Worldline - 2019 Universal Registration Document

E

FINANCIALS Consolidated financial statements

As at December 31, 2019

As at December 31, 2018

Current Non-current

Total

Current Non-current

Total

(In € million)

Finance leases

0.6

2.7

3.3

24.5

24.5

Overdrafts

98.4 19.2

- -

98.4 19.2

Current accounts with Atos entities

63.1

63.1

Other borrowings Convertible bonds

9.3

117.6

126.9

557.4 496.7

557.4 496.7

Bonds

Total borrowings

87.7

1,054.2

1,141.8

127.5

120.3

247.8

Current accounts with a short-term maturity – less than one month – have no remuneration. The decrease of “Other current Borrowings” is due to the cancellation of the contingent liability recognized for the SIX

Payment Services transaction ( cf. Note 1 Main changes in the scope of consolidation). Balance at the end of 2019 is linked to commercial papers.

BORROWINGS IN CURRENCIES

Other currencies

CHF

EUR

SGD

Total

(In € million)

December 31, 2019 December 31, 2018

-

1,141.8

-

-

1,141.8

202.3

33.3

8.8

3.5

247.8

NON-CURRENT BORROWINGSMATURITY

2021

2022

2023

2024 >2024

Total 557.4 496.7

(In € million)

Convertible bonds

- - -

- - -

- - -

-

557.4

Bonds

496.7 496.7

-

As at December 31, 2019 long-term debt

557.4 1,054.2

2020

2021

2022

2023 >2023

Total

(In € million)

Finance leases Other borrowings

0.6

0.6

0.6

0.4

0.5

2.7

117.6 118.2

-

-

-

-

117.6

As at December 31, 2018 long-term debt

0.6

0.6

0.4

0.5 120.3

Convertible bonds issuance On July 30, 2019 the Group completed a new issue of convertible bonds, which are convertible into and/or exchangeable for new or existing Worldline shares, maturing on July 30, 2026. The par value of the bond was c. € 600 million, or 5,813,953 bonds with a nominal value of € 103.20 each. This convertible bond is classified as a compound financial instrument and, as such, falls within the scope of IAS 32, which requires separate accounting in the balance sheet of the equity component (the holder’s call option to convert the bonds into shares) and of the liability component (the contractual arrangement to deliver cash). The fair value of the debt and the portion allocated to equity is calculated as of the convertible bonds’ issue date, July 30, 2019. The fair value of the recognized liability classified as long-term debt is calculated using the average market rate for a straight bond.

The difference between the nominal value and the fair value of the bond was recognized in equity under “Retained earnings and other reserves”, net of deferred tax. The convertible bonds is a zero-coupon bond. The average market rate for a bond of equivalent maturity at issuance would have been 0.9%. The fair value of the liability component was € 554.8 million upon issuance and the fair value of the equity component amounted to € 82.0 million, after deduction of the issuer’s call option and issuance costs (€ 5.2 million prorated between the liability and equity components). After deduction of issuance costs and reclassification of the equity component of the bonds, the effective interest rate is 1.13%. At December 31, 2019, the conversion rate was 1 bond for one share.

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Universal Registration Document 2019