DECLARATION BY THE PERSON RESPONSIBLE FOR THE INTERIM FINANCIAL REPORT STATUTORY AUDITORS’ REPORT ON THE INTERIM FINANCIAL STATEMENTS MANAGEMENT REPORT HALF-YEAR FINANCIAL STATEMENTS CONDENSED INTERIM CONSOLIDATED 2 Notes to the consolidated statement of financial position 29 AXWAY - 2021 INTERIM FINANCIAL REPORT Financial debt − Net debt Note 16 Net debt is €15.2 million at 30 June 2021, compared to €24.0 million at 31 December 2020 and breaks down as follows: (in thousands of euros) Current Non-current 30/06/2021 31/12/2020 Bank borrowings 2,130 36,774 38,904 40,217 Other financial liabilities -50 - -50 -20 Bank overdrafts 16 - 16 14 Financial debt 2,095 36,774 38,869 40,211 Cash and cash equivalents -23,718 - -23,718 -16,165 Net debt -21,623 36,774 15,152 24,046 The Group has a €125 million multi-currency revolving credit facility (RCF). An “Amendment and maturity extension” agreement was signed on 31 January 2019, reducing the margin scale and relaxing the financial covenants. The initial maturity of July 2021 was directly set at January 2024 and then further extended to January 2026. In addition, the Group was granted increased flexibility by its banks for acquisitions of less than €50 million, with no prior documentation now required. At 30 June 2021, €89 million of the RCF remained available, representing a utilisation rate of 29%. The RCF is drawn in the amount of €36 million. This draw-down replaced the US$45 million draw-down initially used to finance the acquisition of Syncplicity in 2017. Three financial ratios, calculated using the published consolidated financial statements, on a 12-month sliding basis, must be met under the covenants: “Net debt/EBITDA” ratio; ● “EBITDA/Financial expenses” ratio; ● “Net debt/Shareholders’ equity” ratio. ● Note that net debt does not include employee profit-sharing liabilities or IFRS 16 lease liabilities, to maintain a constant calculation method. At 30 June 2021, these financial covenant are all met. The Group also secured loans in 2015 and 2016 from Banque Populaire and BPI France totalling €18 million. Outstanding capital on these borrowings at 30 June 2021 is €2.9 million.
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