Edenred Sa · EURONEXT:EDEN
Edenred Sa — H1 2011 Earnings Presentation
18 slides from Edenred Sa's earnings presentation, Jul 18, 2011
Slide 1: H1 2011 Revenue Conference Call
H1 2011 Revenue CONFERENCE CALL July 18, 2011
Slide 2: H1 2011 Key Figures
H1 2011 Key Figures L/L Growth Q1 Q2 H1 Issue Volume +9.0% +10.9% +10.0% Total revenue +7.2% +12.3% +9.8% Operating revenue +6.6% +11.7% +9.2% Financial revenue +12.9% +19.0% +16.0% Robust growth in H1, with faster growth in Q2, reflecting strong operating trends and rising financial revenue 2
Slide 3: H1 2011 Issue Volume: €7,264m
H1 2011 Issue Volume: €7,264m Like-for-like +10.0% Issue Volume Growth (L/L) €660m Scope 13.7% +0.7% €50m 10.7% 10.9% 10.0% 10.0% 9.0% 8.4% 7.2% Currency -0.9% €(61)m Reported Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 H1 11 +7,6% +9.8% €649m Faster issue volume growth in Q2, reflecting robust busines
Slide 4: Issue Volume Growth by Region
H1 2011 Issue Volume Growth by Region Issue Volume Growth (L/L) Q1 Q2 H1 2011 2011 2011 France +2.9% +1.7% +2.3% Rest of Europe -2.0% +1.3% -0.3% Europe -0.3% +1.4% +0.6% Latin America +20.5% +21.5% +21.0% Rest of the world +23.1% +17.1% +19.8% TOTAL +9.0% +10.9% +10.0% Europe: excluding CONSIP co
Slide 5: H1 2011 Operating Revenue: €456m
H1 2011 Operating Revenue: €456m Operating Revenue Growth (L/L) Like-for-like 11.7% +9.2% €39m 9.5% 9.2% 7.1% 6.3% 6.6% Scope 4.5% -0.7% €(3)m 3.8% Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 H1 11 Currency -0.4% €(2)m Currency effect* Q1 2011 Q2 2011 H1 2011 BRL +2.7% 0.0% +1.3% Reported VEF -1.3% -2.
Slide 6: France - H1 2011 Operating Revenue: €70m
France - H1 2011 Operating Revenue: €70m Operating Revenue growth (L/L) Q1 Q2 H1 2011 2011 2011 France -1.1% +0.6% -0.3% Positive trends in meal vouchers: Still a difficult situation in the B2C gift activity up +4.2 L/L in Q2 segment, due to business disruption (vs. +2.9% L/L in Q1) with our lar
Slide 7: Rest of Europe - H1 2011 Operating Revenue: €159m
Rest of Europe - H1 2011 Operating Revenue: €159m Operating Revenue Growth (L/L) Q1 Q2 H1 2011 2011 2011 Belgium +4.8% +3.8% +4.3% UK +6.7% +8.1% +7.4% Italy +3.3% +5.3% +4.3% Romania -39.6% -11.6% -27.0% TOTAL REST OF EUROPE -1.1% +7.5% + +3.0% Belgium: Good overall performance driven by Romani
Slide 8: Latin America - H1 2011 Operating Revenue: €194m
Latin America - H1 2011 Operating Revenue: €194m Operating Revenue Growth (L/L) Q1 Q2 H1 2011 2011 2011 Brazil +16.4% +20.6% +18.6% Hispanic Latin America +19.5% +17.4% +18.3% TOTAL LATIN AMERICA +17.4% +19.5% +18.5% Brazil: Strong performance in all categories of solutions, driven by favorable ec
Slide 9: H1 2011 Financial Revenue: €44m
H1 2011 Financial Revenue: €44m Financial Revenue Growth (L/L) Financial Revenue by region Q1 Q2 H1 19.0% 2011 2011 2011 16.0% L/L Growth 13.0% France +4.3% +12.0% +8.0% Rest of Europe -0.9% +4.9% +2.0% -0.3% Latin America +38.8% +41.0% +40.0% -11.6% Rest of the world +10.0% +17.5% +14.0% -16.8% TOT
Slide 10: H1 2011 Total Revenue: €501m
H1 2011 Total Revenue: €501m Like-for-like Like-for-like revenue growth of +9.8%, of which: +9.8% €45m L/Lgrowth Q1 2011 Q2 2011 H1 2011 Operating Revenue +6.6% +11.7% +9.2% Scope Financial Revenue +13.0% +19.0% +16.0% -0.8% €(4)m Total Revenue +7.2% +12.3% +9.8% Currency effect*: Currency -0.3%
Slide 11: Conclusion
H1 2011 REVENUE CONCLUSION
Slide 12: Conclusion
Conclusion Robust business in Latin America SUSTAINED ISSUE VOLUME GROWTH Improving trends in Europe, mainly explained by first signs of stabilization in Central Europe STABILIZED Reduced gap between growth in operating revenue with issue volume and growth in issue volume, reflecting a gradual
Slide 13: Appendices
H1 2011 REVENUE APPENDICES
Slide 14: Issue Volume
Issue Volume Q1 Q2 H1 In € millions 2010 2011 2010 2011 2010 2011 France 641 659 607 617 1,248 1,276 Rest of Europe 1,135 1,148 1,183 1,232 2,318 2,380 Latin America 1,301 1,628 1,536 1,742 2,837 3,370 Rest of the world 97 119 115 120 212 239 TOTAL ISSUE VOLUME 3,174 3,554 3,441 3,710 6,615 7,264 Q1
Slide 15: Operating Revenue
Operating Revenue Q1 Q2 H1 In € millions 2010 2011 2010 2011 2010 2011 France 36 36 33 34 69 70 Rest of Europe 79 81 73 78 152 159 Latin America 78 94 91 100 169 194 Rest of the world 15 17 17 16 32 33 OPERATING REVENUE 208 227 214 229 422 456 Q1 Q2 H1 Change Change Change Change Change Change In %
Slide 16: Financial Revenue
Financial Revenue Q1 Q2 H1 In € millions 2010 2011 2010 2011 2010 2011 France 5 5 5 5 10 10 Rest of Europe 8 7 8 8 16 16 Latin America 6 9 6 9 12 17 Rest of the world - 1 1 1 1 1 FINANCIAL REVENUE 19 22 20 23 39 44 Q1 Q2 H1 Change Change Change Change Change Change In % reported L/L* reported L/L* r
Slide 17: Total Revenue
Total Revenue Q1 Q2 H1 In € millions 2010 2011 2010 2011 2010 2011 France 41 41 38 39 79 80 Rest of Europe 87 88 81 87 168 175 Latin America 84 102 97 109 181 211 Rest of the world 15 18 18 17 33 35 TOTAL REVENUE 227 249 234 251 461 501 Q1 Q2 H1 Change Change Change Change Change Change In % reporte
Slide 18: Exchange rates
Exchange rates 2011 vs. 2011 vs. 2011 vs Q1 2010 Q1 2011 2010 Q2 2010 Q2 2011 2010 H1 2010 H1 2011 2010 1€ = X foreign average average Change average average Change average average Change currency rate rate (in %) rate rate (in %) rate rate (in %) Bolivar Fuerte 5.87 7.24 -18.9% 5.47 7.62 -28.2% 5.6