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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
In millions of euros
Carrying amount
at 31/12/2015
Contractual
cash flows
Due within
1 year
Due in
1-5 years
Due beyond
5 years
Bond debt
26.4
29.4
1.1
28.3
–
Bank borrowings
0.5
0.5
0.5
–
–
Finance lease liabilities
0.4
0.4
0.2
0.2
–
Ornane embedded derivative
and sundry financial liabilities
7.5
7.5
1.1
2.2
4.2
Other non-current liabilities
1.0
1.0
–
1.0
–
Bank overdrafts
0.4
0.4
0.4
–
–
Trade payables
55.3
55.3
55.3
–
–
Other current liabilities
(1)
11.9
11.9
11.9
–
–
Operating leases
(2)
–
49.7
14.8
30.9
4.0
TOTAL CONTRACTUAL OBLIGATIONS
103.4
156.1
85.3
62.6
8.2
In millions of euros
Carrying amount
at 31/12/2014
Contractual
cash flows
Due within
1 year
Due in
1-5 years
Due beyond
5 years
Bond debt
25.6
30.5
1.1
29.4
–
Bank borrowings
0.1
0.1
0.1
–
–
Finance lease liabilities
0.3
0.3
0.1
0.2
–
Ornane embedded derivative
and sundry financial liabilities
2.5
2.5
1.8
0.7
–
Other non-current liabilities
2.0
2.0
–
2.0
–
Bank overdrafts
1.7
1.7
1.7
–
–
Trade payables
47.2
47.2
47.2
–
–
Other current liabilities
(1)
17.1
17.1
17.1
–
–
Operating leases
(2)
–
51.5
17.6
28.7
5.2
TOTAL CONTRACTUAL OBLIGATIONS
96.5
152.9
86.7
61.0
5.2
(1) Excluding accrued taxes and payroll costs and deferred income.
(2) Off-balance sheet commitments.
Early repayment risks arising from covenants
The revolving credit facility includes a covenant requiring compliance
with a financial ratio (net debt/EBITDA), which had to be less than or
equal to 2.75 at 31 December 2015. This ratio is calculated annually
based on the Group’s net debt figure at the end of the year concerned
and consolidated EBITDA for that year. If the Group fails to comply with
the covenant the lender may demand early repayment of the borrowings.
At 31 December 2015, the Group’s net debt/EBITDA ratio was below
the ceiling specified in the facility agreement.
ASSYSTEM
FINANCIAL REPORT
2015
93