Unofficial translation of the French-language 'Informations financières consolidées au 30 septembre 2015' of SoLocal Group, for information purposes only.
This English-language translation of the consolidated financial information prepared in French has been provided solely for the convenience of English-speaking readers should be read in conjunction with, and construed in accordance with French law and accounting standards applicable in France. In the case of any divergences with the French original and the English version, only the French original has legal value. In consequence, the translations may not be relied upon to sustain any legal claim, nor be used as the basis of any legal opinion. Despite all the efforts devoted to this translation, certain errors, omissions or approximations may subsist. SoLocal Group, its representatives and employees decline all responsibility in this regard.
Public limited company with a Board of Directors with capital of 233,259,388.60 euros Registered office: 7 avenue de la Cristallerie - 92317 Sèvres Cedex
Commercial and Companies Register Nanterre 552 028 425
CONTENTSActivity report as at 30 September 2015 2
Commentary on the results as at 30 September 2015 4
Analysis of the revenues and recurring EBITDA of continued activities 6
Analysis of consolidated operating income for continued activities 6
Analysis of the results for continued activities 7
Net financial income for continued activities 8
Corporation tax on continued activities 8
Results for the period for continued activities 8
Presentation of the results and the consolidated cash flows with the detail for 'Continued activities' and 'Divested activities' 9
Consolidated liquidities, capital resources and investment expenses 11
Risks and uncertainties relating to the fourth quarter of 2015 15
Consolidated condensed accounts 16
- Consolidated income statement 16
- Statement of comprehensive income 17
- Statement of financial position 18
- Statement of changes in equity 19
- Cash flow statement 20
- Notes to the consolidated financial statements 21
- Group tax analysis 27
- Taxes in the balance sheet 28
- ACTIVITY REPORT AS AT 30 SEPTEMBER 2015
With their power and credibility that are built upon year after year, the Group's brands benefit from very strong notoriety and the trust users place in them. They concern services that are references in their field and are available on all of the media (Internet, mobile and tablets). The Group is continuously innovating in order to offer all of its audiences new services with state-of-the-art functionality and technologies (of which the most recent example is programmatic marketing), while still maintaining a high level of quality.
SoLocal Group produces and enhances practical, accurate and reliable local content. By capitalising on this publishing expertise, the Group has developed a complete range of additional content and services that can be accessed via Internet, printed and mobile in order to facilitate local searches for information and to optimise the visibility of its advertisers.
Since the beginning of 2014, the Group has reorganised itself around 6 business units, 5 vertical 'markets' SoLocal Retail, SoLocal B2B, SoLocal Home, SoLocal Services, SoLocal Health & Public, and SoLocal Network dedicated to brands and networks, major accounts and international customers. This organisation aims to improve the customer experience, and to best meet their expectations, in particular with the development and the marketing of products and services that are adapted to the needs of the various markets.
The Group's activities are organised in two segments: the 'Internet' segment and the 'Print & Voice' segment.
Internet:
Print & Voice:
Note 1 - Description of the business 21
Note 2 - Context of publication and basis for preparation of the consolidated condensed financial statements 21
Note 3 - Presentation of Financial Statements 23
Note 4 - Segment information 23
Note 5 - Net financial income 26
Note 6 - Corporation tax 27
Note 7 - Derivative financial instruments 29
Note 8 - Cash and cash equivalents, net financial debt 30
Note 9 - Shareholders' equity 33
Note 10 - Changes in the scope of consolidation 33
Note 11 - Information on related parties 33
Note 12 - Off-balance-sheet commitments 33
Note 14 - Disputes - significant changes for the period 33
Note 15 - Information on continued and divested activities, as at 30 September 2015 34
Note 16 - Events subsequent to the closing date of 30 September 2015 38
The Group's Internet growth is based on 2 product lines: 'local search' on the one hand, and 'digital marketing' on the other hand.
The 'local search' products are the historical base of SoLocal Group's internet activities and represent the largest share of Internet revenues. The Group is diversifying more and more in 'digital marketing' activities, primarily by proposing new service offerings to its existing base of 'local search' customers.
Among its digital presence solutions, SoLocal Group offers the creating and hosting of Websites and listing them on pagesjaunes.fr, affiliated partners and search engines - (SEO - natural listing or SEM - paid listing). The sites developed by SoLocal Group for its customers are compatible for mobile use. In addition, Internet user retargeting solutions (ADhesive offering) make it possible to extend the visibility of the Group's customer sites on premium partner portals.
SoLocal Group also proposes transactional services that are suited to the specific needs of
certain professionals: Pajesjaunesdoc, media and services intended for health-care professionals based among other things on the online appointment-making technology developed by ClicRDV; and Pajesjaunesresto, an online ordering services for meals on Chronoresto.fr and PagesJaunes.fr from locally-listed restaurants.
Furthermore, SoLocal Group provides its customers with the promoting and highlighting of Good Deals on pagesjaunes.fr, and the creating and management of Direct Marketing campaigns (SMS, targeted emailing).
This involves the publication, distribution and sale of advertising space in printed directories (PagesJaunes, l'Annuaire).
Moreover, this also comprises the following businesses: directory enquiry services by telephone and SMS (118 008), and the QuiDonc reverse directory. This segment also includes some activities of PJMS: telemarketing, data mining, database generation, prospect processing and traditional direct marketing activities (data entry and postage).
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