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

Stocks in this article: EDEN

Total revenue corresponds to the sum of operating revenue (derived from the sale of programs and services) and financial revenue (derived from investing available cash). In 2011, it amounted to €1.0 billion, an increase of 9.7% like-for-like.


Operating revenue for 2011 totaled €940 million, representing a like-for-like gain of 9.2%. On a reported basis, the increase was 6.2% after taking into account:

  • The 2.3% negative effect of changes in consolidation scope, corresponding to the divestment during the period of Davidson Trahaire in Australia and other non-strategic businesses.
  • The 0.7% negative net currency effect, including a positive 0.1% due to the Brazilian real and a negative 0.3% due to the Venezuelan bolivar.

Operating revenue organic growth was in line with the growth in issue volume, reflecting stable fee rates.

    growth in
    revenue       Q1 2011 Q2 2011  Q3 2011 Q4 2011  2011
    Europe         -1.1%    +5.3%    +2.2%   +1.1%   +1.8%
    Latin America +17.4%   +19.5%   +18.8%  +18.2%  +18.5%
    Rest of the
    world         +10.0%    +9.7%   +14.4%   +6.4%  +10.1%
    TOTAL          +6.6%   +11.7%   +10.3%   +8.1%   +9.2%
  • 2011 operating revenue in Europe: €470 million

In Europe , operating revenue increased by 1.8% like-for-like in 2011, including 1.1% growth in the fourth quarter alone.

In France, operating revenue dipped by 0.9% like-for-like in 2011 and by a more significant 2.8% in the fourth quarter, given the higher weight of the gift business at this period of the year. Ticket Restaurant ® performed well and delivered 3.5% growth in the fourth quarter. The gift voucher business experienced modest growth in the BtoB segment but was hit by the BtoC [3] segment (down 34.9% over the year and 19.9% in the fourth quarter). Note that the issuance of BtoC gift cards has been discontinued since January 1, 2012.

In Belgium , operating revenue rose by a strong 6.3% like-for-like in 2011, including fourth-quarter growth of 10.7%, led by the robust performances of Ticket Restaurant ® and Ticket Ecochèque .

In the United Kingdom , operating revenue grew 7.0% like-for-like over the year and 4.7% in the fourth quarter, reflecting the good performance of Childcare vouchers and soft demand for gift vouchers.

In Italy , operating revenue rose 2.2% like-for-like over the year, but contracted by 1.4% in the fourth quarter due to a high basis of comparison in a more challenging economic environment.

In Romania , operating revenue contracted by 15.3% like-for-like over the year but increased by 2.5% in the fourth quarter, reflecting clearly improving trends.

  • 2011 operating revenue in Latin America: €414 million

In Latin America , operating revenue increased by 18.5% like-for-like over the year and by 18.2% in the fourth quarter . The growth momentum was attributable to solid sales performances in favorable local economies.

In Brazil , operating revenue was up 18.3% like-for-like over the year and 17.5% in the fourth quarter. All Edenred solutions contributed to this performance, with meal and food benefits advancing 17.0% in the fourth quarter and Ticket Car up 11.9%.

In Hispanic Latin America , operating revenue expanded by 18.9% like-for-like in 2011, including 19.7% in the fourth quarter alone. In this market too, all Edenred solutions performed well. Meal and food benefits were up by a strong 18.7% during the fourth quarter, while Ticket Car was 23.2% higher.


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