Edenred: Sustained Growth In The Third Quarter
- A slight 0.8% increase in Europe , after taking into account the loss of the Consip contract in Italy (which represented issued volume of €34 million in third-quarter 2010), in an environment shaped by stable number of people in work.
- Sharp 19.4% growth in Latin America, despite the high third-quarter 2010 comparatives, sustained by job creation, improved penetration rates and increased face values.
OPERATING REVENUE FOR THE FIRST NINE MONTHS UP 9.6% LIKE-FOR-LIKE
Operating revenue for the first nine months of 2011 totaled €678 million, representing a like-for-like gain of 9.6%. On a reported basis, the increase was 7.8% after taking into account:- The 1.8% negative effect of changes in consolidation scope, corresponding to the divestment during the period of non-strategic businesses. - Compensating positive and negative currency effects, including: - The 0.7% positive effect of the Brazilian real's appreciation over the period. - A negative 0.4% due to the Venezuelan bolivar. The 10.3% like-for-like increase in operating revenue during the third quarter was in line with the growth in issue volume, attesting to the stabilization of client fee rates.
Like-for-like 9 months operating revenue growth Q1 2011 Q2 2011 Q3 2011 2011 Europe -1.1% +5.3% +2.2% +2.0% Latin America +17.4% +19.5% +18.8% +18.6% Rest of the world +10.0% +9.7% +14.4% +11.4% TOTAL +6.6% +11.7% +10.3% +9.6%- Operating revenue for the first nine months in Europe: €331 million In Europe , operating revenue grew 2.0% like-for-like over the first nine months of 2011, led by a 2.2% gain in the third quarter. In France, operating revenue was stable on a like-for-like basis over the first nine months. The third quarter saw a modest 0.7% like-for-like increase versus a 0.3% decline in the first half, reflecting a good performance by Ticket Restaurant ® that was partly offset by lower BtoC gift voucher revenue. Belgium enjoyed a 5.2% like-for-like rise in operating revenue in the third quarter, on the back of 4.3% growth in the first half, led by the robust performance of Ticket Restaurant ® business. In the United Kingdom, demand for the Childcare Voucher solution remained strong, helping to lift operating revenue by 8.8% like-for-like in the third quarter in the wake of 7.4% growth in the first half. In Italy, operating revenue rose 2.2% like-for-like in the third quarter versus 4.3% in the first half. In Romania, the decline in operating revenue slowed to just 2.2% like-for-like in the third quarter from a drop of 27.0% in the first half, confirming the gradual stabilization of issue volumes and client fee rates. - Operating revenue for the first nine months in Latin America: €301 million In Latin America , operating revenue increased by 18.6% like-for-like in the first nine months of 2011. Third quarter growth was 18.8% despite higher prior period comparatives than in the first half. This favorable trend was attributable to vibrant local economies and solid sales performances. In Brazil, client wins in a buoyant economic environment helped to drive 18.7% like-for-like growth in operating revenue in the third quarter. All Edenred solutions contributed to this performance, with meal and food voucher revenue advancing 18.3% during the quarter and Ticket Car revenue up 18.8%. In Hispanic Latin America, operating revenue expanded 19.3% like-for-like in the third quarter. In this market too, all products performed well. Operating revenue from meal and food vouchers was up by a strong 21.1% during the quarter, while Ticket Car revenue was 19.9% higher and represented over 20% of total revenue in the region. FINANCIAL REVENUE FOR THE FIRST NINE MONTHS UP 17.9% LIKE-FOR-LIKE
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