SECTION 1 -

Romanian ron and the British pound. Issue volume also decreased by €225 million due to changes in
the scope of consolidation, mainly in Brazil.
As a result, issue volume of €12,407 million in 2009 represents a decline on a reported basis
of 2.3% from €12,696 million in 2008.
2.4.1.1 Issue volume by region
In 2009, France accounted for approximately 21% of the Group’s issue volume. Europe
(excluding France), Latin America and the Caribbean and the rest of the world accounted for
approximately 35%, 41% and 3%, respectively. The contribution from Latin America and the
Caribbean declined compared to 2008 (when it represented 44% of the total) due to the impact of
foreign exchange rates.
region.
The following table presents issue volume in 2008 and 2009 broken down by geographic
Year‐end at December 31, Change (%)
At constant
scope of
Region
consolidation
and exchange
2008 2009 Reported rates
France 2,391
(in millions of euros)
2,570 7.5% 7.5%
Europe (excluding France) 4,332 4,372 0.9% 4.8%
Latin America and the Caribbean 5,624 5,111 ‐9.1% 5.4%
Rest of world 349 354 1.4% 8.5%
Total 12,696 12,407 ‐2.3% 5.7%
In France, issue volume rose 7.5% at constant scope of consolidation and exchange rates
(+€179 million) to €2,570 million in 2009. All activities in France reported growth, particularly the
Ticket CESU ® business.
In Europe (excluding France), issue volume grew 4.8% from 2008 levels (+€209 million) at
constant scope of consolidation and exchange rates, to €4,372 million in 2009. This growth was
driven primarily in Italy, Belgium and the United Kingdom. In contrast, business in Romania suffered
from particularly difficult economic conditions.
There was a €40 million increase in reported issue volume in Europe (excluding France)
compared to 2008 levels. The difference compared to growth levels at constant scope of
consolidation and exchange rates is principally attributable to the depreciation of the British pound
and Eastern European currencies.
In Latin America and the Caribbean, the Group’s issue volume rose €302 million at constant
scope of consolidation and exchange rates to €5,111 million in 2009, up 5.4% as compared to 2008.
All countries in the region reported substantial growth, with the exception of Argentina, where the
impact of a change in the tax exemption regime, introduced on a phased basis beginning in March
2008, resulted in a 63% drop in issue volume in 2009. Excluding this impact, at constant scope of
consolidation and exchange rates, growth would have been 9.3%.
On a reported basis, 2009 issue volume in Latin America and the Caribbean declined by 9.1%,
or €513 million, compared to €5,624 million recorded in 2008, due to the negative impact of exchange
rates (particularly the devaluation of the Venezuelan bolivar fuerte as well as the weakening of the
Brazilian real and the Mexican peso against the euro).
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