Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q1 2015 Earnings Presentation
20 slides from Edenred Sa's earnings presentation, Apr 14, 2015
Slide 1: Q1 2015 Revenue
Q1 2015 Revenue April 14, 2015
Slide 2: Q1 2015 Highlights
Q1 2015 HIGHLIGHTS Robust operating performance, like-for-like and as reported Issue volume Revenue +10.0% L/L(1) growth, +9.0% L/L growth reflecting: in operating revenue with issue volume Dynamic growth in Latin America up +17.3% L/L Good performance in Europe up +2.7% L/L + 2.7% L/L growth
Slide 3: Q1 2015 Issue Volume: €4,553M
Q1 2015 ISSUE VOLUME: €4,553M Up +10.0% L/L, on a high basis of comparison Like-for-like 13.7% +10.0% 11.0% 11.3% 12.1% 12.0% High basis of comparison in Q1 €405m 10.0% 2014 due to a strong contribution from Portugal (~200 bp) Lower contribution from the Scope (1) increase in face value in Q1 +0
Slide 4: Latin America Issue Volume: €2,284M
Q1 2015 LATIN AMERICA ISSUE VOLUME: €2,284M Up +17.3% L/L, thanks to strong sales performance L/L growth Q1 Brazil +12.8% Hispanic Latin America +25.5% Total Latin America +17.3% Brazil: Hispanic Latin America: Dynamic growth in Brazil in a difficult economic Strong growth in Employee benefits (
Slide 5: Europe Issue Volume: €2,081M
Q1 2015 EUROPE ISSUE VOLUME: €2,081M Up +2.7% L/L, in line with H2 2014 performance L/L growth Q1 France +3.1% Rest of Europe +2.4% Total Europe +2.7% France: Rest of Europe: Good performance with Ticket Restaurant® up +4.5% Italy: stable issue volume thanks to a good performance L/L thanks to t
Slide 6: Total Revenue: €263M
Q1 2015 TOTAL REVENUE: €263M Up +8.0% L/L, reflecting strong IV trends and a slight growth in financial revenue Like-for-like +8.0% L/L growth Q1 €19m Operating revenue with IV(2) +9.0% Scope (1) +1.1% Operating revenue w/o IV(3) +4.0% €3m Financial revenue +2.7% Currency (1) Total revenue +8.0% +1.
Slide 7: Revenue Detail
Q1 2015 REVENUE DETAIL Operating revenue with IV: €213m Financial revenue: L/L growth €19m by region L/L growth L/L growth Q1 Q1 Latin America +14.8% Latin America +19.2% Europe +3.2% Europe -12.4% Rest of the world +13.2% Rest of the world +26.9% Total +9.0% Total +2.7% 100 bp difference with issue
Slide 8: Conclusion
Conclusion
Slide 9: Conclusion
CONCLUSION L/L issue Robust overall performance (+10.0% L/L), with dynamic growth in Latin America (+17.3% L/L) volume and a good performance in Europe (+2.7% L/L) growth Confirmation of the annual L/L growth target of +8-14% L/L total Sound growth in operating revenue with issue volume (+9.0%
Slide 10: Appendices
Appendices
Slide 11: Issue Volume
ISSUE VOLUME Q1 In € millions 2014 2015 France 713 735 Rest of Europe 1,302 1,346 Latin America 1,902 2,284 Rest of the world 145 188 Issue volume 4,062 4,553 Q1 Change Change In % reported L/L France 3.1% 3.1% Rest of Europe 3.3% 2.4% Latin America 20.1% 17.3% Rest of the world 30.0% 16.0% Issue vo
Slide 12: Operating Revenue with Issue Volume
OPERATING REVENUE WITH ISSUE VOLUME Q1 In € millions 2014 2015 France 30 31 Rest of Europe 66 68 Latin America 91 104 Rest of the world 7 10 Operating revenue with IV 194 213 Q1 Change Change In % reported L/L France 4.1% 2.9% Rest of Europe 3.9% 3.3% Latin America 14.3% 14.8% Rest of the world 28.4
Slide 13: Operating Revenue without Issue Volume
OPERATING REVENUE WITHOUT ISSUE VOLUME Q1 In € millions 2014 2015 France 5 6 Rest of Europe 11 11 Latin America 5 6 Rest of the world 5 8 Operating revenue without IV 26 31 Q1 Change Change In % reported L/L France 8.3% 10.6% Rest of Europe -7.2% -15.0% Latin America 24.4% 27.6% Rest of the world 78
Slide 14: Financial Revenue
FINANCIAL REVENUE Q1 In € millions 2014 2015 France 5 4 Rest of Europe 4 4 Latin America 8 10 Rest of the world 1 1 Financial revenue 18 19 Q1 Change Change In % reported L/L France -17.7% -17.7% Rest of Europe -6.1% -7.6% Latin America 18.9% 19.2% Rest of the world 43.4% 26.9% Financial revenue 3.7
Slide 15: Total Revenue
TOTAL REVENUE Q1 In € millions 2014 2015 France 40 41 Rest of Europe 81 83 Latin America 104 120 Rest of the world 13 19 Total revenue 238 263 Q1 Change Change In % reported L/L France 2.1% 1.5% Rest of Europe 1.9% 0.3% Latin America 15.1% 15.8% Rest of the world 47.8% 13.6% Total revenue 10.2% 8.0%
Slide 16: Focus on Currencies
FOCUS ON CURRENCIES Tougher comps as of Q2 for the BRL 3.27 3.24 3.22 BRL/€ 3.18 3.06 3.02 Brazilian Real Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 April 13, 2015 Average rate Average rate Spot rate EBIT FY EBIT sensitivity analysis for a variation of +/- 5% sensitivity BRL MXN VEF €8.4m €1.1m €0.6m 1
Slide 17: Focus on Currencies
FOCUS ON CURRENCIES The $/BRL, €/$ and €/BRL exchange rates since January 1, 2015 125 120 €/$ $/BRL 115 € / BRL 110 +12.6% 105 100 95 -10.5% 90 85 80 January February March April 17
Slide 18: Exchange Rates
EXCHANGE RATES Average exchange rates for Q1 2014 and Q1 2015 2015 vs. 2014 €1 = X foreign currency Q1 2014 Q1 2015 Change (in % ) Bolivar Fuerte (VEF) 68.50 134.41 -49.0% Brazilian real (BRL) 3.24 3.22 0.5% Mexican Peso (MXN) 18.13 16.85 7.6% Sterling (GBP) 0.83 0.74 11.3% Turkish Lira (TRY) 3.04 2
Slide 19: Scope Effects
SCOPE EFFECTS Acquisitions Consolidation date Bonus, Brazil January 2014 Nets Prepaid, Finland January 2014 C3 CARD, United Arab Emirates July 2014 Cardtrend, Asia August 2014 Daripodarki, Russia October 2014 UTA, Germany* H1 2015 * Acquisition of a 34% stake, accounted for by the equity method. Clo
Slide 20: 2015 Expected Calendar Effects
2015 EXPECTED CALENDAR EFFECTS Q1 Q2 Q3 Q4 2015 Nb of Nb of Nb of Nb of Nb of Working days % change % change % change % change % change days days days days days Europe 0 0.0% 0 0.4% 0 0.6% 1 1.0% 1 0.5% Latin America 1 1.4% 0 0.5% -1 -0.9% 0 -0.5% 0 0.1% Rest of the world 0 0.4% 0 -0.1% -1 -2.3% 2 2