Edenred SE — Earnings Release 2011

Jul 18, 2011

Press release July 18, 2011

Faster organic growth

Total revenue up 12.3% in the second quarter and 9.8% in the first half

• Sustained growth in issue volume, up 10.9% in the second quarter and 10.0% in the first half
• o Strong momentum in Latin America
• o Improvement in Europe, reflecting first signs of stabilization in Central Europe
• Solid increase in operating revenue, up 11.7% in the second quarter and 9.2% in the first half, led by favorable business trends and a gradual stabilization in client fee rates in certain countries
• Sharp rise in financial revenue, up 19.0% in the second quarter and 16.0% in the first half, lifted by:
• o Higher interest rates and an increased float¹ in Latin America
• o Gradual improvement in Europe thanks to a slight upturn in interest rates

(in € millions)	First half 2010	First half % change 2011 (reported)		% change (like-for-like)2
Issue volume	6,615	7,264	+9.8%	+10.0%
Operating revenue	422	456	+8.1%	+9.2%
Financial revenue	39	44	+14.8%	+16.0%
Total revenue	461	501	+8.6%	+9.8%

¹ The float corresponds to the business's negative working capital requirement.

² Based on a comparable scope of consolidation and at constant exchange rates.

FIRST-HALF ISSUE VOLUME UP 10.0% LIKE-FOR-LIKE

Issue volume amounted to €7,264 million in the first half of 2011, up 10.0% like-for-like and 9.8% as reported. The currency effect was a negative 0.9% while changes in scope of consolidation had a 0.7% positive effect.

Like-for-like issue volume growth	st quarter 2011 1	nd quarter 2011 2	st half 2011 1
France	+2.9%	+1.7%	+2.3%
Rest of Europe	-2.0%	+1.3%	-0.3%
Europe	-0.3%	+1.4%	+0.6%
Latin America	+20.5%	+21.5%	+21.0%
Rest of the world	+23.1%	+17.1%	+19.8%
TOTAL	+9.0%	+10.9%	+10.0%

Growth in issue volume by region was as follows:

Organic issue volume growth accelerated to 10.9% in the second quarter from 9.0% in the first, led by:

• 3.7% growth in Europe in the second quarter (excluding the €39 million impact of the lost Consip contract in Italy) versus 2.2% in the first, primarily reflecting the first signs of stabilization in Central Europe.
• Sharply higher issue volume in Latin America during the quarter (up 21.5% like-for-like), lifted by growth in salaried employment, enhanced penetration rates and increased face values.

FIRST-HALF OPERATING REVENUE UP 9.2% LIKE-FOR-LIKE

First-half 2011 operating revenue totaled €456 million, representing an increase of 9.2% like-for-like. On a reported basis, the increase came to 8.1% after taking into account:

• The 0.7% negative impact of changes in scope of consolidation.
• The 0.4% negative currency effect, reflecting:
• o The 1.3% positive effect of the Brazilian real's appreciation over the period.
• o The 1.9% negative effect of applying the new official exchange rate for the Venezuelan bolivar (VEF 5.3/USD vs. VEF 4.3 in first-half 2010).

The pace of growth accelerated sharply in the second quarter, with operating revenue rising 11.7% like-forlike versus 6.6% in the first quarter.

Like-for-like operating revenue growth	st quarter 2011 1	nd quarter 2011 2	st half 2011 1
France	-1.1%	+0.6%	-0.3%
Rest of Europe	-1.1%	+7.5%	+3.0%
Latin America	+17.4%	+19.5%	+18.5%
Rest of the world	+10.0%	+9.7%	+9.8%
TOTAL	+6.6%	+11.7%	+9.2%

France: first-half operating revenue of €70 million

In France, operating revenue dipped 0.3% like-for-like in the first half, reflecting a 1.1% decrease in the first quarter and a 0.6% increase in the second. The Ticket Restaurant® business trended up, with activity rising 4.2% like-for-like in the second quarter versus 2.9% in the first. However, BtoC gift vouchers continued to be affected by competition from a single-brand card launched by the main distributor of Kadéos cards, FNAC. As a result, the activity fell 36.0% like-for-like in the second quarter compared wit the same period of 2010.

Rest of Europe: first-half operating revenue of €159 million

In the Rest of Europe region, operating revenue climbed 3.0% like-for-like in the first half, reflecting the net effect of a 1.1% decline in the first quarter and a 7.5% upswing in the second. This important rise in the second quarter comes from:

• The rise of operating revenue generated by issue volume up 2.8% like-for-like in the second quarter after contracting 1.7% in the first, a turnaround that was mainly attributable to the first signs of stabilization in Central Europe.
• The positive impact of operating revenue without issue volume coming from punctual contracts in Motivation solutions in Germany in the second quarter.

In Belgium, operating revenue increased 3.8% like-for-like in the second quarter, led by the robust performance of the meal vouchers business.

In the United Kingdom, demand for Childcare Vouchers remained strong, helping to drive 8.1% like-forlike growth in operating revenue in the second quarter.

In Italy, second quarter operating revenue grew 5.3% like-for-like, lifted by strong demand in the meal voucher market.

In Romania, the rate of decline in operating revenue eased to 11.6% like-for-like in the second quarter from 39.6% in the first, thanks to a gradual stabilization of issue volumes and client fee rates.

Latin America: first-half operating revenue of €194 million

In Latin America, operating revenue increased by 18.5% like-for-like in the first half, reflecting gains of 17.4% in the first quarter and of 19.5% in the second. This strong growth was attributable to vibrant local economies and solid sales performances.

In Brazil, operating revenue rose 20.6% like-for-like in the second quarter. All products contributed to the increase, especially meal and food vouchers (up 21.3%) and Ticket Car (up 18.4%).

In Hispanic Latin America, operating revenue expanded 17.4% like-for-like in the second quarter. In this market too, all products performed well and particularly operating revenue from meal and food vouchers was sharply higher (up 18.0%).

FIRST-HALF FINANCIAL REVENUE UP 16.0% LIKE-FOR-LIKE

Financial revenue continued to grow in the second quarter, rising 19.0% on the back of 13.0% growth in the first quarter, to end the first half up 16.0% compared with the same period of 2010.

In Latin America, higher interest rates and the increased float lifted financial revenue by 41.0% like-for-like in the second quarter, versus 38.8% in the first.

In Europe, where interest rates have also started to trend upwards, financial revenue gained 7.5% like-forlike in the second quarter after rising 1.1% in the first.

CONCLUSION

Total revenue for first-half 2011 amounted to €501 million, up by a strong 9.8% like-for-like, with a faster increase in the second quarter by 12.3%, after rising 7.2% in the first.

This performance was attributable to favorable underlying business trends, with strong growth in Latin America, an improvement in economic conditions in Central Europe and a gradual stabilization in client fee rates in Italy, Romania and Turkey, as well as to sharply higher financial revenue.

UPCOMING EVENTS

First-half 2011 Results: August 25, 2011

*** Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees' lives easier and improve the efficiency of organizations.

By ensuring that allocated funds are used specifically as intended, these solutions enable companies to more effectively manage their:

• Employee benefits (Ticket Restaurant® , Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.)
• Expense management process (Ticket Car, Ticket Cleanway, etc.)
• Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.)

The Group also supports public institutions in managing their social programs.

Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with 6,000 employees, nearly 530,000 companies and public sector customers, 1.2 million affiliated merchants and 34.5 million beneficiaries. In 2010, total issue volume amounted to €13.9 billion, of which 55% was generated in emerging markets.

Full details of Edenred's 2010 results are available on the Company's website: www.edenred.com.

Ticket Restaurant® and all other tradenames of Edenred products and services are registered trademarks of Edenred SA.

CONTACTS

Eliane Rouyer-Chevalier, Executive Vice President Communications – Phone.: +33 (0)1 74 31 86 26 – eliane.rouyer@edenred.com

MEDIA RELATIONS

Anne-Sophie Sibout, Media Relations Director - Phone: +33 (0)1 74 31 86 11 – anne-sophie.sibout@edenred.com

INVESTOR RELATIONS

Virginie Monier, Investor Relations – Phone: + 33 (0)1 74 31 86 16 – virginie.monier@edenred.com

APPENDICES Issue Volume

	Q1		Q2		H1
In € millions	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	641 1,135 1,301 97	659 1,148 1,628 119	607 1,183 1,536 115	617 1,232 1,742 120	1,248 2,318 2,837 212	1,276 2,380 3,370 239
TOTAL ISSUE VOLUME	3,174	3,554	3,441	3,710	6,615	7,264

	Q1			Q2 H1
In %	Change	Change	Change	Change	Change	Change
	reported	L/L*	reported	L/L*	reported	L/L*
France	2.9%	2.9%	1.7%	1.7%	2.3%	2.3%
Rest of Europe	1.1%	-20.0%	4.1%	1.3%	2.7%	-0.3%
Latin America	25.1%	20.5%	13.4%	21.5%	18.8%	21.0%
Rest of the world	22.1%	23.1%	3.9%	17.1%	12.2%	19.8%
TOTAL ISSUE VOLUME	11.9%	9.0%	7.8%	10.9%	9.8%	10.0%

		Q1 Q2 H1
In € millions	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	36 79 78 15	36 81 94 17	33 73 91 17	34 78 100 16	69 152 169 32	70 159 194 33
OPERATING REVENUE	208	227	214	229	422	456

Operating Revenue

	Q1		Q2		H1
In %	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*
France Rest of Europe Latin America Rest of the world	1.7% 1.6% 19.8% 15.2%	-1.1% -1.1% 17.4% 10.0%	0.0% 7.9% 10.4% -3.5%	0.6% 7.5% 19.5% 9.7%	0.7% 4.6% 14.7% 5.2%	-0.3% 3.0% 18.5% 9.8%
OPERATING REVENUE	9.4%	6.6%	6.8%	11.7%	8.1%	9.2%

*Like -for-like

	Q1		Q2		H1
In € millions	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	5 8 6 -	5 7 9 1	5 8 6 1	5 8 9 1	10 16 12 1	10 16 17 1
Financial Revenue	19	22	20	23	39	44

	Q1		Q2		H1
In %	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*
France Rest of Europe Latin America Rest of the world	4.2% -4.9% 47.3% 10.2%	4.3% -0.9% 38.8% 10.0%	12.0% 3.0% 34.5% 5.1%	12.0% 4.9% 41.0% 17.5%	8.0% -1.0% 40.6% 7.5%	8.0% 2.0% 40.0% 14.0%
Financial Revenue	13.9%	13.0%	15.7%	19.0%	14.8%	16.0%

Total Revenue

		Q1 Q2 H1
In € millions	2010	2011	2010	2011	2010	2011
France Rest of Europe Latin America Rest of the world	41 87 84 15	41 88 102 18	38 81 97 18	39 87 109 17	79 168 181 33	80 175 211 35
Total Revenue	227	249	234	251	461	501

		Q1 Q2 H1
In %	Change reported	Change L/L*	Change reported	Change L/L*	Change reported	Change L/L*
France Rest of Europe Latin America Rest of the world	2.0% 1.0% 21.7% 15.0%	-0.4% -1.1% 18.9% 10.0%	1.0% 7.5% 12.0% -3.2%	1.9% 7.3% 20.9% 10.0%	1.6% 4.1% 16.5% 5.3%	0.7% 2.9% 20.0% 10.0%
Total Revenue	9.8%	7.2%	7.5%	12.3%	8.6%	9.8%

*Like -for-like