Private company

WNS (HOLDINGS) LTD

WNS (HOLDINGS) LTD is a business services company.1

Last updated Oct 21, 2026.

Overview

$1.3BRevenue, fiscal 20252
$170.1MNet income, fiscal 20252
  • IndustryServices-Business Services, NEC1
  • HeadquartersK71
  • Incorporated inIndia3
  • Business addressGate 4, Godrej & Boyce Complex, Plant 10/11, Pirojshanagar, Vikhroli (W), Mumbai, 4000793
  • Filer categoryLarge accelerated filer3

WNS (Holdings) Limited (“WNS,” “we,” “us,” “our,” or the “Company”), incorporated in 2002 under the laws of Jersey, Channel Islands, is a leading digital business transformation and services partner. WNS provides strategy, execution, and managed services, which combine specialized domain knowledge, data and analytics, advanced technologies, AI (including Generative AI (“Gen AI”)), process expertise, and global talent to deliver digitally enabled transformational solutions and business outcomes for our clients. We service many of the world’s leading companies across industries, including insurance, manufacturing and retail, travel and leisure, healthcare, banking and financial services, shipping and logistics, utilities, and hi-tech and professional services. WNS maintains headquarters in New York, U.S., London, UK, and Mumbai, India, and has over 64,000 employees globally.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

35.4%Gross margin2
13.3%Operating margin2
12.9%Net margin2
-0.6%Revenue growth, 20252
20.3%Return on equity2
0.19×Debt to equity2
$153.0MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue65¢$849.4M
  • Other costs18¢$239.6M
  • Interest1¢$18.5M
  • Income tax3¢$37.3M
  • Profit13¢$170.1M

Out of $1.3B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending26¢$54.1M
  • Kept or used elsewhere74¢$153.0M

Out of $207.2M of cash from operations.2

Financial statements

Revenue62$1.3B in 2025+73% since 2018
0$500.0M$1.0B$1.5B2018: $758.0M$758.0M20182019: $809.1M$809.1M2019+7%2023: $1.2B$1.2B2023+51%2024: $1.3B$1.3B2024+8%2025: $1.3B$1.3B2025−1%
Gross profit78910112$465.5M in 2025+83% since 2018
0$200.0M$400.0M$600.0M2018: $254.8M$254.8M20182019: $290.9M$290.9M2019+14%2020: $344.3M$344.3M2020+18%2021: $325.4M$325.4M2021−5%2022: $374.6M$374.6M2022+15%2023: $411.4M$411.4M2023+10%2024: $466.6M$466.6M2024+13%2025: $465.5M$465.5M2025−0%
Operating income78910112$175.4M in 2025+85% since 2018
0$50.0M$100.0M$150.0M$200.0M2018: $94.9M$94.9M20182019: $119.8M$119.8M2019+26%2020: $146.6M$146.6M2020+22%2021: $135.1M$135.1M2021−8%2022: $164.1M$164.1M2022+21%2023: $156.1M$156.1M2023−5%2024: $140.9M$140.9M2024−10%2025: $175.4M$175.4M2025+24%
Net income78910112$170.1M in 2025+97% since 2018
0$50.0M$100.0M$150.0M$200.0M2018: $86.4M$86.4M20182019: $105.4M$105.4M2019+22%2020: $116.8M$116.8M2020+11%2021: $102.6M$102.6M2021−12%2022: $132.1M$132.1M2022+29%2023: $138.4M$138.4M2023+5%2024: $147.5M$147.5M2024+7%2025: $170.1M$170.1M2025+15%
Fiscal year20182019202020212022202320242025
Revenue$758.0M6$809.1M6$1.2B2$1.3B2$1.3B2
Cost of revenue$735.2M11$812.8M2$856.8M2$849.4M2
Gross profit$254.8M7$290.9M8$344.3M9$325.4M10$374.6M11$411.4M2$466.6M2$465.5M2
Operating income$94.9M7$119.8M8$146.6M9$135.1M10$164.1M11$156.1M2$140.9M2$175.4M2
Interest$513.0K11$6.6M2$15.3M2$18.5M2
Income before tax$164.5M11$165.5M2$165.0M2$207.4M2
Income tax$32.4M11$27.0M2$17.5M2$37.3M2
Net income$86.4M7$105.4M8$116.8M9$102.6M10$132.1M11$138.4M2$147.5M2$170.1M2
Earnings per share$1.727$2.108$2.359$2.0610$2.7011$2.872$3.122$3.872
Earnings per share (diluted)$1.637$2.028$2.249$1.9710$2.5811$2.742$2.992$3.712
Shares (weighted, basic)48.9M shares1148.3M shares247.2M shares244.0M shares2
Shares (weighted, diluted)51.2M shares1150.5M shares249.3M shares245.9M shares2

Compare WNS (HOLDINGS) LTD with another company

Corporate structure

WNS (HOLDINGS) LTD sits at the top of its group. 57 entities, 24 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of WNS (HOLDINGS) LTD

  • FIL Ltd Filed SCHEDULE 13G/A on WNS (HOLDINGS) LTD, latest Nov 7, 2025 (2 filings since Sep 8, 2025)
  • FMR LLC Filed SCHEDULE 13G/A on WNS (HOLDINGS) LTD, latest Aug 7, 2025 (8 filings since Feb 9, 2022)
  • BlackRock Filed SCHEDULE 13G/A on WNS (HOLDINGS) LTD, latest Jul 16, 2025 (4 filings since Oct 22, 2024)
  • Macquarie Group Filed SC 13G/A on WNS (HOLDINGS) LTD, latest Nov 1, 2024 (4 filings since Feb 14, 2022)
  • JPMorgan Chase Filed SC 13G/A on WNS (HOLDINGS) LTD, latest Apr 9, 2024 (2 filings since Jan 12, 2024)
  • Grandeur Peak Global Advisors, LLC Filed SC 13G on WNS (HOLDINGS) LTD, latest Feb 13, 2023 (2 filings since Feb 14, 2022)
  • WNS (HOLDINGS) LTD K7
    • 10. Subsidiary · Delaware, United States
    • 11. Subsidiary · China
    • 13. Subsidiary · Sri Lanka
    • 14. Subsidiary · Singapore
    • 15. Subsidiary · India
    • 16. Subsidiary · Costa Rica
    • 17. Subsidiary · Australia
    • 19. Subsidiary · India
    • 20. Subsidiary · Poland
    • 21. Subsidiary · South Africa
    • 22. Subsidiary · China
    • 23. Subsidiary · China
    • 24. Subsidiary · Singapore
    • 25. Subsidiary · United Kingdom
    • 26. Subsidiary · United Kingdom
    • 27. Subsidiary · Romania
    • 28. Subsidiary · France
    • 29. Subsidiary · Turkey
    • 30. Subsidiary · Delaware, United States
    • 31. Subsidiary · Delaware, United States
    • 32. Subsidiary · Delaware, United States
    • 33. Subsidiary · Switzerland
    • 34. Subsidiary · Delaware, United States
    • 35. Subsidiary · Germany
    • 36. Subsidiary · China
    • and 31 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What WNS (HOLDINGS) LTD reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$301.9M2 Mar 31, 2025$287.4M2 Mar 31, 2024+5.1%
Accumulated depreciation$221.1M2 Mar 31, 2025$213.7M2 Mar 31, 2024+3.5%
Property and equipment, net$80.8M2 Mar 31, 2025$73.7M2 Mar 31, 2024+9.6%
Operating-lease assets (leased space)$186.8M2 Mar 31, 2025$181.4M2 Mar 31, 2024+3.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$106.9M2 Mar 31, 2025$87.4M2 Mar 31, 2024+22.3%
Marketable securities, current$156.9M2 Mar 31, 2025$156.5M2 Mar 31, 2024+0.2%
Long-term investments$3.6M2 Mar 31, 2025$313.0K2 Mar 31, 2024+1061.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$409.6M2 Mar 31, 2025$356.4M2 Mar 31, 2024+14.9%
Intangible assets, net (excluding goodwill)$122.6M2 Mar 31, 2025$124.4M2 Mar 31, 2024−1.4%
Indefinite-lived intangibles (excluding goodwill)$122.6M2 Mar 31, 2025$124.4M2 Mar 31, 2024−1.4%
Finite-lived intangibles, gross$519.5M2 Mar 31, 2025$495.2M2 Mar 31, 2024+4.9%
Accumulated amortization$397.3M2 Mar 31, 2025$371.3M2 Mar 31, 2024+7.0%
Finite-lived intangibles, net$122.2M2 Mar 31, 2025$124.0M2 Mar 31, 2024−1.4%

Properties, in its own words

As at March 31, 2025, we had an installed capacity of 42,494 production workstations, or seats, that can operate on an uninterrupted 24/7 basis and can be staffed on a three-shift per day basis.

We have delivery centers, sales offices and registered offices in 18 countries around the world, located in Australia, Canada, China, Costa Rica, Germany, India, Malaysia, Mexico, the Philippines, Poland, Romania, South Africa, Sri Lanka, Switzerland, Turkey, the United Arab Emirates, the UK, and the US. All of our delivery centers are leased under long-term leases with varying expiration dates, and most of our leases are renewable at our option. We believe that our properties and facilities are suitable and adequate for our business.

The rest of Item 2

Our delivery centers are equipped with fiber optic connectivity and have backups to their power supply designed to achieve uninterrupted operations. In fiscal 2026, we intend to continue to streamline our operations by further consolidating production capacities in our delivery centers.

Item 2 of the 10-K filed May 13, 2025.5

Leadership

Who has led WNS (HOLDINGS) LTD, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (1)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 10. Delaware, USA4
  • 11. China4
  • 13. Sri Lanka4
  • 14. Singapore4
  • 15. India4
  • 16. Costa Rica4
  • 17. Australia4
  • 19. India4
  • 20. Poland4
  • 21. South Africa4
  • 22. China4
  • 23. China4
  • 24. Singapore4
  • 25. United Kingdom4
  • 26. United Kingdom4
  • 27. Romania4
  • 28. France4
  • 29. Turkey4
  • 30. Delaware, USA4
  • 31. Delaware, USA4
  • 32. Delaware, USA4
  • 33. Switzerland4
  • 34. Delaware, USA4
  • 35. Germany4
All 56 listed subsidiaries
  • 36. China4
  • 37. South Africa4
  • 38. South Africa4
  • 39. Ireland4
  • 40. New Zealand4
  • 41. United Kingdom4
  • 42. Philippines4
  • 43. Delaware, USA4
  • 44. South Africa4
  • 45. Spain4
  • 46. Netherlands4
  • 47. Canada4
  • 48. Switzerland4
  • 49. Malaysia4
  • 50. Australia4
  • 51. Canada4
  • 52. Netherlands4
  • 54. Mexico4
  • 55. United Kingdom4
  • 56. India4
  • 57. Romania4
  • 58. Switzerland4
  • 60. Poland4
  • 61. Poland4
  • 62. Germany4
  • 65. Philippines4
  • 66. Slovakia4
  • 67. India4
  • 68. Delaware, USA4
  • 69. Delaware, USA4
  • 70. Canada4
  • 71. India4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 17, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights18
  2. Oct 9, 20258-K Regulation FD disclosure; Other events19
  3. Oct 3, 20258-K Regulation FD disclosure20
  4. Sep 17, 20258-K Regulation FD disclosure; Other events21
  5. Aug 29, 20258-K Shareholder vote; Regulation FD disclosure22
  6. Aug 19, 20258-K Regulation FD disclosure23
  7. Jul 30, 20258-K Regulation FD disclosure24
  8. Jul 24, 20258-K Results of operations25
  9. Jul 7, 20258-K Entered a material agreement; Regulation FD disclosure; Other events26
  10. Apr 24, 20258-K Results of operations27
  11. Apr 24, 20258-K Executive or director change28
  12. Mar 12, 20258-K Executive or director change; Regulation FD disclosure29

Calendar

When it reported results

  1. Jul 24, 2025Reported quarterly or annual results25
  2. Apr 24, 2025Reported quarterly or annual results27
  3. Jan 23, 2025Reported quarterly or annual results30
  4. Oct 17, 2024Reported quarterly or annual results31
  5. Jul 18, 2024Reported quarterly or annual results32
  6. Jul 9, 2024Reported quarterly or annual results33

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

147 filings to the SEC since October 2021: 4 annual reports, 4 quarterly reports, 19 major events, 1 insider forms, 22 large holders, 97 other. The latest 20:

  1. Nov 7, 2025SCHEDULE 13G/A EDGAR
  2. Oct 27, 202515-12G EDGAR
  3. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  4. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  5. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  6. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  7. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  8. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  9. Oct 17, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 EDGAR
  10. Oct 17, 20258-K CURRENT REPORT EDGAR
  11. Oct 9, 20258-K EDGAR
  12. Oct 3, 20258-K EDGAR
  13. Sep 17, 20258-K EDGAR
  14. Sep 8, 2025SCHEDULE 13G EDGAR
  15. Aug 29, 20258-K CURRENT REPORT EDGAR
  16. Aug 19, 20258-K CURRENT REPORT EDGAR
  17. Aug 8, 202510-Q EDGAR
  18. Aug 7, 2025SCHEDULE 13G/A EDGAR
  19. Jul 30, 20258-K CURRENT REPORT EDGAR
  20. Jul 24, 20258-K EDGAR

The 147 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 16, 2025CHINTAPALLI ANILEVPBuy18,100$55.90$1.0MForm 4
May 15, 2025CHINTAPALLI ANILEVPBuy1,900$54.44$103.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How WNS (HOLDINGS) LTD is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWNS (HOLDINGS) LTD1
  • CIK0001356570
  • Employer ID (EIN)00-00000005
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inJersey5
  • Fiscal year endsMarch 311
  • Industry code (SIC)7389 Services-Business Services, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressGate 4, Godrej & Boyce Complex, Plant 10/11, Pirojshanagar, Vikhroli (W), Mumbai, Mumbai 400079, India1
  • Phone9186574547911
  • Shares outstanding42,893,906 as of Jun 30, 202512
  • Public float$2.4B as of Sep 30, 20245
  • AuditorGRANT THORNTON BHARAT LLP, Gurugram, India PCAOB ID 2416; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJul 3, 20061
  • Filings508 in all: 6-K (276), SC 13G/A (61), 144 (34), SC 13G (22), 8-K (19), 20-F (18), CORRESP (9), UPLOAD (9)1
    All 35 form types

    S-8 (7), S-8 POS (7), SCHEDULE 13G/A (7), 10-Q (4), 424B5 (4), 20-F/A (3), EFFECT (3), 25-NSE (2), CT ORDER (2), F-1/A (2), FWP (2), SC TO-I/A (2), 10-K (1), 15-12G (1), 4 (1), 424B4 (1), 6-K/A (1), 8-A12B (1), CERTNYS (1), F-1 (1), F-3 (1), F-3/A (1), F-6 (1), F-6 POS (1), F-6EF (1), SC TO-I (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) May 13, 2025
    Quarterly report (10-Q) Aug 8, 2025
    Latest 8-K (8-K) Oct 17, 2025

Securities registered for trading

ClassSymbolExchange
Ordinary share, par value 10 pence per shareWNSThe New York Stock Exchange

From the cover page of the 10-K filed May 13, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks WNS (HOLDINGS) LTD names in Item 1A of its 10-K filed May 13, 2025: 53 risks under these headings, as written.5

  • Risks Related to Our Business
  • The global economic and geo-political conditions have been and continue to be challenging and have had, and may continue to have, an adverse effect on the financial markets and the economy in general, which has had, and may continue to have, a material adverse effect on our business, clients, employees, financial performance, results of operations and cash flows and the prices of our ordinary shares.
  • A few major clients account for a significant portion of our revenue and any loss of business from these clients could reduce our revenue and significantly harm our business.
  • Our revenue is highly dependent on clients concentrated in a few industries, as well as clients located primarily in the US, the UK, Europe and Australia. Economic slowdowns or factors that affect these industries or the economic environment in the US, the UK, Europe or Australia could reduce our revenue and seriously harm our business.
  • Currency fluctuations among the Indian rupee, the pound sterling, the US dollar, the Australian dollar, the Euro, the South African rand and the Philippine peso could have a material adverse effect on our results of operations.
  • The international nature of our business exposes us to risks such as unexpected changes in the regulatory requirements and governmental policy changes of multiple jurisdictions.
  • Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements. Failure to adhere to the laws and regulations that govern our business or our clients’ businesses that we are required to comply with in performing our services could harm our business.
  • We face competition from onshore and offshore BPM companies and from information technology companies that also offer BPM services. Our clients may also choose to run their business processes themselves, either in their home countries or through captive units located offshore.
  • Changes in technology, particularly in relation to AI, could lead to changes in our clients’ businesses as well as their requirements for business process services, which may adversely impact our business and results of operations.
  • If we cause disruptions to our clients’ businesses, provide inadequate service or are in breach of our representations or obligations, our clients may have claims for substantial damages against us. Our insurance coverage may be inadequate to cover these claims and, as a result, our profits may be substantially reduced.
  • We are liable to our clients for damages caused by unauthorized disclosure of sensitive or confidential information, whether through a breach or circumvention of our or our clients’ computer systems and processes, through our employees or otherwise. Further, cybersecurity and data privacy considerations could impact our business.
  • Our business could be materially and adversely affected if we do not protect our intellectual property or if our services are found to infringe on the intellectual property of others.
The other 42 risks
  • Our clients may terminate contracts before completion or choose not to renew contracts, which could adversely affect our business and reduce our revenue.
  • Some of our client contracts contain provisions which, if triggered, could result in lower future revenue and have an adverse effect on our business.
  • Fraud on account of circumvention of controls within our or our clients’ computer systems and processes could adversely impact our business.
  • Our business may not develop in ways that we currently anticipate due to negative public reaction to offshore outsourcing, proposed legislation or otherwise.
  • Adverse changes to our relationships with the companies with whom we have an alliance or in the business of the companies with whom we have an alliance could adversely affect our results of operations.
  • If we are unable to collect our receivables from, or bill our unbilled services to, our clients, our results of operations and cash flows could be adversely affected.
  • We may face difficulties as we expand our operations to establish delivery centers in onshore locations and offshore in countries in which we have limited or no prior operating experience.
  • We may be unable to effectively manage our growth and maintain effective internal controls, which could have a material adverse effect on our operations, results of operations and financial condition.
  • We are subject to various risks relating to human capital management.
  • Our executive and senior management team and other key team members in our business units are critical to our continued success and the loss of such personnel could harm our business.
  • We may fail to attract and retain enough sufficiently trained employees to support our operations, as competition for highly skilled personnel is significant and we experience significant employee attrition. These factors could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Employee strikes and other labor-related disruptions may adversely affect our operations.
  • Our loan agreements impose operating and financial restrictions on us and our subsidiaries.
  • To fund our capital expenditures, service indebtedness and fund other potential liquidity requirements, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control and we may need to access the credit market to meet our liquidity requirements.
  • Wage increases may prevent us from sustaining our competitive advantage and may reduce our profit margin.
  • Our operating results may differ from period to period, which may make it difficult for us to prepare accurate internal financial forecasts and respond in a timely manner to offset such period to period fluctuations.
  • If our pricing structures do not accurately anticipate the cost and complexity of performing our work, our profitability may be negatively affected.
  • We may not succeed in identifying suitable acquisition targets or integrating any acquired business into our operations, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Goodwill, intangible or other assets that we carry on our balance sheet could give rise to significant impairment charges in the future.
  • We are incorporated in Jersey, Channel Islands under the ”1991 Law”. If the tax benefits enjoyed by our company are withdrawn or changed, we may be liable for higher tax, thereby reducing our profitability.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent or detect fraud. As a result, current and potential investors could lose confidence in our financial reporting, which could harm our business and have an adverse effect on the price of our ordinary shares.
  • Risks Related to Key Delivery Locations
  • A substantial portion of our assets and operations are located in India and we are subject to regulatory, economic, social and political uncertainties in India.
  • Our business in South Africa is evaluated for compliance with the South African government’s “BBBEE” legislation. Failure to maintain a minimum BBBEE rating would result in a loss of certain government grants, and may also result in us losing certain business opportunities or clients imposing contractual penalties on us.
  • Our facilities are at risk of damage by natural disasters.
  • If the tax benefits and other incentives that we currently enjoy are reduced or withdrawn or not available for any other reason, our financial condition would be negatively affected.
  • Tax legislation and the results of actions by taxing authorities may have an adverse effect on our operations and our overall tax rate.
  • We are subject to transfer pricing and other tax related regulations and any determination that we have failed to comply with them could materially adversely affect our profitability.
  • We may be required to pay additional taxes in connection with audits by the tax authorities.
  • Terrorist attacks, civil unrest and other acts of violence in any of the countries in which we operate or their neighboring countries could adversely affect our operations, resulting in a loss of client confidence and materially adversely affecting our business, results of operations, financial condition and cash flows.
  • Increasing scrutiny of, and attention to, environmental, social and governance matters may adversely affect our business operations, clients, profitability and may further expose us to reputational risks and legal liability.
  • We are subject to a series of risks related to climate change.
  • If more stringent labor laws become applicable to us, our profitability may be adversely affected.
  • Most of our delivery centers operate on leasehold property and our inability to renew our leases on commercially acceptable terms or at all may adversely affect our results of operations.
  • Risks Related to our Shares
  • Substantial future sales of our ordinary shares in the public market could cause the price of our ordinary shares to fall.
  • The market price for our ordinary shares may be volatile.
  • We may not be able to pay any dividends on our ordinary shares.
  • We qualify as a foreign private issuer and, as a result, are not subject to U.S. proxy rules.
  • We may be classified as a passive foreign investment company, which could result in adverse US federal income tax consequences to US holders of our ordinary shares.
  • If a United States person is treated as owning at least 10% of our ordinary shares, such holder may be subject to adverse US federal income tax consequences.
  • Our share repurchase programs could affect the price of our ordinary shares.
  • We have certain anti-takeover provisions in our Articles of Association that may discourage a change in control.
  • It may be difficult for you to effect service of process and enforce legal judgments against us or our affiliates.

Legal proceedings

In the course of our normal business activities, various lawsuits, claims and proceedings may be instituted or asserted against us. Although there can be no assurance, we believe that the disposition of matters currently instituted or asserted will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. See “Note 26 — Commitment and Contingencies” of consolidated financial statements in Part IV of this report for details regarding our tax proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

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