2.2.7 Financing
On June 9, 2021, Edenred announced the issuance of sustainability-linked bonds convertible into and/or exchangeable for new and/or existing shares (OCEANEs) for an aggregate amount of €400 million, maturing in seven years in June 2028 (Note 6.4 “Debt and other financial liabilities”). The bonds make no coupon payments but offer investors a premium payment (equivalent to 0.5% of the nominal value) in the event that the Group does not meet its 2025 sustainable development targets.
2.2.8 Relations with subsidiaries
Edenred SE holds 50% and over direct interests in 52 companies. The most significant interests, in terms of value, are as follows:
- Edenred France (€464,966,992), a French company that issues meal vouchers and other prepaid service solutions to businesses in France.
- In 2021, it posted revenue of €190,611,337 versus €129,504,696 in 2020, and recurring profit before tax of €87,589,546 versus €70,958,028 in the previous year;
- Edenred Italy (€5,958,823), an Italian company that issues meal vouchers and other prepaid service solutions to businesses in Italy.
- In 2021, it posted revenue of €1,951,123,766 versus €1,643,328,165 in 2020, and a recurring profit before tax of €113,848,315 compared to €81,466,293 for the previous year;
- Edenred Belgium (€36,608,000), a Belgian company that issues meal vouchers and other prepaid service solutions to businesses in Belgium.
- In 2021, it posted revenue of €106,797,806 versus €55,258,146 in 2020, and recurring profit before tax of €42,049,157, versus €35,438,907 in the previous year.
The table below presents subsidiaries and affiliates whose carrying amount in Edenred SE’s balance sheet exceeds 1% of the Company’s share capital:
