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TheStreet Open House

Sustained Growth In Issue Volume And Revenue In Edenred First-half 2012

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 the first half of 2012, it amounted to  €511 million, an increase of 7.3% like-for-like over the prior-year period.

First-Half Operating Revenue Up 7.3% Like-For-Like

First-half 2012 operating revenue totaled €465  million, representing an increase of 7.3% like-for-like. On a reported basis, the increase was 1.9% after taking into account:

  • The 4.3% negative effect of changes in scope of consolidation, corresponding to the divestment of non-core businesses in 2011 (notably Davidson Trahaire in Australia and WorkPlace Benefits) and the decision to stop issuing BtoC gift vouchers in France as from January 1, 2012.
  • The 1.1% negative net currency effect, due mainly to the Brazilian real.

Like-for-like growth in operating revenue by type of revenue

    Like-for-like growth   1st quarter    2nd quarter    1st half
    in operating revenue      2012           2012          2012

    With issue volume        +9.4%          +9.2%         +9.3%
    Without issue volume     +0.3%          -4.3%         -2.1%
    TOTAL                    +7.8%          +6.7%         +7.3%
  • Operating revenue with issue volume climbed by a robust 9.3% like-for-like to €401 million in the first half. In Latin America , it reflected the trends seen for issue volume, which rose by more than 20%. In Europe excluding Hungary, operating revenue with issue volume rose by 2.4% for the period.
  •     Like-for-like growth
        in operating revenue      1st quarter    2nd quarter       1st half
        with IV[7]                 2012           2012             2012
    
        Latin America                +19.7%         +19.9%        +19.8%
        Europe
                                      -1.1%            -1.3%         -1.2%
        Europe excluding
        Hungary                       +2.4%          +2.3%         +2.4%
        Rest of the world          +14.1%            +8.8%        +11.4%
        TOTAL                         +9.4%          +9.2%         +9.3%
    
  • Operating revenue without issue volume amounted to €64 million, a slight decline for the period (down 2.1% like-for-like ). This revenue is primarily generated by corporate marketing and incentive consulting services, which are less recurring and generate lower margins than the other solutions. The second quarter was in particular impacted by the termination of non-recurring contracts in Germany recorded in second-quarter 2011.

First-half financial revenue up 7.4% like-for-like

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