Company balance sheet as at 31 December 2018

(in thousands of euros)	Note	31 December 2018	31 December 2017
Assets

Investments in subsidiaries	30	4,016,686	3,764,134
Investments in associates	30	706,526	673,803
Derivatives		40,631	17,541
Deferred tax assets		7,984	6,960
Non-current assets		4,771,827	4,462,438

Receivables	31	1,423,686	1,172,371
Income tax receivable	31	25,994	12,975
Cash and cash equivalents	31	29,473	25,181
Current assets		1,479,153	1,210,527

Total assets		6,250,980	5,672,965

Equity and liabilities

Issued share capital		84,511	84,511
Share premium		362,811	362,811
Retained profits		2,395,104	2,411,167
Other reserves		-76,606	-81,179
Revaluation reserve		686,347	564,617
Other statutory reserves		338,066	314,582
Net result of the year		278,451	279,703
Shareholders' equity	32	4,068,684	3,936,212

Deferred tax liabilities		8,286	4,385
Loans and borrowings - EMTN programme	23	1,708,512	1,336,782
Non-current liabilities		1,716,798	1,341,167

Current liabilities	34	465,498	395,586
Current liabilities		465,498	395,586

Total liabilities		2,182,296	1,736,753

Total equity and liabilities		6,250,980	5,672,965

Notes to the company financial statements