EDENRED S.A.: FIRST-HALF 2017 RESULTS Strong growth in business and financial results

7/25/2017, 6:46 AM (Source: GlobeNewswire)

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Press release
July 25, 2017

FIRST-HALF 2017 RESULTS
Strong growth in business and financial results

Edenred has published strong first-half 2017 financial results:

· Revenue for the period up 23.7% to €650 million 

· Operating EBIT margin[1] up 0.7 points to 27.0%

· EBIT[2] up 24.6% to €201 million

· Net profit, Group share up 68.2% to €120 million from €71 million in first-half 2016

***

Like-for-like, Edenred's performance in the first half is in line with its annual growth targets:

· Operating revenue up 8.5% (annual target: above 7%)

· Operating EBIT[3] up 17.6% (annual target: above 9%)

· Funds from operations (FFO)[4] up 16.2% (annual target: above 10%)

***

Edenred is confident about its outlook for the second half of the year and is expecting EBIT of between €420 million and €445 million[5] for full-year 2017, compared to €370 million in 2016.

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "Edenred's performance reflects the measures taken as part of our Fast Forward strategic plan. All of our employees are working to achieve the Group's goals. We continue in our efforts to build a more balanced business and geographical profile. Europe now accounts for over half of our operating revenue thanks to the consolidation of UTA, while Fleet & Mobility Solutions represent 25%. The major contract signed with the IATA gives greater credibility to our recently launched Corporate Payment business line, particularly in the travel industry."

Bertrand Dumazy added: "In line with our newly defined ambitions, in June we unveiled our new global identity aimed at enhancing the recognition of our brand. Our offer is now built around three business lines: Employee Benefits, Fleet & Mobility Solutions, and Complementary Solutions. Edenred also continues with its structured innovation strategy, notably launching digital solutions designed to enhance the user experience and round out its offering. All of these factors have helped the Group deliver a very strong first-half performance in line with its strategy of sustainable and profitable growth. We are therefore confirming our medium-term organic growth targets for full-year 2017 and are setting an EBIT target of between €420 million and €445 million for the year."

FIRST-HALF 2017 RESULTS

At its meeting on July 24, 2017, the Board of Directors reviewed the consolidated financial statements for the six months ended June 30, 2017.

First-half 2017 key financial metrics

In € millions First-half 2017 First-half 2016 % change (reported) % change (like-for-like)3
Operating revenue 616 494 +24.6% +8.5%
Financial revenue 34 32 +9.4% +2.7%
Total revenue 650 526 +23.7% +8.2%
Operating EBIT 167 130 +28.3% +17.6%
Financial EBIT 34 32 +9.4% +2.7%
Total EBIT 201 161 +24.6% +14.7%
Net profit, Group share 120 71 +68.2%  

Total revenue: up 23.7% to €650 million

Total revenue was €650 million, a rise of 23.7% (and of 8.2% like-for-like), reflecting a positive 12.2% impact resulting from changes in the scope of consolidation and a positive 3.3% currency effect.

Operating revenue: up 24.6% to €616 million

Operating revenue rose 24.6% to €616 million. This strong growth includes a positive 12.9% impact resulting from the Group's recent acquisitions, particularly in the Fleet & Mobility Solutions sector. Changes in the scope of consolidation specifically include four months of operations for Embratec in Brazil, which was consolidated as from May 2016, and six months of operations for UTA in Germany, fully consolidated since January 2017. Operating revenue growth of 24.6% also includes an overall positive currency effect of 3.2%, mainly attributable to gains in the Brazilian real. In contrast, Mexican and Venezuelan currencies had a negative impact in the period.

Like-for-like, operating revenue advanced 8.5%, driven by a very good performance in all of the Group's regions, with Europe delivering particularly strong growth and Latin America posting good gains despite a persistently challenging macroeconomic environment in Brazil.

  • Operating revenue by business line
In € millions First-half 2017 First-half 2016 % change (reported) % change (like-for-like)
Employee Benefits 400 360 +11.1% +6.2%
Fleet & Mobility Solutions 154 77 +99.9% +20.2%
Complementary Solutions 62 57 +8.2% +7.5%
Total 616 494 +24.6% +8.5%

Edenred continues in its efforts to build a more balanced business profile in line with its Fast Forward strategic plan.

In the first half of 2017, operating revenue for Employee Benefits, Edenred's traditional business, totaled €400 million. While this business line was up 11.1%, it nevertheless represents a smaller share of Group operating revenue (65% versus 73% in first-half 2016), owing to the fast-paced growth of the Group's other business lines. Like-for-like, the Employee Benefits business line posted robust 6.2% growth in operating revenue, reflecting good sales momentum - particularly in Europe and Hispanic Latin America - and a more difficult situation in Brazil. In France, the digitization of Ticket Restaurant® meal vouchers picked up pace, with 28% of users (460,000 employees) equipped with an Edenred card at the end of June. In France as in the Group's other European markets, employees can now also pay for their meals with their mobile phones using technologies such as Apple Pay or Samsung Pay, or bespoke solutions developed by Edenred. The shift to digital also allows Edenred to enhance its existing offering with value-added solutions available on mobile apps such as the monetized services provided to 75,000 holders of the C3 payroll card in United Arab Emirates.

Operating revenue doubled for the Fleet & Mobility Solutions business, at €154 million. This business line now represents 25% of Group operating revenue, compared to 16% in first-half 2016. The Group has therefore achieved its aim of a more rebalanced business profile, as set out in its Fast Forward strategic plan, mainly thanks to the new Ticket Log joint venture in Brazil (consolidated as from May 2016) and the acquisition of an additional 17% stake in UTA in Germany (fully consolidated as from January 2017). In parallel to these acquisitions, Fleet & Mobility Solutions delivered a very good like-for-like performance in the first half (up 20.2%), in Europe and Latin America and in both Vehicle Fleet Management and Travel & Expense solutions. In the Travel & Expense solutions segment, Mexico's Ticket Empresarial proved a resounding success, growing at a rate of 20% per month for the past 18 months. This performance was driven by new multi-sector partnerships that help create alternative distribution channels and accelerate growth.

The Group's Complementary Solutions[6] generated operating revenue of €62 million in the period, a rise of 8.2% (and of 7.5% like-for-like). This business line accounted for 10% of Edenred's operating revenue in first-half 2017. The Group has structured its new Corporate Payment offer, capitalizing on its technological expertise through its PrePay Solutions platform. The first contracts for the issuance of its single-use virtual cards have also been drawn up with companies such as Vinci Construction, Hcorpo and Klarna.
  

  • Operating revenue by region
 In € millions First-half 2017 First-half 2016 % change (reported) % change (like-for-like)
Europe 315 260 +21.2% +9.1%
Latin America 262 197 +32.8% +7.9%
Rest of the World 39 37 +4.9% +7.8%
Total 616 494 +24.6% +8.5%

In Europe, first-half 2017 operating revenue totaled €315 million (51% of Group operating revenue), a rise of 21.2% (and of 9.1% like-for-like).

In France, operating revenue growth was 9.3% (and like-for-like growth came out at 9.2%). This good performance was led by both Employee Benefits (Ticket Restaurant®, ProwebCE) and Mobility Solutions (LCCC-La Compagnie des Cartes Carburant).

The rest of Europe also saw strong operating revenue growth in first-half 2017, at 27.7%, thanks to a positive scope impact resulting from the full consolidation of Germany's UTA from January 2017. Like-for-like, operating revenue growth for this region was 9.1%, buoyed by solid operating results in an upbeat economic environment in both Central Europe (especially Romania) and Southern European countries such as Italy and Spain.

In Latin America, operating revenue grew by a strong 32.8% to €262 million, thanks mainly to the contribution of Embratec in Brazil. Latin American operations accounted for 43% of Group operating revenue. Like-for-like, the region delivered 7.9% growth in operating revenue in first-half 2017. This reflects a mixed performance, shaped by bullish growth in Hispanic countries in the region but a more challenging situation in Brazil.

In Hispanic Latin America, first-half 2017 operating revenue increased 14.5% and 28.0% based on like-for-like figures. Besides a negative currency effect, the first-half performance resulted from organic growth of more than 20% in Employee Benefits and more than 30% in Fleet & Mobility Solutions. Mexico enjoyed very strong sales momentum taking into account a very favorable basis for comparison in the first quarter. Excluding Venezuela, Hispanic Latin America continues to see a strong upward trend, with like-for-like operating revenue growth of more than 20% in both the first and second quarters of 2017.

In Brazil, first-half operating revenue rose 40.6% (Embratec impact) and slipped -0.7% based on like-for-like figures. Fleet & Mobility Solutions posted double-digit organic growth in operating revenue, notably thanks to client wins. In contrast, the persistently difficult macroeconomic situation led to a peak in the level of unemployment during the second quarter and to certain pressure on client fees. This directly affects revenue for the Employee Benefits business.

First-half operating revenue in the Rest of the World climbed 4.9% (and 7.8% like-for-like), mainly due to a good sales performance in Turkey.

Financial revenue: up 9.4% to €34 million

Financial revenue came in at €34 million, gaining 9.4% (and edging up 2.7% like-for-like). The change is the result of a significant increase in Latin America (up 13.6% like-for-like) and a decline in Europe (down 11.1% like-for-like) owing to a further fall in interest rates.

EBIT: up 24.6% to €201 million

In first-half 2017, total EBIT stood at €201 million. EBIT jumped 24.6%, after factoring in a positive €8 million impact from changes in the scope of consolidation and a positive €8 million currency effect. EBIT rose €40 million or 14.7% like-for-like, compared with total organic revenue growth of 8.2%.

The total EBIT of €201 million for first-half 2017 comprises operating EBIT of €167 million and financial EBIT, which is equal to financial revenue, of €34 million.

Operating EBIT by region

In € millions First-half 2017 First-half 2016 % change (reported) % change (like-for-like)
Europe 85 61 +38.6% +34.8%
Latin America 89 71 +23.7% +4.7%
Rest of the World 4 4 +24.8% +44.6%
Worldwide structures (11) (7) +70.4% +48.8%
Total 167 130 +28.3% +17.6%

Operating EBIT (which excludes financial revenue) rose by 28.3% (and by 17.6% like-for-like) to €167 million.

Europe performed strongly over the period, posting operating EBIT growth of 38.6% (and of 34.8% like-for-like), versus growth in operating revenue of 9.1%. Latin America delivered operating EBIT growth of 23.7% (and of 4.7% like-for-like), reflecting the positive scope impact (Embratec) and currency effect over the period.

These good performances saw the Group increase its profitability in the first half of 2017, with an operating EBIT margin (which excludes financial EBIT) of 27.0% for the period, up 0.7 points (and up 2.2 points like-for-like) compared with first-half 2016.

Net profit: up 68.2% to €120 million

Net profit, Group share leapt 68.2% to €120 million in first-half 2017, up from €71 million in first-half 2016. It includes €19 million in non-recurring income relating to the increase in the Group's stake in UTA. Excluding UTA, other income and expenses represented a net expense of €3 million in first-half 2017 compared to a net expense of €18 million in the same period one year earlier. Net profit also takes into account €26 million in net financial expense, a €62 million tax expense, and €14 million in non-controlling interests.

A solid financial position

The Edenred business model generates significant cash flow. In the first half of 2017, funds from operations before non-recurring items (FFO) totaled €174 million, a rise of 39.1% (and of 16.2% like-for-like) compared to the first half of 2016.

The Group had net debt of €1,216 million at June 30, 2017 (€1,092 million at end-June 2016). The change in net debt includes €16 million related to currency effects and non-recurring items. It also includes €279 million relating to acquisitions (mainly UTA), of which €247 million corresponding to commitments recorded in liabilities for put options granted by Edenred to UTA's minority shareholders. Net debt at June 30, 2017 also takes into account the €109 million in dividends paid to Edenred SA shareholders.

In March 2017, Edenred announced that it had successfully completed a 10-year, 1.875% bond issue for €500 million. This issue will contribute to repaying the €510 million 3.625% bond issue due in October 2017. The new issue increases the average maturity of Group debt, from 4.4 years at December 31, 2016 to 5.3 years at end-June 2017, and reduces its average cost of debt from 2.5% at end-December 2016 to 2.1% at June 30, 2017. More recently, Edenred extended the maturity of its €700 million undrawn revolving credit facility by one year. This facility now falls due in July 2022. After repayment of the €510 million bond issue in October 2017, Edenred will have a particularly well-balanced debt profile, with no major repayments due before 2025 and average maturity of 6.4 years.

FIRST-HALF HIGHLIGHTS

The first half of 2017 was shaped by a number of achievements aligned with the Group's Fast Forward strategic plan.

Fast-paced development of Fleet & Mobility Solutions

In line with one of the Group's strategic objectives of becoming a global leader in Fleet & Mobility Solutions, in January 2017 Edenred increased its stake in UTA from 34% to 51%. UTA is the number two issuer of Europe-wide multi-brand fuel cards and toll and maintenance solutions. UTA has been fully consolidated in Edenred's financial statements since January 2017.

Launch of a Corporate Payment offer

Another strategic goal of the Fast Forward plan is to capitalize on Edenred's technological expertise and know-how to develop new value-added solutions for B2B transactional ecosystems such as Corporate Payments. In March 2017, Edenred officially launched in Europe a corporate accounts payable management solution that enables organizations to automate all of their transactions and reduce their costs. The first initiative to be marketed under the Edenred Corporate Payment brand, the new solution includes the use of a virtual card as a new means of payment. This offer is structured around the payment issuance capacity of its subsidiary PrePay Solutions together with CSI's globalVCard payment platform via a licensing agreement. CSI is a leading US B2B payments company specializing in customizable virtual payments.

Ongoing digitization and innovation

Apple Pay: After France and Spain with the Ticket Restaurant® program, Italy is the third Edenred country to launch Apple Pay, offering Expendia Smart employee beneficiaries an easy, secure and private way to pay for their meals with their iPhone or Apple Watch[7]. This Fleet & Mobility Solution is designed to optimize business travel expenses for employees in Italy.

Moneo Resto: Already the leader in France's digital meal voucher market, Edenred is stepping up its shift to digital by acquiring Moneo Resto, a fully digital French meal voucher solution. Moneo Resto has a portfolio of around 1,500 corporate clients, of which 90% are SMEs, for a total of 65,000 employee users.

Appointment to the Executive Committee

In June, Jacques Adoue was appointed Vice-President, Human Resources and Corporate Social Responsibility, a member of the Executive Committee. Jeanne Renard, previously Vice-President, Human Resources and Corporate Social Responsibility, was named Head of Transformation, reporting directly to the Chairman and Chief Executive Officer.

Appointment to Edenred's Board of Directors

At its meeting on June 9, 2017, Edenred's Board of Directors appointed Dominique D'Hinnin as a Director of Edenred. The Board of Directors noted that Dominique D'Hinnin qualifies as an Independent Director according to the criteria set out in the AFEP/MEDEF corporate governance code. This appointment will be ratified by the shareholders at the next Annual Meeting on May 3, 2018. His term as a Director of Edenred will expire at the Annual Shareholders' Meeting called to approve the financial statements for 2019. This corresponds to the period remaining for the term of Nadra Moussalem, who is resigning from his position as a Director of Edenred following Colony Capital's sale of its stake in the Group in January 2017.

SUBSEQUENT EVENTS

Launch of an innovative offering on the employee benefits market

In July 2017, ProwebCE, a specialist in works councils solutions for 7,000 corporate clients and 71%-owned by Edenred, reached a new milestone in the development of the French employee benefits market by joining forces with the vente-privee group, one of the world's leading online retailers. Under the deal, five million employees are now able to benefit from ProwebCE's exclusive offering in the works council segment, a market estimated to be worth more than €15 billion.

Balanced business profile

In line with its Fast Forward strategy, on July 7 Edenred sold its non-core operations in South Africa. This operation follows the sale of the Employee Benefits business in Switzerland in May, a market offering limited growth potential.

Each of these transactions has a slightly positive impact on net profit, Group share.

Signature of a worldwide Corporate Payment contract with the IATA

Following the official launch of its Corporate Payment offer in March 2017, Edenred reached a major milestone on July 20 by joining forces with the IATA[8], one of the world's largest trade associations representing 83% of global air traffic. Edenred will develop and manage the IATA's new-generation settlement system, which improves financial control and cash flows for the IATA's roughly 400 participating airlines. In 2016, this system managed transactions worth an equivalent US$ 219 billion. Edenred will offer over 10,000 accredited travel agents IATA EasyPay, a new electronic payment method. This new method gives the agents the possibility to create and credit a prepaid ewallet that can be used to pay for airline reservations. This new, safer, faster and cheaper payment solution will be gradually rolled out by Edenred over the next three years in over 70 countries. At maturity, Edenred expects to be managing around 40 million EasyPay transactions each year.

2017 OUTLOOK

In the second half of 2017, the Group should continue to deliver robust growth.

Europe should see good momentum thanks to digitization picking up pace, marketing mix and sales optimization, and the good ramp-up of new solutions. This region also benefits from a favorable economic environment.

The situation in Latin America should continue to be contrasted, with strong growth expected in Hispanic Latin America and particularly in Mexico, where Employee Benefits and Fleet & Mobility solutions are offering strong development opportunities. In Brazil, Fleet & Mobility solutions should continue to deliver a good operating revenue growth, while the Employee Benefits business should not rebound as long as employment is not benefiting from the country's economic recovery.

In this context, Edenred is targeting EBIT of between €420 million and €445 million[9], versus €370 million in 2016.

The Group is also confirming the annual growth targets for its key financial metrics:

  • Like-for-like operating revenue growth of more than 7%
  • Like-for-like operating EBIT growth of more than 9%
  • Like-for-like growth of more than 10% in funds from operations (FFO)

Discover the presentation and consolidated financial statements in the Financial Results section of our website, and the half-year financial report in the Regulated Information section (www.edenred.com/Investors/Shareholders).

UPCOMING EVENTS

Friday, October 13, 2017: Third-quarter 2017 revenue (before the start of trading on the Paris market)

Tuesday, February 20, 2018: Full-year 2017 results (before the start of trading on the Paris market)

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Edenred is the world leader in transactional solutions for companies, employees and merchants. Whether delivered via card, mobile app, online platform or paper voucher, all of these solutions mean increased purchasing power for employees, optimized expense management for companies and additional business for affiliated merchants.
Edenred's offer is built around three business lines:

  • Employee benefits (Ticket Restaurant®, Ticket Alimentación, Ticket Plus, Nutrisavings, etc.)
  • Fleet and mobility solutions (Ticket Log, Ticket Car, UTA, Ticket Empresarial, etc.)
  • Complementary solutions including corporate payments (Edenred Corporate Payment), incentives and rewards (Ticket Compliments, Ticket Kadéos) and public social programs.

The Group brings together a unique network of 43 million employees, 750,000 companies and public institutions, and 1.4 million affiliated merchants.
Listed on the Euronext Paris stock exchange, Edenred operates in 42 countries, with close to 8,000 employees. In 2016, the Group managed almost €20 billion in transactions, of which 70% were carried out via card, mobile device or the web.

The logos and other trademarks mentioned and featured in this press release are registered trademarks of Edenred S.A., its subsidiaries or third parties. They may not be used for commercial purposes without prior written consent from their owners.

Follow Edenred on Twitter: www.twitter.com/Edenred

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CONTACTS

Media Relations

 

Anne-Sophie Sibout
+33 (0)1 74 31 86 11
anne-sophie.sibout@edenred.com

 

Anne-Sophie Sergent
+33 (0)1 74 31 86 27
anne-sophie.sergent@edenred.com
Investor and Shareholder Relations

 

Solène Zammito
+33 (0)1 74 31 88 68
solene.zammito@edenred.com

 

Aurélie Bozza
+33 (0)1 74 31 84 16
aurelie.bozza@edenred.com

 

APPENDICES

Glossary and list of references needed for a proper understanding of financial information

  1. Main terms
     
    • Like-for-like, impact of changes in the scope of consolidation, currency effect:

Like-for-like or organic growth corresponds to comparable growth, i.e. growth at constant exchange rates and scope of consolidation. This indicator reflects the Group's business performance.

Changes in activity (like-for-like or organic growth) represent changes in amounts between the current period and the comparative period, adjusted for currency effects and for the impact of acquisitions and/or disposals.

The impact of acquisitions is eliminated from the amount reported for the current period. The impact of disposals is eliminated from the amount reported for the comparative period. The sum of these two amounts is known as the impact of changes in the scope of consolidation or the scope effect.

The calculation of changes in activity is translated at the exchange rate applicable in the comparative period and divided by the adjusted amount for the comparative period. 

The currency effect is the difference between the amount for the reported period translated at the exchange rate for the reported period and the amount for the reported period translated at the exchange rate applicable in the comparative period

  1. Alternative Performance Measurement indicators included in the June 30, 2017 interim Financial Report

The alternative performance measurement indicators outlined below are presented and reconciled with accounting data in the Interim Financial Report.

Indicator Reference note in Edenred's 2017 interim condensed consolidated financial statements in the Interim Financial Report
Operating revenue  

Operating revenue corresponds to:

  • operating revenue generated by prepaid couchers managed by Edenred,
and operating Revenue from value-added services such as incentive programs, human services and event-related services. The corresponding revenue is the amount billed to the client and is recognized on delivery of the solution.
Financial revenue  

Financial revenue is interest generated by investing cash over the period between:

  • the issue date and the reimbursement date for vouchers,
  • and the loading date and the redeeming date for cards.
The interest represents a component of operating revenue and as such is included in the determination of the total revenue.
EBIT  

This aggregate is the "Operating profit before other income and expenses", which corresponds to total revenue (operating and financial) less operating expenses, depreciation, amortization (mainly intangible assets, internally-generated or acquired assets) and non-operating provisions. It is used as the benchmark for determining senior management and other executive compensation as if reflects the economic performance of the business

 

EBIT excludes the share of associates net profit and excludes the other income and expenses booked in the "Operating Profit including share of associates net profit".
Other income and expenses Cf. Note 10.1
Funds from operations (FFO) Cf. Consolidated statement of cash flows (Note 1.4)
  1. Alternative Performance Measurement indicators not included in the 2017 Interim Financial Report
Indicator Definitions and reconciliations with Edenred's 2017 interim consolidated financial statements
Operating EBIT Corresponds to EBIT adjusted for financial revenue.

 

As per the published consolidated financial statements, operating EBIT as of June 30, 2017 is €167 million, comprising:
  • €201 million in EBIT
  • minus €34 million in financial revenue
Financial EBIT  

Corresponds to financial revenue.
As per the published consolidated financial statements, financial EBIT as of June 30, 2017 is €34 million.


Operating revenue

  Q1 Q2   H1
  2017 2016 2017 2016   2017 2016
In € millions  
   
               
Europe 156 128 160 133   315 260
  France 50 45 50 47   100 92
  Rest of Europe 106 83 110 86   215 168
Latin America 130 88 132 109   262 197
Rest of the world 19 17 19 19   39 37
               
Total 305 233 311 261   616 494
        
        
  Q1 Q1   H1
  Change reported Change L/L Change reported Change L/L   Reported growth % Like-for-like variation %
In %  
   
               
Europe 22.1% 8.9% 20.4% 9.3%   21.2% 9.1%
  France 11.7% 9.2% 6.9% 9.2%   9.3% 9.2%
  Rest of Europe 27.8% 8.8% 27.7% 9.3%   27.7% 9.1%
Latin America 48.1% 11.8% 20.4% 4.7%   32.8% 7.9%
Rest of the world 6.8% 9.1% 3.1% 6.5%   4.9% 7.8%
               
Total 30.7% 10.0% 19.2% 7.1%   24.6% 8.5%

Financial revenue

  Q1 Q2   H1
In € millions 2017 2016 2017 2016   2017 2016
 
 
               
Europe 6 7 6 7   12 14
  France 3 3 3 3   5 5
  Rest of Europe 3 4 3 4   7 9
Latin America 10 7 9 8   20 16
Rest of the world 2 2 1 1   2 2
               
Total 18 16 16 16   34 32
        
        
  Q1 Q2   H1
  Change reported Change L/L Change reported Change L/L   Change reported Change L/L
In %  
   
               
Europe -11.2% -9.9% -13.4% -12.3%   -12.3% -11.1%
  France -8.5% -8.5% -8.9% -8.9%   -8.7% -8.7%
  Rest of Europe -13.1% -10.8% -16.3% -14.5%   -14.7% -12.6%
Latin America 37.4% 14.8% 23.3% 12.6%   30.2% 13.6%
Rest of the world -2.8% 7.3% 6.3% 20.1%   2.0% 14.0%
               
Total 12.7% 3.1% 6.2% 2.3%   9.4% 2.7%

Total revenue

  Q1 Q2   H1
  2017 2016 2017 2016   2017 2016
In € millions  
   
               
Europe 162 135 166 140   327 274
  France 53 48 53 50   105 97
  Rest of Europe 109 87 113 90   222 177
Latin America 140 95 141 117   282 213
Rest of the world 21 19 20 20   41 39
               
Total 323 249 327 277   650 526
        
        
  Q1 Q2   H1
  Change reported Change L/L Change reported Change L/L   Change reported Change L/L
In %  
   
               
Europe 20.3% 7.9% 18.7% 8.2%   19.5% 8.1%
  France 10.5% 8.1% 6.1% 8.2%   8.2% 8.1%
  Rest of Europe 25.7% 7.8% 25.7% 8.2%   25.7% 8.0%
Latin America 47.2% 12.1% 20.6% 5.2%   32.6% 8.3%
Rest of the world 6.3% 9.0% 3.2% 7.3%   4.7% 8.1%
               
Total 29.6% 9.6% 18.4% 6.9%   23.7% 8.2%

EBIT

  H1 2016 H1 2015   Change reported Change L/L
In € millions  
   
           
Europe 97 75   29.1% 26.3%
  France 23 17   33.8% 37.2%
  Rest of Europe 74 58   27.7% 23.0%
Latin America 109 87   24.8% 6.3%
Rest of the world 6 6   15.7% 32.4%
Worldwide structures (11) (7)   70.4% 48.8%
           
Total 201 161   24.6% 14.7%


Summarized balance sheet

In M€ Jun 2017 Dec 2016       In M€ Jun 2017 Dec 2016    
ASSETS Jun 2016 Var Jun 17 vs Jun 16   LIABILITIES Jun 2016 Var Jun 17 vs Jun 16
Goodwill 1,050 904 842 146   Equity and non-controlling interests -  1,404 -  1,161 -  1,331 (73)
Intangible assets 410 313 341 97         
Property, plant and equipment 54 38 38 16   Financial liabilities 2,732 2,021 2,018 714
Investments in associates 76 151 146 (75)   Provisions and deffered tax liabilities 269 206 208 61
Other non-current assets 104 110 106 (6)         
Float (assets) 1,677 1,563 1,275 114   Vouchers in Circulation (Float) 4,089 4,182 3,585 504
Working capital excl float (assets) 189 178 205 11   Working capital excl float (liabilities) 406 384 295 111
Restricted cash 1,016 942 897 74         
Cash and cash equivalent 1,516 1,433 926 83         
TOTAL ASSETS 6,092 5,632 4,776 460   TOTAL LIABILITIES 6,092 5,632 4,776 1 316
                     
              Jun 2017 Dec 2016 Jun 2016 Var Jun 17 vs Jun 16
            Working capital 2,629 2,825 2,400 229
             Including float: 2,412 2,619 2,310 102



[1] Ratio of operating EBIT to operating revenue

[2] Operating profit before other income and expenses (EBIT)

[3] EBIT adjusted for financial revenue

[4] Before non-recurring items

[5] Calculated based on an assumption of an average Brazilian real / euro exchange rate for the second half of the year equal to the actual rate as of June 30, 2017

[6] Edenred Corporate Payment, incentives and rewards, and public social programs.

[7] Apple Pay works with the iPhone SE, iPhone 6 and later models, as well as with the Apple Watch.

[8] International Air Transport Association

[9] Calculated based on an assumption of an average Brazilian real / euro exchange rate for the second half of the year equal to the actual rate as of June 30, 2017




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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Source: EDENRED S.A. via Globenewswire

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