EBIT up 11.2% like-for-like to €355 million, at the high end of the €340-360 million target range
Operating EBIT (which excludes financial revenue) rose by a strong 9.9% like-for-like in 2011 to €263 million. Underpinning this good performance, the operating flow-through ratio [ 14] stripped out from the extra costs generated by the digital transition  stood at 47%, in line with the Group's objective of 40% to 50%.
Financial EBIT (corresponding to financial revenue) was 15.2% higher like-for-like at €92 million.
Recurring profit after tax up 23.1%After deducting net financial expense of €40 million, income tax expense  of €101 million and minority interests of €11 million, recurring profit after tax came to €203 million, an increase of 23.1% from €165 million in 2010. Net profit, Group share stood at €194 million for the year , compared with €68 million for 2010. A solid financial position The Group had net cash  of €74 million at December 31, 2011 as opposed to net debt of €25 million at end-2010. The ratio of adjusted funds from operations to adjusted net debt stood at 93%, corresponding to a strong investment grade rating . The float (created by a structurally negative working capital requirement) amounted to €2,343 million at December 31, 2011, an increase of €94 million from the year-earlier figure on a reported basis. The medium-term goal is to improve the average rate of interest earned on the float, while holding firm to the prudent investment guidelines issued by the Group in terms of counterparties and instruments. To help meet this goal, investment periods were extended in 2011, particularly in Brazil. At the year-end, 30% of the float at Group level was invested at maturities of more than one year, compared with 13% at end-2010. The average rate of interest earned by the Group was 4.3% in 2011. The Edenred business model, which generates large amounts of cash, helped to lift funds from operations before non-recurring items (FFO) to €257 million and free cash flow to €306 million in 2011. The 20.8% like-for-like growth in FFO was considerably higher than the Group's normalized target of over 10% a year. DIVIDEND POLICY
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV