SECTION 1 -

esulting from the acquisition of Prepay Technologies in the United Kingdom had a €65 million
positive impact on issue volume.
As a result, issue volume of €12,696 million in 2008 was up 11.0% on a reported basis as
compared to the 2007 level of €11,437 million.
2.5.1.1 Issue volume by region
In 2008, France accounted for approximately 19% of the Group’s issue volume. Europe
(excluding France) accounted for approximately 34%, with Latin America and the Caribbean and the
rest of the world accounting for 44% and 3%, respectively.
The following table presents a breakdown of issue volume in 2007 and 2008 according to
geographic region.
Year‐end at December 31, Change (%)
At constant
scope of
Region
consolidation
and exchange
2007
2008
Reported rates
France 2,158
(in millions of euros)
2,391 10.8% 10.8%
Europe (excluding France) 3,836 4,332 12.9% 13.9%
Latin America and the Caribbean 5,148 5,624 9.2% 13.5%
Rest of world 295 349 18.3% 26.5%
Total 11,437 12,696 11.0% 13.5%
In France, reported issue volume grew by €233 million, or 10.8%, to €2,391 million in 2008.
All activities in France enjoyed growth, particularly the Ticket CESU ® business.
In Europe (excluding France), issue volume rose 13.9% as compared to 2007 levels at
constant scope of consolidation and exchange rates (+€534 million) to €4,332 million in 2008. This
growth was driven particularly by the Group’s performance in Italy, Romania, Belgium and the United
Kingdom.
On a reported basis, issue volume in Europe (excluding France) rose €496 million as
compared to 2007. The difference between the reported and growth levels at constant scope of
consolidation and exchange rates is principally due to the depreciation of the British pound and
Eastern European currencies, as well as the impact of the acquisition of Prepay Technologies in the
United Kingdom on the Group’s scope of consolidation.
In Latin America and the Caribbean, the Group’s issue volume rose 13.5% at constant scope
of consolidation and exchange rates to €5,624 million in 2008 (+€693 million as compared to 2007).
All countries in the region enjoyed substantial growth with the exception of Argentina, due to the
impact of the change in the tax exemption regime introduced on a phased basis in March 2008.
Excluding this impact, at constant scope of consolidation and exchange rates, growth would have
been 17.1%.
Nevertheless, there was a €217 million negative foreign exchange impact on reported issue
volume in Latin America and the Caribbean compared to the 2007 level of €5,148 million, principally
due to the weakness of the Venezuelan bolivar fuerte and the Mexican peso against the euro.
2.5.1.2 Issue volume by business line
In 2008, the employee and public benefits business accounted for approximately 89% of New
Services issue volume, while the performance products business accounted for the remaining 11%.
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