Edenred : Sharp Increase In 2011 Financial Results

Issue volume up 9.7% like-for-like to €15.2 billion

Issue volume totaled €15.2 billion in 2011, a like-for-like increase of 9.7%, in line with the Group's normalized ^[8]   annual growth target of 6% to 14%.

The increase reflected strong momentum in emerging markets. Issue volume in these markets rose 17.8% like-for-like in 2011, lifting their contribution to the Group total to 58%. The more moderate growth in developed markets (up 2.7% excluding non-recurring events ^[9]) represented a solid sales performance in a more challenging economic environment.

The year saw strong growth in Employee Benefits issue volume (representing 86% of the Group total), with increases of 9% for Meal &  Food Benefits and 11% for Quality of Life Benefits. Growth in Expense Management solutions was a high 21%, while Incentive & Rewards issue volume was up 4% ^[10].

 
    2011 issue volume by type of solution
 
                                                              Public
                        Employee                              Social
                                         Expense   Incentive
                        Benefits        Management & Rewards Programs  TOTAL
                       Meal &   Quality
                        Food    of Life
    Issue volume
 
    (in EUR
    millions)          11,858    1,236    1,318       628      148    15,188
    % of total
    issue volume           78%       8%      9%         4%       1%      100%
    Like-for-like
    growth                 +9%     +11%    +21%        +4%[11]  +1%     +9.7%

The three drivers of the 9.7% organic growth in issue volume were:

• Higher penetration rates in existing markets, for 5.3 points, with 1.7 million extra beneficiaries in 2011 compared with the previous year.
• The contribution of new solutions in emerging and developed markets, for 0.8 points. As an example, by the end of the year, there were some 46,000 beneficiaries of Ticket Restaurant ^® launched in Mexico in second-half of 2011.
• Increased average face values, for 3.6 points, led mainly by inflation experienced in most Latin American countries.

Total revenue up 9.7% like-for-like to €1.0 billion

    (in EUR millions)            2010    2011        % change
                                              Reported Like-for-like
    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%

Total revenue for 2011 amounted to €1.0 billion, an increase of 6.9% as reported and 9.7% like-for-like, comprising:

• Operating revenue of €940 million, an increase of 9.2% like-for-like that was in line with the growth in issue volume. The take-up rate ^{[ 12]} , which reflects the conversion of issue volume into operating revenue, stood at 5.2%.
• Financial revenue of €92 million, up 15.2% like-for-like. The gain was attributable to higher interest rates in all regions and the increased float ^{[ 13]} in Latin America.

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