Worldline - 2019 Universal Registration Document

A.1 Business profile6
A.2 Revenue profile [GRI 102-6] [GRI 201-1]7
A.2.1 By Line of services7
A.2.2 By Geographic areas [G102-4]7
A.3 Messsage from Gilles Grapinet [GRI 102-1] [GRI 102-14]8
A.4 Worldline in 2019 [GRI 102-7]9
A.4.1 Key graphs9
A.4.2 2019: an exceptional year in Worldline's history10
A.5 Group presentation [GRI 102-1] [GRI 102-3] [GRI 102-6]13
A.5.1 Formation of the Group [GRI 102-10] [GRI 102-45]13
A.5.2 Creation of a new world-class leader in payment services: announced acquisition of Ingenico15
A.5.3 Simplified organization chart [GRI 102-4]16
A.5.4 Subsidiaries and participation [GRI 102-4]17
A.5.5 Management and organization [GRI 102-18] [GRI 102-22] [GRI 102-23]18
B.1 Card Payments24
B.2 Non-card based payments26
B.2.1 Credit Transfers26
B.2.2 Direct Debit26
B.2.3 Instant Payments26
B.2.4 Other Alternative Payment Instruments26
B.3 Other services in and around the payment value chain27
B.3.1 Services for Traditional Merchants27
B.3.2 Value-Added Services for Banks27
B.3.3 New digital businesses28
B.4 Key Market Trends and Drivers of Change29
B.4.1 The digital revolution is driving new customer behavior generating significant growth in non-cash payments31
B.4.2 Key developments in technology will sustain the growth of electronic payments34
B.4.3 Regulatory changes in the payment sector are expected to create new opportunities35
B.4.4 New entrants and their impact on the industry business model also create new opportunities for payment services Providers36
C.1 Description of the Group’s three Business Lines services38
C.1.1 Merchant Services38
C.1.2 Financial Services44
C.1.3 Mobility & e-Transactional Services49
C.2 Competitive Strengths57
C.2.1 A major player in Europe with an expanding global footprint, especially in emerging markets57
C.2.2 Comprehensive unique comprehensive positioning across the extended payments value chain58
C.2.3 Leading presence in next-generation payment services59
C.3 Worldline’s Business Model60
C.4 Worldline: a regulated Group64
C.4.1 European Regulation64
C.4.2 Regulation applicable outside of the European Economic Area66
C.4.3 Compliance with technical standards66
C.4.4 Protection of personal data67
C.5 Strategy70
C.5.1 Scale and reach: fully leverage Worldline Pan-European competitive advantage70
C.5.2 Large deals expertise: maintain commercial focus on large outsourcing deals and new bank alliances70
C.5.3 Focus on online: grow above market Worldline online and omni-channel payments, leveraging One Commerce Hub and Digital Banking71
C.5.4 Innovation and investment: ensure successful market breakthrough with latest differentiating offers71
C.5.5 Integration know-how: enable fastest possible delivery of SIX Payment Services and equensWorldline synergy plans71
C.5.6 M&A track record: more than ever, maintain an absolute priority and focus on the next wave of European payment consolidation opportunities71
C.5.7 Make Worldline the n°1 payment industry employer brand through talent & expert attraction and developments policies and Tier 1 CSR achievements72
C.5.8 Other Strategic plans72
C.6 2019-2021 Ambition73
C.7 Technology74
C.7.1 IT Platforms74
C.7.2 Data Centers and Hardware74
C.8 Sales and marketing75
C.9 Procurement and suppliers76
C.10 Investments77
C.10.1 Investments of 201977
C.10.2 Principal Investments Currently Underway and Planned77
C.11 Property Plant and Equipment78
C.11.1 Significant existing or planned property, plant and equipment78
C.12 Research and development, Patents and Licenses79
C.12.1 Research and development79
C.12.2 Intellectual Property, Patents, License, Usage Rights, and Other Intangible Assets79
D.1 Integrating sustainability in Worldline’s business82
D.1.1 Worldline's integrated strategy82
D.1.2 Our CSR ambition90
D.1.3 Our CSR performance94
D.1.4 Main key performance indicators100
D.2 Building customer trust with reliable, secured, innovative and sustainable solutions103
D.2.1 Meet customer expectations [GRI 102-43] [AO7]103
D.2.2 Spur sustainable innovation104
D.2.3 Ensure system security, reliability & continuity109
D.2.4 Guarantee data protection116
D.2.5 Improve customer relationship management118
D.2.6 Key performance indicators about business and innovation126
D.3 Being a responsible employer129
D.3.1 Meet employee expectations [WL 6]129
D.3.2 Foster employee well-being at work131
D.3.3 Ensure talent attraction & retention140
D.3.4 Promote training & human capital development146
D.3.5 Key performance indicators about Human Resources152
D.4 Ensuring business ethics within our value chain159
D.4.1 Meet the highest level of ethics for all stakeholders159
D.4.2 Secure compliance with laws and regulations160
D.4.3 Fight against bribery and corruption165
D.4.4 Develop responsible procurement & due diligence in the value chain168
D.4.5 Develop sponsorship and philanthropy in our local communities172
D.4.6 Key performance indicators about Ethics and value chain [AO 17]174
D.5 Reducing our environmental footprint [GRI 419-1]176
D.5.1 Meet society expectations for a sustainable environment176
D.5.2 Fight climate change181
D.5.3 Develop circular economy191
D.5.4 Key performance indicators about Environment194
D.6 Reporting methodology and scope for non-financial indicators199
D.6.1 Principles and standards of reporting199
D.6.2 Methodology of reporting201
D.6.3 Methodology of indicators202
D.6.4 Report of one of the Statutory Auditors, appointed as independent third party, on the consolidated non-financial statement – year ended December 31, 2019208
E.1 Main factors affecting the Group’s revenue and profitability212
E.1.1 Payment Services Industry Dynamics212
E.1.2 Contract Structure213
E.1.3 Composition of Global Business Line Revenue213
E.1.4 Contract renewal cycles215
E.1.5 General economic conditions215
E.1.6 Services mix215
E.1.7 Geographic footprint215
E.1.8 Seasonality and period to period variability216
E.1.9 Changes in scope [GRI 102-45] and [GRI 102-49]216
E.1.10 TEAM² program217
E.2 Operational review218
E.2.1 Significant events of the year218
E.2.2 Subsequent events220
E.2.3 Executive Summary224
E.2.4 Statutory to constant scope and foreign exchange rates225
E.2.5 Revenue profile226
E.2.6 Performance by Global Business Line227
E.2.7 Performance by geography230
E.2.8 Commercial activity230
E.2.9 SIX Payment Services integration and synergy plans232
E.2.10 Human resources [GRI 102-4] [GRI 102-7] [GRI 102-8]232
E.3 2020 Objectives [GRI 102-7]233
E.4 Financial review [GRI 102-7]234
E.4.1 Income statement234
E.4.2 Cash flow237
E.4.3 Financing policy238
E.5 Consolidated financial statements239
E.5.1 Statutory Auditors’ report on the consolidated financial statements for the year ended December 31, 2019239
E.5.2 Consolidated Income Statement [GRI 201-1]244
E.5.3 Consolidated statement of comprehensive income244
E.5.4 Consolidated statement of financial position245
E.5.5 Consolidated cash flow statement246
E.5.6 Consolidated statement of changes in shareholder’s equity247
E.5.7 Appendices to the consolidated financial statements248
E.6 Parent company financial statements292
E.6.1 Statutory Auditors’ report on the financial statements for the year ended December 31, 2019292
E.6.2 Statutory auditors’ special report on related-party agreements – Shareholders’ Meeting held to approve the financial statements for the year ended December 31, 2019296
E.6.3 Worldline SA financial statements302
E.6.4 Notes to Worldline statutory financial statements303
E.7 Worldline SA five years financial summary (from parent company financial statements)319
E.7.1 Worldline SA five years financial summary (from parent company financial statements)319
E.7.2 Statement used to present information on supplier and customer payment terms mentioned in article D. 441-4 of the French Commercial Code320
E.8 Related Party Transactions321
E.8.1 Agreements entered into with Atos group321
E.8.2 Agreements entered into with SIX Group322
E.8.3 Agreements entered into in relation with the contemplated acquisition of Ingenico Group324
E.8.4 Agreements entered into within the Worldline Group324
E.9 Non-IFRS financial measures326
E.9.1 OMDA326
E.9.2 Free Cash Flow326
E.9.3 EBITDA327
F.1 Risk management activities330
F.1.1 Enterprise risk management (ERM)330
F.1.2 Business & Operational risk assessment and management331
F.1.3 Insurance333
F.2 Risk factors333
F.2.1 Cyber-attack, security of systems and data protection [extra-financial risks – Build customer trust]334
F.2.2 People [extra-financial risks – Responsible employer challenges]334
F.2.3 Market challenges334
F.2.4 Service delivery quality and business continuity [extra-financial risks – Build Customer Trust/A robust and reliable IT Infrastructure]336
F.2.5 Other risks336
F.3 Mitigation measures343
F.3.1 Other risks343
F.4 Legal Proceedings345
F.4.1 Labor claims345
F.4.2 Commercial claims345
F.4.3 Tax claims345
F.4.4 Other legal proceedings345
F.4.5 Miscellaneous346
F.5 Internal Control [GRI 102-16] [GRI 102-17] [GRI 102-25] [GRI 102-33] [GRI 102-34] [GRI 103-3 Social economic347
F.5.1 Internal control definition and objectives347
F.5.2 Internal control system players347
F.5.3 Components of the internal control system348
F.5.4 Systems related to accounting and financial information350
F.5.5 Outlook and related new procedures to be implemented351
G.1 Legal Information354
G.1.1 Corporate form [GRI 102-5]354
G.1.2 Corporate purpose and other information [GRI 102-5]354
G.1.3 Main Provisions of the bylaws355
G.1.4 Provisions of the agreements with SIX Group AG357
G.2 Corporate Governance [GRI 102-10] [GRI 102-18] [GRI 102-22] [GRI 102-24] [GRI 102-26]358
G.2.1 Compliance with the AFEP-MEDEF Code – Frame of reference on corporate governance358
G.2.2 Management Mode [GRI 102-22] [GRI 102-24] [GRI 102-25] [GRI 102-26]359
G.2.3 The Board of Directors: composition and organization principles [GRI 102 -5] [GRI 102-18] [GRI 102-22] [GRI 102-23]361
G.2.4 Operation of the Board of Directors384
G.2.5 Operation of the Committees of the Board of Directors [GRI 102-37]387
G.2.6 Assessment of the works of the Board of Directors [GRI 102-28]392
G.3 Executive compensation and stock ownership394
G.3.1 Compensation policy for the Corporate Officers394
G.3.2 Elements of the compensation due or awarded for the financial year 2019 to the Corporate Officers, and submitted to the shareholders vote411
G.3.3 Performance shares plans and stock-options plans431
G.4 2020 Annual General Meeting441
G.4.1 Resolutions submitted to the Annual General Meeting441
G.4.2 Elements of the compensation due or awarded for the 2019 fiscal year to the Corporate Officers of the Company, submitted to the shareholders’ vote441
G.4.3 Principles and criteria for setting, allocating and granting the elements of the compensation of the Senior Officers of the Company for the 2020 fiscal year, submitted to the shareholders’ vote441
G.4.4 Summary of the transactions made in 2019 on the shares of the Company (article 223-26 of the AMF Règlement Général)442
G.5 Evolution of capital and stock performance443
G.5.1 Basic data443
G.5.2 Dividends445
G.5.3 Documentation445
G.5.4 Financial calendar445
G.5.5 Contact445
G.5.6 Capital445
G.5.7 Share trading performance451
H.1 Persons responsible456
H.1.1 Name and position of the person responsible for the Universal Registration Document [GRI 102-53]456
H.1.2 Certification of the person responsible for the Universal Registration Document456
H.1.3 For the audit456
H.2 Definitions457
H.2.1 Financial terms457
H.2.2 Business KPI’s (Key Performance Indicators)457
H.2.3 Market terms458
H.2.4 Business terms459
H.3 Cross-reference tables463
H.3.1 Cross-reference table for the Universal Registration Document463
H.3.2 Cross-reference table for the Financial report466
H.3.3 Cross reference tables with the Annual management report467
H.3.4 Cross-reference table with article L. 225-102-1 regarding the declaration of extra-financial performance468
H.3.5 Cross reference tables with the report on Corporate Governance470
H.4 Contacts472
H.4.1 Headquarters472
H.4.2 Global Organization472
H.4.3 Corporate functions472
H.5 Locations473

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