SECTION 1 -

1.5 Group products and services
1.5.1 Introduction
The business of New Services is the provision of prepaid services, mainly to companies. New
Services is the global leader 19 in the market for employee and public benefits products and services.
The Group offers employers a wide range of products to motivate and retain employees and improve
their performance while contributing to their well‐being. The prepaid social‐aid services programs
developed by New Services help local authorities and public institutions to allocate public assistance
and benefits fairly. The Group is also a major player in the market for performance products.
The Group aims to put its unique expertise, both in employee and public benefits and in
performance products, to work in markets where strong growth is driven by favorable demographic
and socio‐economic factors.
Since the launch of the Ticket Restaurant ® meal voucher in France in 1962, New Services has
designed, managed and developed programs and prepaid services for companies and public
authorities, facilitating everyday life and fostering the well‐being of millions of people worldwide.
Present in 40 countries with 33 million users, New Services had 490,000 corporate and public
authority customers and 1.2 million affiliated merchants as of December 31, 2009.
Although the Group is organized geographically from a management standpoint (see note 3
to the pro forma financial statements included in this prospectus), each segment of the Group’s
business is described separately for ease of understanding.
1.5.2 Employee and public benefits products and services
In 2009, employee and public benefits contributed €11 billion, or approximately 88% of
Group issue volume, involving 390,000 businesses and public sector customers, 23 million users and
900,000 affiliates in 33 countries. Issue volumes in this segment have grown an average of 7% since
2005, including 6% growth in meal voucher issuances and 17% in non‐food vouchers.
1.5.2.1 Employee benefits
The employee benefit business aims to help companies motivate and retain employees and
enhance their performance while improving their working environment, contributing to their well‐
being and strengthening their purchasing power.
The Group offers a wide range of products to companies worldwide, both in developed and
emerging countries. These products and services take advantage of tax and/or social security benefits
that help governments implement social policies in such fields as nutrition, work‐life balance, social
cohesion and economic activity.
(a) Economic and social value of the employee benefit programs
The programs developed and marketed by New Services as part of its employee benefit
business are part of major policy initiatives for government entities. The Group’s products help
governments to (i) increase workers’ purchasing power, (ii) create employment and support certain
sectors of the economy (particularly the restaurant and food industries, household employment and
domestic care services), (iii) guarantee that the aid provided reaches the intended recipients, (iv)
implement public health programs (such as the fight against obesity), (v) transform the informal
economy into a real economy and (vi) satisfy employees demands irrespective of the size of the
company they work for, while avoiding any form of discrimination.
19
Source: Company estimates
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