Atos - Registration Document 2016

E Financial E.4

Consolidated financial statements

The calculation of the above-mentioned ratios as of December 31, 2016 is provided below:

Group ratios at December 31, 2015

Group ratios at December 31, 2016

Nature of ratios subject to covenants

Covenants

Leverage ratio (net debt/OMDA*)

not greater than 2.5 not lower than 4.0

-0.35 60.99

-0.49 50.79

Interest cover ratio (operating margin/net cost of financial debt)

OMDA = Operating margin before non cash items. *

Currency exchange risk

the foreign exchange risk. Where this is not the case, the Group generally uses hedging instruments such as forward contracts or foreign currency swaps to minimize the risk. Atos operates in 72 countries. However, in most cases, Atos invoices in the country where the Group renders the service, thus limiting The carrying amount of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:

2015

2015

2015

2016

2016

2016

EUR

GBP

USD

(In € million)

Assets

176.8 105.4

79.8

15.9

45.5 74.7

148.0

156.7

Liabilities

221.2 -141.4

8.7 7.2

72.0 76.0

67.3 89.4 -3.8

Foreign exchange impact before hedging

71.4

-29.2

Hedged amounts

-208.1

-

-62.4

-

-45.9

Foreign exchange impact after hedging

-136.7 -141.4

-55.2

-29.2

30.1

85.6

functional currency of each subsidiary. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% increase in foreign currency rates.

Foreign currency sensitivity analysis The Group is mainly exposed to the EUR, GBP and the USD. The following table details the Group sensitivity to a 5% increase and decrease of the sensitive currency against the relevant

2015

2015

2015

2016

2016

2016

EUR

GBP

USD

(In € million)

Income Statement

-6.8

-7.1

-2.8

-1.5

1.5

4.3

Trusted partner for your Digital Journey

192