SECTION 1 -

2.2.2 Revenue
Growth in issue volume since 2003 (in billions of euros)
6.8
7.1
8.4
52
10
11.4
12.7 12.4
2003 2004 2005 2006 2007 2008 2009
The Group’s total revenues grew at an average annual rate of 12.0% between 2003 and
2009, as illustrated in the chart below.
Growth in revenue since 2003 (in millions of euros)
The Group’s revenue includes operating revenue that is directly related to the products and
services provided by the Group, and financial revenue from the investment of funds generated by
prepaid products and services.
2.2.2.1 Operating revenue
Group operating revenue is generated by sales of products and services. The Group has two
principal sources of operating revenue: operating revenue generated by issue volume, and operating
revenue without issue volume.
• Operating revenue generated by issue volume is generated by the issuance of
vouchers. It represented 5.3% of issue volume in 2009, including the following:
- commissions received from customers, i.e., commissions on voucher sales
and all related amounts billed to customers (delivery costs, voucher
personalization fees, etc.), all of which represented 1.6% of issue volume
in 2009;
- redemption commissions charged to merchants, which are generally
deducted from redemption payments, and related fees that are billed to
affiliated merchants (start‐up fees, monthly subscription fees, etc.), all of
which represented 3.1% of issue volume in 2009;