This Day On The Street
Continue to site
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

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 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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,643.78 +171.41 1.04%
S&P 500 1,975.63 +24.27 1.24%
NASDAQ 4,755.4510 +47.6760 1.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs