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E
Financial
E.3
Financial review
Atos
|
Registration Document 2016
141
E
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
Atos securitization program of trade receivables has been
financing of € 200.0 million.
and OFF:
The program is structured with two compartments, called ON
remains by default the compartment in which the receivables
are sold. This compartment was used at its lower level;
compartment “ON” is similar to the previous program (i.e. the
•
receivables are maintained in the Group balance sheet) which
the program is fully transferred to the purchasing entity of a
third party financial institution.
compartment “OFF” is designed so the credit risk (insolvency
•
and overdue) of the debtors eligible to this compartment of
As of December 31, 2016, the Group has sold:
in the compartment “ON” € 257.5 million receivables for which
•
€ 9.8 million were received in cash. The sale is with recourse,
thus re-consolidated in the balance sheet;
qualify for de-recognition as substantially all risks and rewards
associated with the receivables were transferred.
in the compartment “OFF” € 41.5 million receivables which
•
which may not be less than 4 times.
(Operating Margin divided by the net cost of financial debt)
Margin before Depreciation and Amortization) which may not be
greater than 2.5 times and the consolidated interest cover ratio
Financial covenants of the Atos securitization program are the
consolidated leverage ratio (net debt divided by Operating
Bank covenants
E.3.3.2
position of the Group at the end of December 2016). The
consolidated leverage ratio must not be greater than 2.5 times
leverage ratio (net debt divided by OMDA) of -0.35 at the end of
December 2016 (the ratio is negative due to the net cash
under the terms of the multi-currency revolving credit facility.
multi-currency revolving credit facility, with a consolidated
The Group was well within its borrowing covenant for the
was 60.99 (Operating Margin divided by the net cost of financial
debt which may not be less than 4 times).
interest cover ratio which apply only to the Atos securitization
program of trade receivables. The consolidated interest cover
The Group was also well within the limit of the consolidated
Investment policy
E.3.3.3
each new investment.
department evaluates and approves the type of financing for
centers. Some fixed assets such as IT equipment and company
cars may be financed through leases. The Group Treasury
Atos has a policy to lease its office space and data processing
Hedging policy
E.3.3.4
in interest rates by swapping to fixed rate a portion of the
existing floating-rate financial debt. Authorized derivative
Atos’ objective is also to protect the Group against fluctuations
the Group Treasury department.
instruments used to hedge the debt are swap contracts, entered
into with leading financial institutions and centrally managed by
At the end of 2016, the Group did not have any interest hedging
contract.