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

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.

2011 OPERATING REVENUE UP 9.2% 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.

    Like-for-like
    growth in
    operating
    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.

2011 FINANCIAL REVENUE UP 15.2% LIKE-FOR-LIKE

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