July 19, 2010 CO CONF NFERE RENCE NCE CA CALL H1 H1 2010 2010 Rev Reven enue
H1 2010 Issue Volume: €6,615m Issue ue V Vol olum ume (L/ L/L) L) Li Like-fo for-lik like +7. 7.8% 8% €480m 480m Scope ope +0. 0.7% 7% €41m 41m Cur urrenc ncy -0. 0.9% 9% €(58) 58)m Rep eported ed +7. 7.5% 5% €464m 464m L/ L/L Issue ue Vol olum ume gr grow owth h in n line ne with h our our mid-term guidan ance e of +6% 6% / +14 14% 19 juillet 2010 2
H1 2010 Issue Volume by region Q1 Q1 Q2 Q2 H1 H1 L/L G L/ L Grow owth h France +4.7% -7.9% -1.8% Rest of Europe +4.9% +5.6% +5.3% Latin America +10.6% +17.9% +14.4% Rest of the world +5.4% +18.5% +11.9% TOTA TAL +7.2% +8.4% +7.8% France: Restated from the social CESU program*, Q2 L/L growth would be up 3.2% Re Rest of of Eur urope ope: Issue volume growth driven by new products such as the EcoCheque in Belgium, in a context of economic attrition with a rise in unemployment La Latin n Ame merica: : Q2 issue volume growth boosted by Venezuela and Brazil, where average face values increased respectively by 18.0% and 3.5% in H1 Rest stated from m the so soci cial CESU program, m, Q2 L/ L/L Issue ue Vol olum ume Grow owth: h: +10. 0.8% H1 L/ L/L I Issue ue Vol olum ume G Grow owth: h: +9.1% * A one shot initiative by French government to support people most hurt by the recession, representing an issue volume of €71m in June 2009 19 juillet 2010 3
H1 2010 Operating Revenue: €422m Ope perating R ng Revenue nue (L/ L/L) L) Li Like-fo for-lik like +4. 4.2% 2% €16m 16m Scope ope +3. 3.0% 0% €12m 12m Curren ency ef effec ect * * Cur urrenc ncy +0. 0.5% 5% €2m 2m Q1 Q1 Q2 Q2 H1 H1 BRL RL +4.7% +5.7% +5.2% MXN MX +0.3% +0.6% +0.4% GBP GB +0.1% +0.2% +0.1% Rep eported ed +7. 7.7% 7% VEF VEF -6.7% -6.4% -6.5% €30m 30m Ot Other +1.0% +1.6% +1.3% TOTA TAL -0. 0.6% 6% +1. 1.7% 7% +0. 0.5% 5% Slight ght impr prov ovement nt of of ope operating ng revenue nue i in Q n Q2 19 juillet 2010 4 * See exchange rates on slide 17
France H1 2010 Operating Revenue: €69m Soc ocial CESU pr progr ogram i impa pact on on L/ L/L Ope perating ng Revenue nue Grow owth h Mea eal vouc ouche hers: good performance in Q2, with a 13.7% L/L increase in operating revenue Inc ncent ntive & & Rew eward: : more cyclicality on this segment, leading to a decline in operating revenue of -12.3% L/L in Q2 19 juillet 2010 5
Rest of Europe H1 2010 Operating Revenue: €152m Q1 Q1 Q2 Q2 H1 H1 L/L G L/ L Grow owth h UK +2.1% +5.4% +3.7% Belgium +19.3% +22.3% +20.8% Italy -2.4% -3.9% -3.1% Romania -18.5% -36.2% -27.7% TOT OTAL REST EST OF OF EU EUROPE OPE +0.3% -1.4% -0.5% UK: good performance, driven by strong issue volume UK Italy: It in a context of flat issue volume and a growth in both Childcare Vouchers and new prepaid competitive environment, some pressure on customer solutions, partly offset by a weak performance of gift fees, leading to a decline in operating revenue vouchers (operating revenue down 6.8% L/L in Q2 vs. -5.0% in Q1) Rom omani nia: Belgi gium um: High unemployment and tough competition lead to Success of the EcoCheque launched in June 2009 a negative impact on both volume and price Good performance of meal vouchers (operating (pressure on customer fees) revenue excl. EcoCheque: +5.9% L/L in Q2 vs. Negative comparable basis with the shift of Easter +4.8% in Q1) orders from Q2 2009 to Q1 2010. (Q2 normative L/L growth = -28%) 19 juillet 2010 6
Latin America H1 2010 Operating Revenue: €169m Q1 Q1 Q2 Q2 H1 H1 L/ L/L G L Grow owth h Brazil +7.6% +8.6% +8.1% Hispanic Latin America +10.8% +15.5% +13.2% TOTAL LATI TIN A N AMERI RICA +9.1% +11.7% +10. 0.4% Bra razil il: Still strong development of Meal and Food vouchers with operating revenue up 8.5% in Q2 helped by increased face value of +3.5% Good performance of Ticket Car, with a 8.4% L/L increase in operating revenue in Q2 Hispa pani nic La Latin n Ame merica: Good performance of Mexico, partly linked to positive comps effect due to H1N1 flu (L/L operating revenue growth in Q2 : +12.3% vs. +3.1% in Q1) A local favorable situation in Venezuela where face value is up 18.0% in H1 19 juillet 2010 7
H1 2010 Financial revenue: €39m Fina nanc ncial l Revenue nue (L/ L/L) L) Europe Q1 Q1 Q2 Q2 H1 H1 L/L G L/ L Grow owth h Financial revenue still negatively impacted by low interest rates, even France -27.9% -28.3% -28.1% though a slight improvement of financial revenue is perceived in June Rest of Europe -20.3% -19.0% -19.7% Latin America -38.7% -16.4% -29.3% Latin America Rest of the world -30.1% -11.5% -21.6% Improving trends, related to a slight increase of interest rates in Brazil TOTA TAL -29. 9.5% -20. 0.4% -25. 5.3% 19 juillet 2010 8
H1 2010 Total Revenue: €461m Like-for-like revenue growth up +0.7%, of which: Like-fo Li for-lik like +0. 0.7% 7% Ope perating ng Fi Finan ancial al Total To €3m 3m L/ L/LG LGrow owth Rev even enue Rev even enue Rev even enue Q1 Q1 +3.8% -29.5% -0.4% Q2 Q2 +4.5% -20.4% +1.8% Scope ope +2. 2.7% 7% H1 H1 +4. 4.2% 2% -25. 25.3% 3% +0. 0.7% 7% €12m 12m Cur urrenc ncy Currency effect*: +0. 0.4% 4% €2m 2m Q1 Q1 Q2 Q2 H1 H1 BRL RL +4.3% +5.4% +4.9% MXN MX +0.3% +0.6% +0.4% Rep eported ed +3. 3.8% 8% GB GBP +0.1% +0.1% +0.1% €17m 17m VEF VEF -6.4% -6.1% -6.3% Ot Other +0.9% +1.6% +1.3% TOTA TAL -0. 0.8% 8% +1. 1.6% 6% +0. 0.4% 4% * See exchange rates on slide 17 19 juillet 2010 9
H1 2010 R 1 2010 Rev even enue CO CONCL NCLUS USION
Conclusion Issue e volume e up 7. 7.8% 8% L/L in H1 1 2010, 2010, ref eflec ecting signi gnificant nt pos positive gr grow owth dri rivers rs, both in bot n em emer erging count ountries and nd in n dev evel eloped ed mar arket ets Rev even enue e increas ease e of +3, 3,8% 8% on a r a rep eported ed b bas asis i in H1 2010 1 2010 Ope perating R ng Revenue nue Finan ancial al R Rev even enue +4. 4.2% 2% L/L in H1 1 2010 2010 -25. 25.3% 3% L/L in H1 1 2010 2010 In In Eur urope ope, issu ssue vol olum ume grow owth driven en by by 15 150bp bp lower er rates es on on av aver erag age in in H1 2010 2010 new ew pr produc oducts, de despi pite still ill a cha hallengi nging ng acr cross ss Ede denr nred’ d’s por portfol olio env nvironm onment nt due due to to ris isin ing une unempl ploy oyment nt Neg egat ative bas ase of of com ompa parison on will ill Posit itiv ive trends nds in in em emer erging mar arket ets, gr gradua dually impr prov ove fr from Q3 be bene nefiting ng fr from an an increas ease in in th the num umbe ber Curre rrency Impac act of pe of peopl ople in in wor ork, es espec ecial ally in in Brazi zil. +0. 0.4% 4% L/L in H1 1 2010 2010 Posit itiv ive curre rrency impac act in in H1, cons onside dering ng th the weak eakness of of Eu Euro an and th the strengt ngthe heni ning of of al all cur urrenc ncies, espec ecial ally th the Brazi azilian an Rea eal, with th th the except ption on of of th the Ven enezu ezuel elian an Boliv livar 19 juillet 2010 11
H1 2010 R 1 2010 Rev even enue APPEN PPENDICES ES
Issue Volume Q1 Q2 H1 In € € m millio illions 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 France 612 641 659 607 1,271 1,248 Rest of Europe 1,044 1,135 1,084 1,183 2,128 2,318 Latin America & Caribbean 1,246 1,301 1,327 1,536 2,573 2,837 Rest of the world 91 97 89 115 180 212 TOTAL I ISSUE V VOLUME 2, 2,993 993 3, 3,174 174 3,159 3, 159 3,441 3, 441 6,152 6, 152 6, 6,615 615 Q1 Q2 H1 Cha hange nge Cha hange nge Cha hange nge Cha hange nge Cha hange nge Cha hange nge In % In % rep eported ed L/ L/L* L* rep eported ed L/ L/L* L* rep eported ed L/ L/L* L* France 4.7% 4.7% -7.9% -7.9% -1.8% -1.8% Rest of Europe 8.7% 4.9% 9.1% 5.6% 8.9% 5.3% Latin America & Caribbean 4.4% 10.6% 15.8% 17.9% 10.3% 14.4% Rest of the world 7.1% 5.4% 29.2% 18.5% 18.1% 11.9% TOTAL I ISSUE V VOLUME 6. 6.1% 1% 7. 7.2% 2% 8. 8.9% 9% 8. 8.4% 4% 7. 7.5% 5% 7.8% 7. 8% Pro forma figures after restatement of Prepaid Services activities into the Hotels division 19 juillet 2010 13 *At constant scope of consolidation and exchange rates.
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