| REVENUES BY ACTIVITY (in millions of euro) | H2 FY 2020 | H2 FY 2019 | ORGANIC GROWTH |
|---|---|---|---|
| Employee benefits | Employee benefits H2 FY 2020 259 | Employee benefits H2 FY 2019 367 | Employee benefits ORGANIC GROWTH - 17.5% |
| Services Diversification* | Services Diversification* H2 FY 2020 70 | Services Diversification* H2 FY 2019 95 | Services Diversification* ORGANIC GROWTH - 23.5% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICES H2 FY 2020 329 | BENEFITS & REWARDS SERVICES H2 FY 2019 462 | BENEFITS & REWARDS SERVICES ORGANIC GROWTH - 18.8% |
* Including Incentive & Recognition, Mobility & Expenses and Public Benefits.
In the second half, Employee Benefit revenues were down -17.5% organically, compared to an organic decline in issue volume (5.3 billion euro) of only -8.4%, showing the resilience of these services. The discrepancy of the performance between revenues and issue volumes is due to the strong fall in interest rates in Brazil and lower merchant revenue due to lower utilization linked to the closure of restaurants during the crisis. As reimbursement was lower, the fl oat grew during the period.
Services Diversification was down -23.5% organically, resulting from a very significant decline in travel since the outbreak of the pandemic, interrupting the rapid development of Mobility & Expense of the last year. Other services such as the home employee services in Belgium, Corporate Health & Wellness off ers, and public benefi ts were also down strongly in Q3 and gradually recovered in Q4.
REVENUES BY NATURE | FY 2020 | FY 2019 | ORGANIC GROWTH |
|---|---|---|---|
| Operating Revenues | Operating Revenues FY 2020 718 | Operating Revenues FY 2019 818 | Operating Revenues ORGANIC GROWTH - 6.8% |
| Financial Revenues | Financial Revenues FY 2020 54 | Financial Revenues FY 2019 74 | Financial Revenues ORGANIC GROWTH - 18.4% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICES FY 2020 773 | BENEFITS & REWARDS SERVICES FY 2019 892 | BENEFITS & REWARDS SERVICES ORGANIC GROWTH - 7.8 % |
| REVENUES BY NATURE (in millions of euro) | H2 FY 2020 | H2 FY 2019 | ORGANIC GROWTH |
|---|---|---|---|
| Operating Revenues | Operating Revenues H2 FY 2020 306 | Operating Revenues H2 FY 2019 424 | Operating Revenues ORGANIC GROWTH - 18.3% |
| Financial Revenues | Financial Revenues H2 FY 2020 23 | Financial Revenues H2 FY 2019 38 | Financial Revenues ORGANIC GROWTH - 25.2% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICES H2 FY 2020 329 | BENEFITS & REWARDS SERVICES H2 FY 2019 462 | BENEFITS & REWARDS SERVICES ORGANIC GROWTH - 18.8 % |
In the second half, Operating revenues were down -18.3%. While the fourth quarter in Europe showed a marked improvement, in Latin America, the reverse was true, with a strong competitive environment in Brazil and significant reductions in volumes in Peru and Chile for employee benefi ts. Financial revenues were down -25.2% largely due to the persistent decline in Brazilian interest rates.
| REVENUES BY REGION (in millions of euro) | FY 2020 | FY 2019 | ORGANIC GROWTH |
|---|---|---|---|
| Europe, USA and Asia | Europe, USA and Asia FY 2020 482 | Europe, USA and Asia FY 2019 508 | Europe, USA and Asia ORGANIC GROWTH - 4.8% |
| Latin America | Latin America FY 2020 290 | Latin America FY 2019 384 | Latin America ORGANIC GROWTH - 11.7% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICES FY 2020 773 | BENEFITS & REWARDS SERVICES FY 2019 892 | BENEFITS & REWARDS SERVICES ORGANIC GROWTH - 7.8% |
| REVENUES BY REGION (in millions of euro) | H2 FY 2020 | H2 FY 2019 | ORGANIC GROWTH |
|---|---|---|---|
| Europe, USA and Asia | Europe, USA and Asia H2 FY 2020 213 | Europe, USA and Asia H2 FY 2019 264 | Europe, USA and Asia ORGANIC GROWTH - 18.0% |
| Latin America | Latin America H2 FY 2020 117 | Latin America H2 FY 2019 198 | Latin America ORGANIC GROWTH - 19.9% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICES H2 FY 2020 329 | BENEFITS & REWARDS SERVICES H2 FY 2019 462 | BENEFITS & REWARDS SERVICES ORGANIC GROWTH - 18.8% |
