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

NoteǾ11 Cash flows

11.1 Change in net debt

31/12/2017

31/12/2016

31/12/2015

(in thousands of euros)

Net debt at 1ǾJanuary (A)

-12,580 18,203

-35,681 43,459

3,122

Cash from operations after cost of net debt and tax

40,552

Costs of net financial debt

1,093

380

361

Income tax (including deferred tax)

24,021 43,317 -2,051 -11,724 29,543 -4,194 -1,093 24,256 -52,691

3,745

-2,101 38,813 -2,527 13,317 49,602 -4,715

Cash from operations before cost of net financial debt and tax

47,584 -3,291 -5,900 38,394 -10,094 27,919 -45,944 -1,304 -8,314 -380

Income taxes paid

Changes in working capital requirements Net cash from operating activities Change related to investing activity

Net interest paid

-361

Available net cash flow

44,525

Impact of changes in the scope of consolidation

-127 -384

Financial investments

-635

Dividends

-8,468 3,150

-8,227 3,085

Capital increase in cash

3,444

Application of IASb32/39 standards

-

-

Other changes

148

342

-1,139 37,733

Total net change during the year (B) Impact of changes in exchange rates Net debt at 31ǾDecember (A-B)

-34,240 -2,434 24,094

-23,856

756

1,071

-12,580

-35,681

Impact of changes in the 2017 scope of consolidation: (-)€52.7bmillion The 2017 change was mainly due to the acquisition of Syncplicity in FebruaryǾ2017. The other changes are due to companies being deconsolidated. The 2016 change concerned the acquisition of Appcelerator in January. The 2015 change concerned the correction of Systar’s net assets acquired.

31/12/2017

31/12/2016

31/12/2015

(in thousands of euros)

Cost of acquisition (excluding earn-out) Portion compensated as Axway shares

-53,237

-46,766

- -

-

Net debt/Net cash and cash equivalents of companies acquired

148

822

-127

Deferred payments

- -

- -

Earn-outs disbursed for previous acquisitions

Sous-total Acquisitions

-53,090

-45,944

-127

Others changes

399

-

-

Total

-52,691

-45,944

-127

156

AXWAY - 2017 REGISTRATION DOCUMENT

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