First-half 2023 results
Thanks to the sound execution of its Beyond(22-25) plan, Edenred confirms its
strong growth momentum, quarter after quarter
Edenred reports a strong increase in earnings compared with first-half 2022
* Total revenue of EUR1,163 million in first-half 2023, up 26.1% as reported
(+25.5% like-for-like)
* Operating revenue of EUR1,081 million, up 20.0% on a like-for-like
basis, including a 19.6% rise in the second quarter
* Other revenue of EUR82 million, versus EUR31 million in first-half 2022,
driven by business growth and higher interest rates
* EBITDA of EUR483 million, up 32.5% as reported (+35.2% like-for-like)
* EBITDA margin of 41.5%, up 3.1 percentage points like-for-like
* Net profit, Group share of EUR202 million, up 18.8%
* Strong cash generation: funds from operations before other income and
expenses (FFO) of EUR338 million, up 12,9%
* Net debt: EUR1.85 billion at end-June 2023 after the acquisition of
Reward Gateway in May 2023 for approximately EUR1.3 billion
Edenred has significantly strengthened its range of employee engagement
solutions with two acquisitions
* Acquisition of Reward Gateway, a fast-growing platform, leader in the
United Kingdom and Australia and also present in the United States, with
the aim of rolling out the offering in another six major countries in
Continental Europe
* Acquisition of GOintegro, a leading platform in Latin America, active in
seven countries
Edenred continues to extend its value proposition
* An enhanced digital experience to encourage engagement and use of its
solutions
* New high value-added Beyond Food, Beyond Fuel and Beyond Payment services
for clients, partner merchants and users
* Ongoing investments in the technology infrastructure of its platform, in
particular through the development of API(1) connections to aggregate and
distribute third-party solutions
By continuing to roll out its Beyond(22-25) strategic plan, Edenred expects to
achieve new record results in 2023
* EBITDA expected to total between EUR1,020 million and EUR1,090 million for
full-year 2023 vs. EUR836 million for full-year 2022.
***
Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred, said: "The
robust growth Edenred has seen in recent periods continued apace in first-half
2023. Thanks to the hard work and talent of our 12,000 employees, this growth
is proving ever more profitable, while we continue investing in our technology
assets. We are pressing ahead with our Beyond(22-25) strategic plan to further
penetrate our markets, enhance the experience of our clients, partner
merchants and users, and enrich our offering of increasingly relevant
solutions.
During the first half, we notably strengthened our position as the most
trusted global Employee Benefits platform by acquiring Reward Gateway, which
operates in the UK, Australia and the US, and GOintegro in Latin America. The
acquisition of these two leading employee engagement platforms will enable us
to provide HR departments with an even more comprehensive range of solutions,
making their organizations more attractive so they can attract and retain top
talent. We also plan to expand Reward Gateway's coverage to a selection of key
countries in Continental Europe.
Lastly, thanks to the agility of our platform, we are starting to distribute
third-party services, such as salary advance solutions, to better meet the
expectations of a fast-changing world of work.
After this strong first half, our outlook for the second half of the year is
just as promising, as we target EBITDA of between EUR1,020 million and EUR1,090
million for full-year 2023."
FIRST-HALF 2023 RESULTS
At its meeting on July 24, 2023, the Board of Directors reviewed the Group's
interim consolidated financial statements for the six months ended June
30, 2023.
Key financial metrics:
-------------------------------------------------------------------------------
% change
(in EUR millions) First-half First-half % change (like-for-
2023 2022 (reported) like)
-------------------------------------------------------------------------------
Operating revenue 1,081 891 +21.3% +20.0%
Other revenue 82 31 +166.4% +185.2%
Total revenue 1,163 922 +26.1% +25.5%
-------------------------------------------------------------------------------
EBITDA 483 365 +32.5% +35.2%
-------------------------------------------------------------------------------
EBIT 399 295 +35.2% +40.3%
-------------------------------------------------------------------------------
Net profit, Group
share 202 170 +18.8%
-------------------------------------------------------------------------------
* Total revenue: EUR1,163 million
Total revenue for first-half 2023 amounted to EUR1,163 million, up 26.1% as
reported compared with first-half 2022. This increase includes unfavorable
currency effects (-2.0%) and a positive scope effect (+2.7%) mainly linked to
the acquisition of Reward Gateway, consolidated since May 2023. On a like-for-
like basis, total revenue was up 25.5%.
In the second quarter, total revenue climbed 25.5% as reported and 25.2% like-
for-like, following on from the growth seen in the first quarter. The scope
effect was positive over the period, adding 4.3% to revenue, while the currency
effect was an unfavorable 4.0%.
* Operating revenue: EUR1,081 million
Operating revenue for the first six months of 2023 came to EUR1,081 million, up
21.3% as reported. This rise takes into account unfavorable currency effects (-
1.4%) and a positive scope effect (+2.7%) mainly linked to the acquisition of
Reward Gateway. On a like-for-like basis, operating revenue grew by 20.0% versus
first-half 2022.
Second-quarter operating revenue totaled EUR562 million, up 20.9% as reported and
up 19.6% like-for-like. The strong sales momentum of previous quarters was
confirmed across all business lines. It reflects both growth in revenues
generated by existing clients and continued market penetration with new clients
of all sizes, largely thanks to the enhanced attractiveness of Edenred's
solutions amid reduced purchasing power, a talent war, and a drive for better
control over fleet expenses.
* Operating revenue by business line
-------------------------------------------------------------------------------
% change
(in EUR millions) First-half First-half % change (like-for-
2023 2022 (reported) like)
-------------------------------------------------------------------------------
Benefits &
Engagement 662 528 +25.5% +22.8%
Mobility 282 252 +12.0% +14.9%
Complementary
Solutions 137 111 +22.5% +18.0%
-------------------------------------------------------------------------------
Total 1,081 891 +21.3% +20.0%
-------------------------------------------------------------------------------
The Benefits & Engagement business line, which accounted for 61% of the Group's
business, generated EUR662 million in operating revenue in first-half 2023,
representing like-for-like growth of 22.8% (+25.5% as reported), including a
22.7% like-for-like rise (+27.3% as reported) in the second quarter.
This strong growth was driven by the continued success of Edenred's digital
Ticket Restaurant(®) offering, popular with both large corporate accounts and
SMEs. In addition, with public authorities in many countries raising the
statutory maximum face value of benefits since the beginning of 2022, companies
are continuing to gradually increase the amounts granted to their employees to
help protect their purchasing power. Further increases in maximum face values
were decided by public authorities in first-half 2023, including in France,
Portugal and the Czech Republic.
Performance was also boosted by the continued success of Beyond Food solutions.
During the first half of the year, Edenred further expanded its range of
employee engagement platforms thanks to the acquisitions of Reward Gateway and
GOintegro(2). They strengthen Edenred's position in this market, both
geographically (United Kingdom, Australia, United States and Latin America) and
in terms of the range of services offered. Edenred's offering now covers a
unified suite of modules ranging from employee discounts and rewards and
recognition solutions to well-being and social event solutions.
The Group is also leveraging its digital platform to distribute third-party
solutions, as illustrated by the partnership entered into in May 2023 with
Stairwage, France's leading salary payment on demand solution.
The Mobility business line, which accounts for 26% of the Group's business,
generated EUR282 million in operating revenue in first-half 2023, representing
like-for-like growth of 14.9% (+12.0% as reported), including a rise of 14.2% in
the second quarter on a like-for-like basis (+8.5% as reported).
This sustained performance reflects the commercial success of the Beyond Fuel
offering for fleet managers in both Europe and Latin America, notably driven by
maintenance and toll solutions. These innovative products, such as the fully
digital UTA One Next(®) solution, simplify fleet management and improve
profitability, winning over clients of all sizes. However, growth was held back
by the decline in fuel prices at the pump to a level significantly lower than in
the second quarter of 2022, particularly in Brazil.
Complementary Solutions, which includes Corporate Payment Services, Incentive &
Rewards and Public Social Programs, generated operating revenue of EUR137 million
in first-half 2023, representing 13% of the Group total. In first-half 2023,
this business line was up 18.0% like-for-like (+22.5% as reported), of which
17.3% like-for-like in the second quarter (+20.0% as reported).
This business line's growth reflects the strong business momentum of Corporate
Payment Services in North America, driven by new contract wins in segments such
as property management, energy and golf clubs. Edenred Pay USA (formerly Edenred
CSI) also received a boost from the integration of IPS (acquired in October
2022), which has enhanced its offering of payments with invoice automation
solutions.
Complementary Solutions' performance also reflects the success of the Group's
innovative programs, such as insurance for involuntary job loss, which already
has 270,000 users following its January 2023 launch within the C3Pay super-app
in the United Arab Emirates.
* Operating revenue by region
---------------------------------------------------------------------------
(in EUR millions) % change
2023 2022 % change (reported) (like-for-like)
---------------------------------------------------------------------------
Europe 677 551 +22.9% +21.2%
Latin America 312 270 +15.0% +14.7%
Rest of the World 92 70 +33.1% +30.5%
---------------------------------------------------------------------------
Total 1,081 891 +21.3% +20.0%
---------------------------------------------------------------------------
In Europe, operating revenue amounted to EUR677 million in first-half 2023, an
increase of 21.2% like-for-like and of 22.9% as reported. Second-quarter
operating revenue rose by 21.9% like-for-like and by 25.7% as reported. Europe
represented 63% of Group operating revenue.
In France, operating revenue amounted to EUR169 million in first-half 2023,
representing an increase of 12.0% like-for-like and 12.8% as reported. In the
second quarter, operating revenue growth was 10.5% like-for-like and 12.0% as
reported. This performance reflects sustained growth in Benefits & Engagement
solutions, thanks to the commercial success of the Ticket Restaurant(®) offer
with large corporate accounts and SMEs. Beyond Food solutions also posted a
robust performance, particularly the ProwebCE employee engagement platform.
Mobility solutions contributed to this performance, propelled by ongoing high
demand, notably in the SME segment.
Operating revenue in Europe excluding France totaled EUR508 million in first-half
2023, up 24.7% like-for-like and up 26.7% as reported. Second-quarter operating
revenue for the region rose by 26.0% like-for-like (+30.5% as reported), lifted
in particular by the contribution of the United Kingdom's Reward Gateway
following first-time consolidation. Benefits& Engagement enjoyed strong momentum
across the region, once again turning in a robust performance, boosted by the
strong business traction of Ticket Restaurant(®) and the increase in amounts
granted by clients to their employees amid rising maximum face values. Beyond
Food solutions continued to enjoy solid growth in the second quarter.
The region's excellent performance also reflects the success of the Beyond Fuel
strategy, driven in particular by the launch of the UTA One Next(®) single
European toll box and growing demand for the tax refund services offered by
Edenred EBV Finance to European transportation companies.
Operating revenue in Latin America amounted to EUR312 million, up 14.7% like-for-
like (+15.0% as reported), with a 13.6% like-for-like increase and a 9.3%
reported increase in the second quarter. The region represented 29% of Group
operating revenue.
In Brazil, operating revenue increased by 8.1% like-for-like in first-half
2023, reflecting gains of 5.9% in the second quarter. This growth reflects very
good business momentum in Benefits & Engagement, spurred by the growing
contribution of the Itaú Unibanco partnership in the SME segment. In Mobility,
the strong sales performance was mitigated by the sharp drop in fuel prices at
the pump compared with the second quarter of 2022, when prices were at their
highest for the year. Performance was propelled in particular by the success of
the Beyond Fuel strategy, which continues to prove its worth quarter after
quarter, thanks to maintenance and toll management solutions.
In Hispanic Latin America, operating revenue rose by 30.1% like-for-like in the
first half, with a 31.9% increase in the second quarter. This solid performance
reflects both Mobility's continued penetration of the SME segment in Argentina
and Mexico, and the strong momentum enjoyed by Benefits & Engagement.
In the Rest of the World, operating revenue amounted to EUR92 million in first-
half 2023, up 30.5% like-for-like and up 33.1% as reported. The region
represented 8% of Group operating revenue. This strong growth was driven notably
by the sustained business momentum of Edenred Pay USA's corporate payment
solutions, as well as by the success of digital solutions offered in countries
including the United Arab Emirates and Taiwan.
* Other revenue: EUR82 million
Other revenue represented EUR82 million in first-half 2023, a rise of 166.4% as
reported (+185.2% like-for-like). This first-half performance represents another
significant increase, reflecting the impact of business growth on the float(3)
as well as favorable changes in interest rates in all regions where the Group
operates. In the eurozone, the series of interest rate hikes that began in July
2022 continued into the first half of 2023, while interest rates in non-eurozone
European countries and in Latin America were higher than a year earlier.
* EBITDA: EUR483 million
For the six months ended June 30, 2023, EBITDA came in at EUR483 million,
representing growth of 32.5% as reported and 35.2% like-for-like.
The EBITDA margin was 3.1 percentage points higher like-for-like, at a record
first-half level of 41.5%. This performance demonstrates Edenred's ability to
capitalize on the operating leverage of its platform business model, while
maintaining a high level of investment in innovation and technology. EBITDA also
benefited from the contribution of other revenue, which was up sharply in the
first half.
* Net profit: EUR202 million
Net profit, Group share amounted to EUR202 million versus EUR170 million in first-
half 2022, an 18.8% increase primarily driven by growth in EBITDA.
Net profit takes into account other income and expenses for a net expense of EUR18
million (net expense of EUR9 million in first-half 2022), with the increase owing
mainly to the costs of acquiring Reward Gateway. It also includes a net
financial expense of EUR58 million (net financial expense of EUR17 million in first-
half 2022), representing an additional EUR41 million as a result of the rise in
interest rates impacting the cost of debt, the financial expense linked to the
debt raised to fund the acquisition of Reward Gateway, and the negative impact
of hyperinflation in Argentina and Turkey. Lastly, net profit takes into account
an income tax expense of EUR102 million (income tax expense of EUR84 million in
first-half 2022), and non-controlling interests for a negative EUR17 million
(negative EUR16 million in first-half 2022).
* Strong cash flow generation
Edenred leveraged its strongly cash-generative business model to deliver record-
high funds from operations before other income and expenses (FFO) of
EUR338 million in first-half 2023, up 12,9% as reported.
At June 30, 2023, Edenred had net debt of EUR1,851 million, versus EUR1,056 million
at end-June 2022. The increase in net debt comes as a result of the £1.15
billion(4) acquisition - the Group's largest ever - of Reward Gateway in May
2023, financed by a EUR1.2 billion two-tranche bond issue in June 2023, and by
EUR0.1 billion in available cash. It also reflects free cash flow generation of
EUR868 million over the twelve months ended June 30, 2023, EUR281 million returned
to shareholders, and a negative EUR3 million impact of currency effects and non-
recurring items.
* A solid financial position
Edenred enjoys a solid financial position with a high level of liquidity. In
April 2023, Standard & Poor's raised the Group's rating to A- Strong Investment
Grade with a stable outlook. This rating was confirmed following the acquisition
of Reward Gateway, announced in May 2023.
* Commitment to ESG and extra-financial performance
In the first half of 2023, Edenred further strengthened its commitment to social
and environmental responsibility by becoming an official supporter of the Task
Force on Climate-Related Financial Disclosures (TCFD), joining 4,000 companies
and organizations worldwide that have expressed their support for the TCFD's
recommendations.
The Group's ESG policy has also been recognized by other external bodies. For
example, Edenred is now included in Axylia's Vérité40 index, obtaining an A
carbon score. This rating reflects Edenred's commitment to protecting the
environment by reducing its carbon impact, with the aim of achieving net zero
carbon by 2050 in line with SBTi targets(5), as well as supporting its clients
in promoting a healthy, balanced diet and in their transition to sustainable
mobility.
OUTLOOK
In line with the good performance recorded in the first half of the year,
Edenred will continue to roll out its Beyond(22-25) strategy, fully leveraging
its B2B2C digital platform model.
In particular, Edenred will capitalize on its strong business momentum to
further develop its offering in still largely underpenetrated markets, notably
in the SME segment. As the operating environment continues to be shaped by a
talent war, reduced purchasing power and greater consideration among fleet
managers of the risks and opportunities of the energy transition, the
attractiveness of Edenred solutions will keep serving as a powerful growth
driver.
In line with its objectives, Edenred will also work to further extend its
offering beyond food, beyond fuel and beyond payment, as illustrated perfectly
by the integration and international expansion of newly acquired employee
engagement platforms Reward Gateway and GOintegro. In addition, by harnessing
the flexibility of its platform model, the Group will seek to form new
partnerships to broaden its offering, aggregating third-party products on its
platform as well as having its own solutions distributed via indirect channels.
Lastly, by continuing to invest in its first-in-class technology assets, Edenred
intends to further enhance the user experience, notably by developing data-
powered solutions and services.
By seizing all these opportunities, the Group will continue to generate
sustainable and profitable growth. The Group expects to generate full-year
EBITDA of between EUR1,020 million and EUR1,090 million in 2023, versus EUR836 million
in 2022.
SIGNIFICANT EVENTS IN THE SECOND QUARTER
* Edenred accelerates the extension of its Benefits & Engagement solutions in
the Employee Engagement arena by acquiring leading platform Reward Gateway
Edenred announced the acquisition of 100% of the share capital of Reward
Gateway, a leading Employee Engagement platform with strong positions in the UK
and in Australia, and also present in the United States. Reward Gateway offers a
unified suite of solutions ranging from employee savings, rewards & recognition
to well-being and corporate social animation, empowering Human Resources
departments to build the right combination of engagement tools.
By consolidating Reward Gateway's strong leading positions and extending its
geographical scope in selected key countries, Edenred will accelerate the
strengthening of its Employee Benefits value proposition in line with its status
of most trusted global Employee Benefits & Engagement platform.
* Edenred successfully issues EUR1.2 billion in dual-tranche bonds
Edenred announced the success of its dual-tranche bond issue for a total amount
of EUR1.2 billion. The issue will be used to finance a significant part of the
£1.15 billion acquisition of Reward Gateway which was fully paid in cash by
Edenred.
Placed with a diverse base of international institutional investors, the bond
issue was approximately three times oversubscribed. The great success of this
issue highlights the market's confidence in Edenred credit quality.
* Edenred joins the CAC 40
Edenred's inclusion in the CAC 40 index is recognition of the Group's stock
market performance since its IPO on July 2, 2010. After radically disrupting its
business model, Edenred has today become the everyday platform for people at
work, operating in 45 countries.
And because it reflects both the Group's market capitalization and share
liquidity, inclusion in the CAC 40 index is also a testament to investors'
confidence in the Beyond(22-25) strategic plan and the Group's prospects for
generating sustainable and profitable growth.
* Edenred joins the Euronext Tech Leaders initiative dedicatedto leading,
high-growth tech companies
Joining Euronext Tech Leaders is recognition of Edenred's top-tier positioning,
as 70% of its revenue is generated in markets where the Group is market leader.
It also acknowledges the success and scale of Edenred's technology leadership,
with investments of close to EUR2 billion in technology since 2016 (EUR385 million
in 2022), increasing the proportion of digital business volume to close to 95%
today.
UPCOMING EVENTS
October 19, 2023: Third-quarter 2023 revenue
February 27, 2024: Full-year 2023 results
??
About Edenred
Edenred is a leading digital platform for services and payments and the everyday
companion for people at work, connecting 60 million users and 2 million partner
merchants in 45 countries via close to 1 million corporate clients.
Edenred offers specific-purpose payment solutions for food (such as meal
benefits), incentives (such as gift cards, employee engagement platforms),
mobility (such as multi-energy, maintenance, toll, parking and commuter
solutions) and corporate payments (such as virtual cards).
True to the Group's purpose, "Enrich connections. For good.", these solutions
enhance users' well-being and purchasing power. They improve companies'
attractiveness and efficiency, and vitalize the employment market and the local
economy. They also foster access to healthier food, more environmentally
friendly products and softer mobility.
Edenred's 12,000 employees are committed to making the world of work a connected
ecosystem that is safer, more efficient and more responsible every day.
In 2022, thanks to its global technology assets, the Group managed some EUR38
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 40, CAC 40 ESG, CAC Large 60, Euronext 100, Euronext Tech
Leaders, FTSE4Good and MSCI Europe.
The logos and other trademarks mentioned and featured in this press release are
registered trademarks of Edenred S.E., its subsidiaries or third parties. They
may not be used for commercial purposes without prior written consent from their
owners.
??
CONTACTS
Communications Department Investor Relations
Emmanuelle Châtelain Cédric Appert
+33 (0)1 86 67 24 36 +33 (0)1 86 67 24 99
emmanuelle.chatelain@edenred.co cedric.appert@edenred.com
m
(mailto:emmanuelle.chatelain@ed
enred.com)
Baptiste Fournier
+33 (0)1 86 67 20 73
baptiste.fournier@edenred.com
Media Relations
Matthieu Santalucia
+33 (0)1 86 67 22 63
matthieu.santalucia@edenred.com
(mailto:anne-
sophie.sergent@edenred.com)
APPENDICES
Glossary and list of references needed
for a proper understanding of financial information
a) 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 Benefits & Engagement solutions,
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 June
30, 2023 Interim 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 2023 condensed interim
consolidated financial statements
-------------------------------------------------------------------------------
Operating revenue corresponds to:
* operating revenue generated by prepaid
Operating revenue 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 is interest generated by investing
cash over the period between:
Other revenue * 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.
-------------------------------------------------------------------------------
EBITDA 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
EBIT 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 expenses See Note 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 June
30, 2023 Interim Financial Report
-------------------------------------------------------------------------------
Indicator Definitions and reconciliations with Edenred's 2023 condensed
interim consolidated financial statements
-------------------------------------------------------------------------------
Free cash flow corresponds to cash generated by operating
Free cash flow activities less investments in intangible assets and property,
plant and equipment.
-------------------------------------------------------------------------------
Operating revenue
+---------------------+--------------------+ +--------------------+
| Q1 | Q2 | | H1 |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| In EUR | | | | | | | |
|millions | 2023 | 2022 | 2023 | 2022 | | 2023 | 2022 |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| | | | | | | | |
| | | | | | | | |
|Europe | 324| 270| 353| 281| | 677| 551|
| | | | | | | | |
|France | 86| 76| 83| 74| | 169| 150|
| | | | | | | | |
|Rest of | | | | | | | |
|Europe | 238| 194| 270| 207| | 508| 401|
| | | | | | | | |
|Latin | | | | | | | |
|America | 150| 123| 162| 148| | 312| 270|
| | | | | | | | |
|Rest of the | | | | | | | |
|world | 45| 33| 47| 36| | 92| 70|
| | | | | | | | |
| | | | | | | | |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
|Total | 519| 426| 562| 465| | 1,081| 891|
+------------+-----------+---------+-----------+--------+ +-----------+--------+
+---------------------+--------------------+ +--------------------+
| Q1 | Q2 | | H1 |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| | | | | | | | |
| | | | | | | | |
|In % | Change | Change | Change | Change | | Change | Change |
| | reported | L/L | reported | L/L | | reported | L/L |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| | | | | | | | |
| | | | | | | | |
|Europe | +20.1%| +20.5%| +25.7%| +21.9%| | +22.9%| +21.2%|
| | | | | | | | |
|France | +13.5%| +13.5%| +12.0%| +10.5%| | +12.8%| +12.0%|
| | | | | | | | |
|Rest of | | | | | | | |
|Europe | +22.7%| +23.3%| +30.5%| +26.0%| | +26.7%| +24.7%|
| | | | | | | | |
|Latin | | | | | | | |
|America | +21.9%| +16.0%| +9.3%| +13.6%| | +15.0%| +14.7%|
| | | | | | | | |
|Rest of the | | | | | | | |
|world | +35.5%| +35.5%| +30.8%| +26.0%| | +33.1%| +30.5%|
| | | | | | | | |
| | | | | | | | |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
|Total | +21.8%| +20.4%| +20.9%| +19.6%| | +21.3%| +20.0%|
+------------+-----------+---------+-----------+--------+ +-----------+--------+
Other revenue
+----------------------+-------------------+ +--------------------+
| Q1 | Q2 | | H1 |
+------------+-----------+----------+----------+--------+ +----------+---------+
| In EUR | | | | | | | |
|millions | 2023 | 2022 | 2023 | 2022 | | 2023 | 2022 |
+------------+-----------+----------+----------+--------+ +----------+---------+
| | | | | | | | |
| | | | | | | | |
|Europe | 22| 5| 27| 6| | 49| 11|
| | | | | | | | |
|France | 4| 2| 5| 1| | 9| 3|
| | | | | | | | |
|Rest of | | | | | | | |
|Europe | 19| 3| 21| 5| | 40| 8|
| | | | | | | | |
|Latin | | | | | | | |
|America | 12| 7| 12| 10| | 24| 17|
| | | | | | | | |
|Rest of the | | | | | | | |
|world | 4| 1| 5| 2| | 9| 3|
| | | | | | | | |
| | | | | | | | |
+------------+-----------+----------+----------+--------+ +----------+---------+
|Total | 38| 13| 44| 18| | 82| 31|
+------------+-----------+----------+----------+--------+ +----------+---------+
+----------------------+-------------------+ +--------------------+
| Q1 | Q2 | | H1 |
+------------+-----------+----------+----------+--------+ +----------+---------+
| | | | | | | | |
| | | | | | | | |
|In % | Change | | Change | Change | | Change | Change |
| | reported |Change L/L| reported | L/L | | reported | L/L |
+------------+-----------+----------+----------+--------+ +----------+---------+
| | | | | | | | |
| | | | | | | | |
|Europe | +382.7%| +390.2%| +319.8%| +321.2%| | +346.5%| +350.5%|
| | | | | | | | |
|France | +156.2%| +156.2%| +242.7%| +242.7%| | +198.4%| +198.4%|
| | | | | | | | |
|Rest of | | | | | | | |
|Europe | +487.6%| +498.7%| +341.9%| +343.7%| | +399.3%| +404.7%|
| | | | | | | | |
|Latin | | | | | | | |
|America | +55.0%| +55.0%| +30.6%| +49.4%| | +41.2%| +51.8%|
| | | | | | | | |
|Rest of the | | | | | | | |
|world | +279.3%| +356.3%| +199.9%| +377.2%| | +233.4%| +368.4%|
| | | | | | | | |
| | | | | | | | |
+------------+-----------+----------+----------+--------+ +----------+---------+
|Total | +189.3%| +198.4%| +149.2%| +175.2%| | +166.4%| +185.2%|
+------------+-----------+----------+----------+--------+ +----------+---------+
Total revenue
+---------------------+--------------------+ +--------------------+
| Q1 | Q2 | | H1 |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| In EUR | | | | | | | |
|millions | 2023 | 2022 | 2023 | 2022 | | 2023 | 2022 |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| | | | | | | | |
| | | | | | | | |
|Europe | 346| 275| 380| 287| | 726| 562|
| | | | | | | | |
|France | 90| 78| 88| 75| | 178| 153|
| | | | | | | | |
|Rest of | | | | | | | |
|Europe | 256| 197| 292| 212| | 548| 409|
| | | | | | | | |
|Latin | | | | | | | |
|America | 161| 130| 175| 158| | 336| 287|
| | | | | | | | |
|Rest of the | | | | | | | |
|world | 49| 34| 52| 38| | 101| 73|
| | | | | | | | |
| | | | | | | | |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
|Total | 557| 439| 606| 482| | 1,163| 922|
+------------+-----------+---------+-----------+--------+ +-----------+--------+
+---------------------+--------------------+ +--------------------+
| Q1 | Q2 | | H1 |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| | | | | | | | |
| | | | | | | | |
|In % | Change | Change | Change | Change | | Change | Change |
| | reported | L/L | reported | L/L | | reported | L/L |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
| | | | | | | | |
| | | | | | | | |
|Europe | +26.2%| +26.8%| +32.2%| +28.5%| | +29.3%| +27.7%|
| | | | | | | | |
|France | +16.2%| +16.2%| +16.4%| +14.8%| | +16.3%| +15.5%|
| | | | | | | | |
|Rest of | | | | | | | |
|Europe | +30.2%| +31.0%| +37.7%| +33.3%| | +34.1%| +32.2%|
| | | | | | | | |
|Latin | | | | | | | |
|America | +23.8%| +18.2%| +10.6%| +15.8%| | +16.6%| +16.9%|
| | | | | | | | |
|Rest of the | | | | | | | |
|world | +43.3%| +45.7%| +37.5%| +40.0%| | +40.3%| +42.7%|
| | | | | | | | |
| | | | | | | | |
+------------+-----------+---------+-----------+--------+ +-----------+--------+
|Total | +26.8%| +25.7%| +25.5%| +25.2%| | +26.1%| +25.5%|
+------------+-----------+---------+-----------+--------+ +-----------+--------+
EBITDA et EBIT
+-------------------+---------+---------+ +-----------------+------------+
| | | | | | |
| | | | | | |
| In EUR millions | | | | | |
| | | | | | |
| | H1 2023 | H1 2022 | | Change reported | Change L/L |
| | | | | | |
| | | | | | |
| | | | | | |
+-------------------+---------+---------+ +-----------------+------------+
| | | | | | |
| | | | | | |
| Europe | 332 | 242 | | +37.2% | +36.5% |
| | | | | | |
| France | 64 | 55 | | +15.6% | +15.3% |
| | | | | | |
| Rest of Europe | 268 | 187 | | +43.6% | +42.8% |
| | | | | | |
| Latin America | 130 | 120 | | +8.8% | +11.6% |
| | | | | | |
| Rest of the world | 23 | 18 | | +29.9% | +68.8% |
| | | | | | |
| Others | (2) | (15) | | +79.2% | +86.4% |
| | | | | | |
| | | | | | |+-------------------+---------+---------+ +-----------------+------------+
| EBITDA | 483 | 365 | | +32.5% | +35.2% |
+-------------------+---------+---------+ +-----------------+------------+
+-------------------+---------+---------+ +-----------------+------------+
| | | | | | |
| | | | | | |
| In EUR millions | | | | | |
| | | | | | |
| | H1 2023 | H1 2022 | | Change reported | Change L/L |
| | | | | | |
| | | | | | |
| | | | | | |
+-------------------+---------+---------+ +-----------------+------------+
| | | | | | |
| | | | | | |
| Europe | 288 | 205 | | +40.6% | +41.3% |
| | | | | | |
| France | 52 | 44 | | +17.9% | +17.6% |
| | | | | | |
| Rest of Europe | 236 | 161 | | +46.7% | +47.8% |
| | | | | | |
| Latin America | 104 | 99 | | +4.0% | +8.5% |
| | | | | | |
| Rest of the world | 15 | 11 | | +45.7% | +121.6% |
| | | | | | |
| Others | (8) | (20) | | +60.8% | +66.5% |
| | | | | | |
| | | | | | |
+-------------------+---------+---------+ +-----------------+------------+
| EBIT | 399 | 295 | | +35.2% | +40.3% |
+-------------------+---------+---------+ +-----------------+------------+
Summarized balance sheet
+---------------------+----------------+ +----------------------+----------------+
|In EUR | | |In EUR millions | |
|millions June |Dec.31, June | | June |Dec.31, June |
| 30, 2023| 2022 30, 2022| | 30, 2023| 2022 30, 2022|
| ASSETS | | | LIABILITIES | |
+---------------------+----------------+ +----------------------+----------------+
|Goodwill 2,948 | 1,605 1,608 | |Total equity (548) | (613) (806) |
| | | | | |
|Intangible | | | | |
|assets 973 | 738 728 | | | |
| | | | | |
|Property. | | |Gross debt | |
|plant & | | |and other | |
|equipment | | |financial | |
| 167 | 157 155 | |liabilities 4,587 | 3,341 3,706 |
| | | | | |
|Investments | | |Provisions | |
|in | | |and deferred | |
|associates 63 | 67 59 | |tax 223 | 168 181 |
| | | | | |
|Non-current | | | | |
|derivative | | | | |
|instruments 8 | 4 | | | |
| | | | | |
|Other non- | | | | |
|current | | | | |
|assets 162 | 160 | | | |
| | | | | |
|Float (Trade | | |Vouchers in | |
|receivables. | | |circulation | |
|net) 1,356 | 1,562 1,397 | |(Float) 5,732 | 5,840 5,184 |
| | | | | |
|Working | | |Working | |
|capital | | |capital excl. | |
|excl. float | | |float | |
|(assets) 1,980 | 1,731 1,711 | |(liabilities) 2,574 | 2,438 2,235 |
| | | | | |
|Restricted | | | | |
|cash 2,273 | 2,120 2,011 | | | |
| | | | | |
|Cash & cash | | | | |
|equivalents 2,728 | 3,030 2,650 | | | |
+---------------------+----------------+ +----------------------+----------------+
|TOTAL ASSETS 12,568 |11,174 10,500 | |TOTAL PASSIF 12,568 |11,174 10,500 |
+---------------------+----------------+ +----------------------+----------------+
+---------------------------------------+
| June Dec.31, June |
| 30, 2023 2022 30, 2022|
+---------------------------------------+
|Total working |
|capital 5,060 4,985 4,311 |
+---------------------------------------+
| Of which |
| float: 4,376 4,278 3,787 |
+---------------------------------------+
From net profit. Group share to Free cash flows
+------------------------------------------------------------------------------+
|In EUR millions June 2023 June 2022|
+------------------------------------------------------------------------------+
|Net profit attributable to owners of the parent 202 170|
| |
|Non-controlling interests 17 16|
| |
|Dividends received from equity-accounted companies 3 10|
| |
|Difference between income tax paid and income tax expense 6 10|
| |
|Non-cash impact from other income and expenses 110 93|
+------------------------------------------------------------------------------+
|= Funds from operations before other income and expenses |
|(FFO) 338 299|
+------------------------------------------------------------------------------+
|Decrease (Increase) in working capital (120) (628)|
| |
|Recurring decrease (Increase) in restricted cash (128) 419|
+------------------------------------------------------------------------------+
|= Net cash from (used in) operating activities 90 90|
+------------------------------------------------------------------------------+
|Recurring capital expenditure (79) (66)|
+------------------------------------------------------------------------------+
|= Free cash flows (FCF) 11 24|
+------------------------------------------------------------------------------+
--------------------------------------------------------------------------------
(1) Application Programming Interface
(2) Reward Gateway has been consolidated in Edenred's financial statements since
May 2023 and GOintegro since late June 2023
(3) The float corresponds to a portion of the operating working capital from the
preloading of funds by corporate clients.
(4) Approximately EUR1.3 billion.
(5) Science Based Targets initiative, on scopes 1, 2 and 3A.
Â