Edenred: Solid Increases In 2011 Issue Volume And Revenue, Both Up 9.7%

PARIS, January 16, 2012 /PRNewswire/ --

• Sustained 9.7% growth in issue volume in 2011 to €15.2 billion, continuing the trend established in 2010 and in line with the Group's medium-term annual growth target of 6% to 14%, reflecting strong momentum in Latin America and modest growth in Europe.
• Solid 9.7% rise in 2011 revenue to €1.0 billion, with:

  - Operating revenue up 9.2%, mirroring the increase in issue volume and attesting to the sales teams' dynamic performances. - Financial revenue up by a strong 15.2%, helped by higher interest rates.

• 2011 EBIT target confirmed at €340 million to €360 million.

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

 
    (in EUR            2010
    millions)                      2011         % change
                                           (reported) (L/L[1])
    Issue volume      13,875      15,188      +9.5%     +9.7%
    Operating
    revenue              885         940      +6.2%     +9.2%
    Financial
    revenue               80          92     +14.7%    +15.2%
    Total revenue        965       1,032      +6.9%     +9.7%

2011 ISSUE VOLUME UP 9.7% LIKE-FOR-LIKE

Issue volume for 2011 amounted to €15.2 billion, up 9.7% like-for-like. The reported increase was 9.5%, including the 0.8% positive effect of changes in consolidation scope and the 1.0% negative currency effect for the year.

Overall growth for the year reflected:

• A modest increase in Europe (2.1% excluding the loss of the Consip contract in Italy) in an environment shaped by stable numbers of people in work.
• Sharp 20.1% growth in Latin America , attributable to dynamic performances by the sales teams in a favorable economic environment.

Fourth-quarter trends were similar, with gains of 1.7% ^[2] in Europe and 19.1% in Latin America. Note that after the exceptional results obtained in the fourth quarter of 2010, Christmas sales in Mexico ("Navideños") represented an equivalent volume this year.

• Issue volume by region

    (in EUR
    millions)    Q1 2011  Q2 2011  Q3 2011 Q4 2011   2011
    Europe        1,807    1,848    1,624   2,088    7,368
    Latin
    America       1,628    1,742    1,836   2,131    7,337
    Rest of the
    world           119      120      120     125      484
    TOTAL         3,554    3,710    3,580   4,344   15,188

• Issue volume growth by region

    Like-for-like
    issue volume
    growth        Q1 2011  Q2 2011  Q3 2011 Q4 2011   2011
    Europe         -0.3%    +1.4%    -1.3%    +0.9%   +0.2%
    Latin America +20.5%   +21.5%   +19.4%   +19.1%  +20.1%
    Rest of the
    world         +23.1%   +17.1%   +23.8%   +19.4%  +20.7%
    TOTAL          +9.0%   +10.9%    +9.1%    +9.8%   +9.7%

2011 TOTAL REVENUE UP 9.7% LIKE-FOR-LIKE

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