SECTION 1 -

Key Ratios and Indicators
New Services: Pro forma Financial Statements and Notes
December, 31, 2009
Like-for-like growth in issue volume +11,0% +13,5% +5,7%
Operating margin 2,8% 2,9% 2,6%
EBIT/Issue volume
Note December
31, 2007
December
31, 2008
December
31, 2009
Like-for-like growth in Funds from Operations (a) N/A 23,7% 13,2%
Unleveraged free cash flow (b) 343 294 280
Note (a): Growth in funds from operations is calculated as follows:
(in € millions)
Notes
December
31, 2007
December
31, 2008
December
31, 2009
EBITDA 5 345 396 363
- Net financial expense 8 (92) (87) (104)
- Income tax expense 10 (78) (83) (77)
- Elimination of non-cash revenue and expenses included in EBITDA 2 9 3
- Elimination of provision movements included in net financial expense,
income tax expense and non-recurring taxes
(11) (18) (1)
Funds from Operations 166 217 184
Growth in Funds from Operations N/A 30,7% (15,2)%
Like-for-like growth in Funds from Operations N/A 23,7% 13,2%
Note (b): Unleveraged free cash flow is calculated as follows:
EBIT 7 320 365 327
Elimination of financial revenue from unrestricted float 3.2 (81) (110) (72)
Adjusted EBIT 239 255 255
Standard tax rate 10.2 30,5% 28,6% 31,0%
Tax on adjusted EBIT (73) (73) (79)
Elimination of depreciation, amortization and provision expense 6 25 31 36
Recurring expenditure 24 (18) (24) (30)
Decrease (increase) in working capital 23.1 189 154 111
Recurring decrease (increase) in restricted cash 23.2 (19) (49) (13)
Unleveraged free cash flow 343 294 280
Net debt at end of period 20 (429) (323) (303)
243
Note
Déc.
2007
Déc.
2008
Déc.
2009