Atos - comment

Atos has finally arrived at its destination - Conciliation. With negotiations ending with both Airbus (re: BDS sale) and EPEI/Kretinski (re: Tech Foundations sale), there is an inevitability to the entering of conciliation. Atos management aims to present the basis of a refinancing restructuring the week of the 8th of April, providing an update to the market with the Company’s objective to reach an agreement by July 2024. 

We are going through the numbers, but our initial focus is on Working Capital and debt levels. Working Capital is still inflated by €1.8bn, as Atos continue to use various methods to optimise its WC. Non-recourse factoring of receivables amounted to €712m (down from 862m in prior years), and changes in debtor and creditor days resulted in €1,105m impact (versus €1,457m in prior years. All combined is €1.8bn, compared to €2.3bn in FY22.