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E
Financial
E.5
Parent company summary financial statements
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Risk analysis
Note
18
Market risks: fair value of financial instruments
receivable, bank overdraft and trade accounts payable
Cash at bank and short termdeposits, trade accounts
of their market value as of December 31, 2016.
considers that the book value constitutes a reasonable estimate
Due to the short term nature of these instruments, the Group
Long andmedium term liabilities
term liabilities of 470 million related to the syndicated loan.
As of December 31, 2016, Atos SE presents a long and medium
Liquidity risk
On November 6, 2014, Atos signed with a number of major
The first option of extension for one year was exercised in 2015
the extension of the Facility maturity date until November 2021.
maturing in November 2019 with an option for Atos to request
financial institutions a five-year € 1.8 billion credit facility
exercised in 2016. Therefore the new maturity of the €
and the second option of extension for one year has been
1.8 billion credit facility is November 2021.
December 31, 2016, Atos SE used € 470 million on this facility.
The facility is available for general corporate purposes. As of
Amortization) which may not be greater than 2.5.
divided by Operating Margin before Depreciation and
under the terms is the consolidated leverage ratio (net debt
The revolving credit facility includes one financial covenant which
Securitization program
renewed for 5 years on June 18, 2013 with a maximum amount
Atos securitization program of trade receivables has been
financing of € 200.0 million.
of receivables sold of € 500 million and a maximum amount of
and OFF:
The program is structured with two compartments, called ON
receivables are maintained in the Group balance sheet) which
Compartment “ON” is similar to the previous program (i.e. the
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sold. This compartment was used at its lower level;
remains by default the compartment in which the receivables are
Compartment “OFF” is designed so the credit risk (insolvency
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third party financial institution.
the program is fully transferred to the purchasing entity of a
and overdue) of the debtors eligible to this compartment of
As of December 31, 2016, the Group has sold:
recourse, thus re-consolidated in the balance sheet;
which € 10 million were received in cash. The sale is with
In the compartment “ON” € 257.5 million receivables for
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associated with the receivables were transferred.
qualify for de-recognition as substantially all risks and rewards
In the compartment “OFF” € 41.5 million receivables which
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The Group aligned its contractual obligations under this program
multicurrency credit facility described above.
on the most favourable conditions of the renewable