EDENRED 2021 annual results: Record growth takes earnings to
all-time highs
Press releaseFebruary 22, 2022
2021 annual
results
Record growth takes earnings to all-time
highs
Record earnings and growth in 2021
- Record
total revenue of €1,627 million, up 14% like-for-like
(+11% as reported) versus 2020, in a year still impacted by the
Covid-19 pandemic
- Operating
revenue also up 14% like-for-like, with double-digit
organic growth across all business lines and all regions
- Operating
revenue up 11% like-for-like versus 2019 (pre-Covid)
- Record
EBITDA of €670 million, i.e., at the upper end of the
announced target range, representing a rise of 18%
like-for-like (+15% as reported) versus 2020
- EBITDA
margin up 1.6 percentage points, back to its
pre-Covid level (41.1%)
- Net profit,
Group share up 31% to an all-time high of
€313 million
- Record cash
flow generation, with FFO1 of €556 million,
up 20% like-for-like
- Decrease in the
net debt/EBITDA ratio, to 1.2x (vs. 1.9x at
end-2020), with net debt of €816 million
- Dividend of
€0.90 per share proposed, up 20%2
A year full of product, technology and sales
developments
- Expansion
of the multi-benefit offering in Employee Benefits, with
the launch of Ticket SuperFlex in Brazil, for example
- Success of
the Beyond Fuel offering, as notably seen with the rollout
of fleet maintenance management solutions in Latin America
- Shift to
fully digital solutions (paperless and plasticless) in
nine countries, and launch of an in-app pay-at-table
service (via QR code)
- API
connection to almost 200 meal delivery platforms in 23 countries
worldwide
- Sales wins,
notably with a 20% increase in new contracts signed in the SME
segment
- Strong
progress in ESG indicators in line with the targets of our
2022-2030 ESG policy, and issuance of a €400 million
sustainability-linked convertible bond
Edenred confirms its
Next Frontier (2019-2022) plan targets for 2022
- Building on its
capacity to roll out new services and solutions on its global
platform and expand its client base, Edenred intends to keep
delivering sustained organic growth across all of its regions and
all of its business lines.
- Edenred should also
benefit from economic tailwinds such as higher inflation, rising
interest rates and lower unemployment.
- As a result, for
2022, the Group is confirming the annual minimum targets set in its
Next Frontier (2019-2022) plan:
- like-for-like
operating revenue growth of more than 8%;
- like-for-like
EBITDA growth of more than 10%;
- free cash
flow/EBITDA conversion rate of more than
65%3.
*** Bertrand
Dumazy, Chairman and Chief Executive
Officer of Edenred, said: “First of all, I’d like to
warmly thank our 10,000 employees for their energy and commitment,
which allowed Edenred to achieve a historic performance in 2021.
Record growth drove revenue, EBITDA and net profit to new heights,
with these excellent results the product of our transformation in
recent years. By investing heavily in technology assets since 2016,
not only has Edenred disrupted its business model, but it has also
established itself as the leader in digital innovation in the
markets it serves. Today, Edenred connects over
50 million employees and 2 million partner merchants via
roughly 900,000 corporate clients in a virtuous circle. For
example, with a fully digital, flexible and omnichannel solution,
we enable HR departments to attract top talent and boost employee
engagement through solutions adapted to today’s workplace and
notably remote working, which has become a permanent feature.
What’s more, the range of Beyond Fuel services integrated into our
Fleet & Mobility Solutions offering is meeting with growing
success in Europe and Latin America, where we’ve recently
consolidated our position in the particularly dynamic electronic
toll tag market with the acquisition of Greenpass. Thanks to
a record level of cash generation in 2021, we’ve strengthened our
financial profile and are able to propose a higher dividend than
before the pandemic, while maintaining an ambitious M&A
strategy. On the strength of this momentum and our solid
fundamentals, we’re confident as we move into 2022, and intend to
continue generating sustainable and profitable growth in line with
the financial and non-financial targets in our Next Frontier
strategic plan.” |
2021 ANNUAL RESULTS
The consolidated financial statements4 for the
year ended December 31, 2021 were reviewed by the Board of
Directors on February 21, 2022.
Key financial metrics for 2021:
(in € millions) |
2021 |
2020 |
% change (like-for-like) |
% change (reported) |
Operating
revenue |
1,583 |
1,423 |
+13.9% |
+11.3% |
Other revenue
(A) |
44 |
42 |
+12.2% |
+4.6% |
Total revenue |
1,627 |
1,465 |
+13.8% |
+11.1% |
EBITDA |
670 |
580 |
+18.4% |
+15.5% |
Operating EBIT (B) |
494 |
413 |
+22.1% |
+19.6% |
EBIT (A + B) |
538 |
455 |
+21.2% |
+18.2% |
Net profit, Group share |
313 |
238 |
|
+31.4% |
- Record total revenue:
€1,627 million
Total revenue for 2021 amounted to
€1,627 million, up 13.8% like-for-like compared with 2020. On
a reported basis, total revenue was up 11.1%, including an
unfavorable currency effect (-2.3%) and a slightly negative scope
effect (-0.4%).
Although the fourth-quarter 2020 basis for
comparison was less favorable than for the first part of the year,
total revenue for the fourth quarter of 2021 came to
€466 million, up 12.6% like-for-like and up 12.9% as reported,
including a positive currency effect (+0.9%) and a slightly
negative scope effect (-0.6%).
- Operating revenue:
€1,583 million
Operating revenue for 2021 came in at
€1,583 million, up 13.9% like-for-like versus 2020. Growth was
in the double digits across all businesses and all major regions,
in a year still impacted by the Covid-19 pandemic. On a reported
basis, an unfavorable currency effect (-2.2%) and a slightly
negative scope effect (-0.4%) resulted in growth of 11.3%.
Compared with 20195, like-for-like growth came
to 10.9%. Operating revenue was thus higher than pre-crisis levels
despite an unfavorable currency effect, putting the Group back on a
healthy growth trajectory. This performance reflects both the
Group’s strong sales momentum in all of its markets – notably in
the SME segment – and its ability to continually enhance its
offering and provide clients with innovative new digital
solutions.
In the fourth quarter, operating revenue totaled
€454 million, up 12.4% like-for-like compared with the same
period in 2020 and up 12.8% on a reported basis, as the Group
maintained the strong growth momentum already recorded in the third
quarter.
- Operating revenue by
business line
(in € millions) |
2021 |
2020 |
% change (like-for-like) |
% change (reported) |
Employee Benefits |
961 |
874 |
+12.0% |
+10.0% |
Fleet &
Mobility Solutions |
414 |
355 |
+20.3% |
+16.5% |
Complementary Solutions |
208 |
194 |
+10.6% |
+7.6% |
Total |
1,583 |
1,423 |
+13.9% |
+11.3% |
(in € millions) |
Fourth-quarter 2021 |
Fourth-quarter 2020 |
% change (like-for-like) |
% change (reported) |
Employee Benefits |
279 |
255 |
+9.5% |
+9.5% |
Fleet &
Mobility Solutions |
114 |
94 |
+18.8% |
+21.1% |
Complementary Solutions |
61 |
53 |
+15.1% |
+13.6% |
Total |
454 |
402 |
+12.4% |
+12.8% |
Operating revenue for the Employee
Benefits business line was €961 million in 2021, up
12.0% compared with 2020 and representing 61% of the consolidated
total. Growth was supported by a solid performance in Europe, while
the health situation continued to affect business in Latin America,
notably during the first half.
By demonstrating its ability to expand its
Employee Benefits range to provide ever-greater support to its
clients, Edenred has gained strong commercial leverage to enable it
to continue penetrating its markets. In today’s fast-changing world
of work, employers are looking to enhance their appeal and boost
staff engagement by offering a variety of flexible, digital
solutions that increase employees’ purchasing power, improve their
well-being and fit with their lifestyles and consumption
habits.
As a true partner to human resources teams,
Edenred developed innovative new solutions in 2021, such as
platforms to bring services to employees working from home in
France and Mexico, and a multi-benefit offering of employee
benefits in Brazil (Ticket Superflex). The Group also continued to
roll out fully digital – paperless and plasticless –
solutions, enabling employers to quickly, easily and securely
provide employees with Ticket Restaurant® benefits (France, Spain,
Finland, Greece, Italy and Poland) and gift vouchers (France,
Romania, Belgium and Taiwan), for example.
In the fourth quarter, operating revenue for
Employee Benefits amounted to €279 million, up 9.5%
like-for-like compared with the same period in 2020. Growth was
driven by strong sales momentum in the SME segment and by a solid
performance from end-of-year gift card campaigns.
In the Fleet & Mobility
Solutions business line, which accounts for 26% of
Edenred’s total operating revenue, 2021 operating revenue amounted
to €414 million, up 20.3% like-for-like compared with
2020.
This performance reflects robust sales momentum,
driven by the relevance of the Group’s multi-service offering in
still relatively untapped markets. Edenred is a partner of choice
for fleet managers, providing a digital solution to automate
management of all vehicle-related costs (fuel/charge, tolls,
maintenance, telematics, etc.).
As part of its Beyond Fuel strategy, Edenred
extended the use of its single UTA One toll box to five new
European countries in 2021, for example, and launched a cloud-based
vehicle data platform in Brazil. In addition, the Group sees the
rise of electric and hybrid vehicles in Europe as an opportunity to
help its clients navigate this complex transformation (e.g.,
different charging methods – at the office, at home, on the
road).
In the fourth quarter, operating revenue for
Fleet & Mobility Solutions came to €114 million,
up 18.8% like-for-like compared with the same period in
2020.
In the Complementary Solutions
business line, comprising Corporate Payment Services, Incentive
& Rewards and Public Social Programs and representing 13% of
Edenred’s total operating revenue, operating revenue for 2021 was
up 10.6% like-for-like to €208 million.
Growth for this business reflects the good
performance of Corporate Payment Services in North America,
operated through CSI, a Group subsidiary. CSI’s comprehensive
accounts payable solution is now integrated within the Sage Intacct
accounting software, boosting the subsidiary’s commercial presence
among small and medium-sized businesses. CSI has also partnered
with several banks (such as Citi) to link its payment solution to
their treasury management services – an effective way to
market its offering to key accounts.
This strong growth is also the result of
Edenred’s ability to continually design, enhance and implement
specific earmarked funds programs for administering public
subsidies or enabling unbanked employees to receive their wages
digitally. For example, through its C3 application, Edenred now
provides United Arab Emirates meal delivery platform Talabat’s
15,000 riders with access to value-added financial services that
make their daily lives easier.
In the fourth quarter, operating revenue for
Complementary Solutions came to €61 million, a rise of 15.1%
like-for-like compared with the same period in 2020.
- Operating revenue by
region
(in € millions) |
2021 |
2020 |
% change (like-for-like) |
% change (reported) |
Europe |
1,010 |
900 |
+11.7% |
+12.1% |
Latin
America |
452 |
406 |
+17.9% |
+11.4% |
Rest of the World |
121 |
117 |
+16.5% |
+4.3% |
Total |
1,583 |
1,423 |
+13.9% |
+11.3% |
(in € millions) |
Fourth-quarter 2021 |
Fourth-quarter 2020 |
% change (like-for-like) |
% change (reported) |
Europe |
294 |
265 |
+10.4% |
+11.0% |
Latin
America |
128 |
108 |
+15.6% |
+18.3% |
Rest of the World |
31 |
29 |
+19.0% |
+8.5% |
Total |
454 |
402 |
+12.4% |
+12.8% |
In Europe, operating revenue
amounted to €1,010 million in 2021, an increase of 11.7%
like-for-like and of 12.1% as reported. Europe represented 64% of
consolidated operating revenue in 2021.
In the fourth quarter, operating revenue was up
10.4% like-for-like compared with the same period in 2020, to
€294 million.
In France, operating revenue
amounted to €286 million, up 12.8% like-for-like. The figure
increased by 9.7% like-for-like in the fourth quarter on the back
of further strong sales momentum, with the digital Ticket
Restaurant® solution continuing to attract many clients in the SME
segment and among key accounts such as BNP Paribas as new ways of
working gain ground. Performance was also driven by the success of
the end-of-year gift card campaign (Kadéos®).
Operating revenue in Europe excluding
France rose by 11.3% like-for-like to €724 million in
2021. In the fourth quarter, operating revenue was up 10.7%
like-for-like, with strong growth in Employee Benefits, supported
by the good performance of Ticket Restaurant® and the success of
solutions such as EcoChèque in Belgium and gift cards. In Fleet
& Mobility Solutions, robust growth in operating revenue was
driven by the continued success of the Beyond Fuel strategy.
Operating revenue in Latin
America came to €452 million in 2021, up 17.9%
like-for-like versus 2020. The region accounted for 28% of
consolidated operating revenue in 2021.
In the fourth quarter, operating revenue grew by
15.6% like-for-like to €128 million.
In Brazil, operating revenue
for the year rose by 18.6% like-for-like compared with 2020. In the
fourth quarter, operating revenue was up 14.1% like-for-like. Fleet
& Mobility Solutions delivered another solid performance,
driven by the success of the Beyond Fuel offer in toll and
maintenance management services. In Employee Benefits, the
partnership with Itaú Unibanco continued to ramp up, contributing
to the business’s growth in the fourth quarter.
In Hispanic Latin America,
operating revenue rose by 16.2% like-for-like over the period, with
a 19.0% like-for-like increase in the fourth quarter. The improved
health situation in the fourth quarter enabled business in the
region to make a gradual recovery. Fleet & Mobility Solutions
maintained a fast pace of growth, notably driven by the success of
the Beyond Fuel strategy, with the continued rollout of toll and
maintenance management solutions in the region.
In the Rest of the World,
operating revenue amounted to €121 million, up 16.5%
like-for-like. In the fourth quarter, operating revenue increased
by 19.0% like-for-like. This solid performance notably reflects the
success of fully digital solutions in Taiwan, which provide a
unique way for brands and companies to engage with consumers and
employees. In North America, CSI’s Corporate Payment Services
bounced back strongly compared with 2020, driven by strong sales
momentum, the ramp-up of previously signed contracts, and the
gradual recovery in volumes for its historical portfolio of media
and hospitality clients.
- Other revenue:
€44 million
Other revenue amounted to €44 million in
2021, up 12.2% like-for-like, benefiting from a slight rise in
interest rates in some non-European countries, notably Brazil. On a
reported basis, other revenue rose by 4.6%.
- Record EBITDA: €670
million
EBITDA reached a record high of
€670 million in 2021, representing strong 18.4% growth on a
like-for-like basis and 15.5% growth as reported. The EBITDA margin
came to 41.1%, back to its pre-crisis level and 1.6 percentage
points higher than in 2020, driven by the Group’s operating
leverage and the rebound in business.
- Record net profit: €313
million
Net profit, Group share totaled
€313 million in 2021, versus €238 million in 2020, with
the 31.4% increase primarily driven by EBITDA growth.
Net profit includes other income and expenses
for a net expense of €33 million (versus a net expense of €41
million in 2020), a net financial expense of €19 million (versus
€37 million in 2020) – an improvement owing notably to the
increase in the fair value of Edenred’s investments in the Partech
funds – a net income tax expense of €151 million (versus €124
million in 2020), and €(30) million attributable to
non-controlling interests (versus €(28) million in 2020).
- Record cash generation in
2021
Edenred’s business model generates significant
cash flows, delivering funds from operations before other income
and expenses (FFO) of €556 million in 2021, up 19.9%
like-for-like and up 17.1% as reported.
Free cash flow totaled €518 million in
2021, notably driven by the increase in float6 resulting from the
good fourth-quarter performance, leading to a free cash flow/EBITDA
conversion rate of 77%. Excluding the payment of the
€157 million fine issued by France’s antitrust
authority – against which Edenred has appealed – free
cash flow was a record €675 million, compared with
€640 million in 2020.
- A solid financial
position
At December 31, 2021, Edenred had net debt
of €816 million, versus €1,115 million at
December 31, 2020. This sharp improvement takes into account
€518 million in free cash flow generation and an amount of
€138 million returned to shareholders. The net debt position
also reflects the negative €59 million impact of changes in
exchange rates and non-recurring items.The Group’s net debt/EBITDA
ratio improved significantly to 1.2x in 2021, versus 1.9x in
2020.
Edenred enjoys a robust financial position with
a high level of liquidity and a solid balance sheet. In May 2021,
Standard & Poor’s affirmed the Group’s BBB+ Strong Investment
Grade rating with a stable outlook.
- Ongoing commitment to ESG
and non-financial performance
In 2021, Edenred continued to implement its
corporate social responsibility policy, “Ideal”, which is aimed at
improving quality of life (People), protecting the environment
(Planet) and creating value ethically and responsibly
(Progress).
Edenred made progress on its targets for 2022
and 2030 over the year. For example, in terms of its People goals,
women now hold 34% of the Group’s executive positions, representing
an increase of 5 percentage points versus the prior year
(target: 40% by 2030). Regarding its Planet goals, greenhouse gas
emissions intensity has been reduced by 46% compared with 2013
(target: 52% reduction by 2030). And a significant advance has also
been made in Progress goals, with 57% of users and merchants having
been made aware of balanced nutrition and food waste (target: 85%
by 2030).
The Group also successfully placed its first
sustainability-linked convertible bonds for a nominal amount of
approximately €400 million. To coincide with the placement,
Edenred published its first Sustainability-Linked Bond Framework,
which was reviewed by an external third party and is based on the
achievement of three sustainable performance targets related to its
CSR policy.
Edenred unveiled its purpose at its General
Meeting on May 11, 2021. Defined by its employees and approved by
the Board of Directors, the Group’s overriding goal is to
“Enrich connections. For good.”This purpose is
intended to inform the Group’s strategic decisions and unite its
teams by giving meaning to its organization, in line with its CSR
policy. As part of this approach, free share allocation plans now
include a 25% portion contingent on the achievement of these
criteria, assessed over three consecutive financial years.Through
its solutions, which enable more responsible behavior, and its own
initiatives, Edenred is contributing to 12 of the United Nations’
17 Sustainable Development Goals. In particular, thanks to its
earmarked funds platform, Edenred is creating virtuous ecosystems
that contribute to the fight against the informal economy, fraud,
food insecurity, inequality and climate change.
- €0.90 dividend proposed for
2021
Edenred is proposing a dividend of €0.90 per
share for 2021, representing a 20% increase compared with the prior
year. It marks a return to the Group’s pre-crisis progressive
dividend policy7 defined in its Next Frontier (2019-2022) strategic
plan, and is consistent with its growth profile, solid financial
position and strong cash generation. The dividend will be submitted
to shareholders for approval at Edenred’s Combined General Meeting
on May 11, 2022. Payment of the dividend will be made solely
in cash.
Dividend payment schedule:
- June 7, 2022: Ex-dividend
date.
- June 8, 2022: Record date.
- June 9, 2022: Dividend payment
date.
2022 OUTLOOK
On the strength of its record performance in
2021, Edenred is confident as it moves into 2022 and intends to
keep delivering sustained organic growth across all of the regions
where the Group operates and all of its business lines. Edenred can
notably count on its dynamic sales teams to continue increasing
penetration of its markets. And the Group will be able to
capitalize on positive structural trends, such as the development
of remote working, the shift to more digital usage patterns and the
trend toward more responsible behaviors, thanks to its ability to
drive product and technology innovation and thereby more simply and
efficiently connect 50 million users and 2 million
partner merchants via its 900,000 clients every day.
Edenred should also benefit from economic
tailwinds such as higher inflation, rising interest rates and lower
unemployment.
In addition, Edenred intends to push ahead with
its external growth strategy by consolidating the high-potential
markets in which it operates, leveraging an investment capacity of
more than €1.5 billion.
As a result, for 2022, the Group is confirming
the annual targets set in its Next Frontier strategic plan:
- like-for-like operating revenue
growth of more than 8%;
- like-for-like EBITDA growth of more
than 10%;
- free cash flow/EBITDA conversion
rate of more than 65%8.
CORPORATE GOVERNANCE
The Board of Directors has decided to ask
shareholders at the General Meeting to renew Bertrand Dumazy’s term
of office as director. Provided this proposed resolution is
approved, the Board has also decided to appoint him Chairman and
Chief Executive Officer, effective as of the close of the General
Meeting of May 11, 2022.
SIGNIFICANT EVENTS IN THE FOURTH
QUARTER
- Edenred and
sunday join forces to develop a
pay-at-table solution for restaurants in France
On December 15, 2021, Edenred, the leader
in specific-purpose payment solutions in France and worldwide,
announced that it had joined forces with sunday, the world’s
fastest way to pay in restaurants thanks to a QR code on the table.
The alliance will enable Edenred Ticket Restaurant® card users to
pay their lunch bill in under ten seconds after eating, without
even having to call the waiter.By joining forces, Edenred and
sunday are taking the digitalization of lunch breaks to the next
level and providing Edenred Ticket Restaurant® card users in France
with an innovative payment solution that is perfectly in line with
new consumer restaurant habits.9
- Cameroon selects
Edenred’s digital solutions to optimize
management of its new subsidy program for local coffee and cocoa
farmers
Cameroon has selected the Agri Edenred digital
solution for the design and management of its agricultural input
subsidy program for 600,000 local coffee and cocoa
farmers.Beneficiary farmers will receive an Agri Edenred card with
an individual QR code, which will be remotely credited with Cocoa
and Coffee Sector Development Fund subsidies without requiring any
action on their part. Farmers with a smartphone will be able to
upload an e-voucher directly via the Edenred mobile app.10
SUBSEQUENT EVENTS
- Edenred strengthens its toll offering in Brazil with
the acquisition of Greenpass
On February 22, Edenred announced that it
had acquired a 51% controlling interest in Greenpass, an issuer of
electronic toll solutions in Brazil. The deal strengthens Edenred’s
position in this business as well as its technology and sales
capabilities in an attractive market offering significant
cross-selling potential with its client base. It is fully in line
with the Group’s Beyond Fuel strategy to develop new non-fuel fleet
and mobility services, enhancing its value proposition for fleet
managers and expanding its addressable market.
UPCOMING EVENTS
April 21, 2022: First-quarter 2022 revenueMay
11, 2022: General MeetingJuly 26, 2022: First-half 2022
resultsOctober 26, 2022: Capital Markets Day in London
▬▬
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 roughly
900,000 corporate clients.
Edenred offers specific-purpose payment
solutions for food (such as meal benefits), incentives (such as
gift cards, employee engagement platforms), mobility (such as
multi-energy, maintenance, toll, parking and commuter solutions)
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 2021, 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 Baptiste Fournier+33 (0)1 86 67
20 73baptiste.fournier@edenred.com |
APPENDICES
Glossary and list of references
needed for a proper understanding of financial
information
a) Main terms
- Like-for-like, impact of changes in the scope of
consolidation, currency effect:
ike-for-like or organic growth corresponds to
comparable growth, i.e., growth at constant exchange rates and
scope of consolidation. This indicator reflects the Group’s
business performance.
Changes in activity (like-for-like or organic
growth) represent changes in amounts between the current period and
the comparative period, adjusted for currency effects and for the
impact of acquisitions and/or disposals.
The impact of acquisitions is eliminated from
the amount reported for the current period. The impact of disposals
is eliminated from the amount reported for the comparative period.
The sum of these two amounts is known as the impact of changes in
the scope of consolidation or the scope effect.
The calculation of changes in activity is
translated at the exchange rate applicable in the comparative
period and divided by the adjusted amount for the comparative
period.
The currency effect is the difference between
the amount for the reported period translated at the exchange rate
for the reported period and the amount for the reported period
translated at the exchange rate applicable in the comparative
period.
Business volume comprises total issue volume of
Employee Benefits, Incentive and Rewards, Public Social Program
solutions and Corporate Payment Services, plus the transaction
volume of Fleet & Mobility Solutions and other solutions.
Issue volume is the total face value of the
funds preloaded on all of the payment solutions issued by Edenred
to its corporate and public sector clients.
Transaction volume represents the total value of
the transactions paid for with payment instruments, at the time of
the transaction.
b) Alternative performance measurement
indicators included in the December 31, 2021 Financial
Report
The alternative performance measurement
indicators outlined below are presented and reconciled with
accounting data in the Annual Financial Report.
Indicator |
Reference note in Edenred’s
2021 condensed consolidated financial
statements |
Operating revenue |
Operating revenue corresponds to:
- operating revenue generated by
prepaid vouchers managed by Edenred,
- and operating revenue from
value-added services such as incentive programs, human services and
event-related services.
- It corresponds to the amount billed
to the client company and is recognized on delivery of the
solutions.
|
Other revenue |
Other revenue is interest generated by investing cash over
the period between:
- the issue date and the
reimbursement date for vouchers,
- and the loading date and the
redeeming date for cards.
The interest represents a component of operating revenue and as
such is included in the determination of total revenue. |
EBITDA |
This aggregate corresponds to total revenue (operating
revenue and other revenue) less operating expenses. |
Operating EBIT |
This aggregate corresponds to EBIT adjusted for other
revenue. As per the consolidated financial statements,
operating EBIT as of December 31, 2021 amounted to
€494 million, comprising:
- plus €538 million in EBIT
- minus €44 million in other revenue.
|
EBIT |
This aggregate is the "Operating profit before other income
and expenses", which corresponds to total revenue (operating
revenue and other revenue) less operating expenses, depreciation,
amortization (mainly intangible assets, internally generated or
acquired assets) and non-operating provisions. It is used as the
benchmark for determining senior management and other executive
compensation as it reflects the economic performance of the
business. EBIT excludes the net profit from equity-accounted
companies and excludes the other income and expenses booked in the
“Operating profit including share of net profit from
equity-accounted companies”. |
Other income and expenses |
See Note 10.1 of consolidated financial statements |
Funds from operations (FFO) |
See consolidated statement of cash flows (Part 1.4) |
c) Alternative performance measurement
indicators not included in the December 31, 2021 Financial
Report
Indicator |
Definitions and reconciliations with
Edenred’s 2021 condensed consolidated
financial statements |
Free cash flow |
Free cash flow corresponds to cash generated by operating
activities less investments in intangible assets and property,
plant and equipment. |
Operating revenue
|
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
In €
millions |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|
2021 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
237 |
228 |
238 |
183 |
241 |
224 |
294 |
265 |
|
1,010 |
900 |
France |
69 |
70 |
66 |
41 |
65 |
64 |
86 |
78 |
|
286 |
253 |
Rest of Europe |
168 |
158 |
172 |
142 |
176 |
160 |
208 |
187 |
|
724 |
647 |
Latin America |
97 |
121 |
107 |
82 |
120 |
95 |
128 |
108 |
|
452 |
406 |
Rest of the world |
29 |
34 |
28 |
27 |
33 |
27 |
31 |
29 |
|
121 |
117 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
363 |
383 |
373 |
292 |
393 |
346 |
454 |
402 |
|
1,583 |
1,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
In %
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+4.2% |
+4.2% |
+29.3% |
+28.7% |
+7.5% |
+7.0% |
+11.0% |
+10.4% |
|
+12.1% |
+11.7% |
France |
-1.4% |
-1.4% |
+59.6% |
+59.6% |
+2.1% |
+2.1% |
+9.7% |
+9.7% |
|
+12.8% |
+12.8% |
Rest of Europe |
+6.7% |
+6.6% |
+20.6% |
+19.9% |
+9.7% |
+9.0% |
+11.5% |
+10.7% |
|
+11.9% |
+11.3% |
Latin America |
-20.1% |
+3.4% |
+31.9% |
+37.8% |
+26.2% |
+22.0% |
+18.3% |
+15.6% |
|
+11.4% |
+17.9% |
Rest of the world |
-13.4% |
+0.8% |
+6.3% |
+22.1% |
+19.7% |
+27.6% |
+8.5% |
+19.0% |
|
+4.3% |
+16.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
-5.1% |
+3.6% |
+27.9% |
+30.6% |
+13.6% |
+12.7% |
+12.8% |
+12.4% |
|
+11.3% |
+13.9% |
Other revenue
|
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
In €
millions |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|
2021 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
3 |
4 |
3 |
4 |
3 |
4 |
5 |
3 |
|
14 |
15 |
France |
1 |
2 |
1 |
1 |
1 |
2 |
3 |
1 |
|
6 |
6 |
Rest of Europe |
2 |
2 |
2 |
3 |
2 |
2 |
2 |
2 |
|
8 |
9 |
Latin America |
6 |
7 |
6 |
4 |
6 |
6 |
7 |
6 |
|
25 |
23 |
Rest of the world |
1 |
1 |
1 |
1 |
1 |
1 |
2 |
1 |
|
5 |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
10 |
12 |
10 |
9 |
11 |
11 |
13 |
10 |
|
44 |
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
In %
|
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
-18,2% |
-17.6% |
-8.2% |
-8.8% |
-8.6% |
-9.6% |
+1.4% |
+0.2% |
|
-8.5% |
-9.1% |
France |
-10,7% |
-10.7% |
-6.8% |
-6.8% |
-7.3% |
-7.3% |
+0.2% |
+0.2% |
|
-6.2% |
-6.2% |
Rest of Europe |
-22,9% |
-22.0% |
-9.2% |
-10.2% |
-9.4% |
-11.2% |
+2.1% |
+0.2% |
|
-10.1% |
-11.0% |
Latin America |
-14,9% |
+9.5% |
+8.6% |
+12.7% |
+8.4% |
+6.3% |
+34.2% |
+31.6% |
|
+7.9% |
+14.6% |
Rest of the world |
+19,0% |
+70.5% |
+80.0% |
+155.9% |
+87.5% |
+119.5% |
-10.2% |
+21.8% |
|
+36.7% |
+83.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
-12,8% |
+6.0% |
+7.9% |
+15.9% |
+8.2% |
+9.0% |
+17.4% |
+19.0% |
|
+4.6% |
+12.2% |
Total revenue
|
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
In € millions
|
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
|
2021 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
240 |
232 |
241 |
187 |
244 |
228 |
299 |
268 |
|
1,024 |
915 |
France |
70 |
72 |
67 |
42 |
67 |
66 |
88 |
79 |
|
292 |
259 |
Rest of Europe |
170 |
160 |
174 |
145 |
178 |
162 |
210 |
189 |
|
732 |
656 |
Latin America |
103 |
128 |
113 |
86 |
126 |
101 |
135 |
114 |
|
477 |
429 |
Rest of the world |
30 |
35 |
30 |
28 |
34 |
28 |
32 |
30 |
|
126 |
121 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
373 |
395 |
384 |
301 |
405 |
357 |
465 |
412 |
|
1,627 |
1,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
FY |
In % |
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
+3.8% |
+3.8% |
+28.6% |
+28.0% |
+7.3% |
+6.8% |
+10.8% |
+10.2% |
|
+11.8% |
+11.4% |
France |
-1.6% |
-1.6% |
+57.2% |
+57.2% |
+1.9% |
+1.9% |
+9.5% |
+9.5% |
|
+12.3% |
+12.3% |
Rest of Europe |
+6.2% |
+6.2% |
+20.1% |
+19.4% |
+9.5% |
+8.7% |
+11.4% |
+10.5% |
|
+11.6% |
+11.0% |
Latin America |
-19.8% |
+3.7% |
+30.5% |
+36.3% |
+25.1% |
+21.0% |
+19.1% |
+16.3% |
|
+11.2% |
+17.7% |
Rest of the world |
-12.3% |
+3.1% |
+8.3% |
+25.8% |
+21.5% |
+30.1% |
+7.8% |
+19.1% |
|
+5.3% |
+18.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
-5.3% |
+3.7% |
+27.3% |
+30.2% |
+13.4% |
+12.6% |
+12.9% |
+12.6% |
|
+11.1% |
+13.8% |
EBITDA and EBIT
In € millions |
2021 |
2020 |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
426 |
375 |
|
+13.7% |
+13.2% |
France |
107 |
87 |
|
+23.6% |
+23.6% |
Rest of Europe |
319 |
288 |
|
+10.7% |
+10.0% |
Latin America |
209 |
191 |
|
+9.6% |
+16.5% |
Rest of the world |
33 |
27 |
|
+19.6% |
+44.7% |
Others |
2 |
(13) |
|
+112.7% |
+101.2% |
|
|
|
|
|
|
EBITDA |
670 |
580 |
|
+15.5% |
+18.4% |
In € millions
|
2021 |
2020 |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
354 |
308 |
|
+14.9% |
+14.4% |
France |
85 |
66 |
|
+28.6% |
+28.6% |
Rest of Europe |
269 |
242 |
|
+11.2% |
+10.6% |
Latin America |
174 |
158 |
|
+9.6% |
+16.7% |
Rest of the world |
18 |
11 |
|
+66.0% |
+115.7% |
Others |
(8) |
(22) |
|
+67.8% |
+60.9% |
|
|
|
|
|
|
EBIT |
538 |
455 |
|
+18.2% |
+21.2% |
Summarized balance sheet
In € millions |
Dec. 2021 |
Dec. 2020 |
|
In € millions |
Dec. 2021 |
Dec. 2020 |
ASSETS |
|
LIABILITIES |
Goodwill |
1,506 |
1,457 |
|
Total equity |
(869) |
(1,134) |
Intangible assets |
677 |
655 |
|
|
|
|
Property, plant & equipment |
156 |
148 |
|
Gross debt and other financial liabilities |
3,538 |
3,391 |
Investments in associates |
67 |
64 |
|
Provisions and deferred tax |
185 |
178 |
Other non-current assets |
178 |
181 |
|
|
|
|
Float (Trade receivables, net) |
1,322 |
1,170 |
|
Vouchers in circulation (Float) |
5,258 |
4,874 |
Working capital excl. float (assets) |
1,267 |
899 |
|
Working capital excl. float (liabilities) |
2,211 |
2,119 |
Restricted cash |
2,428 |
2,578 |
|
|
|
|
Cash & cash equivalents and other current financial assets |
2,722 |
2,276 |
|
|
|
|
TOTAL ASSETS |
10,323 |
9,428 |
|
TOTAL LIABILITIES |
10,323 |
9,428 |
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 2021 |
Dec. 2020 |
|
|
|
|
Total working capital |
4,880 |
4,924 |
|
|
|
|
Of which float: |
3,936 |
3,704 |
In € millions |
2021 |
2020 |
Net profit attributable to owners of the
parent |
313 |
238 |
Non-controlling interests |
30 |
28 |
Dividends received from equity-accounted companies |
14 |
16 |
Difference between income tax paid and income tax expense |
16 |
(2) |
Non-cash impact from other income and expenses |
183 |
195 |
= Funds from operations before other
income and expenses (FFO) |
556 |
475 |
Decrease (Increase) in working capital 9 |
(145) |
1 039 |
Recurring decrease (Increase) in restricted cash |
221 |
(770) |
= Net cash from (used in) operating
activities |
632 |
744 |
- Recurring capital expenditure |
(114) |
(104) |
= Free cash flows
(FCF)11 |
518 |
640 |
1 Funds from operations before other income and expenses.2 To be
proposed at the General Meeting scheduled for May 11, 2022.3
Based on constant regulations and methods.4 The audit has been
completed and the auditors will issue their opinion after having
finalized the review of the management report and the due diligence
procedures on the ESEF electronic format of the 2021 financial
statements.5 Like-for-like comparisons with 2019 correspond to the
sum in euros of like-for-like growth for the period in 2020 and
2021.6 The float corresponds to a portion of the operating working
capital from the preloading of funds by corporate clients.7 €0.85
for 2017 and €0.86 for 2018, then, as a result of the health
crisis, €0.70 for 2019 and €0.75 for 2020.8 Based on constant
regulations and methods.9 Press release dated December 15,
2021.10 Press release dated December 21, 2021.
11 Including payment of the €157 million
fine issued by France’s antitrust authority.
- 2022 02 22 - Edenred Resultats FY 2021 CP ENG
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