Outstanding operating and financial performance
- Annual revenue of €1.607 billion driven by double-digit growth
across all regions and all business segments (up 19%[1])
- EBITDA[2] at a historic high - 23.4% of revenue
- Profit attributable to Ingenico S.A. shareholders up 43% to
€172 million[3]
- Free cash flow up 44% to €255 million
- Proposed dividend of €1, up 25%
Acceleration of the Group transformation
strategy
- New brand platform reflecting the Group's evolving profile and
ambition
- Acquisition of GlobalCollect, leading full-service e-payment
provider
- At the cutting edge of development and innovation with Telium
Tetra and Ingenico Labs
2015
guidance: sustained profitable growth
- Organic growth of c. 10% on a like-for-like basis at constant
exchange rates
- EBITDA margin of c. 21%, including in particular GlobalCollect
contribution on a full year basis
Ingenico Group (Euronext: FR0000125346 - ING)
announced today its fourth-quarter 2014 revenue and its audited
financial statements for the year ended December 31, 2014.
Philippe Lazare, the Chairman and CEO of Ingenico
Group, commented: "In 2014, our strategy yielded excellent results,
generating outstanding operating and financial performance. Our
multi-local footprint, combined with the breadth of our integrated
payment solutions offer and our innovation capability, delivered
double-digit growth across all regions and all business segments in
which we operate. This past year also saw the acceleration of our
transformation strategy, as illustrated by our new brand platform
that highlights Ingenico Group's presence across the entire payment
value chain and our unique position in the industry. The
combination between Ogone and GlobalCollect - whose acquisition we
finalized in the fourth quarter - has given us the opportunity to
establish a global e-payment player, thus extending our in-store
payment services leadership to the e-commerce ecosystem. Our aim is
to continue to simplify payment for our customers around the world
and across all channels: in-store, online and mobile. With a new
organization in place, we feel confident about our ambition for
profitable growth in 2015."
2014 results
Key figures
To facilitate assessment of the Group's
performance, the key consolidated financial figures for 2014 are
compared here with pro forma figures and adjusted, with effect from
January 1, 2013, to reflect the deconsolidation of TransferTo
carried out in 2013. The 2013 pro forma data also reflect the
reclassification of indirect R&D costs in the Payment Services
business as operating expenses to achieve uniform accounting for
R&D costs throughout the Group. See Exhibit 1.
(in millions of euros) |
2014* |
2013 pro forma3 |
2013 reported |
FY 2014 Change/ |
|
|
|
|
2013 pro forma3 |
2013 reported |
Revenue |
1,607 |
1,301 |
1,371 |
+19%[1] |
+17% |
Adjusted
gross profit |
735 |
604 |
600 |
+22% |
+23% |
As a
% of revenue |
45.7% |
46.4% |
43.8% |
-70bpts |
+190bpts |
Adjusted
operating expenses |
(411) |
(369) |
(361) |
+11% |
+14% |
As a % of revenue |
-25.6% |
-28.3% |
-26.4% |
-270 bpts |
- 80 bpts |
Profit from
ordinary activities, adjusted (EBIT) |
324 |
235 |
239 |
+38% |
+36% |
As a % of revenue |
20.2% |
18.1% |
17.4% |
+210bpts |
+280 bpts |
Profit from operating activities |
273 |
192 |
187 |
+42% |
+46% |
Net profit |
172 |
119 |
113 |
+45% |
+52% |
Net profit attributable to shareholders |
172 |
120 |
114 |
+43% |
+51% |
EBITDA |
377 |
276 |
279 |
+37% |
+35% |
As a % of revenue |
23.4% |
21.2% |
20.3% |
+220bpts |
+310bpts |
|
|
|
|
|
|
Free cash
flow |
255 |
- |
177 |
|
+44% |
Net debt |
764 |
- |
296 |
|
+158% |
Equity attributable to shareholders |
1,076 |
- |
767 |
|
+40% |
*Fiscal year 2014 includes the contribution of
GlobalCollect as of October 1, 2014.
The key 2014 financial figures impacted by the
contribution of GlobalCollect are presented in Exhibit 3.
Revenue up 19%
|
FY 2014 |
Q4 2014 |
M€ |
Change 2014/2013 |
M€ |
Change 2014/2013 |
Comparable*1 |
Reported |
Comparable*1 |
Reported |
Europe-SEPA |
581 |
10% |
-2%** |
163 |
15% |
0%** |
Asia Pacific |
291 |
21% |
21% |
84 |
17% |
24% |
Latin America |
204 |
17% |
8% |
61 |
68% |
65% |
North America |
177 |
47% |
43% |
52 |
17% |
24% |
EMEA |
247 |
23% |
106% |
64 |
11% |
94% |
Central Operations*** |
107 |
48% |
3% |
100*** |
37% |
317% |
Total |
1,607 |
19% |
17% |
524 |
21% |
43% |
* Reflecting the new regional breakdown and the
disposal of TransferTo as of January 1, 2013 ** Based on 2013
revenue including the contribution of Italy and Eastern Europe in
Europe-SEPA *** Including TransferTo disposal as of December 1st,
2013 and GlobalCollect acquisition as of October 1st, 2014 within
Central Operations
Performance in the fourth quarter
In the fourth quarter of 2014, revenue totaled €524
million, representing a 43% increase on a reported basis and
included a positive foreign exchange impact of €1 million and a €95
million contribution from GlobalCollect. Total revenue included
€356 million generated by the Payment Terminal business and €168
million generated by Payment Services.
Performance by business segment
On a comparable basis1, revenue was 21% above the
Q4 2013 figure. The 20% growth achieved in Payment Terminals
reflected stronger-than-expected global sales activity,
particularly in the United States, Brazil and China, with increased
traction of technologically advanced solutions such as EMV, NFC,
mPOS mobile checkout. Growth in Payment Services was up 23%,
driven by solid sales momentum in all segments, particularly in
sales of acquiring solutions in Germany.
During Q4, GlobalCollect achieved a stronger 13%
organic growth. With the company now connected to UnionPay
International (a subsidiary of China UnionPay), its customers can
reach out to Chinese consumers via their e-commerce website.
Including GlobalCollect's contribution, Payment
Services would have achieved organic growth of 18% and accounted
for 32% of consolidated revenue, with 21% generated by e-payments
(up 13 %).
Performance by region
During the quarter, the various regions globally
delivered higher-than-expected growth. Revenue growth accelerated
in Europe-SEPA, thanks to strong business dynamic across all
segments. Group delivered large payment terminal orders to banks,
particularly in France, and to large retailers in Germany. At the
same time, the Group stepped up deployment of its payment service
strategy across all channels. With more than 335 million
transactions processed in December 2014, Ingenico Group recorded
strong transaction volume growth in Europe-SEPA, both in-store (up
14 %) and online (up 25 %). At 68 %, the Group's
higher-than-expected growth in Latin America was attributable to
deliveries of large orders for portable terminals and mPOS
solutions in Brazil, and further enhanced by a favorable basis of
comparison with Q4 2013. Sales momentum likewise remained strong in
Asia-Pacific (up 17 %) - above all in China and Indonesia - and in
North America (up 17 %), where the Group continued to reap the
benefits of vigorous growth across all U.S. market segments
(greater than 50 %). Moving beyond Tier 1 retailers, Ingenico Group
stepped up deployment of its EMV and NFC solutions for independent
merchants following the launch of ApplePay in the US market.
Lastly, the Group has continued to enjoy strong 11% growth in EMEA,
supported by the spread of contactless solutions in Central Europe,
Poland and Turkey, its dense distribution network and its direct
access to the Russian market.
Performance for the year
In 2014, revenue totaled €1,607 million,
representing a 17% increase on a reported basis, including a
negative foreign exchange impact of €37 million and a €95 million
contribution from GlobalCollect on the fourth quarter. Total
revenue included €1,259 million generated by the Payment Terminal
business and €348 million generated by Payment Services.
Performance by business segment
On a comparable basis1, revenue growth was 19 %
higher than in 2013, due to double-digit growth in both segments.
The 20% growth recorded in Payment Terminals reflected the
Group's multi-local footprint and the accelerated deployment of
EMV, NFC (contactless) and mPOS solutions. Revenue of Payment
Services (excluding GlobalCollect) showed a 6-point increase to
17 %, due to strong momentum in online payment (with the
former Ogone growing 20 %) and the up-selling of new services to
Ingenico Payment Services customers (for example, acquiring
services in Germany).
Including GlobalCollect's contribution (9%
organic growth) for the fiscal year, Payment Services would have
achieved organic growth of 13% and accounted for 32% of
consolidated revenue, with 22% generated by e- payments (€397
million growing organically by 11%).
Performance by region
The Group recorded double-digit organic growth in
all regions on a comparable basis1. In Europe-SEPA, Ingenico Group
consolidated its payment terminal market leadership, while further
deploying its payment services strategy combining in-store, online
and mobile solutions. As anticipated, the Group has continued to
record a strong growth in North America (up 47%) based on its
active involvement with EMV and NFC solutions deployment in the
United States (up 50%) and delivery ahead of schedule of a large
order in Canada. The Group has also continued to expand strongly in
the emerging markets, with double-digit revenue growth driven by
the deployment of new technology (EMV, NFC and mPOS solutions).
Ingenico Group has confirmed its leading position in its key
markets, particularly in Brazil and China, which accounted for one
third of the total group terminal sales volume in 2014. Lastly,
strong growth also continued in other emerging markets through
greater direct presence (particularly in Indonesia, Mexico and
Russia) and an increasingly dense commercial network, above all in
the EMEA region (up 23%).
Adjusted gross margin high at 45.7%
In 2014, adjusted gross profit for the year rose to
€735 million, including a €31 million contribution from
GlobalCollect in the fourth quarter.
Excluding GlobalCollect's contribution in Q4, gross
profit for the full year would have been €704 million, a 17%
increase compared with 2013 pro forma figure.3 Gross margin was
equal to 46.5% of revenue, up 10 basis points compared to the 2013
pro forma basis.3
This performance is mainly driven by a 90
basis-point increase in gross margin in Payment Terminals
(equipment, services and maintenance) to a historic high of 47%,
supported by a combination of outstanding growth in this segment
and procurement cost optimization.
Excluding GlobalCollect's contribution in the
fourth quarter, 2014 gross margin in Payment Services would be
equal to 44.3% of revenue, or 380 basis points lower than the 2013
pro forma basis3, notably due to the Group's product mix and the
dilutive impact of acquiring services in Germany.
Including GlobalCollect's contribution, full
year 2014 adjusted gross profit would have amounted to €807
million, equal to 43.7% of revenue.
Operating expenses under control at 25.6% of
revenue
Adjusted operating expenses in 2014 totaled €411
million, including a €9 million contribution from GlobalCollect in
the fourth quarter.
Excluding the impact of GlobalCollect in Q4,
adjusted operating expenses rose 9% in 2014 to €403 million,
up from €369 million in 2013 on a pro forma basis.3 This increase
was due primarily to the higher sales, general and administrative
expenses that have accompanied the Group's expansion. Operating
expenses represented 26.6% of revenue, or 170 basis points lower
than the 2013 pro forma figure.3 Ingenico Group has continued to
invest in future sources of growth, above all in R&D, with the
rollout of its new Telium Tetra platform and its evolving online
platforms.
Including GlobalCollect's contribution, adjusted
operating expenses for the full year would have amounted to €446
million, representing 24.2% of revenue.
EBITDA at a historic high - 23.4% of
revenue
In 2014, EBITDA stood at €377 million, including a
€24 million contribution from GlobalCollect in the fourth
quarter.
Excluding the impact of GlobalCollect in Q4, EBITDA
for the full year increased by 28% to €353 million, up from
€276 million in 2013 on a pro forma basis3. The EBITDA margin -a
historic high- increased by 220 basis points to 23.4 % of
revenue.
GlobalCollect's EBITDA margin in the fourth quarter
was equal to 25% of revenue. This exceptionally high result
reflected the impact of the US dollar appreciation, foreign
exchange gains at a time of high volatility of emerging market
currencies, as well as reversals of accruals. On a full-year
basis, GlobalCollect's EBITDA totaled €62 million, representing 18%
of revenue.
Including GlobalCollect's contribution for the
full year, the Group's EBITDA would have amounted to €415 million,
equal to 22.5% of consolidated revenue.
Adjusted EBIT margin of 20.2%
In 2014, adjusted EBIT stood at €324 million,
including a €23 million contribution from GlobalCollect in the
fourth quarter.
Excluding the impact of GlobalCollect in Q4,
adjusted EBIT for the full year increased by 28% to
€301 million, up from €235 million in 2013 on a pro forma
basis.3 The EBIT margin was 19.9% of revenue, up 180 basis
points.
Including GlobalCollect's contribution, Group's
EBIT for the full year would have amounted to €361 million, equal
to 19.6% of consolidated revenue.
Profit from operations up 42%
Other operating income and expenses represented a
net expense of -€18 million, up from - €14 million in 2013 on
a pro forma basis3, with increased expenses related to the
acquisition and integration of new entities. Purchase Price
Allocation expenses held fairly steady at €32 million (including €6
million related to GlobalCollect in Q4), versus €30 million in
2013. After accounting for Purchase Price Allocation and other
operating income and expenses, profit from operations totaled €273
million, a 42% increase compared with the €192 million pro forma
figure for 2013.3 Operating margin increased by 220 basis points to
17% of revenue.
Profit attributable to Ingenico S.A.
shareholders up 43%
In 2014, the net profit attributable to Ingenico
S.A. shareholders grew to €172 million, up sharply from the 2013
pro forma3 basis of €120 million. The net finance costs included in
this result remain relatively flat at -€19.5 million, despite a
sharp increase in net debt related to issuance of a fixed rate bond
of €450 million maturing in 2021 and a new syndicated line of €600
million. Income tax expense rose from €56 million3 in 2013 to €81
million. As of the December 31, 2014 reporting date, the effective
tax rate was down 130 basis points to 31.8%, due mainly to the
evolution of the geographical mix.
Proposed dividend of €1 per share, up
25%
In line with the Group's dividend policy, the Board
of Directors will be proposing that the shareholders vote at their
Annual Meeting of May 6, 2015 to distribute a dividend of €1 per
share, representing a payout ratio of 35%. Dividends will be
payable in cash or in shares, at the option of the holder.
A stronger financial position
Total equity attributable to Ingenico S.A.
shareholders increased to €1.076 billion.
In 2014, Ingenico Group's operations generated free
cash flow of €255 million, up from €177 million in 2013. This
improvement is mainly attributable to the increase in EBITDA and
continued control over working capital, which showed a €40 million
surplus despite significant increase of Group's business activity
(up 19%). At the same time, Ingenico Group stepped up its
investments. Investing activity net of disposals totaled €51
million, compared with €40 million in 2013, as the Group rolled out
its new integrated global Telium Tetra offer and upgraded its
online platforms.
The main cash outflows in 2014 totaled €722
million, up from €398 million in 2013. The €820 million outflow for
the GlobalCollect acquisition was the primary contributor.
Accordingly, as of December 31, 2014, the Group's
net debt stood at €764 million, up from €296 million as of
December 31, 2013. OCEANE bonds constituted a large proportion of
that total. Moreover, most of the outstanding bonds were redeemed
early on January 15, 2015, generating the issuance of a total of
6,770,902 shares.
After accounting for this early redemption, the
Group's net debt was €653 million, while the net debt-to-equity
ratio stood at 55% and the net debt-to-EBITDA ratio was 1.7x
(or 1.6x including GlobalCollect's contribution on a full-year
basis).
A transformation strategy in action
A new brand platform / Breadth and depth of the
Group's integrated offer
In order to reflect its evolution from a payment
terminals provider to the leader in seamless payment, Ingenico now
operates under the dedicated corporate brand name "Ingenico Group."
Encompassing three brand names - Smart Terminals, Payment Services
and Mobile Solutions - the new brand architecture showcases the
Group's brand promise to provide trusted, seamless, secure
solutions whatever the channel, be it in-store, online or mobile,
in today's changing payment landscape.
Integration of GlobalCollect / Creation of an
e-payments business unit
Completed in September 2014, the acquisition of
GlobalCollect represents a significant step in the implementation
of Ingenico Group's transformation strategy and its accelerated
shift to a payment services-based business model.
As a result, the Group's online
("card-non-present") payment transaction business, which reached
European scope through the acquisition of Ogone in 2013, has been
extended to include worldwide fully integrated e-payments. These
two entities have been merged into a single e-payments business
unit with a common culture and workforce, so that they can leverage
the complementarity of their offers. This will be particularly
valuable in assisting Ogone customers with the challenge of
achieving international reach. Headed by Stephen Büchner, the new
business unit will also help accelerate the GlobalCollect
integration process and expand the Group's online payment business
around the world.
Innovation / The launch of numerous
initiatives
Innovation is a core component of the Group's
strategy of supporting merchants in a changing commerce environment
through initiatives focused on usage. In addition to
business-related innovations - such as Telium Tetra - the Group has
announced its plan to establish Ingenico Labs, an advanced R&D
unit dedicated to next-generation solutions. The purpose is to
strengthen the capacity for innovation across the Group so that new
solutions and services can be tested more swiftly in real-world
conditions and then developed to keep pace with emerging payment
habits. In 2014, for example, Ingenico Group developed France's
first "one-click" donation process and also the first contactless
donation with screen advertising. At the same time, Ingenico Group
is partnering with venture capital firm Partech with the launch of
Partech Growth, a fund providing late-stage funding to tech and
digital startups. The aim of this investment is to foster the
sharing of ideas, experience and expertise. It is also likely to
lead to new partnerships.
Executive Committee appointments / Encompassing
the Group's new scope
In January 2015, Ingenico Group announced new
appointments to its Executive Committee to reflect the evolution of
its business scope and the retirement of Patrice Durand. Now
composed of fourteen members - three of them from GlobalCollect -
the Executive Committee has operational responsibilities
(e-payment, platforms, smart terminals), geographic
responsibilities (Europe & Africa; Asia-Pacific & Middle
East; North America; Latin America) and transverse responsibilities
(Innovation; Finance; Strategy; Human Resources and Risks). The
Group is now organized into four regions to capitalize on specific
knowledge of local payment issues and strong customer
relationships. Lastly, Pierre-Antoine Vacheron has been appointed
EVP, Finance, Strategy & Performance. He will be in charge of
driving the transformation of the Group and maintaining growth
dynamics.
2015 outlook
With its unique positioning in a structurally
growing electronic payment market, Ingenico Group has entered 2015
with full confidence.
In this early portion of the year, the business
trend is encouraging. After the outstanding performance of its
Payment Terminals business in 2014 (20% organic growth), the Group
expects revenue to grow by roughly 10% over the pro forma revenue
figure for 2014, which is €1.846 billion (including the
contribution of GlobalCollect, whose acquisition was completed on
September 30, 2014) on a comparable basis at constant exchange
rates.
In 2015, the Group also expects its EBITDA margin
to be around 21%, reflecting the evolution of its product and
geographical mix and ongoing investment.
Finally, the Group would like to point out that,
after GlobalCollect acquisition, 2016 revenue target is now
expected over €2.2 billion[4], with an EBITDA margin of more than
20%.
Conference call
A conference call to discuss Ingenico Group's FY 2014 results
will be held on February 18, 2015 at 6.00p.m., Paris time. Dial-in
number: 01 70 99 32 08 (French domestic), +1 334 323
6201 (for the United States) and +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 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
statements are by their nature subject to risks and uncertainties
as described in Ingenico Group 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
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.
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
& Communication Catherine Blanchet VP IR & Communication
Corporate catherine.blanchet@ingenico.com (T) / +33 1 58 01 85
68 |
Communication Coba Taillefer External Communications Manager
coba.taillefer@ingenico.com (T) / +33 1 58 01 89 62 |
Investors
Caroline Alamy Investor Relations caroline.alamy@ingenico.com (T) /
+33 1 58 01 85 09 |
Next events
Conference call on FY14 results: February 18 2015
at 6pm (Paris) Q1'15 revenue: April 29, 2015 Annual General
Meeting: May 6, 2015
EXHIBIT 1 Basis for preparing the 2014
accounts
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 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 2014 is discussed on an
adjusted basis, i.e., before Purchase Price Allocation (PPA); see
Exhibit 4.
(in
millions of euros) |
2013 pro forma before reclassification |
reclassification |
2013 pro forma3 |
Adjusted gross profit /
Terminal |
500 |
- |
500 |
As a of revenue |
46.1% |
|
46.1% |
Adjusted gross profit / Payment
Services |
93 |
11 |
104 |
As
a of revenue |
43.0% |
|
48.0% |
Adjusted gross profit |
593 |
11 |
604 |
As
a of revenue |
45.6% |
|
46.4% |
Research & Development |
(94) |
(11) |
(105) |
Sales & Marketing |
(119) |
- |
(119) |
General
& Administrative |
(145) |
- |
(145) |
Adjusted operating expenses |
(358) |
(11) |
(369) |
As
a of revenue |
-27.5% |
|
-28.3% |
To facilitate assessment of the Group's
performance, the key consolidated financial figures for 2014 are
compared here with pro forma figures and adjusted, with effect from
January 1, 2013 ("pro forma 2013"), to reflect the deconsolidation
of TransferTo, carried out in 2013, and the reorganization of the
Group's operating segments. The 2013 pro forma data also reflect
the reclassification of specific R&D costs related to the
Group's Services platforms as operating expenses to achieve uniform
accounting for R&D costs throughout the Group.
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 (the reconciliation of
profit from ordinary operations to EBITDA is available in
Exhibit4).
EBIT 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.
EXHIBIT 2: Income statement, balance
sheet, cash flow statement
1. CONSOLIDATED INCOME STATEMENT
(AUDITED)
(in
millions of euros) |
2014 |
2013 |
|
|
|
|
|
|
Revenue |
1
607 |
1
371 |
Cost of
sales |
(877) |
(771) |
|
|
|
Gross
profit |
730 |
600 |
|
|
|
Distribution and marketing costs |
(157) |
(143) |
Research
and development expenses |
(115) |
(102) |
Administrative expenses |
(166) |
(146) |
|
|
|
Profit from ordinary activities |
291 |
208 |
|
|
|
Other
operating income |
1 |
1 |
Other
operating expenses |
(19) |
(22) |
|
|
|
Profit from operating activities |
273 |
187 |
|
|
|
Finance
income |
48 |
36 |
Finance
costs |
(68) |
(54) |
|
|
|
Net
finance costs |
(20) |
(18) |
|
|
|
Share of
profit of equity-accounted investees |
(1) |
(0) |
|
|
|
Profit before income tax |
252 |
169 |
|
|
|
Income
tax expense |
(81) |
(56) |
|
|
|
Profit for the period |
|
113 |
|
|
|
Attributable to: |
|
|
-
owners of Ingenico SA |
172 |
114 |
-
non-controlling interests |
0 |
(1) |
|
|
|
EARNINGS PER SHARE (in euros) |
|
|
Net
earnings |
|
|
- Basic earnings per share |
3.16 |
2.17 |
- Diluted earnings per share |
2.94 |
2.07 |
2. CONSOLIDATED BALANCE SHEETS
(AUDITED)
ASSETS |
|
|
(in
millions of euros) |
2014 |
2013 |
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
Goodwill |
1 343 |
849 |
Other
intangible assets |
545 |
180 |
Property, plant and equipment |
52 |
39 |
Investments in equity-accounted investees |
14 |
14 |
Financial assets |
7 |
9 |
Deferred
tax assets |
41 |
34 |
Other
non-current assets |
28 |
25 |
TOTAL
NON-CURRENT ASSETS |
2 028 |
1 150 |
|
|
|
CURRENT ASSETS |
|
|
Inventories |
118 |
102 |
Trade
and related receivables |
426 |
349 |
Scheme
debtors |
2 |
- |
Other
current assets |
35 |
30 |
Current
tax receivables |
9 |
7 |
Derivative financial instruments |
11 |
1 |
Merchant
float |
308 |
- |
Cash and
cash equivalents |
426 |
352 |
Assets
classified as held for sale |
- |
- |
TOTAL
CURRENT ASSETS |
1 337 |
841 |
|
|
|
TOTAL ASSETS |
3 365 |
1 991 |
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
Share
capital |
57 |
53 |
Share
premium account |
575 |
426 |
Retained
earnings and other reserves |
417 |
298 |
Translation reserve |
24 |
(11) |
EQUITY ATTRIBUTABLE TO INGENICO S.A. SHAREHOLDERS |
1
074 |
765 |
Non-controlling interests |
2 |
1 |
TOTAL EQUITY |
1 076 |
767 |
|
|
|
NON-CURRENT LIABILITIES |
|
|
Long-term loans and borrowings |
1 036 |
560 |
Provisions for retirement benefit obligations |
18 |
11 |
Other
provisions |
25 |
16 |
Deferred
tax liabilities |
119 |
49 |
Other
non-current liabilities |
36 |
25 |
TOTAL
NON-CURRENT LIABILITIES |
1
234 |
660 |
|
|
|
CURRENT LIABILITIES |
|
|
Short-term loans and borrowings |
154 |
88 |
Other
provisions |
18 |
15 |
Trade
and related payables |
413 |
328 |
Merchant
creditors |
310 |
- |
Other
current liabilities |
126 |
111 |
Current
tax liabilities |
29 |
18 |
Derivative financial instruments |
4 |
4 |
Liabilities classified as held for sale |
- |
- |
TOTAL
CURRENT LIABILITIES |
1
055 |
564 |
|
|
|
TOTAL LIABILITIES |
2 289 |
1 224 |
|
|
|
TOTAL EQUITY AND LIABILITIES |
3 365 |
1 991 |
3. CONSOLIDATED CASH FLOW STATEMENTS
(AUDITED)
(in
millions of euros) |
2014 |
2013 |
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
Profit
for the year |
172 |
113 |
Adjustments for: |
|
|
· Share
of profit of equity-accounted investees |
1 |
0 |
· Income
tax expense / (income) |
81 |
56 |
·
Depreciation, amortization and provisions |
79 |
71 |
· Change
in fair value |
4 |
3 |
· Gains
/ (losses) on disposal of assets |
1 |
2 |
· Net
interest costs |
15 |
17 |
Share-based payment expense |
10 |
7 |
Interest
paid |
(16) |
(16) |
Income
tax paid |
(93) |
(82) |
CASH
FLOWS FROM OPERATING ACTIVITIES BEFORE CHANGE IN NET WORKING
CAPITAL |
255 |
171 |
Change
in working capital |
|
|
·
Inventories |
(10) |
(5) |
· Trade
and other receivables |
(28) |
(37) |
· Trade
and other payables |
77 |
81 |
CHANGE IN NET WORKING CAPITAL |
40 |
38 |
NET
CASH FLOW FROM OPERATING ACTIVITIES |
295 |
209 |
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
Acquisition of tangible and intangible fixed assets |
(52) |
(40) |
Proceeds
from sale of tangible and intangible fixed assets |
1 |
1 |
Acquisition of subsidiaries, net of cash acquired |
(800) |
(368) |
Disposal
of subsidiaries, net of cash disposed of |
6 |
9 |
Loans
and advances granted and other financial assets |
(1) |
(2) |
Loan
repayments received |
3 |
2 |
Interest
received |
10 |
7 |
NET
CASH FLOW FROM (USED IN) INVESTING ACTIVITIES |
(833) |
(392) |
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds
from share capital issues |
0 |
0 |
Purchase/(sale) of own shares |
1 |
(1) |
Proceeds
from loans and borrowings |
1.041 |
275 |
Repayment of loans and borrowings |
(386) |
(108) |
Change
in the Group's ownership interests in controlled entities |
(15) |
(3) |
Changes
in other financial liabilities |
(5) |
2 |
Changes
in the fair value of hedging instruments |
- |
0 |
Dividends paid |
(20) |
(12) |
NET
CASH FLOW USED IN FINANCING ACTIVITIES |
615 |
152 |
Effect
of exchange rates fluctuations |
5 |
(11) |
CHANGE IN CASH AND CASH EQUIVALENTS |
83 |
(42) |
|
|
|
Cash and
cash equivalents at beginning of the year |
329 |
371 |
Cash and
cash equivalents at year end (1) |
412 |
329 |
|
|
|
(1) CASH AND CASH EQUIVALENTS |
|
|
Marketable securities and short-term deposits (only portion
classified as cash) |
67 |
87 |
Cash on
hand |
359 |
265 |
Bank
overdrafts (included in short-term borrowings) |
(15) |
(23) |
TOTAL
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS |
412 |
329 |
EXHIBIT 3 2014 pro forma key financial
data
To facilitate assessment of the Group's performance
from January 1, 2015 onward, consolidated revenue and the key
consolidated financial figures for 2014 have been restated, with
effect from January 1, 2014, to reflect the acquisition of
GlobalCollect completed on September 30, 2014 ("2014 pro forma")
and presented on an adjusted basis (restated to reflect Purchase
Price Allocation expenses recognized on acquisitions and
divestitures).
(in
millions of euros) |
2014 pro forma |
2014 reported |
Revenue |
1,846 |
1,607 |
Adjusted gross profit |
807 |
735 |
As a % of revenue |
43.7% |
45.7% |
Adjusted operating expenses |
(446) |
(411) |
As
a % of revenue |
-24.2% |
-25.6% |
Profit from ordinary activities,
adjusted (EBIT) |
361 |
324 |
As
a % of revenue |
19.6% |
20.2% |
Profit
from operating activities |
290 |
273 |
Net
profit |
177 |
172 |
Net profit
attributable to shareholders |
177 |
172 |
EBITDA |
415 |
377 |
As
a % of revenue |
22.5% |
23.4% |
*
EXHIBIT 4 :
Impact of purchase price allocation
(PPA)
(in millions of euros) |
2014 excl. PPA |
PPA impact |
2014 reported |
Gross profit |
735 |
(5) |
730 |
Operating expenses |
(411) |
(27) |
(438) |
Profit from ordinary activities |
324 |
(32) |
292 |
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) |
2014 |
2013 pro forma3 |
2013 reported |
Profit from ordinary activities |
292 |
205 |
208 |
Allocated assets amortization |
32 |
30 |
30 |
EBIT |
324 |
235 |
239 |
Other
amortization and provisions for liabilities |
44 |
34 |
34 |
Share based payment expenses |
9 |
7 |
7 |
EBITDA |
377 |
276 |
279 |
[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 amortization, depreciation and provisions and before
expenses of shares distributed to employees and officers
[3] Excluding the contribution of TransferTo
(disposed of in December 2013) and including the reclassification
of indirect R&D costs in the Payment Services business as
operating expenses.
[4] At comparable FX vs. 2012
ingenico-group-full-year-results.pdf
http://hugin.info/143483/R/1895543/672227.pdf
HUG#1895543
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