Edenred Sa · EURONEXT:EDEN
Edenred Sa — FY2023 Earnings Presentation
81 slides from Edenred Sa's earnings presentation, Feb 27, 2024
Slide 1: FY 2023 Results
FY 2023 RESULTS February 27, 2024
Slide 2: Beyond22-25 plan is delivering superior performance
BEYOND22-25 PLAN IS DELIVERING SUPERIOR PERFORMANCE Another set of record-breaking results achieved in 2023 2023 total revenue of €2.5bn, up 23.7% as reported, including strong 18.7% reported growth in Q4 • 2023 operating revenue at €2.3bn, up 18.8% as reported • 2023 other revenue more than doubl
Slide 3: Strong outlook for 2024 and beyond
STRONG OUTLOOK FOR 2024 AND BEYOND Edenred to further deliver its Beyond22-25 plan, setting new standards in its industry Building a fully integrated Benefits & Engagement platform to meet the rising demand for personalized benefits and engagement solutions • Reinforcing Benefits Beyond Food in Br
Slide 4: Agenda
AGENDA 1. 2023 results 2. BEYOND22-25: where do we stand? 3. FY 2023 detailed financial performance 4. Shaping the future 4
Slide 5: 2023: strong growth at all levels setting new highs
2023: STRONG GROWTH AT ALL LEVELS SETTING NEW HIGHS €2,514m €1,094m €905m +23.7% +30.7% +27.3%1 reported vs. 2022 reported vs. 2022 vs. 2022 5 1. Excluding positive one-off effect of €170m from change in regulations in Germany in 2022
Slide 6: Strong commercial momentum translated into double-digit like-for-like growth
Strong commercial momentum translated into double-digit like-for-like growth across the board 6
Slide 7: Strong like-for-like operating revenue growth in 2023
STRONG LIKE-FOR-LIKE OPERATING REVENUE GROWTH IN 2023 Operating Revenue in €m 2,311 Double-digit growth in Q4, driven +367 by continued strong momentum 1,944 across the board and sound 655 +85 performance of end-of-year gift 570 campaigns 2023 operating revenue growth of Q4 22 Q4 23 FY 22 FY 23
Slide 8: Robust double-digit organic growth in all business lines
ROBUST DOUBLE-DIGIT ORGANIC GROWTH IN ALL BUSINESS LINES… Benefits & Engagement Mobility Complementary Solutions ▪ Corporate Payment % OF 2023 GROUP Services OPERATING REVENUE ▪ Incentive 63% 25% 12% & Rewards ▪ Public Social Programs €1,449m €577m €285m 2023 LIKE-FOR-LIKE OPERATING REVENUE GROWTH v
Slide 9: ...and in all geographies
…AND IN ALL GEOGRAPHIES Europe +16.5% like-for-like 62% vs. 2022 Latin America +15.3% like-for-like 29% vs. 2022 Rest of the World +32.9% like-for-like 9% vs. 2022 9
Slide 10: Top-line growth drove further increase in profitability
Top-line growth drove further increase in profitability 10
Slide 11: Record-high EBITDA, at the upper end of the guidance
RECORD-HIGH EBITDA, AT THE UPPER END OF THE GUIDANCE EBITDA in €m 2023 EBITDA at the upper end of the 1,094 guidance1 +258 836 2023 EBITDA like-for-like growth of 33.9% thanks to strong increase in both operating and other revenue EBITDA margin up 234 bps reported and 349 bps like-for-like, dr
Slide 12: Cash generation at its highest
Cash generation at its highest 12
Slide 13: Record free cash flow in 2023
RECORD FREE CASH FLOW IN 2023 Free Cash Flow in €m 905 +194 7111 Free cash flow up 27%1 • Continued sustained momentum in all business lines • Strong discipline in negative FY 2022 FY 2023 working capital management EBITDA to FCF conversion 85%1 83% 1. Excluding positive one-off effect of €170m fr
Slide 14: Leverage ratio back to 1.0x
LEVERAGE RATIO BACK TO 1.0X Net Debt in €m 1,851 1,100 Free cash flow generation brings leverage ratio back to 1.0x after Reward Gateway 307 acquisition in May 2023 for €1.3bn Net debt Dec 31, 2022 Jun 30, 2023 Dec 31, 2023 to LTM EBITDA (leverage ratio) 0.4x 1.9x 1.0x 14
Slide 15: Also delivering extra-financial performance
Also delivering extra-financial performance 15
Slide 16: Further delivery on ESG in 2023
FURTHER DELIVERY ON ESG IN 2023 ESG progress… …recognized by leading ESG ratings CAC40 for the 2nd consecutive year 2022 2023 ESG % of women among executive 33% 37% 2024 member of the positions Sustainability Yearbook % GHG emissions intensity reduction -51% -61% B vs. C in 2021 vs. 20131 Climate %
Slide 17: Agenda
AGENDA 1. 2023 results 2. BEYOND22-25: where do we stand? 3. FY 2023 detailed financial performance 4. Shaping the future 17
Slide 18: On a path to €5bn total revenue by 2030
ON A PATH TO €5BN TOTAL REVENUE BY 20301 5 Edenred total revenue [€bn] M&A opportunity 2.5 Organic growth on 2022 scope 2.0 1.1 1.0 2010 2015 2022 2023 2030 1. At 2022 FX rate 18
Slide 19: A global digital platform enriching connections for good
250+ programs 200+ FoodTech and Mobility platforms 60% of merchants and €41bn of business volume connected to Edenred ecosystem users sensitized to 45 countries sustainable food and mobility in 2023 A global digital platform enriching connections for good 94% of volume generated on digital solutions
Slide 20: A state-of-the-art global platform
A STATE-OF-THE-ART GLOBAL PLATFORM… 60m+ 2m+ 1m c. €100bn users merchants clients payment volume processed 20
Slide 21: Providing high flexibility and connectivity
…PROVIDING HIGH FLEXIBILITY AND CONNECTIVITY Digital 250+ experiences Local specific-purpose relevance payment programs Business applications in 45 countries Distributing third-party Connectivity solutions and being distributed by selected partners Digital services Global Scale 3 business lines Bene
Slide 22: Continuously investing in the Edenred platform and technology
CONTINUOUSLY INVESTING IN THE EDENRED PLATFORM AND TECHNOLOGY Increased tech investments Innovation & operation at scale 800+ Tech talents recruited every year 70% Platform 2023 Tech spend1 20% Infrastructure ~36bn Annual API messages ~€480m Security & 10% Compliance Higher tech developer >15% produ
Slide 23: Beyond22-25: Leveraging the Edenred platform
Beyond22-25: Leveraging the Edenred platform Increase Total Addressable Enrich Accelerate Business Model Market sustainable and profitable growth Decrease cost to serve 23
Slide 24: Beyond22-25: Leveraging the Edenred platform
BEYOND22-25: LEVERAGING THE EDENRED PLATFORM Increase Enrich Total Addressable Business Model Market Accelerate 1 Core solutions attractiveness sustainable and 2 New Beyond solutions profitable growth 3 New client segments Decrease cost to serve 24
Slide 25: Core solutions attractiveness: sustained relevancy of our solutions
1. CORE SOLUTIONS ATTRACTIVENESS SUSTAINED RELEVANCY OF OUR SOLUTIONS Maximum legal face value increases in 2023… …fueling growth in 2024 onwards Illustration – Impact on Edenred client base average face value usage of Edenred Benefits & Engagement Maximum legal face New legal face 52% countries hav
Slide 26: New Beyond solutions: share of Beyond Food increasing
2. NEW BEYOND SOLUTIONS SHARE OF BEYOND FOOD INCREASING IN LINE WITH AMBITION Benefits & Engagement Share of Operating Revenue ~35% Beyond Food +5pts 31% $ 26% ~65% Meal & Food 74% 69% 2021 2023 20251 26 1. Beyond22-25 expectations
Slide 27: New Beyond solutions: extended Benefits & Engagement value proposition
2. NEW BEYOND SOLUTIONS AN EXTENDED BENEFITS & ENGAGEMENT VALUE PROPOSITION Distributing additional 3rd party benefits… …and expanding to engagement through M&A Employee Rewards & Employee Benefits management platform Well-being Savings Recognition Communications Edenred benefits 3rd-party benefits
Slide 28: New Beyond solutions: Reward Gateway integration moving at pace
2. NEW BEYOND SOLUTIONS REWARD GATEWAY INTEGRATION MOVING AT PACE UK integration Annual run rate ~£10m synergies phased by 2025 >25% Reported revenue growth in 2023 International expansion > 105% Belgium, France and Italy to be live Net Revenue Retention1 in Q2 2024 International roll-out plan d
Slide 29: New Beyond solutions: accelerating Beyond Fuel
2. NEW BEYOND SOLUTIONS ACCELERATING BEYOND FUEL Scaling Maintenance in Latin America Accelerating Toll in Europe Toll service available in #1 27 countries in Brazil Rolling-out in Launch of UTA One Mexico Next toll device in 2023 B2B Mobility Platform Electric Vehicle charging Freight management #1
Slide 30: New client segments: extending to B2C market through new distribution channels
3. NEW CLIENT SEGMENTS EXTENDING TO B2C MARKET THROUGH NEW DISTRIBUTION CHANNELS An attractive B2C toll market in Brazil… …reached through new distribution channels Historical double-digit growth of toll market B2C market 11x bigger than B2B x market, thus opening significant opportunities High-
Slide 31: Beyond22-25: Leveraging the Edenred platform
BEYOND22-25: LEVERAGING THE EDENRED PLATFORM Increase Enrich Total Addressable Business Model Market Accelerate 1 Acquisition x sustainable and 2 Engagement profitable growth x 3 Monetization Decrease cost to serve 31
Slide 32: Acquisition: further accelerating on SME acquisition
1. ACQUISITION FURTHER ACCELERATING ON SME ACQUISITION Ample room for further penetration Further acceleration in 2023 SME market still 3 to 5 times less penetrated Telesales productivity & websales than global market acceleration… 2023 SME penetration, Meal & Food … coupled with state-of-the-
Slide 33: Acquisition: increased reach through selective indirect distribution channels
1. ACQUISITION INCREASED REACH THROUGH SELECTIVE INDIRECT DISTRIBUTION CHANNELS Strong local partnerships… …like Itau in Brazil Benefits & Engagement Largest Brazilian privately-owned bank with more than 1 million corporate clients Partnership launched in 2019 Mobility Highly complementary dis
Slide 34: Engagement: best-in-class user experience on Edenred applications
2. ENGAGEMENT PUSHING BEST-IN-CLASS USER EXPERIENCE ON EDENRED APPLICATIONS Best-in-class mobile applications… …resulting in increased user engagement Edenred App rating 4.8/5 Apple Store Google Play 4.6/5 (Android) Average monthly app connections ~7 per active user 34
Slide 35: Monetization: capitalizing on value-added services
3. MONETIZATION CAPITALIZING ON VALUE-ADDED SERVICES… From Edenred …to a portfolio of 8 digital …driving higher user salary card… B2C services… monetization +10pts Revenue from 31% Value-Added Services 21% Revenue 79% 69% from salary card Enabling 1.8m unbanked blue-collar workers in United 2021 202
Slide 36: Monetization: developing new recurring sources of revenue
3. MONETIZATION …AND DEVELOPING NEW RECURRING SOURCES OF REVENUE SaaS fees from platform monetization: Subscription fees for package offerings: Reward Gateway example Edenred Hits example Revenue split by nature, in %, 2023 All mobility products in Transactional Fees bundle (e.g., fuel, toll, from
Slide 37: Beyond22-25: Leveraging the Edenred platform
BEYOND22-25: LEVERAGING THE EDEREND PLATFORM Increase Enrich Total Addressable Accelerate Business Model Market sustainable and profitable growth Decrease cost to serve 37
Slide 38: Decreasing cost to serve: assets mutualization and automation
DECREASING COST TO SERVE: ASSETS MUTUALIZATION AND AUTOMATION Mutualizing Edenred assets Mutualized specific-purpose payment factory Benefits & Mobility Complementary Engagement Solutions Fintechs, corporates and retailers Internal External customers customers ~€100bn Payment volume processed in 202
Slide 39: Beyond22-25: Leveraging the Edenred platform
BEYOND22-25: LEVERAGING THE EDENRED PLATFORM Increase Enrich Accelerate Total Addressable Business Model sustainable and Market profitable growth Decrease cost to serve Faster revenue Growing investment growth Higher EBITDA capabilities +€887m +€424m €871m +22% CAGR1 +29% CAGR1 cumulated investment
Slide 40: Further accelerating on ESG
Further accelerating on ESG 40
Slide 41: Strengthening a long-standing ESG commitment
STRENGTHENING A LONG-STANDING ESG COMMITMENT EMPLOYER OF CHOICE NET ZERO CARBON BY 2050 TRUSTWORTHY TECH FOR GOOD as Edenred & via Edenred solutions 41
Slide 42: Move for Good product at the center of our mobility strategy
MOVE FOR GOOD PRODUCT AT THE CENTER OF OUR MOBILITY STRATEGY Measure & Reduce Raise awareness Measure carbon emissions and encourage Encourage a culture that cleaner mobility adoption promotes sustainable mobility Compensate & Preserve Offset emissions that could not be reduced or avoided. 4,500+ Cu
Slide 43: Agenda
AGENDA 1. 2023 results 2. BEYOND22-25: where do we stand? 3. FY 2023 detailed financial performance 4. Shaping the future 43
Slide 44: Solid growth in both reported and LFL figures in 2023
Q4 & FY 2023 operating revenue SOLID GROWTH IN BOTH REPORTED AND LFL FIGURES IN 2023 Q4 2022 FY 2022 Operating revenue €569m €1,944m LIKE-FOR-LIKE +14.6% +17.4% Scope +5.9% +4.9% Currency -5.8% -3.5% REPORTED +14.8% +18.8% €655m €2,311m Q4 2023 FY 2023 44
Slide 45: Strong performance in Europe with double-digit LFL growth
Q4 & FY 2023 operating revenue – Europe STRONG PERFORMANCE IN EUROPE WITH DOUBLE-DIGIT LFL GROWTH OPERATING REVENUE France vs. 2022 Attractiveness of Benefits & Engagement solutions translating into strong growth of Meal & Food and +20.7% €1,434m as reported Beyond Food solutions (up to 6,000€ add
Slide 46: Continued strong commercial momentum across the region
Q4 & FY 2023 operating revenue – Latin America CONTINUED STRONG COMMERCIAL MOMENTUM ACROSS THE REGION OPERATING REVENUE vs. 2022 Brazil +10.5% €667m as reported Double-digit growth in Benefits & Engagement, notably 29% in FY 23 with the ongoing success of the Itaú partnership +15.3% LFL High dem
Slide 47: Other revenue more than doubled in 2023
Q4 & FY 2023 other revenue OTHER REVENUE MORE THAN DOUBLED IN 2023 OTHER REVENUE Acceleration of strong growth in 2023 as a cumulative effect of: €44m €203m in FY 23 ▪ sustained business momentum positively impacting the float ▪ interest rate increases, in particular in the eurozone vs. €87m in FY
Slide 48: Total revenue passed the €2.5bn mark
Q4 & FY 2023 total revenue TOTAL REVENUE PASSED THE €2.5BN MARK Q4 2022 FY 2022 Total revenue €603m €2,031m LIKE-FOR-LIKE +20.0% +23.4% Scope +5.5% +4.7% Currency -6.9% -4.4% REPORTED +18.7% +23.7% €716m €2,514m Q4 2023 FY 2023 48
Slide 49: Record EBITDA close to €1.1bn
From revenue to EBITDA RECORD EBITDA CLOSE TO €1.1BN L/L Reported In € millions FY 2023 FY 2022 change change Operating revenue 2,311 1,944 +17.4% +18.8% Operating and other revenue growth translates into higher EBITDA growth Other revenue 203 87 +158.1% +133.8% Good control of operating expense
Slide 50: Net profit, Group share
FY 2023 net profit NET PROFIT, GROUP SHARE Reported FY 2023 FY 2022 change In € millions EBITDA 1,094 836 +30.7% D&A excluding PPA (131) (107) PPA (62) (42) • Including €20m related EBIT 901 687 +31.1% to Reward Gateway Share of net profit from equity-accounted companies 0 2 acquisition Other income
Slide 51: Strong EBITDA to free cash flow conversion rate
EBITDA to FCF STRONG EBITDA TO FREE CASH FLOW CONVERSION RATE THANKS TO RECORD FUNDS FROM OPERATIONS FY 2023 FY 2022 In € millions EBITDA 1,094 836 Funds from operations (FFO) 730 673 Record FFO generation at €730m Higher float thanks to strong business Increase in cash linked to changes in floa
Slide 52: High level of cash flow bringing leverage ratio back to 1x EBITDA
Net debt as of December 31, 2023 HIGH LEVEL OF CASH FLOW BRINGING LEVERAGE RATIO BACK TO 1X EBITDA AFTER REWARD GATEWAY’S ACQUISITION Currency effects December 31, 2022 December 31, 2023 Free cash flow Acquisitions Shareholder return and other non- Net debt position Net debt position recurring items
Slide 53: Debt profile and maturity
DEBT PROFILE AND MATURITY Average debt maturity of 3.7 years Gross debt profile Gross debt 4500 €4.1bn 4.00% €3.3bn 3.4% 4000 3.50% 750 €2.8bn 35% 3500 3.00% 500 3000 2.2% 2.50% 62% 2500 2.00% 50% 2000 1.50% 700 0.7% 65% 1500 500 500 600 500 500 1.00% 400 1000 50% 0.50% 38% 500 0 0.00% 2024 2025 202
Slide 54: Capital allocation
CAPITAL ALLOCATION Proposed 2023 dividend1 Balanced capital deployment 1 Consistent capex policy to further drive innovation and €1.10 sales +10% vs. 2022 ▪ Capex = 7-8% of total revenue 2 Acquisitive in all 3 business lines ▪ €2bn+ in M&A fire power given current leverage and cash 1.10 generation 1
Slide 55: Agenda
AGENDA 1. 2023 results 2. BEYOND22-25: where do we stand? 3. FY 2023 detailed financial performance 4. Shaping the future 55
Slide 56: Edenred environment undergoing sustainable mutations
EDENRED ENVIRONMENT UNDERGOING SUSTAINABLE MUTATIONS Working world A new era of Data and transformations mobility AI1 revolution Talent war, increased focus Fleet manager demand for Real-time data analytics, on wellbeing & demand for greener and smarter mobility powered by Artificial personalized be
Slide 57: A fully integrated Benefits & Engagement platform
Edenred’s ambition A FULLY INTEGRATED BENEFITS & ENGAGEMENT PLATFORM 57
Slide 58: Reinforcing Benefits Beyond Food: RB acquisition in Brazil
REINFORCING BENEFITS BEYOND FOOD: RB ACQUISITION IN BRAZIL Attractive employee transport market Acquiring RB1 to drive scale 1999 Founded Mandatory benefit for employees c. 300 employees ~30% of total workforce using public transportation to commute Customers, with a 15,000+ daily strong SME foc
Slide 59: A unique platform integrating both Benefits & Engagement
A UNIQUE PLATFORM INTEGRATING BOTH BENEFITS & ENGAGEMENT 59
Slide 60: The end-to-end platform for seamless and efficient mobility management
Edenred’s ambition THE END-TO-END PLATFORM FOR SEAMLESS AND EFFICIENT MOBILITY MANAGEMENT 60
Slide 61: Fleet managers experiencing increased complexity due to e-mobility
FLEET MANAGERS ARE EXPERIENCING INCREASED COMPLEXITY DUE TO E-MOBILITY DEVELOPMENT Coexistence of combustion Fleet complexity engine, hybrid and electric vehicles in one fleet Diverse energy One objective: sources Fuel, ethanol and electricity Business Continuity ‘Make it work Multiple charging Work
Slide 62: With Spirii acquisition, Edenred best positioned to benefit from e-mobility
WITH SPIRII ACQUISITION, EDENRED IS NOW BEST POSITIONED TO BENEFIT FROM E-MOBILITY Integrated 360° Charging Solutions EV Services Road Work & Depot Home Fleet Services Hybrid card & mobile app for From project design & CP1 marketplace & data Energy & load management, CP1 location finder & remote ins
Slide 63: Spirii: a global SaaS platform offering EV charging solutions
SPIRII: A GLOBAL SAAS1 PLATFORM OFFERING A BROAD RANGE OF EV CHARGING SOLUTIONS Infrastructure Charge Point Management On-road services Energy and load 3rd party hardware Charge management, customer care, Station screen Climate impact reseller optimization reporting & insights Selected examples: Par
Slide 64: Leveraging the full potential of data and artificial intelligence
Edenred’s ambition LEVERAGING THE FULL POTENTIAL OF DATA AND ARTIFICIAL INTELLIGENCE 64
Slide 65: Strong foundations delivered to embrace data and GenAI revolution
STRONG FOUNDATIONS DELIVERED TO EMBRACE DATA AND GEN AI REVOLUTION Strong foundations delivered… …to improve efficiency on all dimensions 1 Individual productivity Data practitioners 200+ (including 65 experts) within Secured and private Edenred today version of ChatGPT for all Edenred employees Rol
Slide 66: Beyond22-25, further delivery expected ahead
Beyond22-25, further delivery expected ahead 66
Slide 67: In 2023, we have scaled the Edenred platform around levers
IN 2023, WE HAVE SCALED THE EDENRED PLATFORM AROUND 3 LEVERS #3. Expand in New Businesses Expand in Enriched business model #2. Extend Beyond new business opportunities Accelerate Beyond Food, #1. Scale the 10% Fuel and Core Payment Grow further in underpenetrated 30% core markets 60% Increased Tota
Slide 68: Edenred to accelerate the deployment of its Beyond22-25 plan
EDENRED TO ACCELERATE THE DEPLOYMENT OF ITS BEYOND22-25 PLAN Further market More of Beyond Leverage key Seize new penetration solutions platform attributes opportunities Attractiveness of Integrate and roll-out Connectivity (cross eMobility Edenred solutions recently acquired distribution) e
Slide 69: Further sustainable and profitable growth in 2024 and beyond
FURTHER SUSTAINABLE AND PROFITABLE GROWTH IN 2024 AND BEYOND Beyond22-25 targets confirmed for 2024 > +12% > 70% Like-for-like growth EBITDA to FCF conversion rate1 69 1. At constant regulation and methodologies
Slide 70: Enrich connections for good
Enrich connections. FOr QOOd
Slide 71: Appendices
APPENDICES
Slide 72: Operating revenue by region
OPERATING REVENUE BY REGION Q1 Q2 Q3 Q4 YTD In € millions 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Europe 324 270 353 281 342 283 415 355 1,434 1,189 France 86 76 83 74 78 71 101 94 348 315 Rest of Europe 238 194 270 207 264 212 314 261 1,086 874 Latin America 150 123 162 148 174 161 181 17
Slide 73: Operating revenue by business line
OPERATING REVENUE BY BUSINESS LINE Q1 Q2 Q3 Q4 YTD In € millions 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Benefits & Engagement 317 256 345 271 358 275 429 349 1,449 1,152 Mobility 136 117 147 135 147 143 147 144 577 539 Complementary Solutions 66 53 70 59 70 65 79 77 285 253 Operating reve
Slide 74: Benefits & Engagement take-up rate evolution
BENEFITS & ENGAGEMENT TAKE-UP RATE EVOLUTION Benefits & Engagement Take-up rate 5.5% +20 bps 5.3% 2022 2023 74
Slide 75: Other revenue
OTHER REVENUE Q1 Q2 Q3 Q4 YTD In € millions 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Europe 22 5 27 6 32 9 35 17 116 37 France 4 2 5 1 6 1 9 3 24 7 Rest of Europe 19 3 21 5 26 8 26 14 92 30 Latin America 12 7 12 10 20 11 21 14 65 42 Rest of the world 4 1 5 2 7 2 6 3 22 8 Other revenue 38 13
Slide 76: Total revenue
TOTAL REVENUE Q1 Q2 Q3 Q4 YTD In € millions 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Europe 346 275 380 287 374 292 450 372 1,550 1 226 France 90 78 88 75 83 72 111 97 372 322 Rest of Europe 256 197 292 212 291 220 339 275 1,178 904 Latin America 161 130 175 158 195 172 201 186 732 645 Rest
Slide 77: EBITDA & EBIT
EBITDA & EBIT In € millions 2023 2022 Reported Like-for-like In € millions 2023 2022 Reported Like-for-like Europe 736 536 +37.1% +33.4% Europe 630 458 +37.4% +36.9% France 141 117 +19.1% +19.2% France 113 93 +21.9% +22.2% Rest of Europe 595 419 +42.2% +37.4% Rest of Europe 517 365 +41.4% +40.7% Lat
Slide 78: 2023 free cash flow
2023 FREE CASH FLOW In € millions 2023 2022 Net profit attributable to owners of the parent 267 386 Non-controlling interests 41 31 Dividends received from equity-accounted companies 3 10 Difference between income tax paid and income tax expense 28 26 Non-cash income and expenses 391 220 = Funds fro
Slide 79: Summarized balance sheet
SUMMARIZED BALANCE SHEET In € millions Dec 23 Dec 22 In € millions Dec 23 Dec 22 Goodwill 2,779 1,605 Total equity (569) (613) Intangible assets 1,253 738 Property, plant & equipment 160 157 Gross debt and other financial Investments in associates 18 67 4,470 3,341 liabilities Non-current derivative
Slide 80: Average exchange rate
AVERAGE EXCHANGE RATE Average rates Spot rate as Spot rate as 2023 vs. 2022 2023 vs. 2022 2023 vs. 2022 2023 vs. 2022 2023 vs. 2022 of of €1 = X foreign currency Q1 2023 Q1 2022 Q2 2023 Q2 2022 Q3 2023 Q3 2022 Q4 2023 Q4 2022 YTD 2023 YTD 2022 31.12.2023 31.12.2022 Change (in %) Change (in %) Change
Slide 81: 2024 expected calendar effects
2024 EXPECTED CALENDAR EFFECTS Q1 Q2 Q3 Q4 2024 Nb of Nb of Nb of Nb of Nb of Working days days days days days days Europe (1) 1 1 1 2 Latin America (2) 2 1 2 4 Rest of the world (0) 0 1 1 1 TOTAL (1) 1 1 1 2 81