One other challenge to lift €1.8 billion from the sale of its massive knowledge and safety actions to plane producer Airbus fell by way of in March.
Neither of these gross sales would have mounted the underlying profitability drawback. Certainly, the Airbus deal might even have aggravated it by parting with a few of Atos’ most profitable actions.
Interim resolution
As an interim measure, Atos bondholders have agreed to supply a €100 million revolving credit score facility, whereas its banks have provided to supply as much as €300 million by way of a factoring facility — offering an advance on accounts receivable. That, Atos mentioned, must be sufficient to maintain it afloat till it has a longer-term plan in place.
The French authorities has additionally provided a $50 million short-term mortgage to Atos subsidiary Bull, conditional on it persevering with to ship on sure contracts necessary to French nationwide safety. That supply, although, comes with different strings hooked up, together with being first in line for compensation, and getting a veto on any switch of possession of the nationwide safety actions within the occasion a refinancing plan is agreed. Different prospects must take their probabilities.
Lengthy-term prospects
In the long term, it’s nonetheless unclear whether or not Atos can flip issues round. It lately reported its full-year outcomes for 2023, after delaying twice to provide auditors time to look at an unbiased enterprise assessment report and to finish their audit of non-cash goodwill impairment costs.
In 2023, the corporate made a internet lack of €3.4 billion on income of €10.7 billion, in comparison with a internet lack of €1 billion on income of €11.3 billion in 2022.
