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Edenred : Sharp Increase In 2011 Financial Results

Stocks in this article: EDEN

PARIS, February 23, 2012 /PRNewswire/ --

    - 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[1] (FFO) up 20.8% like-for-like.
      - A solid balance sheet, with a net cash position[2] of €74 million at end-2011.

    - Growth targets[3] 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[4] of €0.70 per share, up 40% on 2010, representing a payout 
        ratio close to 80%[5] (versus 68% in 2010).


2011 Results

The consolidated financial statements [6] for 2011 were approved by the Board of Directors on February 22, 2012.

2011 financial metrics

    (in EUR millions)               2010    2011           % change
                                                    Reported Like-for-like[7]
    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.


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