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Edenred: Strong Organic Growth In First-half EBIT, Up 12.1%

Financial EBIT, reflecting 100% flow-through of financial revenue for the period (€44 million), rose by 16.0% like-for-like as a result of higher interest rates.

Total EBIT by region

In France , EBIT amounted to €23 million, a decline of 6.6% like-for-like due to the €2 million in extra costs generated during the period by the digital transition. Excluding these costs, EBIT was 2.1% higher than in first-half 2010.

In the Rest of Europe, EBIT came to €59 million, down 3.4% like-for-like. The decline was due to the difficulties experienced in Romania and the €3 million in extra costs generated during the period by the digital transition in this region. Excluding these costs, EBIT was 1.5% higher than in first-half 2010.

In Latin America , EBIT amounted to €96 million, up by a very strong 25.0% like-for-like. Excluding the €1 million in extra costs generated during the period by the digital transition, EBIT was 26.0% higher than in first-half 2010.

RECURRING PROFIT AFTER TAX UP 31.3%

After deducting net financial expense of €23 million, income tax expense of €44 million and minority interests of €4 million, recurring profit after tax came to €96 million, an increase of 31.3% from €72 million in first-half 2010.

Net profit, Group share came to €98 million, compared with €37 million for the year-earlier period .

CASH FLOWS

Funds from operations before non-recurring items (FFO) amounted to €119 million, versus €89 million in first-half 2010, representing a like-for-like increase of 20.2%, in line with the Group's target of more than 10% normalized annual growth.

During the period, Edenred paid its first dividend in the amount of €113 million, representing a payout rate of nearly 70% of 2010 recurring profit after tax.

Net debt at June 30, 2011 amounted to €338 million versus €320 million at June 30, 2010. The ratio of adjusted funds from operations to adjusted net debt came to 40%, reflecting a strong investment grade rating [10].

2011 OUTLOOK

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