EDENRED : First-half 2023 results - Thanks to the sound execution
of its Beyond22-25 plan, Edenred confirms its strong growth
momentum, quarter after quarter
First-half 2023 results
Thanks to the sound execution of its
Beyond22-25 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 €1,163 million in first-half 2023, up
26.1% as reported (+25.5% like-for-like)
- Operating
revenue of €1,081 million, up 20.0% on a
like-for-like basis, including a 19.6% rise in the second
quarter
- Other
revenue of €82 million, versus €31
million in first-half 2022, driven by business growth and
higher interest rates
- EBITDA of
€483 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 €202 million, up
18.8%
- Strong cash
generation: funds from operations before other income and
expenses (FFO) of €338 million, up 12,9%
- Net
debt: €1.85 billion at end-June 2023
after the acquisition of Reward Gateway in May 2023 for
approximately €1.3 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 API1 connections to aggregate and
distribute third-party solutions
By continuing to roll out its
Beyond22-25 strategic plan,
Edenred expects to achieve new record results in 2023
-
EBITDA expected to total between €1,020 million and
€1,090 million for full-year 2023 vs. €836 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 Beyond22-25
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 €1,020 million
and €1,090 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:
(in € millions) |
First-half 2023 |
First-half 2022 |
% change
(reported) |
% change
(like-for-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:
€1,163 million
Total revenue for first-half 2023 amounted to
€1,163 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: €1,081
million
Operating revenue for the first six months of
2023 came to €1,081 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
€562 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
(in € millions) |
First-half 2023 |
First-half 2022 |
% change
(reported) |
% change
(like-for-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 €662 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
GOintegro2. 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
€282 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
€137 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 € millions) |
2023 |
2022 |
% change
(reported) |
% change
(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 €677 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 €169 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 €508 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 €312 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 €92 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: €82
million
Other revenue represented €82 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 float3 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.
For the six months ended June 30, 2023,
EBITDA came in at €483 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, Group share amounted to
€202 million versus €170 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
€18 million (net expense of €9 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 €58 million (net
financial expense of €17 million in first-half 2022), representing
an additional €41 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
€102 million (income tax expense of €84 million in first-half
2022), and non-controlling interests for a negative €17 million
(negative €16 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 €338 million in first-half
2023, up 12,9% as reported.
At June 30, 2023, Edenred had net debt of
€1,851 million, versus €1,056 million at end-June 2022.
The increase in net debt comes as a result of the £1.15 billion4
acquisition – the Group’s largest ever – of Reward Gateway in May
2023, financed by a €1.2 billion two-tranche bond issue in June
2023, and by €0.1 billion in available cash. It also reflects free
cash flow generation of €868 million over the twelve months
ended June 30, 2023, €281 million returned to shareholders,
and a negative €3 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 targets5, 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
Beyond22-25 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 €1,020
million and €1,090 million in 2023, versus €836 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
€1.2 billion in dual-tranche bonds
Edenred announced the success of its
dual-tranche bond issue for a total amount of €1.2 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’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
Beyond22-25 strategic plan and the Group’s prospects for generating
sustainable and profitable growth.
- Edenred joins the Euronext
Tech Leaders initiative dedicated to 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 €2 billion in technology since 2016 (€385
million in 2022), increasing the proportion of digital business
volume to close to 95% today.
UPCOMING EVENTS
October 19, 2023: Third-quarter 2023
revenueFebruary 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 €38 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 Emmanuelle Châtelain +33 (0)1 86
67 24 36 emmanuelle.chatelain@edenred.com Media
Relations Matthieu Santalucia+33 (0)1 86 67 22
63matthieu.santalucia@edenred.com |
Investor
Relations Cédric Appert+33 (0)1 86 67 24
99cedric.appert@edenred.com Baptiste Fournier +33 (0)1 86 67
20 73 baptiste.fournier@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 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 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 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 |
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. |
EBITDA |
This aggregate corresponds to total revenue (operating
revenue and other revenue) less operating expenses. |
EBIT |
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 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 |
Free cash flow corresponds to cash generated by operating
activities less investments in intangible assets and property,
plant and equipment. |
Operating revenue
|
Q1 |
Q2 |
|
H1 |
In €
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 reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change 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 €
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 reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change 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 €
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 reported |
Change L/L |
Change reported |
Change L/L |
|
Change reported |
Change 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 € 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 € 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 € millions |
June 30,
2023 |
Dec.31,
2022 |
June 30,
2022 |
|
In € millions |
June 30,
2023 |
Dec.31,
2022 |
June 30,
2022 |
ASSETS |
|
LIABILITIES |
Goodwill |
2,948 |
1,605 |
1,608 |
|
Total equity |
(548) |
(613) |
(806) |
Intangible assets |
973 |
738 |
728 |
|
|
|
|
|
Property. plant & equipment |
167 |
157 |
155 |
|
Gross debt and other financial liabilities |
4,587 |
3,341 |
3,706 |
Investments in associates |
63 |
67 |
59 |
|
Provisions and deferred tax |
223 |
168 |
181 |
Non-current derivative instruments |
8 |
4 |
|
|
|
|
|
|
Other non-current assets |
162 |
160 |
|
|
|
|
|
|
Float (Trade receivables. net) |
1,356 |
1,562 |
1,397 |
|
Vouchers in circulation (Float) |
5,732 |
5,840 |
5,184 |
Working capital excl. float (assets) |
1,980 |
1,731 |
1,711 |
|
Working capital excl. float (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 30,
2023 |
Dec.31,
2022 |
June 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 € 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 Interface2 Reward Gateway has been
consolidated in Edenred’s financial statements since May 2023 and
GOintegro since late June 20233 The float corresponds to a portion
of the operating working capital from the preloading of funds by
corporate clients.4 Approximately €1.3 billion.5 Science Based
Targets initiative, on scopes 1, 2 and 3A.
- 2023 07 25 - Edenred - H1 2023 Results - PR
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