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

1. Growth as reported

2. Before non-recurring items

3. The first-half 2010 comparatives presented in this press release are based on pro forma financial statements that simulate the effects that the demerger from Accor would have had on Edenred's balance sheet, income statement, statement of cash flows and statement of changes in equity if the demerger had been carried out on January 1, 2007, in line with the prospectus issued in connection with Edenred's stock market listing which was approved by the AMF on May 12, 2010.

4. Based on a comparable scope of consolidation and at constant exchange rates.

5. Representing €81 million in the first half.

6. Incentive & Rewards issue volume was negatively affected by the drop in Kadéos BtoC card issue volume in France.

7. Net gain of new clients, not won from the competition and excluding existing client companies.

8. The float corresponds to the business's negative working capital requirement.

9. Operating flow-through ratio: ratio between the like-for-like change in operating EBIT and the like-for-like change in operating revenue.

10. 0 The ratio of adjusted funds from operations to adjusted net debt, determined by the Standard & Poor's method, must be above 30% to maintain a Strong Investment Grade rating.

Edenred , which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees'  lives easier and improve the efficiency of organizations.

Edenred solutions ensure that funds allocated by companies are used as intended. These solutions help to manage:

  • Employee benefits   (Ticket Restaurant ® , Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.).
  • Expense management   process (Ticket Car, Ticket Cleanway, etc.).
  • Incentive and rewards   programs (Ticket Compliments, Ticket Kadéos, etc.).

The Group also supports public institutions in managing their  social programs .

Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with 6,000 employees, nearly 530,000 companies and public sector clients, 1.2 million affiliated merchants and 34.5million beneficiaries. In 2010, total issue volume amounted to €13.9billion, of which 55% was generated in emerging markets.

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