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Moving Forward. Driving Results. Euronet Worldwide Annual Report 2004 Report Annual Worldwide Euronet

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Moving Forward. Driving Results. Euronet Worldwide Annual Report 2004 Report Annual Worldwide Euronet MOVING FORWARD. DRIVING RESULTS. EURONET WORLDWIDE ANNUAL REPORT 2004 REPORT ANNUAL WORLDWIDE EURONET EURONET WORLDWIDE ANNUAL REPORT 2004 The Transaction Highway At Euronet Worldwide, Inc. secure electronic financial transactions are the driving force of our business. Our mission is to bring electronic payment convenience to millions who have not had it before. Every day, our operations centers in six countries connect consumers, banks, retailers and mobile operators around the world, and we process millions of transactions a day over this transaction highway. We are the world's largest processor of prepaid transactions, supporting more than 175,000 point-of-sale (POS) terminals at small and major retailers around the world. We operate the largest pan-European automated teller machine (ATM) network across 14 countries and the largest shared ATM network in India. Our comprehensive software powers not only our own international processing centers, but it also supports more than 46 million transactions per month for integrated ATM, POS, telephone, Internet and mobile banking solutions for our customers in more than 60 countries. Glossary ATM – Automated Teller Machine EMEA - Europe, Middle East and Africa An unattended electronic machine in a public Euronet has an EMEA regional business unit in place that dispenses cash and bank account the EFT Processing Segment. information when a personal coded card is EPS - Earnings per Share used. A company's profit divided by each fully-diluted Contents EBITDA - Earnings before interest, taxes, share of common stock. depreciation and amortization 3...Letter to Our Shareholders E-top-up – Electronic top up EBITDA is the result of operating profit plus The ability to add airtime to a prepaid mobile 5...2004 Company Highlights depreciation and amortization. phone account electronically through a direct 6...Accelerating Transaction Horsepower ECR – Electronic Cash Register connection with your mobile phone account. 9...Fine Tuning Our Financial Engine A machine that tabulates and records the PIN – Personal Identification Number 10...Meet Our Driving Force amount of sales transactions. ECRs often are In the prepaid industry, a PIN represents a 12...Q & A integrated with a host computer to track sales certain value of prepaid airtime that can be across a retail chain. 14...Celebrating a Ten-Year Track Record distributed via an electronic or hard copy EFT – Electronic Funds Transfer voucher or via a direct credit to your mobile Transfer of funds initiated through an electronic phone account. Financials device and settlement system. The term also POS – Point of Sale Euronet Worldwide, Inc. Form 10-K, applies to credit card and automated bill A small device used mainly by retailers to as filed with the SEC payments. EFT is secure, efficient, and less process debit and credit card transactions. expensive than paper check payments. Top-up The ability to add airtime to a prepaid mobile 2 phone account. Euronet Worldwide, Inc. Left: Michael J. Brown, Chairman & CEO Right: Daniel R. Henry, President & COO The Journey Continues Dear Fellow Shareholders As we entered 2004, our tenth year of business, we our unrestricted cash position from $19.2 million in were very excited about the opportunities that paved the 2003 to $124.2 million in 2004 through the issuance of road before us. By the end of the year we were thrilled $140 million convertible debentures. We believe these with the outcome. We had exceeded expectations on debentures are very well priced in that the interest rate is every front—those of our clients, our employees, only 1.625%, and they are convertible at $33.63 per industry analysts and our shareholders. share, a 42% premium to the closing price on the day we placed the issue. These funds allowed us to pay down We processed 461 million transactions in 2004, which is higher cost debt and now provide us with additional more than twice the 217 million transactions we funds to continue to expand the business. processed in the previous year. These transaction counts represent significant achievements and emphasize the The Acceleration Factors recurring nature of our business. As world leaders in international ATM outsourcing and prepaid processing, So how did we achieve such success? We can attribute it our Euronet team members achieved this success by to four significant and defining factors: excecuting in every aspect of the business. We are proud I ATM Outsourcing Team Delivered Early – to work with the best team in the industry. We had two large ATM outsourcing contracts in Europe that our implementation teams completed Driving Results faster than anticipated. We took over the Euronet’s results for 2004 speak for themselves. management of 575 ATMs and 4,800 POS terminals from a Romanian bank and more than 700 ATMs from I Annual consolidated revenue was $381.1 million, an a Polish bank. These contracts were implemented 86% increase over $204.4 million in 2003. concurrently and both were delivered in 120 days, I Annual operating income of $35.3 million was a 165% 60 days ahead of schedule. increase over $13.3 million in 2003. I Consolidated EBITDA was $51.1 million, a 101% I Acquisitions Integration – From November 2003 increase over 2003’s $25.4 million. through December 2004, we initiated five acquisitions I EPS* increased 353% to $0.59 compared to $0.13 that supported our prepaid division: transact- in 2003. November 2003, Precept-January 2004, EPS-May 2004, CPI-July 2004 and Movilcarga-November 2004. In just one year, we added approximately 2,400 ATMs to These acquisitions were fully integrated into Euronet’s our EFT network, and we added almost 50,000 terminals Prepaid Processing Segment. While contributing to and integrated electronic cash registers to our Prepaid current year results, these acquisitions will enable network. Moreover, we have seen tremendous organic us to continue our expansion in existing and growth in each division. new markets. In one year, we also significantly improved our balance sheet, retiring our high-cost 12 3/8% debt and increasing * Earnings per share excludes FX, discontinued op losses, sale of U.K. ATM network and gain/loss on early retirement of debt. See table on page 13.3 3 Letter to Our Shareholders, continued I Improved Cost of Capital – Some of our most We are also watching opportunities in several key significant accomplishments this year were made as markets around the world. We continue to expand our we focused on our balance sheet and made significant Indian operations, and that’s not just our EFT division. changes. We put in place a $40-million two-year Prepaid mobile phone services are on the rise in every revolving credit agreement, and we issued 1.625% continent with mobile customers around the world Convertible Senior Debentures due 2024, raising spending more on adding minutes to their mobile $140 million. Euronet used the net proceeds from the phones. Therefore, we are carefully evaluating the offering to repay approximately $54.3 million of its prepaid opportunities around the world. outstanding debt. We intend to use the remainder of the offering proceeds for general corporate purposes. Looking Around The Bend As we enter 2005, we believe that Euronet will continue I Dedicated Workforce – Our business has grown its growth and leverage our existing knowledge and by 86% in the last year, but our employee count has infrastructure to meet the challenges of tomorrow. Our increased by only 19%. Our implementation teams, financials are strong, each business segment has solid customer service teams, operations teams, sales teams prospects, and we have the right people in place. We are and finance teams work tirelessly and diligently to confident that the rewards of our efforts in 2004 will complete the enormous tasks that face them in their contribute to long-term growth and to greater jobs. The Euronet staff goes above and beyond their shareholder and customer value. We will continue to duties to meet challenges every single day. pursue our strategic initiatives aggressively, and expand Keeping Our Eyes On The Road our business with deliberate attention to our core objective to “sell another transaction.” The year 2004 was a historical year in Europe. The European Union's (EU) biggest expansion ever in terms of scope and diversity occurred as ten new countries Sincerely, joined, including ones in which we have offices--the Czech Republic, Hungary, Poland, and the Slovak Michael J. Brown Republic. The growth of the EU impacts the banking Chairman & CEO industry, as multinational banks look to expand deeper into Central and Eastern Europe. As the EU expanded, so did Euronet. With our vast experience across multiple borders and multiple device types, we have established ourselves as the partner of choice that can provide Daniel R. Henry solid infrastructure solutions for ATM, POS and President & COO Card Outsourcing. 4 Euronet Worldwide, Inc. Annual Consolidated 381.1 Annual Consolidated Revenue EBITDA1 2004 Company Highlights 51.1 Euronet Worldwide has developed a global presence that supports our mission to bring electronic payment convenience to those who have not had it before. Our status as of December 31, 2004 reflects this endeavor: 204.4 25.4 USD Millions USD Millions I The world’s largest prepaid provider I The largest pan-European ATM processor 9.3 71.0 2.7 I 61.0 The largest nationwide, shared ATM network in India 50.0 (13.5) I 46 million transactions per month on average 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 I 175,000 POS devices supporting prepaid across 85,000 retail locations 2 Annual Consolidated Annual EPS Growth $0.59 I Transaction Growth 461.1 5,700+ ATMs supported in our EFT network I 200+ bank customers in more than 60 countries $0.13 ($0.19) I 651 employees I 19 offices in 17 countries ($0.64) 216.8 Millions 79.2 43.5 57.2 ($2.81) 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 Revenue by Region EBITDA1 by Segment Software USA 5% 12% EMEA EFT 69% Processing Asia Pacific 38% 19% Prepaid Processing 1 EBITDA represent operating profit plus depreciation and amortization.
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