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Edenred: Sustained Growth In The Third Quarter

PARIS, October 17, 2011 /PRNewswire/ --

•  Issue volume for the first nine months up 9.7%, including a 9.1% increase in the third quarter

- Strong momentum in Latin America

- Modest increase in Europe

•  Revenue for the first nine months up 10.3%, led by an 11.3% gain in the third quarter

- Strong rise in operating revenue, in line with issue volume growth

- Sharply higher financial revenue

•  Annual targets confirmed:

- 6% to 14% like-for-like growth in issue volume

- EBIT of €340 million to €360 million

(All growth rates are on a like-for-like basis)

                         2010 (9 months)
    (in EUR millions)                    2011 (9 months)      % change
                                                         (reported) (L/L[1])
    Issue volume              9,843          10,844          10.2%      9.7%
    Operating revenue           629             678           7.8%      9.6%
    Financial revenue            58              68          18.2%     17.9%
    Total revenue               687             746           8.6%     10.3%


Issue volume for the first nine months of 2011 amounted to €10,844 million, up 9.7%  like-for-like. The reported increase was 10.2%, reflecting the 0.8% positive effect of changes in consolidation scope and the 0.3% negative currency effect for the period.

- Issue volume by region

                                                           9 months
    (in EUR millions)   Q1 2011     Q2 2011     Q3 2011      2011
    Europe               1,807       1,848       1,624       5,280
    Latin America        1,628       1,742       1,836       5,206
    Rest of the world      119         120         120         359
    TOTAL                3,554       3,710       3,580      10,844

- Issue volume growth by region

                                                              9 months
    Like-for-like issue
    volume growth          Q1 2011     Q2 2011     Q3 2011      2011
    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%

Like-for-like issue volume growth remained strong in the third quarter, reflecting:

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