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Lenders may be aware that Nets provides card acquiring services to Thomas Cook’s Nordic/Continental European Tour Operator and across the TC Group Airline, including Condor (together hereafter “TC”). Nets does not provide card services to the UK tour operator.
In light of evidence of increasing financial stress at TC, Nets started close monitoring of the TC situation and engaged with the TC senior management team as early as January 2019. In the 8 months which have elapsed since then, Nets has actively managed its risk exposure within available contractual constraints.
We estimate our net risk to be a one-off loss of up to €200m after tax. Whilst this loss is regrettable, Nets is a cash generative business with the strategic and financial flexibility required to fully manage the situation. The actual loss will not be known for months, as it will be dependent on whether parts of TC will be recapitalized as part of the insolvency process and on the level of chargeback claims that we will receive.
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