Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q1 2013 Earnings Presentation
22 slides from Edenred Sa's earnings presentation, Apr 16, 2013
Slide 1: Q1 2013 Revenue Conference Call
Q1 2013 Revenue CONFERENCE CALL April 16, 2013
Slide 2: Q1 2013 Highlights
Q1 2013 Highlights ISSUE VOLUME +9.8% L/L growth, reflecting: Strong performance in Latin America (+18.8% L/L) Stable business in Europe (-0.3% L/L) despite negative calendar effects Positive momentum in Rest of the world (+9.6% L/L) OPERATING REVENUE FINANCIAL REVENUE ► +8.0% L/L growth in op
Slide 3: Q1 2013 Issue Volume: €4,151m
Q1 2013 Issue Volume: €4,151m Like-for-like Issue Volume (L/L) +9.8% €381m 11.0% Scope(1) 10.4% 10.5% 10.1% +2.1% 9.8% €83m 8.5% Currency -5.7% €(222)m Reported +6.2% Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 €242m Strong growth in issue volume up +9.8% L/L in Q1, mainly led by Latin America (1) Of which
Slide 4: Latin America – Q1 2013 Issue Volume: €2,203m
Latin America – Q1 2013 Issue Volume: €2,203m Issue Volume L/L Growth Q1 Brazil +16.9% Hispanic Latin America +21.8% TOTAL +18.8% Brazil: Hispanic Latin America Strong performance in meal & food Solid performance for meal & food vouchers vouchers (+15.1% L/L in Q1) and Ticket solutions (+24.
Slide 5: Europe – Q1 2013 Issue Volume: €1,789m
Europe – Q1 2013 Issue Volume: €1,789m Issue Volume L/L Growth Q1 France -0.2% Rest of Europe -0.3% TOTAL -0.3% ► Calendar effect: on average, 2.8% fewer working days in Q1. France: stable business thanks to the gain of new clients for Ticket Restaurant® (+2.8% L/L growth in Q1) and despite a decl
Slide 6: Operating Revenue: €239m
Q1 2013 Operating Revenue: €239m Operating Revenue Growth (L/L) 7.8% 8.0% 8.1% 7.7% Like-for-like 7.5% +8.0% x% +7.5% €17m 6.7% Scope +0.3% -4.7% €1m Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 With IV (1) +9.4% +9.2% +8.2% +9.2% +9.0% +8.0% Currency -5.8% -0.5% €(13)m Without IV +0.3% -4.3% +6.5% +2.8% +1.
Slide 7: Operating Revenue Growth
Q1 2013 Operating Revenue Growth Operating Revenue L/L Growth Operating Revenue with IV(1) by Type of Revenue L/L Growth by Region Q1 Q1 Latin America +15.0% With issue volume +8.0% Europe -0.1% Without issue volume +4.8% Rest of the world +7.4% TOTAL +7.5% TOTAL +8.0% Operating revenue with issue
Slide 8: Financial Revenue: €21m
Q1 2013 Financial Revenue: €21m Financial Revenue Growth (L/L) Financial Revenue L/L Growth 10.4% Q1 4.5% Latin America -0.6% 3.2% 0.9% Europe -10.7% -2.1% -6.3% Rest of the world -4.0% Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 TOTAL -6.3% Financial revenue decreased by -6.3% L/L in Q1, reflecting the imp
Slide 9: Total Revenue: €260m
Q1 2013 Total Revenue: €260m Total Revenue Growth (L/L) Like-for-like L/L growth Q1 +6.3% x% +8.0% €16m Operating Revenue with IV(1) +8.0% Operating Revenue without IV +4.8% Scope Operating Revenue +7.5% +0.1% -4.7% €0m Financial Revenue -6.3% Total Revenue +6.3% Currency -5.6% -0.5% €(14)m Scope ef
Slide 10: Conclusion
Q1 2013 Revenue Conclusion Titre du document - date - Arial regular 8pts 10
Slide 11: Conclusion
Conclusion Q1 2013 Issue Volume up +9.8% L/L Q1 2013 Total Revenue up +6.3% L/L Good overall performance, in line with Operating Revenue: good performance mid-term Group target(1) of +6% to +14% of businesses both with issue volume L/L growth per year (+8.0% L/L) and without issue volume Perfo
Slide 12: Appendices
Q1 2013 Revenue Appendices Titre du document - date - Arial regular 8pts 12
Slide 13: Issue Volume
Issue Volume Q1 In € millions 2012 2013 France 666 665 Rest of Europe 1,127 1,124 Latin America 1,987 2,203 Rest of the world 129 159 TOTAL ISSUE VOLUME 3,909 4,151 Q1 Change In % Change L/L* reported France -0.2% -0.2% Rest of Europe -0.3% -0.3% Latin America 10.9% 18.8% Rest of the world 23.8% 9.6
Slide 14: Operating Revenue
Operating Revenue Q1 In € millions 2012 2013 France 34 34 Rest of Europe 76 74 Latin America 113 118 Rest of the world 11 13 OPERATING REVENUE 234 239 Q1 Change In % Change L/L* reported France 2.3% 1.2% Rest of Europe -3.3% 1.3% Latin America 4.1% 13.6% Rest of the world 17.1% 8.1% OPERATING REVENU
Slide 15: Financial Revenue
Financial Revenue Q1 In € millions 2012 2013 France 5 5 Rest of Europe 8 6 Latin America 10 9 Rest of the world 1 1 FINANCIAL REVENUE 24 21 Q1 Change In % Change L/L* reported France 5.3% 5.3% Rest of Europe -24.5% -21.0% Latin America -9.3% -0.6% Rest of the world -9.9% -4.0% FINANCIAL REVENUE -11.
Slide 16: Total Revenue
Total Revenue Q1 In € millions 2012 2013 France 39 40 Rest of Europe 84 80 Latin America 123 127 Rest of the world 12 13 TOTAL REVENUE 258 260 Q1 Change In % Change L/L* reported France 2.6% 1.7% Rest of Europe -5.3% -0.8% Latin America 3.1% 12.4% Rest of the world 15.1% 7.2% TOTAL REVENUE 0.8% 6.3%
Slide 17: Exchange Rates
Exchange Rates 2013 vs. Q1 2012 Q1 2013 2012 Q2 2012 Q3 2012 Q4 2012 1€ = X foreign currency average rate average rate Change average rate average rate average rate (in %) Bolivar Fuerte (VEF) 6.95 7.88 +13.32% 6.80 6.63 6.87 Brazilian real (BRL) 2.31 2.64 +13.93% 2.51 2.54 2.66 Mexican Peso (MXN) 1
Slide 18: Bolivar Devaluation Effect by Quarter
Bolivar Devaluation Effect by Quarter Q1 Q2 Q3 Q4 FY 2012 Pro Pro Pro Pro Pro In € millions Reported Impact Reported Impact Reported Impact Reported Impact Reported Impact forma* forma* forma* forma* forma* Issue volume 3,909 3,860 (49) 3,956 3,901 (55) 3,999 3,941 (58) 4,793 4,721 (72) 16,657 16,42
Slide 19: Disposal Impacts
Disposal Impacts P&L Impact of the Tinteligen(1) Disposal in 2013 In € millions 2013 Q1 Q2 Q3 Q4 FY Issue Volume - - - - - Operating revenue (3) 0 0 (3) (6) EBIT 0 0 0 (1) Business without issue volume in Netherlands. Disposal in January 2013. 19
Slide 20: 2013 Expected Calendar Effects
2013 Expected Calendar Effects Q1 Q2 Q3 Q4 2013 Nb of % Nb of % Nb of % Nb of % Nb of % Working days days change days change days change days change days change Europe (2) -2.8% 0 0.1% 1 0.8% (1) -1.4% (2) -0.8% Latin America (3) -4.5% 0 0.4% 1 2.1% 1 1.5% (0) -0.1% Rest of the world (1) -2.0% (2) -
Slide 21: Edenred's Regions and Countries
Edenred’s Regions and Countries Western Europe Central Europe Austria Luxembourg Bulgaria Belgium Netherlands Czech Republic Finland Portugal Hungary France Spain Poland Germany Sweden Romania Greece Switzerland Slovakia Italy UK Latin America Argentina Mexico Brazil Rest of the world Peru Chile Uru
Slide 22: Titre du document - date - Arial regular 8pts
Titre du document - date - Arial regular 8pts 22