AXWAY_REGISTRATION_DOCUMENT_2017
AXWAY GROUP AND ITS BUSINESS ACTIVITIES
CORPORATE RESPONSIBILITY
CORPORATE GOVERNANCE
CONSOLIDATED FINANCIAL STATEMENTS
2017 ANNUAL FINANCIAL STATEMENTS
CAPITAL AND AXWAY SOFTWARE STOCK
INFORMATIONS ADMINISTRATIVES ETbJURIDIQUES
COMBINED GENERAL MEETING OFb6bJUNEb2018
Notes to the annual financial statements 2017
Financial investments
Receivables related to equity investments
Loans and other financial investments
Equity investments
Total
(in thousands of euros) Gross value At 1ǾJanuary 2017 Acquisitions/Increases Disposals/Decreases At 31ǾDecember 2017
212,880
36,434 38,583
2,073
251,387
25
501
39,109 -1,584
-572
-495
-517
212,333
74,522
2,057
288,912
Impairments At 1ǾJanuary 2017
24,154
1,497
3 3
25,655
Provisions Reversals
25
- -
28
-4,238 19,941
-3
-4,241 21,442
At 31ǾDecember 2017 Net value At 1ǾJanuary 2017 At 31ǾDecember 2017
1,497
3
188,725 192,392
34,937 73,024
2,071 2,054
225,733 267,470
Details concerning equity investments are provided in the “Subsidiaries and associated entities” table presented in ChapterǾ4, NoteǾ4.7. a. Gross amounts InǾ2017, changes in equity investments were connected to the dissolution of Systar UK Ltd and Axway Software SDN BHD whose equity investments were written off for the sum of €572Ǿthousand. NoteǾthat inǾ2017, AxwayǾSAS and Axway Distribution France were each the subject of a capital increase in the amount of €8Ǿthousand and €17Ǿthousand, respectively. The increase in receivables linked to equity investments is attributable to Axway Inc., to which Axway Software loaned €42Ǿmillion in FebruaryǾ2017 for the acquisition of Syncplicity. The increase in receivables also resulted from current account transactions between Axway Software and the subsidiary Syncplicity LLC-USA (€823Ǿ thousand). This increase was also attributable to the change in current accounts with our
subsidiaries Axway Limited Ltd (€501Ǿthousand) and Axway Romania (€650Ǿthousand). The increase in “Loans and other non-current financial assets” was due to the change in the market-making agreement with Kepler for market making in Axway shares. In JanuaryǾ2017, an additional guarantee of €104Ǿthousand was paid for TourǾW. b. Impairments The charge for equity investments corresponds to an adjustment of the value of securities for the subsidiaries AxwayǾ SAS (€8Ǿthousand) and Axway Distribution France (€17Ǿthousand) following their capital increase. The drawdown mainly concerned Axway GMBH (€3.7Ǿmillion), Axway Nordic (€348Ǿthousand), and Systar UK Ltd (€190Ǿthousand) subsequent to its dissolution. The allocation to and reversal of the provision for impairment of loans and other non-current financial assets relates to the market-making agreement and the fluctuations in the share price (€3Ǿthousand).
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AXWAY - 2017 REGISTRATION DOCUMENT
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