SOLOCAL_Registration Document_2017

5

COMMENTS ON THE FINANCIAL YEAR

5.1

SELECTED FINANCIAL

5.4

SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION

INFORMATION

130 132 132 132 136 138 140 140 142

142 143

5.2

FINANCIAL REVIEW

5.5 5.6

INVESTMENTS

5.2.1 5.2.2 5.2.3 5.2.4

Overview

OVERVIEW AND CURRENT

Comments on the 2017 full-year

TRENDS AND OBJECTIVES 143

results

Financial information

Results of the 2018 first quarter CASH FLOWS AND NET DEBT

5.3

5.3.1 5.3.2

Cash flows

Net debt

129

2017 Registration Document SOLOCAL