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Edenred : Solid First-Half 2012 Results And Performance In Line With Strategic Objectives

Stocks in this article: EDEN

First-half 2012 revenue by type of revenue

                           First-Half  First-Half
    (in EUR millions)            2011        2012           % change
                                                    Reported   Like-for-like
    Operating revenue             456         465      +1.9%           +7.3%
    Financial revenue              44          46      +2.1%           +7.4%
    Total revenue                 501         511      +1.9%           +7.3%

Total revenue amounted to €511 million for the first half, up 7.3% like-for-like and 1.9% as reported.

It comprised:

  • Operating revenue of €465 million, up 7.3% like-for-like. This solid performance reflected the sustained 9.3% growth in revenue with issue volume, in line with the increase in issue volume, as well as a slight decline in the businesses without issue volume[8], which are less recurrent.
  • Financial revenue of €46 million, up 7.4% like-for-like, thanks to a slight increase in the average investment rate and despite the decline in reference rates in most countries.


Total EBIT amounted to €170 million, versus €167 million in first-half 2011, representing a gain of 1.6% as reported and of 8.1% like-for-like.

  • Operating EBIT (which excludes financial revenue) rose by 8.3% like-for-like to €124 million. Underpinning this performance, the operating flow-through ratio[9] adjusted for the extra costs generated by the digital transition stood at 45%, in line with the objective of 40% to 50%. As a result, operating EBIT margin[10] improved by 122 basis points like-for-like and before the digital transition costs, reflecting good control over operating costs.
  • Financial EBIT (corresponding to financial revenue) was 7.4% higher like-for-like, at €46 million.

First-half 2012 EBIT by region

                                  First-Half   First-Half        % change
    EBIT (in EUR millions)          2011[11]         2012   like-for-like  
    Latin America                         96          112          +17.6%
    Europe[12]                            77           67           -8.2%
    Rest of the world                      2            1            N/A
    Worldwide structures                  (8)         (10)           N/A
    TOTAL                                167          170           +8.1%

Operations in Latin America reported an excellent performance, with EBIT up 17.6% like-for-like, reflecting the region's dynamic growth. In Europe , EBIT growth was dampened by the additional costs of the digital transition (€3 million), the situation in Hungary [13] (€5 million) and changes in the scope of consolidation, primarily related to the termination of the BtoC gift vouchers business in France (€3 million).  


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