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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.


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