SECTION 1 -

Region
The following table presents operating revenue by region in 2008 and 2009.
Year‐end at December 31, Change (%)
At constant
scope of
consolidation
and exchange
2008
2009
Reported rates
(in millions of euros)
France 138 144 4.3% 4.2%
Europe (excluding France) 302 299 ‐1.0% 1.7%
Latin America and the Caribbean 316 306 ‐3.2% 4.9%
Rest of world 59 59 0.0% 3.6%
Global structures (1) 2 0 n.s. n.s.
Total 817 808 ‐1.1% 3.4%
(1) Operating revenue not specific to one geographic region.
In France, operating revenue was €144 million in 2009, reflecting growth of 4.2% (+€6
million) at constant scope of consolidation and exchange rates.
In Europe (excluding France), operating revenue rose by €5 million (+1.7%) at constant scope
of consolidation and exchange rates to €299 million in 2009. The 1.0% decline in the reported figure
was due to the depreciation of the British pound and Eastern European currencies.
In Latin America and the Caribbean, the Group’s operating revenue was €306 million, down
3.2% on a reported basis from €316 million in 2008 due to the impact of foreign exchange rates. At
constant scope of consolidation and exchange rates, operating revenue rose €15 million (+4.9%) in
2009. All countries in the region reported substantial growth, with the exception of Argentina, due to
the impact of the change in tax exemption regime. Excluding this effect, at constant scope of
consolidation and exchange rates, growth in operating revenue would have been 8.7%.
In the rest of the world, 2009 operating revenue remained stable at the reported level, but
advanced 3.6% at constant scope of consolidation and exchange rates (+€2 million).
In all regions, growth in operating revenue from issue volume was in line with the increase in
issue volume. On the other hand, overall growth in operating revenue was lower due to a more
limited increase in operating revenue without issue volume.
The following table presents operating revenue from issue volume as a percentage of issue
volume by region in 2008 and 2009.
58
Year‐end at December 31,
Region
2008
2009
(%)
France 4.3% 4.4%
Europe (excluding France) 5.8% 5.6%
Latin America and the Caribbean 5.2% 5.5%
Other countries 7.2% 6.5%
Total 5.3% 5.3%
In Europe, the slight decrease in operating revenue from issue volume as a percentage of
issue volume between 2008 and 2009 was due to more intense competition, which put pressure on
commissions in some markets.
2.4.2.3 Operating revenue by business line
In 2009, the employee and public benefits business contributed 79% of New Services’
operating revenue, with the performance products business accounting for the remaining 21%.