Experian 2011 Annual Report Download - page 33
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Business review Latin America 31
Latin America performed strongly. Revenue was US$722m, with growth at
constant exchange rates of 19%. Organic revenue growth was also 19%.
Credit Services
At constant exchange rates, performance
in Credit Services was strong, up 18%
helped by a one-off contribution from
authentication activity. Excluding this
benefit, underlying growth was also
strong at 15%. Growth reflected the
expansion of retail credit origination in
Brazil, which in turn is driving higher
volumes of credit bureau enquiries on
consumers and businesses. There
was also further good progress in the
development of the small and medium
enterprise channel, reflecting growth in
the client base and expansion of the SME
product range.
Decision Analytics and Marketing
Services
There was excellent progress at Decision
Analytics and Marketing Services, with
organic revenue growth of 60% and 58%,
respectively. Growth was in part driven
by recent launches, which have extended
Experian’s product range to include
application processing and account
management software, as well as digital
marketing services.
Financial review
For Latin America, there was very strong
progression in EBIT, up 30% at constant
exchange rates to US$235m. The EBIT
margin expanded by 280 basis points to
32.5%. Margin improvement principally
reflects strong positive operating
leverage, particularly in Credit Services.
Social, ethical and environmental
performance
Experian has again won multiple awards
for being one of the best employers in
Brazil and was this year also recognised
for its social responsibility. The region’s
financial education programme, which
reached out to a local favela (deprived
area), won the top social award from
the Brazilian Association of Sales and
Marketing Managers. To maintain this
momentum, the business launched
a programme to engage employees
as active citizens and, in an annual
volunteering event, the majority of
employees gave a day of their time to apply
their business skills for the benefit of the
community.
“ Our Latin America business
continues to grow strongly as we
increase our market leadership in
Brazil’s fast developing economy.
We’re bringing Experian’s global
products into the marketplace
to meet the demand for more
sophisticated credit management
and to help us establish a leading
position in targeted digital
marketing. We’re also continuing
to make great progress in the
small and medium enterprise
market, which now accounts
for more than a quarter of our
revenue. The recent decision
by the Brazilian government to
permit the use of positive data
for consumer credit files creates
further exciting opportunities to
expand our business.”
Ricardo Loureiro, Managing Director
Latin America
Latin
America