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4.2

Outlook and trends

4.1.2

Significant events since December 31, 2016

All significant events which have occurred since December 31, 2016 are described in Note 15 “Subsequent events” in the notes to the

consolidated financial statements as at December 31, 2016.

On February 23, 2017, Ingenico Group announced the creation of two customer-facing Business Units to meet the distinct needs of

distributors and e-retailers, as well as those of banks and acquirers. This new operational organization also aims to accelerate the

international expansion of the Ingenico Group’s omnichannel offering.

4.1.3

Main risks and uncertainties in 2017

Ingenico Group faces the same risks and uncertainties in 2017 as those described in this 2016 Registration Document.

4.1.4

Main related-party transactions

In 2016, there were no material transactions liable to be considered new regulated agreements. See Note 6d. “Related-party

transactions” in the notes to the consolidated financial statements as at December 31, 2016.

In 2017, the Group expects to achieve revenue growth of 7% (on

a like-for-like basis) and to slightly increase its EBITDA margin

compared with 2016.

Given the 2016 growth achieved and the 2017 targets, the

2020 objective provided in March 2016 now look ambitious.

Beyond 2017, the Group anticipates a gradual improvement

in the organic growth of its revenues and its EBITDA margin.

The Group also confirms the 45% floor of its EBITDA to Free

Cash Flow conversion rate, and maintains its minimum rate of

distribution of net income of 35%.

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INGENICO GROUP

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Registration Document 2016

128

Comments on the financial year

4

4.2 Outlook and trends