SECTION 1 -

(b) Products
Tickets Restaurant ® and Tickets Alimentación ® are New Services’ leading products. New
Services is a leader in the meal and food voucher market in all the countries where the Ticket
Restaurant ® or the Ticket Alimentación ® is issued.
In 2009, Ticket Restaurant ® and Ticket Alimentación ® accounted for 78% of issue volume and
63% of the Group’s pro forma operating revenue.
Ticket Restaurant ®
Launched in 1962, the Ticket Restaurant ® voucher enables employees with no access to
cafeteria facilities to have lunch outside the workplace in an affiliated restaurant of their choice. The
meal voucher provides a simple alternative to corporate catering structures, particularly in the case of
small and medium‐sized companies, while fostering employee loyalty.
Tickets Restaurant ® are currently distributed in 26 of the countries in which the Group
operates. In these countries, all employers are entitled to order meal vouchers for their employees,
regardless of the size of the company. In certain countries, public sector employees can also benefit
from Tickets Restaurant ® , as has been the case in France since 2002 for employees who do not benefit
from an accessible cafeteria.
Tickets Restaurant ® can be ordered online. Employers can opt to place an order once a
month or set up a monthly standing order. These vouchers are mainly issued by New Services in
paper form and are sold either individually or in the form of a booklet containing one voucher for
every day of the month. In 2009, the bulk of Tickets Restaurant ® were still being issued in paper form
despite the progressive shift towards electronic formats.
Employers are free to decide on the face value of meal vouchers that they grant to their
employees. The value of the voucher is influenced by limits imposed by the government concerning
the eligibility for income tax and/or social security charge exemptions on employer contributions. In
France, for example, meal vouchers are co‐financed by the employer and the employee. The
employer’s contribution (accounting for between 50% and 60% of the voucher’s face value) is exempt
from all payroll and social security tax charges for up to a maximum of €5.21 per voucher (see section
1.11.1.2 “Regulations applicable in France” in this prospectus).
The average face value of a Ticket Restaurant ® voucher varies from country to country.
According to a study carried out by ICOSI in 2004, the average face value was €1.47 in Romania, €1.76
in the Czech Republic, €5.50 in Belgium, €6.50 in France and €6.60 in Sweden. According to the
French National Meal Voucher Commission (CNTR), the average face value of meal vouchers issued in
France in 2008 was approximately €6.95.
The Ticket Restaurant ® may be used in restaurants (and certain similar food service
establishments as provided by applicable regulation) within New Services’ affiliate network. As of
December 31, 2009, there were 164,000 affiliated food providers 23 in France, 116,000 in Brazil and
107,000 in Italy.
In France, beneficiaries may use one voucher per meal, although in practice, two are often
allowed. They cannot be used on Sundays or holidays. In general, the merchants do not give cash
back for the unspent amounts of the meal vouchers.
In 2009, meal vouchers accounted for 52% of the Group’s issue volume and 40% of pro forma
operating revenue.
23 Restaurants, bakeries, take out restaurants.
29