Atos - Registration Document 2016

E Financial E.3

Financial review

Net financial expense

net cost of financial debt of € 18.1 million and non-operational financial costs of € 31.1 million. Net financial expense amounted to € 49.2 million for the period (compared to € 45.2 million prior year) and was composed of a Net cost of financial debt was € 18.1 million (compared to € 17.4 million in 2015) and resulted from the following elements: € 1,185.5 million in 2015 bearing an average expense rate of 1.60% compared to 2.32% last year. the average gross borrowing of € 2,014.1 million compared to • The average gross borrowing expenses were mainly explained by: the used portion of the syndicated loan for an average of • € 1,058.6 million (compared to an average of € 687.2 million in 2015) bearing an effective interest rate of 0.48%, a € 600.0 million bond issue in July 2015 bearing a coupon • rate of 2.375%,

€ 90.0 million bearing a coupon rate of 1.444%, yearly average impact on the total gross borrowings of a € 300.0 million bond issue end of September 2016, with a • average of € 260.7 million, bearing an effective interest rate of 4.03%; other sources of financing, including securitization, for an • rate of 1.00% compared to 0.91% in 2015. the average gross cash increased from € 1,105.3 million in • 2015 to € 1,418.3 million in 2016 bearing an average income of pension related interest (€ 28.9 million compared to € 29.3 million expense in 2015) and a net foreign exchange gain compared to € 27.8 million in 2015 and were mainly composed Non-operational financial costs amounted to € 31.1 million difference between interest costs on pension obligations and interest income on plan assets. of € 9.0 million versus a net foreign exchange gain of € 6.2 million in 2015. The pension financial cost represented the

Corporate tax

before tax of € 763.9 million. The Group effective tax rate was 19.0% including the French CVAE tax corresponding to the tax charge of € 145.2 million with a profit Please refer to Note 7 Income tax for further explanations.

Non-controlling interests

venture partners and other associates of the Group. Non-controlling interests amounted to € 53.0 million in December 2016 (compared to € 30.8 million in December 2015). Non-controlling interests included shareholdings held by joint The increase is mostly related to the non-controlling interests in

September 30, 2016. income of Worldline, as well as the minorities into equens Worldline following the transaction that occurred on Worldline, including the impact from the Visa share on the net

Normalized net income

The normalized net income excluding unusual, abnormal, and infrequent items (net of tax) was € 766.7 million, increasing by 22.5% in comparison with the previous year.

12months ended December 31,

December 31, 2016 12months ended

2015*

(in € million)

Net income from continuing operations- Attributable to owners of the parent

567.1 -290.8

406.2 -327.7 108.1

Other operating income and expenses

Tax impact on unsual items

91.2

Total unusual items – Net of tax

-199.6

-219.6

Normalized net income - Attributable to owners of the parent 625.8 December 31, 2015 adjusted to reflect change in presentation disclosed in Note “Basis of preparation and significant accounting policies”. * 766.7

Trusted partner for your Digital Journey

136