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Edenred’s Key figures and indicators

Everything about Edenred's business model.

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Issue volume  Issue volume

The issue volume corresponds to the nominal value of the prepaid service vouchers issued by the Group during the period and to the amount charged on the prepaid cards.
The average annual growth of the Group’s issue volume was +10.4% for the period 2010-2016.

Total issue volume 2016: €19.8 billion



Business model  Business model

Employee Benefits is the Group’s traditional business. That is why the key financial indicator has long been issue volume, which is the total face value of preloaded services provided to client companies and public institutions. By contrast, Expense Management and Corporate Payments are not preloaded businesses. They therefore have a different business model characterized by a business volume that differs from issue volume. 
In line with Edenred’s transformation, and starting in 2017, the most relevant indicator for measuring the Group’s business volume will therefore be operating revenue, the first common performance indicator for its various businesses. 
The Group’s new business model is set out in the diagram below: 

Issue volume corresponds to the total face value of the prepaid service vouchers and cards issued (for example Ticket Restaurant®) by Edenred to its corporate and public sector clients.

This issue volume is reimbursed to the merchants (restaurants and other affiliates) several weeks later. Clients and merchants pay fees by the time of the transaction.
Total client and merchant fees + lost & expired prepaid solutions correspond to the operating revenue, the most important part of the total revenue.
Financial revenue generated by investing the float corresponding to the cash received from clients for prepaid services that has not yet been reimbursed to affiliated merchants, contributes also to the total revenue.

Revenue  Revenue

2016 REVENUE 2016 2015 Growth like-for-like
Operating Revenue 1,073 1,000 +8.3%
Financial Revenue 66 69 +0.2%
Total Revenue 1,139 1,069 +7.8%


Funds from operations  Funds from operations

The operating cash flow before one-time items (FFO) is calculated as follows:

Net financial expense

EBITDA 427 388
Net financial expense (58) (47)
Income tax (97) (104)
Elimination of non-cash revenue and expenses included in EBITDA 19 19
Elimination of provision movement included in net financial expense and income tax 0 1
Dividends received from equity method companies 8 23
Funds from Operations before non-recurring items (FFO) 299 280
Like-for-like FFO growth +15.4% +12.5%


The Group’s economic model is a powerful generator of operating cash flow before one-time items (FFO).

During the period from 2010 to 2016, its average annual growth was 15.4%.

Financial statements  Financial statements

Issue volume 19,814 18,273
% like-for-like Growth +10% +8.7%
Revenue 1,139 1,069
   Operating revenue 1,073 1,000
   Financial revenue 66 69
EBIT 370 341
Net profit - Group Share 180 177
Average numbers of shares (in million shares) 230 228
Net profit per share 0.78 0.78

Balance sheet  Balance sheet

Intangible assets 313 182
Property, plant & equipment 38 37
Other non-current assets 1,165 824
Working capital Assets 1,741 1,264
Restricted funds 942 858
Cash & cash equivalents 1,433 985
Total assets 5,632 4,150
Total shareholders' equity and minority interests (1,161) (1,442)
Provisions and deferred tax 206 139
Working capital liabilities 4,566 3,831
Gross debt 2,021 1,622
Total liabilities 5,632 4,150


Key ratios and indicators  Key ratios and indicators

The Group takes the view that the key indicators of its performance are:

  • the growth in its issue volume on a comparable basis,
  • the growth of its cash flow before one-time items (FFO) on a comparable basis.
  2016 2015
Like-for-like growth in issue volume +10% +8.7%
Like-for-like growth in Funds from Operations +15.4% +12.5%
Adjusted FFO / Adjusted net debt(2) 34% 34%


(1) Operating EBIT : EBIT excluding financial revenue.
(2) According to Standard & Poor’s methodology.