SOLOCAL_Registration Document_2017
FINANCIAL STATEMENTS 6.1 Consolidated financial statements for the years ended 31 December 2016 and 2017
Other commitments received The other significant off-balance-sheet commitments received are as follows:
2017
2016
Contractual obligations
Total
Payments due per period
Total
Less than 1 year
In 1 to 5 years
In more than 5 years
(in thousands of euros) Operation leases – lessor
-
-
-
- - -
-
1
Other services
35,795 35,795
25,250
10,545
6,020 6,020
TOTAL
25,250 10,545.00
The Group did not create any deconsolidation structures during the reporting periods. It has no contractual obligations towards special purpose vehicles.
Special purpose vehicles In 2011, SoLocal Group issued a bond through PagesJaunes Finance & Co SCA, an entity specifically dedicated to the financial restructuring (cf. Note 10.5). This entity is fully consolidated.
2
3
NOTE 15
EVENTS SUBSEQUENT TO THE CLOSING DATE
SoLocal has presented its “SoLocal 2020” strategic project, based on an expanded offer of digital services for businesses, a reinvented PagesJaunes media platform and a streamlined organisation. This plan bears SoLocal’s new ambition: to become one of the digital services champions in France. To better meet customers’ needs, the operational organisation would be redesigned: the business units will be eliminated, support functions will be centralised, locations will be rationalised, the hierarchy will be streamlined, and certain activities will be consolidated. This would require cutting around 1,000 positions at
the Group level over the 2018-2019 period, including around 800 positions at PagesJaunes in 2018 and 200 positions in 2019. An Employment Protection Plan would be implemented. The transformation project would also include the creation of a hundred positions in 2018 on new digital skills. Accordingly, on February 13rd, the Company initiated the process of informing and consulting with the employee representative bodies. The overall cost is approximately of €180 million. As a subsequent event to the closing date, no amount has been provisioned in 2017 accounts.
4
5
6
NOTE 16
SCOPE OF CONSOLIDATION
As at 31/12/2017
As at 31/12/2016
7
Voting rights
Voting rights
Entities
Country
Interest
Interest
Fully consolidated companies (exclusive control) SoLocal Group (consolidating)
France France
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
PagesJaunes
8
QDQ Media
Spain Spain Spain
Optimizaclick
Trazada
Euro Directory
Luxembourg
SOMS Mappy
France France France France France Austria France France France
Retail Explorer Leadformance
NetVendeur
Digital To Store Yelster Digital
United Kingdom 100% 100% 100% 100%
ClicRDV
Fine Media
PagesJaunes Resto (1)
-
-
100% 100%
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2017 Registration Document SOLOCAL
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