SOLOCAL_Registration Document_2017

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

The net balance sheet position is detailed as follows:

As at 31/12/2017

As at 31/12/2016 (1)

(amounts in thousands of euros)

Retirement benefits

33,194

34,815

Legal employee profit-sharing Non-deductible provisions

1,299

1,726 1,278

197

-

Tax loss carryforward

171 904

Other differences

459

1

SUBTOTAL DEFERRED TAX ASSETS

35,149

38,894 (10,592) (32,564) (43,156) (4,262)

Loan issue costs

-

Depreciations accounted for tax purposes SUBTOTAL DEFERRED TAX LIABILITIES

(26,068) (26,068)

TOTAL NET DEFERRED TAX ASSETS/(LIABILITIES)

9,081 9,155

2

Deferred tax assets Deferred tax liabilities

182

(74) (4,444) 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)

3

No deferred tax asset relating to loss carryforwards of QDQ Media was recognised in the balance sheet, as this sub-group recorded a net loss in 2017. The amount of deferred tax not recognised is estimated at €65.5 million as at 31 December 2017. Deferred tax assets in the balance sheet increased from €0.2 million as at 31 December 2016 to €9.1 million as at 31 December 2017. Deferred tax liabilities in the balance sheet increased from €4.4 million as at 31 December 2016 to €0.1 million as at 31 December 2017.

In the balance sheet as at 31 December 2017, corporation tax represents a receivable of €2.7 million and a liability of €4.9 million. As at 31 December 2016, corporation tax represented a receivable of €0.4 million and a liability of €3.9 million. The tax disbursed during the 2017 financial year was €44.8 million as against €12.6 million in 2016.

4

5

As at 31/12/2017

As at 31/12/2016 (1)

(amounts in thousands of euros)

OPENING BALANCE

(4,262)

(7,248)

6

Changes recognized in equity Changes recognized in income

605

9

12,356

(8,871) 12,062

Adjustment n-1 Turnover table (cf. Note 6.2)

-

Others changes

382

(214)

CLOSING BALANCE (4,262) 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) 9,081

7

NOTE 10

ASSETS, LIABILITIES & FINANCIAL RESULTS

8

10.1

FINANCIAL ASSETS AND

10.2

MEASUREMENT

LIABILITIES

AND RECOGNITION OF FINANCIAL ASSETS

Financial assets include available-for-sale assets, held-to-maturity assets, loans and receivables and cash and cash equivalents. Financial liabilities include borrowings, other financing and bank overdrafts and operating debts. Financial assets and liabilities are measured and recognised in accordance with IAS 39 “Financial Instruments: Recognition and Measurement”.

Available-for-sale assets Available-for-sale assets consist mainly of shares in non-consolidated companies and marketable securities that do not fulfil the criteria for classification in any of the other categories of financial assets. They are measured at fair value and gains and losses arising from re-measurement at fair value are recognised in equity.

169

2017 Registration Document SOLOCAL