Unofficial translation of the French-language "Informations financières consolidées au 31 mars 2016" 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.
SoLocal GroupPublic limited company with a Board of Directors with capital of 233,259,384 euros Registered office: 204, rond-point du Pont de Sèvres - 92100 Boulogne Billancourt Commercial and Companies Register Nanterre 552 028 425
CONTENTSAnalysis of the revenues and recurring EBITDA of continued activities 5
Analysis of consolidated operating income for continued activities 6
Analysis of the results for continued activities 6
Net financial income for continued activities 7
Recurring results for the period for continued activities 7
Results for the period for continued activities 7
Presentation of the results and the consolidated cash flows with the detail for "Continued activities" and "Disposed activities" 8
Consolidated liquidities, capital resources and investment expenses 10
Risks and uncertainties relating to the last three quarters of 2016 12
Quarterly financial data 13
Consolidated condensed accounts 17
- Consolidated income statement 17
- Statement of comprehensive income 18
- Statement of financial position 19
- Statement of changes in equity 20
- Cash flow statement 21
- Notes to the consolidated financial statements 22
- Group tax analysis 27
- Taxes in the balance sheet 28
- ACTIVITY REPORT AS AT 31 MARCH 2016
Overview
Having completed its transformation as the European leader into local online communication, SoLocal Group embraces a meaningful and scalable mission which is to "reveal local know-how, everywhere, and boost local revenues of businesses".
Within the scope of continued activities, Solocal Group generated revenues of €190 million in Q1 2016, of which revenues from its Internet activities represented 83% and revenues from its Print
& Voice activities represented 17%. Internet business stable compared to Q1 2015 is driven by two primary business lines: Local Search and Digital marketing.
InternetIn Q1 2016, SoLocal Group recorded €157 million Internet revenues, representing 83% of Group revenues, stable compared to Q1 2015.
The Internet activities of SoLocal Group are now structured around two business lines:
First, we offer digital services and solutions to clients which enable them to enhance their visibility and develop their local contacts. In Q1 2016, this Local Search activity posted revenues of €118 million thanks to a sustainable and highly qualitative audience generated through our own brands (PagesJaunes, Mappy, Ooreka) and our privileged partners (Google, Bing (Microsoft), Yahoo!, Apple and Facebook).
Second, we create and provide Internet users with the best local and customised content about professionals. In Q1 2016, this Digital Marketing activity represented revenues of €40 million. These highly differentiating technologies have been created over the last five years and have generated rapid growth (+25% in Q1 2016 compared to Q1 2015). They comprise sites & contents, local programmatic and transactional services. In 2015, we innovated on these product ranges, with an upmarket move of our Internet sites and product & store locator offerings, and the successful launch of the ADhesive targeting offer, which benefits from our data on local purchasing intents expressed by Internet users. In addition, our transactional services have been rebranded PagesJaunes Resto and PagesJaunes Doc, leveraging on and strengthening the traffic generated on PagesJaunes.
The Print & Voice activities generated €33 million, i.e. 17% of the Group's consolidated revenues in Q1 2016. This business line includes the Group's activities in the publication, distribution and sale of advertising space in printed directories (PagesJaunes, PagesBlanches), as well as the Group's other activity called 'Voice', including telephone directory enquiry and reverse directory services.
Commentary on the results as at 31 March 2016
During the 2015 financial year, the Group disposed of four non-profitable and no-growth activities ("disposed activities"):
Horyzon Media web agency display;
ZoomOn social local media;
Lookingo "daily deals";
Sotravo online home improvement quotes
The accounts published by the Group as at 31 March 2016 are made up as follows: Consolidated, Continued activities, Disposed activities.
(Amounts in thousands of euros, except data relating to shares)
As at 31 March 2016
As at 31 March 2015
Consolidated Divested
activities
Continued activities
Recurring
Non recur.
190.0 -
51.5 -
51.2 -
37.1 -
18.9 -
11.4 -
190.0
51.5
51.5
37.4
19.2
11.6
-
- (0.3)
(0.3)
(0.3)
(0.2)
Consolidated Divested
activities
Continued activities
Recurring
Non recur.
209.2 2.4
206.9
-
54.2 (2.6)
56.8
-
53.7 (2.7)
56.8
(0.4)
41.8 (3.1)
45.3
(0.4)
19.9 (3.1)
23.4
(0.4)
12.4 (2.7)
15.4
(0.3)
Revenues Recurring EBITDA EBITDA
Operating income Income before tax Income for the period
Starting in 2015, SoLocal Group is isolating the momentum of continued activities from that of the activities that it has disposed of. The comments on the financial performance indicators concern the scope of continued activities.
Note 1 - Description of the business 22
Note 2 - Context of publication and basis for preparation of the consolidated condensed financial statements 22
Note 3 - Presentation of Financial Statements 23
Note 4 - Segment information 24
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 - Share-holders' equity 32
Note 10 - Changes in the scope of consolidation 32
Note 11 - Information on related parties 32
Note 12 - Off-balance-sheet commitments 33
Note 14 - Disputes - significant changes for the period 33
Note 15 - Information on continued and disposed activities, as at 31 March 2016 35
Note 16 - Events subsequent to the closing date of 31 March 2016 37
Solocal Group SA published this content on 19 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 May 2016 16:42:01 UTC.
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