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9
Operation and financial review
Financial Review
103
Worldline
2016 Registration Document
€
128.5 million in 2015 corresponding to an increase of +9.3%.
exchange rate fluctuation on opening net cash balance, and net
acquisitions and disposals, reached €
140.4 million compared to
disposal of Visa Share, purchase of shares, impact of foreign
Free cash flow represented by the change in net cash or net
debt, excluding equity changes, dividends paid to shareholders,
increased by €
30.5 million compared to last year, including the
following items:
Cash From Operations
amounted to €
210.7
million and
OMDA (€+23.4 million);
●
Higher capital expenditures (€-18.3 million);
●
Higher improvement in change in working capital
●
requirement (€+25.4 million).
€+23.4
million compared to December
2015, reached 19.8% of
revenues against 19.2% of revenues in 2015.
OMDA
of €
258.7
million, representing an increase of
investment in software platforms through capitalized cost, in
connection with the modernization of proprietary technological
Capital expenditures
amounted to €
85.3
million or 6.5% of
revenue above the level of 2015 at 5.5%. Main part is related to
platforms for €
45.4 million.
€
37.3
million. The DSO ratio reached 40 days at the end of
The positive
change in working capital requirement
was
December
2016, while the DPO was 70 days as of
December
2016.
mainly came from advance payments and regularizations in
Germany, France and Belgium.
Cash out related to
taxes paid
reached €
39.1 million increasing
by €
9.2 million compared to 2015 (€
29.9 million). This increase
Net outflow related to
cost of net debt
of €
0.6
million
decreased by € 0.8 million compared to the year 2015.
Cash outflow linked to
reorganization costs
represented
€
5.2 million.
integration costs realized in 2016 reached € 9.9 million.
Integration costs
linked to the acquisitions and post acquisition
related mainly to investments in non consolidated companies.
Net financial investments
amounted to €
1.3
million and
Other changes
of €
10.1 million corresponded to:
Foreign exchange losses and other financials costs for
●
€
3.5 million;
Other non recurring items for € 6.6 million.
●
As a result, the
Free Cash Flow (FCF
) generated in 2016 was
€
140.4 million.
of Paysquare and Cataps and the cash/debt included in the
acquired companies at the date of the closing.
The
net acquisitions
of €
111.0 million represented the net cash
effects linked to the acquisitions at the end of September
2016
In December
2016, the €
7.5
million
Capital increase
lcorresponded to:
(€
3.1 million);
The proceeds from the capital increase required for the
●
Boost Employee Share Purchase Plan in February
2016
stock options issued in September
2014, for €
4.4 million.
Issuance of common stock following employee’s exercise of
●
The
Proceeds from disposal of the Visa Share
of €
35.6 million
related to the cash impact of the Visa share disposal in Belgium.
cash of €
3.0 million.
Foreign exchange rate fluctuation
which is determined on
debt or cash exposure by country had a positive impact on net
Financing Policy
9.11.3
Financing structure
9.11.3.1
financed by long-term committed loans or other appropriate
long-term financial instruments.
Worldline’s expected liquidity requirements are currently fully
covered by the positive cash position and if needed, would be
liquidity requirements, including temporary fluctuations in its
working capital needs, that was renewed on November
2, 2015
2019, is concluded at customary market conditions and contains
no financial covenants.
and transferred to Bull International (subsidiary of the Atos
group) on January
2, 2016. The RCF has a duration until June
26,
for an amount €
300
million, in order to cover the Group’s
In this respect, on June
26, 2014, Worldline SA (as Borrower)
signed a Revolving Credit Facility (RCF) with Atos SE (as Lender)
Investment policy
9.11.3.2
financed through leases depending on the cost of funding and
on the most appropriate type of financing for each new
assets such as IT equipment and company cars may be
investment.
Worldline has a policy to lease its office space and other real
estate assets either administrative or technical. Some other fixed