2.1.3 Dividend and payout ratio
Edenred is proposing a dividend of €0.90 per share for 2021, representing a 20% increase compared with the prior year. It marks a return to the Group’s pre-crisis progressive dividend policy(1) defined in its Next Frontier (2019-2022) strategic plan, and is consistent with its growth profile, solid financial position and strong cash generation. The dividend will be submitted to shareholders for approval at Edenred’s Combined General Meeting on May 11, 2022. Payment of the dividend will be made solely in cash.
2.1.4 Liquidity and financial resources
Net cash from operating activities corresponds to funds from operations before other income and expenses, plus the change in working capital (i.e., the recurring increase in negative working capital requirement) plus the change in restricted cash.
Restricted cash corresponds mainly to voucher reserve funds subject to special regulations in the following countries: the United Kingdom (€879 million), France (€813 million), Belgium (€408 million), the United States (€89 million), Romania (€87 million), Brazil (€36 million), Mexico (€32 million), Taiwan (€31 million), Italy (€19 million), the United Arab Emirates (€12 million), Bulgaria (€11 million) and Uruguay (€8 million).
(1) €0.85 for 2017 and €0.86 for 2018, then, as a result of the health crisis, €0.70 for 2019 and €0.75 for 2020.
(2) See the consolidated statement of cash flows on page 223 and Note 4.6 to the consolidated financial statements, page 257.