Financial Liabilities

The changes in current and non-current financial liabilities during the periods ended December 31, 2015 and December 31, 2016 are illustrated in the following schedules:



	As of December 31, 2014		New borrowings		Repayments			Liabilities assumed in connection with business combinations		Other⁽¹⁾			Currency translation adjustment			As of December 31, 2015
	(in thousands)
Borrowings	$	8,007	$	4,023	$	(8,716	)	$	1,796	$	1,599		$	(736	)	$	5,973
Financial liabilities relating to finance leases	282		—		(258		)	—		24			(25		)	23
Other financial liabilities	488		—		(1,000		)	1,000		174			(54		)	608
Financial derivatives	743		—		—			—		(116		)	(75		)	552
Financial liabilities - current portion	9,520		4,023		(9,974		)	2,796		1,681			(890		)	7,156
Borrowings	5,044		—		—			—		(1,275		)	(497		)	3,272
Financial liabilities relating to finance leases	25		—		—			—		(24		)	(1		)	—
Other financial liabilities	191		—		—			—		(174		)	(17		)	—
Financial liabilities - non current portion	5,260		—		—			—		(1,473		)	(515		)	3,272
Borrowings	13,051		4,023		(8,716		)	1,796		324			(1,233		)	9,245
Financial liabilities relating to finance leases	307		—		(258		)	—		—			(26		)	23
Other financial liabilities	679		—		(1,000		)	1,000		—			(71		)	608
Financial derivatives	743		—		—			—		(116		)	(75		)	552
Total	$	14,780	$	4,023	$	(9,974	)	$	2,796	$	208		$	(1,405	)	$	10,428

⁽¹⁾Includes reclassification from non-current to current portion based on maturity of the financial liabilities.



	As of December 31, 2015		New borrowings		Repayments			Liabilities assumed in connection with business combinations		Other ⁽¹⁾			Currency translation adjustment			As of December 31, 2016
	(in thousands)
Borrowings	$	5,973	$	5,846	$	(13,854	)	$	7,067	$	808		$	(316	)	$	5,524
Financial liabilities relating to finance leases	23		—		(27		)	—		—			4			—
Other financial liabilities	608		64		(286		)	318		(225		)	(2		)	477
Financial derivatives	552		—		—			—		1,505			(89		)	1,968
Current portion	7,156		5,910		(14,167		)	7,385		2,088			(403		)	7,969
Borrowings	3,272		78,752		—			—		(808		)	(3,819		)	77,397
Other financial liabilities	—		—		—			—		225			(11		)	214
Non current portion	3,272		78,752		—			—		(583		)	(3,830		)	77,611
Borrowings	9,245		84,598		(13,854		)	7,067		—			(4,135		)	82,921
Financial liabilities relating to finance leases	23		—		(27		)	—		—			4			—
Other financial liabilities	608		64		(286		)	318		—			(13		)	691
Financial derivatives	552		—		—			—		1,505			(89		)	1,968
Total	$	10,428	$	84,662	$	(14,167	)	$	7,385	$	1,505		$	(4,233	)	$	85,580

⁽¹⁾Includes reclassification from non-current to current portion based on maturity of the financial liabilities.

We are party to several loan agreements and revolving credit facilities, or RCF, with third-party financial institutions. Our loans and RCF agreements are presented in the table below:



	Nominal/ Authorized amounts		Amount drawn as of December 31, 2016 (RCF only)
Nature	(in thousands)				Interest rate	Settlement date

Central loan agreements
BPI Loan
February 20, 2014	€	3,000	N/A		Fixed: 2.09%	May 31, 2021
Central RCF
BPI RCF
February 20, 2014	€	2,000	€	50	Floating rate: EURIBOR 3M + 0.7% 0.39% as of December 31, 2016	February 28, 2017
Bank Syndicate RCF
September 24, 2015	€	250,000	$	75,000	Floating rate: EURIBOR / LIBOR + margin depending on leverage ratio 1.73% as of December 31, 2016	September 23, 2020
China RCF
HSBC RCF
May 12, 2015	RMB 40,000		RMB 30,000		Floating rate: + 10% 4.79% as of December 31, 2016	N/A

In September 2015, Criteo entered into a five year revolving credit facility for general corporate purposes, including acquisitions, for a maximum amount of €250 million ($263.5 million), with a bank syndicate composed of Natixis (coordinator and documentation agent), Le Credit Lyonnais (LCL) (facility agent), HSBC France, Société Générale Corporate & Investment Banking and BNP Paribas (each acting individually as bookrunners and mandated lead arrangers). This multi-currency revolving credit facility bears interest rate at Euribor or the relevant Libor plus a variable margin (adjusted on the basis of the leverage ratio). As of December 31, 2016, $75.0 million had been drawn.

We were party to a loan agreement with Le Credit Lyonnais, or LCL, to finance certain capital expenditures. The outstanding principal and interest were payable in equal monthly installments and matured in June 2016. As a result, at December 31, 2016, the loan agreement was fully repaid.

In February 2014, we entered into an agreement with Bpifrance Financement (French Public Investment Bank) to support our development. This is a fixed rate seven-year term loan for €3 million ($3.2 million) which will be amortized quarterly after a two-year grace period.

In February 2014, we also entered into a three-year RCF with Bpifrance Financement (French Public Investment Bank). Upon origination, this agreement allowed for a maximum amount of €3.0 million ($3.2 million) in the first year, decreasing by €1.0 million ($1.0 million) in each subsequent year. As of December 31, 2016, we are authorized to draw €1.0 million ($1.0 million). The interest rate is Euribor 3 months plus a 0.70% margin. A 0.30% commitment fee is due on a quarterly basis depending on the amount used. At December 31, 2016, €0.1 million ($0.1 million) had been drawn.

In October 2014, and as amended in May 2015, we entered into a revolving loan facility with HSBC to support the development of our Chinese subsidiary for a total amount RMB 40.0 million ($5.8 million). Interest is determined at a rate equal to the benchmark lending rate effective on the loan drawdown date promulgated by the People’s Bank of China with a 10% mark up and payable when the loan matures. At December 31, 2016, RMB 30 million ($4.3 million) had been drawn.

All of these loans and revolving credit facilities are unsecured and contain customary events of default but do not contain any affirmative, financial or negative covenants, with the exception of the September 2015 revolving credit facility which contains covenants, including compliance with a total net debt to adjusted EBITDA ratio and restrictions on the incurrence of additional indebtedness. At December 31, 2016, we were in compliance with the required leverage ratio.

The following table shows the maturity of our financial liabilities:



			Maturity
	Carrying value		2017		2018		2019		2020		2021		2022
	(in thousands)
Borrowings	$	82,921	$	5,522	$	817	$	632	$	75,634	$	316	$	—
Financial liabilities relating to finance leases	—		—		—		—		—		—		—
Other financial liabilities	691		477		—		214		—		—		—
Bank overdraft	—		—		—		—		—		—		—
Financial derivatives	1,968		1,968		—		—		—		—		—
Financial liabilities	85,580		7,967		817		846		75,634		316		—