Worldpay Group Full Year 2016 Results 7 March 2017/...V2/...presentation.pdf · Launching UK online...

Worldpay Group Full Year 2016 Results 7 March 2017

© Worldpay 2017. All rights reserved.

Important NoticeThe information set out in this document and any discussion which follows it does not constitute a public offer for the purposes of any applicable law, an offer to sell or solicitation of any offer to buy securities or financial instruments, or any advice or recommendation in relation to any such financial instruments or securities.

Forward-looking statementsThis document and discussion which follows it may include certain forward-looking statements with respect to the business, strategy and plans of Worldpay Group plc (the “Company” and, together with its subsidiaries, the “Group”) and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical or current facts, including statements about the Group or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Forward-looking statements may include words such as “achieves”, “aims”, “anticipates”, “believes”, “continues”, “estimates”, “expects”, “goal”, “intends”, “likely, “may”, “plans”, “projected”, “seeks”, “sees”, “should”, “targets”, “will” or the inverse of such terms or other similar words. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Group’s control and all of which are based on the Directors’ current beliefs and expectations about future events. They are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, such as (but not limited to) future market and economic conditions, currency fluctuations, the behaviour of other market participants, the performance, security and reliability of the Group’s global payments platform and other information technology systems, the Group’s ability to maintain payment scheme memberships or financial institution sponsorship, the Group’s ability to identify, complete and integrate acquisitions, joint ventures and partnerships, increases in credit card network fees, political, economic and regulatory changes in the countries in which the Group operates or in economic or technological trends or conditions and the success of the Group in

managing the risks of the foregoing. As a result, investors are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements speak only as of their date and the Company’s shareholders, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. It is up to the recipient of this document and any participant in the discussion which follows it to make its own assessment as to the validity of such forward-looking statements and assumptions.

No statement in this document or any discussion which follows it is intended as a profit forecast or a profit estimate and no statement in this document or any discussion which follows it or any related materials should be interpreted to mean that earnings per share for the future or current financial periods would necessarily match or exceed historical published earning per share. Any forward-looking statements made in this document or any discussion which follows it speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information of future events. Except as required by the Financial Conduct Authority, the London Stock Exchange plc or applicable law, the Company expressly disclaims any obligation or undertaking to release publicly any updates of revisions to any forward-looking statements contained in this document to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

DISCLAIMER


Review of 2016

Philip Jansen, Chief Executive Officer

© Worldpay 2017. All rights reserved.4

Very strong performance in 2016: Significant progress on strategy

4

Very strong financial performance

Well positioned for the future; medium-term guidance unchanged

Strengthening our technology base; continuing to board customers onto our new acquiring platform

Extending our market reach and people capabilities

Further deepening customer relationships and product offering

More sales

Lower cost

Reduced risk


2016 financial highlights

Net revenue £1,124 m +15%

Gross profit £985 m +15%

Underlying EBITDA £468 m +15%

Transaction value £451 bn +12%

No. of transactions processed 15 bn +14%

Free cash flow £171 m +£139m

FY2016 vs FY2015


Global eCom: Strong and broadly based growth

6

(1) Corporate costs of £25.0m account for (5)% of Group underlying EBITDA

• 22% net revenue growth supported by 30% growth in transactions processed, to 5 billion

• Strong momentum across verticals and products

• Continued high customer retention, and strong performance on renewals and contract expansion

• Over 100 customer wins in 2016, broadly spread by geography and vertical

• Record new business pipeline at end 2016; positive momentum in 2017

£216.9m+18%

46% of Group1

£386.6m+22%

34% of Group

Net revenue

Underlying EBITDA

Licences and

network

Unified product delivery

Focus on higher growth areas


UK: Strong performance reflects transformed commercial capabilities

(1) Corporate costs of £25.0m account for (5)% of Group underlying EBITDA

• Net revenue grew 8%, supported by transaction volume growth of 7%

• Strong momentum in new wins and customer retentions

o 24% growth in SME customer sales; 5% reduction in closures

o 2016 customer net adds over 4 times the level of 2015

o NPS at a record high driven by customer service investments

• Increased uptake of products and services

o Cross sales rapidly scaled in 2016; currently at 8x last year

o SME ecommerce solutions now >45% for new customers

o Worldpay Business Finance: c.£10 million of advances

o My Business Dashboard now at c90K users

• Continued strong momentum with Worldpay Total

o Transaction volumes +100%; with a number of well known high-street stores

o Worldpay Total now c.40K terminals, +c.50% in 2016

Net revenue

Underlying EBITDA

£438.6m+8%

39% of Group

£198.3m+11%

42% of Group1


US: Further progress towards building sustainably stronger business

8

(1) Corporate costs of £25.0m account for (5)% of Group underlying EBITDA(2) On a constant currency basis

• Good underlying EBITDA growth +9%2

o Strong cost control: operating costs broadly flat

• Net revenue growth of +2%2

o Significant progress on EMV

o New product roll-out began in Q4 and will accelerate in 2017

• Transaction volume grew +7%

o Small business segment +7%

o Corporate segment +9%

• Total transaction value increased by 5%2

£77.4m+24%

17% of Group1

Net revenue

Underlying EBITDA

£299.0m+16%

27% of Group


US: Further progress towards building sustainably stronger business

9

• Management team strengthened; including new CEO, Kim Crawford Goodman who comes with extensive merchant services experience

• Improved operational performance and culture with all Atlanta-based teams now relocated to new office

• Data centre migration successfully completed

• Core EMV functionality delivered for multiple verticals

• Worldpay Total, using SecureNet technology, launched in October

• Focused on delivering integrated omnichannel solutions to small businesses and corporates

• Executing on our plan to deliver sustainable growth

Right strategyEffective leadership

$

$


Clear and compelling benefits of scale in a globalising market

Well positioned for the future to help our customers prosper

10

More sales

Lower cost

Reduced risk

Extensive payment capabilities

Advanced technology and security

Deep market expertise

Global networkOur

customers


Extensive payment capabilities: Products and propositions

11

Enhanced capabilities

Superior outcomes

Customer experience

2016: Significant progress on products and proposition

2017: Delivering even more for our merchants

Entered new markets as domestic acquirer

Increased market coverage, including major

upgrades to >20 APMs

Strengthened resources and relationships in Asia

and Latin America

Bankout capability in 63 countries, 28 currencies

Worldpay Total launched across all 3 divisions

Products launched: My Business Hub fully

embedded into sales operation

Major customers launched onto new hosted

payment pages

Improved outcomes: Worldpay Service Portal

(WSP) with Pazien; Your Marketplace

Increased security: P2PE certification; cross

tokenisation

Simplified Billing and Settlement Plans: New UK

pricing ; first to offer Pay-as-you-Go pricing for POS

Increasing our domestic acquiring presence

More mobile wallets and APMs notably in Asia and Scandinavia

Increasing our Bankout capabilities

Delivering advanced risk management products

FX processing optimisation

Further developing our Enterprise Data Platform

Deepening our verticalisation approach

Worldpay Service Portal roll-out to give single point of access to analytics and reconciliation tools

Expanding functionality and My Business Ecosystem

European support for Worldpay Total

Launch rate of new features and functionality doubled in 2016Further accelerating in 2017


• Strengthening and deepening our market presence

Adding domestic acquiring and new licenses

Investing in our regional offices in Asia and South America

Regional General Managers for Latin America, North America, Asia Pacific, EMEA and the UK

• Building our network

Adding further Alternative Payment Methods: including TenPay, BillDesk, Klarna and SEPA direct debit

• Further developing our routes to market

Embedding and expanding our verticalised approach in the UK and US, and creating Vertical Growth teams in eCom

Launching UK online sales to supplement telesales and face-to-face distribution

18%

30%

48%

79%

EMEA US APAC LATAM

2016Gross profit growth by region in Global eCom

Global network and market expertise


Shaping regulatory developments: PSD2

• An important step in building a Digital Single Market in Europe

Harmonising payments across Europe, allowing for interconnectedness of multiple regulatory regimes

Clearer payments information

Faster payments

Better consumer protection

A wider choice of payments

• Actively participating in high-level and detailed discussions in UK and Brussels on implementation

• We view PSD2 as a net opportunity

From acquirer to merchant services, unlocking new markets and payment methods for merchants

Helping merchants to navigate new landscape

Using our fast-to-market innovation capabilities

Additional services:`Simplicity

InsightSpeed and security

Integrated paymentsGlobal and local schemes

New forms of creditNew stores of valueNew pathways of

exchange

The traditional payments model is evolving


Advanced technology and security: Better outcomes for our merchants

14

High capacity and speed of innovation

Intelligent payments routing; customer trials

by end-2017

Predictive analytics, machine learning, decision services, data visualisation, technical insight

POS technology, Blockchain, identity

and Internet of Things

Next generation

gateway

Future-ready

acquiring platform

Leading payments innovation

Enterprise Data

Platform

Faster delivery of innovation

Easy integration

High capacity

Highly resilient

A unique combination, enabling merchants to securely and efficiently accept any payment


Strengthening our leadership and investing in our people

Save as You Earn Scheme

launched

Worldpay Academy

Payments MA Degree

Graduate and ‘Return

to Work’ Schemes launched

1* rating in The Best

Companies Engagement

Survey

• A managed approach achieving evolution and continuity

• Karen Richardson and Deanna Oppenheimer appointed to Board

• Strengthening our senior leadership team with leading internal and external talent:

o Peter Jackson appointed as CEO of Worldpay UK

o Kim Crawford Goodman appointed as CEO of Worldpay US

o Ruth Prior appointed as Chief Operating Officer

o Kevin McCarten as Chief Strategy Officer

o Ruwan De Soyza as General Counsel

• Investing in our people to ensure they have the skills to deliver for our customers


2016 Financial Results

Rick Medlock, Chief Financial Officer


FY 2016 financial highlightsUnderlying and reported measures

17

£m (except where stated) UnderlyingChange vs

2015Reported

Change vs 2015

Revenue 4,541 +15%

Net revenue 1,124 +15%

Gross profit 985 +15%

EBITDA 468 +15% 405 34%

EBITDA margin 41.6% +20bps

Profit before tax 327 +74% 264 >100%

Profit after tax 245 +77% 132 >100%

Earnings per share (p) 1 12.3 +78% 6.6 >100%

Free cash flow 171 +£139m

Net debt 2 (1,368) +£57m

1. Underlying diluted EPS is calculated by taking profit for the year before separately disclosed items, divided by the weighted average number of shares in issue during the year. Underlying EPS for prior year calculated using shares in issue at end of 2015.

2. Excluding cash held on behalf of CVR holders


799.2 863.4981.7

1124.2

2013 2014 2015 2016

136.9 142.7

2013 2014 2015 2016

Capex

(£m)

% of Net revenue

16.5% 18.2%

(1) Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation and separately disclosed items. Underlying EBITDA is considered by management to give a fairer view of the year on year comparison of trading performance.

(2) Based on constant currency basis for WPUS net revenue. WPUS net revenue for 2015 re-stated at 2016 average GBP-USD rate.(3) Free cash flow represents the Group’s adjusted net cash inflow from operating activities, after accounting for the Group’s net capital expen diture and underlying finance costs.

345.6 374.7

406.1

467.6

2013 2014 2015 2016

Underlying EBITDA(1)Net revenue

(£m) (£m)

Strong underlying performance and improved cash generation

YoY Growth (%)

+13.7%

YoY Growth (%)

+8.4% +15.1%

Free cash flow(3)

-60.9 0.7 32.4

170.9

2013 2014 2015 2016

(£m)

18

+10.6% CC(2)

+14.5%

14.3%

+8.0%+8.4%

+11.4%+13.5%

17.1%

179.0 160.8


14,902

451,100

4,540.8 (3,416.6)

1,124.2 (139.0) 985.2 (313.6)(204.0)

467.6

# of

Transactions

(m)

ATV (£) Total

Transaction

Value

Margin (%) Gross

Revenue

Interchange &

Scheme Fees

Net

Revenue

COGS Gross Profit Personnel

Expense

Other Opex Underlying

EBITDA

Revenue and underlying EBITDA

x =

x =1.0%

£30.30

IFRS Non-IFRS

(in £m, unless stated otherwise; changes shown are vs FY 2015)

+14% +15%

25 bps of Total Transaction

Value (+1bp)

41.6% of Net Revenue

19

+12% +15% +15% +15%(14%)

(3)


Net revenue drivers

2015 Net

revenue

Card related income

FXservices

Terminal rental fees

Ancillary services

981.7

29.7 (1.5)9.5

FX translation

effect on WPUS

34.3

2016 Net

revenue

1,124.2

70.5

1089.9

+11.0% +14.5%£m


982

1,124

2015 2016

21

Strong sales performance supported by a healthy growth in transactions

Worldpay Group

Worldpay UK

# of transactions (m) Total transaction value (£bn) (US in constant currency) Net revenue (£m) (US in constant currency)

Change 2015-2016 Net revenue as % of transaction value

0.24% 0.25%

+13.7%

13,101

14,902

2015 2016

+11.6%

404

451

2015 2016

+14.5%

405439

2015 2016

0.20% 0.21%

+6.9%

5,4045,778

2015 2016

+3.1%

203

2015 2016

+8.3%

318

387

2015 2016

Global eCom

Worldpay US

0.32% 0.32%

+21.7%

99

2015 2016

+21.7%

293299

2015 2016

0.25% 0.25%

+7.5%

3,862

2015 2016

+5.1% (cc)

115

2015 2016

+2.0% (cc)

+29.6%

3,836

4,973

2015 2016

4,151

121

209

121


Underlying operating costs

2015 Underlying operating

costs

Global eCom

UK US(constant currency)

Corporate

454.3

28.4

10.7 1.25.5

FX translation

17.5

2016 Underlying operating

costs

517.6

500.1

10.1% 13.9%

£m

Growth YoY


Underlying net income and earnings per share

• Underlying D&A

o Increase reflects higher levels of capital expenditure

o Expected further increase in 2017 as a result of platform commissioning

• Underlying finance costs

o Decrease mostly reflects capital structure change at IPO

o Finance costs also include:

• Amortisation of capitalised costs (£4.7m)

• Swap and bank charges (£2.6m)

• Finance lease costs (£1.7m)

• Effective tax rate

o 2016 effective tax rate of 25.1%

• Dividend per share

o Consistent with policy of 20% to 30% payout ratio of reported earnings

1. Underlying diluted EPS is calculated by taking profit for the year before separately disclosed items, divided by the weighted average number of shares in issue during the year. Underlying EPS for prior year calculated using shares in issue at end of 2015.

FY2016 FY2015 % Change

Underlying EBITDA 467.6 406.1 +15%

Underlying D&A (78.4) (65.6) (20%)

Underlying operating profit 389.2 340.5 +14%

Underlying finance costs (60.3) (151.2) +60%

Share of results of JV and Associate (1.5) (1.2) (25%)

Underlying tax (82.1) (49.7) (65%)

Underlying net income 245.3 138.4 +77%

Underlying earnings per share (p) 1 12.3 6.9 +78%

Dividend per share (p) 2.0 - Nm


Separately disclosed items (SDIs)

24

• SDIs affecting EBITDA

o Principally comprise platform and separation costs; costs of IPO mainly relate to employee share grants

o Expect a modest reduction in 2017 compared to 2016; expected to be around £40-50m

o SDIs in 2018 likely to be around £10-20m

• SDIs affecting D&A

o Comprises amortisation of acquisition intangibles; expect a similar charge in 2017

• SDIs affecting finance costs

o Net gain on Visa Europe stake comprises:

o An initial gain on valuation of Visa Europe stake

o Subsequent related fair value and foreign exchange gains

o Dividends and cash received

o Partly offset by a loss on valuation of related CVR liabilities

o Foreign exchange losses arise from period end translation of Group’s assets and liabilities

£m FY 2016 FY 2015

SDIs affecting EBITDA (62.4) (103.7)

of which:

Platform costs (30.2) (33.3)

Other separation costs (17.5) (20.1)

Reorganisation and restructuring costs (6.0) (6.4)

Costs of IPO (4.9) (35.0)

Other costs (3.8) (8.9)

SDIs affecting D&A (50.3) (69.9)

SDIs affecting finance costs 49.4 4.6

of which:

Net gain on Visa Europe 109.9 54.8

Foreign exchange (losses) / gains (60.5) (5.5)

Costs associated with refinancing (44.7)

Tax on SDIs (50.5) 0.8

Total SDIs (113.8) (168.2)


Cash flow

FY 2016 FY 2015 Change

Underlying EBITDA 467.6 406.1 +15%

Separately disclosed items

(64.8) (103.7)

Capex (160.8) (179.0)

Working capital 5.5 29.2

Tax paid (29.7) (8.6)

Non-cash items 5.5 (10.9)

Underlying financecosts

(52.4) (100.7)

Free cash flow 170.9 32.4 +£138.5m

• Capex

o 2016 capex lower than guidance at £160.8m, equivalent to 14% of net revenue

o Expect aggregate capex for 2016 and 2017 of £340m-£360m, in line with previous guidance

o Expect a reduction to c.10% of net revenues in 2018

• Working capital

o Inflow reflects timing of receipts and payments around the year end and an increase in payroll related accruals

o Expect a more normal outflow in 2017 of c.£15m-£25m

• Tax paid

o Lower than P&L charge due to timing of payments


Summary and guidance

26

• Very strong financial performance in 2016

• Excellent progress on underlying and reported metrics

• Significant increase in free cash flow despite high levels of investment

• Our expectations are for:

• 2017 net revenue growth within our medium-term target range

• Operating and cash flow leverage from 2H 2017 onwards

• Underlying EBITDA margin improvement commencing in the second half of 2017; expect full year increase in 2018

• Underlying depreciation and amortisation to increase to over £100m in 2017 as platform assets come into use

• A modest reduction in EBITDA SDIs in 2017; further reduction in 2018

• Aggregate capex in 2016/17 unchanged; reducing to c.10% of net revenues in 2018

• Guidance for the medium-term remains unchanged; continue to target net revenue growth of approximately 9% to 11% CAGR over the medium-term


Outlook

Philip Jansen, Chief Executive Officer


Conclusion and outlook

28

Very strong financial performance in 2016

Medium-term guidance unchanged

Good start to 2017, in line with expectations

Strong strategic progress supports confidence in outlook


Any questions?


Income statement 2016

31

6 months ended 30 June 2016 6 months ended 31 December 2016 12 months ended 31 December 2016

Underlying resultSeparately

disclosed items TOTAL Underlying resultSeparately


disclosed items TOTAL

Revenue 2,135.6 - 2,135.6 2,405.1 - 2,405.1 4,540.8 - 4,540.8

Interchange and scheme fees (1,595.9) - (1,595.9) (1,820.7) - (1,820.7) (3,416.6) - (3,416.6)

Net revenue 539.7 - 539.7 584.4 - 584.4 1,124.2 - 1,124.2

Other cost of sales (66.9) - (66.9) (72.0) - (72.0) (139.0) - (139.0)

Gross profit 472.8 - 472.8 512.4 - 512.4 985.2 - 985.2

- - -

Personnel expenses (153.1) (11.8) (164.9) (160.5) (14.6) (175.1) (313.6) (26.4) (340.0)

General, selling and administrative expenses (101.8) (23.8) (125.6) (102.2) (12.2) (114.4) (204.0) (36.0) (240.0)

- - -

EBITDA 217.9 (35.6) 182.3 249.7 (26.8) 222.9 467.6 (62.4) 405.2

- - -

Depreciation, amortisation and impairment (36.4) (24.9) (61.3) (42.0) (25.4) (67.4) (78.4) (50.3) (128.7)

Operating profit 181.5 (60.5) 121.0 207.7 (52.2) 155.5 389.2 (112.7) 276.5

- - -

Finance (costs)/income (28.2) 76.3 48.1 (32.1) (26.9) (59.0) (60.3) 49.4 (10.9)

Share of result of joint venture (0.5) (0.5) (1.0) - (1.0) (1.5) - (1.5)

- - -

Profit/(loss) before tax 152.8 15.8 168.6 174.7 (79.1) 95.6 327.4 (63.3) 264.1

- -

Tax (charge)/credit (40.5) (69.5) (110.0) (41.6) 19.0 (22.6) (82.1) (50.5) (132.6)

Profit/(loss) for the period 112.3 (53.7) 58.6 133.1 (60.1) 73.0 245.3 (113.8) 131.5

Total earnings/(loss) per share (pence)

Diluted 5.6 2.9 6.7 - 3.7 12.3 6.6


Income statement 2015

32

6 months ended 30 June 2015 6 months ended 31 December 2015 12 months ended 31 December 2015

Underlying resultSeparately



disclosed items TOTAL

Revenue 1,940.3 - 1,940.3 2,022.6 - 2,022.6 3,963.0 - 3,963.0

Interchange and scheme fees (1,474.6) - (1,474.6) (1,506.6) - (1,506.6) (2,981.3) - (2,981.3)

Net revenue 465.7 - 465.7 516.0 - 516.0 981.7 - 981.7

Other cost of sales (59.3) - (59.3) (62.0) - (62.0) (121.3) - (121.3)

Gross profit 406.4 - 406.4 454.0 - 454.0 860.4 - 860.4

Personnel expenses (134.9) (12.1) (147.0) (136.9) (50.5) (187.4) (271.9) (62.6) (334.5)

General, selling and administrative expenses (88.9) (22.3) (111.2) (93.5) (18.8) (112.3) (182.4) (41.1) (223.5)

EBITDA 182.6 (34.4) 148.2 223.5 (69.3) 154.2 406.1 (103.7) 302.4

Depreciation, amortisation and impairment (34.6) (37.0) (71.6) (31.0) (32.9) (63.9) (65.6) (69.9) (135.5)

Operating profit 148.0 (71.4) 76.6 192.5 (102.2) 90.3 340.5 (173.6) 166.9

Finance (costs)/income (85.2) 9.2 (76.0) (66.0) (4.6) (70.6) (151.2) 4.6 (146.6)

Share of result of joint venture (0.3) - (0.3) (0.9) - (0.9) (1.2) - (1.2)

Profit/(loss) before tax 62.5 (62.2) 0.3 125.5 (106.8) 18.7 188.1 (169.0) 19.1

Tax (charge)/credit (4.4) 7.2 2.8 (45.3) (6.4) (51.7) (49.7) 0.8 (48.9)

Profit/(loss) for the period 58.1 (55.0) 3.1 80.2 (113.2) (33.0) 138.4 (168.2) (29.8)

Total earnings/(loss) per share (pence)

Diluted 2.9 0.2 5.3 - (2.0) 8.2 (1.8)


Business unit performance

33

H1 H2 FY

H1 H1 vs H1 H2 H2 vs H2 Actual PY vs PY

£m 2016 2015 £m % 2016 2015 £m % 2016 2015 £m %

eCom 189.3 151.6 37.7 25% 197.3 166.1 31.2 19% 386.6 317.7 68.9 22%

WPUK 213.9 191.1 22.8 12% 224.7 214.1 10.6 5% 438.6 405.2 33.4 8%

WPUS @ constant rates 136.5 130.5 6.0 5% 162.5 162.5 0.1 0% 299.0 293.0 6.0 2%

Net revenue @ constant rates 539.7 473.2 66.4 14% 584.5 542.7 41.8 8% 1,124.2 1,016.0 108.2 11%

Translational FX impact - (7.5) 7.5 - (26.7) 26.7 - (34.2) 34.2

Net revenue 539.7 465.7 74.0 16% 584.5 516.1 68.5 13% 1,124.2 981.7 142.5 15%

WPUS reported 136.5 123.0 13.5 11% 162.5 135.9 26.7 20% 299.0 258.8 40.2 16%

eCom 106.1 85.3 20.8 24% 110.8 99.0 11.9 12% 216.9 184.2 32.7 18%

WPUK 93.1 78.8 14.3 18% 105.2 100.4 4.9 5% 198.3 179.2 19.1 11%

WPUS @ constant rates 29.7 29.6 0.2 1% 47.7 41.3 6.4 15% 77.4 70.9 6.5 9%

Corporate (11.0) (9.3) (1.7) (19%) (14.0) (10.3) (3.7) (36%) (25.0) (19.6) (5.5) (28%)

Underlying EBITDA @ constant rates 217.9 184.4 33.5 18% 249.7 230.3 19.4 8% 467.6 414.7 52.9 13%

Translational FX impact - (1.7) 1.7 - (6.8) 6.8 - (8.6) 8.6

Underlying EBITDA 217.9 182.7 35.3 19% 249.7 223.5 26.2 12% 467.6 406.1 61.5 15%

WPUS reported 29.7 27.8 1.9 7% 47.7 34.5 13.2 38% 77.4 62.3 15.1 24%


Transaction volume by division

2015 Transaction

volume

2016Transaction

volume

+14%

Global eCom

Worldpay UK

Worldpay US

13,101.7

1,136.0

374.4289.6 14,901.7

+30% +7% +7%

Growth YoY

m


Transaction value by division

2015 Transaction

value

2016Transaction

value

+12%

Global eCom

Worldpay UK

Worldpay US

(constant currency)

FX effect

404.2

21.6

6.25.8

13.3 451.1

+22% +3% +5%

Growth YoY

£bn


Net revenue

2015Net revenue

2016Net revenue

+15%

Global eCom

Worldpay UK

Worldpay US

(constant currency)

FX effect

981.7

68.9

33.4 6.0

34.2 1,124.2

+22% +8% +2%

Growth YoY

£m


Underlying EBITDA

2015Underlying

EBITDA

2016Underlying

EBITDA

+15%

Global eCom

Worldpay UK

Worldpay US

(constant currency)

FX effect

406.1

32.7

19.1 6.58.6 467.6(5.4)

Corporate

+18% +11% +9% (28%)

Growth YoY

£m


Net debt

38

FY 2015 FY 2016 Change

Senior borrowings (1,561.4) (1,648.7)

of which:

Term facility 1 (247.1) (247.8)

Term facility 2 (910.3) (978.6)

Revolving credit facility (38.4) 1.9

Senior unsecured notes (365.6) (424.2)

Finance leases (29.2) (32.3)

Cash and cash equivalents 165.3 313.0

Net debt (1,425.3) (1,368.0)1 +4.2%

1 Excluding cash held on behalf of CVR holders

Worldpay Group Full Year 2016 Results 7 March 2017/...V2/...presentation.pdf · Launching UK online...

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Transcript of Worldpay Group Full Year 2016 Results 7 March 2017/...V2/...presentation.pdf · Launching UK online...