AXWAY_REGISTRATION_DOCUMENT_2017
AXWAY GROUP AND ITS BUSINESS ACTIVITIES Notes to the financial statements
CORPORATE RESPONSIBILITY
CORPORATE GOVERNANCE
CONSOLIDATED FINANCIAL STATEMENTS
2017 ANNUAL FINANCIAL STATEMENTS
CAPITAL AND AXWAY SOFTWARE STOCK
INFORMATIONS ADMINISTRATIVES ETbJURIDIQUES
COMBINED GENERAL MEETING OFb6bJUNEb2018
and the fair value of its other components, i.e. maintenance and ancillary services. The fair value of the other components is determined when possible on the basis of the list prices applying in the case of a separate sale or alternatively, on the basis of management’s best estimate. The residual amount attributed to the license is recognized at the time of delivery. d. In fairly rare instances, ancillary services may be considered essential to the operation of a software package This may be the case for very complex projects, the completion of which may be subject to particular risks. The project is then examined as a whole and is the focus of specific monitoring by the Quality Department. They are accounted for using the percentage of completion method described in paragraphǾf. below. e. Technical assistance, consulting, training and projects provided on an ongoing contract basis These services are recognized when the service is performed, i.e. in general at the time of invoicing.
Operations are reviewed at each balance sheet date:
● services already performed but not yet, or only partially, invoiced are measured on the basis of billable time and the contractual billing rates. They are recognized as revenue and are included in the balance sheet under the Accrued income item in Trade receivables; ● services already billed but not yet entirely performed are deducted from invoiced revenue and included in the balance sheet under the Deferred revenue itemof the Other non-current liabilities heading. f. Services covered by fixed-price contracts Under such contracts the Group commits itself to a price, a result and a deadline. Revenue and profit generated by a contract are recognized on the basis of a technical assessment, in line with the Group’s quality procedures, of the contract’s degree of completion. The Group will apply IFRS 15, superseding all existing standards and interpretations on revenue recognition from 1 January 2018 retroactively for those periods of fiscal year 2017 that will be presented in comparison with those of fiscal year 2018.
4.1.2 Revenue by business line The presentation of revenue by business line including the Cloud is as follows:
2017
2016
2015
(in millions of euros)
Licences
65.3 37.5
21.8% 12.5% 48.5% 17.2%
81.3 19.1
27.0%
80.5 10.3
28.3%
Cloud
6.3%
3.6%
Maintenance
145.4
143.0
47.5% 19.2%
137.7
48.4% 19.7%
Services
51.6
57.7
56.2
Total revenue
299.8
100.0%
301.1
100.0%
284.6
100.0%
The 2016 and 2015 revenue figures were restated to identify the Cloud revenues, namely €19.1Ǿmillion and €10.3Ǿmillion respectively.
Presentation of the non-restated revenue in the format used in the Registration Document until the 2016 fiscal year:
2017
2016
2015
(in millions of euros)
Licences
65.3 37.5
21.8% 12.5% 48.5% 17.2%
81.3
27.0%
80.5
28.3%
Cloud
0.0
0.0%
0.0
0.0%
Maintenance
145.4
143.0
47.5% 25.5%
137.7
48.4% 23.3%
Services
51.6
76.8
66.4
Total revenue
299.8
100.0%
301.1
100.0%
284.6
100.0%
4.1.3 International operations
2017
2016
2015
(in millions of euros)
France
83.8
27.9% 72.1%
94.2
31.3% 68.7%
95.2
33.5% 66.5%
International Total revenue
216.1 299.8
206.9 301.1
189.4 284.6
100.0%
100.0%
100.0%
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AXWAY - 2017 REGISTRATION DOCUMENT
www.axway.com
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