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Edenred: Strong Organic Growth In First-half EBIT, Up 12.1%


    (in EUR millions)         H1 2010 H1 2011        % change
                                               Reported  Like-for-like
    Operating revenue             422     456     +8.1%          +9.2%

    Financial revenue              39      44    +14.8%         +16.0%
    Total revenue                 461     501     +8.6%          +9.8%

Total revenue for the period amounted to €501million, an increase of 8.6% as reported and 9.8% like-for-like, comprising:
  • Operating revenue of €456 million, up 9.2% like-for-like. This performance reflected strong growth in Latin America, an improvement in economic conditions in Central Europe and the gradual stabilization of client fee rates in some countries. Operating revenue generated by issue volume rose 8.6% like-for-like, while other operating revenue (without issue volume) was 11.6% higher, lifted by the signature of one-off Incentive & Rewards contracts in Germany.
  • Financial revenue of €44 million, up 16.0% like-for-like. The increase was attributable to higher interest rates and the increased float[8] in Latin America, as well as to the gradual recovery in European interest rates.


First-half total EBIT amounted to €167 million.

Operating EBIT up 10.8% like-for-like

Operating EBIT (which excludes financial revenue) rose by a strong 10.8% like-for-like. Underpinning this good performance, the operating flow-through ratio [9] adjusted for the extra costs generated by the digital transition stood at 49%, in line with the Group's target of 40% to 50%.

Operating EBIT as a percentage of operating revenue came to 26.9% as reported in first-half 2011 compared with 27.5% in the year earlier period, reflecting the €6 million in extra costs generated during the period by the digital transition, negative currency effects and the negative impact of changes in scope of consolidation. The like-for-like change excluding digital transition costs was a sharp 180-basis point improvement.

Financial EBIT up 16.0% like-for-like

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