SECTION 1 -

2.4.1.2 Issue volume by business line
In 2009, the employee and public benefits business accounted for approximately 88% of New
Services’ issue volume, while the performance products business (prepaid services contributing to the
performance of organizations) accounted for the remaining 12%.
The proportion of issue volume from the employee and public benefit business was 84% in
France, 96% in Europe (excluding France), 84% in Latin America and the Caribbean, and 89% in the
rest of the world.
The performance products business represented 16% of issue volume in France, 4% in
Europe (excluding France), 16% in Latin America and 11% in the rest of the world.
2.4.2 Revenue
In 2009, the Group’s pro forma revenue was €902 million, an increase of 1.0% at constant
scope of consolidation and exchange rates compared to 2008. Operating revenue rose 3.4% at
constant scope of consolidation and exchange rates in 2009, but financial revenue declined 15% due
to lower market interest rates.
The Group’s 2009 pro forma revenue fell by 4.7% on a reported basis compared to €946
million recorded in 2009. This was principally due to an adverse foreign exchange impact of €51
million, arising from the same currency fluctuations that affected issue volume.
2.4.2.1 Operating revenue
In 2009, the Group’s pro forma operating revenue was €808 million, representing a rise of
3.4% at constant scope of consolidation and exchange rates as compared to 2008. All of the regions
in which the Group operates reported growth, mainly due to the increase in issue volume at constant
scope of consolidation and exchange rates. However, the change in the tax exemption regime in
Argentina introduced in March 2008 caused a 1.4% decrease in the Group’s operating revenue in
2009.
Reported pro forma operating revenue decreased 1.1% as compared to the 2008 level of
€817 million, principally due to a negative foreign exchange impact of €44 million in 2009.
Operating revenue generated by issue volume amounted to €661 million in 2009. This was
equivalent to 5.3% of issue volume in 2009, representing the same percentage of issue volume
recorded in 2008.
Operating revenue without issue volume was €147 million in 2009, compared to €144 million
in 2008. This revenue relates mainly to marketing services activities (incentive and loyalty program
management) in a number of countries, the largest of which are Germany (Quasar) and certain Asian
countries (Surfgold). However, a significant proportion of these revenues is generated by billing
customers on a pass‐through basis for goods and services purchased by the Group and, as such,
generates very low margins.
2.4.2.2 Operating revenue by region
In 2009, France accounted for 18% of the Group’s operating revenue. Europe (excluding
France), Latin America and the Caribbean and the rest of the world accounted for 37%, 38% and 7%,
respectively. This breakdown was similar to that of 2008, despite the foreign exchange impact in
Latin America and the Caribbean.
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