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Atos Withdraw MT Guidance; Provides Update On Refinancing

TECHNOLOGY


  • Headline results in line with prelim; FY Revenue -5%, Op Margin was +31%. Leverage stands at 3.34x vs. the bank covenant of 3.75x. No FY guidance given and MT guidance withdrawn.
  • Discussions since Feb are running under a 4-month conciliation procedure, extendable by 1 month, and Atos claim sufficient liquidity to continue operations until a refinancing plan is established while considering interim financing for additional liquidity.
  • Material uncertainty exists regarding Atos's ability to continue as a going concern without a new refinancing plan or significant asset disposals, affecting the appropriateness of IFRS accounting standards. It will present its refinancing framework to creditors during the week of April 8 with a market update.
  • “Atos will inform the market in due course of the progress of the refinancing discussions with its financial creditors, its contemplated disposals, as well as any potential changes in its capital structure arising from a final global refinancing agreement, including the issuance of new equity, which will likely result in a dilution of the existing shareholders.”
  • Call ongoing; Q&A just started: https://edge.media-server.com/mmc/p/tppiw22z
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