SOLOCAL_Registration Document_2017

6

FINANCIAL STATEMENTS 6.1 Consolidated financial statements for the years ended 31 December 2016 and 2017

The debt is extinguished on the settlement-delivery date of the securities (i.e. on 13 March 2017 at the opening), the fair value of the share corresponds to the opening price which is €0.971. In fair value, capital increase and MCB amounted respectively to €200.4 million and €8.8 million at the issuing date. MCB are

attached to the issue of the equity instruments which are recognised as a decrease to equity for €4.6 million. The costs pertaining to the old debt and listed on the balance sheet as at 31 December 2016 for €10.5 million are amortised with acceleration in the income statement 2017.

treated as equity according IFRS standards. Accounting treatment of costs

10.6

CASH AND CASH EQUIVALENTS,

In the framework of the financial restructuring, the Group committed about €28 million in costs. Although the purpose of this operation was to reinforce the Group’s equity, it leads to derecognising the old debt entirely, all of the costs incurred concerning the restructuring are recognised in results in accordance with IAS 39-AG62 except for costs that can be directly

NET FINANCIAL DEBT

Net financial debt corresponds to the total gross financial debt plus or minus the fair value of derivative asset and/or liability hedging instruments and minus cash and cash equivalents.

As at 31/12/2017

As at 31/12/2016 (1)

(in thousands of euros)

Accrued interest not yet due

-

27

Cash equivalents

10,044 77,452 87,496 (1,358) 86,138

10,172 80,870 91,069 91,013 783,638 337,846 38,395 (10,545) (56)

Cash

Gross cash

Bank overdrafts

Net cash Bank loan Bond loan

0

397,835

Revolving credit facility drawn

- -

Loans issue expenses

Lease liability

66

277

Price supplements on acquisition of securities

3,669 1,439

1,988

Accrued interest not yet due Other financial liabilities

32,137

14,797

4,045

Gross financial debt

417,806

1,187,781 1,186,440

of which current

9,636

of which non-current

408,170 331,668 331,668

1,341

Net debt

1,096,768

NET DEBT OF CONSOLIDATED GROUP EXCLUDED LOAN ISSUE EXPENSES 1,107,313 Restated for the retrospective application of IAS 20 concerning the CIR (cf. Note 5.2.2.2) and Turn over table (cf. Chapter 6 Note 6.2). (1)

172 2017 Registration Document SOLOCAL