Visa 2015 Annual Report Download - page 3
Download and view the complete annual report
Please find page 3 of the 2015 Visa annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
 |
 |
Dear Shareholders,
The payments industry is in the midst of the
biggest and most exciting changes it has ever
seen. The changes will ultimately result in
better commerce experiences for consumers,
faster growth at a lower cost for merchants, and
corresponding increases in economic growth.
A letter from our CEO
Charles W. Scharf
Like any period of change, there will be
winners and losers, and we are working
hard at Visa to ensure we are amongst the
winners.
Before I go into specifics, I’d like to
make one comment which might seem
strange, but is nonetheless important.
As our shareholders, you are entitled to
understand our strategies and priorities.
I will do my best to describe them here,
but at the same time I am conscious of the
fact that our industry is more competitive
than ever, and we need to be careful about
being too specific if we think it could hurt
our competitive position.
2015 Performance
2015 was another strong year for Visa.
We reported adjusted earnings per share
growth of 16% and revenue growth of 9%
in the fiscal full year. As has been the case
for several years now, we produced these
results during a continued period of slower
economic growth than we would hope to
see.
We faced headwinds from the foreign
exchange translation impact from the
strong U.S. dollar, reduced cross-border
payments volume driven by the strong
dollar, and the continuing drag of lower
oil prices. Offsetting these were strong
overall payments volume growth, healthy
processed transaction growth, and high
currency volatility. All businesses have