SOLOCAL_Registration Document_2017

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

4.2

DIRECTORS’ FEES AND COMPENSATION OF CORPORATE OFFICERS

Directors’ fees paid amounted to €490,000 for 2017, for 2016. Gross compensation paid to corporate officers amounted to €2,072 thousand in 2017 and €1,682 thousand in 2016.

4.3

WORKFORCE

1

Financial year ended 31 December

2017

2016 35.8

Average full-time equivalent

Executives Employees

1.7

2

-

2.5

TOTAL

1.7

38.3

Until 31 December 2016, the number given in the appendix corresponded to the average full-time staff (excluding staff made available). According to the new ANC regulation 2016-07, the average workforce to be retained is now the one defined by Article D123-200 of the French Commercial Code, i.e., the arithmetic average of the workforce at the end of each quarter of the calendar year related to the Company by an employment agreement. The number of employees working part-time (or for a period shorter than the financial year) is therefore no longer taken into account in the only proportion of actual working time, by reference to the conventional or legal duration of work.

structure. This plan embodies a new goal for the SoLocal Group: to become one of the digital leaders in France. To better meet the needs of customers, the operational organisation would be redesigned around, in particular, the elimination of business units, the centralisation of support functions, the rationalisation of locations, the simplification of the managerial line and the consolidation of certain activities. This would involve a reduction of around 1,000 jobs over the period 2018-2019, including approximately 800 jobs at PagesJaunes SA in 2018, with an employment protection plan being put in place, and a further 200 jobs in 2019. In parallel, within the context of our restructuring plan, we plan to create approximately 100 positions involving new digital skills. In this context, on 13 February 2018, the Company initiated the Information and Consultation process with the employee representative bodies. The estimated cost is around €180 million.

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4

5

4.4

EVENTS SUBSEQUENT TO THE CLOSING DATE

6

4.5

CONSOLIDATION

SoLocal presented its “SoLocal 2020” strategic plan based on an expanded offer of digital services for businesses, a reinvented PagesJaunes media platform and a streamlined organisational

SoLocal Group draws up its own consolidated accounts.

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2017 Registration Document SOLOCAL