Teleperformance - Risultati finanziari del 1° semestre 2008- Fatturato + 19 . 1%- Utile operativo netto + 21 . 3%- Utile netto Quota del gruppo + 20 . 6%Parigi, 29 agosto 2008 - I conti consolidati per il primo semestre presentati dal Consiglio d Amministrazione il 29 agosto 2008 hanno evidenziato i risultati seguenti: | Dati condensati consolidati | 30 giugno 2008 | 30 giugno 2007 | Variazioni | 31 dic . 2007 | | (in milioni di euro) | 6 mesi | 6 mesi | (in %) | 12 mesi | | | | | | | | Fatturato | 879 . 8 | 738 . 5 | +19 . 1% | 1,593 . 8 | | EBITDA | 120 . 4 | 100 . 3 | +20 . 0% | 225 . 3 | | indice EBITDA | 13 . 7% | 13 . 6% | | 14 . 1% | | Utile operativo netto | 86 . 1 | 71 . 0 | +21 . 3% | 159 . 3 | | Tasso di margine operativo | 9 . 8% | 9 . 6% | | 10 . 0% | | Utile netto, Quota del gruppo | 55 . 6 | 46 . 1 | +20 . 6% | 98 . 3 |
Activity- RevenuesThe consolidated revenues achieved over the first six months of the financial year 2008 were E879 . 8 million versus E738 . 5 million last year for the same period, increasing by 19 . 1% based on published data . If not considering the foreign exchange effect, the group s revenues increased by 26 . 5% . Excluding foreign exchange and scope of consolidation effects, the group achieved an organic growth rate of 11 . 6% over the first six months of the year 2008 . The Group s revenues were broken down by business segment as follows: | At June 30 (in %) | 2008 | 2007 | | Inbound services | 72 | 69 | | Outbound services | 24 | 27 | | Other* | 4 | 4 | | Total | 100 | 100 |
* Mainly market research operations- Factors to consider to assess the activity over the 1st half of 2008¸ Foreign exchange effectThe negative foreign exchange effect over the 1st half of 2008 amounted to E54 . 3 million . Such effect mainly resulted from the rise of the euro against most currencies, and especially the U . S . Dollar and the Pound Sterling . It may be broken down per region as follows:- NAFTA -E45 . 8 million- Europe -E6 . 8 million- Rest of the World -E1 . 7 million¸ Scope of consolidation effectThe scope of consolidation effect over the 1st half of 2008 represented a net positive impact of E98 . 2 million and may be split up as follows:- NAFTA +E63 million- Europe +E35 . 2 millionThe main external growth transactions impacting business results in the 1st half of 2008 were completed in 2007 in the following regions:- EuropeAcquisition of the German group twenty4help Knowledge Service AG, which was consolidated as of April 1 . Acquisition of the French company The Phone House Services Telecom, which was consolidated as of May 1 . - NAFTA region:Acquisition of the US company Alliance One, which was consolidated as of August 1 . Acquisition of the Mexican company Hispanic Teleservices, which was consolidated as of December 1 . Moreover, early this year the group sold the last two companies in the Marketing Services Division specializing in training activities . They were deconsolidated as of January 1, 2008 . The Equity investment in GN Research group, consolidated from June 30, 2008 had no effect on the revenue in the first half of 2008 . This Equity investment materializes the group s new will to expand in the market research business . ¸ Base effectThe group s business activity over the 2nd quarter 2008 was very sustained throughout the network and especially in the European and NAFTA regions, which reported very strong organic growth rates, i . e . , 17 . 7% and 23 . 2% respectively . Teleperformance benefited from a very positive base effect in both regions whereas in the 2nd quarter 2007 they had reported low organic growth rates of 5 . 3% and 5 . 5% respectively . In the 2nd quarter 2008 the organic growth rate was +14 . 6% throughout the network, versus 5,2% at the same period in 2007 . Finally, for the first six months of the year 2008, Teleperformance reported an organic growth rate of 11 . 6% versus 6% over the semester 2007 . Profitability- The group s Net Operating Profit amounted to E86 . 1 million in the 1st half of 2008, versus E71 . 0 million in the 1st half of 2007, an increase of 21% . This result includes, up to E8 . 1 million, the proceeds generated by the sale of the group s shareholding in ISM and IDCC at the beginning of 2008 (versus E8 . 6 million sales proceeds generated in 2007) . The Net Operating Profit was also impacted by:- an expense of E4 . 5 million equal to the value of benefits acquired by employees under share award plans in 2006 and 2007, versus E6 million at June 30, 2007 . - the implementation of the non-compete agreement as a consequence of the termination of managerial functions by the Chairman of the Board of Directors, Mr . Christophe Allard, whose indemnity represented a global expense of E6 . 3 million for the company . Provision for this expense was recognized in the 2008 half-year financial statements . Impairment tests in respect of the Brazil cash-generating unit ("CGU") resulted in the recognition of a partial depreciation of the Brazilian subsidiary s goodwill (up to E1 . 5 million, versus E1 . 2 million in 2007) . Before depreciating the goodwill, the operating margin rate was 10% at June 30, 2008 versus 9 . 8% in 2007 . - The EBITDA amounted to E120 . 4 million, versus E100 . 3 million in the 1st half of 2007, representing 13 . 7% of the group s revenues, versus 13 . 6% at June 30, 2007 and 14 . 1% at December 31, 2007 . - The net financial result in 2008 amounted to a net expense of E3 . 5 million versus a net income of E1 . 7 million in 2007 . Financial Résult | in million of euros | 06/30/08 | 06/30/07 | | IAS 32/39 Impact | -1 . 2 | -1 . 2 | | Net financial interests | 0 | +3 . 1 | | Exchange rate differences | -2 . 5 | +0 . 4 | | Other | +0 . 2 | -0 . 6 | | Total | -3 . 5 | +1 . 7 |
Such decline in the 1st half of 2008 mainly resulted from decreasing financial income generated through two acquisitions completed during the 2nd half of 2007 in the NAFTA region, as well as through translation losses incurred in the NAFTA region . - The income tax was E25 . 3 million, comparable to the amount reported in the 1st half of 2007 . The effective tax rate was 30 . 6%, versus 34 . 8% at June 30, 2007 and 36 . 2% at December 31, 2007 . The effective rate of 34 . 8% in the first half of 2007 had been impacted by the derecognition of deferred tax assets where the probability of recovery had become uncertain (Brazil) and by expenses in Italy considered as permanently disallowable . Excluding the effect of these items, the effective tax rate is 31 . 1% in the first half of 2007 compared with 30 . 6% in the first half of 2008 . To be noted that no profit on sale of discontinued operations was recognized during the 1st semesters 2008 and 2007 . - As a consequence, the net profit amounted to E57 . 3 million, versus E47 . 4 million in the 1st half of 2007 . The net profit, group share, amounted to E55 . 6 million versus E46 . 1 million in the 1st half of 2007, increasing by +21% . Financial Structure at June 30, 2008- Shareholders equity amounted to E976 . 9 million, including E962 . 5 million as the group share . - The internally generated funds from operations during the 1st half of 2008 amounted to E61 . 8 million versus E77 . 9 million at June 30, 2007 . They were impacted by tax disbursements in the 1st half of 2008 in relation to deferred income generated through the buy-out transaction completed in 2007 . There is a large increase in working capital requirements, due to the following factors:- Deferred income at the end of 2007 was reduced by E24 million in 2008 . - The strong internal growth in the second quarter of 2008 arising from new contracts, particularly in southern Europe, resulted in high invoicing at the end of the period . - Considering all the above elements, net cash flow from operating activities resulted in a net deficit of E22 . 3 million in the 1st half of 2008 . - Net cash outflow related to net capital expenditures amounted to E36 million in the 1st half of 2008, i . e . , 4 . 1% of the group s revenues . - Transactions related to changes in the scope of consolidation resulted in a net cash surplus of E4 . 4 million . - And finally, the payment of 2007 dividends amounting to E26 million and the implementation of the program of buy-back shares for cancellation were translated into a net cash outflow of E2 . 2 million in the 1st semester . As a consequence, cash and cash equivalents, including effect of exchange rates for an amount of E3 . 7 million in the 1st half of 2008 decreased in the 1st half of 2008 by E86 . 9 million . The group s net financial may be split as follows: (in million of euros) | En millions d euros | June 30, 2008 | December 31, 2007 | Change in % | | Debts related to minority interest purchase commitments | - 47 . 4 | - 56 . 4 | + 9 . 0 | | Other liabilities | - 127 . 1 | - 129 . 5 | + 2 . 4 | | Total financial liabilities | - 174 . 5 | - 185 . 9 | + 11 . 4 | | Cash assets and cash equivalents | 231 . 4 | 318 . 3 | - 86 . 9 | | Total net cash assets | + 56 . 9 | + 132 . 4 | - 75 . 5 |
OutlookThe challenging economic environment impacts some of Teleperformance clients business volume forecasts, therefore providing limited visibility for the 2nd half of the year . Then, the second semester should register a decrease in the revenue organic growth rate . However, considering the business results achieved in the first half of 2008, the group s management team maintains its annual objectives for the year 2008, as announced during the last financial meeting which was held on May 21, i . e . :- Revenues between E1,740 and E1,750 million, increasing by:+9 . 5%, based on published data+7 . 5% on a comparable basis (excl . foreign exchange and scope of consolidation effects),- Net operating profit close to E182 million,- Net profit, group share, at around E115 million, increasing by 17% compared to 2007 . The group s objectives for 2008 were defined based on the following exchange rate: E1 = US$1 . 55 . Half-year consolidated financial statements at june 30, 2008The company announced today that it has published and filed with the Autorité des Marchés Financiers (the French Securities Regulator) its half-year financial report as of June 30, 2008 . The half-year consolidated financial statements at June 30, 2008, in French and in English, can be consulted from August 29, 2008, after market close, on Teleperformance s website, at the following address:www . teleperformance . comNext publicationsSFAF Meeting: November 26, 2008About Teleperformance:Teleperformance (NYSE Euronext Paris: FR 0000051807), the world s leading provider of outsourced CRM and contact center services, has been serving companies around the world rolling out customer acquisition, customer care, technical support and debt collection programs on their behalf . In 2007, the Teleperformance group achieved E1 . 593 billion revenues (US$2 . 182 billion - exchange rate at December 31, 2007: E1 = US$1 . 37) . The group operates nearly 75,000 computerized workstations, with more than 83,000 employees (Full-Time Equivalents) across 281 contact centers in 45 countries and conducts programs in more than 66 different languages and dialects on behalf of major international companies operating in various industries . www . teleperformance . comContactsTeleperformanceMichel PESCHARD, Managing Director Finances, Member of the Board of Directors+33 (0)1 55 76 40 80info@teleperformance . comLT Value - Investors Relations and Corporate CommunicationNancy Levain / Maryline Jarnoux-Sorinnancy . levain@ltvalue . commaryline . jarnoux-sorin@ltvalue . com+33 (0)1 44 50 39 30 - +33 (0)6 72 28 91 44CONDENSED CONSOLIDATED INTERIM INCOME STATEMENTSix months ended June 30 | In thousands of euros | 2008 | 2007 | | Revenue | 879,799 | 738,452 | | Other revenue | 13,335 | 12,756 | | Personnel | -624,646 | -518,028 | | External expenses | -138,728 | -127,103 | | Taxes other than income taxes | -8,799 | -7,366 | | Depreciation and amortization | -32,841 | -28,059 | | Impairment loss on goodwill | -1,500 | -1,200 | | Change in inventory of finished goods and work-in-progress | -102 | -84 | | Other operating revenue | 5,717 | 2,759 | | Other operating expenses | -6,164 | -1,091 | | Net operatins profit before financing costs | 86,071 | 71,036 | | Income from cash ans cash equivalents | 5,965 | 7,613 | | Interest on financial liabilities | -7,153 | -6,449 | | Net financing costs | -1,188 | 1,164 | | Other financial income | 3,194 | 7,676 | | Other financial expenses | -5,509 | -7,115 | | Share of profit of associates | 0 | -11 | | Income taxes | -25,272 | -25,329 | | Gain after taxes before gain on sale of discontinued operations | 57,296 | 47,421 | | Gain on sale of discontinued operations, net of tax | - | - | | Net profit | 57,296 | 47,421 | | Attributable to equity holders of the parent | 55,596 | 46,086 | | Attributable to minority interests | 1 ,700 | 1,335 | | | | | | Earnings per share | | | | Basic earnings per share (euro) | 1 . 01 | 0 . 84 | | Diluted earnings per share (euro) | 0 . 99 | 0 . 83 |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET | In thousands of euros | June 30, 2008 | December 31, 2007 | | Assets | | | | Intangible assets | 531,661 | 547,624 | | Including goodwill | 516,920 | 532,748 | | Proerty, plant and equipment | 171,705 | 166,245 | | Investment property | | | | Investments in associates | | | | Financial assets | 13,802 | 9,718 | | Deferred tax assets | 30,820 | 32,620 | | Total non-current assets | 747,988 | 756,207 | | Inventories | 557 | 641 | | Current income tax receivable | 19,869 | 10,189 | | Accounts receivable - Trade | 437,473 | 390,393 | | Other current assets | 68,253 | 56,922 | | Other financial assets | 5,218 | 9,507 | | Cash and cash equivalents | 308,315 | 369,342 | | Non-current assets classified as held for sale | - | 5,380 | | Total current assets | 839,685 | 842,374 | | Total assets | 1,587,673 | 1,598,581 | | Equity | | | | Attributable to equity holders of the parent | 962,455 | 952,728 | | Minority interests | 14,423 | 12,916 | | Total equity | 976,878 | 965,644 | | Liabilities | | | | Long-term provisions | 8,228 | 5,486 | | Financial liabilities | 107,462 | 135,907 | | Deferred tax liabilities | 11,341 | 9,672 | | Total non-current liabilities | 127,031 | 151,065 | | Short term provisions | 12,554 | 7,289 | | Current income tax | 14,176 | 42,347 | | Accounts payable - Trade | 74,800 | 75,309 | | Other current liabilities | 238,339 | 253,231 | | Other financial liabilities | 143,895 | 101,019 | | Non-current liabilities classified as held for sale | - | 2,677 | | Total current liabilities | 483,764 | 481,872 | | Total liabilities | 610,795 | 632,937 | | Total equities and liabilities | 1,587,673 | 1,598,581 |
FINANCIAL STRUCTURE AND NET CONSOLIDATED DEBT CHANGE TABLE | Consolidated Financial Structure (in million of euros) | June 30, 2008 | June 30, 2007 | December 31, 2007 | | Internally generated funds from operations (*) | 61 . 8 | 77 . 9 | 180 . 9 | | Change in Working Capital Requirements relating to operations | -84 . 1 | -18 . 9 | -3 . 9 | | Net Cash Flow from operating activities | -22 . 3 | 59 . 0 | 177 . 0 | | Net Capital Expenditures (Capex) | -36 . 0 | -29 . 4 | -63 . 6 | | Net Financial Investments (investments in subsidiaries and affiliates) | +2 . 3 | -106 . 0 | -222 . 9 | | Total Equity | 976 . 9 | 929 . 3 | 965 . 6 | | Attributable to equity holders of the parent | 962 . 5 | 918 . 5 | 952 . 7 | | Net Cash Assets | 56 . 9 | 175 . 6 | 132 . 4 |
(*)The decrease of the internally generated funds from operations is due to an income tax payment in 2008 relating to deferred income from the 2007 buy out transaction . Before taking into account income tax paid, the internally generated funds from operations was E122 . 3 million versus E100 . 2 million as of June 30, 2007, increasing by 22% . | Net Cash Assets at January 1, 2008 - In million of euros | | + 132 . 4 | | Pre-tax cash flow | 122 . 3 | | | - Income tax paid | - 60 . 4 | | | - Change in working capital requirements relating to operations: | - 84 . 1 | | | - Net Capital Expenditures (Capex) | - 36 . 0 | | | Free Cash Flow | -58 . 2 | - 58 . 2 | | Capital increases | | +1 . 4 | | Net cash related to the scope of consolidation effects | | + 4 . 2 | | Dividends paid | | - 26 . 0 | | Purchase commitment to minority shareholders | | +10 . 0 | | New finance lease agreements | | - 5 . 5 | | Translation differences | | + 0 . 9 | | Buy-Back shares for cancellation | | - 2 . 2 | | Other | | - 0 . 1 | | Net Cash at June 30, 2008 - In million of euros | | +56 . 9 |
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