Assystem - 2015 Registration Document

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FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

The net assets of UK subsidiaries denominated in GBP are set out in the table below:

In millions of GBP Non-current assets

20.0 49.7 69.7 23.2 11.8 35.0 34.7

Current assets

Total assets

Non-current liabilities

Current liabilities Total liabilities NET ASSETS

Liquidity risk The Group Treasury Department is responsible for managing liquidity risk and it provides the Group’s subsidiaries with appropriate short or long-term financing resources. The Group optimises its liquidity by managing the cash surpluses and requirements of its subsidiaries on a centralised basis. This is carried out through cash-pooling agreements and intra-group loans and borrowings in compliance with local regulations. When the consolidated cash position corresponds to a surplus, it is managed in line with the objective of maintaining liquidity while optimising returns. External financing is also managed centrally by the Treasury Department, with a view to optimising costs. To ensure the Company’s business development and liquidity, Assystem SA uses diverse sources of financing. At 31 December 2015 this financing amounted to €307.2 million and included:

COUNTERPARTY RISK The Group is exposed to counterparty risk on transactions carried out on financial markets in connection with its risk management and cash management policies. However, borrowings, derivative-based hedges and investments are set up through top-ranking banking institutions approved by the Board of Directors. In 2014 the number of top-ranking banking institutions with which the Group invests, borrows, and sets up hedges was increased, and its main banks are now Société Générale, CIC Nord-Ouest, LCL, CA-CIB, HSBC, BNP Paribas and Commerzbank. The measurement of the Group’s derivative instruments does not have a significant impact on the assessment of its credit risk. The Group Treasury Department reports on a monthly basis to the Deputy Chief Executive Officer & Chief Financial Officer on the Group’s cash positions and the performance of the department’s cash management strategy, which is in line with the principles and policies set by Executive Management. Shared software (Taïga, Kyriba and Swaps) has been put in place in the majority of the Group’s entities, which helps secure cash flows and ensure reliable reporting in accordance with Group standards.

● €160 million in Odirnane bonds; ● €27.2 million in Ornane bonds;

● a revolving credit facility of up to €120 million, which was not drawn at the year-end.

The undrawn portion of the Group’s medium-term credit facilities was as follows at 31 December 2015:

Amount drawn down

Amount in original currency

Amount available

Euro equivalent

Financing inception date

Interest rate

Expiry date

Currency

In millions of euros

Euribor (drawdown in the reference currency) + margin (1) 31 December 2019

France (revolving credit) United Kingdom (2)

EUR 16 December 2013

120.0

120.0

120.0

GBP

–

9.6

13.2

13.2 TSB base rate + 2%

(1) Lending margin depending on the leverage ratio (net debt/EBITDA), with a minimum level of 0.60%. (2) Facility contingent on outstanding trade receivables.

The contractual residual maturities of the Group’s financial liabilities break down as follows (including interest payments). For the purpose of cash flow projections, the Group used the 3-month Euribor at 31 December for each year plus the credit spread for floating-rate financial liabilities.

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ASSYSTEM

FINANCIAL REPORT 2015