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E
Financial
E.4
Consolidated financial statements
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The calculation of the above-mentioned ratios as of December 31, 2016 is provided below:
Nature of ratios subject to covenants
Covenants
Group ratios at
December
31, 2016
Group ratios at
December
31, 2015
Leverage ratio (net debt/OMDA*)
not greater than 2.5
-0.35
-0.49
Interest cover ratio (operating margin/net cost of financial debt)
not lower than 4.0
60.99
50.79
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:
(In € million)
2016
2015
2016
2015
2016
2015
EUR
GBP
USD
Assets
176.8
79.8
15.9
45.5
148.0
156.7
Liabilities
105.4
221.2
8.7
74.7
72.0
67.3
Foreign exchange impact before hedging
71.4
-141.4
7.2
-29.2
76.0
89.4
Hedged amounts
-208.1
-
-62.4
-
-45.9
-3.8
Foreign exchange impact after hedging
-136.7 -141.4
-55.2
-29.2
30.1
85.6
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
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.
(In € million)
2016
2015
2016
2015
2016
2015
EUR
GBP
USD
Income Statement
-6.8
-7.1
-2.8
-1.5
1.5
4.3