VISA EUROPE MANAGEMENT SERVICES LIMITED

• ◆

  Material uncertainty over going concern

  The Directors have adopted the going concern basis in preparing these financial statements having given due consideration to the liabilities of the Company, the financial resources available to meet its obligations and the consistent earnings growth over the years. The Directors are satisfied that the Company will have sufficient financial resources available to meet its obligations for a period of at least 12 months from the date of approval of these financial statements. As outlined in Note 14, Contingent liabilities, there is an uncertainty relating to litigation against the Company. The Directors acknowledge that there can be no total certainty that this support from Visa Europe Limited will continue.

• ·

  Going-concern uncertainty disclosed

Figures converted to GBP from EUR at 0.857 per EUR (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have adopted the going concern basis in preparing these financial statements having given due consideration to the liabilities of the Company, the financial resources available to meet its obligations and the consistent earnings growth over the years. The Directors are satisfied that the Company will have sufficient financial resources available to meet its obligations for a period of at least 12 months from the date of approval of these financial statements. As outlined in Note 14, Contingent liabilities, there is an uncertainty relating to litigation against the Company. The Directors acknowledge that there can be no total certainty that this support from Visa Europe Limited will continue.”

Significant events

• “A number of Polish retailers have brought interchange fee claims against the Company... The claims that have been issued, served, and/or preserved seek, in aggregate, less than €100 million in damages. Visa Europe Limited will absorb all losses associated with the Poland litigation and any other claims and will recognise any required losses or related settlements in its accounts.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.