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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 2016	1/1 - 30/6 2015

Continued operations
Revenues	6,7	206,940	222,736
Other operating income		12	-
Total income		206,952	222,736

Raw and auxiliary materials		10,734	15,420
Personnel costs		81,870	85,492
Depreciation, amortisation and impairment losses		7,480	16,465
Other operating expenses		106,277	105,655
Total operating expenses		206,361	223,032

Operating result	6	591	-296

Result from associates	10	55	39
Financial income	10	23	162
Financial expenses	10	-602	-436
Financial income and expenses		-524	-235

Result from continued operations before tax		67	-531

Income tax	11	602	-434
Net result from continued operations for the period		-535	-97

Discontinued operations
Net result from discontinued operations after tax	9	3,669	-2,360
Net result for the period		3,134	-2,457

Net result attributable to:
Shareholders of Telegraaf Media Groep N.V.		3,134	-2,004
Non-controlling interest		-	-453
Net result for the period		3,134	-2,457

Earnings per share
Result attributable to shareholders of ordinary shares Telegraaf Media Groep N.V.		3,134	-2,004
Weighted average number of ordinary shares		46,350,000	46,350,000
Basic and diluted earnings on continued operations per share (EUR)		-0.01	0.00
Basic and diluted earnings per share (EUR)		0.07	-0.04

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 2016	1/1 - 30/6 2015

Net result for the period		3,134	-2,457

Items that will not be reclassified subsequently to profit or loss
Other comprehensive income net of tax		-	-

Total comprehensive income for the period		3,134	-2,457

Result attributable to:
Shareholders of Telegraaf Media Groep N.V.		3,134	-2,004
Non-controlling interest		-	-453
Total comprehensive income for the period		3,134	-2,457

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 2016	31/12 2015

ASSETS
Non-current assets
Intangible assets		183,341	237,432
Property, plant and equipment	12	46,184	49,726
Investments in associates		374	24
Deferred tax assets		41,336	38,397
Other receivables		1,061	1,077
Total non-current assets		272,296	326,656

Current assets
Inventories		1,530	1,859
Tax receivables		-	623
Trade and other receivables		58,262	73,811
Cash and cash equivalents		7,664	42,928
Assets classified as held for sale	13	63,324	62
Total current assets		130,780	119,283

Total assets		403,076	445,939

EQUITY AND LIABILITIES
Shareholders' equity
Issued capital		11,588	11,588
Other reserves		217,605	223,592
Attributable to equity holders Telegraaf Media Groep N.V.		229,193	235,180
Non-controlling interests		-	-7,974
Total shareholders' equity	14	229,193	227,206

Liabilities
Interest-bearing loans and borrowings	16	386	472
Post-employment benefit liabilities		4,889	5,183
Provisions	15	9	216
Deferred tax liabilities		11,525	18,023
Total non-current liabilities		16,809	23,894

Interest-bearing loans and borrowings	16	6,116	25,546
Accounts payables and other current liabilities		114,033	131,943
Provisions	15	8,139	36,209
Tax payables		689	1,141
Liabilities classified as held for sale	13	28,097	-
Total current liabilities		157,074	194,839

Total liabilities		173,883	218,733

Total equity and liabilities		403,076	445,939

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 2016	1/1 - 30/6 2015

Cash flow from operating activities
Net result for the period		3,134	-2,457
Adjustments for:
Depreciation of property, plant and equipment		3,873	4,888
Amortisation of intangible assets		3,607	10,165
Impairment losses on property, plant and equipment	12	-	6,900
Net financing costs	10	717	773
Gain on sale of property, plant and equipment		-12	-
Result from associates		-55	-39
Income tax		1,622	-1,199
		12,886	19,031
Change in inventories		329	3,270
Change in trade and other receivables		5,216	-267
Change in accounts payable and other current liabilities		-10,237	-10,793
Change in provisions and post-employment benefit liabilities		-28,572	-10,502
		-20,378	739
Interest received		11	150
Interest paid		-633	-504
Income taxes paid		-3,142	-2,159
Net cash from operating activities		-24,142	-1,774

Cash flow from investing activities
Dividends received		63	142
Investments in intangible assets		-3,253	-1,602
Investments in property, plant and equipment	12	-2,268	-3,679
Acquisition of subsidiaries, net of cash acquired		58	-
Acquisition of associated companies		-414	-
Divestments of intangible assets		-	23
Divestments of property, plant and equipment		4,480	-
Net cash used in investing activities		-1,334	-5,116

Cash flow from financing activities
Dividends paid	14	-7,416	-
Proceeds of borrowings	16	5,000	-
Redemption of borrowings		-1,669	-770
Change in non-controlling interests	14	-5,700	-
Net cash used in financing activities		-9,785	-770

Net decrease in cash and cash equivalents		-35,261	-7,660
Cash and cash equivalents as at 1 January		42,928	41,260
Change in cash and cash equivalents for assets held for sale		-3	1,096
Cash and cash equivalents as at 30 June		7,664	34,696

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 2015		11,588	247,131	258,719	-8,018	250,701

Net result for the period		-	-2,004	-2,004	-453	-2,457
Total comprehensive income for the period		-	-2,004	-2,004	-453	-2,457

Balance as at 30 June 2015		11,588	245,127	256,715	-8,471	248,244

Net result for the period		-	-20,756	-20,756	-426	-21,182
Other comprehensive income for the period		-	-661	-661	-	-661
Total comprehensive income for the period		-	-21,417	-21,417	-426	-21,843

Acquisition of non-controlling interests	14	-	-118	-118	923	805
Balance as at 31 December 2015		11,588	223,592	235,180	-7,974	227,206

Net result for the period		-	3,134	3,134	-	3,134
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	14	-	-1,705	-1,705	7,974	6,269
Balance as at 30 June 2016		11,588	217,605	229,193	-	229,193

The figures shown in this report have not been audited