This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Edenred : Sharp Increase In 2011 Financial Results

Stocks in this article: EDEN

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs