October 17, 2012
- Issue volume rose by 9.8% to €11.9 billion in the first nine months of 2012, reflecting:
- Strong momentum in Latin America , up 21.1%.
- A slight 1.9% growth in Europe , excluding Hungary  in a difficult economic environment.
- Sustained growth in the rest of the world, up 10.4%.
- Total revenue rose by 7.2% to €767 million over the period, illustrating:
- An 8.9% increase in operating revenue with issue volume  .
- Slight increase in operating revenue without issue volume.
- 4.0% growth in financial revenue, reflecting the gradual impact of decreasing reference rates in most countries.
- Edenred confirms its full-year targets of 6% to 14%  like-for-like growth in issue volume over the medium term and of €355 million to €375 million in 2012 EBIT.
(All growth rates are on a like-for-like basis)
First nine First nine
(in EUR millions) months 2011 months 2012 % change
Issue volume 10,844 11,864 +9.4% +9.8%
Operating revenue with
issue volume 564 604 +7.1% +8.9%
without issue volume 114 94 -16.9% +0.3%
revenue 678 698 +3.1% +7.5%
Financial revenue 68 69 +0.4% +4.0%
Total revenue 746 767 +2.8% +7.2%
Issue volume for the first nine months of 2012
Up 9.8% like-for-like
Issue volume ended the first nine months of the year at
up 9.8% like-for-like
and in line with first-half trends. The reported increase was 9.4%, reflecting the positive 0.9% impact of changes in scope of consolidation and a 1.3% negative currency effect over the period.
Like-for-like growth in issue volume by region
Like-for-like growth First quarter quarter Third quarter months
in issue volume 2012 2012 2012 2012
Latin America +22.1% +21.5% +19.9% +21.1%
-0.3% -3.8% +0.1% -1.4%
Hungary +2.7% -0.2% +3.6% +1.9%
Rest of the world +13.6% +9.8% +7.9% +10.4%
TOTAL +10.4% +8.5% +10.5% +9.8%
In Latin America
- Latin America: €6.3 billion in nine-month issue volume
, issue volume rose by a sustained
over the first nine months of the year. This performance was in line with the first-half's, in a favorable economic environment shaped by job creation and wage inflation. In particular, the sustained momentum was led by a sales performance that remained very strong, which resulted in new client wins. Issue volume growth was also lifted by the new solutions, such as Ticket Restaurante
, with a 28.2% gain over the period, and the Junaeb public social program for students in
, up 41.0% like-for-like.
Issue volume in
ended the period up
, of which 22.0% in the third quarter. These solid results were led by growth across every solution, with like-for-like gains of 22.1% in meal and food voucher solutions and of 21.3% in the Ticket Car
expense management business.
Issue volume in
Hispanic Latin America
rose sharply over the period, by 19.0% like-for-like, of which 16.7% in the third quarter. This performance reflected good trends in every solution, with Ticket Restaurante
and Ticket Alimentación
gaining 15.2% and Ticket Car
issue volume increasing by 28.5% over the first nine months.
- Europe: €5.2 billion in nine-month issue volume
contracted by a slight 1.4% in Europe
over the first nine months of the year, impacted by the difficult economy (shaped by declining numbers of people in work and low inflation) and the situation in
, issue volume ended the period
up 1.9% like-for-like
, versus a 1.2% increase in the first half.
In Western Europe
, issue volume rose by
like-for-like, of which 4.0% in the third quarter, thanks to higher penetration rates and despite the impact of rising unemployment. In
, nine-month like-for-like growth came to 2.7%, with a sharp 4.2% increase for the Ticket Restaurant
business, lifted by new client wins. The Childcare Vouchers
business in the
rose by 3.7% like-for-like over the period, while issue volume in
was down slightly in a persistently tight economy.
Issue volume declined by
, in line with first-half trends and mainly as a result of the 84.4% fall off in volumes in
- Rest of the world: €424 million in nine-month issue volume
Issue volume in the
Rest of the world
like-for-like over the period, versus an 11.7% increase in the first half. This performance was led by solid growth in
, the primarily contributor to the region's issue volume. The reported growth in the third-quarter took into account the recent acquisition of Barclay Vouchers in
Total revenue for the first nine months of 2012