INGENICO
Paris : ING

July 26, 2012 12:11 ET

INGENICO: H1 2012 Results

NEUILLY-SUR-SEINE, FRANCE--(Marketwire - Jul 26, 2012) -



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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Source: INGENICO via Thomson Reuters ONE [HUG#1629797]

Contact Information

  • INGENICO - Investor Relations
    Catherine Blanchet
    Investor Relations Director
    Email Contact
    +33 1.58.01.85.68

    INGENICO - Corporate Communication
    REmi Calvet
    VP Communication
    Email Contact
    +33 1.58.01.80.80