Edenred : Solid First-Half 2012 Results And Performance In Line With Strategic Objectives
PARIS, August 30, 2012 /PRNewswire/ --
EBIT up 8.1% in first-half 2012
Strategic and financial objectives confirmed
- Solid first-half 2012 results, on a like-for-like basis:
- Issue volume up 9.5% to €7,865 million.
- EBIT up 8.1% to €170 million.
- Funds from operations (FFO) up 14.5% to €131 million.
- Performance in line with strategic objectives:
- Accelerated roll-out of new solutions, with 20 solutions launched of the 26 targeted for year-end 2012.
- Initial results of the geographic expansion, with new operations in Finland and Japan out of the targeted six to eight new countries by end-2016.
- New customer gains, thanks to a solid sales performance (900,000 new beneficiaries) and an acquisition in Brazil (100,000 new beneficiaries).
- Digital transition: objective of 50% of digital issue volume by end-2012 confirmed.
- Full-year EBIT guidance: €355 million to €375 million
At its meeting on August 29, 2012, the Board of Directors approved the consolidated financial statements for the six months ended June 30, 2012.First-half 2012 financial metrics
First-Half First-Half (in EUR millions) 2011 2012 % change Reported Like-for-like Issue volume 7,264 7,865 +8.3% +9.5% Operating revenue 456 465 +1.9% +7.3% Financial revenue 44 46 +2.1% +7.4% Total revenue 501 511 +1.9% +7.3% Operating EBIT 123 124 +1.4% +8.3% Financial EBIT 44 46 +2.1% +7.4% EBIT 167 170 +1.6% +8.1% Operating profit before tax and non-recurring items 144 150 +3.8% Net profit, Group share 98 100 Recurring profit after tax 96 101 +4.6% Recurring earnings per share (in EUR) 0.42 0.44FIRST-HALF 2012 ISSUE VOLUME UP 9.5% LIKE-FOR-LIKE TO €7.9 BILLION Issue volume totaled €7,865 million in first-half 2012, a like-for-like increase of 9.5% that was in line with the Group's normalized  annual growth target of 6% to 14%. The increase was led by a very good performance in emerging countries, where issue volume rose by 15.6%  like-for-like and accounted for 60% of the first-half total. Despite the challenging economic environment, the developed markets delivered like-for-like growth of 1.4% for the period. First-half 2012 issue volume by solution
Public First Employee Expense Incentive Social half 2012 Benefits Management & Rewards Programs TOTAL Meal Quality & Food of Life Issue volume (in EUR millions) 6,185 557 794 265 64 7,865 % of total issue volume 79% 7% 10% 3% 1% 100% Like-for-like growth +8% +8% +28% -1% +2% +9.5%In the first half, the 9.5% like-for-like increase in issue volume was led by four growth drivers:
- Higher penetration rates in existing markets, despite the situation in Hungary. This accounted for 5.0% of growth versus 4.8% in first-half 2011, reflecting dynamic markets and the solid performance by the sales teams.
- The increase in face values, mainly in emerging markets, for 3.5%.
- The creation and deployment of new solutions, for 1.0% of growth. In Mexico, for example, Ticket Restaurante® enjoyed a 30.1% like-for-like increase in issue volume, while the solid performance in Spain was supported by the launch of the new Ticket Transporte®, Ticket Regalo® and Ticket Corporate® solutions. Lastly, Ticket Frete® in Brazil, in the pre-launch phase, delivered €4 million in issue volume during the period.
- Geographic expansion, whose first-half impact was limited given the recent start-up of operations in Finland with Ticket Mind & Body® in late 2011 followed by the launch of Ticket Restaurant® in April 2012.
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