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- Sharp increase in 2011 financial results, in line with objectives:
- Issue volume and revenue up 9.7% like-for-like.
- EBIT of €355 million, at the high end of the €340-360 million target range.
- Recurring profit after tax up 23.1% to €203 million.
- Funds from operations (FFO) up 20.8% like-for-like.
- A solid balance sheet, with a net cash position of €74 million at end-2011.
- Growth targets reaffirmed for issue volume (6% to 14%) and FFO (over 10%), in
line with the Group's overall strategy to deliver:
- Continued organic issue volume growth, led by innovation, with the launch of 26
new solutions in 18 months, and geographic expansion, with the addition of one to
two new countries in 2012.
- Faster transition to digital solutions, with a target of 50% digital issue volume
in 2012, up from 41% last year.
- Shareholder policy focused on increasing the amount of the dividend on a recurring
- Recommended dividend of €0.70 per share, up 40% on 2010, representing a payout
ratio close to 80% (versus 68% in 2010).
The consolidated financial statements
 for 2011 were approved by the Board of Directors on
February 22, 2012.
2011 financial metrics
(in EUR millions) 2010 2011 % change
Issue volume 13,875 15,188 +9.5% +9.7%
Operating revenue 885 940 +6.2% +9.2%
Financial revenue 80 92 +14.7% +15.2%
Total revenue 965 1,032 +6.9% +9.7%
Operating EBIT 248 263 +6.4% +9.9%
Financial EBIT 80 92 +14.7% +15.2%
EBIT 328 355 +8.5% +11.2%
Operating profit before tax
and non-recurring items 266 315 +18.5%
Net profit, Group share 68 194 +185.1%
Recurring profit after tax 165 203 +23.1%
Recurring earnings per share
(in EUR) 0.73 0.90
Last year's good results reflect the dynamic performance of the Group's teams and confirm the effectiveness of the Edenred business model.After setting up the conditions to be a standalone company, Edenred reinforced its foundations in 2011, in order to generate sustainable and strong organic growth.All employees are today committed to making Edenred the referent of customers (clients, affiliates, and beneficiaries). The Group intends to fulfil this ambition by building differentiated solutions and delivering a unique quality of service.