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July 22, 2016

First-half 2016: solid like-for-like growth in sales and EBIT

On 22 July 2016, Edenred announces a solid like-for-like growth in sales and EBIT.


Key points

  • Strong like-for-like improvement in the main business and financial indicators in first half 2016:
    • Issue volume up 8.4% like-for-like to €9,079 million,
    • Total revenue up 6.1% like-for-like to €526 million,
    • EBIT up 13%,
    • unds from operations up 14,2%.
  • EBIT maintained at a high level of €161 million thanks to strong like-for-like growth and despite unfavorable currency effects.
  • Operating EBIT margin of 26.3%, up both like-for-like (+2.5 points) and as reported (+0.7 point).
  • Net profit, Group share of €71 million.

Significant achievements in first-half 2016

Continuous digital and mobility-related innovation in the Employee Benefits business, with the launch of Apple Pay for the Ticket Restaurant® card holders in France and the roll-out of the Ticket Restaurant® card in Japan and Uruguay.
Accelerated development in Expense Management, with the closing of the Embratec acquisition in Braziland the launch of a fuel card solution in France.

2016 Outlook

Issue volume growth is expected to remain solid in the second half of 2016, reflecting, on one hand, sustained sales momentum and unfavorable calendar effects in Europe (about two days on average in the second half) and, on the other hand, improved trends in Latin America thanks notably to Mexico and increased exposure to the fast-growing and under-penetrated expense management market in Brazil.
In this context, Edenred has set a full-year EBIT target of between €350 million and €370 million. This objective takes into account an estimated negative currency effect of €35 million.
For full-year 2016, the Group also confirms its target for like-for-like issue volume growth of between 8% and 14% (lower end of the range), in line with its historical target. After rising to high levels in the first half of the year, the operating flow-through ratio will reflect additional operating expenses in the second half and should end the year in line with the Group's historical guidance of more than 50%. Lastly, annual like-for-like growth in funds from operations (FFO) is expected to be in line with the historical guidance of more than 10%.
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