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Edenred’s Key figures and indicators

Discover all you need to know about Edenred's figures, ratios, key indicators and business model.

On this section, access to

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 +8.3% for the period 2006-2015.

Total issue volume 2015: €18.3 billion
Total issue volume 2015: €18.3 billion

 

Business model  Business model

The Group’s business model, illustrated below, is based on a win-win relationship with every stakeholder.


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.

Revenue  Revenue

2015 REVENUE in million € Growth like-for-like
Operating revenue with issue volume 848 +7.4%
Operating revenue without issue volume 152 +4.3%
Financial revenue 69 -0.5%
Total revenue 1,069 +6.4%

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.

Funds from operations  Funds from operations

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

Net financial expense

IN MILLION EUROS 2015 2014
EBITDA 387 381
Net financial expense (46) (46)
Income tax (104) (95)
Elimination of non-cash revenue and expenses included in EBITDA 19 19
Elimination of provision movement included in net financial expense and income tax 1 2
Dividends received from equity method companies 23 0
Funds from Operations before non-recurring items (FFO) 280 261
IN PERCENTAGE    
Like-for-like FFO growth +12.5% +15.1%

 

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


During the period from 2006 to 2015, its average annual growth was 13.3%.

Financial statements  Financial statements

IN MILLION EUROS 2015 2014
Issue volume 18,273 17,713
% like-for-like Growth +8.7% +12.0%
Revenue 1,069 1,034
EBIT 341 343
Recurring Profit After Tax, Group share 199 194
Average number of shares (in million shares) 228 225
Recurring profit after tax per share (in €) 0.87 0.86

 

Balance sheet  Balance sheet

IN MILLION EUROS 2015 2014
Intangible assets 182 160
Property, plant & equipment 37 44
Other non-current assets 824 661
Working capital Assets 1,264 1,321
Restricted funds 858 797
Cash & cash equivalents 985 1,141
Total assets 4,150 4,124
Total shareholders' equity and minority interests (1,442) (1,320)
Provisions and deferred tax 139 168
Working capital liabilities 3,831 3,867
Gross debt 1,622 1,409
Total liabilities 4,150 4,124

 

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,
  • its operating profit margin (i.e. its current operating results ratio on issue volume),
  • the growth of its cash flow before one-time items (FFO) on a comparable basis.
  2015 2014
Like-for-like growth in issue volume +8.7% +12%
Total net margin (EBIT / Issue volume) 1.9% 1.9%
Net operating margin (Operating EBIT(1) / Issue Volume) 1.5% 1.5%
Like-for-like growth in Funds from Operations +12.5% 15.1%
Adjusted FFO / Adjusted net debt(2) 31% 39%

 

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