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Edenred: Issue Volume up 10.0% Like-for-Like(1) in 2010, of Which 10.7% in the Fourth Quarter, in Line With the Mid-term Guidance of 6% to 14% a Year

    PARIS, January 18, 2011 /PRNewswire-FirstCall/ --      - Issue volume up 10.0% like-for-like in 2010, of which 10.7% in the       fourth quarter          - Fast growth in Latin America, up 19.6% like-for-like for the year         - Mixed situation in Europe, up 2.6% like-for-like for the year            - Western Europe: unemployment rates have begun to stabilize since             mid-2010            - Eastern Europe: a still challenging economic environment      - Operating revenue up 6.3% like-for-like in 2010, of which 7.1% in the       fourth quarter, an improvement over the first nine months (up 5.9%       like-for-like)      - Financial revenue down 16.8% like-for-like in 2010, of which 0.3% in       the fourth quarter, showing signs of stabilization      - Full-year EBIT target confirmed between EUR310 and EUR330 million        (in EUR millions)    2009        2010      % change     % change                                              (reported)   (like-for-like)      Issue volume        12,407      13,875      +11.8%       +10.0%     Operating revenue      808         885       +9.6%        +6.3%     Financial revenue       94          80      -14.8%       -16.8%     Total revenue          902         965       +7.0%        +3.9%  

EUR13.9 BILLION

EUR13,875 million Latin America Europe Western Europe Eastern Europe

    Growth in issue volume by region was as follows:      Like-for-like growth in    Q1 2010 Q2 2010  Q3 2010 Q4 2010    2010     issue volume      France                      +4.7%    -7.9%    +3.2%   +0.2%    -0.2%     Rest of Europe              +4.9%    +5.6%    +6.1%   +0.8%    +4.2%     Latin America              +10.6%   +17.9%   +22.8%  +27.2%   +19.6%     Rest of the world           +5.4%   +18.5%   +19.4%  +23.0%   +16.5%     TOTAL                       +7.2%    +8.4%   +13.7%  +10.7%   +10.0%  

Latin America

France

Europe

The Incentives & Rewards business, which represented close to 7% of the region’s fourth-quarter issue volume, declined by 24.7% like-for-like during the period, worsening the 16.5% contraction over the first nine months. The final quarter accounted for more than 45% of the business’ 2010 issue volume in the region.

Belgium

Latin America Brazil Mexico Latin America

EUR885 MILLION

EUR885 million

* The 0.9% positive impact of changes in scope of consolidation.

* The 2.4% positive currency effect, of which a negative 4.5% due to the Venezuelan bolivar and a positive 4.7% from the Brazilian real.

In the fourth-quarter alone, operating revenue rose 13.4% on a reported basis, versus 8.1% in the first nine months of the year, due to:

* A 7.1% increase like-for-like, versus 5.9% over the first nine months.

     * A 10.5% positive currency effect, versus a 0.7% negative impact in the first nine months. This stemmed from i) the 3.4% rise in the Brazilian real against the euro and ii) a low basis of comparison due to the Venezuelan bolivar (up 4.6%) following its January 2010 devaluation, whose full impact on the third and fourth quarters of 2009 was recognized in fourth-quarter 2009 alone.      Like-for-like    Q1 2010   Q2 2010   Q3 2010    Q4 2010    2010     growth in     operating revenue      France              +4.2%     +1.9%     +8.6%      +6.1%    +5.1%     Rest of Europe      +0.3%     -1.4%     +3.6%      +2.0%    +1.2%     Latin America       +9.1%    +11.7%    +16.6%     +16.3%   +13.4%     Rest of the world   -6.8%     -0.6%     -3.3%      +1.6%    -2.3%     TOTAL               +3.8%     +4.5%     +9.5%      +7.1%    +6.3%       * Operating revenue for the year in France: EUR146 million

France

Europe EUR316 million

Europe

Belgium

United Kingdom

Italy

Romania

Latin America EUR358 million

Latin America

Brazil

Mexico

EUR80 MILLION

Financial revenue ended 2010 down 16.8% like-for-like. However, the decline was only 6.3% in the second half (compared with the previously announced target of 10%), thanks to its near stability in the fourth quarter (down 0.3% like-for-like).

Brazil Latin America

Europe France Europe

EUR965 MILLION

     Total 2010 revenue came to EUR965 million, up 3.9% like-for-like and 7.0% as reported. Reported growth reflected the positive 0.9% impact of changes in scope of consolidation and a positive 2.3% currency effect, of which a positive 4.5% due to the Brazilian real and a negative 4.3% from the Venezuelan bolivar.      Like-for-like   Q1 2010   Q2 2010    Q3 2010    Q4 2010     2010     growth      Operating         +3.8%     +4.5%      +9.5%      +7.1%      +6.3%     revenue     Financial        -29.5%    -20.4%     -11.6%      -0.3%     -16.8%     revenue     Total revenue     -0.4%     +1.8%      +7.3%      +6.6%      +3.9%  

Operating revenue accounted for 92% of total revenue for the year and financial revenue 8%.

CONCLUSION

The 10.0% like-for-like growth in 2010 issue volume was in line with Edenred’s mid-term guidance of between 6 and 14% a year. This solid growth was primarily led by the very good performance in emerging markets, where issue volume rose by an aggregate 15.2% like-for-like and accounted for more than 54% of the consolidated total.

Operating revenue increased by a solid 6.3% like-for-like over the year, despite competitive pressure in certain countries and unfavorable shifts in the product mix during the period.

The final quarter of the year saw the decline in financial revenue slow to a halt (down 0.3% like-for-like), after a very difficult first nine months (down 21.1%).

EUR310 million and EUR330 million

INVESTOR CALENDAR

February 24, 2011

Edenred, the world leader in prepaid service vouchers, provides solutions that enhance personal well-being and improve the performance of organizations. Operating in 40 countries, with 6,000 employees, nearly 500,000 private and public sector customers, 33 million users and 1.2 million affiliates, Edenred offers a wide range of products in two categories:

     - Employee and public benefits related to meals and food (Ticket       Restaurant, Ticket Alimentation) or quality of life (Ticket CESU,       Childcare Vouchers, etc.)      - Performance solutions in the areas of expense management (Ticket Car,       etc.), incentives and rewards (Ticket Compliments, Kadeos, etc.) and       new prepaid electronic products  

EUR13.9 billion

    APPENDICES     Issue Volume                                      Q1               Q2               Q3                                2009    2010     2009    2010     2009    2010           In EUR millions      France                      612    641       659    607       502    518     Rest of Europe            1,044  1,135     1,084  1,183     1,016  1,107     Latin America & Caribbean 1,246  1,301     1,327  1,536     1,363  1,488     Rest of the world            91     97        89    115        86    114      TOTAL ISSUE VOLUME        2,993  3,174     3,159  3,441     2,967  3,227                                        Q1               Q2               Q3                              Change  Change   Change  Change   Change  Change                              reported  L/L*   reported  L/L*   reported  L/L*               In %      France                      4.7%   4.7%     -7.9%  -7.9%      3.2%   3.2%     Rest of Europe              8.7%   4.9%      9.1%   5.6%      8.9%   6.1%     Latin America & Caribbean   4.4%  10.6%     15.8%  17.9%      9.2%  22.8%     Rest of the world           7.1%   5.4%     29.2%  18.5%     32.3%  19.4%      TOTAL ISSUE VOLUME          6.1%   7.2%      8.9%   8.4%      8.8%  13.7%                                             Q4                      FY                                   2009        2010        2009      2010           In EUR millions      France                      797         798     2,570       2,564     Rest of Europe            1,228       1,254     4,372       4,679     Latin America & Caribbean 1,175       1,860     5,111       6,185     Rest of the world            89         120       355         446      TOTAL ISSUE VOLUME        3,288       4,032    12,407      13,875                                             Q4                      FY                                   Change    Change L/L*   Change  Change L/L*                                 reported                reported               In %      France                        0.2%        0.2%     -0.2%       -0.2%     Rest of Europe                2.1%        0.8%      7.0%        4.2%     Latin America & Caribbean    58.3%       27.2%     21.0%       19.6%     Rest of the world            35.1%       23.0%     25.8%       16.5%      TOTAL ISSUE VOLUME           22.6%       10.7%     11.8%       10.0%       Operating Revenue                                      Q1               Q2               Q3                                2009    2010     2009    2010     2009    2010           In EUR millions      France                        35     36        34     33        30     32     Rest of Europe                69     79        69     73        63     70     Latin America & Caribbean     74     78        81     91        82     89     Rest of the world             15     15        15     17        15     16      OPERATING REVENUE            193    208       199    214       190    207                                         Q1               Q2               Q3                              Change  Change   Change  Change   Change  Change                             reported  L/L*   reported  L/L*   reported  L/L*               In %      France                      0.9%   4.2%     -2.9%   1.9%      6.1%   8.6%     Rest of Europe             15.0%   0.3%      5.5%  -1.4%     11.0%   3.6%     Latin America & Caribbean   5.7%   9.1%     13.0%  11.7%      8.1%  16.6%     Rest of the world          -0.5%  -6.8%     13.1%  -0.6%     11.1%  -3.3%      OPERATING REVENUE           7.7%   3.8%      7.6%   4.5%      9.0%   9.5%                                             Q4                      FY                                   2009        2010        2009      2010           In EUR millions      France                          44          45       144         146     Rest of Europe                  98          94       299         316     Latin America & Caribbean       69         100       306         358     Rest of the world               15          17        59          65      OPERATING REVENUE              226         257       808         885                                            Q4                      FY                                  Change    Change L/L*   Change  Change L/L*                                 reported                reported               In %      France                         2.1%        6.1%      1.5%        5.1%     Rest of Europe                -4.4%        2.0%      5.6%        1.2%     Latin America & Caribbean     45.3%       16.3%     17.2%       13.4%     Rest of the world             16.3%        1.6%     10.0%       -2.3%      OPERATING REVENUE             13.4%        7.1%      9.6%        6.3%       Financial Revenue                                      Q1               Q2               Q3                                 2009   2010     2009    2010     2009    2010           In EUR millions      France                        7      5         6      5         5      4     Rest of Europe                9      8        10      8         9      8     Latin America & Caribbean    11      6         8      6         7      6     Rest of the world             1      -         -      1         1      1      Financial Revenue            28     19        24     20        22     19                                        Q1               Q2               Q3                              Change  Change   Change  Change   Change  Change                              reported  L/L*   reported  L/L*   reported  L/L*               In %      France                    -27.9% -27.9%    -28.3% -28.3%    -17.9% -17.9%     Rest of Europe            -17.1% -20.3%    -16.5% -19.1%    -17.4% -19.1%     Latin America & Caribbean -45.2% -38.7%    -17.2% -16.4%    -11.4%   2.5%     Rest of the world         -29.5% -30.1%     -2.7% -11.5%      6.0%  -4.7%      Financial Revenue         -31.0% -29.5%    -19.4% -20.4%    -14.9% -11.6%                                          Q4                      FY                                 2009        2010        2009      2010           In EUR millions      France                        5           5        24          19     Rest of Europe                8           8        36          31     Latin America & Caribbean     6           9        31          27     Rest of the world             1           1         3           3      Financial Revenue            19          22        94          80                                          Q4                      FY                                Change    Change L/L*   Change  Change L/L*                               reported                reported               In %      France                     -2.3%       -2.3%    -20.3%      -20.3%     Rest of Europe             -4.7%       -6.7%    -14.2%      -16.5%     Latin America & Caribbean  57.2%       12.0%    -12.2%      -14.8%     Rest of the world           4.7%       -5.8%     -6.4%      -13.8%      Financial Revenue          13.9%       -0.3%    -14.8%      -16.8%       Total Revenue                                      Q1               Q2               Q3                                2009    2010     2009    2010     2009    2010           In EUR millions      France                       42     41        40     38        35     36     Rest of Europe               78     87        79     81        72     77     Latin America & Caribbean    85     84        89     97        90     96     Rest of the world            16     15        15     18        15     17      Total Revenue               221    227       223    234       212    226                                      Q1               Q2               Q3                               Change  Change  Change  Change   Change  Change                              reported  L/L*  reported  L/L*   reported  L/L*               In %      France                     -3.7%  -1.0%     -6.8%  -2.8%      2.4%   4.5%     Rest of Europe             11.2%  -2.1%      2.8%  -3.5%      7.4%   0.7%     Latin America & Caribbean  -0.7%   3.0%     10.3%   9.2%      6.6%  15.5%     Rest of the world          -2.1%  -8.1%     12.4%  -1.1%     10.8%  -3.3%      Total Revenue               2.9%  -0.4%      4.7%   1.8%      6.5%   7.3%                                          Q4                      FY                                 2009        2010        2009      2010           In EUR millions      France                       49          50       168         165     Rest of Europe              107         102       335         347     Latin America & Caribbean    75         109       337         386     Rest of the world            16          18        62          68      Total Revenue               246         279       902         965                                           Q4                      FY                                  Change    Change L/L*   Change  Change L/L*                                 reported                reported               In %      France                      1.7%        5.3%     -1.6%        1.5%     Rest of Europe             -4.5%        1.3%      3.4%       -0.8%     Latin America & Caribbean  46.2%       16.0%     14.5%       10.8%     Rest of the world          15.8%        1.2%      9.2%       -2.8%      Total Revenue              13.4%        6.6%      7.0%        3.9%       (1) At constant scope of consolidation and exchange rates

Italy EUR27m

SOURCE Edenred

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