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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Teleperformance SE | TG:RCF | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.08 | 1.25% | 87.40 | 87.24 | 87.52 | 88.72 | 86.24 | 86.52 | 318 | 22:50:06 |
From Jan 2020 to Jan 2025
Regulatory News:
The Board of Directors of Teleperformance (Paris:RCF), the global leader in outsourced multi-channel customer experience management, met today and reviewed the consolidated financial statements for the six months ended June 30, 2013. The Group also announced its financial results for the period.
SUSTAINED GROWTH IN RESULTS
FULL-YEAR OBJECTIVES
INTERIM FINANCIAL HIGHLIGHTS
€ millions H1 2013 H1 2012 % change €1 = US$ 1.31 €1 = US$ 1.29 Revenue1,196.1
1,126.9 + 6.1% EBITDA before non-recurring items 145.4 131.2 + 10.8% % Revenue 12.2% 11.6% EBITA before non-recurring items* 95.9 85.7 + 11.9% % Revenue 8.0% 7.6% Operating profit 83.0 75.3 + 10.3% Net profit – Group share 53.1 45.3 + 17.2% Diluted earnings per share (€) 0.94 0.82 + 14.6%*Earnings before interest, taxes, amortization of acquired intangible assets and non-recurring items
Paulo César Vasques, Chief Executive Officer, Teleperformance Group, said:“We enjoyed sustained growth in business in the first half, with gains of 6.1% as reported and 8.4% like-for-like. This good performance was led by the steady growth in business in the United States and the fast expansion in a large number of markets in Latin America, notably in Brazil, Mexico and Colombia. In Europe, operations in a certain number of countries are gradually continuing to recover in a challenging economic environment.
In this way, we are heightening our global leadership in the outsourced customer experience management market, thanks to the success of a strategy focused on developing our human capital, nurturing high-quality client partnerships and building differentiation on our value added. In this regard, our new Customer Experience (CX) Lab, which opened with state-of-the-art technology in Lisbon last June, will enhance the added value of solutions delivered to clients through proprietary research supporting a multichannel approach in an environment of greater mobility. In addition, the success of our strategy was recently illustrated by a large number of awards, including the “Best Partner Award” for our partnership with Google in the Netherlands and the “Best Place to Work“ awards bestowed on our subsidiaries in Greece, Portugal, China and India.
For 2013, as indicated when our quarterly review was released last May and based on the first-half results, we are raising our full-year revenue growth target to between 5% and 7% on a like-for-like basis. We are maintaining our target for EBITA margin before non-recurring items at between 9.3% and 9.5%.”
FIRST-HALF AND SECOND-QUARTER 2013 REVENUE
CONSOLIDATED REVENUE
Consolidated revenue amounted to €1,196.1 million in the first half of 2013, an increase of 6.1% as reported and of 8.4% at constant scope of consolidation and exchange rates (like-for-like).
The negative currency effect reduced revenue by €23.8 million, reflecting declines against the euro primarily in the Brazilian real (average rate of 2.67 in first-half 2013 vs. 2.41 in first-half 2012) and the Argentine peso (6.73 vs. 5.70) and to a lesser extent in the British pound (0.85 vs. 0.82) and the US dollar (1.31 vs. 1.30).
Consolidated revenue for the second quarter stood at €604.2 million, an increase of 3.3% as reported and of 5.6% like-for-like.
Overall, the Group benefited from a more favorable basis of comparison in the first quarter than in the second, particularly in the Ibero-LATAM region; in 2012, like-for-like growth came to 1.5% in the first quarter and 4.7% in the second.
REVENUE BY REGION
First-half 2013 revenue was primarily shaped by the strong growth in business in the Ibero-LATAM region, especially in Mexico, Brazil, Colombia and Portugal, and in the English-speaking market & Asia-Pacific region, particularly the United States.
The fast growing Ibero-LATAM and English-speaking market & Asia-Pacific regions continued to increase their relative contribution to the revenue stream, which rose to 71.0% from 69.4% in first-half 2012, whereas the Continental Europe & MEA region’s contribution declined to 29.0% from 30.6% a year earlier.
€ millions 2013 2012 % change Reported Like-for-like FIRST-HALF English-speaking market & Asia-Pacific 454.8 422.3 + 7.7% + 9.7% Ibero-LATAM 394.4 359.7 + 9.7% + 14.5% Continental Europe & MEA 346.9 344.9 + 0.6% + 0.8% TOTAL 1,196.1 1,126.9 + 6.1% + 8.4% SECOND QUARTER English-speaking market & Asia-Pacific 224.2 214.2 + 4.7% + 7.7% Ibero-LATAM 202.5 191.7 + 5.6% + 9.3% Continental Europe & MEA 177.4 179.2 - 1.0% - 0.7% TOTAL 604.1 585.1 + 3.3% + 5.6% FIRST QUARTER English-speaking market & Asia-Pacific 230.6 208.1 + 10.8% + 12.1% Ibero-LATAM 191.9 168.0 + 14.2% + 20.1% Continental Europe & MEA 169.5 165.7 + 2.3% + 2.3% TOTAL 592.0 541.8 + 9.3% + 11.5%Compared with the prior year, regional revenue rose by 7.7% as reported and 9.7% like-for-like in the first half and by 4.7% as reported and 7.7% like-for-like in the second quarter alone.
Revenue rose steadily in the United States, thanks in particular to low prior-year comparatives.
Business in the Asia-Pacific region is being driven by expansion in China, led by the ramp-up of recent contracts signed with multinational clients.
Compared with the prior year, regional revenue rose by 9.7% as reported and 14.5% like-for-like in the first half and by 5.6% as reported and 9.3% like-for-like in the second quarter alone.
The negative currency effect primarily reflected the depreciation of the Brazilian real and the Argentine peso against the euro.
The region’s leading countries all contributed to the substantial growth recorded in the first half.
Trends remained very positive in the local Brazilian market and in Mexico, where demand is being lifted both by offshore services covering North America and by the development of the local market.
Business in Colombia was very strong ; it also benefited from a shift in business from Chile.
The good performance delivered in Portugal reflected the sustained success of the multilingual hubs offering, which is seamlessly aligned with the needs of large accounts seeking to simplify their customer service strategy in Europe. During the first half, the Portuguese operations also benefited from a shift in business from the Continental Europe & MEA region.
The difficult economic environment in Argentina continued to weigh on the local subsidiary’s business in the first half.
The slowdown in regional growth in the second quarter was primarily attributable to the less favorable comparison with the first quarter in Spain and Brazil. In particular, last year, operations in Spain saw a significant increase in business volumes with the start-up of a major new contract in the second quarter.
In the first half, regional revenue was almost unchanged year-on-year, with an increase of just 0.6% as reported and 0.8% like-for-like. In the second quarter, it eased back by a slight 1.0% as reported but remained roughly stable like-for-like (down 0.7%).
The overall stability reflected situations that varied by country. Performance remained satisfactory in Turkey, Greece and the Netherlands, where the Group has multilingual hubs, as well as in Eastern Europe. In Italy, growth gained momentum starting in the second quarter.
Despite an intense marketing drive, business in France continues to be impacted by the persistently difficult environment in the telecommunications industry. Political instability in Egypt weighed on business volumes in the second quarter and the Nordic countries continued to stall after a good year in 2012.
FIRST-HALF 2013 RESULTS
Consolidated EBITDA before non-recurring items rose by 10.8% to €145.4 million in the first half, representing 12.2% of revenue versus 11.6% in the prior-year period.
EBITA before non-recurring items stood at €95.9 million, up 11.9% from the €85.7 million reported in first-half 2012. EBITA margin before non-recurring items widened to 8.0% from 7.6% a year earlier, in line with the Group’s annual target for margin improvement.
EBITA BEFORE NON-RECURRING ITEMS BY REGION – EXCLUDING HOLDINGS
€ millions H1 2013 H1 2012English-speaking market & Asia-Pacific
39.8
40.8
% Revenue 8.8% 9.7%
Ibero-LATAM
44.6
39.8
% Revenue 11.3% 11.1%
Continental Europe & MEA
0.4
(3.7)
% Revenue 0.1% - 1.1%
Total – including holdings
95.9
85.7
% Revenue 8.0% 7.6%The English-speaking markets & Asia-Pacific region continues to deliver high EBITA margin before non-recurring items, despite the negative currency effect on the cost resulting from the weak US dollar against the Philippine peso.
Despite strong growth, margin in the Ibero-LATAM region improved to 11.3% from 11.1% in first-half 2012. This good performance was led by a positive shift in the country mix within the region, with a steep climb in nearshore business in Mexico and Colombia, and by the strict cost discipline demonstrated while developing the business in Brazil. On the other hand, the specific environment in Argentina had a negative impact on regional margins, which prompted the Group to reduce its exposure to the country. As part of this process, an impairment loss was recognized on the Argentine assets during the first half.
The Continental Europe & MEA region has now returned to breakeven.
Non-recurring items represented a net expense of €5.5 million for the period, as follows:
After these non-recurring items and the amortization of intangible assets – which amounted to €7.3 million (of which €3.0 million in Argentina) compared with €4.4 million in first-half 2012 – operating profit stood at €83.0 million for the period, up 10.3% year-on-year.
Net financial expense came to €4.1 million, versus €4.6 million in first-half 2012.
Income tax expense amounted to €25.7 million, corresponding to an effective tax rate of 32.6%, versus 34.9% in first-half 2012.
Minority interests declined to €0.1 million from €0.7 million in the year-earlier period, following the sustained buyback of shares in TLS and the Turkish subsidiary.
As a result, net profit attributable to shareholders rose by 17.2% to €53.1 million from €45.3 million in first-half 2012, while diluted earnings per share gained 14.6% to €0.94 from €0.82.
CASH FLOWS AND FINANCIAL STRUCTURE
Cash flow before tax rose by 20.2% year-on-year, to €140.9 million from €117.2 million in first-half 2012. After tax, it stood at €101.7 million, up 18.1%.
Consolidated working capital requirement decreased by €33.1 million, compared with a €25.2-million decrease in first-half 2012, reflecting the significant growth in the Group’s operations during the period.
Net capital expenditure amounted to €56.5 million, or 4.7% of revenue, versus €41.5 million and 3.7% in first-half 2012. Reflecting the Group’s focus on organic growth in recent months, these investments were primarily committed to create or expand centers serving fast growing markets, in Latin America, the United States and the Philippines.
In light of this substantial growth capex, free cash flow ended the period at €12.1 million versus €19.5 million in first-half 2012.
After the payment of €16.5 million in dividends and the buyback of non-controlling interests as part of the Group’s ongoing integration, net cash stood at 62.3 million at June 30, 2013. The Group’s financial structure therefore remains very solid, with equity of €1,389.0 million at June 30, 2013.
DEVELOPMENTS AND AWARDS
In the first half of 2013, Teleperformance continued to deploy its strategy focused on driving organic growth in its business, developing its human capital, nurturing the quality of its client partnerships and building differentiation through value added.
Most of the new sites have emerged in areas Ibero-LATAM and English & Asia-Pacific region. Among the major expansions and site openings in the first-half year :
FULL-YEAR OUTLOOK
As indicated last May during the release of first-quarter revenue figures and based on the first half results, Teleperformance has raised its full-year 2013 revenue growth target and now expects to report between a 5% and 7% increase on a like-for-like basis.
The Group maintains its initial objective of improving EBITA margin before non-recurring items to between 9.3% and 9.5%.
VIDEO WEBCAST WITH ANALYSTS AND INVESTORS
Date: July 30, 2013 at 6:15 p.m. (CEST)Presentation materials will also be available on the Teleperformance website (www.teleperformance.com).
INVESTOR CALENDAR
November 7, 2013: Third-quarter 2013 revenue
ABOUT TELEPERFORMANCE GROUP
Teleperformance, the worldwide leader in outsourced multichannel customer experience management, serves companies around the world with customer care, technical support, customer acquisition and debt collection programs. In 2012, it reported consolidated revenue of €2,347 million ($3,028 million, based on €1 = $1.29). The Group operates more than 100,000 computerized workstations, with 138,000 employees across more than 270 contact centers in 46 countries. It manages programs in more than 66 languages and dialects on behalf of major international companies operating in a wide variety of industries.
Teleperformance shares are traded on the NYSE Euronext Paris market, Eurolist-Compartment A, and are eligible for the deferred settlement service. They are included in the following indices: SBF 120, STOXX 600 and France CAC Mid & Small. Symbol: RCF - ISIN: FR0000051807 - Reuters: ROCH.PA - Bloomberg: RCF FP
For further information, please visit the Teleperformance website at www.teleperformance.com.
CONSOLIDATED STATEMENT OF INCOME
€ thousands
H1 2013 H1 2013 Revenues1 196 155
1 126 913
Other revenues5 196
4 634
Personnel-848 633
-799 940
Share-based payments-3 984
-6 039
External expenses-200 724
-193 704
Taxes other than income taxes-6 775
-6 311
Depreciation and amortization-49 498
-45 492
Amortization of intangible assets acquired as part of a business combination-4 288
-4 422
Impairment loss on goodwill-3 000
Change in inventories 8 -406 Other operating income1 742
6 741
Other operating expenses-3 141
-6 690
Operating profit83 058
75 284
Income from cash and cash equivalents 608 725 Interest on financial liabilities-4 594
-2 719
Net financing costs-3 986
-1 994
Other financial income10 601
23 833
Other financial expenses-10 692
-26 417
Financial result-4 077
-4 578
Profit before taxes78 981
70 706
Income tax-25 751
-24 699
Net profit53 230
46 007
Net profit - Group share53 090
45 290
Net profit attributable to non-controlling interests -140 -717 Basic earnings per share (in €)0,96
0,82
Diluted earnings per share (in €)0,94
0,82
CONSOLIDATED BALANCE SHEET
€ thousands
ASSETS June 30, 2013 December 31, 2012 Non-current assets Goodwill696 930
711 918
Other intangible assets84 183
88 423
Property, plant and equipment277 634
274 964
Financial assets26 763
26 981
Deferred tax assets41 450
36 304
Total non-current assets1 126 960
1 138 590
Current assets Inventories 78 61 Current income tax receivable35 614
38 516
Accounts receivable - Trade483 173
479 628
Other current assets92 738
82 997
Other financial assets12 154
12 677
Cash and cash equivalents152 876
170 362
Total current assets776 633
784 241
Total assets1 903 593
1 922 831
EQUITY AND LIABILITIES June 30, 2013 December 31, 2012 Shareholder's equity Share capital143 150
141 495
Share premium575 727
556 181
Translation reserve-2 321
17 415
Other reserves669 463
661 257
Equity attributable to owners of the companyholders of the parent
1 386 019
1 376 348
Non-controlling interests2 938
6 079
Total shareholder's equity1 388 957
1 382 427
Non-current liabilities Long-term provisions7 328
6 639
Financial liabilities18 556
13 914
Deferred tax liabilities48 147
47 310
Total non-current liabilities74 031
67 863
Current liabilities Short-term provisions12 013
14 814
Current income tax19 325
32 221
Accounts payable - Trade77 692
80 483
Other current liabilities259 614
268 573
Other financial liabilities71 961
76 450
Total current liabilities440 605
472 541
Total equity and liabilities1 903 593
1 922 831
CONSOLIDATED CASH FLOW STATEMENT
€ thousands
Cash flows from operating activities H1 2013 H1 2012 Net profit - Group share53 090
45 290
Net profit attributable to non-controlling interests 140 717 Income tax expense25 751
24 699
Depreciation and amortization53 838
49 914
Impairment loss on goodwill3 000
Change in provisions-1 806
-7 509
Share-based payments3 984
6 039
Unrealized gains and losses on financial instruments3 032
-2 199
Income tax paid-39 181
-30 973
Other -92 205 Internally generated funds from operations101 756
86 183
Change in accounts receivable - trade-5 854
-22 052
Change in accounts payable - trade-12 046
2 295
Changes in other accounts-15 245
-5 432
Change in working capital requirements relating to operations-33 145
-25 189
Net cash flow from operating activities68 611
60 994
Cash flows from investing activities Acquisition of intangible assets and property, plant and equipment-57 214
-42 194
Loans and advances made-48
-4 243
Proceeds relating to disposals of intangible assets and property,plant and equipment 687 679 Proceeds from disposals of other non-current assetsof
1 162
11 Net cash flow from investing activities-55 413
-45 747
Cash flows from financing activities Proceeds from the issue of share capital 392 Acquisition of treasury shares 599 199 Changes in ownership interest in controlled entities-11 164
-4 948
Dividends paid to parent company shareholders-25 488
Dividends paid to non-controlling interests -72 -119 Proceeds from new borrowings6 460
95 345
Repayment of borrowings-23 752
-88 955
Net cash flow from financing activities-27 929
-23 574
Change in cash and cash equivalents-14 731
-8 327
Effect of exchange rates on cash held3 568
1 560
Net cash at January 1160 379
147 073
Net cash at June 30149 216
140 306
NB: half year financial statements at 30 June 2012 and 30 June 2013 have been subject to limited audit review.
TELEPERFORMANCE GROUPINVESTOR AND PRESS RELATIONSQUY NGUYEN-NGOC, Tel: + 33 1 53 83 59 87quy.nguyen@teleperformance.com
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