Expense Management. Workshop. February 12, 2015

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1 Expense Management Workshop February 12, 2015

2 Summary 1. Introduction 2. Fuel & Fleet: Market & strategy 3. Travel & Entertainment: Illustration with Ticket Travel Pro 4. Conclusion

3 Introduction 1

4 EXPENSE MANAGEMENT: 2 ND PILLAR FOR GROWTH A major growth lever for the Group Two complementary pillars 2014 a turning point EMPLOYEE BENEFITS EXPENSE MANAGEMENT Expanding our strong expertise: already a leading player in Latin America with Ticket Car Development in Europe, to take advantage of a strong market potential: UTA acquisition a major milestone Two value-adding businesses I&R PSP Setting up positions in the Asian market, which offers significant promise for the long term: a first foothold through the acquisition of Cardtrend 4

5 WHAT IS EXPENSE MANAGEMENT? An offer that meets the growing needs of companies around the world Key objectives Companies are constantly on the lookout for solutions to reduce their business expenses Simplify administrative procedures Control and optimize costs Ensure systematic VAT refund Increase convenience for employees 5

6 THREE DIFFERENT MARKET SEGMENTS In which Edenred is already present Fuel & Fleet Travel & Entertainment Corporate Payment Expenses dedicated to the professional use of a vehicle Expenses related to an employee s professional mission Other Corporate expenses Huge volume market already representing close to 14% of Group 2014 IV Strong market potential, especially among SMEs Large and fragmented market based on specific local needs (Repom, C3Card) 6

7 WHY DEPLOY EXPENSE MANAGEMENT SOLUTIONS? A low penetration market offering strong growth opportunities SIMILAR CHARACTERISTICS AS EMPLOYEE BENEFITS MULTIPLE SYNERGIES WITH OUR EXISTING BUSINESS HIGH GROWTH POTENTIAL Large volume dedicated to specific needs Recurring usage Low attrition rate (~2-3%/year) BtoB sales (cross-selling) Shared authorization platform (PPS and Watts) Same affiliation know-how Low penetration Increasing business mobility Need for greater control over business expenses 7

8 BUSINESS MODEL CHARACTERISTICS EMPLOYEE BENEFITS MEAL AND FOOD QUALITY OF LIFE EXPENSE MANAGEMENT OBJECTIVE OF >30% OF ISSUE VOLUME BY 2017 As a % of IV (1) L/L change 2014/ % 14% A way to increase the Group s diversification and get a more balanced portfolio of solutions ~+11% ~+9% ~+23% Take-up rate ~5.5% ~4.5% ~2 to 4% (2) Operating EBIT/ Operating revenue Float holding period Similar level: ~30% 6-8 weeks 3-5 weeks - (1) At 2014-end. (2) This range is made of a mix between heavy fleet, which has a take-up rate of ~2%, and light fleet, which has a take-up rate of ~4%. 8

9 Fuel & Fleet segment Market & strategy 2

10 COMPANIES NEEDS TO MANAGE F&F EXPENSES Solution covering each stage of the trip Targeted expenses Market needs 10% 90% Fuel Expenses dedicated to the business use of a vehicle Other expenses Maintenance, tires, car wash, tolls, etc. pre-trip Define rules of usage (profile management, itinerary management, etc.) Monitor vehicle life cycle (preventive maintenance management, etc.) on-trip Pay for fuel (potentially with discount) Pay for tolls Pay for road assistance Control usage (GPS tracking, etc.) post-trip Improve administration (VAT refund, etc.) Monitor and optimize spending (reporting, carbon footprint, etc.) Telematics 10

11 TWO SEGMENTS Different stakes and needs in each market segment Light fleets Cars Light commercial vehicles <3.5t General expense Example: company car Low criticality for business Core business Example: package delivery, utilities, etc. High criticality for business Heavy fleets OTR Over the Road Trucks >3.5t Buses Coaches Domestic freight Journeys within one country for domestic deliveries Medium/high criticality for business International freight Multi-country journeys (several currencies, VAT systems, etc.) High criticality for business 11

12 A VAST, GROWING MARKET With a low level of penetration rate NORTH AMERICA EUROPE 225Bn 300Bn 1,000Bn 52M vehicles ~50% penetration ++ 9M vehicles ~95% penetration + LATIN AMERICA 100Bn 64M vehicles ~20% penetration ++ 11M vehicles ~85% penetration WE: + EE: ++ APAC 375Bn 78M vehicles 21M vehicles Types of expenses Fuel Others 90% 10% Penetration rate Spend volumes Source: internal studies and estimates, M vehicles 6M vehicles ~15% penetration +++ # heavy vehicles ~10% penetration +++ # light WE: Western Europe 5% < growth +++ vehicles EE: Eastern Europe 2% < growth < 5% ++ 0% < growth < 2% + ~25% Annual growth +5-10% per year 12

13 MARKET OPPORTUNITIES FOR F&F PLAYERS Competitive landscape shaped by fuel distribution organization NORTH AMERICA EUROPE F&F cards outsourced by oil companies to dedicated players (multibrand card or white label monobrand card providers) A mature market Heavy fleet: high penetration of monobrand solutions vs. multibrand solutions Light fleet: mostly underpenetrated countryby-country markets dominated by local oil companies Strong concentration Strong potential for multibrand solutions LATIN AMERICA ASIA Fragmented fuel distribution market: F&F cards managed by dedicated players (multibrand card providers) Growing, underpenetrated market Fuel distribution and F&F programs mainly owned by oligopolistic oil companies Progressive outsourcing to F&F specialists anticipated for the coming years Edenred, a leader in Brazil and Mexico A non mature market, offering long term potential 13

14 TICKET CAR IN LATIN AMERICA An exhaustive range of services Track (Tachograph Reading) Fueling control Track online (Telemetry) Receipt collection Carbon control Carbon free Continuous consultancy 24-hour assistance Entrance/ Exit control Service center Maintenance Document management Preventive maintenance 14

15 TICKET CAR IN LATIN AMERICA A leadership position in fuel & fleet management Ticket Car Brazil Ticket Car Mexico >19,000 clients >500,000 cards >50m liters of fuel per month >12,400 affiliated fuel stations >7,000 clients >130,000 cards >100m liters of fuel per month >3,500 affiliated fuel stations 15

16 UTA ACQUISITION A unique opportunity to accelerate development in Europe Acquisition of a 34% stake for ~ 150m (1) Ownership structure post-closing 15% Call option for a 17% stake, exercisable from 2017 to 2019 (2) 34% 51% Closing: Q Two founding families (51%) Edenred (34%) Daimler (15%) (1) Acquisition carried out on the basis of a Price Earning Ratio of around 14 x UTA net result, which includes share of income from MercedesServiceCard and dividends from its 17% stake in AGES (payment service provider for German tolls). (2) At the same multiple as the 34% stake transaction. 16

17 COMPANY OVERVIEW #2 independent fuel card provider in Europe >60k clients >500k cards >300 employees 2014 issue volume breakdown Fuel 61% 2% Toll Services card + on-board devices 37% Road assistance Issue Volume ~ 3bn Revenue 64m ~2.1% take-up rate 70% of volume in Germany ~35% Ebitda margin 17

18 MERCEDES SERVICE CARD A key contributor representing 30% of UTA s total volume UTA MercedesServiceCard Joint venture Daimler Toll and service stations network Offer of two Mercedes branded cards: Access to Mercedes- Benz truck customers Card processing Client management For fuel and tolls, with special fuel discounts Access to Mercedes- Benz workshops For Mercedes-Benz workshops A 10-year partnership 49% in the joint-venture with Daimler (1) 51% in the joint-venture (1) Daimler holds a 15% stake in UTA. The 10-year commitment will run from

19 STRONG SYNERGIES TO ENHANCE GROWTH A dedicated strategy by segment HEAVY FLEET LIGHT FLEET Speed up the development of UTA solutions in Central and Eastern Europe, by leveraging Edenred s presence in the region Launch new UTA Light Fleet solutions backed by Edenred s existing platforms in Europe (nearly 1,200 salespeople and 300,000 clients) 19

20 A STRATEGIC ASSET Unique acceptance network Large value-added service offering Leading position in Europe Strong Fuel & Fleet brand 34,000 stations in 38 countries Full European toll coverage Technical integration with fuel stations and tolls Tax refund expertise Comprehensive range of vehicle related services, leveraging a large network of partners >60,000 clients ~ 3bn issue volume >500k active cards Significant fuel volume and toll spend Strong brand awareness in the Fuel and Fleet market Joint-venture with Daimler 20

21 EDENRED OFFER IN ASIA Cardtrend: a first foothold in the promising Asian fuel card market Cardtrend offer Key functionalities Key figures Customized software solutions for fuel cards Key clients: major oil & gas industry players Acquisition, processing & authorization of transactions Complete fuel card management system Integration/interface with clients back office systems >20m cards in circulation Accretive from 2014 (1) Presence in 6 Southeast Asian countries (Malaysia, Thailand, Japan, New Zealand, Brunei and the Philippines) Additional services like web portals and mobile apps (1) Consolidated as of August

22 DEVELOPMENT STRATEGY BY GEOGRAPHY A presence in three regions to build a global position Latin America Europe Asia Launch Ticket Car solution in the region based on Brazil and Mexico expertise Add new functionalities Target Ticket Car offer more specifically to the light fleet and heavy fleet markets Acceleration of UTA development in the heavy fleet segment, thanks to Edenred s presence in Central and Eastern Europe Launch a new offer in the light fleet segment in Europe Development of solutions in the region based on the Cardtrend platform Exploring opportunities to expand across the value chain 22

23 Travel & Entertainment Ticket Travel Pro illustration 3

24 COMPANIES NEEDS TO MANAGE T&E EXPENSES Solution covering each stage of the trip Targeted expenses Market needs 40-30% 60-70% Expenses incurred by an employee for business purposes Entertainment Accommodation, food & beverages Travel Air, rail, car rental, etc. pre-trip Define rules of usage (profile management, etc.) Prepare business trips (bookings, etc.) on-trip Pay for business expenses (according to company policies) Support away from their home base (assistance, etc.) post-trip Improve administration (expense claims management, etc.) Monitor and optimize spending (reporting, etc.) Ensure systematic VAT refund 24

25 EDENRED OFFER WORLDWIDE Several initiatives developped organically T&E market key figures Ticket Travel Pro > 500bn in spend volumes Spendeo ~20% market penetration % growth p.a. Ticket Empresarial ExpendiaSmart Source: internal studies and estimates. 25

26 CORPORATE TRAVEL EXPENSES IN FRANCE Overview of the market Corporate expenses by category Taxi/ Public transportation Rail Air Car rental 29% 5% 7% 10% 27% 12% 10% Fuel Restaurant 30bn are spent every year by 2.5m companies Accommodation 26

27 A LARGELY UNTAPPED SME MARKET One third of total expenses is not managed by a T&E solution Corporate expenses by payment channel Expenses managed through: Corporate cards Fuel Cards Travel agency invoices Lodged cards 67% 33% Unmanaged expenses A ~ 10bn addressable market 27

28 COMPETITIVE LANDSCAPE FOR T&E SOLUTIONS Mainly players with no end-to-end solution pre-trip on-trip post-trip Travel booking companies Booking solutions only Payment instrument providers Corporate cards Lodged cards Fuel cards Corporate cards focused on payment with limited services Expense Management tool providers Connected to an external payment means Software approach to be interfaced with ERP 28

29 TTP: A UNIQUE OFFER ON THE FRENCH MARKET A one-stop solution for managing every stage in the business expense process pre-trip on-trip post-trip Ticket Travel Pro booking service accessible via the Internet, tablets and smartphones Online booking service offering the best rates from partners: Preloaded, PIN-protected card Accepted in the MasterCard network Insurance in partnership with Europ Assistance Automatically records employee business travel expenses Generates comprehensive expense reports, including the data required to recover VAT and corporate vehicle tax 29

30 SOLUTION BENEFITS CLIENTS BENEFICIARIES Compliance with the company s travel policy Cost saving: Dedicated budget (no risk of excess expenditure) Access to best rates (promotional deals negotiated with partners) Flexibility: definition of specific employee profiles (merchant categories, amounts per expense category, number of days, caps, etc.) Protection on assignment, thanks to insurance provided in partnership with Europ Assistance Accessibiliy: booking service through the Internet, tablets and smartphones Simplicity: no cash advance, no cash reimbursement, easy management of expense claim Time saving 30

31 31

32 32

33 33

34 34

35 Conclusion 4

36 A KEY STRATEGIC DEVELOPMENT To strengthen the Group s second long-term growth engine 2 PILLARS OF GROWTH EMPLOYEE BENEFITS 81% of issue volume EXPENSE MANAGEMENT 14% of issue volume OBJECTIVE OF >30% OF ISSUE VOLUME BY 2017 A clear rationale for developing Expense Management Similar characteritics as Employee Benefits business A market with low penetration rates and strong growth potential Similar operating margins to Employee Benefits and FCF-accretive A development based on solid existing strengths Extensive expertise in the fuel & fleet market in Latin America Strong BtoB sales force and large client portfolio Shared authorization platforms 36

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