Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q1 2014 Earnings Presentation
21 slides from Edenred Sa's earnings presentation, Apr 15, 2014
Slide 1: Q1 2014 Revenue Conference call
Q1 2014 Revenue Conference call April 15, 2014
Slide 2: Q1 2014: good operating performance
Q1 2014: good operating performance Issue volume +13.7% L/L growth(1), reflecting: Solid growth in Latin America (+17.0% L/L) Improving trends in Europe (+9.8% L/L) Strong performance in Rest of the world (+14.9% L/L) Operating revenue Financial revenue +11.0% L/L growth in operating +1.0% L
Slide 3: Q1 2014 Issue volume: €4,062m
Q1 2014 Issue volume: €4,062m Issue Volume (L/L) 15.2% Like-for-like 13.7% +13.7% 12.2% €544m 11.8% 9.8% 10.4% Scope (1) +3.4% €138m Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Currency -14.9% €(593)m Currency impact details Currency impact details Q1 2014 Reported 17% Currency change in +2.2% average rate
Slide 4: Latin America – Q1 2014 Issue Volume: €1,902m
Latin America – Q1 2014 Issue Volume: €1,902m Issue volume L/L growth Q1 Brazil +14.4% Hispanic Latin America +21.6% Total Latin America +17.0% Brazil: Hispanic Latin America: Good performance in meal & food Solid performance (+20.6% L/L in Q1 for vouchers (+12.4% L/L in Q1) and meal & food
Slide 5: Europe – Q1 2014 Issue Volume: €2,015m
Europe – Q1 2014 Issue Volume: €2,015m Issue volume L/L growth Q1 France +7.2% Rest of Europe +11.3% Total Europe +9.8% Total Europe excluding Portugal +5.6% France: Rest of Europe: Good performance of Ticket Restaurant® thanks to Italy: slight growth thanks to a stabilisation of the the gai
Slide 6: Q1 2014 Total revenue: €238m
Q1 2014 Total revenue: €238m Like-for-like L/L growth Q1 +7.1% €17m Operating revenue with issue volume +11.0% Operating revenue without issue volume(2) -13.9% Scope (1) Financial revenue +1.0% +2.4% €6m Total revenue +7.1% Currency -14.1% €(35)m Currency impact details Currency impact details Q1 20
Slide 7: Q1 2014 Operating revenue with issue volume growth
Q1 2014 Operating revenue with issue volume growth Operating revenue with IV Operating revenue with IV L/L growth by quarter L/L growth by region 11.0% 11.0% Q1 9.8% 9.2% Latin America +15.7% 8.0% 8.1% Europe +5.3% Rest of the world +15.9% TOTAL +11.0%(1) Difference with issue volume growth Q1 13 Q2
Slide 8: Q1 2014 Financial revenue growth
Q1 2014 Financial revenue growth Financial revenue L/L growth Financial revenue L/L growth by quarter by region Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q1 1.0% Latin America +18.6% Europe -13.1% -0.6% Rest of the world +17.7% -2.8% TOTAL +1.0% -3.7% -5.2% -6.3% Stabilization of financial revenue (+1.0%
Slide 9: Focus on currencies
Focus on currencies Titre du document - date - Arial regular 8pts 9
Slide 10: Focus on currencies: VEF and BRL
Focus on currencies: VEF and BRL New system Impacts Recent decision of the Venezuelan government to Estimated currency impacts of the application of the set up a new flexible exchange rate system 50.0 VEF/$ on 2014 consolidated figures: Venezuelan (Sicad 2) €(43)m on revenue bolivar Daily pu
Slide 11: Conclusion
Conclusion Titre du document - date - Arial regular 8pts 11
Slide 12: Conclusion
Conclusion Q1 2014 issue volume up +13.7% L/L Q1 2014 total revenue up +7.1% L/L Operating Revenue: good performance of businesses with Good overall performance, with issue volume (+11.0% L/L) solid growth in Latin America (+17.0% L/L) and improving trends Financial Revenue: stabilization in E
Slide 13: Appendices
Appendices Titre du document - date - Arial regular 8pts 13
Slide 14: Issue volume
Issue volume Q1 In € millions 2013 2014 France 665 713 Rest of Europe 1,124 1,302 Latin America* 2,025 1,902 Rest of the world 159 145 Issue Volume* 3,973 4,062 Q1 Change Change In % reported L/L** France 7.2% 7.2% Rest of Europe 15.9% 11.3% Latin America* -6.1% 17.0% Rest of the world -9.1% 14.9% I
Slide 15: Operating revenue with issue volume
Operating revenue with issue volume Q1 In € millions 2013 2014 France 29 30 Rest of Europe 61 66 Latin America* 101 91 Rest of the world 7 7 Operating revenue with IV* 198 194 Q1 Change Change In % reported L/L** France 3.5% 3.5% Rest of Europe 9.2% 6.2% Latin America* -10.0% 15.7% Rest of the world
Slide 16: Operating revenue without issue volume
Operating revenue without issue volume Q1 In € millions 2013 2014 France 5 5 Rest of Europe 13 11 Latin America* 7 5 Rest of the world 6 5 Operating revenue without IV* 31 26 Q1 Change Change In % reported L/L** France -2.6% -2.6% Rest of Europe -22.0% -22.4% Latin America* -26.1% -14.1% Rest of the
Slide 17: Financial revenue
Financial revenue Q1 In € millions 2013 2014 France 5 5 Rest of Europe 6 4 Latin America* 8 8 Rest of the world 1 1 Financial revenue* 20 18 Q1 Change Change In % reported L/L** France -13.4% -9.6% Rest of Europe -15.4% -16.3% Latin America* -5.4% 18.6% Rest of the world -13.4% 17.7% Financial reven
Slide 18: Total revenue
Total revenue Q1 In € millions 2013 2014 France 40 40 Rest of Europe 80 81 Latin America* 117 104 Rest of the world 13 13 Total revenue* 250 238 Q1 Change Change In % reported L/L** France 0.4% 0.9% Rest of Europe 2.1% -0.3% Latin America* -10.7% 14.1% Rest of the world -5.8% 8.0% Total revenue* -4.
Slide 19: Exchange rates
Exchange rates Average exchange rates 2013 and 2014 2014 vs. 2013 1€ = X foreign Q1 2013 Q1 2014 Change currency (in %) Bolivar Fuerte 14.92* 68.50 -78.2% (VEF) Brazilian real 2.64 3.24 -18.7% (BRL) Mexican Peso 16.71 18.13 -7.8% (MXN) Sterling (GBP) 0.85 0.83 2.8% Turkish Lira (TRY) 2.36 3.04 -22.3
Slide 20: Scope effects
Scope effects Acquisitions Consolidation date Big Pass, Colombia February 2013 Repom, Brazil March 2013 Opam, Mexico June 2013 Bonus, Brazil January 2014 Nets Prepaid, Finland January 2014 20
Slide 21: 2014 Expected calendar effects
2014 Expected calendar effects Q1 Q2 Q3 Q4 2014 Nb of % Nb of % Nb of % Nb of % Nb of % Working days days change days change days change days change days change Europe 0 0.0% (1) -1.2% 0 0.3% 1 0.9% 0 0.0% Latin America 2 2.6% (1) -1.9% (0) 0.0% 2 2.8% 2 0.8% Rest of the world 0 0.5% (0) -0.4% (1) -