Equity represented a negative amount of €953 million at December 31, 2021 and €1,230 million at the end of the previous year.

This is due to the recognition at historical cost of the assets contributed or sold to Edenred by Accor through the asset contribution-demerger transaction. It has no impact on the Group’s refinancing capacity, the underlying strength of its financial position or its dividend-paying ability.

The statement of changes in equity is presented on page 242 of the consolidated financial statements.

Off-balance sheet commitments

Off-balance sheet commitments amounted to €550 million at December 31, 2021, versus €430 million a year earlier. For more details, see Note 11.5 to the consolidated financial statements, page 303.


2.1.5 Management indicators