollout areas) within five years, and (iii) increase its coverage level by end- 2029 if it obtains frequencies in the 900 MHz band following the 900 MHz refarming procedure.
Gains and losses arising on sales of these buildings, including the impact of any related provisions, are presented in the consolidated income statement under "Other operating income and expense, net". Thanks to improved results in France, as well as the strong non-recurring capital gain generated by the mobile infrastructure deals with Cellnex, the Group's profit rose sharply in 2019. As a significant portion of the Group's borrowings is at fixed rates (bonds and EIB loans), it did not consider it necessary to set up any interest rate hedges at December 31, 2019. Proceedings are still ongoing in this case.
The probability of default and the expected credit loss are measured based on historical data adjusted for forward- looking information such as specific factors or the general economic environment. In terms of its mobile network, iliad had 394,000 net adds for its 4G offerings in 2019 and for the first time in two years, saw net adds of mobile subscribers in the fourth quarter (17,000 additional subscribers). ... awarded compensation reflects the actual annual compensation cost more accurately than the The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Frequencies in the 800 MHz, 1,800 MHz, 2.1 GHz and 2.6 GHz bands.
This is the case for hedging instruments that are classified as financial assets. The vesting of the shares granted under this plan - which will take place in three unequal tranches between 2021 and 2023 - is subject to (i) the beneficiary still forming part of the Group at the vesting date and (ii) performance conditions applicable for each tranche. iliad is the parent company of Free, the inventor of the Freebox, the first multiservice box on ADSL.
The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. The fair value of stock options is recognized under "Share-based payment expense" on a straight- line basis over the vesting period (i.e.
This loan - which had been fully drawn down at December 31, 2019 - is repayable in installments and has an 11-year maturity. The Group has no significant financial assets (such as bonds, treasury bills, other money market securities, loans or advances) and no off-balance sheet commitments (such as repos or forward rate agreements) that expose it to interest rate risk.
Free claimed that this constituted unfair competition and parasitic business practice and also sued for damages for its related loss.
Cost includes any expenses directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Group Management.
At December 31, 2019 trade receivables totaled €643 million and provisions for doubtful receivables amounted to €83 million. The Court held that SFR and NC Numéricâble had engaged in misleading commercial practices in their use of the term "fiber" for the Red Fibre, Box Fibre Starter, Box Fibre Power and Box Fibre Family offerings due to the fact that the end-connection to subscribers is by cable. "Other income from operations" breaks down as follows: ▪ Proceeds from sales of non-current assets.