This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Edenred : Sharp Increase In 2011 Financial Results

Issue volume up 9.7% like-for-like to €15.2 billion

Issue volume totaled €15.2 billion in 2011, a like-for-like increase of 9.7%, in line with the Group's normalized [8]   annual growth target of 6% to 14%.

The increase reflected strong momentum in emerging markets. Issue volume in these markets rose 17.8% like-for-like in 2011, lifting their contribution to the Group total to 58%. The more moderate growth in developed markets (up 2.7% excluding non-recurring events [9]) represented a solid sales performance in a more challenging economic environment.

The year saw strong growth in Employee Benefits issue volume (representing 86% of the Group total), with increases of 9% for Meal &  Food Benefits and 11% for Quality of Life Benefits. Growth in Expense Management solutions was a high 21%, while Incentive & Rewards issue volume was up 4% [10].
    2011 issue volume by type of solution
                        Employee                              Social
                                         Expense   Incentive
                        Benefits        Management & Rewards Programs  TOTAL
                       Meal &   Quality
                        Food    of Life
    Issue volume
    (in EUR
    millions)          11,858    1,236    1,318       628      148    15,188
    % of total
    issue volume           78%       8%      9%         4%       1%      100%
    growth                 +9%     +11%    +21%        +4%[11]  +1%     +9.7%

The three drivers of the 9.7% organic growth in issue volume were:
  • Higher penetration rates in existing markets, for 5.3 points, with 1.7 million extra beneficiaries in 2011 compared with the previous year.
  • The contribution of new solutions in emerging and developed markets, for 0.8 points. As an example, by the end of the year, there were some 46,000 beneficiaries of Ticket Restaurant ® launched in Mexico in second-half of 2011.
  • Increased average face values, for 3.6 points, led mainly by inflation experienced in most Latin American countries.

Total revenue up 9.7% like-for-like to €1.0 billion
    (in EUR millions)            2010    2011        % change
                                              Reported Like-for-like
    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%

Total revenue for 2011 amounted to €1.0 billion, an increase of 6.9% as reported and 9.7% like-for-like, comprising:
  • Operating revenue of €940 million, an increase of 9.2% like-for-like that was in line with the growth in issue volume. The take-up rate [ 12] , which reflects the conversion of issue volume into operating revenue, stood at 5.2%.
  • Financial revenue of €92 million, up 15.2% like-for-like. The gain was attributable to higher interest rates in all regions and the increased float [ 13] in Latin America.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs