Edenred Sa · EURONEXT:EDEN
Edenred Sa — H1 2010 Earnings Presentation
17 slides from Edenred Sa's earnings presentation, Jul 19, 2010
Slide 1: Conference Call H1 2010 Revenue
July 19, 2010 CONFERENCE CALL H1 2010 Revenue
Slide 2: H1 2010 Issue Volume: €6,615m
H1 2010 Issue Volume: €6,615m Like-for-like Issue Volume (L/L) +7.8% €480m Scope +0.7% €41m Currency -0.9% €(58)m Reported +7.5% €464m L/L Issue Volume growth in line with our mid-term guidance of +6% / +14% 19 juillet 2010 2
Slide 3: H1 2010 Issue Volume by region
H1 2010 Issue Volume by region L/L Growth Q1 Q2 H1 France +4.7% -7.9% -1.8% Rest of Europe +4.9% +5.6% +5.3% Latin America +10.6% +17.9% +14.4% Rest of the world +5.4% +18.5% +11.9% TOTAL +7.2% +8.4% +7.8% France: Restated from the social CESU program*, Q2 L/L growth would be up 3.2% Rest of Eur
Slide 4: H1 2010 Operating Revenue: €422m
H1 2010 Operating Revenue: €422m Operating Revenue (L/L) Like-for-like +4.2% €16m Scope +3.0% €12m Currency Currency effect * +0.5% €2m Q1 Q2 H1 BRL +4.7% +5.7% +5.2% MXN +0.3% +0.6% +0.4% Reported GBP +0.1% +0.2% +0.1% +7.7% VEF -6.7% -6.4% -6.5% €30m Other +1.0% +1.6% +1.3% TOTAL -0.6% +1.7% +0.5%
Slide 5: France H1 2010 Operating Revenue: €69m
France H1 2010 Operating Revenue: €69m Social CESU program impact on L/L Operating Revenue Growth Meal vouchers: good performance in Q2, with a 13.7% L/L increase in operating revenue Incentive & Reward: more cyclicality on this segment, leading to a decline in operating revenue of -12.3% L/L in
Slide 6: Rest of Europe H1 2010 Operating Revenue: €152m
Rest of Europe H1 2010 Operating Revenue: €152m L/L Growth Q1 Q2 H1 UK +2.1% +5.4% +3.7% Belgium +19.3% +22.3% +20.8% Italy -2.4% -3.9% -3.1% Romania -18.5% -36.2% -27.7% TOTAL REST OF EUROPE +0.3% -1.4% -0.5% UK: good performance, driven by strong issue volume Italy: in a context of flat issue
Slide 7: Latin America H1 2010 Operating Revenue: €169m
Latin America H1 2010 Operating Revenue: €169m L/L Growth Q1 Q2 H1 Brazil +7.6% +8.6% +8.1% Hispanic Latin America +10.8% +15.5% +13.2% TOTAL LATIN AMERICA +9.1% +11.7% +10.4% Brazil: Still strong development of Meal and Food vouchers with operating revenue up 8.5% in Q2 helped by increased face
Slide 8: H1 2010 Financial revenue: €39m
H1 2010 Financial revenue: €39m Financial Revenue (L/L) Q1 Q2 H1 Europe L/L Growth Financial revenue still negatively impacted by low interest rates, even France -27.9% -28.3% -28.1% though a slight improvement of financial revenue is perceived in June Rest of Europe -20.3% -19.0% -19.7% Latin Ameri
Slide 9: H1 2010 Total Revenue: €461m
H1 2010 Total Revenue: €461m Like-for-like revenue growth up +0.7%, of which: Like-for-like +0.7% €3m Operating Financial Total L/LGrowth Revenue Revenue Revenue Q1 +3.8% -29.5% -0.4% Scope Q2 +4.5% -20.4% +1.8% +2.7% H1 +4.2% -25.3% +0.7% €12m Currency +0.4% Currency effect*: €2m Q1 Q2 H1 BRL +
Slide 10: Conclusion
H1 2010 Revenue CONCLUSION
Slide 11: Conclusion
Conclusion Issue volume up 7.8% L/L in H1 2010, reflecting significant positive growth drivers, both in emerging countries and in developed markets Revenue increase of +3,8% on a reported basis in H1 2010 Operating Revenue Financial Revenue +4.2% L/L in H1 2010 -25.3% L/L in H1 2010 In Europe, iss
Slide 12: Appendices
H1 2010 Revenue APPENDICES
Slide 13: Issue Volume
Issue Volume Q1 Q2 H1 In € millions 2009 2010 2009 2010 2009 2010 France 612 641 659 607 1,271 1,248 Rest of Europe 1,044 1,135 1,084 1,183 2,128 2,318 Latin America & Caribbean 1,246 1,301 1,327 1,536 2,573 2,837 Rest of the world 91 97 89 115 180 212 TOTAL ISSUE VOLUME 2,993 3,174 3,159 3,441 6,15
Slide 14: Operating Revenue
Operating Revenue Q1 Q2 H1 In € millions 2009 2010 2009 2010 2009 2010 France 35 36 34 33 69 69 Rest of Europe 69 79 69 73 138 152 Latin America & Caribbean 74 78 81 91 155 169 Rest of the world 15 15 15 17 30 32 OPERATING REVENUE 193 208 199 214 392 422 Q1 Q2 H1 Change Change Change Change Change C
Slide 15: Financial Revenue
Financial Revenue Q1 Q2 H1 In € millions 2009 2010 2009 2010 2009 2010 France 7 5 6 5 13 10 Rest of Europe 9 8 10 8 19 16 Latin America & Caribbean 11 6 8 6 19 12 Rest of the world 1 - - 1 1 1 FINANCIAL REVENUE 28 19 24 20 52 39 Q1 Q2 H1 Change Change Change Change Change Change In % reported L/L* r
Slide 16: Total Revenue
Total Revenue Q1 Q2 H1 In € millions 2009 2010 2009 2010 2009 2010 France 42 41 40 38 82 79 Rest of Europe 78 87 79 81 157 168 Latin America & Caribbean 85 84 89 97 174 181 Rest of the world 16 15 15 18 31 33 TOTAL REVENUE 221 227 223 234 444 461 Q1 Q2 H1 Change Change Change Change Change Change In
Slide 17: Exchange rates
Exchange rates 2010 vs. 2010 vs. 2010 vs Q1 2009 Q1 2010 2009 Q2 2009 Q2 2010 2009 H1 2009 H1 2010 2009 1€ = X foreign average average Change average average Change average average Change currency rate rate (in %) rate rate (in %) rate rate (in %) Bolivar Fuerte (VEF) 2.78 5.87 -52.7% 2.97 5.47 -45.