INGENICO GROUP: Continued double digit-growth in the first half of 2016
(Thomson Reuters ONE) -
Press release
Paris, July 26, 2016
Continued double digit-growth
in the first half of 2016
* Revenue of ?1.133 billion
* up 12% on a comparable basis[1]
* up 7% on a reported basis
* Strong growth across most regions
* Excluding Brazil, organic growth of 15% in the first half
* ePayments accelerating; double-digit growth expected in the second half
* EBITDA[2] of ?244 million, equal to 21.5% of revenue
* Net Profit attributable to Ingenico Group shareholders of ?122 million
* Objective for 2016 maintained
* Organic growth(1) above or equal to 10%
* EBITDA margin(2) of c. 21%
Paris, July 26, 2016 - Ingenico Group (Euronext: FR0000125346 - ING) announced
today its financial statements for the six-month period ended June 30, 2016.
Philippe Lazare, the Chairman and Chief Executive Officer of Ingenico Group,
commented: "Ingenico Group has once again achieved solid growth in the first
half of this year. Our multi-local strategy has continued to prove its
effectiveness, with our excellent results in mature markets and Asia offsetting
the slowdown in Brazil. At the same time, our ePayments division has extended
its business reach substantially, finalizing a new major agreement with Alipay.
And although we have maintained our investment drive to keep bringing out new
products and developing our online transaction platforms, Ingenico Group still
has a 21.5% EBITDA margin. The Group has also carried out three acquisitions: a
start-up provider of connected screens, Think&Go, and two terminal distributors,
Lyudia in Japan and Nera in Southeast Asia.
All these examples of operational progress highlight the speed with which we are
implementing our 2020 growth plan."
H1 2016 results
Key figures
(in millions of euros) H1'16 | H1'15
-----------------------------------------------------------+-------
Revenue 1,133 | 1,058
|
Adjusted gross profit 490 | 474
|
As a % of revenue 43.2% | 44.8%
|
Adjusted operating expenses (284) | (253)
-----------------------------------------------------------+-------
Profit from ordinary activities, adjusted (EBIT) 206 | 221
|
As a % of revenue 18.1% | 20.9%
-----------------------------------------------------------+-------
Operating margin 184 | 194
-----------------------------------------------------------+-------
Net profit 127 | 124
-----------------------------------------------------------+-------
Net profit attributable to Group shareholders 122 | 122
-----------------------------------------------------------+-------
EBITDA 244 | 249
|
As a % of revenue 21.5% | 23.6%
-----------------------------------------------------------+-------
-----------------------------------------------------------+-------
Free cash-flow 64 | 59
-----------------------------------------------------------+-------
Net debt 232 | 441
|
Net debt-to-EBITDA ratio[3] 0.5x | 0.9x
|
Equity attributable to Group shareholders 1,588 | 1,395
-----------------------------------------------------------+-------
12% organic growth in revenue
+------------------+--------------------------+------------------------+
| | H1 2016 | Q2 2016 |
| +-----+--------------------+---+--------------------+
| | ?m | % change |?m | % change |
| | +-----------+--------+ +-----------+--------+
| | |Comparable1|Reported| |Comparable1|Reported|
+------------------+-----+-----------+--------+---+-----------+--------+
|Europe-Africa | 408 | 15% | 11% |215| 13% | 9% |
+------------------+-----+-----------+--------+---+-----------+--------+
|APAC & Middle East| 262 | 32% | 25% |133| 29% | 20% |
+------------------+-----+-----------+--------+---+-----------+--------+
|Latin America | 86 | -14% | -28% |41 | -27% | -37% |
+------------------+-----+-----------+--------+---+-----------+--------+
|North America | 148 | 14% | 12% |74 | 11% | 7% |
+------------------+-----+-----------+--------+---+-----------+--------+
|ePayments | 230 | 1% | -1% |119| 4% | 1% |
+------------------+-----+-----------+--------+---+-----------+--------+
|Total |1,133| 12% | 7% |581| 9% | 4% |
+------------------+-----+-----------+--------+---+-----------+--------+
Performance in the first half
In the first half of 2016, revenue totaled ?1.133 billion, representing a 7%
increase on a reported basis, including a negative foreign exchange impact of
?50 million. Total revenue included ?788 million generated by the Payment
Terminals business and ?345 million generated by Payment Services.
On a comparable basis(1) revenue growth was 12% higher than in the first half of
2015, a result that included a 15% increase in Terminals and a 5% increase in
Payment Services.
A key feature of the first half of 2016 was a very high volume of business in
Europe, demonstrating the Group's ability to leverage regulatory change in
mature markets. In Asia-Pacific, the Group further increased its share of the
market, with vigorous growth in Turkey, Australia and China. In contrast,
Brazil's unfavorable economy heavily affected business volume in Latin America.
In North America, revenue growth was driven by the Group's increasing market
share at large-scale retail chains. Investment in the Group's ePayments division
over the last few months has started to pay off, as reflected in the strong
sales momentum of the first half.
Performance in the second quarter
In the second quarter of 2016, revenue totaled ?581 million, representing a 4%
increase on a reported basis, including a negative foreign exchange impact of
?30 million. Total revenue included ?400 million generated by the Payment
Terminals business and ?181 million generated by Payment Services.
On a comparable basis(1) revenue growth was 9% higher than in the second quarter
of 2015, a result that included a 10% increase in Terminals and an 8% increase
in Payment Services.
Excluding Brazil, the Group recorded organic growth of 14% in the quarter.
Ingenico Group's solid performance in Payment Terminals reflected expanding
market share in Asia, Russia and the United States, as well as the operational
excellence that has enabled the Group to take full advantage of equipment
replacement cycles in mature markets.
The Group also continued to gain market share in in-store Payment Services.
Furthermore, the ePayments division's return to growth makes it possible to
reaffirm double-digit growth objective for the second half of 2016.
Compared with Q2 2015, the various divisions performed as follows on a like-for-
like basis and at constant exchange rates:
- Europe-Africa (up 13%): The Payment Terminals activity enjoyed brisk business
in most countries, but particularly in the United Kingdom and the Nordic
countries, where the Group took full advantage of a major equipment replacement
cycle following a change in standards (PCI v1). In Russia, Ingenico Group
doubled its revenue as a result of an agreement signed with Sberbank. In Eastern
Europe and Africa, strong growth was attributable to increasing market share,
most notably in South Africa, Poland, the Ukraine and Greece.
At the same time, the Group's in-store Payment Services business delivered sound
performance, fueled by rising electronic transaction volume in Germany and
growing market share in France and the United Kingdom.
- Asia-Pacific and Middle East (up 29%): Ingenico Group has continued to record
high growth throughout this geographic area. In Turkey, sales rose during the
quarter on the back of mandatory replacement of the installed base with fiscal
memory payment terminals. In China, the Group once again reaped the benefits of
a booming market to increase its sales further. Tetra deployment in Australia
also contributed to the Group's strong performance in the region.
- Latin America (down 27%): The Group has maintained its share of the Brazilian
market even though the country's difficult macroeconomic climate strongly
affected sales volume. Elsewhere in the region, Ingenico Group has continued to
grow at a rapid pace. In Mexico, the Group has strengthened its position as a
supplier to the main acquirers and large-scale retailers; in Argentina, efforts
to win over acquirers are producing results; and the business trend in Peru
remains encouraging. At the same time, Telium Tetra deployment has been
advancing swiftly in Latin America.
- North America (up 11%): As forecast, the Group has achieved double-digit
growth in the United States. EMV migration is still the key driver of that
growth, both on traditional and on mPOS terminals. Although there is
considerable inventory build-up at distributors, Ingenico Group has continued to
gain market share at major retail outfits, a segment where business remains
buoyant. The Group has also continued to gain ground in new vertical markets
like hospitality and healthcare.
- ePayments (up 4%): The division returned to growth in the second quarter,
making extremely rapid operational progress in both technological and business
terms. The first investments in its platforms have already led to significant
service quality enhancements. In addition, the deployment of IngenicoConnect on
the GlobalCollect platform has enabled the Group to win greater market share
with strategic customers as well as new contracts. During the second quarter,
the number of e-merchants increased significantly and the Group finalized an
agreement with Alipay, reflecting this major company's confidence in the
platform's performance.
Gross profit up 3%
Adjusted gross profit in the first half of 2016 was ?490 million, equal to
43.2% of revenue.
At 46.7% of revenue, gross margin remained high in the Terminals business, but
was 110 basis points lower than in the prior-year period, due to a less
favorable product mix.
Gross margin in the Payment Services business fell 290 basis points to 35.3% of
revenue. That result was primarily attributable to a changing customer mix and
to rising expenditure to enhance performance on the ePayments division's
platforms.
Operating expenses up to 25% of revenue
On an adjusted basis, operating expenses in the first half of 2016 increased by
12% to ?284 million. As announced at the start of the year, the Group has
stepped up expenditure, both in its Terminals business to launch the Telium
Tetra range and develop new offers, and in its Payment Services business to add
new features to its platforms. Operating expenses represented 25.1% of revenue,
versus 23.9% in the first half of 2015.
EBITDA margin in line with objective
The Group recorded EBITDA of ?244 million, compared with ?249 million in the
first half of 2015. This brought the EBITDA margin to 21.5% of revenue, a result
in line with management objective for the full year. At 18.1% of revenue, EBIT
reached ?206 million in the first half of 2016, versus ?221 million in the
prior-year period.
Substantial profit from operating activities
Other operating income and expenses represented a net expense of ?0.4 million,
down from ?3 million in the first half of 2015.
Purchase Price Allocation expenses totaled ?21 million in the first half of
2016, versus ?25 million in the prior-year period.
After accounting for Purchase Price Allocation and other operating income and
expenses, profit from operations totaled ?184 million, compared with ?194
million in the first half of 2015. The Group's operating margin was equal to
16.2% of revenue, versus 18.3% in the first half of 2015.
Profit attributable to Group shareholders on par with the previous year
At ?1 million, net finance costs include an ?8.5 million gain on the disposal of
Visa Europe securities recognized at end-June.
Income tax expense fell from ?64 million in the first half of 2015 to ?56
million in the first half of 2016. As of June 30, 2016, the Group's estimated
effective tax rate was 31%, a year-on-year improvement reflecting a more
favorable country mix.
The net profit attributable to Ingenico Group SA shareholders in the first half
of 2016 was ?122 million, as in the prior-year period.
A sound financial position in line with the Group's growth plan
Total equity attributable to Ingenico Group SA shareholders was ?1.588 billion.
During the first half of 2016, Ingenico Group's operations generated free cash
flow of ?64 million. This result was 8% higher than the prior-year amount, due
to a smaller change in working capital than in the first half of 2015 despite
business growth. At the same time, continued investment brought the Group's
investing activities to ?27 million.
The Group has maintained its goal for the year of converting approximately 45%
of EBITDA into free cash flow.
The cash dividend paid in respect of 2015 was ?34.5 million, whereas 54.8% of
the total dividend amount was paid in stock (502,641 shares), reflecting strong
shareholder confidence.
Accordingly, as of June 30, 2016, the Group's net debt stood at ?232 million,
down from ?252 million as of December 31, 2015. The net debt-to-equity ratio was
15%, while the net debt-to-EBITDA ratio held steady at 0.5.
Highlights of the first half
Agreement with Alipay
Ingenico ePayments has scored a major win with Alipay, an iconic new economy
company. The Group will be handling cross-border transactions for Alibaba.
Strategic acquisition in Japan
Ingenico Group has acquired a 70% interest in Lyudia from BroadBand Tower Inc.,
which will retain a 30% stake in the entity. Lyudia, a Japanese developer of
payment applications and software, is the distributor of Ingenico terminals in
Japan. This strategic move will allow Ingenico Group to gain a solid foothold in
a market with high barriers to entry.
A stronger position for the Group in Southeast Asia
Ingenico Group has acquired the payment solutions business of Nera
Telecommunications Ltd for 88 million Singapore dollars. This acquisition will
give Ingenico Group an enhanced local payment applications portfolio and the
ability to leverage the existing distribution and services network of a company
with market leadership in Thailand and a substantial share of the market in
Singapore, Indonesia, the Philippines, Malaysia and Vietnam. Completion is
expected to take place during the third quarter of 2016.
Acquisition of Think&Go NFC
Ingenico Group has finalized the acquisition of Think&Go NFC, a start-up
provider of connected screens. Think&Go NFC and Ingenico Group designed the
first connected screens incorporating contactless payment technology, with the
result that digital advertising displays are turned into genuine points-of-sale.
Outlook
The Group has maintained its objective for full-year organic revenue growth in
2016 at 10% or above, despite a troubled economy in Brazil and the uncertainty
surrounding the pace of inventory destocking among distributors in the United
States. Business will remain vigorous in Europe and Asia, and the ePayments
division will return to double-digit growth in the second half of the year.
The Group has also maintained its full-year objective for EBITDA margin, which
is expected to reach 21% of revenue in 2016.
Conference call
A conference call to discuss Ingenico Group's H1 2016 results will be held on
July 26, 2016 at 6.00 p.m., Paris time. Dial-in numbers: 01 70 99 32 08 (French
domestic), +1 646 851 2407 (for the United States) and +44 (0)20 7162 0077
(international) with conference code: 959181. 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 Group. These data, assumptions and estimates
may change or be amended as a result of uncertainties connected in particular
with the performance of Ingenico Group and its subsidiaries. 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 Group
therefore makes no firm commitment on the realization of the growth objectives
shown in this release. Ingenico Group 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 shall not constitute an offer to sell or the
solicitation of an offer to buy or subscribe for securities or financial
instruments.
About Ingenico Group
Ingenico Group (Euronext: FR0000125346 - ING) is the global leader in seamless
payment, providing smart, trusted and secure solutions to empower commerce
across all channels, in-store, online and mobile. With the world's largest
payment acceptance network, we deliver secure payment solutions with a local,
national and international scope. We are the trusted world-class partner for
financial institutions and retailers, from small merchants to several of the
world's best known global brands. Our solutions enable merchants to simplify
payment and deliver their brand promise.
Learn more at www.ingenico.com twitter.com/ingenico
Contacts / Ingenico Group
Investors Investors Communication
Stéphanie Constand Caroline Alamy Coba Taillefer
VP Investor Relations Investor Relations Manager External Communication
stephanie.constand(at)ingenico.com caroline.alamy(at)ingenico.com Manager
(T) / 01 58 01 85 68 (T) / 01 58 01 85 09 coba.taillefer(at)ingenico.com
(T) / 01 58 01 89 62
Upcoming events
Conference call on H1 2016 results: July 26, 2016 at 6 p.m., Paris time
Q3 2016 revenue: October 26, 2016
EXHIBIT 1
Basis for preparing the 2016 interim financial statements
The consolidated financial statements have been drawn up in accordance with
International Financial Reporting Standards (IFRS). In order to provide
meaningful comparable information, these data have been presented on an adjusted
basis, i.e. restated to reflect the depreciation and amortization expenses
arising on the acquisition of new entities. Pursuant to IFRS3R, the purchase
price for new entities is allocated to the identifiable assets acquired and
subsequently amortized over specified periods.
The main financial data for 2015 has been analyzed on an adjusted basis, i.e.,
before purchase price allocation (PPA). Please see Exhibit 3.
EBITDA is not an accounting term; it is a financial metric defined here as
profit from ordinary activities before depreciation, amortization and
provisions, and before expenses for shares distributed to employees and
officers. The reconciliation of adjusted profit from ordinary operations to
EBITDA is available in Exhibit 3.
EBIT (Earnings Before Interest and Taxes) is equal to profit from ordinary
activities, adjusted for amortization of the purchase price for newly acquired
entities allocated to the identifiable assets acquired.
Free cash flow is equal to EBITDA less: cash and other operating income and
expenses, changes in working capital requirements, investing activities net of
disposals, financial expenses net of financial income, and tax paid (Note 5e in
the exhibit of interim financial statements)
EXHIBIT 2
Income statements, balance sheet, cash flow statements
1. INTERIM CONSOLIDATED INCOME STATEMENTS (REVIEWED)
(in millions of euros) June 30, 2016 June 30, 2015
---------------------------------------------------------------------------
REVENUE 1 133 1 058
Cost of sales (650) (590)
GROSS PROFIT 484 468
---------------------------------------------------------------------------
Distribution and marketing costs (99) (99)
Research and development expenses (87) (70)
Administrative expenses (113) (102)
PROFIT FROM ORDINARY ACTIVITIES 184 197
---------------------------------------------------------------------------
Other operating income 3 0
Other operating expenses (4) (3)
PROFIT FROM OPERATING ACTIVITIES 184 194
---------------------------------------------------------------------------
Finance income 45 60
Finance costs (46) (66)
NET FINANCE COSTS (1) (6)
---------------------------------------------------------------------------
Share of profits in equity-accounted investees (0) 0
PROFIT BEFORE INCOME TAX 183 188
---------------------------------------------------------------------------
Income tax expense (56) (64)
NET PROFIT 127 124
---------------------------------------------------------------------------
Attributable to:
- Ingenico Group SA shareholders 122 122
- non-controlling interests 5 1
EARNINGS PER SHARE (in ?)
---------------------------------------------------------------------------
Net earnings:
- basic earnings per share 2.01 2.03
- diluted earnings per share 1.96 2.02
2. INTERIM CONSOLIDATED BALANCE SHEET (REVIEWED)
ASSETS
(in millions of euros) June 30, 2016 Dec. 31, 2015
--------------------------------------------------------------------------------
Goodwill 1 358 1 351
Other intangible assets 499 509
Property, plant and equipment 54 56
Investments in equity-accounted investees 9 12
Financial assets 12 11
Deferred tax assets 53 49
Other non-current assets 32 31
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 2 016 2 019
--------------------------------------------------------------------------------
Inventories 146 144
Trade and related receivables 477 461
Receivables related to intermediation activities 16 10
Other current assets 31 32
Current tax assets 11 7
Derivative financial instruments 16 10
Funds related to intermediation activities 282 256
Cash and cash equivalents 853 920
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 1 832 1 842
+------------------------------------------------------------------------------+
|TOTAL ASSETS 3 848 3 860|
+------------------------------------------------------------------------------+
EQUITY AND LIABILITIES
(in millions of euros) June 30, 2016 Dec. 31, 2015
--------------------------------------------------------------------------------
Share capital 61 61
Share premium account 766 722
Other reserves 726 682
Translation differences 34 41
Equity for the period attributable to Ingenico
Group SA shareholders 1 588 1 506
--------------------------------------------------------------------------------
Non-controlling interests 6 5
--------------------------------------------------------------------------------
TOTAL EQUITY 1 594 1 511
--------------------------------------------------------------------------------
Non-current borrowings and long-term debt 894 885
Provisions for retirement and benefit obligations 19 17
Other long-term provisions 22 21
Deferred tax liabilities 144 142
Other non-current liabilities 110 98
--------------------------------------------------------------------------------
TOTAL NON-CURRENT LIABILITIES 1 190 1 163
--------------------------------------------------------------------------------
Short-term loans and borrowings 190 287
Other short-term provisions 32 31
Trade and related payables 432 439
Payables related to intermediation activities 298 266
Other current liabilities 96 135
Current tax liabilities 14 28
Derivative financial instruments 3 1
--------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 1 065 1 187
--------------------------------------------------------------------------------
TOTAL LIABILITIES 2 255 2 350
+------------------------------------------------------------------------------+
|TOTAL EQUITY AND LIABILITIES 3 848 3 860|
+------------------------------------------------------------------------------+
3. INTERIM CONSOLIDATED CASH FLOW STATEMENTS (REVIEWED)
(in millions of euros) June 30, 2016 June 30, 2015
-------------------------------------------------------------------------------
Profit for the period 127 124
Adjustments for:
- Share of profit of equity-accounted investees 0 (0)
- Income tax expense/(income) 56 64
- Depreciation, amortization and provisions 44 45
- Change in fair value (6) 0
- Gains/(losses) on disposal of assets (0) 1
- Net interest costs/(revenue) (1) 5
- Share-based payment expense (1) 15 9
Interest paid (11) (13)
Income tax paid (75) (73)
Cash flows from operating activities before change 150 161
in net working capital
-------------------------------------------------------------------------------
inventories (3) (23)
trade and other receivables (25) (41)
trade payables and other payables (41) (17)
Change in net working capital (69) (81)
-------------------------------------------------------------------------------
NET CASH FLOWS FROM OPERATING ACTIVITIES 80 80
-------------------------------------------------------------------------------
Acquisition of non-current assets (27) (28)
Proceeds from sale of tangible and intangible 9 1
fixed assets
Disposal of subsidiaries, net of cash disposed of 3 -
Acquisition of subsidiaries, net of cash acquired (8) -
Loans and advances granted and other financial (2) (4)
assets
Loan repayments received 1 1
Interest received 4 5
-------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES (21) (25)
-------------------------------------------------------------------------------
Purchase/(sale) of treasury shares 0 0
Proceeds from loans and borrowings - 746
Repayment of loans and borrowings (94) (501)
Change in the Group's ownership interests in 1 103
controlled entities
Changes in other financial liabilities (0) 6
Dividends paid to shareholders (34) (31)
Tax on financing activities - (8)
-------------------------------------------------------------------------------
NET CASH FLOWS FROM FINANCING ACTIVITIES (128) 315
-------------------------------------------------------------------------------
Effect of exchange rates fluctuations 3 7
-------------------------------------------------------------------------------
CHANGE IN CASH AND CASH EQUIVALENTS (66) 377
-------------------------------------------------------------------------------
-- --
Cash and cash equivalents at beginning of the year 900 412
Cash and cash equivalents at year end 834 789
June 30, 2016 June 30, 2015
-------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS
Short-term investments and short-term deposits
(only for the portion classed as cash and cash
equivalents) 237 306
Cash and cash equivalents 616 504
Bank overdrafts (19) (22)
-------------------------------------------------------------------------------
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM 834 789
INVESTMENTS
-------------------------------------------------------------------------------
EXHIBIT 3
Impact of purchase price allocation (PPA)
(in millions of euros) H1'16 adjusted excl. PPA PPA impact H1'16
---------------------------------------------------------------------------
Gross profit 490 (6) 484
---------------------------------------------------------------------------
Operating expenses (284) (15) (299)
---------------------------------------------------------------------------
Profit from ordinary activities 206 (21) 184
---------------------------------------------------------------------------
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) H1'16 H1'15
------------------------------------------------------
Profit from ordinary activities 184 197
------------------------------------------------------
Allocated assets amortization 21 25
------------------------------------------------------
EBIT 206 221
------------------------------------------------------
Other D&A and changes in provisions 23 20
Share-based payment expenses 15 8
------------------------------------------------------
EBITDA 244 249
------------------------------------------------------
--------------------------------------------------------------------------------
[1] On a like-for-like basis at constant exchange rates.
[2] EBITDA is not an accounting term; it is a financial metric defined here as
profit from ordinary activities before depreciation, amortization and
provisions, and before expenses for shares distributed to employees and
officers.
[3] Year-on-year.
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[HUG#2030763]
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Datum: 26.07.2016 - 17:52 Uhr
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