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Edenred : Solid First-Half 2012 Results And Performance In Line With Strategic Objectives

Stocks in this article: EDEN

1. Like-for-like, at constant scope of consolidation and exchange rates.

2. Objective: 26 new solutions introduced over the July 2011-December 2012 period.

3. Objective: operations started up in six to eight new countries over the 2010-2016 period.

4. At constant scope of consolidation and exchange rates.

5. Normalized growth is the objective that management considers to be attainable if the number of people in work does not decline.

6. Up 19.1% excluding Hungary.

7. Where legislation favoring local companies was introduced in the meal voucher market on January 1, 2012.

8. This revenue is primarily generated by corporate marketing and incentive consulting services, which are less recurring and generate lower margins than the other solutions.

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

10. Ratio between operating EBIT (excluding financial revenue) and operating revenue.

11. In 2011, the Group changed the management fee billing system between Edenred S.A. (classified in "Worldwide structures") and its various subsidiaries. To reflect this change, €(6) million has been reclassified from Worldwide Structures to the other operating segments. These reclassifications did not have any impact on total EBIT.

12. Of which EBIT of:

€43 million in the Rest of Europe, down 17.7% like-for-like, including the €(5) million impact from the situation in Hungary.

€24 million in France, up 14.2% like-for-like.

13. Where legislation favoring local companies was introduced in the meal voucher market on January 1, 2012.

14. 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.

15. Where legislation favoring local companies was introduced in the meal voucher market on January 1, 2012.

16. Ratio between operating revenue with issue volume to total issue volume.

17. Ratio between the like-for-like change in operating EBIT and the like-for-like change in operating revenue.

18. Normalized growth is the objective that management considers to be attainable if the number of people in work does not decline.

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