INGENICO : Sustained growth in the third quarter of 2013
(Thomson Reuters ONE) -
Ingenico: Sustained growth in the third quarter of 2013
* 9 months revenue of ?1.004 billion, up 17% on a comparable basis1
* Q3 2013 revenue of ?348 million driven by solid performance across all
geographies and segments
* Up 12 % on a reported basis
* Up 14 % on a comparable basis[1]
* Growth momentum in North America (+40%)1
* Growth acceleration in Transactions services due to Ogone's successful
integration (+15%)[2]
* Full-year guidance raised for revenue and profitability
* Organic growth above or equal to 12 percent
* EBITDA[3] margin expected to exceed 19.5%
Paris - October 30, 2013. Ingenico (Euronext: FR0000125346 - ING) announced
today its revenue figures for the third quarter of 2013.
+----------------+-------+----------------+------------------+-----------------+
| |Q3 2013| Q3 2012 as | 2013/2012 change |2013/2012 change |
|(in millions of | | reported | - reported | - |
| euros) | | | basis | comparable |
| | | | | basis(1) |
+----------------+-------+----------------+------------------+-----------------+
| Revenue | 348 | 311 | +12% | +14% |
+----------------+-------+----------------+------------------+-----------------+
Philippe Lazare, the Chairman and CEO of Ingenico, commented: "We are very
pleased with our performance over the third quarter, which illustrates the
prompt and efficient execution of our geographically tailored strategy. We are
making significant progress in the US market. In addition, we continue to
accelerate the expansion of the Services business which accounted for about 50%
of revenue in the Europe-SEPA region this quarter thanks to greater traction in
the Transactions segment, driven by the successful integration of Ogone.
Thanks to this outstanding performance, our revenue has exceeded the ?1 billion
threshold in nine months, for the first time ever.
Moving forward, we believe that our multichannel strategy - to enable merchants
to manage their payment infrastructure through a single provider for both in-
store and e-commerce - will perfectly address customers' needs and support the
Group's growth going forward.
In this context, we raise our full year guidance in line with our 2016 strategic
plan."
Revenue
+------------------+----------------------------+--------------------------+
| | As of September 2013 | 3rd quarter 2013 |
| +-----+----------------------+---+----------------------+
| | ?m | ?m |?m | ?m |
| | +-------------+--------+ +-------------+--------+
| | |Comparable(1)|Reported| |Comparable(1)|Reported|
+------------------+-----+-------------+--------+---+-------------+--------+
|Europe-SEPA | 430 | 5% | 15% |147| 5% | 14% |
+------------------+-----+-------------+--------+---+-------------+--------+
|Latin America | 152 | 17% | 5% |50 | 11% | (5%) |
+------------------+-----+-------------+--------+---+-------------+--------+
|Asia-Pacific | 173 | 33% | 29% |64 | 28% | 20% |
+------------------+-----+-------------+--------+---+-------------+--------+
|North America | 82 | 41% | 36% |31 | 40% | 31% |
+------------------+-----+-------------+--------+---+-------------+--------+
|EMEA | 87 | 40% | 35% |30 | 28% | 19% |
| | | | | | | |
|Central Operations| 80 | 9% | 7% |26 | 1% | (4%) |
+------------------+-----+-------------+--------+---+-------------+--------+
|Total |1,004| 17% | 18% |348| 14% | 12% |
+------------------+-----+-------------+--------+---+-------------+--------+
Performance in the first nine months
In the first nine months of 2013, revenue totaled ?1,004 million, representing a
18 percent increase on a reported basis, including a ?40 million contribution
from Ogone and a negative foreign exchange impact of ?34 million. Total revenue
included ?782 million generated by the Payment Devices business and ?222 million
generated by Transaction Services. More generally, the share of total revenue
generated by Services amounted to 33 percent, including Ogone's contribution.
On a comparable basis, revenue was up 17 percent, driven by double digit growth
in all business segments. Growth in Payment Devices remains particularly dynamic
(up 18 percent) thanks to the Group's multi-local presence and the steady growth
in Transaction Services (up 11 percent). On a pro forma basis and excluding
TransferTo2, revenue increased by 12 percent, driven by Ogone's integration
process.
Since the start of the year, every region has contributed to the Group's strong
overall performance. Ingenico has strengthened its position in its legacy
Europe-SEPA markets through solid position in Payment devices and the successful
implementation of its strategy to increase its services offering.
As anticipated, the Group has accelerated its growth in North America,
particularly in the U.S. (up 49 percent) fueled by the successful deployment of
solutions focused on large retailers, and increased traction with the ISOs.
The Group has also generated double digit growth in emerging markets (Latin
America, Asia-Pacific and the EMEA region) as a consequence of new equipment
supply and technology upgrade in these geographies.
The Group's Central Operations activity has generated a 9-percent increase in
revenue notably driven by the growth of TransferTo's business.
Performance in the third quarter
In the third quarter of 2013, revenue totaled ?348 million, representing a 12
percent increase on a reported basis, including a ?14 million contribution from
Ogone and a negative foreign exchange impact of ?21 million. Total revenue
included ?272 million from the Payment Devices activity and ?76 million from the
Transaction Services.
On a like-for-like basis(1), revenue was 14 percent higher than in Q3 2012,
fueled by double digit growth both in Payment Devices (up 14 percent) and
Transaction Services (up 12 percent). On a pro forma basis and without
TransferTo2, revenue growth has accelerated to 15 percent.
In the third quarter, Ingenico posted strong organic growth across all regions
reflecting the geographically tailored product and services offer.
Performance for the quarter, by geography and on a like-for-like basis compared
with Q3 2012, was as follows:
* Europe-SEPA (up 5 percent): In a challenging macroeconomic environment, the
Payment devices revenue continued to increase this quarter, thanks to the
Group's diversified range of activities and solid geographic footprint. In
addition, the Group has accelerated the deployment of its strategy based on
its Transaction Services offering combining point-of-sale (Axis, easycash)
and on-line, driven by the integration process of Ogone, which sales have
increased by 39 percent. More generally, the Group is seeing a marked
interest from customers and prospects to reduce their payment infrastructure
complexity through a single point of contact.
* Latin America (up 11 percent): The activity continued to grow in the region
with robust performance in Brazil and strong growth across the other
countries. The Group has successfully increased its sales presence outside
Brazil through payment technology upgrades, particularly in Central America
and Mexico, where the Group is providing contactless payment solutions to
Elavon, one of the world's most important players in the electronic payment
industry. The group also announced a partnership with Carvajal Tecnología y
Servicios to deploy biometric solutions in Colombia and the Dominican
Republic.
* Asia-Pacific (up 28 percent): Ingenico continued to enjoy strong growth in
all countries. The momentum remained strong in China, whilst Ingenico also
maintained its strong growth profile in Indonesia through its direct access
to the market. In addition, Ingenico supported mobile payment initiatives
throughout the region for retailers and smaller merchants with in-store
solutions for Metro in Singapore or a fully integrated and secure solution
for taxis in Australia.
* North America (up 40 percent): Strong performance reflects increased
traction in the region, especially in the USA, where Ingenico has continued
to provide large retailers with technologically advanced solutions. The
Group has also built up its position with smaller merchants through strong
relationships with ISOs (Independent Sales Organizations), for which
Ingenico has doubled its shipments since last year. More recently, the Group
has announced the deployment of in-store innovative solutions for apparel
retailer Caché and CenPOS, a merchant-centric end-to-end payment gateway.
* EMEA (up 28 percent): Ingenico continued to enjoy strong growth fueled by
direct access to the Russian market and the expansion of its distribution
network in the Eastern Europe region and in South Africa where the Group has
recently signed an agreement with Standard Bank, a major financial
institution.
* Central Operations (up 1 percent): Continued growth of TransferTo was
partially offset by decrease of pure mobile payment devices in the US while
contribution of mobile service-based revenue increased strongly with
accounts like Blackbaud and Southwestern Advantage. The Group has continued
to deploy an increased number of mobile payment pilots internationally,
leveraging on its strong acquiror, bank and telco base.
Post-closing events
Ingenico has reached a management buyout agreement (MBO) in principle upon which
Ingenico will sell a 70% stake to TransferTo management. This transaction is
expected to be closed before the end of the year.
This agreement does not change the Group's 2016 financial perspectives to
sustain profitable growth, with revenue over ?1.8 billion while improving its
operational performance with an EBITDA margin above 20%.
Outlook
Over the first nine months of the year, Ingenico has performed extremely well,
particularly in Payment Devices while accelerating steadily its evolution
towards Transactions thanks to the Ogone acquisition.
On this basis, Ingenico gives further details on its full-year revenue guidance,
anticipating organic growth above or equal to 12%, compared to an organic growth
above or equal to 10%, as guided previously. This should translate into full-
year revenue above or equal than ?1,370[4] million, with stronger negative
foreign exchange impact expected in the second half of the year. The Group
reminds that the fourth quarter of 2012 represents a very high basis for
comparison, notably in emerging markets, independent of underlying macroeconomic
conditions.
In addition, Ingenico raises its outlook for EBITDA margin(3) and now expects
EBITDA margin above 19.54 percent, compared to an EBITDA margin above or equal
to 19%, as guided previously.
The Group reminds that the guidance for 2013 applies to the expanded
consolidated Group, i.e., including Ogone in the accounts for the year. Ingenico
also confirms that the Ogone integration process should be neutral to net
earnings per share in 2013 (excluding PPA).
Conference call
A conference call to discuss Ingenico's Q3 revenue will be held on October
30, 2013 at 6.00 p.m., Paris time. Dial-in number: 01 70 99 32 08 (French
domestic) or +44 (0)20 7162 0077 (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 statements are by their
nature subject to risks and uncertainties as described in Ingenico registration
document ("document de reference"). These forward looking statements in no case
constitute a guarantee of future performance, and involve risks and
uncertainties. 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.
About Ingenico (Euronext: FR0000125346 - ING)
Ingenico is a leading provider of payment solutions, with over 20 million
terminals deployed in more than 125 countries. Its 4.500 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 |
twitter.com/Ingenico.
INGENICO - Investors Contact INGENICO - Press Contact
Catherine Blanchet Mathilde Ordas
VP Investor Relations & Corp. Communication External Communication Manager
catherine.blanchet(at)ingenico.com
mathilde.ordas(at)ingenico.com
Tel: +33 1.58.01.85.68
Tel: +33 1.58.01.80.80
Upcoming events
Conference call on Q3'13 revenue: October 30 at 6 p.m. (Paris)
Q4'13 revenue and FY13 results: February 19, 2014
--------------------------------------------------------------------------------
[1] On a like for like basis at constant exchange rates.
[2] On a like for like basis at constant exchange rates including Ogone revenue
contribution and excluding TransferTo in 2012.
[3] EBITDA is not an accounting term; it is a financial metric defined here as
profit from ordinary activities before amortization, depreciation and provisions
and before expenses of shares distributed to employees and officers
[4] Excluding the impact of TransferTo's transaction.
INGENICO:
http://hugin.info/143483/R/1739352/583717.pdf
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Source: INGENICO via Thomson Reuters ONE
[HUG#1739352]
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Datum: 30.10.2013 - 17:40 Uhr
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News-ID 311039
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