SECTION 1 -

Global structures (1) 0 2 n.s. n.s.
Total 741 817 10.3% 9.7%
(1) Operating revenue not specific to one geographic region.
In France, operating revenue was €138 million in 2008, reflecting a rise of €15 million
(+11.5%) at constant scope of consolidation and exchange rates.
In Europe (excluding France), operating revenue rose by €9 million (+3.4%) at constant scope
of consolidation and exchange rates, to €302 million in 2008. Reported growth of 8.5% was primarily
driven by the acquisitions of Quasar and Prepay Technologies (€20 million) and was partially offset by
a negative foreign exchange impact of €7 million from the depreciation of the British pound and
Eastern European currencies.
In Latin American and Caribbean, the Group reported operating revenue of €316 million, up
9.3% as compared to 2007 levels (€289 million). At constant scope of consolidation and exchange
rates, operating revenue increased €38 million in 2008, up 13% as compared to 2007 levels. 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 in March 2008. Excluding this effect, at
constant scope of consolidation and exchange rates, growth in operating revenue would have been
16.6%.
In the rest of the world, the Group reported an increase of €13 million in operating revenue,
of which €9 million resulted from the acquisition of Surfgold in Asia.
The following table sets forth the ratio of the Group’s operating revenue with issue volume,
to the Group’s issue volume, by region in 2007 and 2008.
63
Year‐end at December 31,
Region
2007
2008
%
France 4.3% 4.3%
Europe (excluding France) 6.0% 5.8%
Latin America and the Caribbean 5.3% 5.2%
Rest of world 7.0% 6.9%
Total 5.4% 5.3%
In Europe, there was a slight decrease between 2007 and 2008 due to more intense
competition, which put pressure on commissions in some markets.
2.5.2.3 Operating revenue by business line
In 2008, the employee and public benefits business contributed 80% of New Services’
operating revenue, with the performance products business accounting for the remaining 20%.
The proportion of operating revenue generated by the employee and public benefits
business was 65% in France, 82% in Europe (excluding France), 86% in Latin America and the
Caribbean and 73% in the rest of the world.
The performance products business contributed 35% of issue volume in France, 18% in
Europe (excluding France), 14% in Latin America and the Caribbean and 27% in the rest of the world.
2.5.2.4 Financial revenue
In 2008, the Group’s pro forma financial revenue was €129 million, reflecting an increase of
38% at constant scope of consolidation and exchange rates as compared to 2007. Reported pro
forma financial revenue rose 34.2% compared to the 2007 figure of €96 million.