This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Edenred: Sustained Growth In The Third Quarter

Stocks in this article: EDEN

- 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 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.

                                                              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.


2 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs