REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

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20. FINANCIAL INFORMATION CONCERNING THE COMPANY’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES 20.1 CONSOLIDATED FINANCIAL STATEMENTS FOR 2007, 2006 AND 2005 Movements in deferred taxes in 2006 can be analyzed as follows: Type of movement Value of DT assets/ (liabilities) at Jan. 1, 2006 Credits (Charges) Changes in Group structure Currency translation Other 31 Value of DT assets/ (liabilities) at Dec. 31, 2006 Recognition of deferred tax assets arising from tax loss carryforwards .................... 0 0 0 0 0 0 0 Consolidation entries ............. 799 1,832 735 0 0 (11,716) (9,820) Temporary differences ........... 687 2,654 687 0 0 0 2,654 Other ............................ (18,684) 0 0 0 0 0 (18,684) Total ............................ (17,198) 4,486 1,422 0 0 (11,716) (25,850) DT assets at Jan. 1, 2006 .................. 2,232 DT assets at Dec. 31, 2006 ............. 3,728 DT liabilities at Jan. 1, 2006 .............. 19,430 DT liabilities at Dec. 31, 2006 .......... 29,578 Net DT liabilities at Jan. 1, 2006 ........ (17,198) Net DT liabilities at Dec. 31, 2006 .... (25,850) Unrecognized deferred tax assets Unrecognized deferred tax assets concern: • tax loss carryforwards of companies outside the Iliad tax group which have been in a loss-making position for several years and are not expected to return to profit in the near future; • tax loss carryforwards that are not expected to be utilized based on the projected future earnings of the companies concerned at the balance sheet date, or when the companies concerned have been historically loss-making and their turnaround is in progress. Unrecognized deferred taxes break down into the following broad categories: (in € thousands) At Dec. 31, 2007 At Dec. 31, 2006 • Temporary differences ..................................................... 0 1 • Tax loss carryforwards ..................................................... 3,756 3,801 • Consolidation entries ...................................................... 14 11 Total ........................................................................... 3,770 3,813 NOTE 13: PROFIT FROM DISCONTINUED OPERATIONS On February 7, 2007 Iliad sold its entire interest in Kertel SA, a company specialized in prepaid phone cards which was part of the Group’s Traditional Telephony business segment. Kertel was sold for €20,661,000, including €6 million in vendor finance repayable between June 29, 2007 and December 31, 2007. The first two repayments of €2 million were received in 2007 and the final installment was received in early 2008. The sale agreement includes an earn-out clause based on Kertel’s EBIDTA for 2007, as follows: • €1 million for EBITDA between €4 million and €4.75 million. • €1.5 million for EBITDA between €4.75 million and €5.55 million. • €2 million for EBITDA above €5.55 million. 31 Other movements correspond to the deferred tax impact of the equity component of the 2006 bond issue (see Note 29). 128 - Iliad – Registration Document 2007
20. FINANCIAL INFORMATION CONCERNING THE COMPANY’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES 20.1 CONSOLIDATED FINANCIAL STATEMENTS FOR 2007, 2006 AND 2005 No provision has been recorded in the 2007 consolidated financial statements for any such additional purchase consideration. Profit for the period, net of taxes, from discontinued operations can be analyzed as follows: • Net earnings of discontinued operations ........................................................... 165 • Net disposal proceeds ............................................................................. 13,758 Profit for the period, net of taxes, from discontinued operations .................................... 13,923 The net disposal proceeds break down as follows: • Pre-tax disposal proceeds .......................................................................... 13,909 • Disposal-related tax ............................................................................... (151) Net disposal proceeds ................................................................................. 13,758 Net earnings of discontinued operations represents the profit generated by Kertel between January 1, 2007 and January 31, 2007, which breaks down as follows: January 2007 (in € thousands) Data reported by Kertel (fully attributable to the Iliad Group) Revenues ................................................................................ 2,950 EBITDA ................................................................................. 248 Profit from ordinary activities .......................................................... 233 Operating profit ......................................................................... 233 NOTE 14: BASIC AND DILUTED EARNINGS PER SHARE Basic earnings per share Number of shares used for the calculation 2007 2006 • Number of shares at the year-end ................................................ 54,151,550 54,151,550 • Weighted average number of shares ............................................. 54,151,550 54,139,975 Diluted earnings per share Number of shares used for the calculation 2007 2006 • Weighted average number of shares outstanding (see above) ..................... 54,151,550 54,139,975 • Number of share equivalents: • Stock options .............................................................. 412,906 327,566 • OCEANE bonds ........................................................... 3,754,968 0 Maximum weighted average number of shares after dilution ...................... 58,319,424 54,467,541 The OCEANE bonds issued on June 29, 2006 had no dilutive impact at December 31, 2006. NOTE 15: NOTES TO THE CASH FLOW STATEMENT Cash flows from operating activities Net cash generated from operating activities is determined by the indirect method, which consists of adding back to or deducting from profit for the period (i) all non-cash transactions, (ii) deferrals or adjustments concerning past or future cash inflows or outflows related to operations, and (iii) all cash flows relating to investing or financing activities. Iliad – Registration Document 2007 - 129
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Société anonyme. Share capital:
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TABLE OF CONTENTS GENERAL COMMENTS
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16.2 SERVICE CONTRACTS ENTERED INTO
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1. PERSONS RESPONSIBLE 1.1 PERSON R
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3. SELECTED FINANCIAL INFORMATION 3
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4. RISK FACTORS 4.1 RISKS RELATING
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4. RISK FACTORS 4.3 FINANCIAL RISKS
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4.4 LEGAL RISKS 4.4.1 Risks relatin
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4. RISK FACTORS 4.4 LEGAL RISKS The
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5. INFORMATION ABOUT THE COMPANY AN
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2007 • Sale of Kertel (February 2
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Considering acquisition opportuniti
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The Group’s network has been deve
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Réseau International CTI (Centre d
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6. OVERVIEW OF THE GROUP’S BUSINE
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The following tables give details o
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6.2 PRINCIPAL MARKETS 6.2.1 Interne
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Local loop unbundling 6. OVERVIEW O
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6.6.2 Regulation of the content of
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7.2 ORGANIZATION CHART At March 31,
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9.1 KEY CONSOLIDATED FINANCIAL DATA
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9. OPERATING AND FINANCIAL REVIEW 9
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9.1.2 ADDITIONAL INFORMATION 9.1.2.
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20. FINANCIAL INFORMATION CONCERNIN
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21.1 SHARE CAPITAL 21.1.1 Amount of
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21. ADDITIONAL INFORMATION 21.1 SHA
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21.1.8 Authorized unissued share ca
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21.4.2 Changes in the Iliad share p
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Not applicable. 23. THIRD PARTY INF
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25. INFORMATION ON SHAREHOLDINGS 25
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GLOSSARY Broadband ARPU (Average Re
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GLOSSARY IP (Internet Protocol): te
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GLOSSARY Spamming: the bulk mailing
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RR Donnelley : 01 53 45 19 00
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REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

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