Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q3 2011 Earnings Presentation
19 slides from Edenred Sa's earnings presentation, Oct 17, 2011
Slide 1: Q3 2011 Revenue Conference Call
Q3 2011 Revenue CONFERENCE CALL October 17, 2011
Slide 2: End-September 2011 (YTD) Key Figures
End-September 2011 (YTD) Key Figures L/L Growth Q1 Q2 Q3 YTD Issue Volume +9.0% +10.9% +9.1% +9.7% Total revenue +7.2% +12.3% +11.3% +10.3% Operating revenue +6.6% +11.7% +10.3% +9.6% Financial revenue +12.9% +19.0% +21.9% +17.9% Continued robust organic growth in Q3, driven by sustained operating p
Slide 3: YTD Issue Volume: €10,844m
YTD Issue Volume: €10,844m Issue Volume (L/L) Like-for-like x% +9.7% €954m 13.7% 10.7% 10.9% 10.0% 9.7% Scope (1) 9.0% 9.1% +0.8% €73m 8.4% 7.2% Currency -0.3% €(26)m Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 YTD 11 Reported +10.2% +7,6% €1,001m x% Strong issue volume growth in Q3, despite a hi
Slide 4: YTD 2011 Issue Volume Growth by Region
YTD 2011 Issue Volume Growth by Region Issue Volume Growth (L/L) Q1 Q2 Q3 YTD Europe -0.3% +1.4% -1.3% 0.0% Latin America +20.5% +21.5% +19.4% +20.5% Rest of the world +23.1% +17.1% +23.8% +21.2% TOTAL +9.0% +10.9% +9.1% +9.7% Europe: excluding CONSIP contract loss(1) in Italy, Q3 L/L growth was +
Slide 5: YTD Operating Revenue: €678m
YTD Operating Revenue: €678m Operating Revenue Growth (L/L) 11.7% Like-for-like 10.3% x% +9.6% €60m 9.5% 9.6% 7.1% 6.3% 6.6% 4.5% Scope (1) 3.8% -1.8% €(11)m Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 YDT 11 Currency 0.0% Currency effect (2) €0m Q1 Q2 Q3 YTD BRL +2.7% 0.0% -0.6% +0.7% (3) VEF -1
Slide 6: Europe YTD 2011 Operating Revenue: €331m
Europe YTD 2011 Operating Revenue: €331m Operating Revenue Growth (L/L) Q1 Q2 Q3 YTD France -1.1% +0.6% +0.7% +0.0% Belgium +4.8% +3.8% +5.2% +4.6% UK +6.7% +8.1% +8.8% +7.9% Italy +3.3% +5.3% +2.2% +3.6% Romania -39.7% -11.6% -2.2% -20.4% (1) TOTAL EUROPE -1.1% +5.3% +2.2% +2.0% France: Q3 up +0.
Slide 7: Latin America YTD 2011 Operating Revenue: €301m
Latin America YTD 2011 Operating Revenue: €301m Operating Revenue Growth (L/L) Q1 Q2 Q3 YTD Brazil +16.4% +20.6% +18.7% +18.6% Hispanic Latin America +19.5% +17.4% +19.3% +18.6% TOTAL LATIN AMERICA +17.4% +19.5% +18.8% +18.6% Brazil: Sustained growth led by favorable economic conditions and new cl
Slide 8: YTD 2011 Financial Revenue: €68m
YTD 2011 Financial Revenue: €68m Financial Revenue Growth (L/L) Financial Revenue by region 21.9% YTD 19.0% Q1 Q2 Q3 17.9% 13.0% L/L Growth Europe +1.1% +7.5% +7.3% +5.3% Latin America +38.8% +41.0% +48.6% +42.8% -0.3% Rest of the +10.0% +17.5% +35.8% +22.2% world -11.6% TOTAL +13.0% +19.0% +21.9% +
Slide 9: YTD 2011 Total Revenue: €746m
YTD 2011 Total Revenue: €746m Like-for-like revenue growth of +10.3%, of which: Like-for-like x% +10.3% €70m L/Lgrowth Q1 Q2 Q3 YTD Operating Revenue +6.6% +11.7% +10.3% +9.6% Scope (1) -1.7% €(11)m Financial Revenue +13.0% +19.0% +21.9% +17.9% Total Revenue +7.2% +12.3% +11.3% +10.3% Currency C
Slide 10: Conclusion
Q3 2011 REVENUE CONCLUSION
Slide 11: Conclusion (1/2)
Conclusion (1/2) YTD Issue Volume Q4 2011 Outlook up +9.7% L/L Latin America (+20.5% L/L) : Latin America: Robust performance in all countries and Q4 should reflect robust underlying in every segment, driven by job trends, in a context of higher basis of creation, increased penetration rates com
Slide 12: Conclusion (2/2)
Conclusion (2/2) YTD Total Revenue Q4 2011 Outlook up +10.3% L/L Operating Revenue (+9.6% L/L): Operating Revenue: Similar trends to YTD organic growth in line with issue those in the first 9 months of the year volume growth (+9.7%), reflecting stabilized take-up rate* Financial Revenue: Highe
Slide 13: Appendices
Q3 2011 Revenue APPENDICES
Slide 14: Issue Volume
Issue Volume Q1 Q2 H1 Q3 September end (YTD) In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 641 659 607 617 1,248 1,276 518 512 1,766 1,788 Rest of Europe 1,135 1,148 1,183 1,232 2,318 2,380 1,107 1,112 3,425 3,492 Latin America 1,301 1,628 1,536 1,742 2,837 3,370 1,488 1,836
Slide 15: Operating Revenue
Operating Revenue Q1 Q2 H1 Q3 September end (YTD) In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 36 36 33 34 69 70 32 31 101 101 Rest of Europe 79 81 73 78 152 159 70 71 222 230 Latin America 78 94 91 100 169 194 89 107 258 301 Rest of the world 15 17 17 16 32 33 16 12 48 46
Slide 16: Financial Revenue
Financial Revenue Q1 Q2 H1 Q3 September end (YTD) In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 5 5 5 5 10 10 5 5 14 15 Rest of Europe 8 7 8 8 16 16 8 8 23 24 Latin America 6 9 6 9 12 17 6 9 19 27 Rest of the world - 1 1 1 1 1 1 1 2 2 FINANCIAL REVENUE 19 22 20 23 39 44 19 2
Slide 17: Total Revenue
Total Revenue Q1 Q2 H1 Q3 September end (YTD) In € millions 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 France 41 41 38 39 79 80 36 36 115 116 Rest of Europe 87 88 81 87 168 175 77 80 245 254 Latin America 84 102 97 109 181 211 96 116 277 328 Rest of the world 15 18 18 17 33 35 17 13 50 48 TOT
Slide 18: Disposal of Davidson Trahaire (August 2011)
Disposal of Davidson Trahaire (August 2011) 2010 and 2011 Davidson Trahaire Figures: P&L impacts In € millions 2010 2011 H1 H2 FY H1 H2 FY Issue Volume - - - - - - Total revenue 8 10 18 10 2 12 EBIT 2 2 4 2 1 3 18
Slide 19: Exchange rates
Exchange rates 2011 vs. 2011 vs. 2011 vs YTD YTD 2011 vs 1€ = X Q1 2010 Q1 2011 2010 Q2 2010 Q2 2011 2010 Q3 2010 Q3 2011 2010 2010 2011 2010 foreign average average Change average average Change average average Change average average Change currency rate rate (in %) rate rate (in %) rate rate (in %