2.1.3 Dividend and payout ratio

The Group recommends a dividend of €0.75 in respect of the fiscal year 2020. Consistent with the Group’s growth profile, performance and solid financial position, the dividend is up 7.1% from last year. Shareholders may opt to receive the dividend 100% in cash or 100% in shares, with a 10% discount. The dividend will be submitted to the shareholders’ approval at Edenred’s Annual General Meeting to be held on May 11, 2021.

For more information on the capital allocation policy, see the Introduction, page 14.



2.1.4 Liquidity and financial resources

Cash flows[1]


Net cash from operating activities corresponds to funds from operations before other income and expenses, plus the change in working capital (i.e., the recurring increase in negative working capital requirement) plus the change in restricted cash.

Restricted cash corresponds mainly to voucher reserve funds subject to special regulations in the following countries: the United Kingdom (€985 million), France (€880 million), Belgium (€377 million), Romania (€120 million), the United States (€88 million), Brazil (€40 million), Mexico (€25 million), Italy (€19 million), Taiwan (€13 million), the United Arab Emirates (€11 million), Bulgaria (€11 million) and Uruguay (€7 million).


[1] See the consolidated statement of cash flows on page 223 and Note 4.6 to the consolidated financial statements, page 240.