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Edenred Sa — Q1 2010 Earnings Presentation

25 slides from Edenred Sa's earnings presentation, Apr 20, 2010

  1. Slide 1: Conference Call Quarterly Information Q1 2010

    Conference Call Quarterly Information Q1 2010 April 20, 2010 21 avril 2010

  2. Slide 2: Q1 2010 Revenue: €1,666m

    Q1 2010 Revenue: €1,666m Like-for-Like  Like-for-like growth: +0.6% +0.6% +€10m  Prepaid Services: €(1)m, -0.4 % L/L  Operating revenue: +3.8% L/L  Financial revenue : -29.5% L/L  Hospitality and other: +€11m, +0.8% L/L  Hotels: +€19m, +1.6% L/L Expansion +4.9% +€79m  Other businesses: €(8)m,

  3. Slide 3: Prepaid Services Q1 2010 Revenue

    Prepaid Services Q1 2010 Revenue 3 21 avril 2010

  4. Slide 4: Q1 2010 Prepaid Services Revenue: €227m

    Q1 2010 Prepaid Services Revenue: €227m Like-for-Like  L/L revenue growth down -0.4%, of which -0.4% €(1) m L/L Revenue Growth Operating Financial Total revenue revenue revenue Q1 2010 Europe +1.6% -23.4% -1.7% Latin America +9.1% -38.7% +3.0% Total +3.8% -29.5% -0.4% Scope +4.0% +€9m  Currency ef

  5. Slide 5: Q1 2010 Prepaid Services Revenue: -0.4% L/L

    Q1 2010 Prepaid Services Revenue: -0.4% L/L Operating Revenue (L/L) Total Revenue (L/L) +8.3% +7.7% +5.8% +3.8% +3.2% +3.0% Q3 09 Q4 09 Q1 10 +0.2% Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q1 09 Q2 09 -0.4% -0.6% -3.8% Financial Revenue (L/L) Operating revenue +12.9% +12.9% A tough environment in Europe with s

  6. Slide 6: Prepaid Services Europe: €128m

    Prepaid Services Europe: €128m L/L Revenue Growth Issue Operating Financial Total revenue volume revenue revenue Q1 2010 France +4.7% +4.2% -27.9% -1.0% Belgium +19.0% +19.3% -4.5% +16.5% Italy +0.9% -2.4% -19.7% -3.7% Total Europe +4.8% +1.6% -23.4% -1.7%  France  Good performance in prepaid bene

  7. Slide 7: Prepaid Services Latin America: €84m

    Prepaid Services Latin America: €84m L/L Revenue Growth Issue volume Operating Financial Q1 2010 revenue revenue Brazil +9.0% +7.6% -32.0% +3.9% Hispanic Latin America +12.0% +10.8% -42.9% +2.0% Total Latin America +10.6% +9.1% -38.7% +3.0%  Brazil  Strong growth in issue volume, led by the good p

  8. Slide 8: Prepaid Services: trends confirmed

    Prepaid Services: trends confirmed  Stilla challenging environment for Services in Europe due to rising unemployment rates, partly offset by the launch or deployment of new products (EcoCheque in Belgium, CESU in France).  Positivetrends in emerging markets, benefiting from an increase in the numb

  9. Slide 9: Hotels & Other businesses Q1 2010 Revenue

    Hotels & Other businesses Q1 2010 Revenue 9 21 avril 2010

  10. Slide 10: Q1 2010 Hotels & Other businesses Revenue: €1,439m

    Q1 2010 Hotels & Other businesses Revenue: €1,439m  L/L growth Like-for-like +0.8% +€11m  Up & Midscale: +2.8%  Economy excl. US: +2.7%  Economy US: -7.5%  Other businesses: -3.6% Expansion +5.5% +€77m  Expansion  Openings: 4,900 new rooms  Groupe Lucien Barrière : +€48m Disposals (P&L conso

  11. Slide 11: Q1 2010 Hotels Revenue: €1,219m, +1.6% L/L

    Q1 2010 Hotels Revenue: €1,219m, +1.6% L/L Quarterly Hotels Revenue, year-on-year change (L/L) Q1 09 Q2 09 Q3 09 Q4 09 +1.6% Q1 10 -8.7% -9.3% -8.3% -13.7% Growth in most countries in Q1 2010 11 21 avril 2010

  12. Slide 12: Up & Midscale – Q1 2010 Revenue: €717m, +2.8% L/L

    Up & Midscale – Q1 2010 Revenue: €717m, +2.8% L/L Q1 2010 Occupancy ARR excl. VAT RevPar excl. VAT Revenue excl. VAT Subsidiaries only % ∆ (L/L) € ∆ (L/L) % ∆ (L/L) €m ∆ (L/L) France 55.0 +1.7pt 108.1 -2.6% 59.6 +0.5% 261 +2.4% Germany 58.5 +2.6pts 82.2 +3.0% 48.2 +7.7% 128 +3.8% UK 71.3 +2.8pts 86.

  13. Slide 13: Economy excl. US – Q1 2010 Revenue: €385m, +2.7% L/L

    Economy excl. US – Q1 2010 Revenue: €385m, +2.7% L/L Q1 2010 Occupancy ARR excl. VAT RevPar excl. VAT Revenue excl. VAT Subsidiaries only % ∆ (L/L) € ∆ (L/L) % ∆ (L/L) €m ∆ (L/L) France 61.6 -0.3pt 51.9 +1.2% 31.9 +0.8% 154 +2.0% Germany 59.6 +0.7pt 54.3 +5.4% 32.4 +6.7% 52 +4.8% UK 63.4 +1.1pt 51.3

  14. Slide 14: Economy US – Q1 2010 Revenue: €118m, down -7.5% L/L

    Economy US – Q1 2010 Revenue: €118m, down -7.5% L/L Q1 2010 January February March Occ. ARR RevPar Occ. ARR RevPar Occ. ARR RevPar L/L growth in USD (pts) (%) (%) (pts) (%) (%) (pts) (%) (%) Total -4.0 -6.3 -12.8 -0.4 -6.6 -6.8 +1.8 -5.8 -2.4  In a very tough environment, Motel 6 outperforms its co

  15. Slide 15: Other businesses – Q1 2010 Revenue: €219m

    Other businesses – Q1 2010 Revenue: €219m Q1 2010 Q1 2010 Q1 2010 Reported L/L €millions Growth (%) Growth (%) Casinos 129 +55.4% -3.7% Restaurants 24 +6.5% +7.4% Onboard Train Services 35 -48.2% -5.3% Holding & Other 32 +4.6% -8.7% TOTAL 219 +2.9% -3.6%  Casinos: P&L consolidation of the 49% stake

  16. Slide 16: Conclusion: Hotels & Other businesses

    Conclusion: Hotels & Other businesses  Rebound in most of the countries in Q1 2010 with confirmed stabilization of occupancy rates. For the first time, Europe recovery is synchronized with the US.  Up & Midscale: rising occupancy and stabilizing prices  Economy excl. US: good resilience with stab

  17. Slide 17: Demerger timetable

    Demerger timetable  April 19, 2010: Approval by the Board of Accor of the contribution agreement (“traité d’apport”) transferring all of the Services assets to a single legal entity “New Services SA”  Investor Days: • May 18, 2010: “Accor Services” • May 19, 2010: “Accor Hospitality”  May 25, 201

  18. Slide 18: Appendices

    Appendices 21 avril 2010

  19. Slide 19: Hotels Q1 2010 RevPAR by segment

    Hotels Q1 2010 RevPAR by segment Occupancy rate Average Room Rate RevPAR HOTELS: Subsidiaries Subsidiaries Subsidiaries Subsidiaries & managed RevPAR Q1 2010 by segment (chg (chg (chg (chg in (chg in (chg in (chg in %, (in %) in pts, (in €) in %, in %, (in €) pts, %, rep.) %, L/L) reported) rep.) re

  20. Slide 20: Up & Midscale Hotels Q1 2010 RevPAR by Country

    Up & Midscale Hotels Q1 2010 RevPAR by Country UP & MIDSCALE Average Room HOTELS: Occupancy Rate RevPAR Rate Q1 2010 Number of RevPAR by Country rooms Subsidiaries Subsidiaries Subsidiaries Subsidiaries & managed (chg in (chg (chg in (chg in %, (in %) pts, (in €) in %, (in €) (reported) %, rep.) L/L

  21. Slide 21: Economy Hotels Q1 2010 RevPAR by Country

    Economy Hotels Q1 2010 RevPAR by Country ECONOMY Average Room Occupancy Rate RevPAR HOTELS: Rate Q1 2010 Number of Subsidiaries RevPAR by Country rooms Subsidiaries Subsidiaries Subsidiaries & managed (chg in (chg (chg (chg in %, (in %) pts, (in €) in %, (in €) in %, (reported) L/L) (in local curren

  22. Slide 22: Reconciliation: Q1 2010 L/L RevPAR vs Revenue

    Reconciliation: Q1 2010 L/L RevPAR vs Revenue RevPAR Sub. Only RevPAR RevPAR Total Like-for-like Like-for- Sub. and Sub. Only Like-for- excl. VAT like room Managed Like-for- like effect in revenues Reported like revenues Germany and UK  Up & Midscale +1.9% -0.1% +2.2% +2.2% +2.0% Europe  Economy E

  23. Slide 23: Q1 2010 Management & Franchise Fees by Segment

    Q1 2010 Management & Franchise Fees by Segment Q1 2009 Q1 2010 Change in %, (reported) (reported) at constant exchange rates Revenue Managed Franchised Total Managed Franchised Total Managed Franchised Total (in €m) Up & Midscale 27,585 5,447 33,032 30,574 6,161 36,734 +8.8 +10.3 +9.0 Economy 3,279

  24. Slide 24: Restatement of 2009 revenue figures due to the demerger

    Restatement of 2009 revenue figures due to the demerger Perimeter effects linked to the demerger, as few companies reported in 2009 in the Prepaid Services lines have been reallocated to Hospitality – Holding and Other Revenue (€m) Q1 09 Q2 09 H1 09 Q3 09 Q4 09 H2 09 FY 09 Up & Midscale 686 785 1,47

  25. Slide 25: Exchange Rates

    Exchange Rates Q1 2009 Q1 2010 2010 vs 2009 1€ = X foreign currency average rate average rate Change (in %) US Dollar (USD) 1.30 1.38 -6.3 Bolivar Fuerte (VEF) 2.78 5.87 -111.6 Sterling (GBP) 0.91 0.89 +2.4 Brazilian real (BRL) 3.02 2.50 +17.3 Australian dollar (AUD) 1.97 1.53 +22.1 Mexican Peso (MX

Edenred — Q1 2010 Earnings Presentation on 6ix