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    WLN   FR0011981968

WORLDLINE

(WLN)
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Worldline : Amendment of the 2020 Universal Registration Document

07/30/2021 | 12:19pm EDT

AMENDMENT OF THE 2020 UNIVERSAL REGISTRATION DOCUMENT

INCLUDING THE HALF-YEAR FINANCIAL REPORT

This document is a translation into English of the Universal Registration Document of the Company issued in French and it is available on the website of the Issuer. In case of discrepancies, the French version shall prevail.

The French original of the amendment of the 2020 Universal Registration Document has been filed with the Autorité des Marchés Financiers (AMF) on July 29, 2021 as competent authority under Regulation (EU) 2017/1129 (the "Regulation"), without prior approval pursuant to Article 9 of the Regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary together with any amendments to the Universal Registration Document. All shall be approved by the AMF in accordance with the Regulation.

This amendment of the 2020 Universal Registration Document incorporates by reference the 2020 Universal Registration Document filed with the AMF on April 13, 2021 under the filling number: D.21-0303 and updates the mandatory sections in accordance with the regulation. A cross-reference table is provided in Section G.3 hereof to easily find the information incorporated by reference and the information updated or modified.

This amendment of the 2020 Universal Registration Document and the 2020 Universal Registration Document are available on the websites of the AMF (www.amf-france.org)and of Worldline (www.worldline.com).

Disclaimer

By accepting this document, you acknowledge, and agree to be bound by, the following statements. This document is a translation into English of the Universal Registration Document of the Company issued in French and it is available on the website of the Issuer. Copies of the Registration Document, in its original French version, may also be obtained free of charge at Worldline's registered office, 80 quai Voltaire, Immeuble River Ouest, 95870 Bezons as well as on the website of Worldline (www.worldline.com). This translation is provided for your convenience only and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part for any purpose. This Translation has not been prepared for use in connection with any offering of securities. It does not contain all of the information that an offering document would contain. None of Worldline or any of its respective officers, directors, employees or affiliates, or any person controlling any of them assumes any liability which may be based on this translation or any errors or omissions therefrom or misstatements therein, and any such liability is hereby expressly disclaimed. This translation does not constitute or form part of any offer to sell or the solicitation of an offer to purchase securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Persons into whose possession this translation may come are required by Worldline to inform themselves about and to observe any restrictions as to the distribution of this translation.

2/61

Amendment of the 2020 Universal Registration Document

CONTENTS

CONTENTS ........................................................................................................................................................................

3

A. ACTIVITY REPORT ...................................................................................................................................................

4

B. FINANCIAL REVIEW ...............................................................................................................................................

13

C. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ................................................................

19

D. PERSONS RESPONSIBLE .....................................................................................................................................

41

E. RISK FACTOR .........................................................................................................................................................

42

F. CORPORATE GOVERNANCE AND OTHER ADDITIONAL INFORMATION.........................................................

43

G. APPENDICES ..........................................................................................................................................................

54

H. FULL INDEX ............................................................................................................................................................

59

Amendment of the 2020 Universal Registration Document 3/61

  1. ACTIVITY REPORT

Worldline in the first half of 2021

January

Worldline launches china all-in-one solution and unlocks the full potential of WeChat Pay for international customers entering Chinese eCommerce

Worldline launched its China All-In-One solution from Ingenico, which unifies its suite of Chinese payment solutions, including AliPay, WeChat Pay, and UnionPay, into one package. The China All-In-One solution allows customers to enter the rapidly expanding Chinese eCommerce market with greater ease, as well as unlocking its full potential. The new offer has a fixed rate and transaction fee of 1.9%, plus 0.20 Euro per transaction and is one of the most competitive offerings on the market for international businesses selling to Chinese consumers. The solution covers the vast majority of all locally preferred payments methods (92%) with Chinese consumers favoring mobile-based payment methods. It will give online businesses equal access to features that meet these needs, including AliPay and WeChat Pay.

Worldline is awarded the excellent "A-" rating for its contribution to the fight against climate change for its second participation in the CDP

Worldline has been rated for the second year in a row the "A-" score for the CDP climate change disclosure. This rating recognizes the efforts and the results achieved by Worldline in the fight against climate change, demonstrating the company's ambition to implement the best environmental practices in its sector. As 2021 begins, Worldline reaffirms its long- term objectives to reduce its CO2 emissions, in line with the Science Based Target initiative (SBTi). With this A- rating, Worldline remains in the leadership range and positions itself among the top third of the companies rated by the CDP on climate change. This score enables Worldline to keep ahead of the competition above the average of companies assessed in the "IT & software development" sector, which went from a B grade in 2019 to a C grade in 2020.

February

2020 annual results: A landmark year, all objectives reached or exceeded

In 2020, Worldline's revenue reached € 2,748 million, impacted by the Covid-19 related measures and their effects on the European economies. Building on the resilient of the diversified business model of Worldline, the revenue organic decline for the year has been limited to -4.6%. The Group's Operating Margin before Depreciation and Amortization (OMDA) reached

  • 700 million or 25.5% of revenue representing an increase of +60 basis points thanks to the ongoing transformation and synergy plans. In addition, strong actions were conducted to adapt the cost base in order to mitigate the impact of the Covid- 19 on the profitability, while continuing investing in strategic projects to feed future growth. Free cash flow in 2020 was € 295 million. Excluding Ingenico transaction acquisition costs, the Group free cash flow increased by +21.3%, representing a 49.8% cash conversion of OMDA in strong improvement of +200 basis points.

March

Successful closing of the contribution of Worldline's merchant services business in Germany and Austria to

PAYONE

Worldline and the DSV Group announced the successful closing of the contribution of Worldline's merchant services business in Germany and Austria to PAYONE. This merger is a partial transaction as part of the successful closing of the acquisition of Ingenico by Worldline on 28 October 2020. As part of this transaction, Worldline also integrates PAYONE's merchant services business in Switzerland.

equensWorldline and comdirect, a Commerzbank AG brand, extend their cooperation

equensWorldline, a subsidiary of Worldline, and comdirect, a Commerzbank AG brand, have extended their existing service agreement: equensWorldline will process the bank's new Visa debit card via its API based WL Extended Issuing service. Within that agreement the existing debit cards are switched over to the new product. The contract has been signed for an initial period until 2025.

4/61

Amendment of the 2020 Universal Registration Document

April

Q1 2021 revenue fully in line with company trajectory

During the first quarter of 2021, Worldline's revenue reached € 1,080 million, an organic revenue decline of -9.0%, reflecting confinement and store lock-down measures in its key markets. The Group also confirmed its 2021 objectives and announced to have already secured two-thirds of the euro 66 million in synergies expected in 2021 primarily from the elimination of duplicate development projects, consolidation and reduction of purchasing spends and transformation of support and back- office functions.

May

Annual General Meeting of Shareholders

Worldline held on May 20, 2021 its Annual General Meeting. Chaired by Mr. Gilles Grapinet, Chairman and Chief Executive Officer, this General Meeting was held behind closed doors due to the current health context and the resulting constraints on travels and gatherings. The General Shareholders Meeting gathered a large quorum of 77% and all resolutions have been approved.

Worldline to partner with Luminor to operate and upgrade its ATM network

Luminor Bank, the third largest financial services provider in the Baltics and Worldline have signed a five-year agreement under which Worldline will unify and upgrade Luminor's current ATM network. Partnering with Worldline will allow Luminor to offer a more customer-friendly and newer ATM network for its customers.

Worldline to acquire Cardlink, the leading Network Services Provider in Greece

Worldline announced the signing of a bidding agreement for the acquisition of 92.5% of the share capital of Cardlink, the leading Network Services Provider in Greece. This acquisition is a strategic opportunity to expand Worldline's Merchant Services business in the promising Greek market with a unique access to the leading local payment acceptance network. Closing expected in H2 2021, subjected to satisfaction of customary condition precedent.

June

Worldline and Klarna expand their payment offering across Europe

Worldline has entered into a strategic partnership with Klarna, a global leader in payment and purchasing services, through which Worldline and Klarna complement each other's service offering. This partnership will enable Klarna's online payment solutions to be offered to an even greater number of European merchants. Klarna's payment solutions enable merchants to offer their customers more flexibility, transparency and convenience when shopping online.

Worldline demonstrates its long-term commitment to CSR with the launch of TRUST 2025, its new transformation program

Worldline is unveiling TRUST 2025, its new five-year CSR roadmap, which represents a practical implementation of Worldline's Company Purpose. Building on the progress achieved by the TRUST 2020 transformation program, it factors in and plans ahead for the latest market trends, risks and opportunities, as well as regulatory changes over the next few years.

Bofrost*, Europe's frozen foods market leader, places its trust in Worldline

Worldline is the preferred partner of bofrost*, Europe's largest direct distributor of frozen foods and ice cream. Together, the companies have built a complete solution that reduces the necessary hardware and establishes a secure connection between the various devices.

July

Worldline signs a strategic partnership with BNL in merchant acquiring in Italy

Worldline announced the signing of a binding agreement for the acquisition of 80% of Axepta Italy, the merchant acquiring entity of BNL banking group in Italy. As part of the transaction, Worldline will enter in a long-term commercial partnership with BNL aiming to leverage its strong banking network as a key commercial channel in order to distribute Worldline's and Axepta Italy best-in-class payment product and services. This partnership represents an opportunity for Worldline to strongly expand its Merchant Services activities in this attractive European market with an existing and high-quality merchants' portfolio, while generating significant growth opportunities fueled by increasing card penetration and online capabilities. Closing expected end of 2021 or beginning 2022, subjected to satisfaction of customary condition precedent.

Amendment of the 2020 Universal Registration Document 5/61

Disclaimer

Worldline SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 16:18:08 UTC.


© Publicnow 2021
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Sales 2021 5 069 M 5 965 M 5 965 M
Net income 2021 439 M 517 M 517 M
Net Debt 2021 2 706 M 3 185 M 3 185 M
P/E ratio 2021 43,3x
Yield 2021 0,06%
Capitalization 19 218 M 22 711 M 22 615 M
EV / Sales 2021 4,33x
EV / Sales 2022 3,81x
Nbr of Employees 20 275
Free-Float 86,5%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 68,52 €
Average target price 91,11 €
Spread / Average Target 33,0%
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Managers and Directors
P. F. D. Gilles Grapinet Chairman & Chief Executive Officer
Eric Heurtaux Chief Financial Officer
Christophe M. W. V. Duquenne Chief Technology & Operations Officer
Susan M. Tolson Independent Director
Aldo Cardoso Independent Director
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