SECTION 1 -

- breakage revenues from vouchers that expire without being used, which
represented 0.6% of issue volume in 2009; and
- ancillary revenue from advertisements printed on vouchers and cards.
• Operating revenue without issue volume is revenue that is generated by the
Group’s business that is not derived from the issuance of vouchers or that is not
otherwise considered to be related to issue volume. Such revenue generally comes
from services such as the management of the reward and loyalty programs of Group
customers. A significant proportion of these revenues comes from pass‐through
billing to customers of goods and services purchased by the Group and, as such,
generates very low margins.
2.2.2.2 Financial revenue
Financial revenue is interest generated by investing funds received from customers for
prepaid vouchers the date of issuance of the vouchers and the date of redemption. Financial revenue
represented 0.8% of issue volume in 2009.
2.2.3 Funds from operations
The Group uses “funds from operations” (at constant scope of consolidation and exchange
rates) as a performance indicator. Funds from operations are calculated as follows:
• EBITDA,
• less net financial expense,
• less income tax expense,
• adjusted to eliminate non‐cash revenues and expenses included in EBITDA, and
• adjusted to eliminate net changes in financial provisions, provisions for income tax expense
and non‐recurring tax expense.
(in millions of euros)
53
2007
(pro forma)
2008
(pro forma)
2009
(pro forma)
EBITDA 345 396 363
Net financial expense (92) (87) (104)
Income tax paid (78) (83) (77)
Elimination of non‐cash revenue and expenses included in
EBITDA 2 9 3
Elimination of net changes in provisions included in net
financial expense, income tax expense and non‐recurring taxes (11) (18) (1)
Funds from operations 166 217 184
(%)
Reported growth in funds from operations N/A 30.7% (15.2%)
Growth in funds from operations at constant scope of
consolidation and exchange rates N/A 23.7% 13.2%