Atos - Registration Document 2016

E Financial

E.4

Consolidated financial statements

Interest rate risk

Exposure to interest rate risk The table below presents the interest rate risk exposure of the Group based on future debt commitments. The exposure at floating rate after hedging risk management is approximately € 481.4 million as at December 31, 2016. A 1% rise in 1-month Euribor would impact positively the financial expense by € 4.8 million assuming the structure (cash/floating debt/hedges) remains stable for the full period of the year.

accounting. using interest rates swap contracts with financial institutions in order to fix the rate of a portion of the floating-rate financial debt. The fair value of the financial instruments used to hedge the floating-rate financial qualifies for cash flow hedge Bank loans of € 580.0 million in 2016 and in 2015 are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. The Group may mitigate its interest rate exposure

Exposure

Less than 1 year

More than 1 year

Total

(In € million)

Notes

Bank loans

Note 22 Note 22

-

-580.0

-580.0

Securitization

-9.8

-

-9.8

Other

-29.0

-0.2

-29.2

Total liabilities

-38.8

-580.2

-619.0 2,121.7

Cash and cash equivalents

Note 18

2,121.7

- -

Overdrafts

-78.8

-78.8

Total net cash and cash equivalents (*) Net position before risk management

2,042.9 2,004.1

-

2,042.9 1,423.9

-580.2

Hedging instruments

-

-

0.0

Net position after risk management

2,004.1

-580.2 -900.0

1,423.9

Bonds

Note 22 Note 22

-

-900.0

Finance Leases

-22.6

-19.9

-42.5

Hedging instruments

-

-

0.0

E

Total net debt/cash after risk management

481.4

Overnight deposits (deposit certificate) and money market securities and overdrafts. *

divided by Operating Margin before Depreciation and Amortization) which may not be greater than 2.5. Atos securitization program of trade receivables has been renewed for 5 years on June 18 th , 2013 with a maximum amount of receivables sold of € 500.0 million and a maximum amount of financing of € 200.0 million. The program is structured with two compartments, called ON and OFF: compartment “ON” is similar to the previous program (i.e. the • receivables are maintained in the Group balance sheet) which remains by default the compartment in which the receivables are sold. This compartment was used at its lower level; compartment “OFF” is designed so the credit risk (insolvency • and overdue) of the debtors eligible to this compartment of the program is fully transferred to the purchasing entity of a third party financial institution.

Liquidity risk On September 29, 2016, Atos issued a Euro private placement bond of € 300.0 million with a 7-year maturity and with a 1.444% fixed interest rate. Atos and the bonds are unrated. There are no financial covenants. 5-year maturity. The coupon rate is 2.375%. Atos and the bonds are unrated. There are no financial covenants. On July 2, 2015 Atos issued a bond of € 600.0 million with a On November 6, 2014, Atos signed with a number of major financial institutions a five-year € 1.8 billion credit facility maturing in November 2019 with an option for Atos to request the extension of the Facility maturity date until November 2021. The first option of extension for one year was exercised in 2015 and the second option of extension for one year has been exercised in 2016. Therefore the new maturity of the € 1.8 billion credit facility is November 2021. under the terms is the consolidated leverage ratio (net debt The revolving credit facility includes one financial covenant which

Atos | Registration Document 2016

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