Bond Investors Presentation
Financing discipline
Financial agility to support 2016 Ambition while keeping
outstanding credit ratios
Leverage ratio
Bond investors
presentation
June 2015
M&A financial criteria
Before Xerox ITO acquisition
Net cash
position
€ 1.0 bn
Banking
covenant
< 2.5 x
OMDA
Headroom:
c. € 3.3 bn
After Xerox ITO acquisition
Estimated
pro forma
net cash
position*
c. € 0.1 bn
Banking
covenant
< 2.5 x
OMDA*
Headroom:
c. € 3.0 bn
Stringent assessment
of asset value
► Existence of potential
synergies with the
Group, first and
foremost in cost
savings
► Alignment with the
Group's financial
capacities
* after Xerox ITO acquisition ** 2014 pro forma OMDA taking into account 12 months of Xerox ITO estimated 2014 OMDA
Your business technologists. Powering progress
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