(AOF) – Worldline, world leader in payment services, announces the success of a bond issue of 600 million euros at 5 years, with a coupon of 4.125%. “The issue was a strong success and was heavily oversubscribed by a highly diversified investor base, confirming the market’s confidence in Worldline’s operating model and the quality of its credit profile,” reads a press release. of the group. The net proceeds of this issue will be used in particular for the group’s general financing needs.
Settlement is expected to take place on September 12 and the bonds will be listed on the Luxembourg Stock Exchange.
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Key points
– European number one in payment services and electronic transactions;
– Revenues of €4.4 billion centered on Europe and generated by 3 divisions – merchant services (70%), financial services (22%), mobility and transactional web services (8%);
– Business model for a leading international Paytech, based on mastering the value chain of payment services, on a single and modular platform, on its presence with merchants and banks on a strong positioning on the lines services and on technological investments;
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Open capital with 2 strong positions – SIX Group (10.6% of shares and 18.4% of voting rights) and BPI France (4.4% and 7.6%), Gilles Grapinet being CEO and Bernard Bourigeaud presiding the 17-member Board of Directors;
– Financial situation under control with net debt reduced to €2.2 billion, i.e. a leverage effect of 1.7, free cash flow of €545 million.
Challenges
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Ambition 2024 strategy: sustained external growth, annual revenue growth of 9 to 11% and operating margin of around 30%;
– Innovation strategy broken down between the security of the group’s own information systems, incrementation and disruption, with a focus on data center security and ownership and a portfolio of 120 patents:
– internally: Win network, Lit or Worldline Labs incubator, community of 300 experts, etc.,
– externally: partnerships and links with start-ups in the fields of trust services, customer experience and performance & intelligence;
– focus on inclusive and open-innovation solutions: integration into the technological platform of the most innovative suppliers – APMs, cryptocurrencies, BNPL, etc.;
– TRUST 2025 environmental strategy:
– 20% reduction in CO2 emissions compared to 2020;
– inclusion of sustainability criteria in the solutions offered;
– support for dedicated fintechs (the African InTouch);
– Continued strong commercial momentum;
– After the acquisitions of the Italian Axepta, the merchant services activities of ANZ in Australia (20% of the local market), those of Eurobank in Greece and Banco Desio, and the acquisition of stakes in Online Payment Platform (at 40%) and the fintech SoftPos.eu (at 55%), towards new opportunities in the consolidation of the European market.
Challenges
– Questions about an exit from the capital of SIX Group;
– Execution of the strategic partnership with Crédit Agricole on the merchant market in France, operational from 2025 (300 M€ of expected revenue);
– After 9.2% revenue growth in 1
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quarter, 2023 objectives: 8% to 10% increase in revenue and More than 100 basis points improvement in operating margin above 27%;
– Absence of dividend service for 3 years, priority being given to the growth of the company.