Edenred Sa · EURONEXT:EDEN
Edenred Sa — Q3 2014 Earnings Presentation
20 slides from Edenred Sa's earnings presentation, Oct 15, 2014
Slide 1: Q3 2014 Revenue Conference call
Q3 2014 Revenue Conference call October 15, 2014
Slide 2: Strong operating performance
First nine months of 2014: Strong operating performance Issue volume +12.0% L/L growth(1), reflecting: Dynamic growth in Latin America (+17.2% L/L) Good performance in Europe (+5.5% L/L) Strong growth in Rest of the world (+15.8% L/L) Operating revenue Financial revenue +10.9% L/L growth in
Slide 3: YTD 2014 Issue volume: €12,640m
YTD 2014 Issue volume: €12,640m Issue Volume (L/L) 15.2% Like-for-like 13.7% +12.0% 12.2% 11.8% 12.0% €1,475m 11.0% 11.3% 9.8% 10.4% Scope(1) +2.4% €293m Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 YTD Currency -11.8% €(1,446)m Currency impact details YTD 2014 Reported 19% Currency change in +2.
Slide 4: Latin America – YTD 2014 Issue Volume: €6,313m
Latin America – YTD 2014 Issue Volume: €6,313m Issue volume L/L growth Q1 Q2 Q3 YTD Brazil +14.4% +13.9% +14.8% +14.3% Hispanic Latin America +21.6% +21.5% +21.9% +21.7% Total Latin America +17.0% +16.8% +17.7% +17.2% Brazil: Hispanic Latin America: Good performance in Employee benefits Strong g
Slide 5: Europe – YTD 2014 Issue Volume: €5,862m
Europe – YTD 2014 Issue Volume: €5,862m Issue volume L/L growth Q1 Q2 Q3 YTD France +7.2% +0.2% +4.5% +4.0% Rest of Europe +11.3% +5.8% +2.0% +6.2% Total Europe +9.8% +3.8% +2.8% +5.5% Total Europe excl. Portugal +5.6% +0.7% +2.5% +2.9% France: Rest of Europe: Good performance with Ticket Restaura
Slide 6: YTD 2014 Total revenue: €740m
YTD 2014 Total revenue: €740m L/L growth details by type of revenue Like-for-like Q1 Q2 Q3 YTD +8.1% L/L growth €59m Operating revenue with IV(3) +11.0% +10.9% +10.6% +10.9% Operating revenue without IV(4) -13.9% -3.3% -2.9% -7.1% Financial revenue +1.0% +3.5% +2.2% +2.2% Scope(1) +2.4% €18m Total r
Slide 7: YTD 2014 Operating revenue with issue volume: €605m
YTD 2014 Operating revenue with issue volume: €605m Operating revenue with IV Operating revenue with IV L/L growth by quarter L/L growth by region 11.0% 11.0% 10.9% 10.6% 10.9% Q1 Q2 Q3 YTD 9.8% 9.2% Latin 8.0% 8.1% +15.7% +17.3% +17.2% +16.7% America Europe +5.3% +3.2% +2.3% +3.6% Rest of the +15.9
Slide 8: YTD 2014 Financial revenue: €56m
YTD 2014 Financial revenue: €56m Financial revenue L/L growth Financial revenue L/L growth by quarter by region Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14 Q2 14 Q3 14 YTD 14 Q1 Q2 Q3 YTD 3.5% Latin 2.2% 2.2% +18.6% +13.6% +12.6% +14.8% America 1.0% Europe -13.1% -8.1% -9.3% -10.3% -0.6% Rest of the +17.7%
Slide 9: Conclusion
Conclusion Titre du document - date - Arial regular 8pts 9
Slide 10: Conclusion
Conclusion L/L issue volume Good overall performance, with solid growth in Latin America (+17.2% growth L/L YTD) and a positive trend in Europe (+5.5% L/L growth) Good performance in operating revenue with issue volume (+10.9% L/L), L/L total revenue reflecting a narrower gap with issue volume g
Slide 11: Appendices
Appendices Titre du document - date - Arial regular 8pts 11
Slide 12: Issue volume
Issue volume Q1 Q2 Q3 End September (YTD) In € millions 2013 2014 2013 2014 2013 2014 2013 2014 France 665 713 661 662 566 592 1,892 1,967 Rest of Europe 1,124 1,302 1,203 1,318 1,204 1,275 3,531 3,895 Latin America* 2,025 1,902 2,199 2,122 2,193 2,289 6,417 6,313 Rest of the world 159 145 161 156 1
Slide 13: Operating revenue with issue volume
Operating revenue with issue volume Q1 Q2 Q3 End September (YTD) In € millions 2013 2014 2013 2014 2013 2014 2013 2014 France 29 30 28 28 24 27 81 85 Rest of Europe 61 66 62 67 60 63 183 196 Latin America* 101 91 106 100 105 109 312 300 Rest of the world 7 7 8 8 8 9 23 24 Operating revenue with IV*
Slide 14: Operating revenue without issue volume
Operating revenue without issue volume Q1 Q2 Q3 End September (YTD) In € millions 2013 2014 2013 2014 2013 2014 2013 2014 France 5 5 5 6 6 5 16 16 Rest of Europe 13 11 11 9 10 8 34 28 Latin America* 7 5 8 7 5 6 20 18 Rest of the world 6 5 5 5 5 7 16 17 Operating revenue without IV* 31 26 29 27 26 26
Slide 15: Financial revenue
Financial revenue Q1 Q2 Q3 End September (YTD) In € millions 2013 2014 2013 2014 2013 2014 2013 2014 France 5 5 6 4 5 4 16 13 Rest of Europe 6 4 5 5 5 6 16 15 Latin America* 8 8 8 8 9 10 26 26 Rest of the world 1 1 1 1 1 0 3 2 Financial revenue* 20 18 21 18 20 20 60 56 Q1 Q2 Q3 End September (YTD) C
Slide 16: Total revenue
Total revenue Q1 Q2 Q3 End September (YTD) In € millions 2013 2014 2013 2014 2013 2014 2013 2014 France 40 40 38 38 35 36 113 114 Rest of Europe 80 81 78 81 75 77 233 239 Latin America* 117 104 122 115 120 125 359 344 Rest of the world 13 13 15 14 14 16 42 43 Total revenue* 250 238 253 248 244 254 7
Slide 17: Exchange rates
Exchange rates Average exchange rates 2013 and 2014 2014 vs. 2013 2014 vs. 2013 2014 vs. 2013 2014 vs. 2013 €1 = X foreign YTD YTD Q1 2013 Q1 2014 Change Q2 2013 Q2 2014 Change Q3 2013 Q3 2014 Change Change currency 2013 2014 (in %) (in %) (in %) (in %) Bolivar Fuerte (VEF) 14.92* 68.50 -78.2% 14.76
Slide 18: H2 2014 expected currency impacts
H2 2014 expected currency impacts Expected currency impacts H2 FY H1 In € millions 2014 2014 2014 expected(1) expected(1) Brazilian Real (14) - (14) Venezuelan Bolivar Fuerte (17) (18) (35) Other (4) (2) (6) Total (35) (20) (55) Impact on EBIT in % -22% -11% -16% (1) H2 expected impacts based on Jun
Slide 19: Scope effects
Scope effects Acquisitions Consolidation date Big Pass, Colombia February 2013 Repom, Brazil March 2013 Opam, Mexico June 2013 Bonus, Brazil January 2014 Nets Prepaid, Finland January 2014 C3 CARD, United Arab Emirates July 2014 Cardtrend, Asia August 2014 Daripodarki, Russia October 2014 19
Slide 20: 2014 expected calendar effects
2014 expected calendar effects Q1 Q2 Q3 Q4 2014 Working days Nb of days % change Nb of days % change Nb of days % change Nb of days % change Nb of days % change Europe 0 0.0% -1 -1.2% 0 0.3% 1 0.9% 0 0.0% Latin America 2 2.6% -1 -1.9% 0 0.0% 2 2.8% 2 0.8% Rest of the world 0 0.5% 0 -0.4% -1 -1.0% -1