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10
Liquidity and capital resources
Financial resources
108
Worldline
2016 Registration Document
aligned with standard market practices and summarized below:
including temporary fluctuations in its working capital needs.
The main terms and conditions of the revolving credit facility are
facility granted by Bull International, subsidiary of the Atos
group, in order to cover the Group’s liquidity requirements
The Group is benefiting from a €
300 million revolving credit
Maximum amount: €
300 million;
●
breakage costs, if any, in the event of prepayment). Bull
International has a right to terminate the facility and request
Maturity: June
26, 2019, terminable by the Company at any
●
time without charge or penalty (subject to an indemnity for
amount;
at least 25% of the Company’s share capital, whereupon the
Company would have two months to repay the borrowed
repayment in the event that the Atos group ceases to hold
prepayment subject to an indemnity for breakage costs;
Drawdown term: one, three or six months, with any
●
either one, three or six months + margin of 0.7%;
Rate on utilization: Euribor for the relevant interest period,
●
Commitment fee: 35% of the margin.
●
facility with third party financial institutions to replace the Bull
International revolving credit facility.
The Group intends, in due course, to enter into a revolving credit
Financial resources
10.2
The Group has historically relied on the sources of financing
described below. These financial resources are primarily
short-term (cash on hand, cash flow from operating activities,
short-term borrowings).
of the consolidated financial statements.
“Borrowings” below, net cash and cash equivalents totaled
€
408.2 million and €
325.2 million respectively. See Note
19
bank overdrafts and amounts owed to Atos under the cash
pooling and current account arrangements described under
balance sheet at December
31, 2016 and 2015 amounted to
€
425.2 million and €
353.3 million respectively. Net of the
Cash on hand. The Group’s cash and cash equivalents on its
●
Cash flow from operating activities, which generated cash
●
flow before change in working capital requirements,
financial interest and taxes of €
229.3
million and
€
216.5 million in 2016 and 2015 respectively.
Note
23 of the consolidated financial statements.
and 2015 respectively. The table below reflects the
breakdown of the Group’s borrowings as of those dates. See
Borrowings. The Group had total borrowings of
●
€
26.3 million and €
30.0 million as at December
31, 2016
December 31, 2016
December 31, 2015
(in € million)
Current Non-current
Total
Current Non-current
Total
Finance leases
0.1
2.0
2.1
0.3
1.4
1.7
Overdrafts
14.5
-
14.5
19.1
-
19.1
Current accounts with Atos entities
2.5
-
2.5
9.0
-
9.0
Other borrowings
6.9
0.2
7.1
0.1
0.1
0.2
Total borrowings
24.1
2.2
26.3
28.5
1.5
30.0
The main categories of the Group’s borrowings are:
relates primarily to a Worldline facility in Belgium;
leases. The amount outstanding at December
31, 2015
Group makes limited borrowings in the form of finance
Finance leases (€
2.1
million at December
31, 2016). This
●
principally denominated in euros;
arrangements bear interest at market rates and are
subject to regulatory restrictions. These financing
primarily in countries where intercompany financing is
category consists primarily of local bank overdraft lines,
Overdraft (€
14.5
million at December
31, 2016). This
●
denominated in euros;
bear interest at market rates and are principally
current account advances. These financing arrangements
financing provided by the Atos group to the Group through
at December
31, 2016). This category consists primarily of
Current intra accounts with Atos group entities (€
2.5 million
●
of the share capital of that company.
to Cataps s.r.o. (KB SmartPay) minority shareholders on 20%
financial liability corresponding to the put option belonging
not fall within the above-described categories, mainly the
category consists of miscellaneous other borrowings that do
Other borrowings (€
7.1 million at December
31, 2016). This
●