• Strategic update and five-year financial
objectives• New governance structure•
Third-quarter 2017 revenue up + 7.2% like-for-like*
Regulatory News:
Teleperformance (Paris:RCF), the worldwide leader in outsourced
omnichannel customer experience management, today released its
revenue for the third quarter of 2017. The Group’s Board of
Directors met today and is announcing the decisions made regarding
the changes in Teleperformance’s governance and organization. The
Group is also updating its strategic plan and five-year financial
objectives.
STRATEGIC UPDATE AND FIVE-YEAR FINANCIAL OBJECTIVES
(2022)
- The primary focuses of
Teleperformance’s 2018-2022 strategic plan are on honing its
industry verticals expertise, expanding across BRICS and MIST**
countries, and enhancing digital and omnichannel integration. The
plan sets the following objectives for 2022:
- Revenue of over €6 billion
- EBITA before non-recurring items of
over €850 million
- Organic and acquisition-led growth
ACQUISITION OF WIBILONG
- Acquisition in line with the 2018-2022
strategic plan: expansion of the Group’s digital offering with
French start-up Wibilong, a pioneer in collaborative brand and
consumer solutions
- A community of 13 million consumers in
15 countries on behalf of over 30 customers in a broad range of
industries including retail, tourism, insurance and telecoms
CHANGES IN THE GROUP’S GOVERNANCE AND ORGANIZATION
- Teleperformance has adopted a leaner,
more agile organization to succeed in its 2018-2022 strategic
plan
- Daniel Julien is appointed Group
Chairman and Chief Executive Officer, following Paulo César Salles
Vasques’ decision to step down as Group Chief Executive
Officer
- Olivier Rigaudy is appointed Group
Deputy Chief Executive Officer
SUSTAINED GROWTH IN NINE-MONTH AND THIRD-QUARTER 2017
REVENUE
- Nine months (to September 30): €3,096
million, up + 9.0 % like-for-like*
- Third-quarter 2017: €1,014 million, up
+ 7.2 % like-for-like*
- 22nd straight quarter of like-for-like
growth above + 5%*
2017 FINANCIAL OBJECTIVES CONFIRMED
- Like-for-like revenue growth of more
than + 7%*
- EBITA margin before non-recurring items
of over 13.0%, versus 12.8% in 2016
- Continued strong net free cash flow
generation
* at constant exchange rates and scope of consolidation
** BRICS: Brazil, Russia, India, China and South Africa - MIST:
Mexico, Indonesia, South Korea and Turkey
Commenting on this performance, Teleperformance Chairman and
Chief Executive Officer Daniel Julien, said: “Over the past few
years, we have successfully transformed our Group, first by
stepping up our growth and expanding our service offerings in our
core businesses and then by diversifying our operations and revenue
sources into high value-added services and combining strong organic
growth with improved margins. Our markets are changing rapidly and
human capital, security and innovation are key. Our clients want
customized solutions and Teleperformance is the only player on the
market today that can effectively partner them anywhere in the
world, at any time, with a top-quality, best-in-class service
across all channels.
There are a myriad of opportunities open to us and now is the
time to adapt our road map to ensure that we can seize them, by
setting out our five-year strategy. We want to strengthen our
position in high-growth, high value-added regions and industries.
To achieve omnichannel integration and embrace the possibilities
offered by artificial intelligence, we have created a Research
& Development and Digital Integration Department. In addition
to these new drivers, we have set ambitious but realistic financial
objectives. I would like to thank the members of the Board of
Directors for their trust in appointing me as Chairman and Chief
Executive Officer. I would also like to thank Paulo César Salles
Vasques for his contribution as part of the Teleperformance
team.
Lastly, we turned in another solid performance this quarter,
making it the twenty-second straight quarter of like-for-like
growth above + 5%. We can therefore confirm our full-year
objectives for revenue growth and EBITA margin before non-recurring
items.”
2018-2022 STRATEGIC PLAN AND FINANCIAL OBJECTIVES FOR
2022
The Group’s 2018-2022 strategic plan has four primary
focuses:
- Hone industry expertise in
high-potential verticals and environments such as information
technologies, retail, financial services and the Internet of Things
(IoT).
- Continue to expand across
BRICS* and MIST** countries.
- Enhance digital and omnichannel
integration, targeting more efficient and fluid customer
interaction by gradually incorporating artificial intelligence into
the Group’s omnichannel solutions, along with an improved
positioning in the collaborative economy and on marketing platforms
(Wibilong acquisition).
- Launch of a value-added “upstream”
CX consulting department in 2018
The Group’s confidence in the success of this new plan has led
it to set new objectives for 2022 to be driven by organic
and acquisition-led growth:
- Revenue of over €6 billion
- EBITA before non-recurring items of
over €850 million
- Selective acquisitions representing
combined revenue of c. €500 million, mainly in Specialized
Services
ACQUISITION OF WIBILONG
Teleperformance has acquired French start-up Wibilong, a
pioneer in collaborative brand and consumer solutions. Wibilong
provides digital businesses with a SaaS (software as a service)
platform that generates huge amounts of content through product
discussions, thanks to the creation and activation of consumer
communities.
As a pioneer in customer content marketing, Wibilong puts the
consumer experience back into the heart of businesses’ marketing
strategies and turns customers into true brand collaborators.
Wibilong’s disruptive solution is a lever for engaging and creating
loyal, satisfied customers in order to increase sales while
optimizing process efficiency.
The acquisition of Wibilong reflects the Group’s ambitions for
2022 and is an example of the strategic drivers that it intends to
implement over the next five years. It enables Teleperformance to
enhance its digital and omnichannel offering and reinforce its
positioning as the customer experience partner of choice for major
retail and consumer goods brands.
Wibilong hosts a community of 13 million consumers in 15
countries on behalf of over 30 customers in a broad range of
industries such as retail, automotive, tourism, insurance and
telecoms. Wibilong generated around €1 million in revenue in 2016.
The company will be consolidated by Teleperformance in November
2017.
CHANGES IN THE GROUP’S GOVERNANCE AND ORGANIZATION
In order to ensure the success of the 2018-2022 strategic
plan and meet shareholder demands, the Board of Directors
unanimously decided to adjust the Group’s governance structure on
the top of the strengthening of its organization, in a bid to speed
up decision-making and enable action to be taken more quickly.
Daniel Julien, who will remain Chairman of the Board of
Directors, has been appointed Group Chief Executive Officer. This
decision reflects the Board’s renewed confidence in Daniel Julien
who, as Chief Executive Officer, will have full responsibility for
managing and representing Teleperformance.
Paulo César Salles Vasques is stepping down as Group Chief
Executive Officer. At the Board’s request, he will continue to
serve as the non-executive Chairman of Teleperformance Brazil.
*BRICS: Brazil, Russia, India, China and South Africa. **MIST:
Mexico, Indonesia, South Korea and Turkey.
The Group has adopted a leaner, more “agile” organization
with a diverse management team representing a broad range of
nationalities and cultures and a solid track record within the
Group. New appointments and responsibilities are as follows:
Olivier Rigaudy, appointed Deputy Chief Executive Officer in
charge of Finance, and Leigh Ryan, Chief Legal and Compliance
Officer, will report to Daniel Julien.
Jeff Balagna, previously President of the English-speaking
market and Asia-Pacific region, is appointed Chief Operating
Officer. Yannis Tourcomanis, President of the CEMEA region, Brian
Johnson and David Rizzo, appointed co-Presidents of the
English-speaking market and Asia-Pacific region, and Agustin
Grisanti, appointed President of the Ibero-LATAM region, will
report to Jeff Balagna.
Joao Cardoso, Chief Executive Officer of Teleperformance
Portugal, is appointed to the new role of Chief Research &
Development and Digital Integration Officer.
Alan Truitt will remain Chief Business Development Officer.
All of the above are members of the Executive Committee chaired
by Daniel Julien.
NINE-MONTH AND THIRD-QUARTER 2017 GROUP REVENUE
€ millions
2017 2016 % change
Reported Like-for-like Average exchange rate
(9 months)
€1 = US$1.11 €1 = US$1.12
9 months 3,096
2,599 + 19.1% + 9.0%
Third quarter
1,014 910 + 11.4% + 7.2%
CONSOLIDATED REVENUE
Revenue came in at €3,096 million for the first nine months of
2017, representing a year-on-year increase of + 9.0% at
constant exchange rates and scope of consolidation (like-for-like).
Revenue grew + 19.1% on a reported basis, essentially due to
the €282 million contribution from the consolidation of
LanguageLine Solutions since September 19, 2016. Reported revenue
was impacted by a negative currency effect of €17 million, stemming
mainly from the fall in the British pound and the Egyptian pound
which offset the increase in the Brazilian real and Colombian peso
against the euro.
Revenue for the third quarter of 2017 came in at €1,014 million,
a sustained like-for-like increase of + 7.2% despite a tougher
basis of comparison in the third quarter compared to the second and
first quarters of the year. Third-quarter revenue rose + 11.4% as
reported, essentially due to the contribution from the
consolidation of LanguageLine Solutions.
REVENUE BY ACTIVITY
Since January 1, 2017, Teleperformance’s business operations
have been organized into two segments: Core Services, which cover
customer care, technical support and customer acquisition, and
Specialized Services, which comprise the recently acquired
interpreting services provided by LanguageLine Solutions, the visa
application management services outsourced by governments to
TLScontact, the analytics solutions offered by the GN Research
subsidiary, and the debt collection services provided in North
America by the AllianceOne Receivables Management (ARM)
subsidiary.
Nine months (to September 30, 2017) % total
Nine months (to September 30, 2016) % total %
change € millions
Reported Like-for-like CORE SERVICES
2,614 84% 2,414
93% + 8.3% + 8.9 %
English-speaking market & Asia-Pacific 1,195 38%
1,196 46% (0.1)% + 2.1% Ibero-LATAM
801 26% 629 24% + 27.2% +
22.5% Continental Europe & MEA 618 20% 589
23% + 5.0% + 7.1% SPECIALIZED SERVICES
482 16% 185 7%
+ 160.1% + 10.6% TOTAL
3,096 100% 2,599
100% + 19.1% + 9.0%
Q3 2017 % total Q3 2016 % total
% change € millions
Reported Like-for-like CORE SERVICES
861 85% 838
92% + 2.8% + 7.0%
English-speaking market & Asia-Pacific 318 38%
413 45% (7.2)% (1.2)% Ibero-LATAM
266 26% 229 25% + 16.2% +
17.7% Continental Europe & MEA 212 21% 196
22% + 8.1% + 11.1% SPECIALIZED SERVICES
153 15% 72 8%
+ 111.2% + 9.2% TOTAL
1,014 100% 910
100% + 11.4% + 7.2%
Core Services revenue amounted to €2,614 million for the first
nine months of 2017, up + 8.3% as reported and + 8.9%
like-for-like. As in the first half, Core Services growth was
especially led by the Ibero-LATAM region.
- English-speaking market &
Asia-Pacific
Nine-month revenue for the English-speaking market &
Asia-Pacific region came in at €1,195 million, up + 2.1%
like-for-like compared with the same period in 2016.
Third-quarter revenue for the region fell 1.2% like-for-like,
reflecting a particularly tough basis for comparison in the
period.
In the first nine months of 2017, Teleperformance continued to
diversify its client portfolio in the region. The fastest growing
client segments in the United States were healthcare and
e-services, particularly e-tailing and e-transport. Consumer goods
and consumer electronics also contributed to regional revenue
growth. Good momentum in these sectors offset a weaker performance
from offshore telecommunications activities, as new offshore
programs initially planned for the Philippines to serve the North
American market were eventually located in Mexico (Ibero-LATAM
region), whose geopolitical environment is currently considered
more favorable.
The negative impact of the downturn in business volumes in the
United Kingdom since late 2016 has eased as the year has
progressed, but continued to weigh on the region’s growth in the
third quarter.
In Asia-Pacific, business continued to benefit from the
significant investments made in the region since 2016 and remained
upbeat, although the ramp-up of recently opened sites in China and
Malaysia is proving slower than expected.
Nine-month revenue for the region climbed + 22.5% like-for-like
compared to the first nine months of 2016 and by + 27.2% as
reported, to €801 million. Exchange rates had a positive impact on
revenue, essentially due to gains in the Brazilian real and
Colombian peso against the euro.
Third-quarter revenue for the region rose + 17.7% like-for-like,
a very satisfactory performance in view of the tough basis for
comparison in the period.
As in the first half, Teleperformance enjoyed further bullish
sales momentum, reflecting the significant investments made during
2016 and successful diversification in a number of different
sectors.
Operations in Portugal (multilingual platforms), Colombia and
Brazil, along with offshore activities in the region, including in
Mexico, delivered the highest levels of growth.
Revenue for the region moved up + 7.1% like-for-like and
+ 5.0% as reported in the first nine months of the year. The
negative currency effects stemmed mainly from the fall in the
Egyptian pound against the euro.
The healthy momentum seen in the first half of the year was
confirmed in the third quarter, which saw like-for-like growth of +
11.1%. The Group’s growth drivers remained unchanged. The growth
push reflects brisk sales momentum with global clients, primarily
in the following countries:
- Eastern Europe: Russia, Poland and
Romania
- Mediterranean region: Greece
(multilingual platforms), Egypt and Turkey
- Scandinavia and Germany
The region’s fastest growing markets are consumer electronics,
financial services, travel agencies and consumer goods. E-services
accounted for a good number of recently awarded contracts.
Revenue from Specialized Services totaled €482 million for the
first nine months of 2017 compared to €185 million in the same
period one year earlier. Revenue was up + 10.6% like-for-like
compared with the same period in 2016.
In the third quarter, revenue was up + 9.2% like-for-like.
Growth in Specialized Services was primarily attributable to the
fast-paced expansion at TLScontact, led by an increase in visa
applications and by brisk sales of add-on services.
LanguageLine Solutions reported sustained revenue growth over
the first nine months of the year, in line with Group expectations.
Revenue for this business in the third quarter was buoyed by
additional demand for interpreting services owing to the hurricanes
in the United States, although this was limited by the closure of
numerous healthcare establishments in Florida and Texas. Given the
date on which LanguageLine Solutions was acquired (September 2016),
like-for-like growth for the Group in the period excludes virtually
all of the growth reported by LanguageLine Solutions.
The LanguageLine Solutions and TLScontact businesses accounted
for more than 80% of Specialized Services pro forma annual revenue
for 2016.
2017 OUTLOOK
Teleperformance confirms its full-year, like-for-like revenue
growth objective of more than + 7%.
The Group also confirms its full-year objective to achieve an
EBITA margin before non-recurring items of over 13% and expects to
continue generating a high level of free cash flow.
---------------------------------------
DISCLAIMER
All forward-looking statements reflect 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 Registration Document, available at
www.teleperformance.com. Teleperformance undertakes no obligation
to publicly update or revise any of these forward-looking
statements.
ANALYST AND INVESTOR INFORMATION MEETING
Date: An information meeting will be held in Paris at 8:30
a.m. (CEST) on Monday, October 16, 2017.
A webcast of the meeting will be available live or for
subsequent viewing on Teleperformance’s website, along with the
relevant documentation, in the Investor Relations section under
Quarterly Information (www.teleperformance.com), and by clicking on
the following link:
http://teleperformance.webcast.ldvproduction.com/webcastlist.aspx?lngid-en&eid=152
INVESTOR CALENDAR
Full-year 2017 results: Wednesday, February 28, 2018
ABOUT TELEPERFORMANCE
Teleperformance (RCF – ISIN: FR0000051807 – Reuters: ROCH.PA –
Bloomberg: RCF FP), the worldwide leader in outsourced omnichannel
customer experience management, serves companies and
administrations around the world, with customer care, technical
support, customer acquisition (Core Services), as well as with
online interpreting solutions, visa application management
services, data analysis and debt collection programs (Specialized
Services). In 2016, Teleperformance reported consolidated revenue
of €3,649 million (US$4,050 million, based on €1 =
$1.11).
The Group operates 163,000 computerized workstations, with
217,000 employees across 340 contact centers in 74 countries
and serving 160 markets. It manages programs in 265 languages and
dialects on behalf of major international companies operating in a
wide variety of industries.
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 Large 60,
CAC Next 20, CAC Support Services, STOXX 600 and SBF 120. They also
have been included in the Euronext Vigeo Eurozone 120 index since
December 2015, with regard to the Group’s performance in corporate
responsibility.
For more information: www.teleperformance.comFollow us: Twitter
@teleperformance
APPENDICES
Nine months (to September 30, 2017) % total
Nine months (to September 30, 2016) % total %
change € millions
Reported Like-for-like CORE SERVICES
2,614 84% 2,414
93% + 8.3% + 8.9 %
English-speaking market & Asia-Pacific 1,195 38%
1,196 46% (0.1)% + 2.1% Ibero-LATAM
801 26% 629 24% + 27.2% +
22.5% Continental Europe & MEA 618 20% 589
23% + 5.0% + 7.1% SPECIALIZED SERVICES
482 16% 185 7%
+ 160.1% + 10.6% TOTAL
3,096 100% 2,599
100% + 19.1% + 9.0%
Q3 2017 % total Q3 2016 % total
% change € millions
Reported Like-for-like CORE SERVICES
861 85% 838
92% + 2.8% + 7.0%
English-speaking market & Asia-Pacific 383 38%
413 45% (7.2)% (1.2)% Ibero-LATAM
266 26% 229 25% + 16.2% +
17.7% Continental Europe & MEA 212 21% 196
22% + 8.1% + 11.1% SPECIALIZED SERVICES
153 15% 72 8%
+ 111.2% + 9.2% TOTAL
1,014 100% 910
100% + 11.4% + 7.2%
Q2 2017 % total Q2 2016 % total
% change € millions
Reported Like-for-like CORE SERVICES
851 84% 785
93% + 8.4% + 7.9%
English-speaking market & Asia-Pacific 387 38%
384 45% + 0.8% + 2.3% Ibero-LATAM
264 26% 208 25% + 26.7% +
20.0% Continental Europe & MEA 200 20% 193
23% + 3.6 % + 4.9 % SPECIALIZED SERVICES
164 16% 59
7% + 177.2% + 10.1% TOTAL
1,015 100% 844
100% + 20.2% + 8.0%
Q1 2017 % total Q1 2016 % total
% change € millions
Reported Like-for-like CORE SERVICES
901 85% 790
94% + 14.0% + 11.7%
English-speaking market & Asia-Pacific 425 40%
399 47% + 6.4% + 5.0% Ibero-LATAM
271 25% 192 23% + 40.9% +
30.6% Continental Europe & MEA 206 20% 199
24% + 3.2% + 5.4% SPECIALIZED SERVICES
165 15% 54 6%
n/m + 12.9% TOTAL
1,066
100% 844 100% +
26.3% + 11.7%
GLOSSARY
EBITDA before non-recurring items (Earnings before Interest,
Taxes, Depreciation and Amortizations):
Operating profit before depreciation & amortization,
amortization of intangible assets acquired as part of a business
combination, goodwill impairment charges and non-recurring
items.
EBITA before non-recurring items (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.
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 - financial income/expenses.
Net debt:Current and non-current financial liabilities - cash
and cash equivalents
Change in like-for-like revenue:Change in revenue at constant
exchange rates and scope of consolidation, corresponding to current
year revenue - last year revenue at current year rates - revenue
from acquisitions at current year rates/last year revenue at
current year rates.
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.
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INVESTOR RELATIONSQUY NGUYEN-NGOCSVETLANA
SAVINTELEPERFORMANCEPhone: +33 1 53 83 59 87/59
15investor@teleperformance.comorPRESS RELATIONSANNE-FRANCE
MALRIEUSIMON ZAKSIMAGE7Phone : +33 1 53 70 74
66afmalrieu@image7.fr
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