Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q3 2013 Earnings Presentation
23 slides from Edenred Sa's earnings presentation, Oct 16, 2013
Slide 1: Q3 2013 Revenue Conference Call
Q3 2013 Revenue CONFERENCE CALL October 16, 2013
Slide 2: Nine months 2013 Highlights
Nine months 2013 Highlights ISSUE VOLUME +12.4% L/L growth, reflecting: Dynamic growth in Latin America (+18.8% L/L) Good performance in Europe (+4.9% L/L) Positive momentum in Rest of the world (+10.5% L/L) OPERATING REVENUE FINANCIAL REVENUE ► +9.0% L/L growth in operating revenue with issue
Slide 3: YTD 2013 Issue Volume: €12,905m
YTD 2013 Issue Volume: €12,905m Issue Volume (L/L) 15.2% Like-for-like +12.4% €1,473m 12.2% 12.4% 10.5% 11.0% 10.4% 10.1% 9.8% 8.5% Scope(1) +3.1% €369m Currency Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 YTD -6.7% €(801)m YTD 2012 2013 Change average average (in %) Reported BRL -4.3% rate rate
Slide 4: Latin America – YTD 2013 Issue Volume: €7,004m
Latin America – YTD 2013 Issue Volume: €7,004m Issue Volume L/L Growth Q1 Q2 Q3 YTD Brazil +16.9% +11.0% +11.4% +13.0% Hispanic Latin America +21.8% +27.8% +31.6% +27.3% TOTAL +18.8% +17.9% +19.6% +18.8% Brazil: Hispanic Latin America Good performance in meal & food Solid performance (+31.5%
Slide 5: Europe – YTD 2013 Issue Volume: €5,423m
Europe – YTD 2013 Issue Volume: €5,423m Issue Volume L/L Growth Q1 Q2 Q3 YTD France -0.2% +7.9% +8.1% +4.9% Rest of Europe -0.3% +4.5% +10.5% +4.9% TOTAL -0.3% +5.7% +9.7% +4.9% Total excl. Portugal -0.5% +4.6% +5.4% +3.1% ► Calendar effect: on average, one more working day in Q3. France: good per
Slide 6: YTD 2013 Operating Revenue: €717m
YTD 2013 Operating Revenue: €717m Operating Revenue Growth (L/L) 8.8% Like-for-like 8.0% 8.1% 7.8% 7.7% 7.8% +8.0% x% +7.8% €55m 6.7% 7.5% 7.2% Scope(1) +1.6% -4.7% €11m Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Q1 13 Q2 13 Q3 13 YTD 13 With issue volume +9.4% +9.2% +8.2% +9.2% +9.0% +8.0% +8.1% +11.0% +9.0% Cu
Slide 7: YTD 2013 Operating Revenue Growth
YTD 2013 Operating Revenue Growth Operating Revenue L/L Growth by Operating Revenue with Issue Volume Type of Revenue L/L Growth by Region Q1 Q2 Q3 YTD Q1 Q2 Q3 YTD Latin America +15.0% +11.8% +15.8% +14.2% With issue +8.0% +8.1% +11.0% +9.0% volume Europe -0.1% +3.4% +4.3% +2.5% Without issue +4.8%
Slide 8: YTD 2013 Financial Revenue: €63m
YTD 2013 Financial Revenue: €63m Financial Revenue Growth (L/L) 10.4% Financial Revenue L/L Growth Q1 Q2 Q3 YTD Latin America -0.6% +10.6% +7.2% +5.6% 4.5% 3.2% Europe -10.7% -16.3% -12.2% -13.0% 0.9% Rest of the world -4.0% -10.4% -0.9% -5.1% -2.1% TOTAL -6.3% -5.2% -2.8% -4.7% -2.8% -4.7% -5.2% -6
Slide 9: YTD 2013 Total Revenue: €780m
YTD 2013 Total Revenue: €780m Total Revenue Growth (L/L) Like-for-like +6.7% x% +8.0% €52m L/L growth Q1 Q2 Q3 YTD Operating Revenue with issue volume +8.0% +8.1% +11.0% +9.0% Operating Revenue without issue volume +4.8% +1.0% -5.8% +0.2% Scope Operating Revenue +7.5% +7.2% +8.8% +7.8% +1.5% -4.7% €
Slide 10: Outlook & conclusion
Q3 2013 Revenue Outlook & conclusion Titre du document - date - Arial regular 8pts 10
Slide 11: 2013 Outlook
2013 Outlook ► Continuation of the trends of the first nine months for benefits TOPLINE TRENDS and expense management FOR Q4 ► A high basis of comparison for the Navideños business in Latin America ► Higher-than-expected depreciation of emerging market currencies ► Updated estimated impact from main
Slide 12: Conclusion
Conclusion Strong YTD organic performance FY EBIT target confirmed Issue volume (+12.4% L/L) Strong growth, at the high end of the Group’s medium-term target range(1), reflecting dynamic momentum in Latin Confirmation of 2013 EBIT target America and a good performance in Europe of €370-390m, in th
Slide 13: Appendices
Q3 2013 Revenue Appendices Titre du document - date - Arial regular 8pts 13
Slide 14: Issue Volume
Issue Volume Q1 Q2 Q3 September end (YTD) In € millions 2012 2013 2012 2013 2012 2013 2012 2013 France 666 665 613 661 524 566 1,803 1,892 Rest of Europe 1,127 1,124 1,157 1,203 1,103 1,204 3,387 3,531 Latin America 1,987 2,203 2,054 2,400 2,209 2,401 6,250 7,004 Rest of the world 129 159 132 161 16
Slide 15: Operating Revenue
Operating Revenue Q1 Q2 Q3 September end (YTD) In € millions 2012 2013 2012 2013 2012 2013 2012 2013 France 34 34 32 33 29 30 95 97 Rest of Europe 76 74 72 73 69 70 217 217 Latin America 113 118 115 125 122 121 350 364 Rest of the world 11 13 12 13 13 13 36 39 OPERATING REVENUE 234 239 231 244 233 2
Slide 16: Financial Revenue
Financial Revenue Q1 Q2 Q3 September end (YTD) In € millions 2012 2013 2012 2013 2012 2013 2012 2013 France 5 5 5 6 5 5 15 16 Rest of Europe 8 6 7 5 7 5 22 16 Latin America 10 9 9 9 10 10 29 28 Rest of the world 1 1 1 1 1 1 3 3 FINANCIAL REVENUE 24 21 22 21 23 21 69 63 Q1 Q2 Q3 September end (YTD) C
Slide 17: Total Revenue
Total Revenue Q1 Q2 Q3 September end (YTD) In € millions 2012 2013 2012 2013 2012 2013 2012 2013 France 39 40 37 38 34 35 110 113 Rest of Europe 84 80 79 78 75 75 239 233 Latin America 123 127 124 134 133 131 379 392 Rest of the world 12 13 13 15 14 14 39 42 TOTAL REVENUE 258 260 253 265 256 255 767
Slide 18: Exchange Rates
Exchange Rates 2013 vs. 2013 vs. 2013 vs. YTD YTD 2013 vs. Q1 2012 Q1 2013 Q2 2012 Q2 2013 Q3 2012 Q3 2013 1€ = X foreign 2012 2012 2012 2012 2013 2012 average average average average average average currency Change Change Change average average Change rate rate rate rate rate rate (in %) (in %) (in
Slide 19: 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 20: 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. 20
Slide 21: 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 22: 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 23: Titre du document - date - Arial regular 8pts
Titre du document - date - Arial regular 8pts 23