Very solid year 2019

All results are well in line with the objectives

• Revenue: €2,382 million, up +6.9% organically
• OMDA: €602 million, 25.3% of revenue, up +240bp on a comparable basis
• Free cash flow: € 288 million, up +38.6%
• Net income group share: € 311 million
• Normalized net income: € 301 million, +94.8%
• Normalized diluted earnings per share at €1.63, +46.2%

• Fast progress on the integration of Six Payment Services
• and generation of synergies

2020 objectives:

• Strong ambition in organic revenue growth, profitability and cash generation
• In line with the 2019-2021 3 year plan

As announced on February 3, 2020:

Worldline to acquire Ingenico
Creating a world-class leader in payments

Bezons, February 19, 2020 – Worldline [Euronext: WLN], European leader in the payments and transactional services industry, today announces its 2019 results.

Gilles Grapinet, Worldline Chairman and CEO said: “2019 has been an active year for Worldline, and I am pleased of the achievements of the company and the excellent work of the teams during the year.

Financial performance has been very solid and perfectly in line with the yearly objectives, with a noticeable steady acceleration of our organic growth, reaching +7.5% in Q4 thanks to the strong performance of Merchant Services. Operationally, I was very satisfied to see the fast progress of the integration and realization of the synergy plan with SIX Payment Services. Tangible results can be seen in our profitability, which has increased by +240 basis points in on year.

We have also acquired the minority interests in equensWorldline at the end of September at very favorable financing conditions, which combined with the deconsolidation from Atos group in May, strengthens Worldline’s strategic flexibility and enables us to stay more than ever fully focused in executing our long-term vision for the European payment consolidation.

This is fully illustrated by our announcement on February 3, 2020 of the friendly acquisition of Ingenico by Worldline to create a new world-class leader in payment services. I am very pleased to report that two weeks after its announcement, this major planned combination has been fantastically well received by our customers, teams partners and shareholders.”

 

Organic evolution of revenue and OMDA

For the analysis of the Group’s performance, revenue and operating margin before depreciation and amortization (OMDA) for 2019 are compared with 2018 revenue and OMDA at constant scope and exchange rates, which are presented in the appendix.

Performance for 2019, on a like-for-like basis compared with 2018 for revenue and OMDA, was as follows:

 

		FY 2019 key figures
In € million		FY 2019	FY 2018	% Growth
Revenue*		2,381.6	2,228.1	+6.9%
OMDA after IFRS 16		602.1
% of revenue		25.3%
OMDA before IFRS 16*		561.5	471.9	+19.0%
% of revenue		23.6%	21.2%	+240bp

 * At constant scope and December 2019 YTD average exchange rates

 

At constant scope and exchange rates, Worldline revenue stood at € 2,381.6 million representing an organic growth of +6.9% compared with 2018. Revenue growth accelerated as planned during the year, with +7.3% in H2 2019 (+7.5% in the fourth quarter of the year).

The Group’s Operating Margin before Depreciation and Amortization (OMDA) reached € 602.1 million or 25.3% of revenue. These numbers include the positive impact of the adoption of IFRS16 of €40.6 million on OMDA or +170 basis points. Before IFRS 16 impacts, OMDA stood at € 561.5 million or 23.6% of revenue, representing an increase of +240 basis points compared with 2018, in the upper end of the objective bracket set for the year of between 23% and 24%.

 

Free cash flow and net debt

		FY 2019 key figures
In € million		FY 2019	FY 2018	% Growth
Free cash flow		287.6	207.5	+38.6%
Closing net debt		-641.3	-35.0

Free cash flow in 2019 was € 287.6 million, in the upper end of the objective bracket set for the year and increasing by +38.6% compared with 2018. This performance was achieved while absorbing significant SIX Payment Services integration and synergy implementation costs.

Net debt was € 641.3 million, compared to a net debt of € 35.0 million at the end of 2018. The increase in net debt of € 606.3 million is explained mainly by:

• The acquisition of the minority stakes in equensWorldline in July 2019 for €1,070.9 million;
• The equity component of the € 600 million convertible bond issued in connection with this acquisition, (positive impact of € 82 million on the net debt);
• The release of the €117.8 million contingent consideration towards SIX Group related to the acquisition of SPS. Indeed, as a consequence of the announcement by SIX Group AG of the entry into a collar transaction on Worldline shares, the agreement regarding the Contingent Consideration of CHF 166 million to be paid by Worldline to SIX Group AG in case Worldline share price is below € 53 in March 2020 was terminated, triggering the release of this financial liability;
• The free cash flow for the year of € 287.6 million.

 

Performance per Global Business Lines

		Revenue
In € million		FY 2019	FY 2018*	% Organic Growth
Merchant Services		1,119.4	1,050.5	+6.6%
Financial Services		918.4	867.4	+5.9%
Mobility & e-Transactional Services		343.8	310.2	+10.8%
Worldline		2,381.6	2,228.1	+6.9%
		OMDA
In € million		FY 2019 after IFRS 16 impact	IFRS 16 impact		FY 2019 before IFRS 16 impact	FY 2018*	Org. Var.
Merchant Services		265.3	19.2		246.1	178.2	67.9
Financial Services		307.2	15.1		292.1	271.2	20.9
Mobility & e-Transactional Services		53.4	6.4		47.0	39.6	7.4
Corporate costs		-23.7	-		-23.7	-17.1	-6.6
Worldline		602.1	40.6		561.5	471.9	89.6
		OMDA %
In € million		FY 2019 after IFRS 16 impact	IFRS 16 impact		FY 2019 before IFRS 16 impact	FY 2018*	Org. Var. (pts)
Merchant Services		23.7%	+1.7 pt		22.0%	17.0%	+5.0 pt
Financial Services		33.4%	+1.6 pt		31.8%	31.3%	+0.5 pt
Mobility & e-Transactional Services		15.5%	+1.9 pt		13.7%	12.8%	+0.9 pt
Corporate costs		-1.0%	-		-1.0%	-0.8%	-0.2 pt
Worldline		25.3%	+1.7 pt		23.6%	21.2%	+2.4 pt

* At constant scope and December 2019 YTD average exchange rates

 

Merchant Services

		Merchant Services
In € million		2019 after IFRS 16 impact	IFRS 16 impact		2019 before IFRS 16 impact	2018*	% Organic Growth
Revenue		1,119.4			1,119.4	1,050.5	+6.6%
OMDA		265.3	19.2		246.1	178.2
% OMDA		23.7%	+1.7 pt		22.0%	17.0%	+5.0 pt

* At constant scope and December 2019 YTD average exchange rates

 

Merchant Services, which represented c.47% of Worldline’s revenue, grew by +6.6% organically or €+68.9 million and reached € 1,119.4 million.

• Commercial Acquiring grew double digit, benefiting particularly from:
•     o    The fast in-store transaction volume growth, triggered notably by the increased usage of payment card for low value purchase and the rapid adoption of contactless payments;
•     o    The continuous very strong increase of ecommerce payment transactions thanks particularly to the successful deployment of commercial offers specialized by market verticals;
•     o    Solid volume growth of value added services such as Dynamic Currency Conversion.
• Revenue in Online & Omni-channel Payment Acceptance grew high single digit, mainly driven by additional volumes and new customers in France, Switzerland, Austria and large international customers.
• Sales of Payment Terminals decreased overall in 2019. Revenue nevertheless recovered during the second semester and was nearly stable, enjoying a higher demand for newly launched products (mainly the new VALINA terminal) and from synergies with SIX Payment Services.
• Merchant Digital Services, which is the smallest business unit of the Business Line, decreased slightly mainly due to lower sales of digital kiosks in the UK.

Growth in Merchant Services remained globally very strong, notably for acquisition and acceptance services, and has reached +9.4% excluding Payment Terminals.

 

Merchant Services’ OMDA was up by +500 basis points at the end of December 2019 compared to the same period last year (€+67.9 million organically) and reached € 265.3 million or 23.7% of revenue (including an impact of +170 basis points due to the adoption of IFRS 16), thanks to:

• Good business trends in Commercial Acquiring and Online & Omni-channel Payment Acceptance;
• Positive effect of the realized synergies of the combination of Six Payment Services with the former Worldline scope, in accordance with the combined business plan; and
• The impacts of transversal productivity improvement actions (TEAM² program).

 

Financial Services

		Financial Services
In € million		2019 after IFRS 16 impact	IFRS 16 impact		2019 before IFRS 16 impact	2018*	% Organic Growth
Revenue		918.4			918.4	867.4	+5.9%
OMDA		307.2	15.1		292.1	271.2
% OMDA		33.4%	+1.6 pt		31.8%	31.3%	+0.5 pt

* At constant scope and December 2019 YTD average exchange rates

Accounting for c.39% of total revenue, Financial Services revenue reached € 918.4 million, improving organically by €+51.0 million or +5.9% compared to 2018.

• Account Payments revenue grew double digit, benefitting from good SEPA payment transaction volumes in Germany, Italy and the Netherland but also volume growth on transactions on the Dutch iDeal scheme. In addition, the division benefited from the ramp-up of the large Commerzbank outsourcing contract signed last year.
• Digital Banking revenue grew double digit as well thanks to good business trends, in particular related to PSD2 compliance.
• Issuing processing grew high single digit thanks mainly to good growth in volumes of card payments, continuous increase of 3D-Secure and strong authentications transactions and revenue recognized on payment software licenses.
• Despite a recovery during the second semester, Acquiring processing revenue decreased slightly, mostly due to a high comparison basis last year.

Financial Services’ OMDA was up by +50 basis points at the end of December 2019 compared to the same period last year (€+20.9 million organically) and reached € 307.2 million or 33.4% of revenue (including an impact of +160 basis points due to the adoption of IFRS 16), thanks mainly to the aforementioned strong business trends in Issuing Services, Account Payments and Digital Banking and further efficiency gains from TEAM², equensWorldline and SIX Payment Services synergy programs.

 

Mobility & e-Transactional Services

		Mobility & e-Transactional Services
In € million		2019 after IFRS 16 impact	IFRS 16 impact		2019 before IFRS 16 impact	2018*	% Organic Growth
Revenue		343.8			343.8	310.2	+10.8%
OMDA		53.4	6.4		47.0	39.6
% OMDA		15.5%	+1.9 pt		13.7%	12.8%	+0.9 pt

* At constant scope and December 2019 YTD average exchange rates

 

Representing c.14% of total revenue, Mobility & e-Transactional Services revenue reached € 343.8 million, increasing by +10.8% organically or €+33.6 million compared to last year.

All three business divisions recorded strong organic growth rates:

• Revenue in e-Ticketing expanded thanks to the development of Tap2Use contracts in various French cities as well as the ramp up of the e-Ticketing contract signed last year for the Paris region. Latin America also contributed to this growth.
• Trusted Digitization benefited from good transaction volume and project activity, notably on services related to Tobacco tracing for excise collection, as well as with various government agencies.
• E-Consumer & Mobility grew high single digit, mainly driven by the continuous increase of Contact contracts with French customers as well as the good contribution of volume growth in Connected Living and Mobility activities.

 

Mobility & e-Transactional Services OMDA reached €53.4 million or 15.5% of revenue (including an impact of +190 basis points due to the adoption of IFRS 16), increasing organically by €+7.4 million or +90 basis points compared to last year. Key reasons for this increase were:

• Good business trends in all business divisions due to recently won contracts,
• The productivity improvement with the increased scalability of the platforms;
• Impacts of TEAM² actions.

 

Fourth quarter 2019 commercial activity

Merchant Services

Worldline has been selected to provide its state-of-the art One-Commerce-Hub payment solution to Subway restaurants across several European countries. Worldline’s solution includes POS and e-Commerce acceptance. Subway and its franchise owners will benefit from Worldline’s commitment to omni-channel solutions and in particular from a consolidated reporting of all payment flows, regardless of their origin. Additional features include the optional DCC (Dynamic Currency Conversion) in tourist or multi-currency locations as well as POS-advertising capabilities.

Also, a new 5 year contract was signed with Selecta, Europe’s leading unattended self-service retailer, providing coffee & convenience food solutions in workplaces, transport stations and public spaces. Selecta is indeed implementing a cashless strategy, steering its customers to use less and less cash by promoting electronic payment and contracted Worldline’s commercial acquiring solution for its 34 000 vending machine in Belgium. The contract also cater for the deployment of at least 4 500 VALINA payment terminals.

 

Financial Services

Several large processing contracts with Tier1 European banks were renewed, notably in Belgium in Germany and in France.

Also, a major German bank with significant financial messaging volumes mandated equensWorldline's Next Generation Financial Messaging (NGFM) solution in a business process outsourcing operating model. With this mandate, equensWorldline will become one of the largest Swift Service Bureaus globally.

Lastly, an important ATM management contract was signed in France.

Mobility & e-Transactional Services (MeTS)

 

In Trusted Digitization:

• A contract was extended in France to deliver the energy vouchers to assist low-income households to pay their energy bills;
• The contract regarding the online payment of fines for traffic offenses in France was renewed;
• Worldline, together with Kapsch and Indra, won the contract for the management of the Offense Processing Center in Spain;
• Also, Worldline renewed the contract with the City of Vienna (Austria) for the management of the mobile parking payment.

 

In eTicketing, Worldline has renewed an important contract with a UK franchise to provide its solutions for Mobile Ticketing and Operation control of the railways. Also, Worldline has renewed its contract with an Austrian railway company to provide its freight management solution for several countries in Central Europe.

 

Backlog

The backlog at the end of December 2019 remained high at € 3.7 billion.

Operating margin and operating Income

Depreciation, amortization and other non-cash items were € 159.5 million.

Operating margin reached € 442.6 million, representing 18.6% of sales.

Other operating income and expenses were a net expense of € 148.3 million and consisted mainly of:

• Staff reorganization expenses of € 3.8 million, corresponding mainly to the restructuring costs induced by the recent acquisitions. Those costs have increased by € 0.2 million compared to 2018.
• Rationalization and associated costs of € 3.3 million, resulting mainly from costs linked to the TEAM² program, including administrative back office transformation. Those costs have decreased by € 0.6 million compared to 2018.
• Integration and acquisition costs of € 39.6 million representing a decrease of € 0.2 million compared to the prior period. SIX Payment Services integration costs represent a large part of this amount.
• Equity based compensation expense for € 19.9 million.
• Customer relationships amortization of € 75.9 million, including € 59.0 million for the amortization of SIX Payment Services customer relationships, technologies and patents and € 10.0 million for Equens and Paysquare customer relationships amortization.

 

As a result, operating income for the year was € 294.3 million or 12.4% of revenue.

 

Cancellation of the contingent liability to SIX Group AG

Further to the announcement by SIX Group AG on October 30, 2019, of the entry into a collar transaction on Worldline shares, the agreement regarding this contingent consideration of up to CHF 166 million was terminated with no payment to be made by Worldline to SIX Group AG in that respect. Hence, the € 117.6 million financial liability has been reserved as a financial profit in the 2019 financial statements.

As a reminder, in the context of the acquisition of SIX Payment Services, Worldline and SIX Group AG had agreed that a contingent additional consideration of a maximum amount of CHF166 million may have to be paid in cash by Worldline to SIX Group AG in Q2 2020. This contingent consideration had been valued at and booked conservatively as a financial liability for € 117.6 million in the 2018 financial statements.

Net financial expense, tax charge, non-controlling interests  and net income

Net financial income amounted to € 121.7 million for the period (compared to an expense of € 20.4 million in 2018) and was mainly made up of:

• The cancelation of contingent liability linked to the acquisition of SIX Payment Services representing an income of € 117.6 million;
• The recognition in the consolidated income statement of the variation of the fair value of the Visa preferred shares for a profit of € 24.2 million;
• Cost of gross debt of € 6.3 million, representing an average interest rate of 0.6%. Those costs include interest linked to OCEANE for € 2.6 million and bond for € 0.6 million;
• Foreign exchange losses for € 9.7 million, IFRS 16 financial expense for € 3.6 million; and Pension financial costs for € 2.3 million.

 

The tax charge at the end of December 2019 was € 75.0 million with a profit before tax of € 416.0 million. The annualized Effective Tax Rate (ETR) was 18.0% (24.4% in 2018). Excluding cancelation of contingent liability linked to the acquisition of SIX Payment Services representing an income of € 117.6 million, the ETR would have been 25.1%.

The non-controlling interests and associates at the end of December 2019 was € 26.8 million compared to € 38.9 million in 2018 and represented 36.4% of the net result of equensWorldline for the 9 first months of the year 2019, before exercise of Worldline call option to acquire the 36.4% minority stake and take full ownership of equensWorldline.

Share of net loss of associates was € 2.9 million.

As the result of the items above, net income group share was € 311.2 million.

 

Normalized net income and earnings per share

		FY 2019 key figures
In € million		FY 2019	FY 2018	% Growth
Net income Group share		311.2	100.5	+209.7%
% of revenue		13.1%	5.8%
Normalized net income Group share (1)		300.5	154.2	+94.8%
% of revenue		12.6%	9.0%
Normalized diluted earnings per share (in €)		1.63	1.12	+46.2%

 

(1): Adjusted for (Group share): staff reorganization, rationalization, integration and acquisition costs, equity based compensation and customer relationships & patents amortization, other non-recurring items, and release of the contingent liability to SIX Group aforementioned net of tax

Net income Group share stood at € 311.2 million (13.1 % of revenue), compared with €100.5 million in 2018. This net income includes the €117.6 million financial income on the release of the contingent liability to SIX Group aforementioned.

Normalized net income Group share stood at €300.5 million and progressed by +94.8% compared with the 2018 Normalized net income.

Normalized diluted earnings per share[1] was € 1.63 in 2019, compared with € 1.12 in 2018 (+46.2%).

 

Creation of a new world-class leader in payment services: Worldline to acquire Ingenico

Worldline and Ingenico Group SA have announced on February 3, 2020 that their respective Boards of Directors have unanimously approved a business combination agreement pursuant to which Worldline would launch a tender offer for all Ingenico shares, consisting of a 81% share and 19% cash transaction, as of last closing prices, as well as outstanding OCEANEs.

Upon closing, former Worldline shareholders would own c.65% of the combined entity and former Ingenico shareholders would own c.35%.

This transaction would combine two premier companies to create the world’s number four player in payment services with circa 20,000 employees in approximately 50 countries with physical presence. Upon closing, the new combined group would offer best-in-class payment services to nearly 1 million merchants and 1,200 financial institutions.

The transaction will be subject to customary closing conditions, including regulatory, merger control clearances and information and/or consultation with employee representative bodies, as well as Worldline shareholders’ approval.

It is expected that the tender offer will be filed with the AMF in June or July 2020, once regulatory and merger control clearances processes are in progress.

For more information, in particular related to the terms of the offer, please refer to the press release available at worldline.com in the Investors section.

 

SIX Payment Services Integration and synergy plan

The integration of SIX Payment Services is progressing very well and slightly ahead of plan. Quality and cultural fit of teams enable very fast and good progresses and all integration tracks were above target for 2019 in terms of synergies, while former SPS customer satisfaction is fully matching Worldline benchmark.

The Group therefore fully confirms the total of circa €110 million run rate synergies expected with SIX Payment Services in 2022, of which circa 25% in 2019 and circa 50% in 2020.

 

Human resources

The total headcount was 11,877 at the end of December 2019, compared to 11,474 at the beginning of 2019. The increase of +3.5% (or +403 staff) of the Group total workforce was due to the net increase in direct workforce of +327 staff, linked to strong business development, in particular in North & South Europe, France, Switzerland, Luxembourg and The Netherlands.

 

Exposure of the Group to the corona virus Covid-19 outbreak

Worldline has performed a preliminary assessment of its exposure related to the outbreak of the Covid-19 corona virus on its employees and its business, in particular for its activities in Asia Pacific. The current assessment based on the information made available so far is that the potential risks for Worldline are very limited:

•  Firstly, the Group has implemented measures to protect the health of its employees in the world and notably in Asia Pacific, such as awareness and travel moderation communications, home-working readiness, and temperature and health checks. As of February 19, 2020, all personnel is safe.
• Then, in terms of potential financial impact, it is reminded that revenue derived in Asia Pacific represents a very small part of the Group revenue in 2019 and that consequently any financial consequence on the Group of a potential slow-down of Asian economies will be limited.
• Lastly, in terms of procurement, the Group purchases its payment terminals from Asian manufacturers but benefit from sufficient internal stocks for the coming months and no delay has been observed to date in the deliveries to Europe. Also, sales of Payment terminals represent a very limited part of Worldline revenue.

 

The indirect temporary consequence of a slowdown of the global economy or international travels is currently limited as well. However, the situation may evolve depending on the worldwide situation related to the corona virus, keeping in mind the experience from the 2009 financial crisis did show a strong resilience of Worldline business and payment providers to such events.

This matter is followed at local and Group level by Worldline management in order to adjust the set of measures as appropriate depending on how the situation evolves.

 

Dividend

During its meeting held on February 18, 2020 and considering the strategic priority given in 2020 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 2019 results.

 

2020 objectives

Fully in line with 2021 ambition, the 2020 objectives are as follows:

Revenue

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

OMDA

The Group targets an OMDA margin between 26% and 27%.

Free cash flow

The Group has the ambition to generate a free cash flow of between € 325 million and € 350 million.

 

Appendices

Reconciliation of 2018 statutory revenue and OMDA to 2018 revenue and OMDA at constant scope and exchange rates

		Revenue
In € million		FY 2018	Reallocation of shared costs between Business Lines according to new structure (**)	Internal Transfers	Scope effects	Exchange rates effects	FY 2018*
Merchant Services		624.3		-0.4	+414.5	+12.2	1,050.5
Financial Services		777.0		+0.4	+86.7	+3.3	867.4
Mobility & e-Transactional Services		319.0				-8.8	310.2
Worldline		1,720.2		0.0	+501.1	+6.7	2,228.1
		OMDA
In € million		FY 2018	Reallocation of shared costs between Business Lines according to new structure (**)	Internal Transfers	Scope effects	Exchange rates effects	FY 2018*
Merchant Services		132.3	-4.2	-0.4	+48.9	+1.6	178.2
Financial Services		237.1	+2.1	+0.4	+30.5	+1.1	271.2
Mobility & e-Transactional Services		38.8	+2.0			-1.3	39.6
Corporate costs		-17.1					-17.1
Worldline		391.1	+0.0	0.0	+79.3	+1.4	471.9

* At constant scope and December 2019 YTD average exchange rates

** Due to new weight of each Business Line after the acquisition of SIX Payment Services, the shared costs have been reallocated accordingly.

• Following the acquisition of SIX payment Services, the costs shared between the 3 Business Lines have been reallocated according to the new group profile.
• Internal transfers refer to the reclassification of some SPS contracts between Financial Services and Merchant Services.
• Scope effects correspond to the addition of SIX Payment Services revenue for the first 11 months of 2018.
• Exchange rate effects correspond mainly to the appreciation of the Swiss Franc partly compensated by depreciation of the Argentinian Peso.
• The OMDA table above does not include the effect of the adoption of IFRS 16. The adoption of IFRS 16 is +170 basis points on the 2019 OMDA.

The 2018 figures presented in this document are based on the constant scope and foreign exchange rates data.

 

Reconciliation of Q4 2018 statutory revenue to Q4 2018 revenue at constant scope and exchange rates

		Revenue
In € million		Q4 2018	Reallocation of shared costs between Business Lines according to new structure (**)	Internal Transfers	Scope effects	Exchange rates effects	Q4 2018*
Merchant Services		194.5		-0.7	+79.8	+4.3	277.9
Financial Services		216.8		+0.7	+15.8	+1.0	234.3
Mobility & e-Transactional Services		79.6				+4.0	83.6
Worldline		490.9		0.0	+95.6	+9.3	595.8

* At constant scope and December 2019 YTD average exchange rates

** Due to new weight of each Business Line after the acquisition of SIX Payment Services, the shared costs have been reallocated accordingly.

 

 

Q4 2019 revenue

		Revenue
In € million		Q4 2019	Q4 2018*	% Growth
Merchant Services		300.4	277.9	+8.1%
Financial Services		248.6	234.3	+6.1%
Mobility & e-Transactional Services		91.3	83.6	+9.2%
Worldline		640.4	595.8	+7.5%

 

Forthcoming events

April 23, 2020 - First quarter 2020 revenue

May 14, 2020 - Shareholder’s Annual General Meeting

 

Worldline Investor Relations Contact

• David Pierre-Kahn
• Email: David.pierre-kahn@worldline.com

 

Worldline Communication Contact

• Sandrine van der Ghinst
• Email: sandrine.vanderghinst@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’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Worldline’s 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 2018 Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 21, 2019 under the filling number: D.19-0185 and the 2018 Universal Registration Document (including the 2019 half-year financial report) filed with the AMF on August 7, 2019 under the filling number: D.19-0745.

Worldline’s consolidated financial statements for the year ended December 31, 2019 were approved by the Board of Directors on February 18, 2020. Audit procedures have been performed and the auditors’ reports are being issued.

Revenue organic growth and Operating Margin before Depreciation and Amortization (OMDA) improvement are presented at constant scope and exchange rate. OMDA is presented as defined in the 2018 Registration Document. 2020 objectives have been considered with exchange rates as of December 31, 2019. All figures are presented in € million with one decimal. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.

Global Business Lines include Merchant Services (in Argentina, Belgium, Brazil, Czech republic, France, Germany, India, Luxembourg, Malaysia, Poland, Spain, Sweden, Switzerland, The Netherlands, United Kingdom, USA), Financial Services (in Belgium, China, Estonia, Finland, France, Germany, Hong Kong, Indonesia, Italy, Latvia, Lithuania, Luxembourg, Malaysia, Singapore, Spain, Switzerland, 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).

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.

This press release is disseminated for information purposes only and does not constitute an offer to purchase, or a solicitation of an offer to sell, any securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they have been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any U.S. state, or are exempt from registration. The securities that may be offered in any transaction have not been and will not be registered under the U.S. Securities Act or the securities laws of any U.S. state and Worldline does not intend to make a public offering of any such securities in the United States.

 

About Worldline

Worldline [Euronext: WLN] is the European leader in the payment and transactional services industry. With innovation at the core of its DNA, Worldline’s core offerings include Pan-European and domestic Commercial Acquiring for physical or online businesses, secured payment transaction processing for banks and financial institutions, as well as transactional services in e-Ticketing and for local and central public agencies. Thanks to a presence in 30+ countries, Worldline is the payment partner of choice for merchants, banks, public transport operators, government agencies and industrial companies, delivering cutting-edge digital services. Worldline’s activities are organized around three axes: Merchant Services, Financial Services including equensWorldline and Mobility & e-Transactional Services. Worldline employs circa 12,000 people worldwide, with 2019 revenue of circa 2.4 billion euros. worldline.com

 

[1] 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

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