Edenred : Sharp Increase In 2011 Financial Results

4. To be recommended at the Annual Shareholders Meeting on May 15, 2012.

5. Total dividend as a percentage of recurring profit after tax.

6. The consolidated financial statements have been audited and the statutory auditors will issue their report before the registration document is filed.

7. Based on a comparable scope of consolidation and at constant exchange rates.

8. Normalized growth is the objective that the Group considers to be attainable in a context in which unemployment does not rise.

9. Excluding the loss of the Consip contract in Italy and the BtoC business in France, representing respectively €132 million and €33 million in 2011. Note that issuance of BtoC gift cards has been discontinued since January 1, 2012.

10. Excluding the BtoC gift business in France.

11. Excluding the BtoC business in France.

12. Ratio of operating revenue (with issue volume) to issue volume.

13. The float corresponds to the business's negative working capital requirement.

14. Operating flow-through ratio: ratio between the like-for-like change in operating EBIT and the like-for-like change in operating revenue.

15.  Representing €13 million.

16. Adjusted to exclude tax on non-recurring income and expenses.

17. Negative net debt.

18. The ratio of adjusted funds from operations to adjusted net debt, determined by the Standard & Poor's method, must be above 30% to maintain a strong investment grade rating.

19. Dividend to be recommended by the Board of Directors at the Annual Shareholders Meeting of May 15, 2012.

20. Medium-term objective of normalized organic growth, which is the objective that the Group considers to be attainable in a context in which unemployment does not rise.

SOURCE Edenred

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