Edenred : First-half 2020 results presentation

H1 2020 RESULTS

July 27, 2020

EXECUTIVE SUMMARY (1/2)

Edenred, a digital champion with strong business and financial fundamentals to overcome the Covid-19 crisis

• A strong growth profile with a robust financial position
• A global player, operating in 46 countries, on vastly underpenetrated markets
• A tech leader, delivering relentless innovation around specific-purpose payment solutions
• 250+ solutions covering essential needs: Eat, Move, Care, Pay
• An agile organization, with local corporate entrepreneurs operating on the ground, supported by e-Quarter's scaling champions and technology experts

H1 2020: strong Group resilience, and sharp rebound in June in Europe

• Total revenue of €696m, down 4.8% like-for-likeand 10.4% as reported due to a negative currency impact (-6.1%)
• Operating revenue of €675m, down 4.6% like-for-like,reflecting +6.6% in Q1 and -15.4%in Q2
• A sharp improvement in June with operating revenue down 9% like-for-like after -19% in April and -18% in May
• EBITDA: €255m, down 12.8% like-for-likeand 17.8% as reported
• FCF generation of €113m vs. €(13)m in H1 2019 due to a temporarily longer float retention time
• Net profit, Group share: €100m

All like-for-like and currency impact figures are excluding Venezuela and based on proforma 2019 figures that include a classification change for revenue recognition in Brazil	2
(neutral impact over the full year). See the appendix, page 39.

EXECUTIVE SUMMARY (2/2)

FY 2020 outlook

• Continued gradual recovery in H2, particularly in Europe, while still some uncertainties in Latin and North America: year-on-year like-for-likemonthly operating revenue growth >0% at some stage in H2 2020
• Confirmation of €100m cost savings/avoidance plan and selective downward adjustments of 2020E capital expenditure

FY 2020 EBITDA estimate1	FY 2020 leverage
between €540m and €610m	< 2.8x EBITDA

Edenred, a digital champion well positioned for the "post-Covid" world

• A crisis accelerating the need for earmarked funds to fulfill essential needs
• An agile organization combined with a technology platform allowing the Group to seize business opportunities
• Strong financials to pursue our product and technology investment strategy

Capacity to rebound quickly thanks to a resilient business model, strengthened digital leadership, the accelerated deployment of earmarked funds programs, and an ambitious product and technology investment strategy

1. Based on an assumption of an average BRL/EUR exchange rate for the second half of the year equal to the closing spot rate on June 30, 2020.

3

Agenda

1. H1 2020 Highlights
2. H1 2020 Results
3. 2020 Outlook

4

SHARP IMPROVEMENT IN JUNE DRIVEN BY THE GRADUAL END OF LOCKDOWNS AND SHORT-TIME WORK SCHEMES IN EUROPE

Group total operating

revenue like-for-like change

March April May June

-0.5%

-9%

-19%-18%

• Overall resilience thanks to digital business continuity, launch of new initiatives around earmarked funds and products' focus on essential needs: Eat, Move, Care, Pay
• Fast recovery in Europe since June, in line with the gradual easing of lockdown rules:
• • Phase-outof short-time work schemes
  • Ability to move again
  • Higher spending volume at merchants' stores
• Americas still highly impacted as Covid had still not peaked as of end-June

5

SEAMLESS BUSINESS CONTINUITY THANKS TO AGILE TEAMS AND DIGITAL SOLUTIONS

86%

+9pts

of total Edenred business

volume was digital in H1 2020

in Employee Benefits digital adoption in Europe vs. H1 2019

• Close to 100% of Edenred employees have been able to work from home
• Digital ensures good business and usage continuity - digital loading of clients' and users' accounts, launch of plastic-freesolutions in some countries (e.g. Spain, Finland)
• Solutions fitting home/remote working requirements, e.g.:
• • Increased flexibility at lunch time vs. on-site cafeteria
  • Digital fleet managers' platform to monitor drivers' expenses vs. processing paper receipts and invoices
  • Digital B2B payment automation platform vs. faxing paper checks

6

STRONG RAMP-UP OF APP-TO-APP PAYMENTS (MEAL DELIVERY PLATFORMS)

x2

60

number of transactions vs. H1 2019

partnerships live in 6 countries

through Edenred Digital Payment Services

• Fast ramp-up of app-to-app payment in Brazil with the launch of Uber Eats, iFood and Rappi:
  600k transactions since go live in March 2020
• High adoption rate in France, with 30% of Ticket Restaurant card users logged in Edenred Digital Payment Services (EDPS)
• Continued development with an ambitious roadmap for H2 2020 and 2021, both for new products and for new geographies

7

INNOVATIVE FOOD SOLUTIONS TO REPLACE SCHOOL OR OFFICE CAFETERIA

Two illustrations of specific purpose food programs

An innovative e-voucher system to replace free lunches for UK pupils

• A digital payment solution giving access to a large food network built in 2 weeks
• 1.3 million British pupils as beneficiaries
• £15 per week per eligible child to be spent on food in a dedicated supermarket network
• Initial project for April, first extension until end-June, now extended to the end of August

Launch of a new food benefits program in the USA

• A corporate meal card program to increase employers' attractiveness and improve workers' productivity and wellbeing by securing a budget for food
• Particularly relevant for remote workers and when on-sitefood services are not available
• No tax break
• First client: Spotify (launch date: August 2020)

8

ENSURING AN EFFICIENT ECONOMIC RECOVERY VIA SPECIFIC-PURPOSE SOLUTIONS

Boosting the tourism sector and promoting a green recovery

New holiday benefits in Greece to relaunch local tourism industry

• • Since March 2020, up to €300 per employee, to be used in a filtered network of local travel agents, hotels, restaurants
  • Tax exempted benefit
• Existing holiday benefits programs in Romania, Slovakia

Reconciling environmentally friendly behaviors and economic recovery

• Strong performance of Ticket Ecochèque in Belgium in Q2 (to stimulate green consumption: 1kg CO2 saved per €1 spent)
• Roll-outof the existing range of benefits dedicated to sustainable mobility (USA, UK, Belgium, Finland) in France last March with the launch of Ticket Mobilité
• • Ticket Mobilité: up to €400 per year per employee (tax exempt)
    to pay for mobility (e.g. bicycle purchase and maintenance, public transportation)

9

ACTIVE MANAGEMENT OF P&L AND CASH FLOWS

P&L

• Topline rolling forecast by country and by solution
• €100m opex savings/avoidance plan for full- year 2020 vs. budget, to mitigate Edenred's sensitivity to the consequences of Covid-19 epidemic
• Well on track to reach the €100m cost savings/avoidance target in 2020

Cash flows

• Increased float in H1 2020 as a result of longer retention time due to lockdown measures
• Intended capital expenditure for 2020 revised downward, without compromising the Group's capacity for technological innovation or growth
• Float retention time to return to normal in H2 as users start to spend their funds again at merchants' stores
• No risk to the Group's liquidity and strong financial position with BBB+ Strong Investment Grade rating confirmed by Standard & Poor's last May

10

SUPPORTING EDENRED'S ECOSYSTEM: MORE THAN EVER RELIEF PLAN

Up to €15 million committed to mitigate the consequences of the Covid-19 epidemic on Edenred's ecosystem

An agile bottom-up approach

• A selection of 63 initiatives out of more than 100 proposals from local country managers to:
• • Protect Edenred employees, notably in countries with lower healthcare coverage
  • Support merchants (e.g. restaurant owners) and professional users (e.g. truck drivers)
  • Support scientific research to find a cure for Covid-19
• Initiatives throughout all Edenred countries

Illustrations

• Strengthening health insurance coverage in some Latin
  American countries
• Stimulating consumption in restaurants, e.g.:
• • Participation in HORECA Comeback initiative in Belgium
  • "Let's Eat Out" marketing campaign in Central Europe
• Supporting essential needs for professional users
• • Access to sanitary facilities for European truckers
  • Free online health consultations for Brazilian truckers

11

Agenda

1. H1 2020 Highlights
2. H1 2020 Results
3. 2020 Outlook

12

H1 2020 OPERATING REVENUE

H1 2020 down 4.6% L/L (of which -15.4% in Q2) and down 10.2% as reported

	Q2 2020	H1 2020
	€292m	€675m
REPORTED	-23.4%	-10.2%
Scope	+0.3%	+0.4%
Currency	-8.2%	-6.0%
LIKE-FOR-LIKE	-15.4%	-4.6%
	€381m	€751m
	Q2 2019	H1 2019

L/L OPERATING REVENUE CHANGE

14.2%	14.6%	13.2%	13.6%	13.9%
					6.6%
									-4.6%
						-15.4%
Q1 19	Q2 19	Q3 19	Q4 19	FY 19	Q1 20		Q2 20	H1 20

13

H1 2020 OPERATING REVENUE BREAKDOWN PER BUSINESS LINE

	EMPLOYEE	FLEET & MOBILITY	COMPLEMENTARY
	BENEFITS	SOLUTIONS	SOLUTIONS
					Corporate
					Payment Services
% OF H1 2020 GROUP	61%	26%	13%		Incentive
OPERATING REVENUE		& Rewards
					Public Social
					Programs
	€412m	€173m	€90m
H1 2020 OPERATING REVENUE CHANGE
LIKE-FOR-LIKE	-8.7%	-1.4%	+11.0%
REPORTED	-12.9%	-10.7%	+6.1%

14

H1 2020 OPERATING REVENUE - EMPLOYEE BENEFITS

Temporary impact from furlough measures and delayed merchant revenue

€412m	-8.7%
	L/L
in H1 20	-12.9%
as reported

L/L operating revenue change

13.0%
	3.2%
			-8.7%
		-20.6%
FY 19	Q1 20	Q2 20	H1 20

During the lockdown

• Temporary impact from short-timeworking (benefit allowance calculated based on the number of actual days worked)
• Delayed merchant revenue due to limited traffic in- store

After the lockdown

• Client fees: recovery led by end of furlough measures
• Merchant fees: recovery fueled by traffic rebound in reopened stores

15

H1 2020 OPERATING REVENUE - FLEET & MOBILITY SOLUTIONS

Mixed effects from stay-at-home requirements on heavy and light fleet segments

€173m	-1.4%
	L/L
in H1 20	-10.7%
as reported

L/L operating revenue change

15.8%	12.8%
			-1.4%
		-14.3%
FY 19	Q1 20	Q2 20	H1 20

During the lockdown

• Heavy fleet solutions (trucking business) more resilient than light fleet solutions (mostly vans and small trucks)

After the lockdown

• Progressive rebound in heavy fleet solutions
• Fast rebound in light fleet solutions as soon as stay-at- home measures were eased
• Pursued innovation strategy, e.g. launch of a new fleet management platform in Europe in H1

16

H1 2020 OPERATING REVENUE - COMPLEMENTARY SOLUTIONS

New specific purpose programs and stronger appetite for digital secured Corporate Payment solutions leading to 11% L/L operating revenue growth in H1

€90m

in H1 20

+11.0%	 Strong performance of new specific purpose programs to
L/L	combat Covid impacts, e.g.:
+6.1%
▪ Free school meals program in the UK
as reported

• Covid-19voucher relief program in Italy

L/L operating revenue growth

14.9%	12.1%		11.0%
	9.9%

• • NGO-fundedfood cards in Brazil
  • Childcare programs for caregivers in France
• Increased attractiveness of digital corporate payment services, as an alternative to paper-based solutions, e.g.:

				▪	CSI B2B platform
				▪	Virtual card issuing
FY 19	Q1 20	Q2 20	H1 20	▪	Identified IBAN

17

H1 2020 OPERATING REVENUE BREAKDOWN PER REGION

REST OF THE WORLD	EUROPE
9%	+3.5% L/L	61%	-3.5% L/L
+1.0% as reported	-2.6% as reported

LATIN AMERICA

30% -8.1% L/L

-24.5% as reported

% of H1 2020 Group operating revenue	18

H1 2020 OPERATING REVENUE - EUROPE

Strong rebound in June, particularly in France

€411m	-3.5%
	L/L
in H1 20	-2.6%
as reported

L/L CHANGE

	Q1 20	Q2 20	H1 20
France	+2.0%	-31.3%	-13.5%
Rest of Europe	+7.8%	-5.9%	+0.8%
Total Europe	+5.9%	-13.1%	-3.5%

France

• One of the hardest hit countries by stay-at-home and short- time working measures in April and May
• Strong rebound in June, as client orders returned to positive territory
• Employee Benefits: merchant revenue still delayed in June, but situationimproving thanks to a daily spending cap revised up from €19 to €38 in restaurants:
• • Averagedigital transaction value in restaurants is up 50% in June vs pre-Covid situation
• Fleet & Mobility: positive performance in June vs last year

Rest ofEurope

• Employee Benefits: mixed situations with gradual recovery, at different levels from one country to another depending on timing and conditions of the lockdown easing

• Fleet & Mobility: on-going recovery in Continental Europe, while TRFC is still impacted by the lockdown in the United Kingdom

19

H1 2020 OPERATING REVENUE - LATIN AMERICA

Peak of Covid crisis not yet reached at end-June

€203m	-8.1%
	L/L
in H1 20	-24.5%
as reported

L/L CHANGE

	Q1 20	Q2 20	H1 20
Brazil	+7.1%	-22.2%	-8.2%
Hispanic Latin America	+0.6%	-16.0%	-8.0%
Total Latin America	+5.2%	-20.4%	-8.1%

Brazil

• Peak of Covid crisis not yet reached at end-June
• Employee Benefits impacted notably by closed restaurants. Fast adoption rate of meal delivery platform

app-to-app payment solutions

• Fleet & Mobility: better resilience of heavy fleet vs. light fleet solutions, reinforced by positive effects from a particularly good harvest season
• Negative retail fuel price effect in H1

Hispanic Latin America

• An overall lack of control of the spreading epidemic
• Mexico strongly impacted by epidemic and negative retail fuel price effect in Fleet & Mobility Solutions

20

H1 2020 OTHER REVENUE

Higher float more than offset by lower interest rates and strong negative currency effect from Latin America

OTHER REVENUE

€21m in H1 20

vs. €26m in H1 19

• Higher float in H1 2020 vs. H1 2019 due to extended Employee Benefits retention time
• Lower interest rates worldwide, especially in non-Eurozone and non-European countries
• Negative currency effects in Latin America

Other revenue in €m	H1 2020	H1 2019	Reported	L/L change
change
Latin America	11	15	-20.3%	-5.3%
Europe	8	8	-6.5%	-6.2%
Rest of the World	2	3	-40.1%	-34.9%
Total	21	26	-18.4%	-9.2%

21

FLOAT INVESTMENT POLICY

A FLOAT MAINLY GENERATED IN EUROPE

Regional breakdown of the float

A CAUTIOUS INVESTMENT POLICY

	Centralized cash management
	Investment in money market instruments

REST OF THE WORLD

~5%

EUROPE ~80%

	in local currency only (bank term deposits
	with no risk on capital)
	No float transfer between currencies
	(natural hedge)
	Optimized maturity management policy

LATIN AMERICA

<15%

 Diversified and high-standard

counterparties

22

H1 2020 TOTAL REVENUE

H1 organic resilience hindered by negative FX changes in Latin America

	Q2 2020	H1 2020
	€301m	€696m
REPORTED	-23.6%	-10.4%
Scope	+0.3%	+0.4%
Currency	-8.3%	-6.1%
LIKE-FOR-LIKE	-15.5%	-4.8%
	€394m	€777m
	Q2 2019	H1 2019

TOTAL REVENUE DETAILS (IN €M)

	H1 20	H1 19	Reported	L/L
	change	change
Operating revenue	675	751	-10.2%	-4.6%
Other revenue	21	26	-18.4%	-9.2%
Total revenue	696	777	-10.4%	-4.8%

CURRENCY EFFECTS (IN €M)

BRL	(36)
MXN	(5)
Other currencies	(6)
Total impact	(47)

23

H1 2020 EBIT: €192M

High seasonality of operating leverage this year, with encouraging signs of a

rebound and a €100m cost savings/avoidance plan that should pay off in H2

In € millions	H1 2020	H1 2019	Reported	L/L
change	change
Operating revenue	675	751	-10.2%	-4.6%
Other revenue (A)	21	26	-18.4%	-9.2%
Total revenue	696	777	-10.4%	-4.8%
EBITDA	255	310	-17.8%	-12.8%
EBITDA margin	36.7%	39.9%	-3.3pts	-3.4pts
Operating EBIT (B)	171	223	-23.4%	-18.7%
Operating EBIT margin	25.3%	29.7%	-4.4pts	-4.4pts
EBIT (C)=(A)+(B)	192	249	-22.8%	-17.7%
EBIT margin	27.6%	32.0%	-4.4pts	-4.4pts

Cost dynamics

• Increased cost base in Q1 vs. 2019 against a backdrop of double-digitgrowth until mid-March
• Fast response with a €100m cost savings/avoidance plan vs. budget, designed via a bottom-upapproach
• Well on track to reach the €100m cost savings/avoidance target in 2020

24

H1 2020 EBIT: €192M, DOWN 18% L/L AND 23% AS REPORTED

High seasonality of profitability in 2020, and particularly negative currency effects

H1 2019 EBIT	Operating revenue	Other revenue	Changes in	Currency	Venezuela	H1 2020 EBIT
L/LΔ: €(35)m	scope	effect

€(42)m		€(2)m		€6m	€(19)m

€0m

€249m

€192m

25

H1 2020 NET PROFIT

Net profit, Group share at €100m

	H1 2020	H1 2019		Reported
In € millions		change
EBITDA	255	310		-17.8%
D&A excluding PPA	(43)	(43)
PPA	(20)	(18)
EBIT	192	249		-22.8%
Share of net profit from equity-accounted companies	6	6
Other income and expenses	(13)	(12)
Operating profit including share of net profit from equity	185	243
accounted companies
Net financial expense	(15)	(14)
Income tax expense	(57)	(69)
Net profit attributable to non-controlling interests	(13)	(14)
Net profit, Group share	100	146		-31.4%

Mainly comprising technology asset write-offs

26

EBITDA TO FCF

A business model ensuring profitable growth and cash generation

	H1 2020	H1 2019
In € millions
EBITDA	255	310
Funds from operations (FFO)	207	264
Increase/(Decrease) in cash linked to changes in float	313	(256)
Decrease in WCR, excl. float	135	148
Increase in restricted cash	(489)	(132)
Recurring capex	(53)	(37)
Free cash flow (FCF)	113	(13)

• H1 2020 float increase due to higher prepaid solutions retention time
• Float retention time to return to normal by the end of the year
• H1 capex reflects ongoing technology development during the period
• H2 2020E capex < H2 2019 level

27

NET DEBT AT JUNE 30, 2020: €1,501M

A lower net debt thanks to high level of cash flow generation in H2 2019, strong business resilience and longer float retention in H1 2020

June 30, 2019				Currency effects	June 30, 2020
Free cash flow	Acquisitions	Shareholder return	and other non-
Net debt position	Net debt position
			recurring items

Of which:

• Paid dividends: €(73)m, of which €(13)m paid to non-controlling interests
• • • Capital increase: €2m
  • Purchase of treasury shares: €(80)m

€(1,630)m

€(24)m

€(151)m

€526m

Of which:

• EBV, Mint portfolio, Benefit Online acquisitions

• Exercise of UTA put option (positive impact)

€(1,501)m

€(222)m 1

Of which €(194)m currency effects

1. Does not include an amount of €157 million corresponding to the fine issued by France's antitrust authority, which will be paid in first-quarter 2021.	28

A ROBUST FINANCIAL POSITION

High level of liquidity and solid balance sheet

• €4.6bn cash, cash equivalents and restricted funds on balance sheet
• €1.5bn short-term financing options :
• • undrawn revolving credit facility of €750m
  • Commercial paper authorization of €1bn with €750m from short-term NEU CP (of which €228m was used as of end-June2020) and €250m from medium-term NEU MTN
• No financial covenants
• June: a new €600m 9-yearbond issue paying a record low interest rate for an Edenred bond (1.375%) - increasing debt maturity while optimizing cost of debt

Strong Investment Grade rating

• BBB+ rating, Outlook stable confirmed by
  Standard & Poor's last May
• No major reimbursements before 2024

											750
																NEW
	233							500		500	500	500		600
			33
	250		233	37
		121
	2020		2021	2022	2023			2024		2025	2026	2027	2028	2029
				NEU CP and other			Bonds				Schuldschein loan
				Undrawn revolving			Convertible bonds			BRL bank loan
				credit facility

29

Agenda

1. H1 2020 Highlights
2. H1 2020 Results
3. 2020 Outlook

30

FY 2020 OUTLOOK - OPERATING REVENUE

H2 2020: Continued gradual recovery in Europe, and still some uncertainties in the Americas

Employee Benefits

• Some delayed user spending in H1 will generate merchant revenue in H2
• Ongoing positive effects of innovation and digitalization process in Europe
• Latam still impacted by lockdown measures in Q3

Fleet & Mobility

• Continued gradual recovery in Europe
• Latam still impacted by lockdown measures in Q3

Complementary Solutions

• Further contribution from new specific-purpose programs
• Corporate Payment still impacted in some specific verticals in North America (travel, hospitality, media)

L/L monthly operating revenue growth > 0% vs. LY at some stage in H2 2020

31

FY 2020 OUTLOOK - PROFITABILITY

Continued gradual recovery in H2 2020 combined with the €100m cost savings/avoidance plan will have a positive impact on operating leverage

FY 2020 EBITDA estimate1

between €540m and €610m

1. Based on an assumption of an average BRL/EUR exchange rate for the second half of the year equal to the closing spot rate on June 30, 2020.

32

FY 2020 OUTLOOK - CASH FLOW

H2 2020

• Gradual business recovery
• Float retention time to return to normal after a longer retention time in H1 due to lockdowns
• Further negative FX impact on the float
• Capex in H2 2020 < H2 2019
• Limited M&A transactions

FY 2020 leverage

< 2.8x EBITDA

33

A DIGITAL CHAMPION WITH STRONG FUNDAMENTALS TO OVERCOME

THE CURRENT CRISIS, WELL POSITIONED FOR THE "POST-COVID" WORLD

Edenred' strong business and financial fundamentals

• A strong growth profile with a robust financial position
• A global player, operating in 46 countries, on vastly underpenetrated markets
• A tech leader, delivering relentless innovation around specific-purpose payment solutions
• 250+ solutions covering essential needs: Eat, Move, Care, Pay
• An agile organization, with local corporate entrepreneurs operating on the ground, supported by e-Quarter's scaling champions and technology experts

Seize business opportunities and pursue the product and technology investment strategy

• Front-lineron markets experiencing fast-paced digitalization: shift from paper to card, ramp-upof innovative digital features such as app-to-apppayment, contactless payment
• Leverage our platform and innovation capabilities to launch efficient specific-purpose programs
• • Help corporates gain efficiency and attractiveness
  • Support governments in providing efficient and targeted stimulus to the economy
• Pursue our ambitious technology and product innovation strategy and seize medium-term M&A opportunities in all business lines

The capacity to rebound quickly thanks to our resilient profile, strengthened digital leadership, the accelerated deployment of earmarked funds programs, and an ambitious product and technology investment strategy

34

APPENDICES

EDENRED: TECH FOR GOOD

A recognized commitment

36

OPERATING REVENUE

	Q1			Q2			H1
In € millions	2020	2019	2020	2019	2020	2019

Europe	228	213	183	209
France	70	69	41	59
Rest of Europe	158	144	142	150
Latin America	121	129	82	140
Rest of the world	34	28	27	32
Operating revenue	383	370	292	381
		Q1		Q2
In %	Reported	Like-for-like	Reported	Like-for-like

411	422
111	128
300	294
203	269
61	60
675	751
	H1
Reported	Like-for-like

Europe	+6.9%	+5.9%	-12.3%	-13.1%
France	+2.0%	+2.0%	-31.3%	-31.3%
Rest of Europe	+9.3%	+7.8%	-4.7%	-5.9%
Latin America	-5.6%	+5.2%	-41.9%	-20.4%
Rest of the world	+18.9%	+18.4%	-15.0%	-9.8%
Operating revenue	+3.5%	+6.6%	-23.4%	-15.4%

-2.6%-3.5%

-13.5%-13.5%

+2.1% +0.8%

-24.5%-8.1%

+1.0% +3.5%

-10.2%-4.6%

37

OTHER REVENUE

	Q1			Q2			H1
In € millions	2020	2019	2020	2019	2020	2019

Europe	4	4	4	4
France	2	2	1	1
Rest of Europe	2	2	3	3
Latin America	7	7	4	7
Rest of the world	1	1	1	2
Other revenue	12	13	9	13
		Q1		Q2
In %	Reported	Like-for-like	Reported	Like-for-like

8	8
3	3
5	5
11	15
2	3
21	26
	H1
Reported	Like-for-like

Europe	+2.7%	+2.4%	-15.1%	-14.2%
France	-5.8%	-5.8%	-1.8%	-1.8%
Rest of Europe	+9.0%	+8.5%	-22.8%	-21.4%
Latin America	-11.3%	-3.2%	-29.3%	-7.4%
Rest of the world	-24.0%	-20.1%	-54.6%	-48.2%
Other revenue	-8.4%	-3.4%	-27.9%	-14.7%

-6.5%-6.2%

-3.9%-3.9%

-8.2%-7.7%

-20.3%-5.3%

-40.1%-34.9%

-18.4%-9.2%

38

REVENUE CLASSIFICATION CHANGE IN BRAZIL - PRO FORMA FIGURES

Group Operating Revenue	Q1	Q2	Q3	Q4	FY
Actual 2019	369	379	377	445	1 570
Pro forma 2019	370	381	379	440	1 570
Group Other Revenue	Q1	Q2	Q3	Q4	FY
Actual 2019	14	15	16	11	56
Pro forma 2019	13	13	14	16	56
Latin America Operating Revenue	Q1	Q2	Q3	Q4	FY
Actual 2019	128	138	137	156	559
Pro forma 2019	129	140	139	151	559
Latin America Other Revenue	Q1	Q2	Q3	Q4	FY
Actual 2019	9	9	10	4	32
Pro forma 2019	7	7	8	9	32

39

TOTAL REVENUE

	Q1			Q2			H1
In € millions	2020	2019	2020	2019	2020	2019

Europe	232	217	187	213
France	72	71	42	60
Rest of Europe	160	146	145	153
Latin America	128	137	86	147
Rest of the world	35	29	28	34
Total revenue	395	383	301	394
		Q1		Q2
In %	Reported	Like-for-like	Reported	Like-for-like

419	430
114	131
305	299
214	284
63	63
696	777
	H1
Reported	Like-for-like

Europe	+6.9%	+5.9%	-12.4%	-13.1%
France	+1.8%	+1.8%	-30.5%	-30.5%
Rest of Europe	+9.3%	+7.8%	-5.1%	-6.1%
Latin America	-5.9%	+4.7%	-41.3%	-19.7%
Rest of the world	+16.8%	+16.5%	-17.0%	-11.7%
Total revenue	+3.1%	+6.3%	-23.6%	-15.5%

-2.7%-3.6%

-13.3%-13.3%

+2.0% +0.7%

-24.3%-8.0%

-1.0% +1.6%

-10.4%-4.8%

40

FROM NET PROFIT, GROUP SHARE TO FREE CASH FLOWS

In € millions	H1 2020	H1 2019
Net profit attributable to owners of the parent	100	146
Non-controlling interests	13	14
Dividends received from equity-accounted companies	11	9
Difference between income tax paid and income tax expense	(7)	6
Non-cash income and expenses	90	89
= Funds from operations before other income and expenses (FFO)	207	264
Decrease (increase) in working capital	448	(108)
Decrease (increase) in restricted cash	(489)	(132)
= Net cash from (used in) operating activities	166	24
Recurring capital expenditures	(53)	(37)
= Free cash flows (FCF)	113	(13)

41

EBITDA, OPERATING EBIT & EBIT

In € millions	H1 2020	H1 2019		Reported	Like-for-like	In € millions	H1 2020	H1 2019		Reported	Like-for-like
Europe	154	168	-8.3%	-8.9%		Europe	114	130	-11.9%	-11.9%
France	28	42	-33.3%	-33.3%		France	15	28	-48.4%	-48.4%
Rest of Europe	126	126	-0.1%	-0.8%		Rest of Europe	99	102	-1.8%	-1.8%
Latin America	86	129	-33.3%	-16.6%		Latin America	57	94	-40.0%	-23.4%
Rest of the world	11	18	-40.6%	-47.0%		Rest of the world	0	7	-97.9%	-121.2%
Holding and others	4	(5)	-170.9%	-99.0%		Holding and others	0	(8)	-96.9%	-47.7%
Total EBITDA	255	310		-17.8%	-12.8%		Total Operating EBIT	171	223		-23.4%	-18.7%

In € millions	H1 2020	H1 2019
Europe	122	138
France	18	31
Rest of Europe	104	107
Latin America	68	109
Rest of the world	2	10
Holding and others	0	(8)

Reported Like-for-like

-11.6%-11.5%

-43.8%-43.8%

-2.1%-2.1%

-37.3%-20.9%

-79.3%-93.5%

-96.9%-47.7%

Total EBIT

192

249

-22.8%

-17.7%

42

SUMMARIZED BALANCE SHEET

As of June 30, 2020

In € millions	June 20	Dec 19	June 19	In € millions	June 20	Dec 19	June 19
Goodwill	1,495	1,604	1,604	Total equity	(1,207)	(1,043)	(1,338)
Intangible assets	661	706	606
Property, plant & equipment	151	169	139
Investments in associates	64	69	64	Gross debt and other financial	3,832	3,163	3,237
liabilities
Other non-current assets	188	169	144	Provisions and deferred tax	222	239	244
Float (Trade Receivables, net)	1,758	2,142	2,158	Funds to be redeemed (float)	4,935	5,161	4,908
Working capital excl. float (assets)	316	290	277	Working capital excl. float (liabilities)	1,477	1,366	1,122
Restricted cash	2,295	1,864	1,574
Cash and cash equivalents and other	2,331	1,873	1,607
current financial assets
Total assets	9,259	8,886	8,173	Total equity and liabilities	9,259	8,886	8,173
Net debt	1,501	1,290	1,630	Total working capital	4,338	4,095	3,595
				o/w float	3,177	3,019	2,750

43

NET DEBT AT JUNE 30, 2020: €1,501M

Net debt variation from December 2019 to June 2020

December 31, 2019				Currency effects	June 30, 2020
Free cash flow	Acquisitions	Shareholder return	and other non-
Net debt position	Net debt position
			recurring items

€(1,290)m

€(1,501)m

	€(4)m
€113m	€(93)m

€(227)m

Of which:

• Paid dividends: €(66)m, of which €(6) paid to non-controlling interests
• • Capital increase: €1m

Of which €(194)m currency effects

44

AVERAGE EXCHANGE RATE

Average rates	Average rates	Spot rate Spot rate

€1 = X foreign currency	Q1 2020	Q1 2019	2020 vs. 2019	Q2 2020	Q2 2019	2020 vs. 2019	H1 2020	H1 2019	2020 vs. 2019	Q3 2019	Q4 2019	FY 2019	as of	as of
Change (in %)	Change (in %)	Change (in %)	30.06.2020	30.06.2019
Brazilian real (BRL)	4.87	4.28	-12.2%	5.96	4.41	-26.1%	5.42	4.34	-19.9%	4.41	4.56	4.41	6.11	4.35
Mexican Peso (MXN)	21.83	21.80	-0.1%	25.96	21.50	-17.2%	23.89	21.65	-9.4%	21.60	21.32	21.55	25.95	21.82
Argentine Peso (ARS) *	69.34	48.67	-29.8%	78.90	48.01	-39.1%	78.90	48.34	-38.7%	91.46	80.91	67.26	78.90	48.34
British Pound Sterling (GBP)	0.86	0.87	1.4%	0.89	0.87	-1.6%	0.87	0.87	-0.1%	0.90	0.86	0.88	0.91	0.90
Turkish Lira (TRY)	6.72	6.11	-9.1%	7.59	6.60	-13.1%	7.16	6.36	-11.2%	6.31	6.42	6.36	7.68	6.57
US Dollar (USD)	1.10	1.14	3.0%	1.10	1.12	2.1%	1.10	1.13	2.5%	1.11	1.11	1.12	1.12	1.14
Bolivar Sovereign (VES)	77 922	2 992	-96.2%	186 412	5 793	-96.9%	132 167	4 393	-96.7%	15 917	34 335	14 759	227 751	7 463

* In line with IAS 29 standard, Argentine Peso rates used are spot rates.

45

2020 EXPECTED CALENDAR EFFECTS

	Q1			Q2		Q3		Q4		2020
Working days	Nb of			Nb of		Nb of		Nb of		Nb of
days			days		days		days		days
Europe		1		-1		0		0		0
Latin America		1		-1		-1		-1		-2
Rest of the world		1		0		1		1		3
TOTAL		1
		-1		0		0		0

46