2022 guidance confirmed
- First-half 2022 revenue up +15.0% as reported, including
like-for-like growth* of +5.5% despite high prior-year comparatives
and +12.9% excluding non-recurring items**
- Faster like-for-like growth of +14.5% in second-quarter 2022,
excluding non-recurring items**
- Improved EBITA margin excluding non-recurring items, at 14.3%
versus 14.0% in first-half 2021
- 2022 targets for like-for-like revenue growth and EBITA margin
confirmed
Regulatory News:
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220727005551/en/
Analysis of first-half 2022 revenue
growth (Graphic: Teleperformance)
The Board of Directors of Teleperformance (Paris:TEP), the
global leader in outsourced customer and citizen experience
management and related digital solutions, met today and reviewed
the consolidated financial statements for the six months ended June
30, 2022. The Group also announced its first-half 2022 financial
results.
Strong business and earnings growth
- H1 2022 revenue: €3,946 million - up +15.0% as reported and
+5.5% like-for-like - up +12.9% like-for-like excluding impact of
lower revenue from Covid support contracts
- Q2 2022 revenue: €1,984 million - up +15.4% as reported and
+4.5% like-for-like - up +14.5% like-for-like excluding impact of
lower revenue from Covid support contracts
- EBITA before non-recurring items: €566 million, for a margin of
14.3% vs. 14.0% in H1 2021
- Net profit – Group share: €274 million vs. €255 million in H1
2021
Robust sales dynamic maintained
- Despite an uncertain economic environment, the market's
structural digitalization and the Group’s robust and diversified
client portfolio continued to drive momentum, especially in the
social media, healthcare and travel sectors
- TLScontact's visa application management business recovered
strongly
- The Group’s 2021 acquisitions in the United States in the
healthcare and government sectors (Health Advocate and Senture)
were successfully integrated
- Revenue from support services for government vaccination
campaigns (“Covid contracts”) fell sharply as expected
2022 financial objectives confirmed
- More than +10% like-for-like revenue growth excluding the
impact of Covid support contracts
- More than +5% like-for-like revenue growth
- A 30 basis-point increase in EBITA margin before non-recurring
items
- Further targeted acquisitions capable of creating value and
strengthening the Group’s high value-added businesses
* At constant scope of consolidation and exchange rates **
Excluding the impact of the change in revenue from Covid support
contracts (Covid contracts)
Commenting on this performance, Teleperformance Chairman and
Chief Executive Officer Daniel Julien said: "We continued to
deliver strong growth in the first half in line with our targets
for the year, with revenue up +5.5% like-for-like, or +12.9%
excluding the decrease in the contribution from Covid support
contracts, which we had expected. We are very satisfied with this
performance, which was achieved despite a particularly high basis
of comparison in 2021 and a very unsettled macroeconomic
environment. Adjusted like-for-like growth even accelerated in the
second quarter, led by the structural digitalization of our market
and the Group's robust and diversified client portfolio.
The strong recovery of TLScontact's visa application management
business also contributed to this good performance. The Group’s
recent strategic acquisitions in the United States, Health Advocate
and Senture, were successfully integrated and made a significant
contribution to first-half revenue growth. Thus, despite the sharp
decline in the contribution of Covid support contracts to
first-half 2022 revenue, EBITA margin continued to improve in line
with the annual target.
On the strength of this encouraging first half, taking into
account the uncertain economic environment and ever-present health
risk, we confirm our 2022 targets of like-for-like revenue growth
of more than +5%, or more than +10% excluding the impact of the
Covid support contracts, and a 30-basis point increase in EBITA
margin."
INTERIM FINANCIAL HIGHLIGHTS
€ millions
H1 2022
H1 2021
€1=US$1.09
€1=US$1.21
Revenue
3,946
3,431
Reported growth
+15.0%
Like-for-like growth
+5.5%
Like-for-like change excluding
non-recurring items*
+12.9%
EBITDA before non-recurring
items
792
678
% of revenue
20.1%
19.8%
EBITA before non-recurring
items
566
479
% of revenue
14.3%
14.0%
EBIT
438
398
Net profit – Group share
274
255
Diluted earnings per share (€)
4.60
4.31
Net free cash flow
325
333
* Excluding the impact of the change in revenue from Covid
support contracts
FIRST-HALF AND SECOND-QUARTER 2022 REVENUE
Consolidated revenue
First half 2022 revenue came in at €3,946 million,
representing a year-on-year increase of +5.5% at constant exchange
rates and scope of consolidation (like-for-like) and of +15.0%
as reported. Reported revenue was lifted by the +€159 million
positive currency effect, stemming mainly from the rise in the US
dollar against the euro. Changes in the scope of consolidation had
a +€160 million positive impact, reflecting the consolidation of
Health Advocate from July 1, 2021 and of Senture from January 1,
2022.
Like-for-like growth in first-half 2022 was particularly
strong given the negative impact of lower revenue from Covid
support contracts (down -€266 million compared with first-half
2021), which was expected. Adjusted for this non-recurring
impact, like-for-like growth stood at +12.9% for the period.
The very strong momentum was driven by structural digitalization of
the market and by the Group’s robust and diversified client
portfolio. Growth in the social media, healthcare, and travel
sectors was particularly brisk. The Specialized Services activity
also enjoyed sustained growth, helped by the resounding recovery of
TLScontact’s visa application management business.
Revenue for the second quarter of 2022 amounted to €1,984
million, up +15.4%, including a favorable currency effect linked
mainly to the rise in the US dollar against the euro and a scope
effect linked to the consolidation of Health Advocate and Senture
in the Group's accounts. Growth was +4.5% on a like-for-like basis
compared to second-quarter 2021. This performance, which came on
the back of +6.5% like-for-like growth in first-quarter 2022, was
very satisfactory given the sharp drop in the contribution of Covid
support contracts. Adjusted for this non-recurring impact,
like-for-like growth was +14.5% in second-quarter 2022 versus
+11.1% in the first quarter, reflecting increased momentum across
both of the Group's activities.
Revenue by activity
H1 2022
H1 2021
% change
€ millions
Like-for-like
Reported
CORE SERVICES & D.I.B.S.*
3,412
3,075
+3.8%
+10.9%
English-speaking & Asia-Pacific
(EWAP)
1,175
992
+1.2%
+18.5%
Ibero-LATAM
1,098
895
+17.0%
+22.6%
Continental Europe & MEA (CEMEA)
875
977
-9.5%
-10.4%
India
264
211
+18.0%
+24.8%
SPECIALIZED SERVICES
534
356
+19.3%
+50.1%
TOTAL
3,946
3,431
+5.5%
+15.0%
Adjusted like-for-like growth**
+12.9%
Q2 2022
Q2 2021
% change
€ millions
Like-for-like
Reported
CORE SERVICES & D.I.B.S.*
1,700
1,539
+2.2%
+10.5%
English-speaking & Asia-Pacific
(EWAP)
576
484
+0.5%
+18.9%
Ibero-LATAM
573
454
+17.7%
+26.2%
Continental Europe & MEA (CEMEA)
416
495
-15.3%
-16.0%
India
135
106
+18.9%
+28.0%
SPECIALIZED SERVICES
284
180
+22.9%
+57.7%
TOTAL
1,984
1,719
+4.5%
+15.4%
Adjusted like-for-like growth**
+14.5%
* Digital Integrated Business Services ** Excluding the impact
of the change in revenue from Covid support contracts
- Core Services & Digital Integrated
Business Services (D.I.B.S.)
Core Services & D.I.B.S. revenue amounted to €3,412 million
in first-half 2022, a year-on-year increase of +3.8%. Reported
growth came to +10.9%, with the difference versus like-for-like
growth primarily attributable to the rise against the euro in the
US dollar and most other currencies including the Brazilian real,
the Indian rupee, the pound sterling, the Mexican peso and the
Colombian peso. In addition, reported growth includes the
contribution of Senture, which has been consolidated in the Group's
financial statements from January 1, 2022.
Second-quarter 2022 revenue rose by +2.2% like-for-like versus
the prior-year period. The slower growth compared to first-quarter
2022 (+5.4%) was mainly due to the sharply lower contribution of
Covid support contracts to Group revenue. Excluding the impact of
Covid support contracts, the Core Services & D.I.B.S. activity
delivered double-digit growth in first-half 2022, with an
acceleration in the second quarter compared to the first. This
solid momentum was supported by further structural digitalization
of the market and the Group’s robust client portfolio spread across
a wide variety of sectors. The Group performed particularly well in
the social media, online entertainment and food services,
healthcare and travel sectors.
- English-speaking & Asia-Pacific (EWAP)
EWAP region revenue came to €1,175 million in first-half 2022,
up +1.2% like-for-like. The reported increase of +18.5% was
primarily attributable to favorable currency effects –
corresponding to the rise against the euro in the US dollar and, to
a lesser extent, in the Indian rupee as well as in the pound
sterling– and the positive impact of consolidating Senture from
January 1, 2022.
Second-quarter 2022 revenue was globally stable versus the first
quarter, rising by +0.5% like-for-like. Growth was dampened by the
sharp decline in the revenue contribution of Covid support
contracts in the United Kingdom. Excluding Covid support contracts,
like-for-like growth was in the double digits.
After staging a recovery in the second half of 2021, the North
American market continued to enjoy renewed momentum in first-half
2022, both in the domestic market and in the Philippines
(offshore). In particular, revenue in the social media, online
entertainment, travel and financial services sectors grew at a
brisk pace.
First-half 2022 revenue for the Ibero-LATAM region amounted to
€1,098 million, a year-on-year increase of +17.0% like-for-like.
The reported increase of +22.6% mainly reflected the rise in the US
dollar, Brazilian real, Mexican peso and Colombian peso against the
euro. Like-for-like revenue growth in the second quarter came to
+17.7%.
Business in the region grew at a rapid pace throughout the first
half against a high basis of comparison, particularly in the social
media, online entertainment, healthcare, financial services and
travel sectors.
Growth rates were high in all the countries of the region in the
first half, led by Argentina, Peru, Dominican Republic and
Guatemala (nearshore activities), as well as in Honduras and
Nicaragua, where the Group recently launched operations.
Multilingual activities in Spain and Portugal, on behalf of global
leaders of the digital economy, continue to expand rapidly.
- Continental Europe & MEA (CEMEA)
Revenue in the CEMEA region amounted to €875 million in
first-half 2022, a year-on-year decline of -9.5% like-for-like and
of -10.4% as reported, with the difference corresponding to
negative currency effects due to the depreciation of the Turkish
lira against the euro. Revenue contracted by -15.3% in
second-quarter 2022 on a like-for-like basis, due to the sharp
decline in the contribution from Covid support contracts in the
Netherlands, France and Germany.
Excluding the impact of the Covid support contracts, first-half
2022 business growth in the region was strong, with the start-up of
new contracts driving a clear acceleration in the second quarter
compared with the first. Business with multinational clients,
particularly in the travel, automotive, financial services and
online entertainment sectors, was brisk over the period. This was
particularly the case in Romania, Egypt, Poland and the
German-speaking market (domestic activities excluding Covid support
contracts and nearshore activities).
In first-half 2022, operations in India generated €264 million
in revenue, up +18.0% like-for-like from the prior-year period and
by +24.8% as reported, taking into account the positive currency
effect corresponding to the appreciation of the Indian rupee
against the euro. Like-for-like revenue growth in the second
quarter came to +18.9%.
Offshore activities, which are the region’s main source of
revenue and include high value-added solutions, continued to grow
rapidly. They benefited from the dynamism of the Group’s client
base of global leaders in the buoyant travel, consumer electronics,
healthcare, internet, online entertainment and e-tailing sectors.
Revenue in the automotive sector also grew rapidly during the
period.
Revenue from Specialized Services stood at €534 million in
first-half 2022, a year-on-year increase of +19.3% like-for-like
and of +50.1% as reported. The difference between like-for-like and
reported growth stemmed from a favorable currency effect linked to
the increase in value of the US dollar against the euro and a
positive scope effect due to the consolidation of Health Advocate
in the consolidated financial statements since July 1, 2021.
Like-for-like revenue growth in second-quarter 2022 came to
+22.9%.
Faster revenue growth in the second quarter was mainly due to
the resounding recovery in TLScontact volumes and also reflected
the very favorable prior-period basis of comparison. In particular,
UK visa applications managed by TLScontact in first-half 2022
exceeded pre-crisis levels. Business in the Schengen area continued
to trend upwards, but remained below pre-crisis levels, primarily
due to the dearth of inbound travelers from China. The recovery in
revenue is expected to continue in the second half of the year,
albeit at a slower pace than in the first half due to the higher
basis of comparison.
LanguageLine Solutions, the main contributor to Specialized
Services revenue, grew at a satisfactory rate, especially in the
healthcare sector which accounts for more than half of its revenue,
although growth rates were dampened by a high basis of comparison,
especially in the spring 2021. The basis of comparison will be
lower in the second half.
The rapid growth of debt collection activities in North America
(AllianceOne) during the first half of the year was supported by
the robust business momentum enjoyed since last year, particularly
in nearshore activities.
FIRST-HALF 2022 RESULTS
EBITDA before non-recurring items stood at €792 million for
first-half 2022, up +16.7% from the prior-year period.
EBITA before non-recurring items rose by +18.2% to €566 million
from €479 million in first-half 2021, representing a margin of
14.3% versus 14.0% in the prior-year period. The improved margin
was primarily attributable to the stability of margin rates in the
Core Services & D.I.B.S activities, despite the negative effect
of the sharply lower contribution of Covid support contracts, and
higher Specialized Services margins, lifted by the resounding
recovery of TLScontact’s activities. Reported margins were also
boosted by the rise in the dollar against the euro with a positive
transaction effect linked to the Group's offshore activities and a
positive translation effect (mix).
Earnings by activity
EBITA before non-recurring
items
H1 2022
H1 2021
€ millions
CORE SERVICES & D.I.B.S.*
398
374
% of revenue
11.7%
12.2%
English-speaking & Asia-Pacific
(EWAP)
97
57
% of revenue
8.2%
5.7%
Ibero-LATAM
133
113
% of revenue
12.1%
12.7%
Continental Europe & MEA (CEMEA)
83
138
% of revenue
9.5%
14.1%
India
46
35
% of revenue
17.5%
16.7%
Holding companies
39
31
SPECIALIZED SERVICES
168
105
% of revenue
31.5%
29.4%
TOTAL
566
479
% of revenue
14.3%
14.0%
* Digital Integrated Business Services
For Core Services & D.I.B.S., EBITA before non-recurring
items came to €398 million in first-half 2022, versus €374 million
in the prior-year period. EBITA margin stood at 11.7% versus 12.2%
in first-half 2021, reflecting contrasting trends by region, with
some regions particularly affected by the lower contribution from
Covid support contracts.
- English-speaking & Asia-Pacific (EWAP)
The EWAP region generated EBITA before non-recurring items of
€97 million in first-half 2022, compared with €57 million in the
prior year period. EBITA margin rose sharply, to 8.2% from 5.7% in
first-half 2021. The increase in margins mainly reflected the
renewed momentum in the North American market observed in late 2021
and confirmed throughout the first half of 2022, in particular for
offshore activities in the Philippines.
EBITA before non-recurring items in the Ibero-LATAM region rose
to €133 million in first-half 2022 from €113 million in the
prior-year period. while EBITA margin stood at 12.1%, versus 12.7%
in 2021. The period-on-period decline was due to the development
costs incurred for the opening and the ramp up of numerous new
sites to support the rapid pace of business growth, especially in
Peru and Colombia.
- Continental Europe & MEA (CEMEA)
EBITA before non-recurring items in the CEMEA region came to 83
million in first-half 2022, versus €138 million in first-half 2021,
yielding a margin of 9.5% versus 14.1% one year earlier. The
decline in EBITA margin was mainly due to the sharp drop in the
contribution from Covid support contracts in the Netherlands,
France and Germany, which had a very positive impact on the
region's margin in first-half 2021.
EBITA before non-recurring items in the India region rose to €46
million in first-half 2022 from €35 million the year before. EBITA
margin rose to 17.5% from 16.7% in first-half 2021. The increase
was primarily attributable to the very rapid growth in the highly
profitable offshore activity.
Specialized Services EBITA before non-recurring items came to
€168 million in first-half 2022, versus €105 million in the same
period of 2021. EBITA margin expanded to 31.5% from 29.4% in
first-half 2021.
This good performance mainly reflects the return of TLScontact's
operating margins to levels close to those achieved pre-Covid-19,
following a strong recovery in business volumes, satisfactory
growth in premium ancillary services and implementation of
cost-cutting measures during the crisis. TLScontact's margins were
very low in first-half 2021, because the travel restrictions and
border closures imposed since March 2020 were not lifted until May
2021.
LanguageLine Solutions continued to enjoy high margins in
first-half 2022, reflecting satisfactory business growth backed by
an efficient business model based on entirely home-based
interpreters, unrivaled technological tools and a very assertive
marketing process.
Other income statement items
EBIT amounted to €438 million, versus €398 million one year
earlier. It included in particular:
• €70 million in amortization of intangible assets related to
acquisitions;
• the €51 million book cost of performance share plans.
The financial result represented a net expense of €52 million,
versus €44 million one year earlier.
Income tax expense came to €112 million, corresponding to an
effective tax rate of 29.1%, versus 28.1% in the prior-year
period.
Net profit – Group share totaled €274 million, versus €255
million in first-half 2021, while diluted earnings per share came
to €4.60, versus €4.31.
Cash flows and financial structure
Net free cash flow after lease expenses, interest and tax paid
amounted to €325 million, versus €333 million the year before.
The change in consolidated working capital requirement was an
outflow of €40 million in first-half 2022, compared with an outflow
of €38 million in the year earlier period.
Net capital expenditure amounted to €150 million, or 3.8% of
revenue, versus €98 million and 2.9% in first-half 2021. The
increase corresponds to expenditure to develop a hybrid model
combining work-from-home and on-site solutions throughout the world
(see Operating Highlights).
After paying €194 million in dividends, net debt stood at €2,633
million at June 30, 2022.
OPERATING HIGHLIGHTS
- Expansion of the global footprint and
deployment of work-from-home solutions
In first-half 2022, Teleperformance continued to deploy its
global expansion strategy in the structurally growing outsourced
customer and citizen experience management market despite the
uncertain economic context. Some 20 new sites were opened around
the world, including in Europe, Africa, the United States, Peru and
India, adding more than 7,000 workstations. Existing sites were
also reorganized during the period and employees continued to be
offered work-from-home solutions. As of June 30, 2022, some 70% of
employees were working from home.
- Best Employer certifications: 64
country organizations certified
Teleperformance has made the well-being of its employees a key
priority worldwide. As of June 30, 2022, the Group had been
certified in 64 countries as a "Best Employer" by independent
experts like Great Place to Work. These certifications cover more
than 95% of the Group’s global workforce, versus 70% pre-Covid (22
country organizations certified as of end-2019).
OUTLOOK
On the strength of this encouraging first half, taking into
account the uncertain economic environment and ever-present health
risk, Teleperformance confirms its 2022 targets:
- Like-for-like revenue growth above +10%
(excluding the impact of Covid support contracts);
- Like-for-like revenue growth above +5%;
- A 30 basis-point increase in EBITA margin
before non-recurring items.
The Group also plans to make further targeted acquisitions
capable of creating value and strengthening its high value-added
businesses.
-----------------
DISCLAIMER
All forward-looking statements are based on Teleperformance
management’s present expectations of future events and are subject
to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the
forward-looking statements. For a detailed description of these
factors and uncertainties, please refer to the “Risk Factors”
section of our Universal Registration Document, available at
www.teleperformance.com. Teleperformance undertakes no obligation
to publicly update or revise any of these forward-looking
statements.
Webcast / Conference call with analysts and investors
A conference call and webcast will be held today at 6:15 PM
CEST. The webcast will be available live or for delayed viewing at:
https://channel.royalcast.com/landingpage/teleperformance/20220727_1/
The half-year financial report and presentation materials will
be available after the conference call on Teleperformance’s website
(www.teleperformance.com) – section Investor Relations / Press
releases and documentation / Annual and half-yearly financial
information, and by clicking on the following link:
https://www.teleperformance.com/en-us/investors/publications-and-events/financial-publications/
Indicative investor calendar Third-quarter 2022 revenue:
November 3, 2022
About Teleperformance Group
Teleperformance (TEP – ISIN: FR0000051807 – Reuters: TEPRF.PA
- Bloomberg: TEP FP), the global leader in outsourced customer and
citizen experience management and related digital services,
serves as a strategic partner to the world’s largest companies in
many industries. It offers a One Office support services model
including end-to-end digital solutions, which guarantee successful
customer interaction and optimized business processes, anchored in
a unique, comprehensive high touch, high tech approach. Nearly
420,000 employees, based in 88 countries, support billions of
connections every year in over 265 languages and around 170
markets, in a shared commitment to excellence as part of the
“Simpler, Faster, Safer” process. This mission is supported by the
use of reliable, flexible, intelligent technological solutions and
compliance with the industry’s highest security and quality
standards, based on Corporate Social Responsibility excellence. In
2021, Teleperformance reported consolidated revenue of €7,115
million (US$8.4 billion, based on €1 = $1.18) and net profit of
€557 million.
Teleperformance shares are traded on the Euronext Paris market,
Compartment A, and are eligible for the deferred settlement
service. They are included in the following indices: CAC 40, STOXX
600, S&P Europe 350, MSCI Global Standard and Euronext Tech
Leaders. In the area of corporate social responsibility,
Teleperformance shares are included in the Euronext Vigeo Euro 120
index since 2015, the EURO STOXX 50 ESG index since 2020, the MSCI
Europe ESG Leaders index since 2019, the FTSE4Good index since 2018
and the S&P Global 1200 ESG index since 2017.
For more information: www.teleperformance.com Follow us on
Twitter: @teleperformance
Appendices
Appendix 1 – Quarterly and Half-Yearly Revenue by
Activity
H1 2022
H1 2021
% change
€ millions
Like-for-like
Reported
CORE SERVICES & D.I.B.S.*
3,412
3,075
+3.8%
+10.9%
English-speaking & Asia-Pacific
(EWAP)
1,175
992
+1.2%
+18.5%
Ibero-LATAM
1,098
895
+17.0%
+22.6%
Continental Europe & MEA (CEMEA)**
875
977
-9.5%
-10.4%
India**
264
211
+18.0%
+24.8%
SPECIALIZED SERVICES
534
356
+19.3%
+50.1%
TOTAL
3,946
3,431
+5.5%
+15.0%
Like-for-like change excluding
non-recurring items**
+12.9%
Q2 2022
Q2 2021
% change
€ millions
Like-for-like
Reported
CORE SERVICES & D.I.B.S.*
1,700
1,539
+2.2%
+10.5%
English-speaking & Asia-Pacific
(EWAP)
576
484
+0.5%
+18.9%
Ibero-LATAM
573
454
+17.7%
+26.2%
Continental Europe & MEA (CEMEA)**
416
495
-15.3%
-16.0%
India**
135
106
+18.9%
+28.0%
SPECIALIZED SERVICES
284
180
+22.9%
+57.7%
TOTAL
1,984
1,719
+4.5%
+15.4%
Adjusted like-for-like growth**
+11.1%
Q1 2022
Q1 2021
% change
€ millions
Like-for-like
Reported
CORE SERVICES & D.I.B.S.*
1,711
1,536
+5.4%
+11.4%
English-speaking & Asia-Pacific
(EWAP)
599
508
+1.8%
+18.1%
Ibero-LATAM
525
442
+16.2%
+18.9%
Continental Europe & MEA (CEMEA)**
459
481
-3.5%
-4.7%
India
128
105
+17.1%
+21.6%
SPECIALIZED SERVICES
251
176
+15.5%
+42.2%
TOTAL
1,962
1,712
+6.5%
+14.6%
Adjusted like-for-like growth**
+14.5%
* Digital Integrated Business Services ** Excluding the impact
of the change in revenue from Covid support contracts
Appendix 2 – Simplified Consolidated Financial
Statements
Consolidated income statement € millions
1st HY 2022 1st HY 2021
Revenues
3 946
3 431
Other revenues
4
3
Personnel
-2 645
-2 363
External expenses
-498
-380
Taxes other than income taxes
-15
-13
Depreciation and amortization
-124
-108
Amortization of intangible assets acquired as part of a business
combination
-70
-49
Depreciation of right-of-use assets (personnel-related)
-7
-6
Depreciation of right-of-use assets
-95
-85
Impairment loss on goodwill
-5
Share-based payments
-51
-31
Other operating income and expenses
-2
-1
Operating profit
438
398
Income from cash and cash equivalents
4
3
Gross financing costs
-31
-27
Interest on lease liabilities
-21
-20
Net financing costs
-48
-44
Other financial income and expenses
-4
0
Financial result
-52
-44
Profit before taxes
386
354
Income tax
-112
-99
Net profit
274
255
Net profit - Group share
274
255
Net profit attributable to non-controlling interests
Earnings per share (in euros)
4,67
4,34
Diluted earnings per share (in euros)
4,60
4,31
Consolidated balance sheet € millions
ASSETS 06/30/2022 12/31/2021
Non-current assets Goodwill
2 989
2 892
Other intangible assets
1 466
1 289
Right-of-use assets
685
626
Property, plant and equipment
622
592
Loan hedging instruments - Assets
19
10
Othe financial assets
60
59
Deferred tax assets
83
66
Total non-current assets
5 924
5 534
Current assets Current income tax receivable
95
87
Accounts receivable - Trade
1 642
1 580
Other current assets
276
226
Other financial assets
72
46
Cash and cash equivalents
756
837
Total current assets
2 841
2 776
TOTAL ASSETS
8 765
8 310
EQUITY AND LIABILITIES 06/30/2022 12/31/2021
Equity Share capital
148
147
Share premium
575
575
Translation reserve
246
-101
Other reserves
2 632
2 536
Equity attributable to owners of the Company
3 601
3 157
Non-controlling interests
0
0
Total equity
3 601
3 157
Non-current liabilities Post-employment benefits
34
33
Lease liabilities
561
515
Loan hedging instruments - Liabilities
6
Other financial liabilities
2 201
2 270
Deferred tax liabilities
352
296
Total non-current liabilities
3 154
3 114
Current liabilities Provisions
86
83
Current income tax
130
127
Accounts payable - Trade
242
280
Other current liabilities
912
831
Lease liabilities
186
172
Other financial liabilities
454
546
Total current liabilities
2 010
2 039
TOTAL EQUITY AND LIABILITIES
8 765
8 310
Consolidated cash flow statement € millions
Cash flows from operating activities 1st HY 2022 1st HY 2021
Net profit - Group share
274
255
Income tax expense
112
99
Net financial interest expense
23
19
Interest expense on lease liabilities
21
20
Non-cash items of income and expense
362
275
Income tax paid
-136
-73
Internally generated funds from operations
656
595
Change in working capital requirements
-40
-38
Net cash flow from operating activities
616
557
Cash flows from investing activities
Acquisition of intangible assets and property,
plant and equipment
-151
-100
Loans granted
-10
Acquisition of subsidiaries, net of cash acquired
-1
-573
Proceeds from disposals of intangible assets and property, plant
and equipment
1
2
Net cash flow from investing activities
-161
-671
Cash flows from financing activities
Acquisition net of disposal of treasury shares
-34
4
Dividends paid to parent company shareholders
-194
-141
Financial interest paid
-21
-15
Lease payments
-120
-111
Increase in financial liabilities
891
608
Repayment of financial liabilities
-1 067
-383
Net cash flow from financing activities
-545
-38
Change in cash and cash equivalents
-90
-152
Effect of exchange rates on cash held
11
10
Net cash at January 1st
835
993
Net cash at June 30th
756
851
Appendix 3 – Glossary - Alternative Performance
Measures
Change in like-for-like revenue: Change in revenue at
constant exchange rates and scope of consolidation = [current year
revenue - last year revenue at current year rates - revenue from
acquisitions at current year rates] / last year revenue at current
year rates.
H1 2021 revenue
3,431
Currency effect
159
H1 2021 revenue at constant exchange
rates
3,590
Like-for-like growth
196
Change in scope
160
H1 2022 revenue
3,946
EBITDA before non recurring items or current EBITDA (Earnings
before Interest, Taxes, Depreciation and Amortizations):
Operating profit before depreciation & amortization,
depreciation of right-of-use of leased assets, amortization of
intangible assets acquired as part of a business combination,
goodwill impairment charges and non-recurring items.
H1 2022
H1 2021
Operating profit
438
398
Depreciation and amortization
124
108
Depreciation of right-of-use of leased
assets
95
85
Depreciation of right-of-use of leased
assets – personnel related
7
6
Amortization of intangible assets acquired
as part of a business combination
70
49
Goodwill impairment
5
-
Share-based payments
51
31
Other operating income and expenses
2
1
EBITDA before non-recurring
items
792
678
EBITA before non recurring items or current EBITA (Earnings
before Interest, Taxes and Amortizations): Operating profit
before amortization of intangible assets acquired as part of a
business combination, goodwill impairment charges and non-recurring
items.
H1 2022
H1 2021
Operating profit
438
398
Amortization of intangible assets acquired
as part of a business combination
70
49
Goodwill impairment
5
-
Share-based payments
51
31
Other operating income and expenses
2
1
EBITA before non-recurring
items
566
479
Non recurring items: Principally comprises restructuring
costs, incentive share award plan expense, costs of closure of
subsidiary companies, transaction costs for the acquisition of
companies, and all other expenses that are unusual by reason of
their nature or amount.
Net free cash flow: Cash flow generated by the business -
acquisitions of intangible assets and property, plant and equipment
net of disposals - lease payments - financial income/expenses.
H1 2022
H1 2021
Net cash flow from operating
activities
616
557
Acquisition of intangible assets and
property, plant and equipment
-151
-100
Proceeds from disposals of intangible
assets and property, plant and equipment
1
2
Lease payments
-120
-111
Financial interest paid
-21
-15
Net cash flow from financing
activities
325
333
Net debt: Current and non-current financial liabilities -
cash and cash equivalents
06/30/2022
12/31/2021
Non-current liabilities*
Financial liabilities
2,201
2,270
Current liabilities*
Financial liabilities
454
546
Lease liabilities (IFRS 16)
747
687
Loan hedging instruments
-13
-10
Cash and cash equivalents
-756
-837
Net debt
2,633
2,656
* Excluding lease liabilities
Diluted earnings per share (net profit attributable to
shareholders divided by the number of diluted shares and
adjusted): Diluted earnings per share is determined by
adjusting the net profit attributable to ordinary shareholders and
the weighted average number of ordinary shares outstanding by the
effects of all potentially diluting ordinary shares. These include
convertible bonds, stock options and incentive share awards granted
to employees when the required performance conditions have been met
at the end of the financial year.
NB: The alternative performance
measures (APMs) are defined in Appendix
View source
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FINANCIAL ANALYSTS AND INVESTORS Investor relations and
financial communication department TELEPERFORMANCE Tel: +33 1 53 83
59 15 investor@teleperformance.com
PRESS RELATIONS Europe Karine Allouis – Leslie
Jung-Isenwater – Laurent Poinsot IMAGE7 Tel: +33 1 53 70 74 70
teleperformance@image7.fr
PRESS RELATIONS Americas and Asia-Pacific Mark
Pfeiffer TELEPERFORMANCE Tel: + 1 801-257-5811
mark.pfeiffer@teleperformance.com
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