Worldline - Registration Document 2016

Liquidity and capital resources Principal uses of funds

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

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

indicated. Group’s change in working capital requirements for the periods 2015. The following table sets forth the composition of the

12 months ended December 31, 2016

December 31, 2015 12 months ended

(in € million)

Clients and related Suppliers and related Personnel and related

-10.0 57.5

33.8 -15.7

10

-0.1

1.5

Other

-10.1 37.3

-7.7

Total change in working capital requirements

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 outstanding (DPO) by 14 days, as a result of the acceleration of The variation in 2015 reflects the decrease of the days payable

the invoicing process and of ongoing efforts to control accounts (€ 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

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Worldline 2016 Registration Document