WORLDLINE_REGISTRATION_DOCUMENT_2017

Risk Factors [GRI 102-15] and [GRI 102-11] Financial market risks

Interest Rate Risk

F.4.2

All of the Group’s borrowings, the vast majority of which are with fluctuations is not material in light of its relatively low level of Atos as lender, and deposits bear interest at floating interest indebtedness (€ 46.7 million) and of its net cash position of rates mainly based on Euribor or EONIA plus or minus a margin. € 309.1 million as of December 31, 2017. The Group considers that its exposure to interest rate

Liquidity Risk

F.4.3

Nearly all of the Group’s borrowings and cash consist of

financial liabilities, see Note 23 of the consolidated financial

financing and cash deposits with maturities of less than two statements. years provided by Atos through intercompany loans, current accounts and other financial instruments. As such, the Group currently benefits from the financial support of Atos for its liquidity requirements. For more information about the Group’s

The Group benefit from a € 300 million revolving credit facility granted by Bull International, maturing on June 26, 2019, in order to cover the Group’s liquidity requirements, including temporary fluctuations in its working capital needs.

Credit and/or Counterparty Risk

F.4.4

Credit and/or counterparty risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group believes that it has limited exposure to concentrations of credit risk due to its large and diverse customer base. The Group’s greatest credit risk position is borne with respect to its financial institution customers. The Group manages this credit risk by consistently selecting leading financial institutions as clients and by using several banking partners. The Group is also exposed to some credit risk in connection with its Commercial Acquiring. For each transaction, the Group provides a performance guarantee to the merchant in respect the cardholder’s payment. Therefore, the Group is exposed to a credit risk in the event of non-payment by the cardholder.

Additionally, the Group offers a guarantee of “service rendered” to the cardholder. Accordingly, in the event a merchant goes bankrupt (or ceases to operate) before delivering the product or rendering the service purchased by a cardholder, the cardholder can require the Group to reimburse it for the amount of the transaction. This credit risk exposure is especially significant where services are purchased through e-Commerce well in advance of the time that they are actually rendered (e.g., ticket purchases through travel agencies). The Group monitors these risks by selecting financially sound clients, requesting guarantees (collateral build up, delegation of insurance, etc.) and checking daily transaction flows to avoid excessive exposure to

F

these risks.

Risk on shares

F..4.5

The risk on shares is limited to treasury shares.

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Worldline 2017 Registration Document