Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q1 2011 Earnings Presentation
18 slides from Edenred Sa's earnings presentation, Apr 18, 2011
Slide 1: Conference Call Q1 2011 Revenue
April 18, 2011 CONFERENCE CALL Q1 2011 Revenue
Slide 2: Q1 2011 Highlights
Q1 2011 Highlights Issue Volume: reported growth of +11.9% (+9.0% L/L(1)) POSITIVE OVERALL TRENDS Total Revenue: reported growth of +9.8% (+7.2% L/L) OPERATING REVENUE Still a very strong growth in Latin America GROWTH: A mixed situation in Europe: good performance by the Benefits products,
Slide 3: Q1 2011 Issue Volume: €3,554m
Q1 2011 Issue Volume: €3,554m Like-for-like +9.0% Issue Volume (L/L) €285m Scope 13.7% +0.7% €22m 10.7% 10.0% 9.0% 8.4% 7.2% Currency +2.2% €72m Reported Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 +11.9% €379m Issue Volume up +9.0% L/L in Q1, Q1 2011 Issue Volume: +xx% L/L led by robust business in Latin A
Slide 4: Issue Volume Growth by Region
Q1 2011 Issue Volume Growth by Region Issue Volume growth (L/L) Q1 2011 France +2.9% Rest of Europe -2.0% Latin America +20.5% Rest of the world +23.1% TOTAL +9.0% France: good performance in meal vouchers and the Ticket CESU (+3.9% L/L), partly offset by the sharp drop in the B2C gift business (-
Slide 5: Q1 2011 Operating Revenue: €227m
Q1 2011 Operating Revenue: €227m Operating Revenue Like-for-like +6.6% €14m 9.5% 7.1% 6.3% 6.6% 4.5% Scope 3.8% +0.2% €1m Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Currency +2.6% €5m Currency effect * Q1 BRL +2.7% VEF -1.3% Reported Other +1.2% +9.4% €20m TOTAL +2.6% * See exchange rates on slide 18 April
Slide 6: France – Q1 2011 Operating Revenue: €36m
France – Q1 2011 Operating Revenue: €36m Operating Revenue growth (L/L) Q1 2011 France -1.1% Good performance in meal vouchers, Sharp drop in the B2C gift segment Ticket CESU business and other (-40.5% L/L), due to business products (+4.1% L/L) disruption with our largest distributor (FNAC) Apri
Slide 7: Rest of Europe – Q1 2011 Operating Revenue: €81m
Rest of Europe – Q1 2011 Operating Revenue: €81m Operating Revenue growth (L/L) Q1 2011 Belgium +4.8% UK +6.7% Italy +3.3% Romania -39.6% TOTAL REST OF EUROPE -1.1% Belgium: Good performance in meal vouchers Romania: First signs of stabilization in client fees (+5.4% L/L), with a less favorable
Slide 8: Latin America – Q1 2011 Operating Revenue: €94m
Latin America – Q1 2011 Operating Revenue: €94m Operating Revenue growth (L/L) Q1 2011 Brazil +16.4% Hispanic Latin America +19.5% TOTAL LATIN AMERICA +17.4% Brazil: sustained growth, driven by a favorable economic environment and strong sales performance by all products, especially Meal & Food vo
Slide 9: Q1 2011 Financial revenue: €22m
Q1 2011 Financial revenue: €22m Financial Revenue growth (L/L) Financial Revenue by region Q1 13.0% 2011 L/L Growth France +4.3% -0.3% Rest of Europe -0.9% Latin America +38.8% -11.6% -16.8% Rest of the world +10.0% -20.4% TOTAL +13.0% -29.5% Q1 10 Q2 10 Q3 10 Q4 10 FY 10 Q1 11 Strong recovery, than
Slide 10: Q1 2011 Total Revenue: €249m
Q1 2011 Total Revenue: €249m Like-for-like Like-for-like revenue growth of +7.2%, of which: +7.2% €16m L/Lgrowth Q1 2011 Operating Revenue +6.6% Scope Financial Revenue +13.0% 0.0% €0m Total Revenue +7.2% Currency effect*: Currency +2.6% €6m Q1 2011 BRL +2.8% VEF -1.3% Reported Other +1.1% +9.8%
Slide 11: Conclusion
Q1 2011 Revenue CONCLUSION
Slide 12: Conclusion
Conclusion Reported Issue Volume up +11.9% in Q1 2011 (+9.0% L/L) Latin America: strong dynamism, thanks to job creation, increase of penetration rates and face value Western Europe: better trends, due to unemployment rate stabilization Central Europe: still a challenging economic environment
Slide 13: Appendices
Q1 2011 Revenue APPENDICES
Slide 14: Issue Volume
Issue Volume Q1 In € millions 2010 2011 France 641 659 Rest of Europe 1,135 1,148 Latin America 1,301 1,628 Rest of the world 97 119 TOTAL ISSUE VOLUME 3,174 3,554 Q1 Change Change In % reported L/L* France 2.9% 2.9% Rest of Europe 1.1% -2.0% Latin America 25.1% 20.5% Rest of the world 22.1% 23.1% T
Slide 15: Operating Revenue
Operating Revenue Q1 In € millions 2010 2011 France 36 36 Rest of Europe 79 81 Latin America 78 94 Rest of the world 15 17 OPERATING REVENUE 208 227 Q1 Change Change In % reported L/L* France 1.7% -1.1% Rest of Europe 1.6% -1.1% Latin America 19.8% 17.4% Rest of the world 15.2% 10.0% OPERATING REVEN
Slide 16: Financial Revenue
Financial Revenue Q1 In € millions 2010 2011 France 5 5 Rest of Europe 8 7 Latin America 6 9 Rest of the world - 1 FINANCIAL REVENUE 19 22 Q1 Change Change In % reported L/L* France 4.2% 4.3% Rest of Europe -4.9% -0.9% Latin America 47.3% 38.8% Rest of the world 10.2% 10.0% FINANCIAL REVENUE 13.9% 1
Slide 17: Total Revenue
Total Revenue Q1 In € millions 2010 2011 France 41 41 Rest of Europe 87 88 Latin America 84 102 Rest of the world 15 18 TOTAL REVENUE 227 249 Q1 Change Change In % reported L/L* France 2.0% -0.4% Rest of Europe 1.0% -1.1% Latin America 21.7% 18.9% Rest of the world 15.0% 10.0% TOTAL REVENUE 9.8% 7.2
Slide 18: Exchange rates
Exchange rates 2011 vs. 2010 1€ = X foreign Q1 2010 Q1 2011 Change currency average rate average rate (in %) Bolivar Fuerte 5,872 7,240 -18,9% (VEF) Brazilian real 2,496 2,278 +9,6% (BRL) Hungarian Forint 268,679 272,460 -1,4% (HUF) Mexican Peso 17,685 16,491 +7,2% (MXN) Romanian Leu 4,115 4,223 -2,