SECTION 1 -

media to suit products and customer needs; creating differentiating solutions; and organizing its sales
force on a multi‐product basis.
New Services estimates that the penetration rate at the end of 2009 remains low in a
number of key markets, representing a potential source of growth for the Group. Penetration rates
correspond to the number of beneficiaries as a percentage of the eligible active population (stipulated
by the regulations in force in each country). The chart below shows the estimated penetration rate as
a percentage of the eligible active population in several countries where the Group is present:
Penetration rates
75%
70%
65%
60%
55%
50%
45%
40%
35%
30%
25%
(in %)
Uruguay
Czech Republic
Slovakia
Hungary
20%
Chile
15% Bulgaria
Italy France
10%
5%
0%
Austria
Greece
Turkey
Peru
Spain
100 1,000
Portugal
10,000 100,000
19
Romania
Belgium
Venezuela
Mexico
(a) Adapting sales and distribution channels to the size of customers
Brazil
Targeted population
( in thousands)
New Services has identified numerous customer segments in its markets that have not yet
been fully exploited. In Brazil for example, in 2009 the potential market for meal vouchers (i.e., the
number of private sector employees (outside of the informal economy) who did not receive meal
vouchers) was approximately 30 million employees according to the Group’s estimates, 1.4 million of
which worked in companies with more than 500 employees. In order to reach these potential
customers, New Services has adapted its marketing strategy to the size of the target customer, using:
• Individual, in‐person marketing for major customers;
• call centers for small and medium‐sized companies; and
• on‐line marketing for very small businesses.