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quarta-feira, 18 de janeiro de 2012

Edenred: Solid Increases in 2011 Issue Volume and Revenue, Both up 9.7%

Edenred: Solid Increases in 2011 Issue Volume and Revenue, Both up 9.7%


PR Newswire
PARIS, January 16, 2012
•Sustained 9.7% growth in issue volume in 2011 to €15.2 billion, continuing the trend established in 2010 and in line with the Group's medium-term annual growth target of 6% to 14%, reflecting strong momentum in Latin America and modest growth in Europe.

•Solid 9.7% rise in 2011 revenue to €1.0 billion, with:

- Operating revenue up 9.2%, mirroring the increase in issue volume and attesting to the sales teams' dynamic performances.

- Financial revenue up by a strong 15.2%, helped by higher interest rates.



•2011 EBIT target confirmed at €340 million to €360 million.

All growth rates are on a like-for-like basis



(in EUR 2010 millions) 2011 % change (reported) (L/L[1]) Issue volume 13,875 15,188 +9.5% +9.7% Operating revenue 885 940 +6.2% +9.2% Financial revenue 80 92 +14.7% +15.2% Total revenue 965 1,032 +6.9% +9.7%





2011 ISSUE VOLUME UP 9.7% LIKE-FOR-LIKE



Issue volume for 2011 amounted to €15.2 billion, up 9.7% like-for-like. The reported increase was 9.5%, including the 0.8% positive effect of changes in consolidation scope and the 1.0% negative currency effect for the year.



Overall growth for the year reflected:



•A modest increase in Europe (2.1% excluding the loss of the Consip contract in Italy) in an environment shaped by stable numbers of people in work.

•Sharp 20.1% growth in Latin America, attributable to dynamic performances by the sales teams in a favorable economic environment.





Fourth-quarter trends were similar, with gains of 1.7%[2] in Europe and 19.1% in Latin America. Note that after the exceptional results obtained in the fourth quarter of 2010, Christmas sales in Mexico ("Navideños") represented an equivalent volume this year.



•Issue volume by region

(in EUR millions) Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Europe 1,807 1,848 1,624 2,088 7,368 Latin America 1,628 1,742 1,836 2,131 7,337 Rest of the world 119 120 120 125 484 TOTAL 3,554 3,710 3,580 4,344 15,188





•Issue volume growth by region

Like-for-like issue volume growth Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Europe -0.3% +1.4% -1.3% +0.9% +0.2% Latin America +20.5% +21.5% +19.4% +19.1% +20.1% Rest of the world +23.1% +17.1% +23.8% +19.4% +20.7% TOTAL +9.0% +10.9% +9.1% +9.8% +9.7%





2011 TOTAL REVENUE UP 9.7% LIKE-FOR-LIKE



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 2011, it amounted to €1.0 billion, an increase of 9.7% like-for-like.



2011 OPERATING REVENUE UP 9.2% LIKE-FOR-LIKE



Operating revenue for 2011 totaled €940 million, representing a like-for-like gain of 9.2%. On a reported basis, the increase was 6.2% after taking into account:



•The 2.3% negative effect of changes in consolidation scope, corresponding to the divestment during the period of Davidson Trahaire in Australia and other non-strategic businesses.





•The 0.7% negative net currency effect, including a positive 0.1% due to the Brazilian real and a negative 0.3% due to the Venezuelan bolivar.





Operating revenue organic growth was in line with the growth in issue volume, reflecting stable fee rates.



Like-for-like growth in operating revenue Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Europe -1.1% +5.3% +2.2% +1.1% +1.8% Latin America +17.4% +19.5% +18.8% +18.2% +18.5% Rest of the world +10.0% +9.7% +14.4% +6.4% +10.1% TOTAL +6.6% +11.7% +10.3% +8.1% +9.2%





•2011 operating revenue in Europe: €470 million





In Europe, operating revenue increased by 1.8% like-for-like in 2011, including 1.1% growth in the fourth quarter alone.



In France, operating revenue dipped by 0.9% like-for-like in 2011 and by a more significant 2.8% in the fourth quarter, given the higher weight of the gift business at this period of the year. Ticket Restaurant® performed well and delivered 3.5% growth in the fourth quarter. The gift voucher business experienced modest growth in the BtoB segment but was hit by the BtoC[3] segment (down 34.9% over the year and 19.9% in the fourth quarter). Note that the issuance of BtoC gift cards has been discontinued since January 1, 2012.



In Belgium, operating revenue rose by a strong 6.3% like-for-like in 2011, including fourth-quarter growth of 10.7%, led by the robust performances of Ticket Restaurant® and Ticket Ecochèque.



In the United Kingdom, operating revenue grew 7.0% like-for-like over the year and 4.7% in the fourth quarter, reflecting the good performance of Childcare vouchers and soft demand for gift vouchers.



In Italy, operating revenue rose 2.2% like-for-like over the year, but contracted by 1.4% in the fourth quarter due to a high basis of comparison in a more challenging economic environment.



In Romania, operating revenue contracted by 15.3% like-for-like over the year but increased by 2.5% in the fourth quarter, reflecting clearly improving trends.



•2011 operating revenue in Latin America: €414 million





In Latin America, operating revenue increased by 18.5% like-for-like over the year and by 18.2% in the fourth quarter. The growth momentum was attributable to solid sales performances in favorable local economies.



In Brazil, operating revenue was up 18.3% like-for-like over the year and 17.5% in the fourth quarter. All Edenred solutions contributed to this performance, with meal and food benefits advancing 17.0% in the fourth quarter and Ticket Car up 11.9%.



In Hispanic Latin America, operating revenue expanded by 18.9% like-for-like in 2011, including 19.7% in the fourth quarter alone. In this market too, all Edenred solutions performed well. Meal and food benefits were up by a strong 18.7% during the fourth quarter, while Ticket Car was 23.2% higher.



2011 FINANCIAL REVENUE UP 15.2% LIKE-FOR-LIKE



In 2011, financial revenue grew by a robust 15.2% like-for-like. The increase was attributable to higher interest rates in all regions and the larger float[4] in Latin America.



In the fourth quarter, financial revenue rose 8.2% like-for-like. The basis of comparison for interest rates became less favorable during the quarter, particularly in Latin America.



CONCLUSION



The 9.7% like-for-like growth in issue volume in 2011 continued the trend established in 2010, attesting to the robustness and sustainability of the Group's development fundamentals. With this performance, Edenred met its medium-term target of 6% to 14% annual issue volume growth.



Total revenue for 2011 amounted to €1.0 billion, representing a like-for-like gain of 9.7%, in line with issue volume growth, that was attributable to dynamic performances by the sales teams in robust emerging economies and to higher interest rates.



Based on these factors, EBIT is confirmed to total between €340 million and €360 million for the year.



Upcoming events



February 23, 2012: 2011 results

April 18, 2012: first-quarter revenue

May 15, 2012: Annual Shareholders' Meeting



-



Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees' lives easier and improve the efficiency of organizations.



By ensuring that allocated funds are used as intended, these solutions enable companies to more effectively manage their:



•Employee benefits (Ticket Restaurant®, Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.).

•Expense management process (Ticket Car, Ticket Cleanway, etc.)

•Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.).





The Group also supports public institutions in managing their social programs.



Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with 6,000 employees, nearly 530,000 companies and public sector clients, 1.2 million affiliated merchants and 34.5 million beneficiaries.In 2010, total issue volume amounted to €13.9 billion, of which 55% was generated in emerging markets.



Ticket Restaurant® and all other tradenames of Edenred products and services are registered trademarks of Edenred SA.





Appendices



Issue Volume Q1 Q2 2010 2011 2010 2011 In EUR millions France 641 659 607 617 Rest of Europe 1,135 1,148 1,183 1,232 Latin America 1,301 1,628 1,536 1,742 Rest of the world 97 119 115 120 TOTAL ISSUE VOLUME 3,174 3,554 3,441 3,710 Q1 Q2 Change Change Change Change reported L/L* reported L/L* In % France 2.9% 2.9% 1.7% 1.7% Rest of Europe 1.1% -2.0% 4.1% 1.3% Latin America 25.1% 20.5% 13.4% 21.5% Rest of the world 22.1% 23.1% 3.9% 17.1% TOTAL ISSUE VOLUME 11.9% 9.0% 7.8% 10.9%





(continued)







Issue Volume Q3 Q4 FY 2010 2011 2010 2011 2010 2011 In EUR millions France 518 512 798 810 2,564 2,598 Rest of Europe 1,107 1,112 1,254 1,278 4,679 4,770 Latin America 1,488 1,836 1,860 2,131 6,185 7,337 Rest of the world 114 120 120 125 446 484 TOTAL ISSUE VOLUME 3,227 3,580 4,032 4,344 13,875 15,188 Q3 Q4 FY Change Change Change Change Change Change reported L/L* reported L/L* reported L/L* In % France -1.3% -1.3% 1.5% 1.5% 1.3% 1.3% Rest of Europe 0.4% -1.3% 2.0% 0.5% 1.9% -0.4% Latin America 23.4% 19.4% 14.6% 19.1% 18.6% 20.1% Rest of the world 5.6% 23.8% 4.1% 19.4% 8.3% 20.7% TOTAL ISSUE VOLUME 10.9% 9.1% 7.8% 9.8% 9.5% 9.7%





* Like-for-like



Operating Revenue Q1 Q2 2010 2011 2010 2011 In EUR millions France 36 36 33 34 Rest of Europe 79 81 73 78 Latin America 78 94 91 100 Rest of the world 15 17 17 16 OPERATING REVENUE 208 227 214 229 Q1 Q2 Change Change Change Change reported L/L* reported L/L* In % France 1.7% -1.1% 0.0% 0.6% Rest of Europe 1.6% -1.1% 7.9% 7.5% Latin America 19.8% 17.4% 10.4% 19.5% Rest of the world 15.2% 10.0% -3.5% 9.7% OPERATING REVENUE 9.4% 6.6% 6.8% 11.7%





(continued)



Operating Revenue Q3 Q4 FY 2010 2011 2010 2011 2010 2011 In EUR millions France 32 31 45 43 146 144 Rest of Europe 70 71 94 96 316 327 Latin America 89 107 100 113 358 414 Rest of the world 16 12 17 10 65 56 OPERATING REVENUE 207 221 257 263 885 940 Q3 Q4 FY Change Change Change Change Change Change reported L/L* reported L/L* reported L/L* In % France -2.5% 0.7% -4.9% -2.8% -1.7% -0.9% Rest of Europe 2.3% 2.8% 2.3% 3.0% 3.4% 3.0% Latin America 20.0% 18.8% 13.1% 18.2% 15.6% 18.5% Rest of the world -24.0% 14.4% -39.9% 6.4% -13.9% 10.1% OPERATING REVENUE 7.2% 10.3% 2.4% 8.1% 6.2% 9.2%





* Like-for-like



Financial Revenue Q1 Q2 2010 2011 2010 2011 In EUR millions France 5 5 5 5 Rest of Europe 8 7 8 8 Latin America 6 9 6 9 Rest of the world - 1 1 1 Financial Revenue 19 22 20 23 Q1 Q2 Change Change Change Change reported L/L* reported L/L* In % France 4.2% 4.3% 12.0% 12.0% Rest of Europe -4.9% -0.9% 3.0% 4.9% Latin America 47.3% 38.8% 34.5% 41.0% Rest of the world 10.2% 10.0% 5.1% 17.5% Financial Revenue 13.9% 13.0% 15.7% 19.0%





(continued)



Financial Revenue Q3 Q4 FY 2010 2011 2010 2011 2010 2011 In EUR millions France 5 5 5 5 19 20 Rest of Europe 8 8 8 8 31 32 Latin America 6 9 9 9 27 36 Rest of the world 1 1 1 1 3 3 Financial Revenue 19 24 22 23 80 92 Q3 Q4 FY Change Change Change Change Change Change reported L/L* reported L/L* reported L/L* In % France 13.6% 13.6% 3.3% 3.3% 8.1% 8.1% Rest of Europe 11.5% 3.6% 6.7% 6.0% 4.0% 3.4% Latin America 50.7% 48.6% 5.0% 10.3% 31.5% 32.4% Rest of the world 18.9% 35.8% 20.5% 39.8% 14.0% 26.8% Financial Revenue 25.0% 21.9% 5.8% 8.2% 14.7% 15.2%





* Like-for-like



Total Revenue Q1 Q2 2010 2011 2010 2011 In EUR millions France 41 41 38 39 Rest of Europe 87 88 81 87 Latin America 84 102 97 109 Rest of the world 15 18 18 17 Total Revenue 227 249 234 251 Q1 Q2 Change Change Change Change reported L/L* reported L/L* In % France 2.0% -0.4% 1.0% 1.9% Rest of Europe 1.0% -1.1% 7.5% 7.3% Latin America 21.7% 18.9% 12.0% 20.9% Rest of the world 15.0% 10.0% -3.2% 10.0% Total Revenue 9.8% 7.2% 7.5% 12.3%





(continued)



Total Revenue Q3 Q4 FY 2010 2011 2010 2011 2010 2011 In EUR millions 36 36 50 48 165 164 France 77 80 102 105 347 359 Rest of Europe 96 116 109 123 386 450 Latin America 17 13 18 11 68 59 Rest of the world 226 245 279 286 965 1,032 Total Revenue Q3 Q4 FY Change Change Change Change Change Change reported L/L* reported L/L* reported L/L* In % -0.5% 2.3% -4.2% -2.2% -0.6% 0.2% France 3.2% 2.9% 2.6% 3.2% 3.5% 3.0% Rest of Europe 22.0% 20.8% 12.5% 17.5% 16.7% 19.5% Latin America -21.9% 15.4% -37.5% 7.8% -12.8% 10.8% Rest of the world 8.7% 11.3% 2.7% 8.1% 6.9% 9.7% Total Revenue





* Like-for-like



1. Like-for-like (based on a comparable scope of consolidation and at constant exchange rates)



2. Excluding the impact of the loss of the Consip contract in Italy, representing €17 million in issue volume in the fourth quarter of 2010.



3. As mentioned previously, BtoC issue volume fell sharply this year due to competition from a single-brand card launched by the main distributor of Kadéos cards, FNAC, in breach of its exclusive contract with Edenred



4. The float corresponds to the business's negative working capital requirement







SOURCE Edenred





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Accor has no plans to spin off assets

* Shares trim gains after Accor distances itself from report



By Dominique Vidalon



PARIS, Jan 16 (Reuters) - Accor, Europe's largest hotel group, said on Monday it had no plans to split its property assets from its hotel management business but may separate reporting lines for the two activities to boost efficiency.



In an emailed statement to Reuters, Accor distanced itself from a report in Les Echos newspaper on Monday that said its largest shareholder, Colony Capital, wanted the French hotel group to consider spinning off of its property assets to unlock more value.



Accor shares, which had risen nearly 2 percent in morning trade on the Les Echos report, gave back most of their gains after Accor issued the clarification and were up 0.4 percent at 20.81 euros by 1106 GMT.



"The issue of separating the legal or corporate structure of the hotel management business from the property business is not on the agenda," said Accor.



"However, among the changes being weighed to its reporting structure, the company is considering better identifying the property portion from the operating activity, with the sole goal of improving efficiency."



Les Echos had said, without citing its sources, that Sebastien Bazin, the European head of Colony, brought up at Accor's board meeting in December the proposed real estate deal, which would separate the ownership of the hotel buildings from their operations.



The goal of such a transaction would be to unlock the value of the hotels, which the paper put at 3.7 billion euros ($4.69 billion), compared to the overall market capitalisation of Accor at Friday's close of 4.7 billion euros.



But Chief Executive Denis Hennequin was not eager to carry out such a deal and had sought to reassure employee representatives who expressed concern over the real estate idea.



"In any case, if we were to do it, now is not the right time," the CEO was quoted as saying.



Colony declined to comment on the Les Echos report.





ACTIVIST SHAREHOLDER



Colony, which is also a major shareholder at Carrefour , had pushed without success for a similar real estate strategy at the retail giant. .



Colony, together with other key shareholder Eurazeo, controls four of Accor's board seats.



The duo have been active shareholders over the years.



Accor, at the urging of Colony and Eurazeo, separated its hotels, which range from luxury brand Sofitel to budget Ibis, from its pre-paid services unit by creating Edenred, which was listed in July 2010.



Hennequin took over at Accor a year ago after the duo ousted his predecessor Gilles Pelisson because of concerns about the group's underperformance.



Despite the management shake-up, Accor's shares lost 45 percent of their value in 2011.



Accor has been selling non-core assets to raise cash and cut debt and has shifted towards a less cash-consuming business model, increasing the number of hotels operated under franchise deals or variable-rent leases.



The shift, initiated by Pelisson, accelerated under Hennequin's tenure.



His recent strategic initiatives aimed at creating value also include the re-launch of its economy hotels business under the Ibis brand, which is the biggest earner in the group.



"In our view, the group's future clearly lies in the development of its networks and its brands. What Hennequin is doing can make the difference and it's urgent to focus on these issues," said CM-CIC analyst Annick Thevenon.



The fourth-largest hotel group behind the InterContinental , Marriott and Starwood Hotels will unveil its fourth quarter sales on Jan. 17



Colony Capital said on Jan. 12 that it had reduced its holdings in Accor to 11.22 percent and Edenred to 11.29 percent respectively after derivatives financing contracts matured.



Together with Eurazeo, they own 21.37 percent of Accor's capital and 27.51 percent of its voting rights.



$1 = 0.7895 euros)