SOLOCAL_Registration Document_2017

5

COMMENTS ON THE FINANCIAL YEAR 5.4 Significant change in financial or trading position

NET DEBT 5.3.2

The table below sets out the components of the Company’s gross debt, cash and cash equivalents and net debt as at 31 December 2016 and 2017:

As at 31 December 2017

2016 91.1 (0.1) 91.0 783.6 337.8

Cash (1)

87.5 (1.4) 86.1

Bank overdrafts

NET CASH

Bank borrowing (2)

-

Bond loan (3)

397.8

Revolving credit facility (4) Loan issue expenses (5)

- -

38.4

(10.5)

Capital leases

0.1 3.7 1.4

0.3 2.0

Earn-outs (6)

Accrued interest not yet due Other financial liabilities (7) GROSS FINANCIAL DEBT

32.1

14.8

4.0

417.8 331.7

1,187.8 1,096.8

NET DEBT

Includes cash, cash equivalents and accrued interest not yet due. (1) Refers to the Group’s Facility A7 tranche bank loan maturing in 2018, which was extinguished as part of the Financial Restructuring. (2) As at 31 December 2016, this refers to the Group’s Facility C1 tranche fixed rate bond loan maturing in 2018, which was extinguished as (3) part of the Financial Restructuring; as at 31 December 2017 this refers to the Existing Notes. Refers to the revolving credit facility made available to the Group under its previous bank facilities, which was canceled as part of the (4) Financial Restructuring. Debt issuance costs that are deducted from liabilities in accordance with IFRS. (5) Represents price supplements to be paid in respect of acquisitions if certain operating performance conditions are fulfilled. (6) Includes primarily a debit current account with PagesJaunes Outre-Mer, a wholly owned non-consolidated subsidiary of the Issuer, and (7) the pre-financing of the CICE.

Net cash and cash equivalents for the Group amounted to €86.1 million as at 31 December 2017, compared to €91.0 million as at 31 December 2016. The Group’s net debt totaled €331.7 million as at 31 December 2017, a decrease of €765.1 million compared to €1.096.8 million as

at 31 December 2016, principally as a result of the Financial Restructuring. As at 31 December 2017, the Group’s indebtedness was mainly composed of the existing notes .

SIGNIFICANT CHANGE IN FINANCIAL OR TRADING 5.4 POSITION

The significant events occurring between the balance sheet date and 14 February 2018, when the financial statements were approved by the Board of Directors, are described in Note 15 to the consolidated financial statements in Chapter 6.

142 2017 Registration Document SOLOCAL