SOLOCAL_Registration Document_2017

6

FINANCIAL STATEMENTS 6.2 Annual financial statements for the financial years ended 31 December 2016 and 2017

3.2

INVESTMENTS IN ASSOCIATES AND RELATED RECEIVABLES

The table below shows the change in investments in associates and related receivables:

Financial year ended 31 December 2017

2016

% of interest Value gross

Net value accounting

Net value accounting

Provision

(in thousands of euros)

Interests PagesJaunes

100% 4,005,038 100% 91,719 100% 37,282

(1,783,020)

2,222,018

2,259,018

QDQ Media

(91,719) (18,048)

-

- -

Mappy

19,234

SoLocal Marketing Services

100%

7,275

-

7,275

7,275

Euro Directory Yelster Digital

100% 13,251 100% 14,997

(13,251) (14,100)

0

0

897

897

PagesJaunes Outre-Mer

100% 100% 100%

76

-

76

76

NetVendeur Cristallerie 5 Fine Média

200

(200)

-

200

6

- - - - - - - - - -

6

6

100% 12,240

12,240

12,240

ClicRDV

100% 100%

6,485

6,485

6,485

Digital To Store

188

188

188

Effilab

100% 21,242 100% 17,301

21,242 11,098

18,945

Leadformance Orbit Interactive

(6,203)

3,598

100% 100% 100%

76

76

76

Chronoresto

- -

- -

-

Cityone

10

GIE SoLocal (economic interest group)

15.75%

2

2

- -

Alliance Gravity

11%

250

250

TOTAL

4,227,628

(1,926,541)

2,301,087

2,309,015

Other non-current securities Idenum

5%

75 75

- -

75 75

75 75

TOTAL

TOTAL INTERESTS AND OTHER SECURITIES

4,227,703

(1,926,541)

2,301,162

2,309,090

Claims related to interests QDQ Media (participating loan) QDQ accrued interest not yet due

12,300

(10,500)

1,800

7,800

186

- - - - -

186

276

Mappy

- - - -

- - - -

3,500

Mappy accrued interest not yet due

4

Leadformance

2,615

Leadformance accrued interest not yet due

22

TOTAL

12,486

(10,500)

1,986

14,217

During the year:

and advances granted by PagesJaunes to SoLocal SA (€261 million). On 31 October 2017, SoLocal Group transferred 100% of the Chronoresto securities. Price supplements could be paid if certain conditions of operational performance were fulfilled. They were estimated on the basis of the probability of fulfiling the performance conditions, forming an integral part of the acquisition price and recognised as debts. As at 31 December 2017, these were estimated to be €5.7 million.

In 2017, an additional impairment of PagesJaunes shares was recognized for an amount of €37 million, bringing the net value of the shares to €2,222 million. This depreciation is the result of the normal process of asset evaluation tests carried out every year and does not affect business cash. It is based on shareholders’ equity and the discounted cash flow method restated for net debt The value of the PagesJaunes shares is affected by a further depreciation of its business (€258 million) partially offset by the reversal of the balance of the provision for depreciation of loans

192 2017 Registration Document SOLOCAL