TeleperformanceRisultati finanziari raggiunti nel 1° semestre 2009- Fatturato: 946,7 milioni di E- Reddito operativo netto: 73,4 milioni di E- Utile netto - Quota Gruppo: 52,8 milioni di E- Free Cash Flow al 30 giugno 2009: 61 milioni di E- Eccedenza di cassa netta: 37 milioni di EParigi, 31 agosto 2009 - Il Consiglio Direttivo di Teleperformance si è riunito il 28 agosto 2009 ed ha presentato il rendiconto finanziario consolidato per il primo semestre del 2009 . | In millions of euros | 1st half of 2009 | 1st half of 2008 | December 31, 2008 | | | | | 12 months | | | | | | | Revenues | 946 . 7 | 879 . 8 | 1,784 . 8 | | EBITDA | 109 . 8 | 120 . 4 | 250 . 7 | | Net Operating Profit | 73 . 4 | 84 . 6 | 177 . 9 | | Net Profit - Group Share | 52 . 8 | 54 . 7 | 116 . 4 | | Internally generated funds from operations | 110 . 0 | 61 . 8 | 166 . 6 | | Free Cash Flow | 61 . 0 | -58 . 3 | 29 . 4 | | Total Equity - Attributable to equity holders of the parent | 1,076 . 6 | 961 . 2 | 1,041 . 8 | | Net cash surplus | 37 . 0 | 56 . 9 | 17 . 8 |
AttivitàIl fatturato del Gruppo Teleperformance, raggiunto nei primi sei mesi dell esercizio 2009, è stato di 946,7 milioni di E contro gli 879,8 milioni di E dello stesso periodo dell anno scorso, con un incremento del 7,6% sulla base dei dati pubblicati . A cambi e perimetro costanti, la crescita organica realizzata dal Gruppo nei primi sei mesi del 2009 ha raggiunto lo 0,3% . - Gli utili possono essere suddividi per zona geografica come segue: | | June 30, 2009 | June 30, 2009 | June 30, 2008 | June 30, 2008 | Changes | Changes Excluding foreign exchange and scope of consolidation effects | | | | | | | Based on published data | | | | | | | | | | | | In millions of euros | Total % | In millions of euros | Total % | % | % | | Europe | 470 . 1 | 49 . 7 | 481 . 7 | 54 . 8 | -2 . 4 | -1 . 5 | | NAFTA* | 410 . 2 | 43 . 3 | 351 . 1 | 39 . 9 | +16 . 8 | -3 . 9 | | Other | 66 . 4 | 7 . 0 | 47 . 0 | 5 . 3 | +41 . 4 | +53 . 8 | | Total | 946 . 7 | 100 . 0 | 879 . 8 | 100 . 0 | +7 . 6 | +0 . 3 |
*NAFTA: North America Free Trade AgreementIn the NAFTA region, the 16 . 8% increase in revenues includes the acquisition of The Answer Group . In Europe, revenues slightly declined during the second quarter, especially in Northern Europe and France . Revenues achieved in the "Other" region -which includes South America and Asia- significantly increased, in particular thanks to the strong development of the Group s operations in South America, and especially in Brazil . - From a business segment perspective, the Inbound segment overall consolidated over the first six months of 2009, compared to the same period last year . | (in %) | June 30, 2009 | June 30, 2008 | | Inbound services | 75 | 72 | | Outbound services | 21 | 24 | | Other* | 4 | 4 | | Total | 100 | 100 |
* Mainly standing for market research and training operations- Overall, foreign exchange effects resulted in a net positive impact of E11 . 9 million for the first half of 2009 . - NAFTA +E30 . 0 million- Europe -E12 . 1 million- Rest of the World - E6 . 0 millionThe positive translation effect amounting to E30 million in the NAFTA region may be broken down by major currency as follows:USD: +E38 . 8 millionMexican Peso: -E8 . 8 millionAs for Europe and the Rest of the World, the Euro rose against all currencies, with the negative foreign exchange effect mainly resulting from the Pound Sterling and the Brazilian Real . - In the first half of 2009, the net impact of changes in the scope of consolidation amounted to E52 . 3 million, including:- Europe +E8 . 0 million- NAFTA +E44 . 3 millionSuch impact mainly resulted from external growth transactions in 2008:- In Europe: Acquisition of a controlling interest in the GN Research Group, which was consolidated as of July 1, 2008 . - In the NAFTA region: Acquisition of The Answer Group in the United States, which was consolidated as of December 31, 2008 . Profitability- The Group s Net Operating Profit amounted to E73 . 4 million, versus E84 . 6 million in the first half of 2008 . It included a E9 million provision aimed at covering the restructuring operations, which will be carried out in Europe during the second half of 2009 . Excluding this item, the Net Operating Profit would amount to E82 . 4 million as per the objectives announced by the Group during the financial meeting in May . - EBITDA amounted to E109 . 8 million, versus E120 . 4 million in the 1st half of 2008, representing 11 . 6% of the revenues, versus 13 . 7% at June 30, 2008 . - In 2009 the net financial result represented a net income of E1 . 7 million versus a net financial liability of E3 . 5 million in 2008 . It is worth noting the positive impact of the implementation of foreign currency hedging instruments with E3 . 9 million proceeds, and of the policy initiated by the Group in 2008 to purchase minority interests in Group subsidiaries and which continued during the first half of 2009 . - Income tax amounted to E21 . 8 million, versus E24 . 8 million in 2008, that is to say an average tax rate of 29% versus 30 . 5% in 2008 . This lower tax rate may be mainly explained by a decrease in non-tax-deductible expenses in the consolidated financial statements, representing the expenses related to the exercise of bonus shares granted under two share option plans on August 2, 2006 and May 3, 2007 . - The Group s Net Profit amounted to E53 . 4 million, versus E56 . 4 million in the first half of 2008 . Net Profit, Group Share, reached E52 . 8 million, versus E54 . 7 million in the first half of 2008 . Financial Structure at June 30, 2009 | Consolidated Financial Structure - Summary | June 30, 2009 | June 30, 2008 | Dec . 31, 2008 | | (in millions of euros) | | | | | | | | | | Internally generated funds from operations | 110 . 0 | 61 . 8 | 166 . 6 | | Change in Working Capital Requirements relating to operations | -13 . 7 | -84 . 1 | -68 . 4 | | Net Cash Flow from operating activities | 96 . 3 | -22 . 3 | 98 . 2 | | Net Capital Expenditures (Capex) | -35 . 3 | -36 . 0 | -68 . 8 | | Free Cash Flow | 61 . 0 | -58 . 3 | 29 . 4 | | Net Financial Investments | -44 . 0 | +5 . 0 | -140 . 8 | | Incl . Acquisition of subsidiary, net of cash acquired | -44 . 2 | +4 . 4 | -141 . 4 | | Net Cash Flow from financing activities | -43 . 7 | -29 . 8 | +37 . 6 | | Change in cash and cash equivalents | -26 . 7 | -83 . 1 | -73 . 8 | | | | | | | Total Equity | 1,079 . 4 | 975 . 6 | 1,053 . 7 | | Attributable to equity holders of the parent | 1,076 . 6 | 961 . 2 | 1,041 . 8 | | Net Cash Surplus | 37 . 0 | 56 . 9 | 17 . 8 |
Cash Flow Statement- Internally generated funds from operations before tax in the first half of 2009 amounted to E121 . 1 million, remaining stable compared to last year at the same period (E122 . 2 million at June 30, 2008) . However, operations in the first half of 2009 generated a net positive cash flow of E96 . 3 million, i . e . , a strong increase compared to a net cash deficiency of E22 . 3 million in the first half of 2008, as a consequence of a buy-out transaction and of the strong organic growth rate in the second half of 2008 . Net cash outflows related to capital expenditures amounted to E35 . 3 million, i . e . , 3 . 7% of the Group s revenues versus 4 . 1% in 2008 over the same period last year . - Free cash flow from operating activities in the first six months of the year strongly increased and eventually reached E61 million . - Transactions related to changes in the scope of consolidation represented a net amount of E44 . 2 million . These transactions only involved purchases of minority interests held in various Group subsidiaries . Cash outflows for the payment of the 2008 dividends (E25 million) and the repayment of financial liabilities (to the extent of E22 . 4 million) resulted in a E26 . 7 million decrease in cash assets in the first half of 2009 . Balance Sheet- Total equity, Group Share, amounted to E1,076 . 6 million at June 30, 2009, versus E1,041 . 8 million atDecember 31, 2008 . Such increase resulted from the recognition of the E52 . 8 million net profit achieved in the first half of 2009 and the 24 . 8 million dividend payment in June for 2008 . Minority interests represented E2 . 8 million equity, i . e . , a strong decline compared to last year as they amounted to E11 . 9 million at December 31, 2008 . Such decline may be explained by the policy implemented by Teleperformance, which involved the purchase of minority interests in Group subsidiaries . This policy, which was initiated by the Group in 2008, continued in the first half of 2009 . - The net cash surplus increased by E19 . 2 million and amounted to E37 million at June 30, 2009, versus E17 . 8 million at December 31, 2008 . Such increase resulted from the following developments:Free cash flow from operating activities +E61 . 0 millionImpact of minority interest purchases on net financial indebtedness -E25 . 8 millionDividend payment -E25 . 0 millionNew finance lease agreements +E5 . 1 millionIncrease in shareholders equity +E3 . 6 millionOther +0 . 3 millionNet Cash Surplus at June 30, 2009 may be broken down as follows: | In millions of euros | June 30, 2009 | Dec . 31, 2008 | | Cash Assets and Cash Equivalents (a) | 246 . 9 | 280 . 6 | | Loans from financial institutions | 144 . 4 | 163 . 1 | | Debts related to minority interest purchase commitments | 9 . 5 | 28 . 1 | | Bank overdrafts and advances | 32 . 9 | 42 . 4 | | Liabilities related to finance leases | 16 . 7 | 17 . 8 | | Other liabilities | 6 . 4 | 11 . 5 | | Total Financial Liabilities (b) | -209 . 9 | -262 . 9 | | Net Cash Surplus (a) + (b) | +37 . 0 | +17 . 7 |
The Group s cash assets amounted to E246 . 9 million at June 30, 2009 . The unused revolving credit facility atJune 30, 2009 now represents an additional investment opportunity of E212 million . OutlookThe economic environment remains uncertain and has impacted the volumes of contacts generated by our clients . The results achieved by the Teleperformance Group in 2009 will mainly depend on business volumes outsourced to the Group throughout the fourth quarter in the various regions of the world . Furthermore, the necessary reorganization of our operations in Europe, and especially in France will continue to affect margins during the second half of the year . As a consequence, Teleperformance is not, to date, in a position to confirm the objectives announced in May for 2009 . However, as a result of good levels of revenues and profitability in NAFTA, Latin America and Asia regions, the management of Teleperformance Group is confident in its ability to perpetuate its worldwide leadership in terms of both revenues and profit in 2009 . Half-year consolidated financial statements at june 30, 2009The 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, 2009 . It will be available in French and English from August 31, 2009, after market close, on Teleperformance s website, at the following address: www . teleperformance . comNext publicationsSFAF Meeting: November 26, 2009About TeleperformanceTeleperformance (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 2008, the Teleperformance Group achieved E1 . 784 billion revenues (US$2 . 6 billion - average exchange rate at December 31, 2008: E1 = US$1 . 46) . The Group operates about 82,000 computerized workstations, with more than 100,000 employees (Full-Time Equivalents) across 249 contact centers in 47 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, Finance Managing Director, Board Member+33-1 55 76 40 80info@teleperformance . comLT Value - Investors Relations and Corporate CommunicationNancy Levain / Maryline Jarnoux-Sorinnancy . levain@ltvalue . commaryline . jarnoux-sorin@ltvalue . com+33-1 44 50 39 30 - +33-6 72 28 91 44Condensed half-year consolidated financial statementsCondensed Income Statement - in thousands of euros | | 1st half of 2009 | 1st half of 2008 | | Revenues | 946,705 | 879,799 | | Other revenue | 5,923 | 13,335 | | Personnel | -668,481 | -624,646 | | External expenses | -154,574 | -138,728 | | Taxes other than income taxes | -9,441 | -8,799 | | Depreciation and amortization | -34,783 | -32,841 | | Acquisition-related depreciation and amortization of intangible assets | -1,647 | -1,428 | | Impairment loss on goodwill | | -1,500 | | Change in inventory | 98 | -102 | | Other operating revenue | 8,506 | 5,717 | | Other operating expenses | -18,951 | -6,164 | | Profit on ordinary activities | 73,355 | 84,644 | | Income from cash and cash equivalents | 2,672 | 5,965 | | Interest on financial liabilities | -4,420 | -7,153 | | Net financing costs | -1,748 | -1,188 | | Other financial income | 13,131 | 3,194 | | Other financial expenses | -9,637 | -5,509 | | Profit before tax | 75,101 | 81,141 | | Income tax | -21,750 | -24,752 | | Net profit | 53,351 | 56,389 | | Attributable to equity holders of the parent | 52,787 | 54,689 | | Attributable to minority interests | 564 | 1,700 | | Basic earnings per share (in E) | 0 . 93 | 0 . 99 | | Diluted earnings per share (in E) | 0 . 93 | 0 . 97 |
Condensed consolidated interim financial statements - in thousands of euros | ASSETS | June 30, 2009 | December 31, 2008 | | | | | | Non-current assets | | | | Goodwill | 610,123 | 591,928 | | Other intangible assets | 46,789 | 47,213 | | Property, plant and equipment | 190,725 | 184,898 | | Financial assets | 13,950 | 13,826 | | Deferred tax liabilities | 7,412 | 7,535 | | Total non-current assets | 868,999 | 845,400 | | | | | | Current assets | | | | Inventory | 620 | 520 | | Current income tax receivable | 23,449 | 37,108 | | Accounts receivable - Trade | 432,998 | 433,890 | | Other current assets | 92,335 | 62,790 | | Other financial assets | 10,495 | 10,518 | | Cash assets and cash equivalents | 246,943 | 280,642 | | Total current assets | 806,840 | 825,468 | | | | | | TOTAL ASSETS | 1,675,839 | 1,670,868 | | | | | | LIABILITIES | June 30, 2009 | December 31, 2008 | | | | | | Shareholders equity | | | | Attributable to equity holders of the parent | 1,076,649 | 1,041,806 | | Attributable to minority interests | 2,786 | 11,877 | | Total shareholders equity | 1,079,435 | 1,053,683 | | | | | | Non-current liabilities | | | | Provisions | 5,527 | 5,792 | | Financial liabilities | 37,610 | 46,822 | | Deferred tax liabilities | 22,101 | 17,128 | | Total non-current liabilities | 65,238 | 69,742 | | | | | | Current liabilities | | | | Provisions | 28,211 | 13,782 | | Current income tax | 11,046 | 20,294 | | Accounts payable - Trade | 71,607 | 77,217 | | Other current liabilities | 247,975 | 220,057 | | Other financial liabilities | 172,327 | 216,093 | | Total current liabilities | 531,166 | 547,443 | | | | | | TOTAL LIABILITIES | 1,675,839 | 1,670,868 |
Condensed Cash Flow Statement - in thousands of euros | | 1st half of 2009 | 1st half of 2008 | | | | | | Cash flows from operating activities | | | | | | | | Net profit - attributable to equity holders of the parent | 52,787 | 54,689 | | Net profit - attributable to minority interests | 564 | 1,700 | | Income tax expense | 21,750 | 24,752 | | Depreciation and amortization | 36,430 | 34,269 | | Impairment loss on goodwill | | 1,500 | | Change in provisions | 13,409 | 7,495 | | Expense relating to share-based payments | 56 | 4,537 | | Unrealized gain and loss on financial instruments | -3,997 | 942 | | Gain/Loss on disposals, net of tax | 508 | -7,809 | | Income tax paid | -11,151 | -60,444 | | Other | -375 | 192 | | Internally generated funds from operations | 109,981 | 61,823 | | Change in Working Capital Requirements relating to operations | -13,641 | -84,141 | | Cash flows from operating activities | 96,340 | -22,319 | | | | | | | | | | Cash flows from investing activities | | | | | | | | Acquisition of Intangible assets and property, plant and equipment | -36,136 | -37,658 | | Acquisition of investments in subsidiaries and affiliates | -44,237 | -5,948 | | Loans and advances granted | -941 | -2,780 | | | | | | Sale of Intangible assets and property, plant and equipment | 802 | 1,701 | | Sale of investments in subsidiaries and affiliates | 5 | 10,361 | | Loans and advances repaid | 1,212 | 3,334 | | | | | | Cash flows from investing activities | -79,295 | -30,990 | | | | | | | | | | Cash flows from financing activities | | | | | | | | Increase in shareholders equity | 3,342 | 1,385 | | Acquisition of treasury shares | 262 | -2,159 | | Dividends paid to parent company shareholders | -24,808 | -24,364 | | Dividends paid to minority shareholders | -160 | -1,679 | Increase in f
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