Worldline - 2020 Universal Registration Document

E

FINANCIALS Consolidated financial statements

Effective tax rate 7.2 The difference between the French standard tax rate and the Group Effective tax rate is explained as follows:

12 months ended December 31, 2020

12 months ended December 31, 2019

(In € million)

Profit before tax

216.9 32.0% -69.5

416.0 34.4% -143.2

French standard tax rate

Theoretical tax charge at French standard rate

Impact of permanent differences Differences in foreign tax rates

21.5 19.4 -1.9 -9.8 -5.5 -2.2 -4.0

52.6 30.2 -2.0 -4.6 5.4 -1.8 -3.5

Movement on recognition of deferred tax assets

Equity-based compensation Change in deferred tax rates

Withholding taxes CVAE net of tax French Tax credit

0.5 0.6

0.7

Other

-8.7

Group tax expense Effective tax rate

-50.8 23.4%

-75.0 18.0%

The difference between the ETR of 2020 and 2019 is mainly explained by a one off event of 2019 being the cancelation of the contingent liability linked to the acquisition of SIX Payment Services representing a non-taxable income of € 117.6 million. Excluding this impact, the ETR of 2019 would have been 25.1%.

Deferred taxes 7.3

12 months ended December 31, 2020

12 months ended December 31, 2019

(In € million)

Deferred tax assets Deferred tax liabilities

90.6 674.1

26.5

206.5

Net deferred tax

-583.5

-180.0

The variation of the net deferred tax position as at December 31, 2020 compared to December 31, 2019 is mainly due to the deferred tax liabilities on the fair value of intangibles assets recognized as part of the PPA, i.e. DTL amounting to € 523.2 million.

Breakdown of deferred tax assets and liabilities by nature 7.4

Intangible assets recognized as part

Tax losses carry forward

(In € million)

of PPA Fixed assets

Pensions

Other 26.8

Total

As at December 31, 2018 Charge to profit or loss for the year

33.6

-188.2

-50.2

37.8

-140.2

-2.4

9.6

-1.1

2.0

4.3

12.4

Change of scope Charge to equity Reclassification

-13.8

-3.6

-13.9 -19.7

-31.3 -15.6

4.1

-6.7

-3.7 -3.8

5.3

-0.2 -0.6 39.5 0.1 0.1 6.9 -1.2 -0.9 44.5

5.3

0.0

Exchange differences

-0.8

-5.2

24.5

-199.9

-46.0

2.0

-180.0

As at December 31, 2019 Charge to profit or loss for the year

18.0 25.9

31.5

8.3

-22.3 50.9 -16.5

35.5

Change of scope Charge to equity Reclassification

-509.0

-2.6

-434.7

0.0

0.0 -1.6 -0.3

0.7 1.8

-8.9

-0.6

7.3 0.1

5.8

Exchange differences

0.0

-0.2

-1.2

As at December 31, 2020

67.7

-679.3

-38.1

21.7

-583.5

278

Universal Registration Document 2020