5.5 Lagardère SCA parent company financial statements at 31 December 2019

Parent company balance sheet​

Assets
(in millions of euros)		 31 Dec. 2019 31 Dec. 2019 31 Dec. 2019 31 Dec. 2018
Gross Depreciation,
amortisation and
impairment		 Net Net
Tangible assets - - - -
Long-term investments:        
  • Investments in subsidiaries and affiliates
 4 759 204 4 555 4 561
  • Loans and advances to subsidiaries
    and affiliates​
 772 - 772 757
  • Other investment securities
 60 5 55 40
  • Loans​
 - - - -
  • Other long-term investments​
 5 - 5 4
Fixed assets​ 5 596 209 5 387 5 362
Trade receivables 18 - 18 9
Other receivables 39 - 39 114
Marketable securities 3 - 3 4
Cash and cash equivalents 301 - 301 58
Prepaid expenses - - - 1
Current assets​ 361 - 361 186
Deferred charges 4 - 4 3
Translation adjustment 2 -   6
Total assets​ 5 963 209 5 754 5 557

Items appearing in the Annual Financial Report are cross‑referenced with the following symbol AFR

Liabilities and shareholders’ equity
(in millions of euros)		 31 Dec. 2019 31 Dec. 2018
Amount Amount
Share capital 800 800
Share and other premiums 184 198
Reserves:    
  • Legal reserve​
 87 87
  • Reserves
 - -
  • Other reserves​
 1 532 1 532
Retained earnings 206 100
Profit for the year 78 278
Interim dividend to be allocated - -
Shareholders’ equity​ 2 887 2 995
Provisions for risks and liabilities 32 31
Borrowings subject to specific conditions - -
Borrowings:    
  • Bonds
 1 315 1 315
  • Bank loans​
 453 700
  • Miscellaneous loans and borrowings including loans from subsidiaries
    and affiliates​
 1 006 457
Trade payables 9 7
Other payables 41 45
Deferred income - -
Translation adjustment 11 7
Total liabilities and shareholders’ equity​ 5 754 5 557

Parent company income statement​

(in millions of euros) 2019 2018
Operating revenues(*)​ 71 60
Operating expenses (81) (70)
Operating loss​ (10) (10)
Financial income 95 244
Financial expenses (54) (48)
Net (additions to) reversals from provisions (4) 2
Net financial income​ 37 198
Earnings before tax and exceptional items​ 27 188
Net exceptional income (expense)​ - (5)
Income tax 51 95
Profit for the year​ 78 278

(*) Including services provided to French subsidiaries: €53 million.

Parent company statement of cash flows​

(in millions of euros) 2019 2018
Profit for the year 78 278
Depreciation, amortisation and provision expense (reversal) 5 3
Net loss on sale of fixed assets - -
Changes in working capital 61 (57)
Cash flow from operating activities 144 224
Acquisitions of long-term investments (54) (311)
Proceeds from disposals of long-term investments 25 18
Decrease in loans and receivables - -
Cash used in investing activities (29) (293)
Cash from (used in) operations and investing activities 115 (69)
Dividends paid (172) (171)
Decrease in borrowings and financial liabilities (500) -
Proceeds from new borrowings 766 202
Change in Group current accounts 33 92
Cash from financing activities 127 123
Change in cash and cash equivalents 242 54
Cash and cash equivalents at beginning of year 62 8
Cash and cash equivalents at end of year 304 62