Financial
review

RFA

• 2.1 Consolidated results 36
  • 2.1.1 Introduction 36
  • 2.1.2 Analysis of consolidated financial results 37
  • 2.1.3 Dividend and payout ratio 41
  • 2.1.4 Liquidity and financial resources 41
  • 2.1.5 Management indicators 44
  • 2.1.6 Material contracts 45
  • 2.1.7 Foreseeable developments 45
  • 2.1.8 Main risks and uncertainties 45
  • 2.1.9 Main related-party transactions 45
  • 2.1.10 Research and development activities 46
  • 2.1.11 Subsequent events 46
• 2.2 Results of operations for the Edenred parent company 46
  • 2.2.1 Description of the business 46
  • 2.2.2 Significant events in 2021 46
  • 2.2.3 2021 results 47
  • 2.2.4 Non-deductible expenses 49
  • 2.2.5 2021 business review 49
  • 2.2.6 Transactions in Edenred SE shares 49
  • 2.2.7 Financing 50
  • 2.2.8 Relations with subsidiaries 50
  • 2.2.9 Ratios 51
  • 2.2.10 Risk factors 51
  • 2.2.11 Research and development activities 51
  • 2.2.12 Subsequent events 51
  • 2.2.13 Developments and outlook 52
  • 2.2.14 Change in investments in subsidiaries and affiliates 52