Worldline - FY 2021 results
FY 2021
continued operations results: all
objectives reachedwith strong growth acceleration
in Q4 2021Revenue: €
3,689
million,
+6.8%
organicallyOMDA: €
933 million,
25.3% of revenue,
+220
bpsFree cash flow: €
407 million,
43.6% OMDA
conversion
Full execution of the strategic
roadmapFirst year of integration of Ingenico
generating synergies fully in line with
expectationsMerchant Services expanding in
attractive geographies through
market consolidation
Binding offer received from Apollo to
divest terminal activities
2022
objectives fully in line
with three-year
targets8% to
10% revenue organic growth100
to 150 bps OMDA margin
improvement vs. 2021
proformaCirca
45% OMDA conversion to FCF
Paris La Défense,
February
22, 2022 – Worldline [Euronext: WLN], a
leader in the payments industry, today
announces its 2021 annual
results.
Gilles Grapinet, Worldline’s
CEO, said: “In a year when the Covid-19 pandemic continued
to create uncertainty and pose challenges, 2021 saw Worldline
confirm the robustness of our business model, the dedication of our
talented workforce and our ability to grow, innovate and create
value for all its stakeholders. Despite volatile business
conditions, we delivered a remarkable, high-quality operational
performance, ensuring full business continuity, and bringing to
fruition a series of major projects across all our Business Lines.
As a result, we achieved all our financial targets for the year and
made significant progress on our strategic agenda.
2021 was the first year of our integration of
Ingenico, creating positive momentum and generating synergies fully
in line with expectations. We also made solid advances in expanding
our strategic presence in key geographies with several promising
acquisitions and strategic partnerships in merchant acquiring
activities.
Following the approval of Worldline’s Board of
Directors to divest TSS in October 2021 and after conducting a
rigorous process over several months, we have signed an agreement
with Apollo, a highly renowned and successful global investment
firm, that offers to take-over the future development of our
payment terminal activity and its teams. This contemplated
transaction, while being fundamentally triggered by the best
interest of TSS, will also simplify our group structure, further
increase our focus on our core activities and massively deleverage
our balance sheet allowing the acceleration of our next strategic
developments.
In 2022, the first year of our three-year
strategic plan aiming at establishing Worldline as a premium global
Paytech at the heart of the European payment system, we will move
faster than ever before, enriching our portfolio to create more
value for merchants and banks.
Our 2022 financial objectives are fully in the
trajectory of our three-year plan and will allow Worldline to
deliver an exceptional value for all our stakeholders.”
2021 key
figures
Worldline’s FY 2021 revenue
reached € 3,689 million, representing a solid
+6.8% revenue organic growth (of which
12.0% in Q4), compared to the
objective to reach at least 6%. This achievement was reached
thanks, in particular, to the robust growth in Merchant Services
and Financial Services global business lines delivered despite
Covid-19. It reflects both the widespread and rapid shift towards
digital payments as well as the Group’s strong positioning
following the acquisition of Ingenico. Mobility &
e-Transactional Services revenue also increased substantially
thanks to several major projects and the recovery of the public
transport sector.
This strong execution also materialized in the
Group’s Operating Margin before Depreciation and
Amortization (OMDA) reaching €
933 million in 2021; representing
25.3% of revenue, an improvement by
+220
basis points compared to 2020 at constant scope
and exchange rates. This solid performance compared to the
objective to deliver above 200 basis points of improvement reflects
the revenue growth acceleration along the year as well as the
ongoing transformation and synergy plans of the combined Group.
In € million |
|
2021 |
2020* |
|
|
|
|
OMDA |
|
933 |
700 |
Operating margin |
|
668 |
444 |
Other operating income and expenses |
|
-364 |
-243 |
o.w. integration and
acquisition costs |
|
-86 |
-105 |
o.w. customer
relationships and patents amortization |
|
-189 |
-94 |
Operating income |
|
304 |
201 |
Net finance costs |
|
-38 |
-27 |
Income tax expense |
|
-64 |
-45 |
Non-controlling interests and associates |
|
-11 |
-2 |
Net income Group share (continued operations) |
|
191 |
127 |
Net loss – Attributable to discontinued operations |
|
-943 |
36 |
Net loss – Attributable to owners of the
parent |
|
-751 |
164 |
Normalized net income Group share |
|
440 |
297 |
* restated in application of IFRS 5
Net income Group share
from continued operations amounted to
€ 191 million,
increasing by +50.2% or € 64 million compared to FY 2020 Net
income Group share (restated in application of IFRS 5).
Normalized net income Group share from
continued operations (excluding unusual and infrequent
items, net of tax) reached € 440
million, increasing by +48.2% or € 143
million compared to FY 2020 Normalized net income Group share
(restated in application of IFRS 5).
Net loss attributable to the
owner of the
parents amounted to €-751
million, including a positive contribution from TSS (€+110
million) and the negative effect from the impairment of TSS
Goodwill and transaction related tax impact.
Normalized
basic EPS was €
1.57 in 2021
compared to € 1.49 in 2020 (restated in application of IFRS 5).
In € million |
|
2021* |
2020 |
|
|
|
|
OMDA |
|
933 |
700 |
Capital expenditures |
|
-226 |
-155 |
Lease expenditures (Lease under IFRS16) |
|
-72 |
-48 |
Change in working capital requirement |
|
62 |
46 |
Taxes paid |
|
-114 |
-93 |
Net cost of financial debt paid |
|
-29 |
-12 |
Reorganization, rationalization & associated costs in other
operating income |
|
-23 |
-13 |
Integration and acquisition costs |
|
-100 |
-103 |
Net Long term financial investments |
|
-7 |
-2 |
Other changes** |
|
-18 |
-26 |
Free cash flow |
|
407 |
295 |
OMDA conversion rate |
|
43.6% |
42.1% |
* FY 2021 Free Cash-Flow from continued operation
in application of IFRS 5** include other operating income and
expense with cash impact (excluding reorganization, rationalization
and associated costs, integration costs and acquisition costs), and
other financial items with cash impact, net long term financial
investments excluding acquisitions and disposals
Free cash flow from
continued operations in 2021 was €
407 million, up
by +38.2% compared to 2020, representing a 43.6% cash conversion of
OMDA (free cash flow divided by OMDA), above the objective of the
year to reach circa 42%.
Group Net debt before IFRS 5
amounted to €
2,923
million at the end of the year. Decrease of Group
net debt in 2021 was mainly related to the free cash flow generated
over the year, as well as the cash-out for the acquisitions closed
in 2021.
In € million |
|
December 31, 2021 |
December 31, 2020 |
|
|
|
|
Net debt as of January 1st |
|
3,211 |
687 |
Free cash flow |
|
407 |
295 |
Acquisition net of disposals |
|
-315 |
-2,873 |
Capital increase |
|
23 |
-4 |
Amortization of interests on convertible bonds |
|
-11 |
77 |
Others |
|
185 |
-18 |
o.w. impact of TSS accounted
in discontinued operations |
|
186 |
- |
Change in net debt |
|
-289 |
2,524 |
Net debt as of December 31st |
|
2,923 |
3,211 |
Adding upfront cash consideration (enterprise
value and bridge EV to Eq) to the net debt end of December 2021
would lead to a theoretical 2022 Group leverage ratio around 1.5x
OMDA.
Q4 2021 revenue by Global Business
Line
In € million |
|
Q4 2021 |
Q4 2020* |
Organic change |
|
|
|
|
|
Merchant Services |
|
693 |
602 |
+15.1% |
Financial Services |
|
251 |
238 |
+5.4% |
Mobility & e-Transactional Services |
|
91 |
85 |
+7.7% |
|
|
|
|
|
Worldline |
|
1,035 |
925 |
+12.0% |
* at constant scope and exchange rates
Worldline’s Q4 2021 revenue
reached € 1,035
million, representing a strong +12.0%
organic growth (+10.2% in H2 2021). This achievement was
reached thanks, in particular, to the very dynamic growth in
Merchant Services at +15.1% organically, benefiting of the strong
acquiring MSV acceleration since Q2 2021 (up by +20% in Q4 2021 vs
Q4 2020). Financial Services and Mobility & e-Transactional
Services also contributed to growth, delivering in Q4 at least the
mid-term performance expected for this Global Business Line.
Merchant Services
Merchant Services’ revenue in
Q4 2021 reached € 693
million, representing an organic growth by
+15.1%,
led in particular by the strong acquiring MSV growth by +20% in Q4
2021 vs Q4 2020. The growth was mainly led by:
- Commercial Acquiring showed a
strong double-digit growth for almost all geographies and customer
segments with strong dynamics;
- Payment Acceptance also contributed
to the growth of Merchant Services thanks to high single-digit
organic growth. Growth was spread in all geographies and led by
much stronger transactions’ volumes for large retailers and for
e-commerce in verticals such as digital goods and services and on
marketplaces and despite a lack of transaction volumes in some
vertical such as travel and hospitality; and
- Digital
Services reaching a low to mid-single digit growth despite the
global electronic component shortage impact in H2.
During the last quarter of the year, commercial
activity in Merchant Services has been strong with numerous wins
for both upsell with existing clients and contracts with large new
merchants, of which in particular:
- Market share gains with existing
clients by upselling to new brands, new geographies, or new
products: Aldi, Broderick’s, Sephora, Intercontinental Hotels &
Resorts, SB, L’Oréal Groupe, Fortech, Asos, and Shein;
- Market share
gains with large new clients for full-service and omnichannel
solutions, Value Added Services, and Domestic corridors (Russia,
South Korea, Latam, etc.): Michel Reybier Hospitality, Motorola,
The Kooples, Munich Airport, ivsgroup, Kilo.Health, dynadot,
KOSTAD, and Festo.
In Q4, Worldline continued to play actively its
orchestrator role of the payment industry with numerous
partnerships signed such as Nordic NDC for online booking and
payment technology for Travel SMBs, Livescale in live shopping and
in-video checkout solutions, Chargebee for end-to-end payment
managing subscription billing and recurring payments, with PMT
solutions, a turn-key solution specialist for open & closed
loop cashless services, and with Spreedly, an APIs driven solutions
orchestration layer. More meaningfully, two partnerships set in Q4
illustrate very well the role of Worldline orchestration of the
payment ecosystem, leveraging scale and reach:
- Apexx leverage Worldline’ scale to
access a large merchant base to provide at scale APEXX BNPL
solution and enable WL e-Commerce merchants to access 12 BNPL
solutions in over 40 markets globally through one consolidated API,
leading to strong reduction in time-to-market and cost for
merchants;
- as the 1st
marketplace to offer European merchants access to the Russian
market; Joom leverage Worldline’s deep payment portfolio to support
its expansion in the Russian market. The Worldline’s Russian
Payment Solution suite of products presents indeed an optimized
choice of payment methods fitting perfectly with country’s digital
commerce and local payment means, enabling improved checkout
conversion rates as well as customer engagement and loyalty.
Financial Services
Financial Services continued to show regular
growth improvements over the year and delivered a +5.4%
organic growth in Q4 2021, pursuing the positive trend
recorded in previous quarters. As a results, Q4
2021 revenue reached
€ 251
million. The performance of each division
continued to be contrasted:
- While the effect from the Covid-19
on processed volumes was limited in Q4, revenue linked to
card-based payment processing activities (Issuing Processing and
Acquiring Processing altogether) was slightly up, due to lower
project activities and price reductions conceded at renewal time of
large processing contracts in the Netherlands and Belgium;
- Despite the difficult base effect
of the UniCredit contract now in its run phase with significant
decrease of project works as per plan, Account Payments grew at a
double-digit rate in Q4, supported by increased volumes and strong
project demand, notably in Germany;
- Consistent with
the significant performance already recorded in past quarters,
Digital Banking delivered a mid-double digit organic growth with
positive evolution in most of the geographies. The division
continued to benefit from higher authentications volumes related to
ecommerce transactions due to enforcement of the PSD2 regulation
and new Trusted Authentication services.
During the fourth quarter, numerous Financial
Services contracts were signed or renewed by Worldline, and in
particular:
- Leveraging its deep long-term
partnership with ING, a Global Financial Institution with a strong
European base, Worldline will continue supporting ING in its
ambition to empowering people to stay a step ahead in life and in
business. In 2021 this has led to a prolongation of several
partnerships across ING’s network.
- As an extension of the already deep
commercial relationship with PSA Payment Services Austria GmbH,
Worldline continues supporting the client on its journey towards
becoming a smart transaction provider well beyond payments. Through
its products WL ID Center and WL Trusted Authentication as well as
extensive experience in major infrastructure projects, Worldline is
providing the technological basis of the new digital identity, a
unique app called ich.app, which PSA will launch on the Austrian
market in 2022. The foundation of the innovative ID solution, for
all users, is their existing ID as a customer of an Austrian bank.
ich.app will enable consumers to identify themselves easily and
quickly with a variety of online retailers and service providers,
as well as in many other circumstances, without the need to
exchange any further data;
- Thanks to the long-established
commercial relationship builds by eMTS with GIE SESAM Vitale, a
major player in the digital transformation of the French healthcare
sector, Worldline Financial Services entered in an innovation
partnership to secure the digitalization of Carte Vitale on
smartphones. The new Carte Vitale app will offer all insured
persons the possibility for online identification, as well as
authentication solutions. This enables them to access both the same
services as with the physical Carte Vitale, and new online
functions re-using Digital Banking modules; and,
- Central bank of
Curacao and St Maarten. Finalization of implementation of the
infrastructure for Instant Payments Instant allowing all interbank
payments in and between Curaçao and Sint Maarten and in Bonaire to
be processed within ten seconds, 24 hours a day and 365 days per
year, based on the IP CSM, developed by Worldline, fully compliant
with international standards and ISO 20022.
Mobility & e-Transactional
Services
Revenue in Mobility &
e-Transactional Services reached €
91 million, up
organically by
+7.7%,
with growth spread in each of the three divisions. Trusted
Digitization in particular strongly grew in Q4 2021 with higher
volumes in Tax collection and digital healthcare in Latin America,
several new projects and improving volumes in France, still growing
project activity on e-archiving solutions in Germany, and new
cash-to-invoice solutions sold in the Brexit context. e-Ticketing
also strongly contributed driven by the higher transportation and
fare collection in Latin America, coupled with several development
projects in the UK and in France. Finally, despite strong
commercial dynamic for Contact solutions, e-Consumer & Mobility
decreased in Q4 2021 due to a lower project activity than in Q4
2020.
Commercial activity in Mobility &
e-Transactional Services was strong in Q4, in particular with the
following signatures:
- One of the largest multinational
oil and gas company decided to reinforce its partnership with
Worldline by signing a multi-year contract on fleet card’s
e-invoicing. Worldline Invoicing product allows Shell to benefit
from a secure solution that complies with the electronic signature,
secure archiving, and tax regulations.
- Worldline has sealed multi-year
contracts with a large bank in Luxembourg and with the French
branch of an international insurance company to set-up and operate
omni-channel Contact Service Center using WL Contact. Operating in
SaaS mode, this proven solution will handle all interactions with
customers, through whichever access channel they choose to
use.
- The IGN (Institut Géographique
National) in France has chosen Worldline for building and managing
the Geoplateforme for the next 6 years to allow citizens,
companies, open-source communities, and public organizations to
load geographical data in real time, use API to transform this
data, and finally use an as-a-Service orchestration system to
facilitate cloud deployment.
- Worldline has
been chosen by AOK-Systems and the statutory health insurance funds
it serves in Germany to operate in Worldline’s secured data centers
the secured solutions that connect customers and specific health
applications such as electronic patient files.
2021 performance per Global Business
Line
|
|
Revenue |
|
OMDA |
|
OMDA % |
|
|
|
|
|
|
|
|
|
|
|
|
|
In € million |
|
FY 2021 |
FY 2020* |
Organic change |
|
FY 2021 |
FY 2020* |
Organic change |
|
FY 2021 |
FY 2020* |
Organic change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant Services |
|
2,416 |
2,232 |
+8.2% |
|
629 |
532 |
+18.3% |
|
26.1% |
23.8% |
+220 bps |
Financial Services |
|
927 |
899 |
+3.1% |
|
291 |
281 |
+3.5% |
|
31.4% |
31.3% |
+15 bps |
Mobility & e-Transactional Services |
|
347 |
325 |
+6.8% |
|
52 |
48 |
+8.2% |
|
14.9% |
14.7% |
+20 bps |
Corporate costs |
|
|
|
|
|
-39 |
-62 |
-37.8% |
|
-1.0% |
-1.8% |
+75 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldline |
|
3,689 |
3,456 |
+6.8% |
|
933 |
799 |
+16.8% |
|
25.3% |
23.1% |
+220 bps |
* at constant scope and exchange rates
Merchant Services
Benefiting of the strong acquiring MSV
acceleration since Q2 2021, Merchant Services’
revenue in 2021 reached
€ 2,416
million, representing an organic
growth by
+8.2%.
The growth was mainly led by Commercial Acquiring which showed a
progressive recovery over the year from a first quarter heavily
impacted by a COVID-19 wave to a strong double-digit growth in Q4
for almost all geographies and customer segments with strong
dynamics. Payment Acceptance also contributed to the growth of
Merchant Services thanks to high single digit organic growth led by
much stronger transactions’ volumes for large retailers and for
e-commerce in verticals such as digital goods and services and on
marketplaces and despite a lack of transaction volumes in some
vertical such as travel and hospitality. Finally, Digital Services
delivered a low to mid-single digit growth over the year despite
the global electronic component shortage impact in H2.
Merchant Services performance reflects a very
strong development of market positions all along the year, notably
in commercial acquiring, as illustrated by the following
business KPI:
- In 2021, Worldline’s acquiring
merchant base experienced a steady growth with c. 90,000 new
merchants onboarded on its platform, reaching 1.1 million merchants
as of end of 2021 (excluding recent acquisitions). It represents a
c. +12% increase over the year led by a strong dynamic in both
instore (c. +10%) and online merchants count (c. +20%).
- Acquired MSV
strongly accelerated since Q2 2021, reaching a double-digit growth
rate versus 2019 during the second half of the year. Overall,
Worldline’s acquiring MSV in 2021 reached
c. € 265 billion, up 11% versus 2020 and up 7%
versus 2019 despite significant Covid-19 related lockdowns in H1
and restrictions in H2. This performance has been fueled by market
share gains in both instore (MSV c. +10%) and online (c.
+30%).
Merchant Services’ OMDA in 2021
amounted to € 629
million,
26.1%
of revenue, representing an improvement by
+220 basis
points despite Covid-19 impact, in particular in H1. It
was positively supported by:
- Acceleration of revenue growth
fostering operating leverage;
- Synergies from Ingenico and SIX
Payment Services integration programs; and
- The effects of
transversal productivity improvement actions.
Financial Services
With regular revenue growth improvements over
the year, Financial Services FY 2021 revenue
reached
€ 927
million, +3.1% organically. The
performance of each division continued to be contrasted with a
strong double-digit growth delivered in Account Payments supported
by increased volumes and ramp-up of contracts, and in Digital
Banking thanks to strong authentication volumes for e-commerce
transactions and higher transaction volumes processed on
Worldline’s e-brokerage platforms. On the other hand, revenue
linked to card-based payment processing activities (Issuing
Processing and Acquiring Processing altogether) decreased at a
mid-single digit rate due to the pandemic’s impact on transaction
volumes, in particular in the first quarter of the year, as well as
lower project activity and discretionary spending from banks.
Financial Services remains the most profitable
Business Line with slightly improving OMDA in
2021, reaching € 291 million,
representing 31.4% of revenue.
Being the Global Business Line with the highest proportion of fixed
costs, the division was the most affected by volume decrease in the
card payments divisions particularly in Q1 and by the effect of the
price decrease conceded by the Group for the successful synchronous
renewals of historical large contracts of Equens. In order to
mitigate these effects, strong measures were taken in terms of cost
base monitoring and workforce management.
Mobility & e-Transactional
Services
Revenue in Mobility &
e-Transactional Services reached €
347 million, up
organically by
+6.8%,
with growth spread in each of the three divisions. e-Ticketing grew
at a double-digit rate over the year thanks to the robust pick-up
in the transportation sector in Europe as well as higher fare
collection in Latin America, coupled with several development
projects in the UK and in France. Trusted Digitization also
strongly grew driven by higher volumes in Tax collection and
digital healthcare in Latin America, new projects and improving
volumes in France, growing project activity on e-archiving
solutions in Germany, and new cash-to-invoice solutions sold in the
Brexit context.
Finally,
e-Consumer & Mobility posted a robust performance thanks to its
strong momentum in Connected Living & Mobility solutions and
strong commercial dynamic for Contact solutions.
Mobility & e-Transactional Services’
OMDA reached
€ 52
million, representing
14.9% of
revenue. The Business Line has been able to improve its
profitability thanks to the positive revenue trend applied on fixed
costs coupled with cost optimization plan addressing both fixed and
variable costs.
Corporate costs
Corporate costs amounted to € 39 million in
2021, representing 1.0% of total Group revenue compared to 1.8% in
2020 at constant scope and exchange rates. This decrease by -37.8%
is a concretization of the transversal productivity improvement
program but more importantly of the synergies with Ingenico
generated at corporate level.
Sale of TSS activities to Apollo
Funds
As announced on Monday February 21, 2022,
Worldline has entered into exclusive talks with the investment
funds managed by affiliates of Apollo upon receipt of a binding
offer, for 100% of the shares of TSS, comprising a € 1.7 billion
upfront consideration (Enterprise Value) as well as preferred
shares that could reach up to € 0.9 billion in value depending of
the future value creation of TSS. Following the strategic review of
TSS aimed at supporting its ongoing transformation and further
accelerating its development and a competitive process, the
contemplated transaction also encompasses the signing of a
partnership agreement cementing the strategic and long-term
commercial relationship between Worldline and TSS over the next 5
years.
Alongside the Apollo Funds, Worldline will
remain associated to future value creation opportunities made
possible by the robustness and quality of the TSS business and the
transformation plan shared between the parties via the ownership of
the preferred shares. This structure has been designed to align
interests between Worldline and the Apollo Funds and will be
directly linked to the total value creation achieved by TSS during
its ownership by the Apollo Funds.
This transaction is subject to the signing of a
final and definitive agreement between the parties and will be
carried-out in the framework of the relevant social processes and
ongoing dialogue with the employee representatives’ bodies. The
completion of the transaction is also subject to the approval of
relevant regulatory authorities and is expected to close in the
second half of 2022.
2022
objectives
2022 objectives are the following:
- Revenue
organic growth: +8% to +10%
- OMDA
margin: +100 to +150 basis points improvement vs. proforma
2021 OMDA margin of 25.0%
- Free
cash flow: circa 45% OMDA conversion rate
The bottom of the 2022 objectives range factors
localized and temporary Covid-19 constraints, limited recovery of
international travel and limited delays on POS supply related to
still ongoing components shortages.
2024 Worldline ambition fully
reiterated
The Group ambitions to deliver:
- Revenue
organic growth: +9% to +11% CAGR
- OMDA
margin: above 400 basis points improvement over the
2022-2024 period, trending towards 30% of revenue by 2024
- Free
cash flow: circa 50% OMDA conversion rate
Appendices
Reconciliation of FY
2020 statutory revenue and OMDA
with FY 2020 revenue and OMDA at
constant scope and exchange rates
For the analysis of the Group’s performance,
revenue and Operating Margin before Depreciation and Amortization
(OMDA) for 2021 are compared with 2020 revenue and OMDA at constant
scope and exchange rates. Reconciliation between the FY 2020
reported revenue and OMDA and the FY 2021 revenue and OMDA at
constant scope and foreign exchange rates is presented below (per
Global Business Lines):
|
|
Revenue |
|
|
|
|
|
|
|
In € million |
|
FY 2020 |
Scope
effects** |
TSS scope out ** |
Exchange rates effect |
FY 2020* |
Merchant Services |
|
1,246 |
+992.2 |
|
-6.3 |
2,232 |
Terminals, Solutions & Services |
|
274 |
+1,051.5 |
-1,325.2 |
|
0 |
Financial Services |
|
904 |
-4.0 |
|
-0.8 |
899 |
Mobility & e-Transactional Services |
|
325 |
|
|
+0.6 |
325 |
Worldline |
|
2,748 |
+2,039.7 |
-1,325.2 |
-6.5 |
3,456 |
|
|
|
|
|
|
|
|
|
OMDA |
|
|
|
|
|
|
|
In € million |
|
FY 2020 |
Scope
effects** |
TSS scope out ** |
Exchange rates effect |
FY 2020* |
Merchant Services |
|
310 |
+222.9 |
|
-0.6 |
532 |
Terminals, Solutions & Services |
|
89 |
+255.9 |
-344.5 |
|
0 |
Financial Services |
|
282 |
+0.0 |
|
-0.7 |
281 |
Mobility & e-Transactional Services |
|
48 |
|
|
+0.3 |
48 |
Corporate costs |
|
-28 |
-34.2 |
|
+0.0 |
-62 |
Worldline |
|
700 |
+444.6 |
-344.5 |
-0.9 |
799 |
OMDA % |
|
25.5% |
|
|
|
23.1% |
* at constant scope and December 2021 exchange
rates** at December 2020 exchange rates
Over the year, compared to FY 2020, the Euro
appreciation versus most of international currencies was partly
offset by its depreciation versus the Turkish lira, as well as the
Indian rupee and the Swiss franc to a lesser extent.
Scope effects are mostly related to the
acquisitions of 2020 added in the 2020 comparative basis from
January 1st to the consolidation date (Ingenico consolidated from
November 1st, 2020 and GoPay consolidated from October 1st, 2020)
as well as the acquisitions/disposals of 2021 added/removed in/from
the 2020 comparative basis from the consolidation date
(Handelsbanken and Cardlink consolidated from October 1st, 2021 and
the divestments following the clearance from the European
Commission for the acquisition of Ingenico deconsolidated from
November 1st, 2021).
FY 2021 pro forma
For the analysis of the Group’s organic
performance, revenue and Operating Margin before Depreciation and
Amortization (OMDA) in 2022 will be compared with 2021 revenue and
OMDA at constant scope and exchange rates. Reconciliation of FY
2021 reported revenue and OMDA with FY 2021 revenue and OMDA at FY
2022 scope and foreign exchange rates is presented below (per
Global Business Lines):
|
|
Estimated proforma revenue |
|
Estimated proforma OMDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
In € billion |
|
Q1 |
Q2 |
H1 |
Q3 |
Q4 |
H2 |
2021 |
|
H1 |
H2 |
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant Services |
|
0.55 |
0.65 |
1.20 |
0.70 |
0.80 |
1.50 |
2.70 |
|
0.27 |
0.41 |
0.68 |
Financial Services |
|
0.20 |
0.25 |
0.45 |
0.25 |
0.25 |
0.50 |
0.90 |
|
0.13 |
0.16 |
0.29 |
Mobility & e-Transactional Services |
|
0.10 |
0.10 |
0.20 |
0.10 |
0.10 |
0.20 |
0.35 |
|
0.02 |
0.03 |
0.05 |
Corporate costs |
|
- |
- |
- |
- |
- |
- |
- |
|
-0.02 |
-0.02 |
-0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldline |
|
0.85 |
0.95 |
1.80 |
1.05 |
1.10 |
2.15 |
3.95 |
|
0.40 |
0.58 |
0.98 |
Components of the estimated scope impact from 2021
reported to estimated 2021 proforma:
- Sale of Benelux and Austrian assets
related to Ingenico acquisition for 10-month (excluded for 2-month
in 2021 reported)
- Cardlink and Handelsbanken added
contribution of 9-month (Integrated for 3-month in 2021
reported)
- Axepta Italy integrated for
12-month
- ANZ integrated for 9-month
(estimated closing: April 1st, 2022)
- Eurobank integrated for 6-month
(estimated closing: July 1st, 2022)
Forthcoming events
- April 27,
2022 Q1
2022 revenue
- June 9,
2022 Annual
General Shareholders’ Meeting
- July 27,
2022 H1
2022 results
- October 25,
2022 Q3 2022
revenue
Contacts
Investor Relations
Laurent Marie+33 7 84 50 18
90laurent.marie@worldline.com
Benoit d’Amécourt+33 6 75 51 41
47benoit.damecourt@worldline.com
Communication
Sandrine van der Ghinst+32 499 585
380sandrine.vanderghinst@worldline.com
Hélène Carlander+33 7 72 25 96
04helene.carlander@worldline.com
About
Worldline
Worldline [Euronext: WLN] is the European leader
in the payments and transactional services industry and #4 player
worldwide. With its global reach and its commitment to innovation,
Worldline is the technology partner of choice for merchants, banks
and third-party acquirers as well as public transport operators,
government agencies and industrial companies in all sectors.
Powered by over 20,000 employees in more than 50 countries,
Worldline provides its clients with sustainable, trusted and secure
solutions across the payment value chain, fostering their business
growth wherever they are. Services offered by Worldline in the
areas of Merchant Services; Terminals, Solutions & Services;
Financial Services and Mobility & e-Transactional Services
include domestic and cross-border commercial acquiring, both
in-store and online, highly secure payment transaction processing,
a broad portfolio of payment terminals as well as e-ticketing and
digital services in the industrial environment. In 2021 Worldline
generated a revenue of 3.7 billion euros. worldline.com
Worldline’s corporate purpose (“raison d’être”)
is to design and operate leading digital payment and transactional
solutions that enable sustainable economic growth and reinforce
trust and security in our societies. Worldline makes them
environmentally friendly, widely accessible, and supports social
transformation.
Disclaimer
This document contains forward-looking
statements that involve risks and uncertainties, including
references, concerning the Group's expected growth and
profitability in the future which may significantly impact the
expected performance indicated in the forward-looking statements.
These risks and uncertainties are linked to factors out of the
control of the Company and not precisely estimated, such as market
conditions or competitors’ behaviours. Any forward-looking
statements made in this document are statements about Worldline’s
beliefs and expectations and should be evaluated as such.
Forward-looking statements include statements that may relate to
Worldline’s plans, objectives, strategies, goals, future events,
future revenues or synergies, or performance, and other information
that is not historical information. Actual events or results may
differ from those described in this document due to a number of
risks and uncertainties that are described within the 2020
Universal Registration Document filed with the French Autorité des
marchés financiers (AMF) on April 13, 2021 under the filling
number: D.21-0303 and its Amendment filed on July 29, 2021 under
the filling number: D. 21-0303-A01.
Revenue organic growth and Operating Margin
before Depreciation and Amortization (OMDA) improvement are
presented at constant scope and exchange rate. OMDA is presented as
defined in the 2020 Universal Registration Document. All amounts
are presented in € million without decimal. This may in certain
circumstances lead to non-material differences between the sum of
the figures and the subtotals that appear in the tables. 2022
objectives are expressed at constant scope and exchange rates and
according to Group’s accounting standards.
Worldline does not undertake, and specifically
disclaims, any obligation or responsibility to update or amend any
of the information above except as otherwise required by law.
This document is disseminated for information
purposes only and does not constitute an offer to purchase, or a
solicitation of an offer to sell, any securities in the United
States or any other jurisdiction. Securities may not be offered or
sold in the United States unless they have been registered under
the U.S. Securities Act of 1933, as amended (the “U.S. Securities
Act”) or the securities laws of any U.S. state, or are exempt from
registration. The securities that may be offered in any transaction
have not been and will not be registered under the U.S. Securities
Act or the securities laws of any U.S. state and Worldline does not
intend to make a public offering of any such securities in the
United States.
- Worldline FY 2021 results - Press Release
Worldline (EU:WLN)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Worldline (EU:WLN)
Historical Stock Chart
Von Apr 2023 bis Apr 2024