EDENRED : Third-quarter 2021 revenue - Full-year 2021 outlook
upgraded, supported by double-digit like-for-like growth in the
third quarter
Press releaseOctober 21,
2021 Third-quarter 2021 revenue
Full-year 2021 outlook upgraded, supported by
double-digit like-for-like growth in the third quarter
On the back of the success of its
innovative solutions and the strong momentum in its direct and
indirect sales channels, Edenred’s
operating revenue in the third quarter was 13% higher than
its 2019 pre-health-crisis baseline year on a like-for-like
basis:
- Operating revenue at €393
million in the third quarter, up 13.6% (+12.7%
like-for-like) on third-quarter 2020, and up 13.0%
like-for-like on third-quarter 20191
- Acceleration in like-for-like
growth in the third quarter versus third-quarter 2019 in the
Group’s three main regions, after the good performance
already reported in first-half 2021
- Double-digit like-for-like
growth in all business lines compared to third quarter
2019
- For the nine months ended
September 30, 2021, Edenred recorded operating revenue of
€1,130 million, up 14% like-for-like on the same period in
2020 and up 11% on the first nine months of 2019
In light of its year-to-date performance and growth
momentum, Edenred is confident in its ability to generate
full-year 2021 EBITDA in the upper half of its target range
(between €620 million and
€670 million2, press release
dated July 27, 2021), providing there are no new major
restrictions as a result of the health crisis. Lastly,
assuming no major pandemic surge, Edenred is reinstating
the objectives set in its “Next Frontier” 2019-2022 strategic
plan:
- Like-for-like
annual operating revenue growth of more than 8%
- Like-for-like
annual EBITDA growth of more than 10%
- Annual free cash
flow/EBITDA conversion rate of more than 65%3
*** Bertrand
Dumazy, Chairman and Chief Executive
Officer of Edenred, said: “After a good first half, the
Group’s strong performance in the third quarter demonstrates the
pertinence of our solutions as well as the strength of our sales
strategy. Global leader in earmarked funds, the Group’s unrivaled
human, commercial, technological and financial strengths will
enable it to continue delivering sustainable and profitable growth
going forward. Thanks to its investments, Edenred is at the
forefront of the sweeping changes affecting the world of work,
improving the customer experience and making its products more
efficient and user-friendly. For instance, the deployment of our
fully digital, plasticless solutions, is in step with the changes
in our society and the shift towards a more digital and responsible
world. Building on this momentum, we are upgrading our
outlook for full-year 2021 and are now expecting EBITDA in the
upper half of the target range announced in July. Further, provided
there is no major resurgence of Covid-19 resulting in fresh
restrictions on our main markets, for 2022 we are reinstating the
growth, profitability and cash generation objectives set out in our
“Next Frontier” 2019-2022 strategic plan.”
|
THIRD QUARTER AND
NINE-MONTH 2021 TOTAL REVENUE
(in € millions) |
Third-quarter 2021 |
Third-quarter 2020 |
% change (like-for-like) |
% change (reported) |
Operating
revenue |
393 |
346 |
+12.7% |
+13.6% |
Other revenue |
11 |
11 |
+9.0% |
+8.2% |
Total revenue |
405 |
357 |
+12.6% |
+13.4% |
(in € millions) |
First nine months 2021 |
First nine months 2020 |
% change (like-for-like) |
% change (reported) |
Operating
revenue |
1,130 |
1,021 |
+14.4% |
+10.7% |
Other revenue |
32 |
32 |
+10.0% |
+0.4% |
Total revenue |
1,162 |
1,053 |
+14.3% |
+10.4% |
For the third quarter of 2021, total revenue
amounted to €405 million, up 12.6% like-for-like compared with
third-quarter 2020. The reported increase was 13.4% and included a
favorable currency effect (+1.2%) and a slightly negative scope
effect (-0.4%) for the period.
For the first nine months of 2021, total revenue
amounted to €1,162 million, a rise of 14.3% like-for-like versus
the same period in 2020, and of 10.4% as reported, including a
negative exchange rate impact (-3.6%) and a slightly negative
currency effect (-0.3%).
Operating revenue for third-quarter 2021 came to
€393 million, up by 12.7% like-for-like and by 13.6% as reported
versus the third quarter of 2020. Compared with third-quarter 2019,
Edenred generated double-digit organic growth in each of its
business lines and in each of its regions except Hispanic Latin
America, which continues to be affected by a challenging health
situation.
Posting a like-for-like increase of 13.0% on its
2019 baseline year, Edenred accelerated its growth in third-quarter
2021, after a like-for-like growth of almost 10% in first-half 2021
versus first-half 2019. This performance reflects the dynamism of
Edenred’s sales teams as well as the Group’s ability to
continuously enhance its portfolio and offer its clients innovative
digital solutions.
Operating revenue for the first nine months of
2021 was up by 14.4% like-for-like and by 10.7% as reported
compared with the same period in 2020, including a negative
exchange rate impact (-3.5%) and a slightly negative currency
effect (-0.3%).
- Operating revenue by
business line
(in € millions) |
Third-quarter 2021 |
Third-quarter 2020 |
% change (like-for-like) |
% change (reported) |
Employee Benefits |
233 |
207 |
+12.2% |
+12.9% |
Fleet &
Mobility Solutions |
110 |
89 |
+22.2% |
+24.0% |
Complementary Solutions |
50 |
51 |
-1.6% |
-1.7% |
Total |
393 |
346 |
+12.7% |
+13.6% |
(in € millions) |
First nine months 2021 |
First nine months 2020 |
% change (like-for-like) |
% change (reported) |
Employee Benefits |
682 |
619 |
+13.0% |
+10.2% |
Fleet &
Mobility Solutions |
300 |
262 |
+20.8% |
+14.8% |
Complementary Solutions |
148 |
140 |
+8.9% |
+5.4% |
Total |
1,130 |
1,021 |
+14.4% |
+10.7% |
Revenue for the Employee
Benefits business line, which accounts for 59% of the
Group’s total operating revenue, was €233 million in third-quarter
2021, a 12.2% like-for-like increase year on year (+12.9% as
reported).
Revenue for the business line accelerated
sharply compared to the third quarter of 2019, up 10.1%
like-for-like (+3.3% in the first half). This acceleration was
driven by the strong appeal of the virtual canteen solution, as
well as by new client wins in the small- and medium-sized business
segment. Amidst a more stable health situation in Europe and an
improving situation in Brazil, reopenings of partner merchants –
and particularly restaurants – also contributed to this
performance.
For the nine months ended September 30,
2021, operating revenue for the business came to €682 million,
up 13.0% like-for-like (+10.2% as reported) compared to the same
period in 2020.
In the Fleet & Mobility Solutions
business line, which accounts for 28% of the Group’s total
operating revenue, operating revenue for third-quarter 2021
amounted to €110 million, up 22.2% like-for-like (+24.0% as
reported) compared to third-quarter 2020.
Compared to the third quarter of 2019, the
business reported further strong double-digit growth in operating
revenue on a like-for-like basis (+18.1%), on a par with first-half
2021 (+17.3% versus first-half 2019). This performance was driven
by a robust sales momentum and by the success of the “Beyond Fuel”
strategy, integrating services such as maintenance and toll
management solutions. The extended coverage of the single European
toll box UTA One, which now provides a toll payment solution for 15
countries, illustrates the continuing deployment of this
strategy.
For the nine months ended September 30,
2021, operating revenue for the business came to €300 million,
up 20.8% like-for-like (+14.8% as reported) compared to the same
period in 2020.
The Complementary Solutions
business line, which includes Corporate Payment Services, Incentive
& Rewards Solutions and Public Social Programs, generated
operating revenue of €50 million in the third quarter of 2021, up
15.9% like-for-like compared to third-quarter 2019, reflecting the
strong momentum in this business line. Development continued apace
in Corporate Payment Services, driven in particular by the
distribution partnerships signed in North America with several
banks (including Citi) and accounting software suppliers (such as
Sage for its Sage Intacct solution). However, the volume of
transactions remains down on third-quarter 2019 in certain sectors
worst affected by the health situation, particularly Hotels.
Compared to the third quarter of 2020, operating
revenue for the business was down 1.6% like-for-like (-1.7% as
reported), attributable to the fact that in the third quarter of
2020, Edenred had set up several earmarked fund programs to support
those worst affected by the pandemic. However, with the end of
lockdown periods, some of these programs were terminated, such as
those supporting pupils from low-income families in the United
Kingdom.
For the nine months ended September 30,
2021, operating revenue for the business line came to
€148 million, up 8.9% like-for-like (+5.4% as reported)
compared to the same period in 2020.
- Operating revenue by
region
(in € millions) |
Third-quarter 2021 |
Third-quarter 2020 |
% change (like-for-like) |
% change (reported) |
Europe |
241 |
224 |
+7.0% |
+7.5% |
Latin
America |
120 |
95 |
+22.0% |
+26.2% |
Rest of the World |
33 |
27 |
+27.6% |
+19.7% |
Total |
393 |
346 |
+12.7% |
+13.6% |
(in € millions) |
First nine months 2021 |
First nine months 2020 |
% change (like-for-like) |
% change (reported) |
Europe |
716 |
635 |
+12.3% |
+12.6% |
Latin
America |
324 |
298 |
+18.7% |
+8.9% |
Rest of the World |
90 |
88 |
+15.7% |
+2.9% |
Total |
1,130 |
1,021 |
+14.4% |
+10.7% |
In Europe, operating revenue
amounted to €241 million in the third quarter, an increase of 14.8%
like-for-like on the third quarter of 2019, and an acceleration
after the 11.2% growth recorded in first-half 2021. The increase
came to 7.0% like-for-like (+7.5% as reported) versus third-quarter
2020, which represented a high basis of comparison during which
Edenred saw a sharp pick-up in business following the strict
lockdowns in spring 2020, especially in France, as well as the
roll-out of specific Covid-related programs.
Over the nine months to September 30, 2021,
Europe accounted for 63% of the Group’s total operating revenue.
The region saw operating revenue increase by 12.3% like-for-like
(+12.6% as reported) on the first nine months of 2020, and by 12.4%
like-for-like on the first nine months of 2019.
In France, operating revenue
was up 11.8% like-for-like in the third quarter 2021 on the same
period in 2019, a sharp acceleration on the like-for-like growth
recorded in first-half 2021. This performance reflects the solid
sales momentum of Edenred’s solutions, particularly its Ticket
Restaurant, the leading digital solution on the market. Business in
France also benefited from users spending the funds they had
accumulated during previous lockdowns and/or while restaurants and
certain retailers were shut. The introduction of the Covid
certificate in France in August had little impact on operating
revenue. Compared to third-quarter 2020, operating revenue rose by
2.1% like-for-like and as reported, owing to a particularly tough
basis for comparison resulting from the sharp pick-up in business
recorded in 2020 (+9.5% versus third-quarter 2019).
For the nine months ended September 30,
2021, Edenred reported operating revenue of €200 million, up 14.2%
like-for-like (+14.2% as reported) compared to the same period in
2020, and up 7.0% like-for-like compared to the first nine months
of 2019.
Third-quarter 2021 operating revenue in
Europe excluding France was 9.0% higher
like-for-like (+9.7% as reported) versus third-quarter 2020.
Like-for-like growth compared to the third quarter of 2019
accelerated to 16.0%. This excellent performance was notably driven
by the success of the “Beyond Fuel” strategy – a good illustration
of which is the single European toll box, UTA One, and by dynamic
sales in the small- and medium-sized company segment. The Employee
Benefits business also benefited from the easing of health
restrictions and the reopening of restaurants.
For the nine months ended September 30,
2021, operating revenue for Europe excluding France came to €516
million, up 11.6% like-for-like (+12.0% as reported) compared to
the same period in 2020, and up 14.7% like-for-like compared to the
first nine months of 2019.
Operating revenue in Latin
America came to €120 million for the third quarter, a rise
of 22.0% like-for-like and of 26.2% as reported compared to the
same period in 2020. This represents a like-for-like increase of
8.7% on the third quarter of 2019, and is an improvement on the
growth reported in the first half 2021 versus first-half 2019
(+6.0%).
For the nine months ended September 30, 2021,
operating revenue came to €324 million, or 29% of the Group’s total
operating revenue, 18.7% higher like-for-like (+8.9% as reported)
versus the same period in 2020, and 6.9% higher like-for-like
compared to the first nine months of 2019.
In Brazil, operating revenue
rose by 22.0% like-for-like in third-quarter 2021 versus
third-quarter 2020.
Compared to the third quarter of 2019, Brazil
saw double-digit like-for-like growth in operating revenue of
12.1%, a sharp acceleration on the growth recorded in first-half
2021 versus first-half 2019. This performance reflects robust
growth in the Fleet & Mobility Solutions, driven notably by the
ongoing deployment of maintenance and toll management solutions,
along with the promising ramp-up of the partnership with Itaú
Unibanco in Employee Benefits. These developments took place amid a
gradually improving health situation during the quarter.
Thanks to the acceleration in the third quarter,
like-for-like growth in operating revenue for the nine months ended
September 30, 2021 came to 20.3% compared to the first nine months
of 2020, and to 9.3% compared to the first nine months of 2019.
In Hispanic Latin America,
operating revenue was up 21.9% like-for-like versus third-quarter
2020, reaching its pre-health-crisis level (+0.4% like-for-like
versus third-quarter 2019), despite the ongoing challenging health
situation in a region where in Mexico for example, schools only
reopened in September after being closed for 18 months. In the
Fleet & Mobility Solutions, Edenred continued to gradually roll
out its “Beyond Fuel” solutions and delivered a solid sales
performance.
For the nine months ended September 30,
2021, operating revenue for the region rose by 15.2% like-for-like
compared to the same period in 2020, and by 1.2% like-for-like
compared to the first nine months of 2019.
In the Rest of the World,
operating revenue came to €33 million for the third quarter, up
27.6% like-for-like and up 19.7% as reported.
Operating revenue for this region was 19.3%
higher like-for-like compared to third-quarter 2019, an
acceleration on the growth reported in first-half 2021 versus
first-half 2019 (+13.9%). This performance was spurred by the
success of fully digital solutions available in Taiwan. In North
America, CSI (Corporate Spending Innovations) continued to recover,
driven mainly by the ramp-up of its commercial partnerships with
several banks, capitalizing on the quality and integration of its
corporate payments automation platform, and despite continuing
subdued volumes in the Hotels segment.
For the nine months ended September 30, 2021,
operating revenue came to €90 million, an increase of 15.7%
like-for-like (2.9% as reported) versus the same period in 2020,
and of 15.8% like-for-like compared to the first nine months of
2019.
Other revenue totaled €11 million in
third-quarter 2021, up 9.0% like-for-like and up 8.2% as reported,
benefiting from a slight rise in interest rates in some countries
outside Europe. For the nine months ended September 30, 2021,
other revenue came to €32 million, representing an increase of
10.0% like-for-like (+0.4% as reported).
OUTLOOK
Thanks to its strong sales momentum and the
attractiveness of its solutions, in third-quarter 2021 Edenred
delivered an acceleration in like-for-like growth versus 2019 in
its three main regions, after an already robust growth performance
achieved in first-half 2021 versus first-half 2019.
On the strength of this good performance,
Edenred is upgrading its outlook for full-year 2021.
Edenred is confident in its ability to generate full-year
2021 EBITDA in the upper half of its target range of between €620
million and €670 million (as indicated on July 27, 2021),
providing there are no new major restrictions as a result of the
health crisis.
Edenred intends to leverage its solid
fundamentals in order to continue delivering sustainable and
profitable growth beyond 2021. Assuming no further major waves of
the pandemic, for 2022 Edenred is reinstating the
objectives set in its “Next Frontier” 2019-2022 strategic
plan, namely:
- Like-for-like
annual operating revenue growth of more than 8%
- Like-for-like
annual EBITDA growth of more than 10%
- Annual free cash
flow/EBTIDA4 conversion rate of more than 65%
SIGNIFICANT EVENTS IN THE THIRD
QUARTER
- Edenred and
Gecina working to transform the
lunch-break experience with the “virtual canteen”
Gecina, Europe’s leading office real estate
company, and Edenred, the world leader inspecific-purpose payment
solutions, are joining forces to make the lunchtime experiencemore
flexible for YouFirst brand clients, thanks to its Ticket
Restaurant®.
Edenred’s digital solution enables users to eat
what they want for lunch, when and where they want, be it in the
office, in a restaurant, or at home. Users can make contactless
payments using their smartphone in any of the 220,000 Ticket
Restaurant® member establishments, or have their food delivered
thanks to Edenred’s partnerships with over 70 meal delivery
platforms in France. The ultimate goal of this alliance between the
two companies is to provide the 100,000 users of Gecina’s YouFirst
brand living spaces with special access to these digital
services.
UPCOMING EVENTS
February 22, 2022: Full-year 2021 resultsApril
21, 2022: First-quarter 2022 revenueMay 11, 2022: 2022 General
Meeting
▬▬
About Edenred
Edenred is a leading digital platform for
services and payments and the everyday companion for people at
work, connecting over 50 million users and 2 million partner
merchants in 46 countries via more than 850,000 corporate
clients.
Edenred offers specific-purpose payment
solutions for food (such as meal benefits), mobility (such as
multi-energy, maintenance, toll, parking and commuter solutions),
incentives (such as gift cards, employee engagement platforms) and
corporate payments (such as virtual cards).
True to the Group’s purpose, “Enrich
connections. For good.”, these solutions enhance users’
well-being and purchasing power. They improve companies’
attractiveness and efficiency, and vitalize the employment market
and the local economy. They also foster access to healthier food,
more environmentally friendly products and softer mobility.
Edenred’s 10,000 employees are committed to
making the world of work a connected ecosystem that is safer, more
efficient and more responsible every day.
In 2020, thanks to its global technology assets,
the Group managed close to €30 billion in business volume,
primarily carried out via mobile applications, online platforms and
cards.
Edenred is listed on the Euronext Paris stock
exchange and included in the following indices:
CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good and
MSCI Europe.
The logos and other trademarks mentioned and
featured in this press release are registered trademarks of Edenred
S.E., its subsidiaries or third parties. They may not be used for
commercial purposes without prior written consent from their
owners.
▬▬
CONTACTS
Communications Department
Emmanuelle Châtelain +33 (0)1 86 67 24 36
emmanuelle.chatelain@edenred.com Media
Relations Matthieu Santalucia+33 (0)1 86 67 22
63matthieu.santalucia@edenred.com |
Investor
Relations Cédric Appert+33 (0)1 86 67 24
99cedric.appert@edenred.com Loïc Da Silva+33 (0)1 86
67 20 67loic.dasilva@edenred.com
|
APPENDICES
Operating revenue
|
Q1 |
Q2 |
Q3 |
|
Year to date |
|
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|
2021 |
2020 |
(in € millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
237 |
228 |
238 |
183 |
241 |
224 |
|
716 |
635 |
France |
69 |
70 |
66 |
41 |
65 |
64 |
|
200 |
175 |
Rest of Europe |
168 |
158 |
172 |
142 |
176 |
160 |
|
516 |
460 |
Latin America |
97 |
121 |
107 |
82 |
120 |
95 |
|
324 |
298 |
Rest of the world |
29 |
34 |
28 |
27 |
33 |
27 |
|
90 |
88 |
|
|
|
|
|
|
|
|
|
|
Total |
363 |
383 |
373 |
292 |
393 |
346 |
|
1,130 |
1,021 |
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
|
Year to date |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+4.2% |
+4.2% |
+29.3% |
+28.7% |
+7.5% |
+7.0% |
|
+12.6% |
+12.3% |
France |
-1.4% |
-1.4% |
+59.6% |
+59.6% |
+2.1% |
+2.1% |
|
+14.2% |
+14.2% |
Rest of Europe |
+6.7% |
+6.6% |
+20.6% |
+19.9% |
+9.7% |
+9.0% |
|
+12.0% |
+11.6% |
Latin America |
-20.1% |
+3.4% |
+31.9% |
+37.8% |
+26.2% |
+22.0% |
|
+8.9% |
+18.7% |
Rest of the World |
-13.4% |
+0.8% |
+6.3% |
+22.1% |
+19.7% |
+27.6% |
|
+2.9% |
+15.7% |
|
|
|
|
|
|
|
|
|
|
Total |
-5.1% |
+3.6% |
+27.9% |
+30.6% |
+13.6% |
+12.7% |
|
+10.7% |
+14.4% |
Other revenue
|
Q1 |
Q2 |
Q3 |
|
Year to date |
(in € millions) |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|
2021 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
3 |
4 |
3 |
4 |
3 |
4 |
|
10 |
12 |
France |
1 |
2 |
1 |
1 |
1 |
2 |
|
4 |
5 |
Rest of Europe |
2 |
2 |
2 |
3 |
2 |
2 |
|
6 |
7 |
Latin America |
6 |
7 |
6 |
4 |
6 |
6 |
|
18 |
17 |
Rest of the world |
1 |
1 |
1 |
1 |
1 |
1 |
|
4 |
3 |
|
|
|
|
|
|
|
|
|
|
Total |
10 |
12 |
10 |
9 |
11 |
11 |
|
32 |
32 |
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
|
Year to date |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
-18.2% |
-17.6% |
-8.2% |
-8.8% |
-8.6% |
-9.6% |
|
-11.9% |
-12.2% |
France |
-10.7% |
-10.7% |
-6.8% |
-6.8% |
-7.3% |
-7.3% |
|
-8.3% |
-8.3% |
Rest of Europe |
-22.9% |
-22.0% |
-9.2% |
-10.2% |
-9.4% |
-11.2% |
|
-14.3% |
-14.8% |
Latin America |
-14.9% |
+9.5% |
+8.6% |
+12.7% |
+8.4% |
+6.3% |
|
-0.1% |
+9.4% |
Rest of the World |
+19.0% |
+70.5% |
+80.0% |
+155.9% |
+87.5% |
+119.5% |
|
+56.2% |
+108.9% |
|
|
|
|
|
|
|
|
|
|
Total |
-12.8% |
+6.0% |
+7.9% |
+15.9% |
+8.2% |
+9.0% |
|
+0.4% |
+10.0% |
Total revenue
|
Q1 |
Q2 |
Q3 |
|
Year to date |
(in € millions) |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|
2021 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
240 |
232 |
241 |
187 |
244 |
228 |
|
726 |
647 |
France |
70 |
72 |
67 |
42 |
67 |
66 |
|
204 |
180 |
Rest of Europe |
170 |
160 |
174 |
145 |
178 |
162 |
|
522 |
467 |
Latin America |
103 |
128 |
113 |
86 |
126 |
101 |
|
342 |
315 |
Rest of the world |
30 |
35 |
30 |
28 |
34 |
28 |
|
95 |
91 |
|
|
|
|
|
|
|
|
|
|
Total |
373 |
395 |
384 |
301 |
405 |
357 |
|
1,162 |
1,053 |
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
|
Year to date |
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
In % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+3.8% |
+3.8% |
+28.6% |
+28.0% |
+7.3% |
+6.8% |
|
+12.2% |
+11.9% |
France |
-1.6% |
-1.6% |
+57.2% |
+57.2% |
+1.9% |
+1.9% |
|
+13.6% |
+13.6% |
Rest of Europe |
+6.2% |
+6.2% |
+20.1% |
+19.4% |
+9.5% |
+8.7% |
|
+11.7% |
+11.2% |
Latin America |
-19.8% |
+3.7% |
+30.5% |
+36.3% |
+25.1% |
+21.0% |
|
+8.3% |
+18.2% |
Rest of the World |
-12.3% |
+3.1% |
+8.3% |
+25.8% |
+21.5% |
+30.1% |
|
+4.5% |
+18.4% |
|
|
|
|
|
|
|
|
|
|
Total |
-5.3% |
+3.7% |
+27.3% |
+30.2% |
+13.4% |
+12.6% |
|
+10.4% |
+14.3% |
1 Like-for-like comparisons with 2019, the pre-health-crisis
baseline year, correspond to the sum in euros of growth for the
period in 2020 and 2021 based on constant exchange rates and scope
of consolidation.2 Based on the assumption of an average Brazilian
real/euro exchange rate for 2021 equal to 6.35.3 Based on constant
regulations and methods.4 At constant regulations and
methodologies.
- 2021 10 21 - Edenred Q3 Revenue PR ENG
Edenred (EU:EDEN)
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