2017 annual results

All objectives reached

• Revenue: € 1,594 million
• +23.0% growth at constant exchange rates
• up +4.0% organically (+6.3% in H2 2017)

• Strong improvement of profitability and cash generation:
  OMDA: € 335 million, 21.0% of revenue and up +240 bp
  Free cash flow: € 176 million, +28.9% 
  
• Net income group share: €105 million

Very successful first year execution of the equensWorldline integration

• Digital River World Payments, First Data Baltics and MRL Posnet: integration almost completed

2018 objectives: further increase in revenue growth, profitability and free cash flow, fully in line with the 2019 ambition

 

Gilles Grapinet, Worldline CEO said:

“2017 was a very successful year for Worldline, in all areas: organic growth and profitability, launch of new major and innovative offers as well as perfect execution of the industrial and commercial integration of equensWorldline, which altogether perfectly position our company regarding its 2017-2019 ambitions.

In 2017, the Group also reinforced its position with three perfectly targeted acquisitions, opening the way to even better opportunities in Northern Europe with the almost completed integration of Fist Data Baltics, in India with MRL Posnet joining the Group and in online payments thanks to state of the art solutions from Digital River World Payments

A little more than three year after IPO, the Group is the best positioned European payment market consolidator thanks to a unique mix of assets: industrial scale throughout numerous countries, leading innovation, financial and shareholder strengths, and a proven track-record of mutually value-creative deals both for our Group and for the numerous banking partners to whom we have been providing services for decades.”

2017 key figures

The 2017 financial statements of the Group include:

• The performance of First data Baltics (“FDB”) from October 1, 2017 and of Digital River World Payments (“DRWP”) and MRL Posnet from November 1, 2017, and
• The disposal of PaySquare Belgium on March 31, 2017 and of Cheque Service business from July 1, 2017.

Taking these scope changes into consideration, revenue and operating margin before depreciation and amortization (OMDA) for 2017 are compared with 2016 revenue and OMDA at constant scope and exchange rates, which are presented in Appendix.

Performance for 2017, on a like-for-like basis compared with 2016 for revenue and OMDA, was as follows:

		Key figures
In € million		FY 2017	FY 2016	% Growth
Revenue*		1 593.9	1 532.9	+4.0%
Operating Margin before Depreciation and Amortization*		335.4	285.3	+17.6%
% of revenue		21.0%	18.6%	+240bp
Net income Group share		105.5	144.2	-26.8%
% of revenue		6.6%	9.4%
Adjusted net income Group share**		144.1	127.4	+13.1%
% of revenue		9.0%	8.3%
Free cash flow***		176.0	136.5	+28.9%
Closing net cash***		309.1	347.7	-11.1%
* At constant scope and December 2017 YTD average exchange rates
** Adjusted on restructuring, rationalization, integration and acquisition charges, disposals, IFRS2 expense and PPA amortization, net of tax.
*** FY 2016 adjusted to reflect the presentation of assets and liabilities related to intermediation activities

At constant scope and exchange rates, Worldline revenue stood at € 1,593.9 million representing an organic growth of +4.0% compared with 2016. Revenue growth in H2 2017 (+6.3%) accelerated sequentially as planned compared with the growth rate reported in H1 2017 (which was +1.7%), as the negative comparative effect arising from the termination of the RADAR contract in June 2016 ended in June 2017.

The Group’s OMDA improved by +240bp, reaching € 335.4 million or 21.0% of sales, well in line with the revised target set in July 2017 and exceeding the objective initially set in February last year of between 20.0% and 20.5%.

Normalized net income[1] stood at € 144.1 million and progressed by +13.1%. Net income Group share stood at € 105.5 million, decreasing by € 38.6 million compared with 2016, which included the exceptional profit from the disposal of the Visa Europe share.

Normalized diluted earnings per share[2] was € 1.08 in 2017, compared with €0.96 in 2016 (+12.5%).

Free cash flow in 2017 was € 176.0 million and increased by +28.9% compared with 2016.

Net cash reached € 309.1 million decreasing by €-38.6 million compared with the net cash position as at December 31, 2016.

• This net cash position was adjusted by €-51.2 million to reflect the presentation of assets and liabilities related to intermediation activities[3], as already disclosed in the June 2017 consolidated financial statements.
• It also includes the net disbursement related mainly to the acquisitions of Digital River World Payments, First Data Baltics, MRL Posnet and Diamis for € 220.1 million.
  

Performance per Global Business Lines

		Revenue				OMDA			OMDA %
In € million		FY 2017	FY 2016*	% Growth		FY 2017	FY 2016*		FY 2017	FY 2016*
Merchant Services		535.5	508.0	+5.4%		112.3	113.5		21.0%	22.3%
Financial Services		708.3	665.5	+6.4%		202.1	144.9		28.5%	21.8%
Mobility & e-Transactional Services		350.0	359.3	-2.6%		43.6	49.5		12.5%	13.8%
Corporate Costs						-22.6	-22.6		-1.4%	-1.5%
Worldline		1 593.9	1 532.9	+4.0%		335.4	285.3		21.0%	18.6%
* At constant scope and December 2017 YTD average exchange rates

Merchant Services

		Merchant Services
In € million		FY 2017	FY 2016*	% Growth
Revenue		535.5	508.0	+5.4%
OMDA		112.3	113.5
% OMDA		21.0%	22.3%	-1.4 pt
* At constant scope and December 2017 YTD average exchange rates

Merchant Services, which represented 34% of Worldline’s revenue, grew by +5.4% organically and reached € 535.5 million.

• The growth mainly came from Merchant Payment Services, which benefitted from a strong momentum in India with the demonetization impact leading to higher volumes of transactions and from positive business trends in Continental Europe, in particular in Germany, Netherlands and Eastern Europe. These good operational performances more than compensated the negative price/volume mix effect that occurred as planned in the course of the first semester in Belgium in Commercial Acquiring.
• Merchant Digital Services grew slightly, thanks to Private Label Cards & Loyalty services in Spain as well as to higher project revenues with transportation companies in the United Kingdom.

Merchant Services’ OMDA reached € 112.3 million at the end of December or 21.0% of revenue, decreasing organically by €-1.1 million (-140 basis points compared with 2016). Despite the very good dynamism of Merchant Payment Services in India and the overall transaction volume growth, the Global Business Line was indeed impacted by the adaptation during 2016 of its pricing structure to retrocede the interchange fee reduction, as well as commercial efforts to develop business in the faster growing geographies.

Financial Services

		Financial Services
In € million		FY 2017	FY 2016*	% Growth
Revenue		708.3	665.5	+6.4%
OMDA		202.1	144.9
% OMDA		28.5%	21.8%	+6.8 pt
* At constant scope and December 2017 YTD average exchange rates

Accounting for 44% of total revenue, Financial Services revenues reached € 708.3 million, improving organically by €+42.8 million or +6.4% compared to 2016. All four business divisions contributed to that growth:

• Revenue in Issuing processing grew thanks to good transaction volume growth (+11%), successful sale of added value services such as strong authentication services (c. x2), high level of software licenses sales and projects in Asia, and overall significant project work;
• Acquiring processing was also particularly dynamic during the period thanks to more volume and projects mainly in South of Europe and in France;
• Digital banking grew mainly thanks to continued development and good fertilization on projects in France and in the United Kingdom;
• The business line Accounts Payments grew thanks to increased transaction of non-card payments (+7%), notably on SEPA payment in the Netherlands and in Germany, and for iDeal in the Netherlands (+32%). Promising new projects were also conducted on new payment functionalities such as Instant Payments.
   

Financial Services reached an OMDA of € 202.1 million (28.5% of revenue) representing an organic increase of +680 basis points or €+57.1 million, compared to the same period in 2016. This performance was mainly driven by operating leverage, particularly due to good trends in Acquiring and Issuing Processing businesses, and also by significant savings in the cost base (notably a reduction of external costs in equensWorldline), resulting from the faster than planned implementation of the synergy plan that started end of 2016. Profitability also improved thanks to some Acquiring Processingcontract set-up costs incurred in 2016 that did not occur again in 2017.

Mobility & e-Transactional Services

		Mobility & e-Transactional Services
In € million		FY 2017	FY 2016*	% Growth
Revenue		350.0	359.3	-2.6%
OMDA		43.6	49.5
% OMDA		12.5%	13.8%	-1.3 pt
* At constant scope and December 2017 YTD average exchange rates

Representing 22% of total revenue, Mobility & e-Transactional Services revenue reached € 350.0 million, decreasing by -2.6% as the Trusted Digitization business line was impacted for the last time as planned during the first semester, by the termination of the French automated traffic offence management system (the “RADAR” contract) that occurred in June 2016. Excluding that effect, the growth of MeTS would have exceeded +7% in 2017. This performance could be achieved thanks to:

• A good activity in Trusted Digitization notably in France with government agencies and in Latin America (healthcare services and tax collection activities);
• A double digit growth ine-Consumer &Mobility thanks to the ramp up of projects in France and in Germany;
• The double digit growth of e-Ticketing business in Latin America and in Germany, which nearly compensated for the temporarily decline of e-Ticketing services in the United Kingdom, which was affected by lower projects delivered to rail transport companies.

Mobility & e-Transactional Services OMDA reached € 43.6 million or 12.5% of revenue, decreasing by
€-5.9 million or -130 basis points. Despite margin improvement in the United Kingdom (end of loss making projects in 2016), in Germany (higher revenue combined to costs reduction) and in Latin America (higher e-Ticketing volumes and price renegotiation), the OMDA of the Global Business Line was impacted by the end of a mature contract (RADAR), which was partly substituted by new business consisting of project activities and ramping-up volumes with a temporarily lower profitability.

Q4 2017 Commercial activity

Merchant Services

Worldline signed several contracts during the last quarter that will strengthen its market position in payment services for the physical retail. In particular,

• Worldline will provide an e-commerce and e-acquiring platform for the optician clients of a leading pharmaceutical group, in several key European countries (Benelux, United Kingdom & Ireland and France) in a first wave of deployment;
• Also, the Group signed a contract with a new national retailer in the United Kingdom, by which it will provide an end-to-end service allowing the client to outsource the provision of its entire Trade Account Card service, from application processing, card issuing and customer service, to closed loop payment system and credit management, supplying people, systems and technology.

Regarding Online Payments, the progression of transaction volumes for Worldline Online Payment Acceptance (former Digital River World Payments) was satisfactory, with in particular the increase of number of authorized transactions by +12% since the acquisition of the company.

Financial Services

Financial Services pursue supporting European banks with innovation and solutions to comply with the new regulatory environment. As such:

• As PSD2 came into force in January 2018, Worldline won a number of contracts for PSD2 compliant secured platform to manage requests to access bank accounts;
• Instant payment services will be provided to an another Dutch bank;
• Worldline will deploy its HCE mobile payment to a major Belgium bank.
   

Also, beyond the renewal or extension of important processing contracts with several Belgian banks, Worldline significantly increased the scope of services provided to one of its German clients by signing a contract related to the outsourcing of Swift payment processing.

Mobility & e-Transactional Services

During the fourth quarter of 2017, Worldline reaffirmed its strong market position in advanced innovations for real-time secured transaction management, and in particular:

• Worldline developed its next-generation Digital Ticketing platform that will allow consumers to travel without the need to buy a ticket. In this regard, Worldline announced that it is one of the first companies globally to participate in Visa’s new Visa Ready for Transit program. The Worldline solution, Worldline Tap 2 Use, which has also received a prize in France, enables contactless cards, mobile devices and wearable technology to be used for entry and exit of transit systems and is using the acquiring and issuing capability of the Group.
• In e-Consumer and Mobility, Worldline together with Zimbra (a Synacor product) will deliver the future highly secured, GDPR compliant, mailbox solution for a European telco, connecting all its customers and delivering up to one million mailboxes in a pay-per-use model for an initial period up to 5 years.
• Regarding Trusted Digitization projects, and in the frame of the digital Military Medical center project, Worldline will deliver an end-to-end solution (information system, e-Health digital services and IT infrastructure) to support the military-health activity of the medical arm of the service de santé des armées (SSA).

 

Backlog & commercial perspectives

Backlog at the end of December 2017 remained high at € 2.6 billion.

On the commercial side, perspectives are very positive:

• Merchant Services is expected to benefit in 2018 from the deployment of the new online payment offerings (cross border acceptance, payment collecting services, etc.) as well as from the launch of new payment terminals notably the Valina unattended POS terminal. Strong commercial synergies in On-Line payments are also expected between Worldline and Digital River World Payments (now renamed Worldline Online Payment Acceptance);
• In Financial Services, Worldline anticipates another year of strong growth thanks to its strong pipe of payment processing outsourcing opportunities and thanks to its instant payments and API management platforms, for which there is currently a strong market appetite in the context of the implementation of the PSD2 and Instant Payment regulations;
• Last, Worldline anticipates a continued deployment of its Open Payment technologies for e-Ticketing as well as new implementations of its Contact platform for banks and industrial companies.

Implementation of IFRS 15

IFRS 15 accounting standard “Revenue from contracts with customers” is applicable from January 1, 2018 onwards.

The impact from the adoption of IFRS 15 is circa -2.6% on 2017 consolidated revenue and circa +60 basis points on 2017 OMDA rate. Obviously, no effect is anticipated on OMDA and on Free Cash Flow amounts.

Operating Income and Net Income

Depreciation, amortization and Other non-cash items was € 82.3 million.

Operating margin progressed by +28.7% and reached € 253.1 million, representing 15.9% of sales.

Non-recurring items were an expense of € 67.6 million and consisted mainly of integration and acquisition costs related to Equens and Paysquare (€22.9 million) and to the companies acquired in 2017, customer relationship and patents amortization expense (€ 14.2 million), equity based compensation (€ 7.9 million) as well as staff reorganization and premises rationalization costs.

As a result, operating income for the year was € 185.5 million (€ 210.0 million in 2016, as it included the proceeds from the sale of the Visa Europe share to Visa Inc for € 51.2 million).

Financial result was a charge of € 8.1 million and the tax charge represented € 44.1 million (effective tax rate of 24.9%).

Non-controlling interests amounted to € 27.9 million and were related to the minority shareholders in equensWorldline.

As the result of the items above, net income group share was € 105.5 million.

Free Cash Flow and net cash

Worldline free cash flow totaled € 176.0 million (+28.9% compared with 2016) well in line with the objective for the full year of above € 170 million.

Net cash reached € 309.1 million decreasing by €-38.6 million compared with the net cash position as at December 31, 2016.

• This net cash position was adjusted by €-51.2 million to reflect the presentation of assets and liabilities related to intermediation activities[1], as already disclosed in the June 2017 consolidated financial statements.
• It also includes the net disbursement related mainly to the acquisitions of Digital River World Payments, First Data Baltics, MRL Posnet and Diamis for € 220.1 million.

Reinforcement of Worldline’s Account Payments division through the acquisition of Diamis

On December 21, 2017, Worldline has purchased from Atos Intégration, a wholly owned subsidiary of its parent Atos SE, 100 percent of the share capital of Diamis, for an enterprise value of c.€ 11 million, value determined by an independent expert.

It is reminded that Atos Integration owned 60% of the share capital of Diamis and recently acquired the 40% remaining stake in the company from a minority shareholder on October 20, 2017.

Founded in 1990 and headquartered in Bezons, France, Diamis is notably the editor of the Cristal software that is used by many leading European banks in order to manage SEPA and domestic mass payments, through the module “Mass Payment Highway” as well as the intra-day liquidity for interbank payments and securities trading (modules “Proactive Liquidity Manager” and “Target2-Securities”). Cristal is currently being used to exchange 15% of the high-value payments in Europe, which represents more than € 500 billion processed daily.

This transaction was initiated by Worldline in order to reinforce the commercial portfolio of its Financial Services Global Business Line, which is currently the European leader in Account Payments (ACH – Automated Clearing Houses, direct debits and credit transferts solutions for corporates, instant payments, etc.) through a strongly complementary software offer, notably for the contemplated deployment of instant payment solutions in Europe and for the T2/T2S consolidation project of the European Central Bank.

Diamis is consolidated in the financial statements of Worldline from December 31, 2017, in the “Financial Services” Global Business Line. Diamis generated a revenue of c.€ 8 million in 2017 and its OMDA rate is expected to be in line with Worldline’s profitability.

Human Resources

The total headcount of the Group was more than 9,400, a +8.5% increase over 2016, reflecting both the number of new joiners from recently acquired companies (c. +400 staff) and the net increase in direct workforce of c.360 staff, linked to strong business development, in particular in India and in France.

In order to reach its growth ambition, in particular in e-commerce, digital banking, eHealth, IoT and e-Ticketing, Worldline has launched in December 2017 a worldwide recruitment campaign, aiming at recruiting more than 1500 new talents.

Corporate & social responsibility: new major successes in 2017

In 2017, Worldline significantly strengthened its leading position in sustainability and in particular :

• Moved up 2 positions to rank 7 (on a panel composed of 230 assessed companies) in the Gaïa Index’s TOP 10 highest-rated companies); and
• Was rewarded with the Gold level from EcoVadis for its outstanding extra-financial performance thus confirming the company’s leadership in Corporate Social Responsibility (CSR)

Worldline confirmed in 2016 its ambition to be a recognized leader in terms of its commitment to sustainability by launching “TRUST 2020”, its long-term CSR program that aims to put trust at the heart of its ecosystem and to create sustainable value for all of its stakeholders. The first results achieved as part of this ambitious program concretely and clearly reflect the strong progress momentum in which Worldline is involved and demonstrate the full mobilization of the company to maintain its best in class level in CSR performance.

Dividend

During its meeting held on February 19, 2018 and considering the strategic priority given in 2018 to the development of the Company, the Board of Directors decided to propose at the next Annual General Meeting of Shareholders not to distribute any dividend on the 2017 results

2018 Objectives

Fully in line with 2019 ambition (6 to 8% organic growth, above 23% OMDA rate[2] and between €230 million and €245 million of free cash flow), the 2018 objectives are as follows:

Revenue

The Group expects to achieve an organic growth of its revenue, at constant scope and exchange rates, of between 5% and 7%.

OMDA

The Group targets an OMDA margin between 22% and 23%. (5)

Free cash flow

The Group has the ambition to generate a free cash flow of between € 200 million and € 210 million, including c.€20 million of synergy implementation costs.

Appendices

Statutory to constant scope and exchange rates reconciliation

For the analysis of the Group’s performance, revenue and OMDA for 2017 is compared with 2016 revenue and OMDA at constant scope and foreign exchange rates.

Reconciliation between the 2016 reported revenue and OMDA and the 2016 revenue and OMDA at constant scope and foreign exchange rates per Global Business Line is presented below:

		Revenue
In € million		FY 2016 Statutory	Scope effect	Exchange rates effect	FY 2016*
Merchant Services		439.6	+51.4	-2.2	508.0
Financial Services		500.0	+186.0	-1.3	665.5
Mobility & e-Transactional Services		369.6	+0.0	-10.2	359.3
Worldline		1 309.1	+237.5	-13.8	1 532.9
* At constant scope and December 2017 YTD average exchange rates

		OMDA
In € million		FY 2016 Statutory	Scope effect	Exchange rates effect	FY 2016*
Merchant Services		99.3	+7.3	-0.3	113.5
Financial Services		130.6	+21.9	-0.5	144.9
Mobility & e-Transactional Services		51.5	-0.0	-2.0	49.5
Corporate		-22.6			-22.6
Worldline		258.7	+29.2	-2.7	285.3
* At constant scope and December 2017 YTD average exchange rates

Internal transfers correspond to the reclassification in Merchant Services of the revenue from Worldline India previously classified in Financial Services, as this revenue relates primarily to business done directly or indirectly (through banks) with merchants.

Scope effects refer mainly to:

• The acquisitions of Equens, Paysquare and KB Smartpay on September 30, 2016. Hence, Equens, Paysquare and KB Smartpay revenue and OMDA for the first three quarters of 2016 are included in the 2016 revenue and OMDA at constant scope and exchange rates, for a like-for-like comparison with FY 2017.
• The consolidation of and First Data Baltics on October 1, 2017. Hence, First Data Baltics revenue and OMDA for the fourth quarter of 2016 are included in the 2016 revenue and OMDA at constant scope and exchange rates, for a like-for-like comparison with FY 2017.
• The consolidation of Digital River World Payments and MRL Posnet on November 1, 2017. Hence, Digital River World Payments and MRL Posnet revenue and OMDA for November and December 2016 are included in the 2016 revenue and OMDA at constant scope and exchange rates, for a like-for-like comparison with FY 2017.
• The disposal of the Cheque Service business on July 1, 2017. Hence revenue and OMDA related to Cheque Service in H2 2016 have been excluded from the 2016 revenue and OMDA at constant scope and exchange rates, for a like-for-like comparison with FY 2017.
• The disposal of Paysquare Belgium, on March 31, 2017. The 2016 revenue and OMDA at constant scope and exchange rates has been similarly adjusted for a like-for-like comparison with FY 2017.

Exchange rate effects reflect mostly the depreciation of the British Pound and the Argentinian Peso versus the Euro.

The 2016 figures presented in this document are based on the constant scope and foreign exchange rates data.

Q4 revenue performance by Global Business Line

		Revenue
In € million		Q4 2017	Q4 2016*	Organic growth
Merchant Services		146.2	138.5	5.6%
Financial Services		192.2	179.4	7.1%
Mobility & e-Transactional Services		91.7	86.9	5.5%
Worldline		430.2	404.9	+6.3%
* At constant scope and December 2017 YTD average exchange rates

Conference call

Worldline’s CEO Gilles Grapinet, along with General Manager Marc-Henri Desportes, and Chief Financial Officer Eric Heurtaux will comment on the Group results for 2017 on Tuesday, February 20, 2018 at 6:15pm (CET- Paris).

You can join the webcast of the conference:

• on worldline.com, in the Investors section

Direct access to the webcast: https://edge.media-server.com/m6/p/zkmdu3y6

• by telephone with the dial-in:

France	+33 1 76 77 22 74
Germany	+49 69 2222 13420
United Kingdom	+44 330 336 9105
United States of America	+1 323-794-2093
Code:	2680911

After the conference, a replay of the webcast will be available on worldline.com, in the Investors section

 

Forthcoming event

April 24, 2018              Q1 2018 revenue

May 24, 2018              Annual General Meeting

July 24, 2018               First half 2018 results

October 22, 2018        Q3 2018 revenue

 

About Worldline

Worldline [Euronext: WLN] is the European leader in the payments and transactional services industry. Worldline delivers new-generation services, enabling its customers to offer smooth and innovative solutions to the end consumer. Key actor for B2B2C industries, with nearly 45 years of experience, Worldline supports and contributes to the success of all businesses and administrative services in a perpetually evolving market. Worldline offers a unique and flexible business model built around a global and growing portfolio, thus enabling end-to-end support. Worldline activities are organized around three axes: Merchant Services, Mobility & e-Transactional Services and Financial Services including equensWorldline. Worldline employs more than 9,400 people worldwide, with annual revenue of c. € 1.6 billion. Worldline is an Atos company. worldline.com

Disclaimer

This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors behaviors. Any forward-looking statements made in this document are statements about Worldline’ beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Worldline’ plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2016 Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 28, 2017 under the registration number: R.17-032 and its update filed with the Autorité des Marchés Financiers (AMF) on August 3, 2017 under the registration number: D.17-0407-A01. Worldline does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.

Worldline consolidated financial statements for the year ended December 31, 2017, were approved by the Board of Directors on February 19, 2017. These financial statements have been audited.

Revenue organic growth is presented at constant scope and exchange rates. Operating margin before amortization and depreciation (OMDA) is presented as defined in the 2016 Registration Document.

2018 objectives have been considered with exchange rates as of December 31, 2017.

Global Business Lines include Merchant Services (in Argentina, Belgium, Brazil, Czech republic, France, Germany, India, Luxembourg, Malaysia, Poland, Spain, Sweden, The Netherlands, United Kingdom, USA), Financial Services (in Belgium, China, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Italy, Latvia, Lithuania, Luxembourg, Malaysia, Singapore, Spain, Taiwan, The Netherlands and the United Kingdom.), and Mobility & e-Transactional Services (in Argentina, Austria, Belgium, Chile, China, France, Germany, Spain, The Netherlands and United Kingdom).

This document does not contain or constitute an offer of Worldline’ shares for sale or an invitation or inducement to invest in Worldline’ shares in France, the United States of America or any other jurisdiction.

 

[1] The normalized net income Group Share excludes unusual and infrequent items (Group share), net of tax.

[2] EPS including the impacts of potentially dilutive instruments, calculated on the net income Group share adjusted for non-recurring items (Group share), net of tax

[3] Please refer to note Accounting rules and policies to the Consolidated Financial Statements

[4] Please refer to note Accounting rules and policies to the Consolidated Financial Statements

[5] Calculated based on revenue recognized under IFRS15

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