PRESS
RELEASE
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July 22, 2016 |
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First-half
2016
Solid like-for-like growth in sales and EBIT
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Issue volume
€9,079 million |
+8.4% |
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Total revenue
€526 million |
+6.1% |
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EBIT
€161 million
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+13.0% |
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Funds from operations[1]
€125 million |
+14.2% |
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-
EBIT maintained at a high
level of €161 million thanks to strong like-for-like
growth and despite unfavorable currency
effects.
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Operating EBIT
margin[2] of
26.3%, up both like-for-like (+2.5 points) and as
reported (+0.7 point).
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Net profit, Group share of
€71 million.
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Significant achievements in
first-half 2016:
-
Continuous digital and mobility-related
innovation in the Employee Benefits business,
with the launch of Apple Pay for the Ticket Restaurant®
card holders in France and the roll-out of the Ticket
Restaurant® card in Japan
and Uruguay.
-
Accelerated development in Expense Management, with the closing of the Embratec
acquisition in Brazil and the launch of a fuel card solution in
France.
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FIRST-HALF 2016
RESULTS
At its meeting on July 21, 2016,
the Board of Directors reviewed the consolidated financial
statements for the six months ended June 30, 2016.
First-half 2016
key financial metrics
(in € millions) |
First-half 2016 |
First-half 2015 |
% change |
Reported |
Like-for-like[3] |
Issue volume |
9,079 |
9,110 |
-0.3% |
+8.4% |
Operating
revenue with IV[4]
Operating revenue without IV
Financial revenue
Total revenue |
420
74
32
526 |
428
75
36
539 |
-1.7%
-1.3%
-12.6%
-2.4% |
+6.8%
+5.8%
-1.6%
+6.1% |
Operating
EBIT
Financial EBIT
Total EBIT |
129
32
161 |
129
36
165 |
+0.7%
-12.6%
-2.2% |
+17.1%
-1.6%
+13.0% |
Net profit,
Group share |
71 |
82 |
-12.8% |
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First-half issue
volume up 8.4% like-for-like to €9.1 billion
Issue volume totaled €9,079 million in first-half 2016, representing a
like-for-like increase of 8.4%. This strong
performance reflected continued acceleration in Europe, partly
supported by favorable calendar effects, and sustained growth in
Latin America despite a difficult economic environment in Brazil
and a high basis of comparison in Mexico.
On a reported basis, issue volume
was down 0.3%. The reported decline reflects the 2.9% positive
impact of changes in the scope of consolidation[5] and
the 11.6% unfavorable currency effect due mainly to the
depreciation of certain currencies against the euro, particularly
the Brazilian real (down 19.9%), the Mexican peso (down 16.2%) and
the Venezuelan bolívar (down 52.6%).
Like-for-like growth |
First-quarter 2016 |
Second-quarter 2016 |
First-half 2016 |
Europe |
+6.9% |
+9.7% |
+8.3% |
Latin America |
+7.5% |
+8.7% |
+8.1% |
Rest of the
World |
+12.1% |
+11.1% |
+11.6% |
TOTAL |
+7.4% |
+9.3% |
+8.4% |
In Europe,
issue volume for the first half was €4.6 billion (or 50% of the Group's total issue
volume), up 8.3% like-for-like.
Europe
(excluding France) posted strong growth in the first half of the
year (+9.9% like-for-like), driven by solid operating performances
in an improving economic environment and positive calendar effects
in the second quarter. Growth was 4.9% like-for-like in Italy and continued to accelerate in Central Europe (+9.9% like-for-like for the period),
thanks to a healthy sales dynamic. In Germany,
strong gains in the Ticket Plus Card solution helped deliver
significant growth, and in the United Kingdom,
the Childcare Vouchers business expanded by +5.4% like-for-like.
The other countries in the region posted double-digit growth on
average for the period.
The positive trend continued in
France, where 5.2% like-for-like growth
reflected solid gains in the Ticket Restaurant®
solution (up 4.5%), driven in particular by a good sales
performance as well as positive calendar effects in the second
quarter. With 200,000 Ticket Restaurant® card
beneficiaries at end-June 2016, Edenred has consolidated its
leadership in the French digital meal voucher market. Incentive
& Rewards solutions, especially Ticket Kadéos, also performed
solidly in the first half.
In Latin
America, issue volume for the period was up 8.1% like-for-like to €4.1 billion, which represents 45% of the Group's
total issue volume.
In Brazil,
issue volume rose by 4.5% like-for-like in the first half of 2016
despite a tough economic environment. Reflecting this market's
significant growth potential, Expense Management continued to enjoy
strong like-for-like growth (16.8%), driven by new client wins and
an increase in existing client sales. Issue volume in Employee
Benefits solutions was positive and grew 0.7% like-for-like in
spite of a surge in the country's unemployment rate, which rose
from around 8% in May 2015 to close to 11% in May 2016[6].
In Hispanic Latin
America, issue volume grew by 13.8% like-for-like. The Employee
Benefits business rose by 19.1% like-for-like, reflecting improving
momentum in Mexico (despite a tough basis of comparison in the
prior-year period) and high inflation in Venezuela. The Expense
Management business grew by 6.5% like-for-like due to the high
basis of comparison in Mexico in first half 2015.
Lastly, issue volume in the
Rest of the World was up by 11.6% like-for-like in the first half, led mainly by
strong growth in Turkey, the region's primary
contributor.
|
Employee
Benefits |
Expense Management |
Incentive & Rewards |
Public Social
Programs |
TOTAL |
Issue volume
(in € millions) |
6,943 |
1,572 |
359 |
205 |
9,079 |
% of total IV |
77% |
17% |
4% |
2% |
100% |
Like-for-like growth |
+7.1% |
+11.6% |
+17.9% |
N/A |
+8.4% |
Employee
Benefits associated with meals and food and quality of life
represented 77% of total issue volume at June 30, 2016 and
recorded robust 7.1% growth in issue volume in the first half,
driven by Europe and Hispanic Latin America. Expense Management, Edenred's second growth engine, now
accounts for 17% of issue volume. It grew by 11.6% in first-half
2016, reflecting a significant increase in Brazil and more modest
gains in Mexico due to the high basis of comparison. Incentive & Rewards and Public
Social Programs both posted strong growth in the first six
months of the year, accounting for 4% and 2% of consolidated issue
volume, respectively, at June 30, 2016.
Total revenue up
6.1% like-for-like at €526 million
Like-for-like growth |
First-quarter 2016 |
Second-quarter 2016 |
First-half 2016 |
Operating revenue with
IV |
+5.8% |
+7.8% |
+6.8% |
Operating revenue
without IV |
+6.6% |
+5.2% |
+5.8% |
Financial
revenue |
-3.1% |
+0.1% |
-1.6% |
Total revenue |
+5.2% |
+6.9% |
+6.1% |
Total revenue
for the first half of 2016 amounted to €526 million, representing a 6.1% like-for-like increase. Total revenue comprises
operating revenue with issue volume (up 6.8% like-for-like),
operating revenue without issue volume (up 5.8% like-for-like) and
financial revenue (down 1.6% like-for-like).
On a reported basis, the
year-on-year change was a decline of 2.4%,
after taking into account the 2.3% positive impact of changes in
the scope of consolidation and the 10.8% negative currency
effect.
Operating revenue
with issue volume rose 6.8% like-for-like to €420 million,
reflecting solid performances in all regions, with an acceleration
in Europe and further sustained growth in Latin America.
Operating revenue
with issue volume by region
Like-for-like growth |
First-quarter 2016 |
Second-quarter 2016 |
First-half 2016 |
Europe |
+5.1% |
+8.9% |
+7.0% |
Latin America |
+6.2% |
+6.6% |
+6.4% |
Rest of the World |
+7.9% |
+8.6% |
+8.2% |
TOTAL |
+5.8% |
+7.8% |
+6.8% |
The take-up
rate [7]in
first-half 2016 stood at 4.6%, virtually unchanged from the
prior-year period (4.7%).
Operating revenue
without issue volume amounted to €74
million, up 5.8% like-for-like, reflecting the contribution of
ProwebCE in France, which is subject to a higher seasonality than
other operations within the Group.
Financial
revenue totaled €32 million for the
period, down 1.6% like-for-like resulting from a solid 9.8%
like-for-like increase in Latin America and a
15.4% like-for-like decline in Europe,
reflecting interest rate trends in the two regions.
EBIT up 13.0%
like-for-like at €161 million
In first-half 2016, total EBIT stood at €161 million, up 13.0%, or
€21 million, like-for-like compared with total revenue growth
of 6.1%. On a reported basis, EBIT was down by a slight 2.2% after
taking into account the €3 million positive contribution of
changes in scope of consolidation and the €28 million negative
currency effect.
The total EBIT of
€161 million for first-half 2016 comprises operating EBIT of
€129 million and financial EBIT, which is equal to financial
revenue, of €32 million.
First-half 2016
operating EBIT by region
(in € millions) |
First-half 2016
|
First-half 2015
|
% change |
Reported |
Like-for-like |
|
Europe |
61 |
48 |
+27.1% |
+27.7% |
Latin America |
71 |
87 |
-17.1% |
+10.8% |
Rest of the World |
4 |
3 |
N/A |
N/A |
Worldwide
structures |
(7) |
(9) |
+26.6% |
+9.5% |
TOTAL |
129 |
129 |
+0.7% |
+17.1% |
Operating
EBIT (which excludes financial revenue) rose by 17.1% like-for-like to €129 million. This good performance reflects a
high operating flow-through ratio[8] of 66%,
which was achieved through a combination of dynamic revenue growth
and effective cost management.
Europe
performed strongly over the period, delivering operating EBIT
growth of 27.7% like-for-like, versus growth
in operating revenue of 6.6%. In Latin
America, like-for-like operating EBIT growth was 10.8%, outperforming the 6.2% like-for-like increase in
operating revenue.
These strong performances saw the
Group increase its profitability in the first half of 2016, with an
operating EBIT margin (which excludes
financial EBIT) of 26.3% for the period, up 2.5 points
like-for-like and 0.7 point as reported compared with
first-half 2015.
Net
profit
Net profit, Group
share totaled €71 million for
first-half 2016, versus €82 million in the six months to June
30, 2015. This figure includes €18 million in non-recurring
costs due notably to acquisition-related expenses and to
initiatives undertaken as part of a reorganization of the Group. It
also takes into account €23 million in net financial expense,
€4 million in the share of associate net profit,
€49 million in taxes and €4 million in minority
interests.
A solid financial
position
The Edenred business model
generates significant cash flow. In the first half of 2016, funds
from operations before non-recurring items (FFO) totaled €125 million, a
year-on-year increase of 14.2%
like-for-like.
The Group had net debt of
€1,092 million at June 30, 2016
(versus €841 million at end-June 2015). The change in net debt
includes a negative impact of €155 million related to currency
effect and other non-recurring items, and takes into account the
€192 million in acquisition expenses related mainly to the
Embratec acquisition in Brazil, and the €192 million in
dividends paid to Edenred SA shareholders.
In the first half of the year,
Edenred also announced that it had successfully completed the issue
of a €250 million Schuldschein loan - a German form of private
placement - consisting of fixed- and floating-rate coupons
with an average maturity of 6.1 years, and an average financing
cost of 1.2%. In addition, on July 21, 2016, Edenred signed an
agreement with its banking syndicate to extend its
€700 million (undrawn) revolving credit
facility until July 2021 (versus June 2019 previously), while
taking advantage of significantly more favorable financing
conditions. The renegotiation also introduced two 1-year extension
options, potentially adding an additional two years to the credit
facility's maturity date (July 2023). Both of these
transactions help improve the Group's debt profile.
FIRST-HALF
HIGHLIGHTS
The first half of 2016 was shaped by a number of
achievements aligned with the Group's growth strategy in the
Employee Benefits and Expense Management businesses.
Pursuit of digital growth in France and launch of
Apple Pay
Since the launch of the Ticket
Restaurant® card in 2014,
23 million transactions have been carried out in affiliated
restaurants and merchants, with a peak of 300 transactions per
minute at lunchtime, for an average amount of €11.43. There are
currently 200,000 employee beneficiaries, 80% of whom have already
made a transaction using contactless (NFC) payment.
Since July 19, 2016, Edenred has been
offering holders of Ticket Restaurant® cards in
France the possibility of paying for their lunch using Apple
Pay[9]. Payment
can be made directly with an iPhone or Apple Watch at all Ticket
Restaurant®-affiliated
restaurants and merchants equipped with a contactless payment
terminal. As the first meal voucher issuer to offer Apple Pay from
the moment of its launch in France, Edenred provides its
200,000 Ticket Restaurant® card
beneficiaries in France with a unique, comprehensive range of
services.
Continuing shift to digital with the launch of the
Ticket Restaurant® card in Japan
and faster digitalization in Uruguay
Edenred launched several new solutions in the
first half, including the first Ticket Restaurant® card in
Japan on April 20, 2016.
In Uruguay, the Group completed the shift to
digital of the Ticket Restaurant® solution,
with issue volume nearly 100% paperless at end-June and more than
110,000 employee beneficiaries of the Ticket
Restaurant® card.
Further client wins in Employee Benefits
solutions
The Group maintained a healthy sales dynamic in
the first half of 2016, which resulted in numerous client wins in
all operating regions.
In Europe, for example, Edenred has gained a new
client in Germany in the form of Datev, an IT services company with
nearly 7,000 Ticket Plus Card solution beneficiaries.
In Latin America, the Group achieved two
significant client wins in Brazil for the Ticket
Restaurant® solution:
LATAM Airlines (around 25,000 beneficiaries) and pharmaceutical
company Pfizer (around 1,300 beneficiaries).
Lastly, in the Rest of the World region, new
Ticket Restaurant® card clients
include engineering group Siemens in India (around 1,400
beneficiaries) and jewelry brand Swarovski in Japan (nearly 400
beneficiaries).
Finalization of the Embratec alliance in
Brazil
In accordance with an agreement
signed in January, Edenred finalized on May 31, 2016 the
combination of its Expense Management assets in Brazil with those
of Embratec in a new company 65%-owned by Edenred and 35%-owned by
Embratec's founding shareholders, thereby creating a leading player in this fast-growing segment.
The entity created by the
transaction will bring together Edenred's Ticket Car and Repom
assets and Embratec's fuel card and maintenance activities,
operated under the Ecofrotas and Expers brands. These activities
are now united under a new brand, Ticket Log,
which serves around 27,000 clients, representing more than one
million active cards that can be used at more than
24,500 affiliated service stations and maintenance workshops,
or 58% of Brazil's domestic network.
Thanks to this transaction,
Edenred is doubling the size of its Expense
Management business in Brazil to become the leading provider of
fuel card and maintenance solutions for light vehicles and number
two for heavy vehicles. With a low penetration rate of between 15%
and 20%, the Brazilian B2B fuel card segment holds significant
potential for growth.
As announced, Edenred financed the
deal mainly by contributing assets to the new entity, with an
additional cash payment of BRL
810 million, financed locally.
The Group also confirms that the
transaction will have an accretive impact of
around 2% on net profit, Group share (on an annual basis and
before purchase accounting impact).
Successful issue of a €250 million Schuldschein loan
On June 29, 2016, Edenred
announced that it had successfully completed the issue of a
Schuldschein loan - a German form of
private placement - consisting of 5- and 7-year tranches with
fixed- and floating-rate coupons, with an average maturity of 6.1
years, for a total amount of €250 million.
With an average financing cost of
approximately 1.2%, this transaction allows the Group to reduce its
average cost of debt, while extending the average maturity. It also
diversifies Edenred's sources of financing and expands its investor
base.
Appointment to
Edenred's Board of Directors
At its meeting on March 23,
2016, Edenred's Board of Directors appointed Sylvia Coutinho, Country Head of UBS Brazil, as a
Director of Edenred.
The Board of Directors noted that
Sylvia Coutinho qualifies as an independent Director according to
the AFEP/MEDEF corporate governance code. Shareholders ratified the
appointment at the Annual Meeting on May 4, 2016.
Appointments to
the Executive Committee
To simplify operating procedures
and structures, the operating responsibilities of Edenred's
Executive Committee are now organized into five regions instead of
seven. In line with this change, Edenred announced on July 1,
2016 the appointment of Arnaud Erulin to the
newly created position of Chief Operating Officer, Northern Europe,
Central Europe, France and Belgium. The new position expands Arnaud
Erulin's role within the Group's Executive Committee, of which he
was already a member in his previous position as Chief Operating
Officer, Central Europe and Scandinavia.
Southern Europe, led by Graziella Gavezotti, has now been extended to include
Lebanon and Morocco, in addition to Greece, Italy, Portugal, Spain
and Turkey.
Operating responsibilities within
Edenred's Executive Committee are now organized into the five
following regions:
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Hispanic and North America - Chief Operating
Officer: Diego Frutos
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Asia-Pacific and Middle East - Chief Operating
Officer: Laurent Pellet
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Brazil - Chief Operating Officer: Gilles
Coccoli
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Northern Europe, Central Europe, France and
Belgium - Chief Operating Officer: Arnaud Erulin
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Southern Europe - Chief Operating Officer:
Graziella Gavezotti
2016
OUTLOOK
Issue volume
growth is expected to remain solid in the second half of 2016,
reflecting, on one hand, sustained sales momentum and unfavorable
calendar effects in Europe (about two days on average in the second
half) and, on the other hand, improved trends in Latin America
thanks notably to Mexico and increased exposure to the fast-growing
and under-penetrated expense management market in Brazil.
In this context, Edenred has set a
full-year EBIT target of between €350 million
and €370 million. This objective takes into account an
estimated negative currency effect of €35 million[10].
For full-year 2016, the Group also
confirms its target for like-for-like issue volume
growth of between 8% and 14% (lower end of the range), in line
with its historical target. After rising to high levels in the
first half of the year, the operating flow-through
ratio will reflect additional operating expenses in the second
half and should end the year in line with the Group's historical
guidance of more than 50%. Lastly, annual
like-for-like growth in funds from operations (FFO) is expected
to be in line with the historical guidance of more than 10%.
UPCOMING
EVENTS
October 13, 2016: Third-quarter
2016 revenue
October 19, 2016: Investor Day in
London
February 23, 2017: Full-year 2016
results
___
Edenred, which invented the Ticket
Restaurant® meal voucher
and is the world leader in prepaid corporate services, designs and
manages solutions that improve the efficiency of organizations and
purchasing power to individuals.
By ensuring that allocated funds are used
specifically as intended, these solutions enable companies to more
effectively manage their:
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Employee benefits (Ticket
Restaurant®, Ticket
Alimentación, Ticket CESU, Childcare Vouchers, etc.)
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Expense management process (Ticket
Car, Ticket Clean Way, Repom, etc.)
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Incentive and reward programs (Ticket Compliments, Ticket Kadéos, etc.)
The Group also
supports public institutions in managing their social programs.
Listed on the Euronext Paris stock exchange,
Edenred operates in 42 countries, with 6,300 employees, 660,000
companies and public sector clients, 1.4 million affiliated
merchants and 41 million beneficiaries. In 2015, total issue volume
amounted to €18.3 billion.
Ticket
Restaurant® and all other
tradenames of Edenred products and services are registered
trademarks of Edenred SA.
Follow Edenred on
Twitter: www.twitter.com/Edenred
___
CONTACTS
Media Relations
Anne-Sophie Sibout
+33 (0)1 74 31 86 11
anne-sophie.sibout@edenred.com
Astrid de Latude
+33 (0)1 74 31 87 42
astrid.delatude@edenred.com
|
Investor and Shareholder Relations
Louis Igonet
+33 (0)1 74 31 87 16
louis.igonet@edenred.com
Aurélie Bozza
+33 (0)1 74 31 84 16
aurelie.bozza@edenred.com
|
APPENDICES
Issue
volume
|
Q1 |
Q2 |
|
H1 |
|
2016 |
2015 |
2016 |
2015 |
|
2016 |
2015 |
In € millions |
|
|
|
|
|
|
|
|
|
|
|
France |
767 |
735 |
806 |
696 |
|
1,573 |
1,431 |
Rest of
Europe |
1,452 |
1,346 |
1,536 |
1,395 |
|
2,989 |
2,741 |
Latin
America |
1,872 |
2,284 |
2,252 |
2,274 |
|
4,124 |
4,558 |
Rest of
the world |
193 |
188 |
200 |
192 |
|
393 |
380 |
|
|
|
|
|
|
|
|
Total |
4,284 |
4,553 |
4,794 |
4,557 |
|
9,079 |
9,110 |
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
France |
4.4% |
4.2% |
15.8% |
6.2% |
|
9.9% |
5.2% |
Rest of
Europe |
7.9% |
8.4% |
10.1% |
11.5% |
|
9.0% |
9.9% |
Latin
America |
-18.0% |
7.5% |
-1.0% |
8.7% |
|
-9.5% |
8.1% |
Rest of
the world |
2.7% |
12.1% |
4.2% |
11.1% |
|
3.5% |
11.6% |
|
|
|
|
|
|
|
|
Total |
-5.9% |
7.4% |
5.2% |
9.3% |
|
-0.3% |
8.4% |
Operating revenue
with issue volume
|
Q1 |
Q2 |
|
H1 |
|
2016 |
2015 |
2016 |
2015 |
|
2016 |
2015 |
In € millions |
|
|
|
|
|
|
|
|
|
|
|
France |
32 |
31 |
33 |
30 |
|
65 |
61 |
Rest of
Europe |
73 |
68 |
77 |
71 |
|
149 |
139 |
Latin
America |
83 |
104 |
104 |
105 |
|
187 |
209 |
Rest of
the world |
9 |
10 |
10 |
9 |
|
19 |
19 |
|
|
|
|
|
|
|
|
Total |
197 |
213 |
224 |
215 |
|
420 |
428 |
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
France |
1.4% |
1.9% |
11.0% |
5.6% |
|
6.1% |
3.7% |
Rest of
Europe |
6.3% |
6.6% |
9.2% |
10.3% |
|
7.8% |
8.5% |
Latin
America |
-20.1% |
6.2% |
-0.8% |
6.6% |
|
-10.4% |
6.4% |
Rest of
the world |
-2.2% |
7.9% |
1.7% |
8.6% |
|
-0.3% |
8.2% |
|
|
|
|
|
|
|
|
Total |
-7.7% |
5.8% |
4.2% |
7.8% |
|
-1.7% |
6.8% |
Operating revenue
without issue volume
|
Q1 |
Q2 |
|
H1 |
|
2016 |
2015 |
2016 |
2015 |
|
2016 |
2015 |
In € millions |
|
|
|
|
|
|
|
|
|
|
|
France |
13 |
6 |
14 |
20 |
|
27 |
26 |
Rest of
Europe |
10 |
11 |
9 |
8 |
|
19 |
19 |
Latin
America |
5 |
6 |
5 |
7 |
|
10 |
13 |
Rest of
the world |
8 |
8 |
9 |
9 |
|
18 |
17 |
|
|
|
|
|
|
|
|
Total |
36 |
31 |
37 |
44 |
|
74 |
75 |
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
France |
129.0% |
4.4% |
-32.0% |
2.6% |
|
3.0% |
3.0% |
Rest of
Europe |
0.7% |
8.7% |
1.6% |
5.1% |
|
1.1% |
6.9% |
Latin
America |
-23.6% |
4.4% |
-20.9% |
0.8% |
|
-22.3% |
2.7% |
Rest of
the world |
3.2% |
7.5% |
7.7% |
15.1% |
|
5.5% |
11.3% |
|
|
|
|
|
|
|
|
Total |
20.0% |
6.6% |
-16.0% |
5.2% |
|
-1.3% |
5.8% |
Financial
revenue
|
Q1 |
Q2 |
|
H1 |
In €
millions |
2016 |
2015 |
2016 |
2015 |
|
2016 |
2015 |
|
|
|
|
|
|
|
|
|
|
France |
3 |
4 |
3 |
3 |
|
5 |
7 |
Rest of
Europe |
4 |
4 |
4 |
5 |
|
9 |
9 |
Latin
America |
7 |
10 |
8 |
8 |
|
16 |
18 |
Rest of
the world |
2 |
1 |
1 |
1 |
|
2 |
2 |
|
|
|
|
|
|
|
|
Total |
16 |
19 |
16 |
17 |
|
32 |
36 |
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
France |
-25.1% |
-25.1% |
-22.1% |
-22.1% |
|
-23.7% |
-23.7% |
Rest of
Europe |
-9.8% |
-9.1% |
-10.9% |
-8.9% |
|
-10.3% |
-9.0% |
Latin
America |
-19.4% |
7.1% |
-1.5% |
13.0% |
|
-11.2% |
9.8% |
Rest of the
world |
2.5% |
14.3% |
5.1% |
14.4% |
|
3.8% |
14.3% |
|
|
|
|
|
|
|
|
Total |
-17.0% |
-3.1% |
-7.8% |
0.1% |
|
-12.6% |
-1.6% |
Total
revenue
|
Q1 |
Q2 |
|
H1 |
|
2016 |
2015 |
2016 |
2015 |
|
2016 |
2015 |
In € millions |
|
|
|
|
|
|
|
|
|
|
|
France |
48 |
41 |
50 |
53 |
|
97 |
94 |
Rest of
Europe |
87 |
83 |
90 |
84 |
|
177 |
167 |
Latin
America |
95 |
120 |
117 |
120 |
|
213 |
240 |
Rest of
the world |
19 |
19 |
20 |
19 |
|
39 |
38 |
|
|
|
|
|
|
|
|
Total |
249 |
263 |
277 |
276 |
|
526 |
539 |
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
France |
16.7% |
-0.3% |
-7.5% |
2.7% |
|
2.9% |
1.4% |
Rest of
Europe |
4.7% |
6.0% |
7.3% |
8.7% |
|
6.0% |
7.3% |
Latin
America |
-20.3% |
6.2% |
-1.9% |
6.7% |
|
-11.1% |
6.5% |
Rest of
the world |
0.5% |
8.0% |
4.5% |
11.8% |
|
2.5% |
9.9% |
|
|
|
|
|
|
|
|
Total |
-5.2% |
5.2% |
0.2% |
6.9% |
|
-2.4% |
6.1% |
EBIT
|
H1 2016 |
H1
2015 |
|
Change reported |
Change L/L |
In € millions |
|
|
|
|
|
|
|
|
|
France |
17 |
18 |
|
-5.2% |
-6.2% |
Rest of
Europe |
58 |
46 |
|
24.2% |
25.5% |
Latin
America |
87 |
105 |
|
-16.1% |
10.6% |
Rest of
the world |
6 |
5 |
|
9.0% |
10.2% |
Worldwide
structures |
(7) |
(9) |
|
-26.6% |
9.5% |
|
|
|
|
|
|
Total |
161 |
165 |
|
-2.2% |
13.0% |
[1] Before
non-recurring items.
[2] Ratio of
operating EBIT to operating revenue.
[3] At constant
scope of consolidation and exchange rates (corresponding to organic
growth).
[5]
Including the contribution of the Embratec acquisition in Brazil
for two months of the first half and of La Compagnie des Cartes
Carburant for six months.
[6]
Source: Instituto Brasileiro de Geografia e Estatística.
[7] Ratio of
operating revenue with issue volume to total issue volume.
[8] Ratio
of the like-for-like change in operating EBIT to the like-for-like
change in operating revenue.
[9] Apple
Pay is compatible with the iPhone 6s, iPhone 6s Plus,
iPhone 6, iPhone 6 Plus, iPhone SE and Apple Watch.
[10]
Calculated based on an assumption of an average Brazilian real/euro
exchange rate of 4.00 for full-year 2016.
Edenred_CP résultats semestriels
2016_EN_DEF
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: EDENRED S.A. via Globenewswire
HUG#2030101
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