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10
Liquidity and capital resources
Principal uses of funds
109
Worldline
2016 Registration Document
Principal uses of funds
10.3
Operational investments
10.3.1
“Investments”.
The Group made net operating investments of €
85.3
million and €
68.6
million in 2016 and 2015 respectively. See Section
5.2,
Financial investments
10.3.2
SmartPay), as detailed in Section 9.1.
The Group has recorded net financial investment for €
111.0 million in 2016, related to the acquisition of Paysquare and Cataps (KB
Dividends
10.3.3
“Dividend Policy”.
propose at the next Annual General Meeting of Shareholders not to distribute any dividend on the 2016 results. See Section
20.5,
2017 and considering the strategic priority given in 2017 to the development of the Company, the Board of Directors decided to
The Group paid dividends of €
45.1 million in 2014. No dividends were paid in 2015 and in 2016. During its meeting held on February
20,
Financing of Working Capital Requirements
10.3.4
indicated.
Group’s change in working capital requirements for the periods
2015. The following table sets forth the composition of the
capital requirements of €
37.3 million in 2016 and €
11.9 million in
borrowings. The Group posted positive changes in its working
cash flow from operations and, to the extent needed, short term
The Group finances its working capital requirements through its
(in € million)
12 months ended
December 31, 2016
December 31, 2015
12 months ended
Clients and related
-10.0
33.8
Suppliers and related
57.5
-15.7
Personnel and related
-0.1
1.5
Other
-10.1
-7.7
Total change in working capital requirements
37.3
11.9
longer day of sales outstanding (DSO) (+2 days).
For “Clients and related”, the change comes mainly from a
payable outstanding (DPO) by +7 days for “Supplier and related”.
The variation in 2016 reflects mainly the increase of the days
the invoicing process and of ongoing efforts to control accounts
outstanding (DPO) by 14 days, as a result of the acceleration of
The variation in 2015 reflects the decrease of the days payable
(€
15.0 million), as a result of the increase in prepaid expenses.
sales outstanding (DSO) ratio has decreased by 23 days
receivable overdue. As far as receivables are concerned, day of