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

Less than 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than 5 years

As at 31/12/2017

Interest rate Fixed rate Variable rate

31/12/2017

- -

- -

- -

- -

- -

- -

- -

Investment securities

Fixed rate

28,146 28,146

Cash and cash equivalents

Variable rate

Fixed rate

28,146 28,146

- -

- -

- -

- -

- -

Financial assets

Variable rate

-

-

Fixed rate

-4,982

-305 -1,030 -1,005

-981

-958

-703

Bank loans

Variable rate

-43,780 -3,255 -3,046 -2,347 -35,133

0

Fixed rate

-

0

Finance lease liabilities

Variable rate

Fixed rate

-3,470

-914

-710

-748

-544

-554

Employee profit sharing

Variable rate Fixed rate Variable rate Fixed rate Variable rate

Other financial liabilities

Current bank overdrafts

-8

-8

Fixed rate

-8,452 -1,218 -1,740 -1,753 -1,526 -1,512

-703

Financial liabilities

Variable rate

-43,788 -3,263 -3,046 -2,347 -35,133

-

-

Fixed rate

19,694 26,928 -1,740 -1,753 -1,526 -1,512 -703

Net position before hedging

Variable rate

-43,788 -3,263 -3,046 -2,347 -35,133

-

-

Fixed-rate payer swap Knock-in tunnel

Interest rate hedging instruments

Fixed rate

19,694 26,928 -1,740 -1,753 -1,526 -1,512 -703

Variable rate with cap and floor Variable rate

Net exposure after hedging

-43,788 -3,263 -3,046 -2,347 -35,133

0

0

b. Foreign exchange risk Foreign exchange risk arises mainly from currency translation of financial statements for companies based in the USA, Brazil, the UK and Sweden. No specific hedge has been arranged for this type of risk. The exposure to risk arising from trade transactions is limited, since each of the entities involved mainly carries out business in its own country and its own currency. Furthermore, as part of its intra-group transactions, the Group is exposed to the risk of currency fluctuations in respect of: ● the invoicing of services provided from a center located in Romania. The impact of these currency fluctuations on profit or loss is in principle negligible in view of the regularity of settlements;

● the invoicing of license fees by the Group to subsidiaries operating in a functional currency other than the euro. The impact of these currency fluctuations on profit or loss became more significant inǾ2017 for the Brazil subsidiary, which is invoiced in dollars; ● borrowings and loans in foreign currencies related to intra- group financings. The impact of these currency fluctuations is taken to shareholders’ equity. These financial flows are not systematically hedged.

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AXWAY - 2017 REGISTRATION DOCUMENT

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