92 / 198
FINANCIAL STATEMENTS
6
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
Current assets
49.7
Total assets
69.7
Non-current liabilities
23.2
Current liabilities
11.8
Total liabilities
35.0
NET ASSETS
34.7
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.
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:
●
€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:
In millions of euros
Currency
Financing
inception date
Amount
in original
currency
Euro
equivalent
Amount
drawn
down
Amount
available
Interest rate
Expiry date
France
(revolving credit)
EUR 16 December 2013
120.0
120.0
120.0
Euribor (drawdown
in the reference
currency) + margin
(1)
31 December 2019
United Kingdom
(2)
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.
ASSYSTEM
FINANCIAL REPORT
2015
92