| REVENUES BY NATURE (in millions of euro) |
FY 2021 | FY 2020 | ORGANIC GROWTH |
|---|---|---|---|
| Operating Revenues | Operating Revenues FY 2021701 |
Operating Revenues FY 2020718 |
Operating Revenues ORGANIC GROWTH+4.7% |
| Financial Revenues | Financial Revenues FY 202143 |
Financial Revenues FY 202054 |
Financial Revenues ORGANIC GROWTH-7.1% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESFY 2021745 | BENEFITS & REWARDS SERVICESFY 2020773 | BENEFITS & REWARDS SERVICESORGANIC GROWTH+3.9% |
Operating revenues were up for the year thanks to a strong recovery in the second half as reimbursement volumes caught up with issue volumes. On the other hand, despite the higher float, financial revenues were down due to much lower interest rates, particularly in Brazil. The trend improved in the second half as the Selic (official Brazilian interest rate) recovered.
| FOR THE SECOND HALF ONLY (in millions of euro) |
H2 FY 2021 | H2 FY 2020 | ORGANIC GROWTH |
|---|---|---|---|
| Operating Revenues | Operating Revenues H2 FY 2021363 |
Operating Revenues H2 FY 2020306 |
Operating Revenues ORGANIC GROWTH+19.3% |
| Financial Revenues | Financial Revenues H2 FY 202123 |
Financial Revenues H2 FY 202023 |
Financial Revenues ORGANIC GROWTH+5.0% |
| BENEFITS & REWARDS SERVICES | BENEFITS & REWARDS SERVICESH2 FY 2021386 | BENEFITS & REWARDS SERVICESH2 FY 2020329 | BENEFITS & REWARDS SERVICESORGANIC GROWTH+18.2% |
In the second half, Operating revenues were up +19.3% . Financial revenues were up +5%, as the Brazilian interest rate started to rise from March.
Fiscal 2021 Underlying operating profit was 578 million euro, up +1.6%, or +12.4% excluding the currency effect. The Underlying operating margin was 3.3%, up +40 bps or +60 bps excluding the currency mix effect.
| (in millions of euro) | UNDERLYING OPERATING PROFIT FISCAL 2021 | DIFFERENCE | DIFFERENCE (EXCLUDING CURRENCY EFFECT) | UNDERLYING OPERATING PROFIT MARGIN FISCAL 2021 | DIFFERENCE IN MARGIN | DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT) |
|---|---|---|---|---|---|---|
| Business & Administrations | Business & Administrations UNDERLYING OPERATING PROFIT FISCAL 2021103 |
Business & Administrations DIFFERENCE-6.3% |
Business & Administrations DIFFERENCE (EXCLUDING CURRENCY EFFECT)+6.5% |
Business & Administrations UNDERLYING OPERATING PROFIT MARGIN FISCAL 20211.2 % |
Business & Administrations DIFFERENCE IN MARGIN+10 bps |
Business & Administrations DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+20 bps |
| Healthcare & Seniors | Healthcare & Seniors UNDERLYING OPERATING PROFIT FISCAL 2021310 |
Healthcare & Seniors DIFFERENCE+5.9% |
Healthcare & Seniors DIFFERENCE (EXCLUDING CURRENCY EFFECT)+10.7% |
Healthcare & Seniors UNDERLYING OPERATING PROFIT MARGIN FISCAL 20216.5 % |
Healthcare & Seniors DIFFERENCE IN MARGIN+40 bps |
Healthcare & Seniors DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+40 bps |
| Education | Education UNDERLYING OPERATING PROFIT FISCAL 202174 |
Education DIFFERENCE-1.9% |
Education DIFFERENCE (EXCLUDING CURRENCY EFFECT)+6.2% |
Education UNDERLYING OPERATING PROFIT MARGIN FISCAL 20212.4 % |
Education DIFFERENCE IN MARGIN+20 bps |
Education DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+30 bps |
| On-site Services | On-site ServicesUNDERLYING OPERATING PROFIT FISCAL 2021486 | On-site ServicesDIFFERENCE+1.8% | On-site ServicesDIFFERENCE (EXCLUDING CURRENCY EFFECT)+9.0% | On-site ServicesUNDERLYING OPERATING PROFIT MARGIN FISCAL 20212.9 % | On-site ServicesDIFFERENCE IN MARGIN+30 bps | On-site ServicesDIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+40 bps |
| Benefits & Rewards Services | Benefits & Rewards ServicesUNDERLYING OPERATING PROFIT FISCAL 2021186 | Benefits & Rewards ServicesDIFFERENCE-7.8% | Benefits & Rewards ServicesDIFFERENCE (EXCLUDING CURRENCY EFFECT)+5.9% | Benefits & Rewards ServicesUNDERLYING OPERATING PROFIT MARGIN FISCAL 202125.0 % | Benefits & Rewards ServicesDIFFERENCE IN MARGIN-120 bps | Benefits & Rewards ServicesDIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+40 bps |
| Corporate expenses & Intragroup eliminations | Corporate expenses & Intragroup eliminations UNDERLYING OPERATING PROFIT FISCAL 2021(95) |
Corporate expenses & Intragroup eliminations DIFFERENCE+13.3% |
Corporate expenses & Intragroup eliminations DIFFERENCE (EXCLUDING CURRENCY EFFECT)+13.0% |
Corporate expenses & Intragroup eliminations UNDERLYING OPERATING PROFIT MARGIN FISCAL 2021
|
Corporate expenses & Intragroup eliminations DIFFERENCE IN MARGIN
|
Corporate expenses & Intragroup eliminations DIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)
|
| UNDERLYING OPERATING PROFIT | UNDERLYING OPERATING PROFITUNDERLYING OPERATING PROFIT FISCAL 2021578 | UNDERLYING OPERATING PROFITDIFFERENCE+1.6% | UNDERLYING OPERATING PROFITDIFFERENCE (EXCLUDING CURRENCY EFFECT)+12.4% | UNDERLYING OPERATING PROFITUNDERLYING OPERATING PROFIT MARGIN FISCAL 20213.3 % | UNDERLYING OPERATING PROFITDIFFERENCE IN MARGIN+40 bps | UNDERLYING OPERATING PROFITDIFFERENCE IN MARGIN (EXCLUDING CURRENCY MIX EFFECT)+60 bps |
Despite the traditional seasonal gap in the second half margin versus the first half, particularly in Education, the performance improved, from 3.1% in first half Fiscal 2021 to 3.5% in the second half Fiscal 2021, or 3.7% at constant rates, +20 bps better than guidance.
