EDENRED : Third-quarter 2020 revenue - Edenred returns to organic
growth in the third quarter, demonstrating resilience in the face
of the crisis and a capacity to rebound
Press releaseOctober 22, 2020
Third-quarter 2020 revenue
Edenred returns to organic growth in the
third quarter, demonstrating resilience in the face of the crisis
and a capacity to rebound
Rebound in business in the third quarter amid a gradual
easing of lockdown measures worldwide Total
revenue of €357 million in the third quarter, up 0.5% like-for-like
after falling by 15.5% in the second quarter:
- Growth in operating revenue of 0.9% like-for-like in the third
quarter, reflecting a return to Group growth in Europe (+7.3%
like-for-like vs. -13.1% in the second quarter) and mixed
improvements in the economic and health situation in Latin America
(-7.6% like-for-like vs. -20.4% in the second quarter)
- Other revenue down 9.9% like-for-like due to lower interest
rates than in 2019
Total revenue for the first nine months of the year
of €1,053 million, down 3.0% like-for-like, demonstrating the
resilience of Edenred’s business model in the face of the crisis,
and down 10.0% as reported due to a negative currency effect
(-7.4%) This performance was achieved
thanks to a digital innovation strategy positioning Edenred well to
take advantage of the growth trends that emerged or intensified at
the height of the health crisis:
- an increase in mobile payments and direct payments on meal
delivery platforms,
- greater use of remote working by companies,
- a desire from governments to provide targeted stimulus to the
economy,
- more responsible consumption,
- growing interest in automated corporate payments.
2020 outlook
- Business excellence and digitalization initiatives will
contribute to business growth in the fourth quarter
- In line with its expectations, the Group confirms its
€100 million cost savings plan for 2020
- Edenred is narrowing its full-year 2020 EBITDA target to
between €550 million and €600 million1, despite new
uncertainties generated by the health crisis in Europe
*** Bertrand Dumazy, Chairman and
Chief Executive Officer of Edenred, said: “After proving
its agility and resilience at the height of the health crisis,
Edenred demonstrated its capacity to return rapidly to growth in
the third quarter of the year. While much of Latin America was
still in lockdown, the performances recorded in Europe attested to
both Edenred’s sales dynamic and the validity of our solutions in a
recovering economic environment. In a world being transformed by
digital technology, Edenred provides innovative, practical
solutions to changing work practices, enhances the efficiency of
organizations and public and private social programs, and helps
people adopt more responsible behavior. Despite the uncertainties
associated with ongoing developments in the public health
situation, we’re confirming our full-year targets for 2020.” |
Due to the current situation in Venezuela, the
like-for-like performance and the currency effect are temporarily
calculated excluding the country. Changes are calculated based on
2019 pro forma figures, which reflect the change in the breakdown
between operating revenue and other revenue within total revenue in
Brazil, effective since fourth‑quarter 2019 and with no impact on
full-year 2019 total revenue. See the appendices, page 12.
(in € millions) |
Third-quarter 2020 |
Third-quarter 2019 |
% change (reported) |
% change (like-for-like) |
Operating revenue |
346 |
379 |
-8.6% |
+0.9% |
Other
revenue |
11 |
14 |
-26.4% |
-9.9% |
Total revenue |
357 |
393 |
-9.3% |
+0.5% |
(in € millions) |
First nine months 2020 |
First nine months 2019 |
% change (reported) |
% change (like-for-like) |
Operating revenue |
1,021 |
1,130 |
-9.7% |
-2.8% |
Other
revenue |
32 |
40 |
-21.2% |
-9.4% |
Total revenue |
1,053 |
1,170 |
-10.0% |
-3.0% |
·Total revenue
For the third quarter, total revenue was up 0.5%
like-for-like, representing a sharp improvement over the second
quarter (-15.5%). The figure was down 9.3% as reported, reflecting
a negative currency effect (-10.0%) and a positive scope effect
(+0.2%).
For the first nine months of the year, total
revenue came to €1,053 million, down 3.0%
like-for-like versus the same period last year, demonstrating the
resilience of Edenred’s business model. On a reported basis, total
revenue was down 10.0%, reflecting unfavorable currency effects
(‑7.4%) and a slightly positive scope effect (+0.3%).
·Operating revenue
After a good start to the year and then a second
quarter impacted by the health crisis and the introduction of
strict lockdown measures in most countries around the world,
Edenred returned to growth during the third quarter. The
improvement was driven by the impact of Edenred’s shift to digital
solutions (86% of business volume), a recovery in sales activity
and the gradual easing of lockdown measures. On a like-for-like
basis, operating revenue for the third quarter rose by 0.9%
year-on-year, representing a strong rebound versus the second
quarter (‑15.4%).
Resilient in the face of the crisis and able to
bounce back in a less depressed health and economic environment,
the Group recorded operating revenue of
€1,021 million for the first nine months of
2020, down 2.8% like-for-like. On a reported basis, an unfavorable
currency effect (-7.2%) and a slightly positive scope effect
(+0.4%) resulted in a decrease of 9.7%.
·Operating revenue by business
line
(in € millions) |
Third-quarter 2020 |
Third-quarter 2019 |
% change (reported) |
% change (like-for-like) |
Employee Benefits |
207 |
229 |
-9.5% |
-1.4% |
Fleet & Mobility Solutions |
89 |
104 |
-14.8% |
-1.5% |
Complementary Solutions |
51 |
46 |
+9.5% |
+17.5% |
Total |
346 |
379 |
-8.6% |
+0.9% |
(in € millions) |
First nine months 2020 |
First nine months 2019 |
% change (reported) |
% change (like-for-like) |
Employee Benefits |
619 |
701 |
-11.8% |
-6.3% |
Fleet & Mobility Solutions |
262 |
298 |
-12.1% |
-1.4% |
Complementary Solutions |
140 |
131 |
+7.3% |
+13.3% |
Total |
1,021 |
1,130 |
-9.7% |
-2.8% |
Employee Benefits recorded a
strong rebound in the third quarter, with operating revenue down
just 1.4% like-for-like (-9.5% as reported) versus a decrease of
20.6% in the second quarter. The business line’s operating revenue
for the nine months to September 30 came to
€619 million, representing
60% of the consolidated total and down
6.3% like-for-like from the prior-year period
(-11.8% as reported).
During the crisis, Edenred leveraged its digital
solutions and its capacity for innovation in order to meet market
demand and continue developing its services for the benefit of
users and merchants. Examples include the faster roll-out of both
the Group’s contactless mobile payment solutions, now available in
22 countries, and its app-to-app payment service on
67 partner meal delivery platforms. Thanks to these services,
which make the Group’s paperless offering more attractive, the
portion of digital solutions in Employee Benefits business volume
in Europe was up 9 points versus third-quarter 2019.
In Europe, and to a lesser extent in Latin
America, the decline in short-time working measures and the
reopening of stores and restaurants also contributed to the rebound
in the third quarter, notably enabling employee users to restart
spending their allocated funds and more particularly the funds
accumulated during lockdown. Nonetheless, a large portion of these
funds remained unspent at the end of September. This represents a
pool of revenue for Edenred that will be realized as the funds are
used in its merchant network.
In the Fleet & Mobility
Solutions business line, which represents
26% of the Group’s business, after a sharp
decrease in the second quarter (-14.3% like-for-like), operating
revenue contracted by 1.5% like-for-like (-14.8% as reported) in
the third quarter. For the nine months ended September 30,
2020, the business line recorded operating revenue of
€262 million, down a slight
1.4% like-for-like versus the prior-year period
(-12.1% as reported).
The third quarter saw a gradual improvement in
business levels in both the heavy and light fleet segments, but
also lower fuel prices than in third-quarter 2019. The good
performance achieved by Edenred’s value-added services, such as
maintenance management and toll payment solutions, confirms the
validity of the Beyond Fuel strategy initiated as part of the
Group’s strategic plan.
In the Complementary Solutions
business line, which includes Corporate Payment Services, Incentive
& Rewards Solutions and Public Social Programs, operating
revenue grew by 17.5% like-for-like (+9.5% as reported),
representing an acceleration in the pace of growth versus the
second quarter (+9.9%). The business line’s operating revenue for
the nine months to September 30 came to
€140 million, representing
14% of the consolidated total and up
13.3% like-for-like (+7.3% as reported).
Growth was driven by the firm resilience of
Incentive & Rewards programs in the period, as well as the
contribution of public and private earmarked funds programs, which
were rapidly introduced in the second quarter to effectively combat
the impacts of Covid-19. For example, one program saw Edenred
digitally distribute funds earmarked for food to 1.3 million
British school children who usually receive free school
lunches.
The Corporate Payment Services business in North
America continued to be heavily impacted by the contraction in
transactions carried out by Group clients, particularly in the
hospitality and media industries. The number of new contracts
signed was nonetheless in line with pre-Covid internal targets,
confirming the gradual ramp-up of distribution agreements, notably
with top‑tier banks, and reflecting growing interest among North
American companies in secure, innovative digital payment
solutions.
·Operating revenue by
region
(in € millions) |
Third-quarter 2020 |
Third-quarter 2019 |
% change (reported) |
% change (like-for-like) |
Europe |
224 |
208 |
+7.9% |
+7.3% |
Latin America |
95 |
139 |
-31.8% |
-7.6% |
Rest of
the World |
27 |
32 |
-14.9% |
-4.1% |
Total |
346 |
379 |
-8.6% |
+0.9% |
(in € millions) |
First nine months 2020 |
First nine months 2019 |
% change (reported) |
% change (like-for-like) |
Europe |
635 |
630 |
+0.8% |
+0.0% |
Latin America |
298 |
408 |
-27.0% |
-7.9% |
Rest of
the World |
88 |
92 |
-4.5% |
+0.9% |
Total |
1,021 |
1,130 |
-9.7% |
-2.8% |
Business in Europe made a
strong rebound in the third quarter, with growth of 7.3%
like-for-like after a year-on-year reduction of 13.1% in the second
quarter. In a region that represents 62% of Group
operating revenue, nine-month operating revenue amounted to
€635 million, stable like-for-like
(+0.0%; +0.8% as reported).
The rebound was particularly strong in
France, where operating revenue increased by 9.5%
like-for-like, after decreasing by 31.3% in the second quarter. For
the nine months ended September 30, operating revenue came in
at €175 million, down 6.3%
on a like-for-like basis and as reported. After being hit hard by
lockdown and short-time working measures in the second quarter,
France has been benefiting from a significant catch-up effect since
June, notably in the area of sales. In addition, on June 12, the
standard daily limit on the use of Ticket Restaurant in restaurants
was doubled, triggering a 50% increase in employee users’ average
digital basket, notably enabling users to spend the funds
accumulated during lockdown more rapidly. A portion of these funds
was, however, still unspent at the end of September.
More resilient than France in the second quarter
(-5.9% like-for-like), Europe excluding France saw
operating revenue grow by 6.4% like-for-like (+7.2% as reported) in
third-quarter 2020, thanks to a recovery in sales activity and the
gradual easing of lockdown measures. In the nine months to
September 30, operating revenue grew by 2.7%
like-for-like (+3.9% as reported) to
€460 million. In Employee Benefits, the Group
continued to develop its digital line-up, in a more favorable
environment than in the second quarter. However, the situation
varied from country to country, with some applying restrictive
public health measures locally and for variable periods of time,
resulting in a negative impact on Edenred’s business. In Fleet
& Mobility Solutions, managed volumes, which began to recover
late in the second quarter, continued to rebound during the third
quarter, reflecting a gradual return to normal levels in both the
heavy and light fleet segments.
Latin America, which accounted
for 29% of Group operating revenue for the first
nine months of 2020, continued to be impacted by the health and
economic crisis. In the third quarter, the region’s performance
remained in negative territory but improved nonetheless, with
operating revenue down 7.6% like-for-like (-20.4% in the second
quarter) and down 31.8% as reported, reflecting a strong negative
currency effect during the period. However, performance remained
mixed across the region, ranging from a noticeable improvement in
Brazil to a still largely morose situation in Hispanic Latin
America. For the nine months ended September 30, operating
revenue came to €298 million, down
7.9% like-for-like (-27.0% as reported).
Brazil saw its performance
recover significantly in the third quarter, with the decrease in
operating revenue limited to 4.4% on a like-for-like basis (-22.2%
in the second quarter). For the full nine months to
September 30, operating revenue contracted by
6.9% like-for-like (-28.6% as reported). The
performance of the Employee Benefits business line was impacted by
the temporary closure of restaurants in the first part of the
quarter. Following on from the progress made in the first half of
the year, app-to-app payment solutions for meal delivery platforms
continued to ramp up, with more than one million transactions
carried out in the third quarter. After demonstrating resilience at
the height of the crisis, the Fleet & Mobility Solutions
business line put in a good performance, notably thanks to the
success of maintenance management solutions.
In Hispanic Latin America,
operating revenue remained sharply down in the third quarter,
decreasing by 15.4% year-on-year on a like-for-like basis (-16.0%
in the second quarter), due to the lockdown measures maintained in
these countries during the period. In the year-to-date period, the
region’s operating revenue was down 10.5%
like-for-like (-23.1% as reported). In Mexico, Edenred’s main
market in the region, both Employee Benefits and Fleet &
Mobility Solutions continued to be heavily impacted by the crisis,
amid an economic downturn, increased unemployment and lower fuel
prices.
In the Rest of the World,
operating revenue was down 4.1% like-for-like in the third quarter.
This performance reflects the resilience of the Group’s businesses
across the region, with the exception of North America, which
continued to be heavily impacted by the crisis, resulting in a
slower-than-expected economic recovery. The region’s operating
revenue for the first nine months of the year came to
€88 million, representing 9%
of the consolidated total and up 0.9%
like-for-like (-4.5% as reported).
·Other revenue
Other revenue contracted by 9.9% like-for-like
(-26.4% as reported) in the third quarter and by
9.4% like-for-like (-21.2% as
reported) for the first nine months of the year, coming to
€32 million for the nine-month period.
Despite the increase in the float2 as a result of the temporary
extension of the retention time for allocated funds, interest rates
decreased across the board worldwide, notably in non-eurozone
countries. On a reported basis, other revenue was also impacted by
unfavorable changes in exchange rates, notably in Latin
America.
2020 OUTLOOK
For the end of 2020, in Employee
Benefits, Edenred expects to continue to benefit from the
impact of digitalizing its solutions and from the delayed revenue
generated with merchants. Performance in the Fleet &
Mobility Solutions business line is expected to reflect
sustained demand in Europe and Latin America but, compared with
last year, will be held back by the high basis of comparison and by
fuel prices, which are expected to be lower than at end-2019. In
Complementary Solutions, Edenred anticipates that
fourth-quarter growth will be weighed down by the lower number of
transactions in Corporate Payment Services and the end of certain
earmarked funds programs developed at the height of the crisis.
Despite the improvement observed in the third
quarter, Edenred notes that uncertainties associated with the
health crisis have deepened in Europe, where local lockdowns and
other restrictive measures have been re-introduced, and that Latin
and North America continue to be affected by a morose economic
and health environment. These factors could weigh down the Group’s
growth in the fourth quarter, despite the improved sales
dynamic.
In terms of profitability, in line with its
expectations, the Group confirms its €100 million cost savings
plan for 2020.
Based on the Group’s resilience in the first
half of the year, its rebound in the third quarter and the ongoing
cost savings plan, Edenred is narrowing its full-year 2020
EBITDA target to between €550 million and
€600 million3.
Edenred also maintains its target that
net debt at end-2020 will be below 2.8x
EBITDA.
Underpinned by strong fundamentals, the Group is
weathering the crisis with resilience. Its technological expertise
and agile organization make it well positioned to seize new
opportunities in markets undergoing digital transformation.
Thanks to its robust business model,
strengthened digital leadership and the increased demand for
earmarked funds programs, Edenred has everything it needs to ensure
all of its business lines rebound quickly, and to pursue its
strategy of sustainable and profitable growth with a focus on
product and technology innovation.
SIGNIFICANT EVENTS IN THE THIRD
QUARTER
·Edenred finalizes the acquisition of
Cooper Card’s employee benefits operations in the Brazilian
market
In September 2020, following approval from
the Brazilian Central Bank, Edenred finalized the acquisition of
Cooper Card’s client portfolio for food-related employee benefits
in Brazil (170,000 active users), announced on May 8, 2020.
With this acquisition, Edenred is consolidating its integration
into the economic fabric of Paraná, one of the country’s most
populous and dynamic states.
UPCOMING EVENTS
March 2, 2021: Full-year 2020 resultsApril 22,
2021: First-quarter 2021 revenueMay 11, 2021: 2021 General
Meeting
▬▬
Edenred is a leading services
and payments platform and the everyday companion for people at
work, connecting 50 million employees and 2 million partner
merchants in 46 countries via more than 850,000 corporate
clients.
Edenred offers specific-purpose payment
solutions for food (meal vouchers), fleet and mobility (fuel cards,
commuter vouchers), incentives (gift vouchers, employee engagement
platforms) and corporate payments (virtual cards). These solutions
enhance employee well-being and purchasing power, improve
companies’ attractiveness and efficiency, and vitalize the
employment market and the local economy.
Edenred’s 10,000 employees are committed to
making the world of work a connected ecosystem that is safer, more
efficient and more user-friendly every day.
In 2019, thanks to its global technology assets,
the Group managed €31 billion in business volume, primarily carried
out via mobile applications, online platforms and cards.
Edenred is listed on the Euronext Paris stock
exchange and included in the following indices: CAC Next 20,
FTSE4Good, DJSI Europe and MSCI Europe.
For more information: www.edenred.com
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.
Edenred is celebrating its tenth anniversary in
2020.
▬▬
CONTACTS
Communications Department Marie-Laurence
Bouchon+33 (0)1 86 67 20 08marie-laurence.bouchon@edenred.com
Media Relations Matthieu
Santalucia+33 (0)1 86 67 22 63matthieu.santalucia@edenred.com |
Investor
Relations Cédric Appert+33 (0)1 86 67 24
99cedric.appert@edenred.com Loïc Da Silva+33 (0)1 86
67 20 67loic.dasilva@edenred.com |
Operating revenue
|
Q1 |
Q2 |
Q3 |
|
YTD |
|
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
|
2020 |
2019 |
In € millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
228 |
213 |
183 |
209 |
224 |
208 |
|
635 |
630 |
France |
70 |
69 |
41 |
59 |
64 |
59 |
|
175 |
187 |
Rest of Europe |
158 |
144 |
142 |
150 |
160 |
149 |
|
460 |
443 |
Latin America |
121 |
129 |
82 |
140 |
95 |
139 |
|
298 |
408 |
Rest of the world |
34 |
28 |
27 |
32 |
27 |
32 |
|
88 |
92 |
|
|
|
|
|
|
|
|
|
|
Total |
383 |
370 |
292 |
381 |
346 |
379 |
|
1021 |
1130 |
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
|
YTD |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+6.9% |
+5.9% |
-12.3% |
-13.1% |
+7.9% |
+7.3% |
|
+0.8% |
+0.0% |
France |
+2.0% |
+2.0% |
-31.3% |
-31.3% |
+9.5% |
+9.5% |
|
-6.3% |
-6.3% |
Rest of Europe |
+9.3% |
+7.8% |
-4.7% |
-5.9% |
+7.2% |
+6.4% |
|
+3.9% |
+2.7% |
Latin America |
-5.6% |
+5.2% |
-41.9% |
-20.4% |
-31.8% |
-7.6% |
|
-27.0% |
-7.9% |
Rest of the world |
+18.9% |
+18.4% |
-15.0% |
-9.8% |
-14.9% |
-4.1% |
|
-4.5% |
+0.9% |
|
|
|
|
|
|
|
|
|
|
Total |
+3.5% |
+6.6% |
-23.4% |
-15.4% |
-8.6% |
+0.9% |
|
-9.7% |
-2.8% |
Other revenue
|
Q1 |
Q2 |
Q3 |
|
YTD |
In € millions |
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
|
2020 |
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
4 |
4 |
4 |
4 |
4 |
4 |
|
12 |
13 |
France |
2 |
2 |
1 |
1 |
2 |
1 |
|
5 |
5 |
Rest of Europe |
2 |
2 |
3 |
3 |
2 |
3 |
|
7 |
8 |
Latin America |
7 |
7 |
4 |
7 |
6 |
8 |
|
17 |
22 |
Rest of the world |
1 |
1 |
1 |
2 |
1 |
2 |
|
3 |
5 |
|
|
|
|
|
|
|
|
|
|
Total |
12 |
13 |
9 |
13 |
11 |
14 |
|
32 |
40 |
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
|
YTD |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+2.7% |
+2.4% |
-15.1% |
-14.2% |
-20.6% |
-20.2% |
|
-11.7% |
-11.3% |
France |
-5.8% |
-5.8% |
-1.8% |
-1.8% |
-2.0% |
-2.0% |
|
-3.2% |
-3.2% |
Rest of Europe |
+9.0% |
+8.5% |
-22.8% |
-21.4% |
-29.9% |
-29.3% |
|
-16.6% |
-16.1% |
Latin America |
-11.3% |
-3.2% |
-29.3% |
-7.4% |
-21.6% |
+3.0% |
|
-20.7% |
-2.5% |
Rest of the world |
-24.0% |
-20.1% |
-54.6% |
-48.2% |
-59.8% |
-36.1% |
|
-47.6% |
-35.4% |
|
|
|
|
|
|
|
|
|
|
Total |
-8.4% |
-3.4% |
-27.9% |
-14.7% |
-26.4% |
-9.9% |
|
-21.2% |
-9.4% |
Pro forma 2019 operating revenue and
other revenue by quarter following the classification change for
revenue related to merchants’ fast reimbursement in
Brazil
Group Operating Revenue |
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
Actual 2019 |
369 |
379 |
377 |
445 |
|
1 570 |
|
|
|
|
|
|
|
Pro forma 2019 |
370 |
381 |
379 |
440 |
|
1 570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group Other Revenue |
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
Actual 2019 |
14 |
15 |
16 |
11 |
|
56 |
|
|
|
|
|
|
|
Pro forma 2019 |
13 |
13 |
14 |
16 |
|
56 |
|
|
|
|
|
|
|
Latin America Operating
Revenue |
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
Actual 2019 |
128 |
138 |
137 |
156 |
|
559 |
|
|
|
|
|
|
|
Pro forma 2019 |
129 |
140 |
139 |
151 |
|
559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America Other Revenue |
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
Actual 2019 |
9 |
9 |
10 |
4 |
|
32 |
|
|
|
|
|
|
|
Pro forma 2019 |
7 |
7 |
8 |
9 |
|
32 |
|
|
|
|
|
|
|
Total revenue
|
Q1 |
Q2 |
Q3 |
|
YTD |
|
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
|
2020 |
2019 |
In € millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
232 |
217 |
187 |
213 |
228 |
212 |
|
647 |
643 |
France |
72 |
71 |
42 |
60 |
66 |
60 |
|
180 |
192 |
Rest of Europe |
160 |
146 |
145 |
153 |
162 |
152 |
|
467 |
451 |
Latin America |
128 |
137 |
86 |
147 |
101 |
147 |
|
315 |
430 |
Rest of the world |
35 |
29 |
28 |
34 |
28 |
34 |
|
91 |
97 |
|
|
|
|
|
|
|
|
|
|
Total |
395 |
383 |
301 |
394 |
357 |
393 |
|
1053 |
1170 |
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
|
YTD |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+6.9% |
+5.9% |
-12.4% |
-13.1% |
+7.3% |
+6.6% |
|
+0.6% |
-0.2% |
France |
+1.8% |
+1.8% |
-30.5% |
-30.5% |
+9.2% |
+9.2% |
|
-6.2% |
-6.2% |
Rest of Europe |
+9.3% |
+7.8% |
-5.1% |
-6.1% |
+6.5% |
+5.6% |
|
+3.5% |
+2.4% |
Latin America |
-5.9% |
+4.7% |
-41.3% |
-19.7% |
-31.3% |
-7.0% |
|
-26.7% |
-7.7% |
Rest of the world |
+16.8% |
+16.5% |
-17.0% |
-11.7% |
-17.5% |
-5.9% |
|
-6.8% |
-1.0% |
|
|
|
|
|
|
|
|
|
|
Total |
+3.1% |
+6.3% |
-23.6% |
-15.5% |
-9.3% |
+0.5% |
|
-10.0% |
-3.0% |
1 Calculated based on an assumption of an average Brazilian
real/euro exchange rate for the second half of 2020 equal to the
closing spot rate on June 30, 2020. To be compared with a
previous target of between €540 million and
€610 million.
2 The float corresponds to a portion of the operating working
capital from the preloading of funds by corporate clients.
3 Calculated based on an assumption of an average Brazilian
real/euro exchange rate for the second half of 2020 equal to the
closing spot rate on June 30, 2020. To be compared with a
previous target of between €540 million and
€610 million.
- 2020 10 22 - Edenred Revenue Q3 2020 PR ENG
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