EDENRED: First-half 2022 results - Edenred reports record
first-half results, driven by the enhanced attractiveness of its
digital solutions and by its innovation policy
First-half 2022 results
Edenred reports record first-half
results, driven by the enhanced
attractiveness of its digital solutions
and by its innovation policy
Accelerated growth in the second quarter on the back of the
very good performance for the first quarter, leading to record
results
- Total
revenue of €922 million in first-half 2022, up 21.7%
as reported (+18.1% like-for-like) versus first-half 2021
- Operating
revenue of €891 million, up 20.9% as reported (+17.3%
like-for-like)
- In the
second quarter, operating revenue rose by 24.5% as
reported (+19.2% like-for-like)
- Other
revenue of €31 million, up €10 million on
first-half 2021, driven by business volume growth and higher
interest rates outside the euro zone
- EBITDA of
€365 million, up 23.6% as reported (+22.0%
like-for-like)
- EBITDA
margin of 39.6%, up 1.3 percentage points
like-for-like
- Net profit,
Group share of €170 million, up
27.5%
- Strong increase in
cash flow generation, with funds from operations before
other income and expenses (FFO) of €299 million, up
17.5%
- Net
debt: €1.06 billion, significantly
lower than the end-June 2021 figure of €1.45 billion
Edenred confirmed its capacity to leverage the scale
effect deriving from the power,
technology and agility of its digital
platform
- Continued
deployment of the Beyond Food strategy in Employee
Benefits, with, in particular, the rapid expansion of the
multi-benefit offering in France (including Kadéos, ProwebCE and
Ticket Mobilité) integrated into the MyEdenred mobile app.
- Ongoing
success of the Beyond Fuel offering, notably driven by
fully digital maintenance management solutions, giving fleet
managers access to a wide portfolio of services.
- Product and
technology innovation for an enriched omnichannel user
experience, with, for example, the launch of UTA
EasyFuel® for mobile pay-at-the-pump transactions.
- Sustained
momentum for new contract wins in largely underpenetrated
markets, such as the SME markets in France and
Germany, propelled by the deployment of carefully tailored
sales channels, as notably demonstrated by the success of
the online sales platforms now available in 14 countries.
- An ambitious ESG
policy, with non-financial indicators in line with the
2022-2030 targets.
- Solutions contributing to a
better world, as illustrated by the new global Move for
Good program designed to accompany fleet and mobility clients on
their green transition.
Edenred is better poised than ever to generate
sustainable and profitable growth in a new
macro-economic
context
- Drawing on its
strong sales momentum and a platform that is ever-more attractive
thanks to technology investments, Edenred is ready to capture
opportunities from structural trends, such as more widespread
digitalization and radical changes in the working world.
- Edenred should also
benefit from a favorable macro-economic context, with rising
inflation making its solutions even more attractive and driving
additional revenue for the Group, notably due to higher interest
rates.
- In view of
these factors, the Group is targeting record-high EBITDA of between
€770 million and €820 million for full-year
20221, versus €670 million
in 2021.
*** Bertrand
Dumazy, Chairman and Chief Executive
Officer of Edenred, said: “Thanks to very tangible growth
momentum in the second quarter, Edenred delivered a record
performance in the first half of 2022, with a strong increase in
earnings. Operating revenue grew by double digits across all of the
Group’s business lines and regions, and EBITDA came in at an
all-time high for a first half. These results show how Edenred is
leveraging the unique benefits of its digital platform to continue
its market penetration in a new macro-economic environment. The
solutions the Group offers are attracting more and more clients who
view them as an opportunity to increase their employees’ purchasing
power, encourage more responsible behaviors or tighten their cost
control. Edenred is now better poised than ever to pursue its
sustainable and profitable growth trajectory in the second half of
the year and beyond. The Group is continuing to step up its
technology investments, which have made it the leading innovator in
its markets. In light of these achievements, we are confident in
our prospects for the second half of 2022 and are targeting
record-high EBITDA of between €770 million and
€820 million for the full year.” |
Turkey is now qualified as a hyperinflationary
economy. The Group has therefore applied IAS 29 – Financial
Reporting in Hyperinflationary Economies to its operations in this
country since January 1, 2022.
FIRST-HALF 2022 RESULTS
At its meeting on July 25, 2022, the Board of
Directors reviewed the Group’s interim consolidated financial
statements for the six months ended June 30, 2022.
First-half 2022 key financial metrics:
(in € millions) |
First-half 2022 |
First-half 2021 |
% change
(reported) |
% change
(like-for-like) |
Operating
revenue |
891 |
736 |
+20.9% |
+17.3% |
Other revenue
(A) |
31 |
21 |
+49.1% |
+46.5% |
Total revenue |
922 |
757 |
+21.7% |
+18.1% |
EBITDA |
365 |
295 |
+23.6% |
+22.0% |
Operating EBIT (B) |
264 |
211 |
+25.2% |
+24.3% |
EBIT (A + B) |
295 |
232 |
+27.3% |
+26.3% |
Net profit, Group share |
170 |
133 |
+27.5% |
|
- Total revenue of
€922 million
Total revenue for first-half 2022 amounted to
€922 million, up 21.7% as reported compared with first-half
2021. This year-on-year increase includes a favorable 4.0% currency
effect and a slightly negative 0.4% scope effect. On a
like-for-like basis, total revenue was up 18.1%.In the second
quarter, total revenue rose by 25.7% as reported and by 20.4%
like-for-like, with growth accelerating versus the first quarter of
the year, when total revenue increased by 17.6% as reported and by
15.7% like-for-like.
- Operating revenue:
€891 million
Operating revenue for the first six months of
2022 came to €891 million, up 20.9% as reported. The currency
effect was a favorable 4.1% and the scope effect was a slightly
negative 0.5%. On a like-for-like basis, the increase in operating
revenue was 17.3% year on year.Second-quarter operating revenue
totaled €465 million, up 24.5% as reported and 19.2%
like-for-like.
This solid performance came on the back of an
excellent start to the year and strong growth in operating revenue
during the first quarter. It clearly shows the Group’s ability to
keep up a sustained pace of growth, with double-digit growth
figures recorded across all of its business lines and regions. By
fully leveraging its digital platform, the Group has continued to
penetrate its markets by capitalizing on its stand-out technology
assets and sales expertise. For example, thanks to the online sales
platforms it has developed in 14 countries, the Group saw a
more-than 50% increase in the number of new contracts it won with
SMEs in the first half of 2022 versus the first six months of
2021.
Edenred’s first-half 2022 performance was also
boosted by a favorable macro-economic environment, notably the
current high rates of inflation. This has made the Group’s
solutions even more attractive, as clients see them as a way of
increasing their employees’ purchasing power, through the Employee
Benefits offering, and tightening control of their fleet management
costs, through Fleet & Mobility Solutions.
- Operating revenue by
business line
(in € millions) |
First-half 2022 |
First-half 2021 |
% change
(reported) |
% change
(like-for-like) |
Employee Benefits |
528 |
448 |
+17.7% |
+15.7% |
Fleet &
Mobility Solutions |
252 |
190 |
+32.3% |
+24.0% |
Complementary Solutions |
111 |
98 |
+13.6% |
+11.4% |
Total |
891 |
736 |
+20.9% |
+17.3% |
The Employee Benefits business
line generated €528 million in operating revenue in first-half
2022, representing an increase of 17.7% as reported (+15.7%
like-for-like) and accounting for 59% of the consolidated
total.
The Group continued to penetrate its markets
during the period, fueled by strong sales activity, both with key
accounts and in the particularly fast-growing SME segment. Drawing
on a broader portfolio of solutions resulting from its Beyond Food
strategy, and amid radical changes in the working world, Edenred is
fully meeting the needs of its clients, who are seeking to
strengthen their employer brand and employee engagement. In France,
for example, the Group has a comprehensive range of digital
solutions for food, incentives and mobility, with 7 million
employees benefiting from them. These solutions provide employers
with an effective means to boost each employee’s purchasing power
by up to €5,000 per year, while adapting to new consumption
patterns, which have become more digital and more responsible.This
momentum has led to an increase in the benefits granted to
employees, particularly in countries where the public authorities
have raised the statutory maximum face value of benefits, such as
in Romania and Turkey for meal benefits.
In the Fleet & Mobility
Solutions business line, which accounted for 28%
of the Group’s business, operating revenue came to
€252 million in the first half of the year, up 32.3% as
reported over the period (+24.0% like-for-like).
This strong year-on-year growth reflects brisk
sales momentum, especially in the vastly underpenetrated SME
segment. It also reflects the successful deployment of the Beyond
Fuel strategy, notably through the maintenance management solution
in Latin America. Thanks to this fully digital offering, with a
broad portfolio of services such as dashboards, customized
maintenance plans and dedicated mobile apps, Edenred provides a
first-class user experience for fleet managers, drivers and repair
shops in the network. In light of the success of this offering in
Brazil (more than 400,000 vehicles managed and orders up by over
20% in the first half of 2022), Edenred has begun to roll it out to
Mexico and Argentina as well.
The Complementary Solutions
business line, which includes Corporate Payment Services, Incentive
& Rewards and Public Social Programs, generated operating
revenue of €111 million in first-half 2022, representing 13%
of the Group total. This figure was up 13.6% year on year as
reported (+11.4% like-for-like), despite a high basis of comparison
for the first quarter due to the specific earmarked funds programs
set up during the first quarter of 2021 amid the health crisis.
Growth for this business line reflects the good
performance of Corporate Payment Services in North America,
operated through CSI, driven by new contracts won through its
direct and indirect sales channels, and the continued recovery in
sales volumes generated by clients in the media and hospitality
segments.
The sharp rise in Complementary Services
operating revenue is also the result of Edenred’s ability to
develop new value-added services for its stakeholders, such as in
the United Arab Emirates, where the salary advance offering is
meeting the growing needs of the 500,000 users of the C3Pay mobile
app.
- Operating revenue by
region
(in € millions) |
First-half 2022 |
First-half 2021 |
% change
(reported) |
% change
(like-for-like) |
Europe |
551 |
475 |
+16.0% |
+15.7% |
Latin
America |
270 |
204 |
+32.5% |
+16.9% |
Rest of the World |
70 |
58 |
+20.5% |
+31.3% |
Total |
891 |
736 |
+20.9% |
+17.3% |
In Europe, operating revenue
amounted to €551 million in first-half 2022, an increase of
16.0% as reported and of 15.7% like-for-like. In the second
quarter, operating revenue was up 18.1% as reported and 18.0%
like-for-like. Europe represented 62% of Group operating
revenue.
In France, operating revenue
amounted to €150 million, representing an increase of 11.2%
both as reported and like-for-like. In the second quarter,
operating revenue growth was 12.2% as reported and like-for-like.
This performance was notably led by robust growth for Employee
Benefits solutions, fueled by contract wins for the Ticket
Restaurant® offering – the market’s digital leader with a market
share of over 40% – as well as the broader range of solutions
integrated into the MyEdenred mobile app. Fleet & Mobility
Solutions also drove up operating revenue, propelled by ongoing
high demand, notably in the SME segment.
Operating revenue in Europe excluding
France totaled €401 million in first-half 2022, up
17.8% as reported (+17.5% like-for-like). Second-quarter operating
revenue rose by 20.3% as reported (+20.2% like-for-like). This
sustained growth is the result of the growing attractiveness of the
solutions offered by the Group in its various business lines. In
Employee Benefits, Ticket Restaurant® meal benefits once again
delivered robust growth, boosted by an increase in face values
introduced by clients in the current inflationary context, and the
Beyond Food strategy continued to be a success. Performance for the
Fleet & Mobility Solutions business line was driven by strong
sales momentum in the SME segment.
Operating revenue in Latin
America amounted to €270 million, up 32.5% as
reported in the first half (+16.9% like-for-like), with a 38.0%
reported increase in the second quarter (+17.2% like-for-like). The
region represented 30% of total consolidated operating revenue in
first-half 2022.
In Brazil, operating revenue
growth came to 17.1% like-for-like in the first six months of the
year, including a 17.7% increase in the second quarter. This robust
year-on-year growth reflects the strong momentum of the Fleet &
Mobility Solutions business, led notably by the success of the
Beyond Fuel offering, which was underpinned by a sharp increase in
demand for maintenance and toll management solutions. Employee
Benefits also contributed to growth in Brazil, spurred by the
ongoing success of the partnership with Itaú Unibanco and the
rollout of the multi-benefit offering.
In Hispanic Latin America,
operating revenue rose by 16.4% like-for-like, with a 16.3%
increase in the second quarter. The recovery in the Employee
Benefits business continued in the region in the second quarter,
while in Fleet & Mobility Solutions growth was driven by the
gradual rollout of the Beyond Fuel offering with its toll
solutions.
In the Rest of the World,
operating revenue amounted to €70 million, up 20.5% as
reported and 31.3% like-for-like over the period. Second-quarter
operating revenue rose by 26.9% as reported (+36.7%
like-for-like).This performance was notably driven by the success
of digital solutions proposed in countries such as the United Arab
Emirates and Taiwan. In North America, CSI’s Corporate Payment
Services business saw strong sales momentum, notably buoyed by a
recovery in volumes for its historical portfolio, as well as the
ramp-up of distribution partnerships entered into with several
banks.
- Other revenue:
€31 million
For the six months ended June 30, 2022,
other revenue came to €31 million, representing an increase of
49.1% as reported and of 46.5% like-for-like. This solid growth
notably reflects the continued increase in float, resulting from
the high level of business during the first half of the year. Other
revenue also benefited from the rise in interest rates compared
with first-half 2021, notably in Latin America and in European
countries outside the euro zone.
In first-half 2022, EBITDA amounted to
€365 million, up 23.6% as reported and 22.0% like-for-like.
The EBITDA margin came in at 39.6%, up 0.6 of a percentage point
compared with first-half 2021. On a like-for-like basis, the EBITDA
margin was 1.3 percentage points higher year on year, demonstrating
Edenred’s ability to capitalize on its operating leverage while
continuing to invest in technology and innovation to help drive the
Group’s growth.
Net profit, Group share amounted to
€170 million versus €133 million in first-half 2021, a
27.5% increase primarily driven by growth in EBITDA.Net profit
takes into account other income and expenses for a net expense of
€9 million (versus a net expense of €7 million in
first-half 2021), a net financial expense of €17 million
(versus €9 million in 2021)2, a net income tax expense of
€84 million (versus €73 million in 2021), and
€(16) million attributable to non-controlling interests
(versus €(14) million in 2021).
- Strong cash flow
generation
Edenred’s business model generates significant
cash flows, delivering funds from operations before other income
and expenses (FFO) of €299 million in first-half 2022, up
17.5% as reported.
At June 30, 2022, Edenred had net debt of
€1.06 billion, versus €1.45 billion at end-June 2021.
This sharp year-on-year decrease in net debt notably reflects free
cash flow generation of €767 million over the twelve months
ended June 30, 2022, €269 million returned to shareholders,
and a negative €45 million impact of currency effects and
non-recurring items.
- Robust financial
position
Edenred therefore enjoys a robust financial
position with a high level of liquidity and a solid balance sheet.
In April 2022, Standard & Poor’s reaffirmed the Group’s BBB+
Strong Investment Grade rating and upgraded its outlook from stable
to positive.
- Ongoing commitment to ESG
and non-financial performance
In the first half of 2022, Edenred continued to
put its commitment to corporate social responsibility (CSR) into
practice. One of the ways it does this is by deploying solutions
that encourage more responsible behaviors. For example, in June,
the Group launched “Move for Good”, a global green and sustainable
mobility program for its clients in the transportation and mobility
sector, which is based on four pillars: awareness, reduction and
avoidance, offsetting, and preservation. Also, in the first half of
the year, the Group rolled out its Agri digital solution in
Cameroon to support local agriculture – serving 600,000 farmers –
and broadened its range of value-added services that support
financial inclusion in the United Arab Emirates, including a salary
advance system.At the same time, the Group continued to implement
its “Ideal” CSR policy through the policy’s three main components,
“People, Planet and Progress”, and is well on the way to achieving
its targets for 2030. In April, Edenred’s commitment to CSR was
recognized once again, when it was assigned a rating of 79 out of
100 by S&P Global Ratings, well above the global average for
the other companies assessed. This rating notably highlights how
the Group’s ESG goals are underpinned by a strong corporate culture
and effective strategic planning and decision-making processes.
Edenred will further strengthen its CSR commitments, notably those
related to the climate, at the Capital Markets Day to be held in
October 2022.
OUTLOOK
In the first half of 2022, Edenred once again
proved its capacity to leverage the benefits of its digital
platform, thanks to its ongoing strong sales and innovation
momentum.In an environment accelerating new structural trends, such
as increased digitalization among stakeholders (clients, partner
merchants and users), radical transformations in the working world
and the beginning of a new era of greener mobility, Edenred is
ideally positioned to seize the opportunities arising from these
changes.At the same time, the Group expects to continue benefiting
from a favorable macro-economic context that is further enhancing
the attractiveness of its offerings. This can be seen both in
Employee Benefits, against a backdrop of “talent wars” for
employers and a desire by both governments and companies to protect
workers’ purchasing power, and in Fleet & Mobility Solutions,
where fleet managers are looking to tighten control over their
expenses.
Edenred is therefore better poised than ever to
generate sustainable and profitable growth. The Group is targeting
full-year EBITDA of between €770 million and
€820 million3 for 2022, versus €670 million in 2021.
In addition, Edenred has an investment capacity
of between €1.5 billion and €2.0 billion to be able to
carry out any external growth transactions.
SIGNIFICANT EVENTS SINCE THE BEGINNING
OF THE YEAR
- 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.
- UTA Edenred partners with
ChargePoint
On April 5, Edenred announced a partnership with
ChargePoint, a leading electric vehicle charging network provider
in Europe and in the USA. This partnership enables customers of UTA
Edenred, a leading mobility service provider in Europe, to access
over 240,000 public electric charge points across 32 European
countries. Edenred supports fleet managers in the transition
towards electric vehicle usage, notably through the introduction of
an all-in-one, fully integrated solution that combines an electric
vehicle charging solution with UTA Edenred’s proven energy, toll
and maintenance services.
- Edenred launches “Move for
Good”, a global program that accompanies its clients on their green
transition
On June 15, Edenred launched “Move for
Good”, a global sustainability program enabling its transportation
and mobility clients to mitigate their environmental impact, while
promoting biodiversity preservation. Already operational in some
European and Latin American countries, this program will be
deployed by Edenred globally.
UPCOMING EVENTS
October 20, 2022: Third-quarter 2022
revenueOctober 25, 2022: Capital Markets Day in London
About Edenred
Edenred, the everyday companion
for people at work, is a leading digital platform for services and
payments which connects over 50 million users and 2 million partner
merchants in 45 countries via approximately 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 Baptiste Fournier +33 (0)1 86 67
20 73 baptiste.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:
Like-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 June 30,
2022 Interim 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
2022 condensed interim
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 June 30, 2022 amounted to €264 million,
comprising:
- plus €295 million in EBIT
- minus €31 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 June 30,
2022 Interim Financial
Report
Indicator |
Definitions and reconciliations with
Edenred’s 2022
condensed interim 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 |
|
H1 |
In €
millions |
2022 |
2021 |
2022 |
2021 |
|
2022 |
2021 |
|
|
|
|
|
|
|
|
Europe |
270 |
237 |
281 |
238 |
|
551 |
475 |
France |
76 |
69 |
74 |
66 |
|
150 |
135 |
Rest of Europe |
194 |
168 |
207 |
172 |
|
401 |
340 |
Latin America |
123 |
97 |
148 |
107 |
|
270 |
204 |
Rest of the world |
33 |
29 |
36 |
28 |
|
70 |
58 |
|
|
|
|
|
|
|
|
Total |
426 |
363 |
465 |
373 |
|
891 |
736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
In
% |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
+13.8% |
+13.4% |
+18.1% |
+18.0% |
|
+16.0% |
+15.7% |
France |
+10.3% |
+10.3% |
+12.2% |
+12.2% |
|
+11.2% |
+11.2% |
Rest of Europe |
+15.3% |
+14.8% |
+20.3% |
+20.2% |
|
+17.8% |
+17.5% |
Latin America |
+26.5% |
+16.5% |
+38.0% |
+17.2% |
|
+32.5% |
+16.9% |
Rest of the world |
+14.3% |
+26.0% |
+26.9% |
+36.7% |
|
+20.5% |
+31.3% |
|
|
|
|
|
|
|
|
Total |
+17.3% |
+15.3% |
+24.5% |
+19.2% |
|
+20.9% |
+17.3% |
Other revenue
|
Q1 |
Q2 |
|
H1 |
In €
millions |
2022 |
2021 |
2022 |
2021 |
|
2022 |
2021 |
|
|
|
|
|
|
|
|
Europe |
5 |
3 |
6 |
3 |
|
11 |
7 |
France |
2 |
1 |
1 |
1 |
|
3 |
3 |
Rest of Europe |
3 |
2 |
5 |
2 |
|
8 |
4 |
Latin America |
7 |
6 |
10 |
6 |
|
17 |
11 |
Rest of the world |
1 |
1 |
2 |
1 |
|
3 |
3 |
|
|
|
|
|
|
|
|
Total |
13 |
10 |
18 |
10 |
|
31 |
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
In
% |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
+40.5% |
+39.1% |
+89.8% |
+88.9% |
|
+65.2% |
+64.1% |
France |
+5.6% |
+5.6% |
-2.0% |
-2.0% |
|
+1.7% |
+1.7% |
Rest of Europe |
+66.0% |
+63.5% |
+159.5% |
+158.0% |
|
+112.4% |
+110.4% |
Latin America |
+33.5% |
+22.8% |
+71.1% |
+44.1% |
|
+52.5% |
+33.6% |
Rest of the world |
-18.9% |
+35.3% |
+10.1% |
+78.4% |
|
-4.3% |
+56.9% |
|
|
|
|
|
|
|
|
Total |
+28.9% |
+29.7% |
+69.1% |
+63.0% |
|
+49.1% |
+46.5% |
Total revenue
|
Q1 |
Q2 |
|
H1 |
In €
millions |
2022 |
2021 |
2022 |
2021 |
|
2022 |
2021 |
|
|
|
|
|
|
|
|
Europe |
275 |
240 |
287 |
241 |
|
562 |
481 |
France |
78 |
70 |
75 |
67 |
|
153 |
137 |
Rest of Europe |
197 |
170 |
212 |
174 |
|
409 |
344 |
Latin America |
130 |
103 |
158 |
113 |
|
287 |
216 |
Rest of the world |
34 |
30 |
38 |
30 |
|
73 |
60 |
|
|
|
|
|
|
|
|
Total |
439 |
373 |
482 |
384 |
|
922 |
757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
Q2 |
|
H1 |
In
% |
Change reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
+14.2% |
+13.8% |
+19.1% |
+19.0% |
|
+16.6% |
+16.4% |
France |
+10.2% |
+10.2% |
+11.9% |
+11.9% |
|
+11.0% |
+11.0% |
Rest of Europe |
+15.9% |
+15.3% |
+21.9% |
+21.7% |
|
+18.9% |
+18.5% |
Latin America |
+26.9% |
+16.8% |
+39.6% |
+18.6% |
|
+33.6% |
+17.7% |
Rest of the world |
+12.9% |
+26.5% |
+26.1% |
+38.6% |
|
+19.4% |
+32.5% |
|
|
|
|
|
|
|
|
Total |
+17.6% |
+15.7% |
+25.7% |
+20.4% |
|
+21.7% |
+18.1% |
EBITDA, Operating EBIT and
EBIT
In € millions
|
H1 2022 |
H1 2021 |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
242 |
192 |
|
+25.8% |
+25.5% |
France |
55 |
49 |
|
+13.5% |
+13.5% |
Rest of Europe |
187 |
144 |
|
+30.0% |
+29.5% |
Latin America |
120 |
88 |
|
+36.5% |
+18.6% |
Rest of the world |
18 |
13 |
|
+38.3% |
+60.7% |
Others |
(15) |
2 |
|
N/A |
N/A |
|
|
|
|
|
|
EBITDA |
365 |
295 |
|
+23.6% |
+22.0% |
In € millions
|
H1 2022 |
H1 2021 |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
205 |
157 |
|
+30.0% |
+29.7% |
France |
44 |
38 |
|
+16.4% |
+16.4% |
Rest of Europe |
161 |
120 |
|
+34.3% |
+33.9% |
Latin America |
99 |
72 |
|
+39.6% |
+20.8% |
Rest of the world |
11 |
5 |
|
+93.7% |
+141.9% |
Others |
(20) |
(3) |
|
N/A |
N/A |
|
|
|
|
|
|
EBIT |
295 |
232 |
|
+27.3% |
+26.3% |
In € millions
|
H1 2022 |
H1 2021 |
|
Change reported |
Change L/L |
|
|
|
|
|
|
|
|
Europe |
194 |
151 |
|
+28.5% |
+28.2% |
France |
41 |
35 |
|
+17.6% |
+17.6% |
Rest of Europe |
153 |
116 |
|
+31.7% |
+31.3% |
Latin America |
82 |
60 |
|
+37.2% |
+18.5% |
Rest of the world |
8 |
3 |
|
+198.0% |
+232.3% |
Others |
(20) |
(3) |
|
N/A |
N/A |
|
|
|
|
|
|
Operating EBIT |
264 |
211 |
|
+25.2% |
+24.3% |
Summarized balance sheet
In € millions |
June 30, 2022 |
Dec. 31, 2021 |
June 30, 2021 |
|
In € millions |
June 30, 2022 |
Dec. 31, 2021 |
June 30, 2021 |
ASSETS |
|
LIABILITIES |
Goodwill |
1,608 |
1,506 |
1,499 |
|
Total equity |
(806) |
(869) |
(1.006) |
Intangible assets |
728 |
677 |
674 |
|
|
|
|
|
Property. plant & equipment |
155 |
156 |
165 |
|
Gross debt and other financial liabilities |
3,706 |
3,538 |
3,715 |
Investments in associates |
59 |
67 |
58 |
|
Provisions and deferred tax |
181 |
185 |
185 |
Other non-current assets |
181 |
178 |
186 |
|
|
|
|
|
Float (Trade receivables. net) |
1,397 |
1,322 |
1,246 |
|
Vouchers in circulation (Float) |
5,184 |
5,258 |
4,815 |
Working capital excl. float (assets) |
1,711 |
1,267 |
1,174 |
|
Working capital excl. float (liabilities) |
2,235 |
2,211 |
2,206 |
Restricted cash |
2,011 |
2,428 |
2,647 |
|
|
|
|
|
Cash & cash equivalents |
2,650 |
2,722 |
2,266 |
|
|
|
|
|
TOTAL ASSETS |
10,500 |
10,323 |
9,915 |
|
TOTAL LIABILITIES |
10,500 |
10,323 |
9,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
Dec. 31, 2021 |
June 30, 2021 |
|
|
|
|
|
Total working capital |
4,311 |
4,880 |
4,601 |
|
|
|
|
|
Of which float: |
3,787 |
3,936 |
3,569 |
From net
profit. Group share to Free cash
flows
In € millions |
June 2022 |
June 2021 |
Net profit attributable to owners of the
parent |
170 |
133 |
Non-controlling interests |
16 |
14 |
Dividends received from equity-accounted companies |
10 |
14 |
Difference between income tax paid and income tax expense |
10 |
14 |
Non-cash impact from other income and expenses |
93 |
79 |
= Funds from operations before other income and expenses
(FFO) |
299 |
254 |
Decrease (Increase) in working capital4 |
(628) |
(258) |
Recurring decrease (Increase) in restricted cash |
419 |
(18) |
= Net cash from (used in) operating
activities |
90 |
(22) |
Recurring capital expenditure |
(66) |
(46) |
= Free cash flows (FCF)4 |
24 |
(68) |
1 Calculated based on an assumption of an average euro/
Brazilian real exchange rate for the second half of 2022 equal to
the closing spot rate on June 30, 2022.2 The net financial expense
in first-half 2021 included the positive impact of the increase in
the fair value of Edenred’s investments in the Partech funds.3
Calculated based on an assumption of an average euro/ Brazilian
real exchange rate for the second half of 2022 equal to the closing
spot rate on June 30, 2022.4 Including the payment of the €157
million fine issued by France’s antitrust authority, increase in
working capital amounted to €415 million and free cash flow
amounted to a negative €225 million for first-half 2021.
- 2022 07 26 - Edenred - H1 Results - PR EN
Edenred (EU:EDEN)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Edenred (EU:EDEN)
Historical Stock Chart
Von Apr 2023 bis Apr 2024