2.1.6 Material contracts

The Group did not enter into any contracts representing a material obligation or commitment for the Group in 2020 or 2021, with the exception of contracts with suppliers that are essential to the Group’s operations.


2.1.7 Foreseeable developments

The outlook for 2022 is described in Chapter 1, page 26.


2.1.8 Main risks and uncertainties

The main risks and uncertainties that may affect Edenred in the current financial year are the same as the ones described in Chapter 4 “Risk factors and management” on page 69 of this document.

The Group observed a gradual decrease in the health risks related to the coronavirus epidemic in the year, resulting in an improved business environment throughout 2021. Consequently, Edenred was able to take advantage of the underpenetration on its markets and seize opportunities arising from the health crisis, such as the introduction of public earmarked funds programs as well as the accelerated shift to remote working, which led to greater take-up of the Group’s virtual canteen solution.

Following the conflict between Russia and Ukraine that broke out in late February, Edenred would like to state that, as of the end of the first quarter of 2022, its business in these two countries is restricted to providing access to fuel distribution networks for users of its fuel cards. For this reason, its direct economic exposure to the conflict is limited. However, the Group has observed that some countries have levied economic sanctions on Russia in response to the conflict. These could lead to a slowdown in business activity worldwide and therefore have a negative impact on growth in the business volume generated by the Group’s solutions. The extent of this impact is difficult to estimate accurately at the date of this Universal Registration Document. In the short term, Edenred notes that restrictions on Russian oil and gas supplies could have an impact on oil prices. The Group is carefully looking at it, as 10% of the Group’s total revenue was sensitive to changes in oil prices in 2021.

In light of these factors, at the date of this Universal Registration Document, Edenred remains fully confident in its ability to generate sustainable and profitable growth in 2022 and to achieve the 2022 targets announced when reporting its 2021 annual results.


2.1.9 Main related-party transactions

The main related-party transactions are presented in detail in Note 11.2 to the consolidated financial statements, page 301.