2.2.4 Non-deductible expenses

The aggregate amount of non-deductible costs and expenses referred to in Article 39 paragraph 4 of the French General Tax Code amounted to €274,451 for 2021 and the tax paid thereon was €72,730 (disclosure made in application of Articles 223 quater and quinquies, 39-4 and 39-5 of the French General Tax Code).


2.2.5 2021 business review

In 2021, the Company carried out its holding company activities.

During the year, the Company continued to apply its investment strategy of acquiring minority interests, generally through joint investments with other investment funds, in innovative projects offering significant growth potential in similar markets to the Group’s businesses.

As part of this strategy, Edenred SE continued to subscribe to capital calls for the Partech funds in 2021, investing €3.1 million, and, for the first time in the year, invested €0.5 million in the Raise fund.

Edenred SE also acquired a €4.1 million equity interest in Bank Limited and a €1.6 milion equity interest in Freto and bought additional shares as part of capital increases in Dexx Technologies for €1.1 million and Beamery for €1.2 million.

The Company also made other new investments in the year, as shown in the table below:




2.2.6 Transactions in Edenred SE shares

At December 31, 2021, Edenred SE held 1,052,018 of its own shares, representing 0.42% of the capital.

The Company’s ownership structure is described in section 2.1.2 of this document on ownership structure and voting rights.

Since May 29, 2019, the Company has had a liquidity contract with Kepler Cheuvreux to make a market for its shares on the Euronext Paris stock exchange. The contract complies with the regulations of the AMF, in particular decision no. 2018-01 of July 2, 2018.

During the 2021 financial year, under the said liquidity contract, the Company:

  • purchased 2,765,925 shares at an average price of €45.65 per share, for a total outlay of €126,267,096; and
  • sold 2,574,146 shares at an average price of €45.88 per share, for total proceeds of €118,103,338.

At December 31, 2021, the Company held 191,779 shares under the liquidity contract.

In addition, the available envelope for the liquidity contract is € 20 million. The Company's balance sheet at December 31, 2021 includes € 11.836.243 of cash held under the liquidity contract.