RESULTADOS PROVISIONALES PRIMER SEMESTRE 2010
- Ingresos del primer semestre de 2010 de 395,1 millones de euros, un 10% más sobre base comparable [1]
- Fuerte aumento del beneficio ajustado de actividades ordinarias[2] (+24%) y beneficio neto (+133%)
- Dos absorciones prometedoras en servicios de valor ańadido dentro del contexto del plan estratégico 2010-2013
- Revisión al alza de la previsión de ingresos de 2010 hasta 805--8151 millones de euros
Neuilly-sur-Seine, 29 de julio de 2010 - Ingenico (Euronext: FR0000125346 - ING) anunció hoy sus estados financieros provisionales revisados[3] para el primer semestre de 2010 finalizado el 30 de junio.
| Datos clave (en millones de euros) | Primer semestre 2009 | Primer semestre 2009 pro forma | Primer semestre 2010 | Cambio primer semestre 2010/ primer semestre 2009 | |
| | | | | Base comparable | Notificado |
| Ingresos | 317,7 | 341,2 | 395,1 | +10% | +24% |
| Beneficio ajustado de actividades ordinarias2 | 26,7 | 29,5 | 36,7 | +24% | +37% |
| Margen ajustado sobre actividades ordinarias | 8,4% | 8,6% | 9,3% | +70 pdb | +90 pdb |
| | | | | | |
| Margen ajustado sobre actividades ordinarias, antes de gastos extraordinarios | 8,4% | 8,6% | 10,8% | +220 pdb | +240 pdb |
| Beneficio neto | 4,8 | - | 11,2 | - | +133% |
Philippe Lazare, Ingenico's Chairman and CEO, commented, "We are satisfied by the strong and encouraging commercial performance of Ingenico in the first half. We improved our adjusted margin on ordinary activities and generated record operating cash flow through strict management of our business. By acquiring First Data Ibérica and moving to a controlling stake in Transfer To, we are pursuing the Group's strategic transformation towards value-added services. And with dynamic trends back during the second quarter, we have revised our full-year revenue guidance upwards and confirmed our guidance for adjusted margin from ordinary activities."
To facilitate the assessment of Ingenico's performance, the prior-period revenue presented in comparison with consolidated revenue for the first quarter of 2010 have been restated to reflect changes in the company's scope of consolidation during the year ("2009 pro forma revenue"), i.e. including the operations of easycash and eliminating the operations of Sagem Denmark, Manison Finland and Moneyline Banking Systems as of January 1, 2009.
The consolidated financial data has been drawn up in accordance with International Financial Reporting Standards. In order to provide meaningful comparable information, that data has been presented on an adjusted basis, i.e. restated to reflect in particular the depreciation and amortization expense arising on the acquisition of new entities. Pursuant to IFRS 3, the purchase price for new entities is allocated to the identifiable assets acquired and subsequently amortized over specified periods.
EBITDA is not an accounting term; it is a financial metric defined here as profit from ordinary activities before amortization, depreciation & provisions and before Share based payment expenses (the reconciliation of profit from ordinary operations to EBITDA is available in Exhibit1).
Cash flow from operations is defined as EBITDA less change in working capital less net capital expenditures
Key figures
| (in millions of euros) | H1 2009 | H1 2009 pro forma | H1 2010 |
| Revenue | 317.7 | 341.2 | 395.1 |
| Adjusted gross profit | 124.7 | 134.9 | 147.1 |
| as a % of revenue | 39.2% | 39.5% | 37.2% |
| Adjusted operating expenses | (98.0) | (105.3) | (110.4) |
| Adjusted profit from ordinary activities | 26.7 | 29.5 | 36.7 |
| Adjusted margin on ordinary activities | 8.4% | 8.6% | 9.3% |
| Profit from operations (IFRS) | 9.7 | - | 20.8 |
| Net profit (IFRS) | 4.8 | - | 11.2 |
| EBITDA | 36.8 | 41.2 | 53.6 |
| as a % of revenue | 11.6% | 12.1% | 13.6% |
| | | | |
| Operating cash flow | 0.6 | - | 43.3 |
| Net debt | (90.9) | - | 144.3 |
| Equity | 461.6 | - | 513.8 |
Revenue up 24 percent, driven by strong sales growth and a favorable foreign exchange impact
| | H1 2010 | | | Q2 2010 | | |
| Em | Change | | Em | Change | | |
| Like-for-like1 | Reported | Like-for-like1 | | Reported | | |
| By region | | | | | | |
| North America | 50.9 | +8.7% | +15.2% | 21.8 | (25.3%) | (14.5%) |
| Latin America | 69.7 | +5.8% | +22.7% | 42.3 | +16.7% | +36.3% |
| Asia-Pacific | 42.0 | +14.8% | +29.7% | 26.5 | +14.1% | +28.7% |
| EMEA | 33.5 | (20.5%) | (17.7%) | 19.1 | (20.5%) | (16.6%) |
| Europe-SEPA | 199.0 | +18.3% | +40.1% | 112.1 | +27.1% | +50.2% |
| Total | 395.1 | +10.0% | +24.3% | 221.8 | +11.0% | +26.3% |
In H1 2010, revenue totaled E395.1 million with a favorable foreign exchange impact of E19.7 million. Revenue included E348.1 million generated by the payment terminal activities (hardware and maintenance), and E47.0 million by transaction services.
On a like-for-like basis at constant exchange rates, revenue was 10 percent above the H1 2009 pro forma figure. This better-than-expected performance was driven by the dynamism in Ingenico's payment terminal activity (+8.4 percent1) and a rise in transaction services (+15.8 percent1), primarily in Europe, in line with the Group's full-year expectations. Ingenico's revenue grew in all regions except for EMEA, with strong growth in Asia-Pacific (particularly in China) and Europe-SEPA (particularly in France and Germany), where the Group has consolidated its already strong positions.
After a first quarter with a favorable basis of comparison, revenue in Q2 2010 was 11 percent higher than in Q2 2009 on a pro forma basis1. Growth accelerated, particularly in Asia-Pacific (China), Latin America (Brazil) and a majority of the Europe-SEPA countries.
Ingenico has successfully leveraged the market growth driven by regulatory changes (in Germany and Brazil), new technology (in France) and a general upturn in business (in Spain and the United Kingdom). The Group has continued to benefit from the strong trends in China. In North America, where revenue was impacted by the unfavorable basis of comparison with Q2 2009, the introduction of the Telium terminal range in Q4 2010 should help to regain momentum. In the EMEA region, while the situation has been stabilized in Turkey, business on the whole has been down, due to the unfavorable basis of comparison in the Middle East.
Gross margin as a % of revenue impacted by a non-recurring expense
Ingenico's adjusted gross margin was 37.2 percent in H1 2010. The 230 basis-point decrease is primarily attributable to a E6.1 million non-recurring expense to address component quality issues affecting specific references in the Group's older product range. Excluding this expense, gross margin would be 38.8 percent, versus 39.5 percent in H1 2009 on a pro forma basis.
Gross margin in the Payment Terminal business (hardware only) was 41.9 percent, down 60 basis points, due to increased indirect costs, including higher freight costs due to component shortages and the disruptive effect of the Iceland volcano eruption. Gross margin in Ingenico's Transaction business was 36.6 percent, compared to 36.8 percent pro forma gross margin in H1 2009.
Operating expenses under control
Adjusted operating expenses rose slightly from E105.3 million in H1 2009 (pro forma) to E110.4 million in the H1 2010. They accounted for 27.9 percent of revenue, i.e. 300 basis points lower than in H1 2009 (pro forma).
Adjusted profit from ordinary activities up 24 percent
In H1 2010, adjusted profit from ordinary activities increased by 24 percent to E36.7 million, versus E29.5 million in H1 2009 (pro forma). Adjusted margin on ordinary activities accounted for 9.3 percent of revenue, an increase of 70 basis points year on year. Excluding the non-recurring expense in the period, the adjusted margin on ordinary activities would have been up by 220 basis points.
Profit from operations (IFRS) up sharply
After accounting for Purchase Price Allocation and other operating income and expenses, profit from operations was multiplied by 2.1 to E20.8 million in H1 2010, from E9.7 million in H1 2009.
In H1 2010, Purchase Price Allocation expenses in connection with Moneyline, Planet, Sagem Monetel, Landi and easycash rose to E13.8 million, mostly due to the easycash acquisition. Other operating income and expenses totaled E2.1 million, down from E7.7 million in H1 2009.
Net profit multiplied by 2.3 to E11.2 million
In H1 2010, net profit for the period was E11.2 million, versus E4.8 million in H1 2009. This result included total finance costs of E2.6 million (versus E1.4 million in H1 2009) and income tax expense of E6.3 million (versus E3.5 million).
Strong operating cash flow generation
In the first half of 2010, Ingenico generated a substantial cash flow from operating activities of E43.3 million, compared to E0.6 million in H1 2009. This increase is the result of both the increased EBITDA (up E16.8 million), with easycash contribution, and the lower net working capital, which was reduced from E22.9 million in H1 2009 to E0.9 million through strict control. Capital expenditures totaled E11.2 million, equaling 2.8% of revenue.
Net debt was E144.3 million at June 30, 2010. This figure includes the distribution of E9.4 million in dividends (compared to E4.3 million in H1 2009), E21.4 million in current tax payable (versus E6.4 million in H1 2009) and the net share buyback for a total of E7.5 million.
Ingenico's main financial ratios in H1 2010 demonstrate the Group's sound financial position. At June 30, 2010, the net debt-to-equity ratio was 28 percent.
Deployment of the 2010-2013 strategic plan
Enhanced financial flexibility
Ingenico renegotiated its senior credit facilities agreement with its banks syndicate pool, raising the amount to E370 million and extending the maturity by one year to September 2014. After drawdowns of E210 million, Ingenico has two undrawn confirmed syndicated lines of credit totaling E160 million, including E100 million earmarked for acquisitions and E60 million to meet working capital requirements.
Two takeovers in value-added services
In July, Ingenico acquired a controlling, 90-percent interest in Transfer To, a Singapore-based company operating a mobile-phone top-up network in which the Group already held a 38 percent stake via Ingenico Ventures. The rationale is the operating and financial performance of Transfer To, which exceeded expectations, combined with the prospects of extending its service offer to Europe.
Ingenico also acquired First Data Ibérica (FDI), a Spanish privately owned company, and leading payment service provider in the petrol vertical market in Spain. FDI operates the complete payment value chain (from POS Terminal to Transaction) and loyalty for more than 5,000 petrol stations. FDI also provides mobile-phone top-up service to a unique basis of 42,000 terminals on the Iberian Peninsula. The Group intends to leverage this base to deploy value-added services in Spain. FDI's revenue amounts for approximately E15 million in a business that yields EBITDA margins of approximately 25 percent.
Major success for employee shareholding plans, reflecting confidence in the Group's future
During H1 2010, Ingenico introduced a number of employee incentives to ensure successful implementation of its 2010-2013 strategic plan. Firstly, the ISOP 2010 (Ingenico Share Ownership Plan) is associating Group employees in France and Germany to the activity and results of the Group. With the subscription rate exceeding 75 percent in France and 33 percent in Germany, the employees have demonstrated confidence in the Group, above expectations. In addition, the co-investment program for the Group's top 41 executives had been fully subscribed by May 2010. This program sets ambitious targets for transforming Ingenico and increasing profitability.
At July 30, Ingenico's share capital will consist of 51,346,475 shares as a result of ISOP 2010, combined with a increase of the company's share capital by incorporation of reserves, benefits or premiums by free allotment of shares on the basis of one new share for twenty existing shares.
Outlook
Based on its performance in H1 2010 and considering current market trends, the Group revises its 2010 revenue guidance upwards to the range of E805 to E815 million, up from the range of E790 to E805 million announced in March 2010 (on a comparable and constant foreign exchange rate basis).
The Group is maintaining its profitability guidance, with adjusted margin on ordinary activities[4] in the range of 12.5 percent to 13 percent and EBITDA margin ranging from 16 percent to 17 percent.
CONFERENCE CALL
A conference call to discuss Ingenico's H1 2010 results will be held on July 30, 2010 at 2 p.m., Paris time. Dial-in number: 01 70 99 32 12 (French domestic) or +44 (0)207 1620 177 (international). The presentation will also be available on www.ingenico.com/finance.
This press release contains forward-looking statements. The trends and objectives given in this release are based on data, assumptions and estimates considered reasonable by Ingenico. These data, assumptions and estimates may change or be amended as a result of uncertainties connected in particular with the performance of Ingenico and its subsidiaries. These forward-looking statements in no case constitute a guarantee of future performance, involves risks and uncertainties and actual performance may differ materially from that expressed or suggested in the forward-looking statements. Ingenico therefore makes no firm commitment on the realization of the growth objectives shown in this release. Ingenico and its subsidiaries, as well as their executives, representatives, employees and respective advisors, undertake no obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future developments or otherwise. This release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for securities or financial instruments.
About Ingenico (Euronext: FR0000125346 - ING)
Ingenico is a leading provider of payment solutions, with over 15 million terminals deployed in more than 125 countries. Its 3,000 employees worldwide support retailers, banks and service providers to optimize and secure their electronic payments solutions, develop their offer of services and increase their point of sales revenue. More information on www.ingenico.com.
| INGENICO - Investor Relations | INGENICO - Corporate Communication |
| Catherine Blanchet | Rémi Calvet |
| Investor Relations Director | VP Communication |
| catherine.blanchet@ingenico.com | remi.calvet@ingenico.com |
| +33 1.46.25.82.20 | +33 1.46.25.78.23 |
| | |
Upcoming events
Conference call on H1 2010 results: July 30, 2010 at 2 p.m. (Paris time)
Q3'10 revenue figures: October 27, 2010
EXHIBIT 1: Reconciliation of profit from ordinary activities to EBITDA
EBITDA represents profit from ordinary activities, restated to include the following:
- Provisions for impairment of tangible and intangible assets, net of reversals (including impairment of goodwill or other intangible assets with indefinite lives, but not provisions for impairment of inventories, trade and related receivables and other current assets), and provisions for risks and charges (both current and non-current) on the liability side of the balance sheet, net of reversals.
- Expenses related to the restatement of finance lease obligations on consolidation.
- Expenses recognized in connection with the award of stock options, free shares or any other payments to be accounted for using IFRS 2, Share-based Payment.
- Changes in the fair value of inventories in accordance with IFRS 3, Business Combinations, i.e. determined by calculating the selling price less costs to complete and sell.
Reconciliation
| in millions of euros | H1 2009 | H1 2010 |
| Profit from ordinary activities | 17.4 | 22.9 |
| Allocated assets amortization | 9.3 | 13.8 |
| Other amortization and provisions for liabilities | 7.0 | 14.6 |
| Share based payment expenses | 3.1 | 2.3 |
| EBITDA | 36.8 | 53.6 |
EXHIBIT 2: Main 2009 financial pro forma information
Main financial data for 2009 has been restated to reflect changes in the company's scope of consolidation during the year ("2009 perimeter 2010"):
- including the operations of easycash as of January 1, 2009 and
- eliminating the operations of Sagem Denmark, Manison Finland and MoneyLine Banking Systems as of January 1, 2009.
| (in millions of euros) | 2009 | 2009 perimeter 2010 |
| Revenue | 700.7 | 761.9 |
| Adjusted gross profit | 270.9 | 301.6 |
| as a % of revenue | 38.7% | 39.6% |
| Adjusted operating expenses | 190.8 | 207.7 |
| Adjusted profit from ordinary activities | 80.1 | 93.9 |
| Adjusted margin on ordinary activities | 11.4% | 12.3% |
| EBITDA1 | 105.4 | 122.6 |
| as a % of revenue | 15.0% | 16.1% |
2009 revenue by geography:
| (in millions of euros) | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | 2009 |
| | pro forma | pro forma | pro forma | pro forma | pro forma |
| | | | | | |
| North America | 18.7 | 25.5 | 31.5 | 26.5 | 102.2 |
| Latin America | 25.7 | 31.1 | 34.3 | 39.2 | 130.3 |
| Asia-Pacific | 11.8 | 20.6 | 20.1 | 28.4 | 80.9 |
| EMEA | 17.7 | 22.9 | 20.9 | 19.0 | 80.5 |
| Europe-SEPA | 79.4 | 87.7 | 91.7 | 109.2 | 368.0 |
| Total revenue | 153.3 | 187.8 | 198.5 | 222.3 | 761.9 |
EXHIBIT 3: Interim income statement, balance sheet, cash flow statement
1. Interim CONSOLIDATED INCOME STATEMENT
2. INTERIM CONSOLIDATED BALANCE SHEET
3. INTERIM CONSOLIDATED CASH FLOW STATEMENT
[1] On a like-for-like basis at comparable exchange rates.
[2] Profit from ordinary activities before Purchase Price Allocation; increase on a like-for-like basis.
[3] Limited review on H1 2010 interim consolidated accounts was completed. Auditor's report on limited review is in progress.
[4] I.e. restated, primarily to reflect depreciation and amortization on assets and liabilities acquired and initially allocated to goodwill.
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