Outstanding results in the first half of 2012
Significant growth across all regions
* Very strong increase in H1 2012 revenue to EUR542.3 million, up 23% on
a
reported basis and 16% on a comparable basis[1]
* Proven ability to consolidate Group margins at a high level while
investing
in future sources of growth
* Net profit attributable to shareholders multiplied by 2.9 to a total of
EUR31.5 million
* 2012 outlook confirmed: organic revenue growth of over 8.3% and EBITDA
margin of 18.3% or higher
Paris, July 26, 2012 – Ingenico (Euronext: FR0000125346 – ING) announced
today
its reviewed interim financial statements for the six-month period ended
June
30, 2012.
|H1 2012|H1 2011 H1 2011| H1 2012/H1 2011 change|
Key figures (in| |pro forma restated restat-| |
million euros) | | [2][3] ed 3 | |
| | | |
| | | |
—————+——-+————————–+———————–+
| | | Comparable Reported |
| | | basis basis, |
| | | restated3|
—————+——-+————————–+———————–+
Revenue | 542.3 | 453.9 440.3 | +16.5%1 +23.2% |
—————+——-+————————–+———————–+
EBITDA | 80.0 | 63.5 60.7 | +26.0%2 +31.8% |
| | | |
As a % of | 14.8% | 14.0% 13.8% | +80 bpts +100 bpts|
revenue | | | |
—————+——-+————————–+———————–+
EBIT | 66.4 | 50.1 48.8 | +32.5%2 +36.1% |
| | | |
As a % of | 12.2% | 11.0% 11.1% | +120 bpts +110 bpts|
revenue | | | |
—————+——-+————————–+———————–+
Net Profit | 31.5 | – 11.0 | – +186% |
attributable to| | | |
shareholders | | | |
—————+——-+————————–+———————–+
Philippe Lazare, Chairman and Chief Executive Officer of Ingenico,
commented:
“The outstanding results achieved by Ingenico validate our strategy with
very
strong growth across all regions and business segments in the first half.
In
Payment Terminals, we have been leveraging the high growth in emerging
countries
and a changing competitive landscape. In Transaction Services, as we
forecast,
growth in all segments has supported our shift towards transactions and
services.
We have also consolidated our margins at a high level even as we invest
heavily
in markets and businesses that hold real long-term promise for us,
particularly
in the United States.
Despite the current macroeconomic environment, based on our performance in
the
first half, we can confirm our guidance for 2012 – higher revenue growth
and
profitability than in 2011. Furthermore, in March 2013, we will be
presenting
you with our new medium-term strategic plan.”
H1 2012 financial data
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 IFRS 3 and to IFRS3R, the purchase
price for new entities is allocated to the identifiable assets acquired and
subsequently amortized over specified periods.
As of 2012, foreign exchange gains and losses from translation of
operations
denominated in foreign currency (including the effective portion of any
related
hedging instruments) are now recognized in cost of sales, instead of in net
finance costs. To facilitate comparison, the income statements for the half
year
ended June 30, 2011 and the fiscal year ended December 31, 2011 have been
restated and are available in Exhibit 2.
The main financial data for 2012 is discussed on an adjusted basis, i.e.,
before
Purchase Price Allocation (PPA); see Exhibit 3.
To facilitate the assessment of Ingenico’s performance in 2012, revenue and
key
financial figures for first half 2011 have been restated from January 1,
2011 to
reflect the change in the scope of consolidation which have occurred during
2011 fiscal year (acquisition of TNET, Paycom and XIRING) and the change in
the
recognition of foreign exchange gains and losses arising on translation of
transactions denominated in foreign currency (« pro forma 2011
restated »).
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
Exhibit3).
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.
Key figures
+——————+————————–+————————–+
| | First half 2012 | Q2 2012 |
| +—–+——————–+—–+——————–+
| | EURm | Change 2012/2011 | EURm | Change 2012/2011
| | +———–+——–+ +———–+——–+
| | |Comparable1|Reported| |Comparable1|Reported|
+——————+—–+———–+——–+—–+———–+——–+
|Europe-SEPA |247.2| 12.5% | 15.5% |131.5| 11.5% | 15.2% |
+——————+—–+———–+——–+—–+———–+——–+
|Latin America |91.4 | 21.8% | 16.4% |47.5 | 27.4% | 18.5% |
+——————+—–+———–+——–+—–+———–+——–+
|Asia-Pacific |80.4 | 6.7% | 17.3% |54.4 | 47.8% | 63.9% |
+——————+—–+———–+——–+—–+———–+——–+
|North America |36.7 | 15.3% | 23.3% |20.6 | 15.4% | 26.5% |
+——————+—–+———–+——–+—–+———–+——–+
|EEMEA |38.7 | 23.6% | 22.7% |22.3 | 5.9% | 4.0% |
| | | | | | | |
|Central Operations|47.8 | 48.8% | 177.3% |26.2 | 42.5% | 156.8% |
+——————+—–+———–+——–+—–+———–+——–+
|Total |542.3| 16.5% | 23.3% |302.5| 20.8% | 28.6% |
+——————+—–+———–+——–+—–+———–+——–+
Revenue up 16.5%
In 2011, the Group changed its internal reporting revenue and therefore its
segmental information in order to reflect its new structure more
adequately. As
a consequence, Group created a “Central Operations” division responsible
for
internal development and production work on terminals sold to sales
subsidiaries, as well as businesses operated on an international basis and
monitored at Group level, i.e., TransferTo, XIRING and ROAM Data
(controlled by
Ingenico since February 10, 2012).
Following IAS 18, revenue from certain activities related to transaction
services operated by the Group (TransferTo and “Credit Acquiring” of
easycash)
is presented gross without deducting TransferTo’s payments to operators and
interchange fees paid by easycash for credit acquiring, respectively.
+——————+————————–+————————–+
| | First half 2012 | Q2 2012 |
| +—–+——————–+—–+——————–+
| | EURm | Change 2012/2011 | EURm | Change 2012/2011
| | +———–+——–+ +———–+——–+
| | |Comparable1|Reported| |Comparable1|Reported|
+——————+—–+———–+——–+—–+———–+——–+
|Europe-SEPA |247.2| 12.5% | 15.5% |131.5| 11.5% | 15.2% |
+——————+—–+———–+——–+—–+———–+——–+
|Latin America |91.4 | 21.8% | 16.4% |47.5 | 27.4% | 18.5% |
+——————+—–+———–+——–+—–+———–+——–+
|Asia-Pacific |80.4 | 6.7% | 17.3% |54.4 | 47.8% | 63.9% |
+——————+—–+———–+——–+—–+———–+——–+
|North America |36.7 | 15.3% | 23.3% |20.6 | 15.4% | 26.5% |
+——————+—–+———–+——–+—–+———–+——–+
|EEMEA |38.7 | 23.6% | 22.7% |22.3 | 5.9% | 4.0% |
| | | | | | | |
|Central Operations|47.8 | 48.8% | 177.3% |26.2 | 42.5% | 156.8% |
+——————+—–+———–+——–+—–+———–+——–+
|Total |542.3| 16.5% | 23.3% |302.5| 20.8% | 28.6% |
+——————+—–+———–+——–+—–+———–+——–+
Performance in the first half
In the first half of 2012, revenue totaled EUR542.3 million, up 23.3
percent on a
reported basis. This included a positive foreign exchange impact of EUR9.6
million
and a EUR4.1 million contribution from ROAM Data. Total revenue included
EUR432.9 million generated by the Payment Terminal activity (hardware,
servicing
and maintenance) and EUR109.4 million generated by Transaction Services.
On a comparable basis1, revenue was 16.5 percent above the H1 2011 pro
forma
figure, driven by vigorous expansion in all segments. Sales in emerging
countries and a changing competitive landscape were both factors behind the
strong growth recorded in Payment Terminals (up 12.9
percent). Revenue from Transaction Services also continued to rise (up 33.7
percent) thanks to deployment of easycash in Germany and several
neighboring
countries, Axis services, along with TransferTo activity. Excluding
TransferTo,
organic growth in Transaction Services reached 13.8 percent in the first
half.
All regions contributed to the Group’s overall performance. Ingenico
continued
to leverage growth in emerging countries. The business trend remained
favorable
in Latin America (up 22 percent), EEMEA (up 24 percent) and even
Asia-Pacific
(up 7 percent), following first-quarter figures impacted, as anticipated,
by an
unfavorable basis of comparison with Q1 2011 in China.
In the Europe-SEPA region (up 12.5 percent), Ingenico further increased its
share in the payment terminal market, most notably in the United Kingdom
and in
Central Europe. At the same time, Transaction Services continued to develop
as
easycash and Axis expanded in Europe.
In North America, the Group’s 15 percent growth was driven by strong
business in
the United States (up 53 percent), where the new payment terminal range
incorporating EMV and contactless technology was deployed and terminal
sales to
small merchants through distributor networks and ISOs began to produce
positive
results.
In the first half of 2012, Services, Maintenance and Transactions accounted
for
32 percent of total revenue, with Transactions alone contributing 20
percent, up
300 basis points compared with the reported figure for the first half of
2011.
Performance in the second quarter
In the second quarter of 2012, revenue was EUR302.4 million, up 28.6
percent on a
reported basis. It included a favorable EUR7.2 million foreign exchange
impact and
a EUR3.1 million contribution from ROAM Data. Total revenue included
EUR245.0
million generated by the Payment Terminal activity (hardware, servicing and
maintenance) and EUR57.4 million generated by Transaction Services.
On a comparable basis1, revenue was 20.8 percent above the Q2 2011 pro
forma
figure, fueled by strong dynamic in all segments. Revenue growth in Payment
Terminals accelerated to 18.4 percent1 and continued upward in Transaction
Services (up 32.5 percent1). Excluding TransferTo, organic growth in
Transaction
Services reached 12.2 percent during the quarter.
In the second quarter, Ingenico posted strong organic growth across all
regions.
Performance accelerated in Latin America (up 27.4 percent), particularly in
Brazil, and in Asia-Pacific (up 47.8 percent), with
China
and Southeast Asia showing vigorous growth.
Revenue was up by 11.5 percent in the Europe-SEPA region. Ingenico
continued to
reap the benefits of strong growth, both in the payment terminal market,
where
the Group has successfully leveraged a changing competitive landscape, and
in
payment solutions.
As anticipated, revenue recovered further in North America (up 15.4
percent),
particularly in the United States. Ingenico’s ongoing drive for greater
access
to the small merchant segment should begin to pay off by 2013. The Group
has
signed with the leading distributors (Phoenix Group, POS Portal, Tasq) and
payment terminals started to be certified by large acquirers (Chase
Paymentech,
Vantiv) and Independent Sales Organizations (Saygent, FAPS).
Gross margin up 260 basis points
On a pro forma basis, gross margin increased by 260 basis points to 41.7
percent
in the first half of 2012. The main driver of this performance was the 440
basis-point increase in gross margin in Payment Terminals (hardware,
servicing
and maintenance) to 43.6 percent of revenue, due in large measure to strong
growth and an enhanced product mix in this segment.
As anticipated, gross margin in Transaction Services was 34.6 percent,
compared
with 38.3 percent in H1 2011 on a pro forma basis, reflecting the growth of
TransferTo, which has a dilutive impact on gross margin. Excluding
TransferTo,
gross margin increased by 30 basis points to 44.6 percent in H1 2012.
Higher operating expenses, as anticipated, to support an expanding Group
In the first half of 2012, adjusted operating expenses increased to
EUR160.0
million, up from EUR127.1 million in H1 2011 on a pro forma
basis,
including more than EUR3 million related to companies acquired in 2012.
This increase was primarily attributable to higher sales expenses and
investments in future sources of growth, particularly in the United States
and
in the mobile payment segment. The higher general and administrative
expenses
reflect the move initiated in 2011 to expand support functions at Group and
regional level, as well as Group performance-based expenses. In the first
half,
adjusted operating expenses were equal to 29.5 percent of revenue, i.e.,
150
basis points higher than in H1 2011 (pro forma).
However, the Group believes that after rising sharply over the last 18
months,
operating expenses in the second half should stabilize in absolute value at
close to the level recorded in the first half of 2012.
EBITDA up 26 percent
EBITDA increased by 26 percent to EUR80.0 million, up from EUR63.5 million
in the
first half of 2011 (restated pro forma figures). The EBITDA margin was 14.8
percent of revenue, up by 80 basis points.
EBIT margin up 120 basis points
In the first half of 2012, EBIT increased by 32.5% percent to EUR66.4
million,
compared with EUR50.1 million in H1 2011 (restated pro forma figures). The
EBIT
margin was 12.2 percent of revenue, up by 120 basis points.
Significant growth in profit from operations: 62 percent
In the first half of 2012, Purchase Price Allocation expenses held steady
at
EUR13.6 million. Other operating income and expenses showed net income of
EUR4.2
million, compared with a EUR5.8 million net expense in H1 2011, due in
large part
to the reevaluation of assets and liabilities previously acquired or taken
over
from ROAM Data when Ingenico gained control of that company in February
2012.
After accounting for Purchase Price Allocation expenses and other operating
income and expenses, profit from operations is up by 96 percent to
EUR57.0 million, compared with EUR29.1 million in the first half of 2011 on
a
restated basis. Operating margin increased by 390 basis points to 10.5
percent
of revenue.
Net profit attributable to shareholders multiplied by 2.9 to a total of
EUR31.5 million
In the first half of 2012, net profit attributable to shareholders
increased
significantly to EUR31.5 million, compared with EUR11.0 million in H1 2011,
even
though income tax expense increased from EUR5.1 million in H1 2011 to
EUR16.0
million. The tax rate stood at 31.9 percent[4] in 2012, versus 29.7 percent
in
H1 2011, due primarily to the growing contribution to results from entities
taxed at above the average rate for the Group.
A sound financial position
Total equity attributable to shareholders increased to EUR649.2 million.
Net debt increased from EUR109.7 million at December 31, 2011 to EUR154.6
million at
June 30, 2012.
Cash flow from operating activities totaled EUR6.2 million. Before changes
in
working capital, cash flow from operating activities increased from EUR39.0
million in the first half of 2011 to EUR50.9 million. The negative change
in
working capital to EUR44.7 million primarily reflects a temporary build-up
of
inventory to facilitate rapid response to demand, particularly in emerging
markets, and the remedy of a temporary postponed payment to suppliers.
Cash flow used in investing activities was -EUR38.9 million. This figure
includes
an increase in investments, net of disposals, to a net outflow of -EUR22.4
million, versus a net inflow of -EUR11.9 million in H1 2011, due to
investments in
real estate and Group information systems. Also included are expenditures
of
-EUR20.1 million for acquisitions carried out in the first half (the XIRING
squeeze-out and the move to a controlling interest in ROAM Data in
February).
Cash flow used in financing activities was -EUR6.2 million, including a
cash
dividend distribution of EUR11.5 million in respect of 2011.
Stock
dividends accounted for 55 percent of total dividends, testifying to strong
shareholder confidence.
Ingenico’s financial ratios at June 30, 2012 demonstrate the Group’s sound
financial position. The net-to-equity ratio was 24 percent. The net debt-
to-
EBITDA ratio was 0.8.
2012 outlook confirmed
Based on its performance since the start of the year and with the current
uncertain economic environment, Ingenico confirms its revenue and
profitability
outlook.
The Group should post an organic growth in revenue greater than 8.3 percent
at
constant exchange rates and on a like-for-like basis. This means that on a
reported basis, i.e., including the impact of exchange rates and the
contribution of businesses acquired in 2012, Ingenico expects revenue to
exceed
EUR1.140 billion. The Group reminds that the fourth quarter of 2011
represents a
very high basis of comparison, given that independently of economic
conditions,
revenues in that period were particularly strong in the Europe-SEPA region
and
Latin America.
Ingenico likewise confirms its profitability outlook, with EBITDA margin of
18.3 percent or above, even as the Group continues to invest in future
sources
of growth, most notably in the United States. Operating expenses in the
second
half should stabilize in absolute terms at close to the level recorded in
the
first half of 2012.
CONFERENCE CALL
A conference call to discuss Ingenico’s H1 2012 results will be held on
July
26, 2012 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 17 million
terminals deployed in more than 125 countries. Its 3,600 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.
Next events
Conference call on H1’12 results: July 26 at 6pm (Paris)
Q3’12 revenue: October 24, 2012
EXHIBIT 1:
Income statement, balance sheet, cash flow statement
1. INTERIM CONdensed SOLIDATED INCOME STATEMENT (reviewed)
2. INTERIM CONdensed CONSOLIDATED BALANCE SHEETS (reviewed)
3. INTERIM condensed CONSOLIDATED CASH FLOW STATEMENTS
(reviewed)
EXHIBIT 2:
Impact of evolution of recognition of foreign exchange gains and losses
As of 2012, foreign exchange gains and losses from translation of
operations
denominated in foreign currency (including the effective portion of any
related
hedging instruments) are now recognized in cost of sales, instead of in net
finance costs. The income statements for the half year ended June 30, 2011
and
the fiscal year ended December 31, 2011 have been restated to facilitate
comparison.
(in million H1’11 | Adjust- | H1’11 | | 2011 | Adjust- | 2011 |
euros) | ments | Reported | | | ments | Reported|
reported| | Restated | |Reported| | Restated|
———————-+———+———-+ +——–+———+———+
Revenue 440.3 | – | 440.3 | | 1001.1 | – | 1001.1 |
| | | | | | |
Adjusted gross 172.4 | (2.3) | 170.1 | | 417.1 | (3.9) | 413.2 |
profit | | | | | | |
| | | | | | |
Adjusted | – | | |(262.5) | – | (262.5) |
operating (121.3) | | (121.3) | | | | |
expenses | | | | | | |
———————-+———+———-+ +——–+———+———+
Profit from | (2.3) | | | 154.6 | (3.9) | 150.7 |
ordinary 51.1 | | 48.8 | | | | |
activities, | | | | | | |
adjusted (EBIT) | | | | | | |
———————-+———+———-+ +——–+———+———+
Profit from | (2.3) | | | 110.8 | (3.9) | 106.9 |
operating 31.4 | | 29.1 | | | | |
activities | | | | | | |
———————-+———+———-+ +——–+———+———+
Financial (15.3) | +2.3 | (13.0) | | (30.3) | +3.9 | (26.4) |
result and | | | | | | |
equity method | | | | | | |
———————-+———+———-+ +——–+———+———+
Net profit 16.1 | – | 16.1 | | 80.5 | – | 80.5 |
before tax | | | | | | |
———————-+———+———-+ +——–+———+———+
Net profit 11.0 | – | 11.0 | | 58.0 | – | 58.0 |
———————-+———+———-+ +——–+———+———+
Net profit 11.0 | – | 11.0 | | 56.5 | – | 56.5 |
attributable to | | | | | | |
Shareholders | | | | | | |
———————-+———+———-+ +——–+———+———+
EBITDA 63.0 | (2.3) | 60.7 | | 183.6 | (3.9) | 179.7 |
———————-+———+———-+ +——–+———+———+
EXHIBIT 3:
Impact of purchase price allocation (PPA)
(in millions of euros) H1’12 PPA Impact H1’12 reported
excl. PPA
—————————————————————————
Gross Profit 226.4 (0.6) 225.8
—————————————————————————
Operating expenses (160.0) (13.0) (173.0)
—————————————————————————
Profit from ordinary activities 66.4 (13.6) 52.8
—————————————————————————
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) H1’12 H1’11 pro forma H1’11 reported
restated restated
—————————————————————————
Profit from ordinary 52.8 36.2 34.9
activities
—————————————————————————
Allocated assets 13.6 13.9 13.9
amortization
—————————————————————————
EBIT 66.4 50.1 48.8
—————————————————————————
Other amortization and 12.5 11.0 9.5
provisions for
liabilities
Share based payment 1.1 2.4 2.4
expenses
—————————————————————————
EBITDA 80.0 63.5 60.7
—————————————————————————
EXHIBIT 4:
2011 pro forma key financial figures
To facilitate the assessment of Ingenico’s performance in 2012, revenue and
key
financial figures for 2011 have been restated from January 1, 2011 to
reflect
the group’s scope of consolidation as of January 1 2012 and presented on an
adjusted basis (“2011 pro forma”), i.e. including the change in the scope
of
consolidation which have occurred during 2011 fiscal year: acquisitions of
TNET,
Paycom and XIRING. These figures have been adjusted to the evolution of
recognition of exchange gains or losses arising on translation of
transactions
denominated in foreign currency (« pro forma 2011 restated»). A
net charge of
EUR3.9 millions has been reclassified from net finance costs to cost of
sales.
(in millions of euros) | 2011 reported | 2011 pro forma |
| restated retraité | restated |
————————-+———————–+————————+
Revenue | 1001.1 | 1022.4 |
| | |
Gross profit | 413.2 | 424.8 |
| | |
As a % of revenue| 41.3% | 41.5% |
| | |
Adjusted operating | (262.5) | (272.3) |
expenses | | |
| | |
Adjusted profit from | 150.7 | 152.5 |
ordinary activities | | |
| | |
Adjusted margin on | 15.0% | 14.9% |
ordinary activities | | |
————————-+———————–+————————+
EBITDA | 179.7 | 184.3 |
| | |
As a % of | 17.9% | 18.0% |
revenue | | |
————————-+———————–+————————+
* Group scope as of January 1(st), 2012
Pro forma quarterly revenue:
+——————–+———+———+———+———+———+
| | Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | 2011 |
| | | | | | |
|in millions of euros|pro forma|pro forma|pro forma|pro forma|pro forma|
+——————–+———+———+———+———+———+
|Europe-SEPA | 101.3 | 115.8 | 107.7 | 133.0 | 457.8 |
+——————–+———+———+———+———+———+
|Latin America | 38.5 | 40.1 | 40.5 | 54.3 | 173.4 |
+——————–+———+———+———+———+———+
|Asia-Pacific | 35.4 | 33.2 | 45.2 | 54.0 | 167.8 |
+——————–+———+———+———+———+———+
|North America | 13.5 | 16.3 | 19.4 | 28.3 | 77.5 |
+——————–+———+———+———+———+———+
|EEMEA | 10.7 | 21.4 | 19.3 | 26.0 | 77.4 |
+——————–+———+———+———+———+———+
|Central Operations | 12.6 | 15.1 | 22.1 | 18.8 | 68.6 |
+——————–+———+———+———+———+———+
|Total | 212.0 | 241.9 | 254.2 | 314.4 | 1 022.4 |
+——————–+———+———+———+———+———+
—————————————————————————
—–
[1] On a like-for-like basis at constant exchange rates.
[2] Data restated to reflect the Group’s structure at January 1, 2012.
[3] Data restated to reflect a change in the recognition of exchange gains
or
losses on operations denominated in foreign currency.
[4] Tax rate = income tax expense / (profit before income tax – share of
profits
of associates)
ingenico H1 2012 results:
http://hugin.info/143483/R/1629797/522086.pdf
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