Abstract
The consolidated balance sheet indicates that the Pages Jaunes Group has 56,129 thousand euros of share capital and 98,676 thousand euros of issue premium. The share capital is composed of 280,644,450 common stocks (ordinary stocks) each with a par value of 0.2 euros. As observed in the statement of stockholders' equity, the company carried out a capital increase of 75,534 euros in 2007 (through the creation of 377,670 new common shares) and 295 434 euros in 2006 (1,477,170 new common shares). The impressive evolution of the total equity, which became negative in 2006, is mainly due to the evolution of the dividends paid and consequently to the impact on the retained earnings. Indeed, in November 2006, exceptional dividend distribution was effected and concerned 2,519,7 million euros. This distribution is exceptional and differs from the traditional dividend distribution realized in May (cf. note 24.4): in 2006 284 million euros were distributed (i.e. 1.02 euros per share) and 303.1 million euros in 2007 (i.e. 1.08 euros per share). All these dividends (exceptional and normal) were declared and paid during the year as shown in the consolidated cash flow statement in which « Dividends paid » decrease the net cash from financing activities.
