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9
Operation and financial review
Financial Review
101
Worldline
2016 Registration Document
organization mainly in the United Kingdom, France and the
Netherlands.
Staff reorganization
expenses of €
4.5
million decreased by
restructuring costs induced by the adaptation of the
€
2.1
million compared to last year and correspond to the
the TEAM program and to the reorganization of office premises
resulted mainly from external costs linked to the continuation of
€
1.7 million compared to 2015.
in France and Belgium. Those costs have decreased by
The €
4.5
million of
rationalization and associated costs
costs.
and Paysquare transactions and post acquisition integration
(increase of €+2.7
million compared to the prior year) and
Integration and acquisition costs
reached €
9.9
million
correspond to the costs related to the execution of the Equens
corresponds to:
The 2016
customer relationships amortization
of €
6.1 million
allocated to the value of the customer relationships and
€
3.5 million related to the portion of the consideration paid
●
Services;
backlog brought by Banksys and Siemens IT Solutions &
relationships amortized over 6.5 to 9.5 years starting
€
2.5
million of Equens and Paysquare customer
●
October
1, 2016;
starting October
1, 2016.
€ 0.1 million of Cataps (KB Smartpay) customer relationships
●
The €+38.4 million of
other items
mainly consisted of:
Note
3 “Other significant events of the year”);
The gain on the Visa share disposal for €
51.2 million (refer to
●
€-6.8 million (refer to Note
7 “Other Operating Income”);
The charge of equity based compensation (IFRS
2) for
●
Other non recurring costs for €-6.0 million.
●
Net financial expense
9.11.1.4
2015 and was composed of a net cost of financial debt of
Net financial expense amounted to €
5.9 million in 2016 and in
€ 0.6 million and non-operational financial costs of €
5.3 million.
compared to €
1.4 million in 2015.
The net cost of financial debt amounted to € 0.6 million in 2016
The other financial income/expenses were mainly composed of
costs for €
2.0 million. The pension financial costs represent the
foreign exchange losses for €
2.9 million and pension financial
difference between interest costs on defined benefit obligations
funded (cf. Note
21, “Pensions and similar benefits”).
and the interest income on plan assets for plans which are
Corporate tax
9.11.1.5
Effective Tax Rate (ETR) was 26.3% (27.3% in 2015).
with a profit before tax of €
204.0
million. The annualized
The tax charge at the end of December
2016 was €
53.7 million
Normalized net income
9.11.1.6
The normalized net income excluding unusual and infrequent items (net of tax) is €
129.2 million.
(in € million)
December 31, 2016
12 months ended
December 31, 2015*
12 months ended
Net income – Attributable to owners of the parent
144.2
103.4
Other operating income and expenses
13.3
-29.8
Tax impact on unusual items
1.6
13.3
Total unusual items – Net of tax
15.0
-16.5
Normalized net income – Attributable to owners of the parent
129.2
119.9
December 31, 2015 adjusted to reflect change in presentation disclosed in Note “Accounting Rules and policies”.
*