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EDENRED: Edenred: 2019 annual results

Press release
February 26, 2020

2019 annual results

Edenred announces strong growth in earnings to record levels in the first year of its Next Frontier strategic plan (2019-2022)

Double-digit growth in 2019 earnings, as reported and like-for-like:

  • Total revenue up 18.0% to €1,626 million (+13.8% like-for-like)
  • EBIT: up 18.3% (+14.8% like-for-like) to €545 million, in line with the EBIT guidance of between €520 million and €550 million
  • Net profit, Group share: up 22.9% to €312 million
  • Proposed dividend: €0.87 per share, up €0.01 versus 2018
  • Funds from operations of €524 million up 30.9% (+16.5% like-for-like)
  • Net debt/EBITDA ratio of 1.9x, after €782 million dedicated to acquisitions
Performances for 2019 were in line with the annual financial targets set for the period to 2022 in the Next Frontier strategic plan:

  • Operating revenue: up 14% like-for-like (annual target: above 8%)
  • EBITDA: up 14% like-for-like (annual target: above 10%)
  • Free cash flow/EBITDA conversion rate1: 65% (annual target: above 65%)

Edenred is beginning the new year with confidence and confirms the Next Frontier strategic plan's 2019-2022 targets for 2020.

Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "2019, the first year of the Next Frontier 2019-2022 strategic plan, was another record-breaker for Edenred, underpinned by strong momentum in sales and innovation. The Group generated double-digit growth in all business lines and in all regions. Thanks to our unique model, based on a platform for services and payments, we connect close to 50 million employees with 2 million partner merchants via more than 850,000 corporate clients every day. Our 10,000 employees are fully committed to providing digital solutions closely aligned with new consumer trends and to making the world of work a connected ecosystem that is safer, more efficient and more user-friendly. We are beginning 2020 with confidence and expect to meet our financial targets under the Next Frontier strategic plan."


Due to the current situation in Venezuela, the like-for-like performance and the currency effect are temporarily calculated excluding the country.

The consolidated financial statements2 for 2019 were approved by the Board of Directors on February 25, 2020.

Key financial metrics for 2019:

(in € millions)20192018% change (reported)% change
Operating revenue 1,570 1,327 +18.3% +13.9%
Other revenue 56 51 +10.4% +11.0%
Total revenue1,6261,378+18.0%+13.8%
Operating EBIT 489 410 +19.3% +15.3%
Other revenue 56 51 +10.4% +11.0%
Net profit, Group share312254+22.9%

In 2019, Edenred generated business volume of €31 billion. Digitalization rate reaches more than 83% of the total, up 3 points from 2018. This level is in line with the Group's target of a digitalization rate of over 85% by 2022.

·Total revenue: up 18.0% to €1,626 million

Total revenue for 2019 amounted to €1,626 million, an increase of 18.0%, that took into account the positive impact from changes in the scope of consolidation (+5.1%) and a slightly negative currency effect (-0.9%) over the year. Like-for-like growth was 13.8% compared with 2018.

Total revenue for the fourth quarter was €456 million, up 17.7% as reported on fourth-quarter 2018 and up 12.5% like-for-like. The scope effect had a positive impact on revenue in the period (+5.4%), the currency effect was slightly negative (-0.1%), and the impact of Venezuela was negligible (+0.1%).

·Operating revenue: up 18.3% to €1,570 million

Operating revenue for 2019 came in at €1,570 million (including €445 million in the fourth quarter), representing an increase of 18.3% as reported after taking into account the positive scope effect (+5.3%) and the negative currency effect (-0.9%). Like-for-like growth in operating revenue was 13.9% over the year and 13.6% in the fourth quarter.

In 2019, Edenred delivered double-digit operating revenue growth in all of its business lines and in all regions in which the Group operates.

·Operating revenue by business line

(in € millions)20192018% change (reported)% change
Employee Benefits 975 854 +14.1% +13.0%
Fleet & Mobility Solutions 409 336 +21.8% +15.8%
Complementary Solutions 186 137 +35.6% +14.9%

Operating revenue for the Employee Benefits business line was €975 million in 2019, representing 62% of the consolidated total, and €276 million in the fourth quarter. Operating revenue rose by 14.1% as reported (+13.0% like-for-like) over the full year and by 17.0% in the fourth quarter alone (+11.8% like-for-like). The effectiveness of the action taken under the Next Frontier 2019-2022 strategic plan, notably the deployment of a sales strategy focused on SMEs, helped generate strong organic growth. Also reflected in this performance is Edenred's technological leadership, be it in terms of mobile payment, with 32 Apple Pay, Google Pay and Samsung Pay programs accessible in some 20 countries, or in app-to-app payment, now available in five countries. With app-to-app payment, users can order meals from more than 40 different partners such as Deliveroo, Uber Eats or DejBox. In addition, the Group acquired several employee engagement platforms in Europe in 2019. These innovative digital solutions aim to improve employee retention, motivation and purchasing power. They open up real growth and cross-selling opportunities for Edenred, notably in Europe, where this remains a fairly new market.

In the Fleet & Mobility Solutions business line, which now accounts for 26% of the Group's business, reported operating revenue rose by 21.8% in 2019 (+15.8% like-for-like) to €409 million. In fourth-quarter 2019, operating revenue grew by 25.8% as reported (+17.7% like-for-like) to €114 million. Reported growth includes the performance of The Right Fuelcard Company (TRFC), the number four fuel card program manager in the United Kingdom, acquired in January 2019. The robust like-for-like growth reflects the good momentum of sales teams, notably Brazil, and the success of recently launched solutions for light fleets in Europe. In addition, value-added services such as maintenance in Brazil, and interoperable toll solutions in Europe, ramped up at a satisfactory rate.

The Complementary Solutions business line, which includes Corporate Payment Services, Incentive & Rewards Solutions and Public Social Programs, generated operating revenue of €186 million in 2019, up 35.6% as reported (+14.9% like-for-like, of which +15.2% in the fourth quarter) to €55 million. This solid performance reflected both the successful integration of CSI, a North American fintech specialized in optimizing accounts payable processes, consolidated since January 2019, and the healthy deployment of Corporate Payment Services, which has developed organically.

·Operating revenue by region

(in € millions)20192018% change (reported)% change
Europe 884 755 +16.9% +13.0%
Latin America 559 497 +12.5% +14.4%
Rest of the World 127 75 +70.9% +19.3%

In Europe, operating revenue rose by 16.9% as reported (+13.0% like-for-like) to €884 million, representing 56% of total consolidated operating revenue in 2019. In fourth-quarter 2019, operating revenue increased by 18.3% as reported (+13.2% like-for-like) to €254 million.

In France, operating revenue amounted to €264 million in 2019, an increase of 10.2% as reported (+10.2% like-for-like) for the full year and of 13.6% in the fourth quarter. In 2019, Employee benefits such as Ticket Restaurant and the employee engagement platform ProwebCE enjoyed rapid growth, thanks notably to their improved marketing mix, innovative digital offerings, and the successful drive to increase revenues in the SME segment. The good performance of Fleet & Mobility Solutions was led notably by the development of dedicated solutions for light fleets.

Operating revenue in Europe excluding France was up 20.0% as reported in 2019 (+14.3% like-for-like) to €620 million. Operating revenue for the region in the fourth quarter grew by 20.4% as reported (+13.0% like-for-like) to €177 million. Employee Benefits experienced strong momentum all throughout the region. Demand for Fleet & Mobility Solutions surged in the light fleet segment and the value-added services segment such as toll payment and VAT collection services, notably in Italy, Germany and Austria.

Operating revenue amounted to €559 million in Latin America, up 12.5% as reported (+14.4% like-for-like). The region accounted for 36% of the Group's operating revenue for the year. In fourth-quarter 2019, operating revenue for the region increased by 12.9% as reported (+13.7% like-for-like) to €156 million.

In Brazil, operating revenue was up 14.5% like-for-like in 2019, and up 19.7%3 like-for-like in the fourth quarter alone. This good Brazilian performance was attributable to rapid organic growth both in Employee Benefits and in Fleet & Mobility Solutions, with maintenance and toll payment services getting off to a good start.

In Hispanic Latin America, operating revenue climbed 14.4% like-for-like in 2019. This new year of double-digit organic growth reflected good sales performances by the Group's two main business lines throughout the region. In the fourth quarter operating revenue was down by 1.8% like-for-like, mainly due to an economic slowdown in Mexico. As expected, in this country currently in recession, the effect of the unfavorable basis of comparison for fuel prices had an impact on the growth of Fleet & Mobility Solutions locally. Moreover, in Employee Benefits, following a change in the rules for awarding Navideños benefits, Edenred decided to considerably reduce the issue volume related to this product at the end of the year.

Operating revenue in the Rest of the World region rose by 70.9% as reported (+19.3% like-for-like), to €127 million, representing 8% of total Group operating revenue in 2019. The strong reported growth was attributable to the consolidation of CSI as from January 2019. Like-for-like growth was led notably by the good performance of the payroll cards business in the United Arab Emirates, which has expanded to include new digital services designed to improve the daily lives of under- or unbanked workers.

·Other revenue: €56 million

Based on a float4 of €3.0 billion at the end of 2019, other revenue totaled €56 million for the year, up 10.4% as reported (+11.0% like-for-like). In 2019, the Group benefited from a slight rise in interest rates in certain European countries outside the eurozone, but was impacted by lower interest rates in Latin America.

·EBITDA: up 24.8% to €668 million

EBITDA was €668 million in 2019 compared with €536 million in 2018, an increase of 24.8% as reported and of 13.8% like-for-like. The EBITDA margin came in at 41.1%, up 2.2 points year-on-year. Excluding the impact of IFRS 16, the increase was 0.4 of a point.

·EBIT: up 18.3% to €545 million

EBIT rose by 18.3% on a reported basis in 2019, reaching a record high of €545 million, within the range of the EBIT guidance of between €520 million and €550 million announced in mid-2019. The currency impact reduced EBIT by €6 million, while the scope effect increased it by €22 million during the period. Like-for-like, EBIT advanced by €68 million, or 14.8%.

Operating EBIT by region:

(in € millions)20192018% change (reported)% change
Europe 280 234 +20.0% +14.3%
Latin America 204 188 +8.6% +9.9%
Rest of the World 19 5 +269.1% +106.1%
Holding & Other (14) (17) -14.2% -31.6%

Operating EBIT rose by 19.3% in 2019 (+15.3% like-for-like) to €489 million.

In Europe, operating EBIT was up 20.0% as reported, reflecting the Group's improved operating leverage in the region, with profitability rising in all the region's main countries, and the contribution of newly acquired businesses.

In Latin America, operating EBIT increased by 8.6% as reported and 9.9% like-for-like, thanks first and foremost to a good performance in Brazil, where like-for-like operating EBIT growth was in the double digits. The healthy rate of growth was attenuated by a less favorable macro-economic environment in Hispanic Latin America and unfavorable bases of comparison, notably for fuel prices in Mexico in the fourth quarter, which had a negative impact on EBIT margin.

·Net profit, Group share: €312 million

Net profit, Group share in 2019 came in at €312 million versus €254 million in 2018, an increase of 22.9%.

Other income and expenses represented a net expense of €25 million in 2019, compared with a €31 million net expense in 2018. The total included non-recurring expenses corresponding for the most part to the costs incurred for the acquisitions carried out in 2019, asset impairment losses and restructuring costs.

Net profit also takes into account net financial expense (€35 million versus €37 million in 2018), net income tax expense (€153 million versus €119 million in 2018) and non-controlling interests (€34 million in 2019 versus €31 million in 2018).

·Strong cash flow generation

The Edenred business model generates significant cash flows, lifting funds from operations before other income and expenses (FFO) to €524million in 2019, an increase of 30.9% as reported and 16.5% like-for-like.

Despite a fall in volume related to the Navideños program in Mexico in December, Edenred generated free cash flow of €400 million in 2019. At December 31, 2019, after taking into consideration the €782 million dedicated to targeted acquisitions and the €134 million allocated to dividend distribution, minority interests and the share buyback program, the Group's net debt stood at €1,290 million versus €659 million at December 31, 2018. The ratio of net debt to EBITDA is 1.9 at end-2019.

·A well-balanced debt profile

The cost of the Group's debt was 0.8% in 2019 versus 1.2% in 2018, a decrease of 40 basis points. The average maturity of the debt is close to 5 years. The Group has been attributed a "Strong Investment Grade" rating by Standard & Poor's (BBB+).

In September 2019, Edenred successfully placed bonds convertible into and/or exchangeable for new and/or existing shares (OCEANE) due in 2024 for an aggregate nominal amount of approximately €500 million, under particularly favorable financial conditions (yield to maturity of -1.53%). The net proceeds of the offering will be used by the Company for general corporate purposes, including the financing of potential external growth operations.


·Edenred unveils its new Next Frontier strategic plan for 2019-2022 at the October 2019 Capital Markets Day

Next Frontier has been built on the solid foundations created by the Group's radical transformation under the Fast Forward strategic plan (2016-2018), which enabled Edenred to increase in scale and build new growth momentum.

In line with its vocation as the everyday companion for people at work, Edenred intends to capitalize on its unique platform model to generate more sustainable and profitable growth.

·Edenred completes the acquisition of CSI and that of TRFC

In January 2019, Edenred completed the acquisition of Corporate Spending Innovations (CSI), one of the leading providers of automated corporate payment software in North America, as well as 80% of the share capital of The Right Fuelcard Company (TRFC) group, the number four fuel card program manager in the United Kingdom. The two companies have been fully consolidated in Edenred's financial statements since January 1, 2019.

·Edenred acquires employee engagement platforms in Europe

In January 2019, the Group acquired Belgium's Merits & Benefits and Ekivita, leading players on the country's employee engagement platform market, and, in May, acquired Easy Welfare, the number one operator of employee engagement platforms in Italy. In July 2019, Edenred acquired all outstanding shares in Benefit Online, a pioneer in developing employee engagement platforms in Romania.

·Edenred launches exclusive distribution partnership with Itaú Unibanco in the Brazilian Employee Benefits market

Since September 2019, Itaú Unibanco has exclusively distributed Edenred's Employee Benefits in Brazil. The new distribution channel will be ramped up progressively as from 2020. It strengthens Edenred's existing sales organization and will help speed up its growth in the high-potential Brazilian employee benefits market.

·Edenred strengthens its leadership position in the United Arab Emirates payroll cards market

In December 2019, Edenred acquired Mint's payroll card portfolio in the United Arab Emirates, strengthening its leadership position in the UAE market, where its C3 solution already boasts more than a million users. With a combined total of more than 1.6 million users, Edenred will benefit from substantial scale effects linked to its B2B2C intermediation platform model and its global technology assets. The transaction will be accretive to Group EBIT from 2020.


·Edenred expands its Fleet & Mobility Solutions offering in Europe

In February 2020, Edenred finalized the agreement signed in September 2019 to acquire EBV Finance, a Lithuanian company specialized in tax refunds for European transportation companies. Edenred now has a 60% interest in the new entity5. The transaction is accretive to Group EBIT from 2020.

·Edenred ties social and environmental criteria to one of its financing instruments for the first time

In February 2020, Edenred announced that it had renegotiated its syndicated credit facility, increasing it from €700 million to €750 million, extending its maturity from July 2023 to February 2025 - with extension options to February 2027 - and improving the financial conditions. For the first time, Edenred introduced environmental and social performance criteria into the calculation of the financing costs:

  • promoting healthy and sustainable eating habits - Edenred aims to reach by 2030 an 85% nutrition awareness rate among merchants and employees using its solutions (versus 30% in 2018);
  • combating global warming - Edenred is targeting a 52% cut in greenhouse gas emissions intensity6 by 2030 compared with 2013 (26% reduction in 2018).


At Edenred's Capital Markets Day in October 2019, which saw the unveiling of the new Next Frontier strategic plan for 2019-2022, the Group announced the introduction of a progressive dividend policy7. The Group proposes paying a dividend of €0.87 per share for 2019. This represents an increase of €0.01 compared with the previous year. Shareholders may opt to receive the dividend 100% in cash or 100% in shares with a 10% discount. The dividend will be put to the vote at Edenred's Annual Shareholders Meeting to be held on May 7, 2020.


Edenred begins 2020 with confidence and expects to continue enjoying sustained business growth in all regions and all business lines, thanks to the efficient deployment of the Next Frontier strategy.

The Group confirms the Next Frontier strategy's 2019-2022 targets for 2020, namely:

  • like-for-like operating revenue growth of more than 8%;
  • like-for-like EBITDA growth of more than 10%;
  • a free cash flow/EBITDA conversion rate of more than 65%8.


April 23, 2020: First-quarter 2020 revenue
May 7, 2020: Annual Shareholders Meeting
July 27, 2020: First-half 2020 results
October 22, 2020: Third-quarter 2020 revenue


Edenred is a leading services and payments platform and the everyday companion for people at work, connecting 50 million employees and 2 million partner merchants in 46 countries via more than 850,000 corporate clients.

Edenred offers specific-purpose payment solutions for food (meal vouchers), fleet and mobility (fuel cards, commuter vouchers), incentives (gift vouchers, employee engagement platforms) and corporate payments (virtual cards). These solutions enhance employee well-being and purchasing power, improve companies' attractiveness and efficiency, and vitalize the employment market and the local economy.

Edenred's 10,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more user-friendly every day.

In 2019, thanks to its global technology assets, the Group managed €31 billion in business volume, primarily carried out via mobile applications, online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC Next 20, FTSE4Good, DJSI Europe and MSCI Europe.

For more information:

The logos and other trademarks mentioned and featured in this press release are registered trademarks of Edenred S.A., its subsidiaries or third parties. They may not be used for commercial purposes without prior written consent from their owners.

Edenred is celebrating its tenth anniversary in 2020.



Communications Department

Marie-Laurence Bouchon
+33 (0)1 86 67 20 08 (

Media Relations

Matthieu Santalucia
+33 (0)1 86 67 22 63 (
Investor Relations

Solène Zammito
+33 (0)1 86 67 23 13 (

Loïc Da Silva
+33 (0)1 86 67 20 67 (


Glossary and list of references needed
for a proper understanding of financial information

  1. Main terms
    • Like-for-like, impact of changes in the scope of consolidation, currency effect:

Like-for-like or organic growth corresponds to comparable growth, i.e., growth at constant exchange rates and scope of consolidation. This indicator reflects the Group's business performance.

Changes in activity (like-for-like or organic growth) represent changes in amounts between the current period and the comparative period, adjusted for currency effects and for the impact of acquisitions and/or disposals.

The impact of acquisitions is eliminated from the amount reported for the current period. The impact of disposals is eliminated from the amount reported for the comparative period. The sum of these two amounts is known as the impact of changes in the scope of consolidation or the scope effect.

The calculation of changes in activity is translated at the exchange rate applicable in the comparative period and divided by the adjusted amount for the comparative period.

The currency effect is the difference between the amount for the reported period translated at the exchange rate for the reported period and the amount for the reported period translated at the exchange rate applicable in the comparative period.

·Business volume:

Business volume comprises total issue volume of Employee Benefits, Incentive and Rewards, Public Social Program solutions and Corporate Payment Services, plus the transaction volume of Fleet & Mobility Solutions and other solutions.

·Issue volume:

Issue volume is the total face value of the funds preloaded on all of the payment solutions issued by Edenred to its corporate and public sector clients.

·Transaction volume:

Transaction volume represents the total value of the transactions paid for with payment instruments, at the time of the transaction.

b)Alternative performance measurement indicators included in the 2019 Annual Financial Report

The alternative performance measurement indicators outlined below are presented and reconciled with accounting data in the Annual Financial Report.

Indicator Reference note in Edenred's 2019 consolidated financial statements
Operating revenue

Operating revenue corresponds to:
  • operating revenue generated by prepaid vouchers managed by Edenred,
  • and operating revenue from value-added services such as incentive programs, human services and event-related services.
  • It corresponds to the amount billed to the client company and is recognized on delivery of the solutions.
Other revenue

Other revenue is interest generated by investing cash over the period between:

  • the issue date and the reimbursement date for vouchers,
  • and the loading date and the redeeming date for cards.
The interest represents a component of operating revenue and as such is included in the determination of total revenue.

This aggregate corresponds to total revenue (operating revenue and other revenue) less operating expenses.

This aggregate is the "Operating profit before other income and expenses", which corresponds to total revenue (operating revenue and other revenue) less operating expenses, depreciation, amortization (mainly intangible assets, internally generated or acquired assets) and non-operating provisions. It is used as the benchmark for determining senior management and other executive compensation as it reflects the economic performance of the business.

EBIT excludes the net profit from equity-accounted companies and excludes the other income and expenses booked in the "Operating profit including share of net profit from equity-accounted companies".
Other income and expensesSeeNote 10.1 of consolidated financial statements
Funds from operations (FFO) See consolidated statement of cash flows (Part 1.4)

c)Alternative performance measurement indicators not included in the 2019 Annual Financial Report

IndicatorDefinitions and reconciliations with Edenred's 2019 consolidated financial statements
Operating EBIT

Corresponds to EBIT adjusted for other revenue.

As per the consolidated financial statements, operating EBIT as of December 31, 2019 amounted to €489 million, comprising:
·€545 million in EBIT
minus €56 million in other revenue.
Free cash flow Free cash flow corresponds to cash generated by operating activities less investments in intangible assets and property, plant and equipment.

Operating revenue

In € millions 20192018201920182019201820192018 20192018
Europe 213 183 209 179 208 179 254 214 884 755
France6963595559547767 264239
Rest of Europe144120150124149125177147 620516
Latin America 128 119 138 124 137 116 156 138 559 497
Rest of the world 28 17 32 18 32 18 35 22 127 75

In %

Change reportedChange L/LChange reportedChange L/LChange reportedChange L/LChange reportedChange L/LChange reportedChange L/L
Europe +16.4% +13.8% +16.4% +13.4% +16.4% +11.7% +18.3% +13.2% +16.9% +13.0%
France+9.0%+9.0%+8.2%+8.2%+9.2%+9.2%+13.6%+13.6% +10.2%+10.2%
Rest of Europe+20.3%+16.3%+20.0%+15.6%+19.4%+12.7%+20.4%+13.0% +20.0%+14.3%
Latin America +7.3% +13.9% +12.5% +15.1% +17.3% +15.1% +12.9% +13.7% +12.5% +14.4%
Rest of the world +64.1% +20.9% +73.5% +23.1% +79.8% +16.3% +66.6% +17.3% +70.9% +19.3%

Other revenue

In € millions 20192018201920182019201820192018 20192018
Europe 4 4 4 3 4 3 5 4 17 14
France22111122 66
Rest of Europe22323232 118
Latin America 9 8 9 8 10 8 4 8 32 32
Rest of the world 1 1 2 1 2 1 2 2 7 5

In %

Change reportedChange L/LChange reportedChange L/LChange reportedChange L/LChange reportedChange L/LChange reportedChange L/L
Europe +11.9% +12.0% +28.5% +28.8% +29.5% +30.1% +15.2% +14.6% +21.0% +21.1%
France-1.3%-1.3%-1.4%-1.4%+6.0%+6.0%-1.3%-1.3% +0.4%+0.4%
Rest of Europe+24.0%+24.1%+56.2%+56.7%+45.8%+46.7%+25.2%+24.3% +36.7%+36.8%
Latin America +1.9% +5.4% +17.2% +17.2% +24.9% +20.3% -37.4%9 -38.4%9 +0.9% +0.4%
Rest of the world +42.5% +66.0% +59.3% +90.0% +88.4% +77.3% -1.1% -4.1% +42.9% +51.9%

Pro forma 2019 operating revenue and other revenue by quarter following the classification change for revenue related to merchants' fast reimbursement in Brazil

Operating Revenue
Q1Q2 Q3Q4 FY
Actual 2019 369 379 377 445 1 570
Pro forma 2019 371 380 379 440 1 570
Other Revenue
Q1Q2 Q3Q4 FY
Actual 2019 14 15 16 11 56
Pro forma 2019 12 14 14 16 56

Latin America
Operating Revenue
Q1Q2 Q3Q4 FY
Actual 2019 128 138 137 156 559
Pro forma 2019 130 139 139 151 559
Latin America
Other Revenue
Q1Q2 Q3Q4 FY
Actual 2019 9 9 10 4 32
Pro forma 2019 6 8 8 10 32

Total revenue

In € millions 20192018201920182019201820192018 20192018
Europe 217 187 213 182 212 182 259 218 901 769
France7165605660557969 270245
Rest of Europe146122153126152127180149 631524
Latin America 137 127 147 132 147 124 160 146 591 529
Rest of the world 29 18 34 19 34 19 37 24 134 80

In %

Change reportedChange L/LChange reportedChange L/LChange reportedChange L/LChange reportedChange L/LChange reportedChange L/L
Europe +16.3% +13.7% +16.6% +13.6% +16.6% +12.0% +18.2% +13.2% +17.0% +13.2%
France+8.7%+8.7%+7.9%+7.9%+9.2%+9.2%+13.3%+13.3% +9.9%+9.9%
Rest of Europe+20.3%+16.4%+20.5%+16.2%+19.8%+13.3%+20.5%+13.2% +20.3%+14.7%
Latin America +6.9% +13.3% +12.8% +15.3% +17.7% +15.4% +10.0% +10.8% +11.8% +13.6%
Rest of the world +62.9% +23.5% +72.8% +26.8% +80.2% +19.7% +62.3% +16.0% +69.3% +21.2%

EBITDA, Operating EBIT and EBIT

In € millions

20192018Change reportedChange L/L
Europe 359 284 +26.6% +14.1%
France 86 66 +30.1% +17.6%
Rest of Europe 273 218 +25.6% +13.0%
Latin America 275 251 +9.6% +7.9%
Rest of the world 42 13 +228.2% +60.1%
Holding and others (8) (12) -29.9% -50.0%

In € millions

20192018Change reportedChange L/L
Europe 280 234 +20.0% +14.3%
France 59 49 +20.7% +20.5%
Rest of Europe 221 185 +19.8% +12.6%
Latin America 204 188 +8.6% +9.9%
Rest of the world 19 5 +269.1% +106.1%
Holding and others (14) (17) -14.2% -31.6%
Operating EBIT489410+19.3%+15.3%

In € millions

20192018Change reportedChange L/L
Europe 297 248 +20.0% +14.7%
France 65 55 +18.4% +18.2%
Rest of Europe 232 193 +20.5% +13.6%
Latin America 236 220 +7.5% +8.6%
Rest of the world 26 10 +163.7% +80.8%
Holding and others (14) (17) -14.2% -31.6%

Summarized balance sheet

In € millions Dec. 2019Dec. 2018 In € millionsDec. 2019Dec. 2018
Goodwill 1,604 976 Total equity (1,043) (1,451)
Intangible assets 706 432
Property, plant & equipment 169 52 Gross debt and other financial liabilities 3,163 2,696
Investments in associates 69 66 Provisions and deferred tax 239 215
Other non-current assets 169 123
Float (Trade receivables, net) 2,142 1,949 Vouchers in circulation (Float) 5,161 4,959
Working capital excl. float (assets) 290 233 Working capital excl. float (liabilities) 1,366 851
Restricted cash 1,864 1,402
Cash & cash equivalents 1,873 2,037
Dec. 2019Dec. 2018
Total working capital4,0953,628
Of which float:3,0193,010

From net profit, Group share to Free cash flows

In € millionsDec. 2019Dec. 2018
+Net profit attributable to owners of the parent312 254
+ Non-controlling interests 34 31
+ Dividends received from equity-accounted companies 9 12
- Difference between income tax paid and income tax expense -8 -18
- Non-cash income and expenses 177 121
=Funds from operations before other income and expenses (FFO)524 400
+ Decrease (Increase) in working capital 369 404
+ Recurring decrease (Increase) in restricted cash -395 -279
=Net cash from (used in) operating activities498 525
- Recurring expenditure -98 -90
=Free cash flows (FCF)400 435

1 Based on constant regulations and methods.

2 The audit has been completed and the auditors will issue their opinion before the Universal Registration Document is filed.

3 Excluding a classification change for revenue recognition in Brazil, this increase was 15.1%, hence the positive impact in the fourth quarter (neutral impact over the full year). See the appendix, page 16.

4 The float corresponds to a portion of the operating working capital from the preloading of funds by corporate clients.

5 Edenred has a 60% interest in EBV Finance while the former shareholder, EBV Group, has retained a 40% interest. The new entity has been fully consolidated in Edenred's financial statements since February 2020.

6 Targets calculated using the Science Based Targets initiative methodology in line with the Paris Agreement goals.

7 An increase of at least €0.01 per year as from 2020 (dividend paid in respect of 2019).

8 Based on constant regulations and methods.

9 Excluding a classification change for revenue recognition in Brazil, due to changes in local regulation, other revenue in Q4 is up 17.4% like-for-like and 18.4% as reported in Latin America, and up14.3% like-for-like and 15.4% as reported for the Group.


  • 2020 02 26 - Edenred 2019 Annual Results - PR vENG (
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