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New Services: Pro forma Financial Statements and Notes
December, 31, 2009
The new company will combine the prepaid and electronic payments expertise of both organizations. PrePay Solutions markets
prepaid card‐based solutions that enable public and private organizations to reduce costs and enhance efficiency.
In October 2009, New Services acquired Exit Group, the fourth largest provider of meal vouchers in the Czech Republic, and its
eight customer lists. With their strong synergies in terms of geographic coverage and customer bases, New Services Czech
Republic and Exit Group will combine to make New Services a market leader in this high potential region. The transaction was
completed at a price of €15 million (including € 12 million for the meal‐voucher business and €3 million for the customer lists)
paid in cash, plus €2 million in contingent consideration that will be paid in 2010. The difference between the cost of the business
combination and the net assets acquired amounted to €11 million before deferred taxes. Of this, €2 million was recognized under
“contractual customer relationships”. Exit Group generated €3 million in revenue in 2009.
B. Consolidation rate of the Venezuelan bolivar
On January 8, 2010, the Venezuelan monetary authorities devalued the bolivar fuerte (VEF), leading to an increase in the fixed
exchange rate against the US dollar to VEF 4.30 from VEF 2.15 pre‐devaluation.
During 2009, the official authorization to convert their bolivars Fuertes into dollars at the official rate was withdrawn from New
Services’ local subsidiaries.
Until then, New Services has used the official rate to translate the financial statements of its Venezuelan subsidiaries into euros
for the preparation of the pro forma financial statements.
At 31 st December 2009, the Group decided to translate the contributions of its Venezuelan subsidiaries at the rate expected to
apply when the local currency is repatriated, namely the devalued rate of the Bolivar as announced on January 8, 2010 by the
Venezuelan authorities.
The negative impact on profit before tax and non‐recurring items came to €39 million.