Edenred Sa · EURONEXT:EDEN
Edenred Sa — FY2011 Earnings Presentation
19 slides from Edenred Sa's earnings presentation, Jan 16, 2012
Slide 1: Q4 and FY 2011 Revenue Conference Call
Q4 and FY 2011 Revenue CONFERENCE CALL January 16, 2012
Slide 2: 2011 Highlights
2011 Highlights ISSUE VOLUME 9.7% L/L growth, consistent with 2010 performance (10.0%) and in line with the mid-term guidance of 6% to 14% OPERATING REVENUE FINANCIAL REVENUE 9.2% L/L growth 15.2% L/L growth vs. 6.3% in 2010, vs. 16.8% decline in 2010, reflecting good sales reflecting improving inte
Slide 3: 2011 Key Figures
2011 Key Figures Q1 Q2 Q3 Q4 FY 2011 L/L Growth (in € millions) Issue Volume +9.0% +10.9% +9.1% +9.8% +9.7% €15,188m Total revenue +7.2% +12.3% +11.3% +8.1% +9.7% €1,032m Operating revenue +6.6% +11.7% +10.3% +8.1% +9.2% €940m Of which operating revenue with IV +6.7% +10.5% +9.5% +9.3% +9.0% €782m F
Slide 4: 2011 Issue Volume: €15,188m
2011 Issue Volume: €15,188m Issue Volume (L/L) Like-for-like x% +9.7% €1,350m 13.7% 10.7% 10.9% Scope (1) 10.0% 9.8% 9.7% 9.0% 9.1% +0.8% €110m 8.4% 7.2% Currency -1.0% €(147)m Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Reported +9.5% +7,6% €1,313m x% Robust issue volume growth in Q
Slide 5: 2011 Issue Volume Growth by Region
2011 Issue Volume Growth by Region Issue Volume Growth (L/L) Q1 Q2 Q3 Q4 FY Europe -0.3% +1.4% -1.3% +0.9% +0.2% Latin America +20.5% +21.5% +19.4% +19.1% +20.1% Rest of the world +23.1% +17.1% +23.8% +19.4% +20.7% TOTAL +9.0% +10.9% +9.1% +9.8% +9.7% Europe: excluding CONSIP contract loss(1) in I
Slide 6: 2011 Operating Revenue: €940m
2011 Operating Revenue: €940m Operating Revenue Growth (L/L) 11.7% Like-for-like 10.3% x% +9.2% €81m 9.5% 9.2% 8.1% 7.1% 6.3% 6.6% 4.5% Scope (1) 3.8% -2.3% €(20)m Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Currency -0.7% Currency effect (2) €(6)m Q1 Q2 Q3 Q4 FY BRL +2.7% 0.0% -0.6%
Slide 7: Europe 2011 Operating Revenue: €470m
Europe 2011 Operating Revenue: €470m Operating Revenue Growth (L/L) Q1 Q2 Q3 Q4 FY France -1.1% +0.6% +0.7% -2.8% -0.9% Belgium +4.8% +3.8% +5.2% +10.7% +6.3% UK +6.7% +8.1% +8.8% +4.7% +7.0% Italy +3.3% +5.3% +2.2% -1.4% +2.2% Romania -39.7% -11.6% -2.2% +2.5% -15.3% (1) TOTAL EUROPE -1.1% +5.3% +2
Slide 8: Latin America 2011 Operating Revenue: €414m
Latin America 2011 Operating Revenue: €414m Operating Revenue Growth (L/L) Q1 Q2 Q3 Q4 FY Brazil +16.4% +20.6% +18.7% +17.5% +18.3% Hispanic Latin America +19.5% +17.4% +19.3% +19.7% +18.9% TOTAL LATIN AMERICA +17.4% +19.5% +18.8% +18.2% +18.5% Brazil: sustained growth despite higher basis of comp
Slide 9: 2011 Financial Revenue: €92m
2011 Financial Revenue: €92m Financial Revenue Growth (L/L) 21.9% 19.0% 13.0% 15.2% 8.2% -0.3% -11.6% -16.8% -20.4% -29.5% Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11 Financial Revenue by region Q1 Q2 Q3 Q4 FY L/L Growth Europe +1.1% +7.5% +7.3% +5.0% +5.2% Latin America +38.8% +41.0
Slide 10: 2011 Total Revenue: €1,032m
2011 Total Revenue: €1,032m Like-for-like revenue growth of 9.7%, of which: Like-for-like x% +9.7% €93m L/L growth Q1 Q2 Q3 Q4 FY Operating Revenue +6.6% +11.7% +10.3% +8.1% +9.2% Scope (1) Financial Revenue +13.0% +19.0% +21.9% +8.2% +15.2% -2.1% €(19)m Total Revenue +7.2% +12.3% +11.3% +8.1% +9.
Slide 11: Conclusion
Q4 and FY 2011 Revenue CONCLUSION
Slide 12: Conclusion
Conclusion FY Issue Volume FY Total Revenue up 9.7% L/L up 9.7% L/L Strong overall performance, in line Operating Revenue (+9.2% L/L): with the mid-term Group target of stabilized take-up rate** +6% to +14% Financial Revenue (+15.2% L/L): Mixed situation between regions: sharp increase mainl
Slide 13: Appendices
Q4 and FY 2011 Revenue APPENDICES
Slide 14: Issue Volume
Issue Volume Q1 Q2 Q3 Q4 FY In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 641 659 607 617 518 512 798 810 2,564 2,598 Rest of Europe 1,135 1,148 1,183 1,232 1,107 1,112 1,254 1,278 4,679 4,770 Latin America 1,301 1,628 1,536 1,742 1,488 1,836 1,860 2,131 6,185 7,337 Rest of
Slide 15: Operating Revenue
Operating Revenue Q1 Q2 Q3 Q4 FY In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 36 36 33 34 32 31 45 43 146 144 Rest of Europe 79 81 73 78 70 71 94 96 316 327 Latin America 78 94 91 100 89 107 100 113 358 414 Rest of the world 15 17 17 16 16 12 17 10 65 56 OPERATING REVENUE 2
Slide 16: Financial Revenue
Financial Revenue Q1 Q2 Q3 Q4 FY In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 5 5 5 5 5 5 5 5 19 20 Rest of Europe 8 7 8 8 8 8 8 8 31 32 Latin America 6 9 6 9 6 9 9 9 27 36 Rest of the world - 1 1 1 1 1 1 1 3 3 FINANCIAL REVENUE 19 22 20 23 19 24 22 23 80 92 Q1 Q2 Q3 Q4 FY
Slide 17: Total Revenue
Total Revenue Q1 Q2 Q3 Q4 FY In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 41 41 38 39 36 36 50 48 165 164 Rest of Europe 87 88 81 87 77 80 102 105 347 359 Latin America 84 102 97 109 96 116 109 123 386 450 Rest of the world 15 18 18 17 17 13 18 11 68 59 TOTAL REVENUE 227 24
Slide 18: Scope Effects
Scope Effects 2011 French BtoC Gift Segment Figures In € millions 2011 Q1 Q2 Q3 Q4 FY Issue Volume 11 12 9 28 60 Operating revenue 2 3 3 2 10 2010 and 2011 Davidson Trahaire Figures In € millions 2010 2011 H1 H2 FY H1 H2 FY Issue Volume - - - - - - Operating revenue 8 10 18 10 2 12 18
Slide 19: Exchange rates
Exchange rates 2011 vs. 2010 2011 vs. 2010 1€ = X foreign Q4 2010 Q4 2011 Change FY 2010 FY 2011 Change currency average rate average rate (in %) average rate average rate (in %) Bolivar Fuerte 7.18 7.21 -0.4% 7.03 7.38 -4.7% (VEF) Brazilian real 2.31 2.42 -4.4% 2.34 2.33 +0.3% (BRL) Hungarian Forin