SECTION 1 -

and public benefit vouchers (Tickets Restaurant ® for example), principally with respect to the Group’s
operations in Italy. These guarantees cover prepaid services vouchers in circulation, which are
recorded as liabilities on the balance sheet.
The amount of guarantees increased over the period between 2007 and 2009, rising from
€69 million at December 31, 2007 to €83 million at December 31, 2008 and €90 million at December
31, 2009.
The following table details the guarantees granted by the Group at December 31, 2009.
(in millions of euros) < 1 year 1 ‐ 5 years > 5 years
Guarantees to public authorities on
sales of Ticket Restaurant ® in Italy
44 21 23
Guarantees for public tenders in Spain 1 0 0
Bank borrowing guarantees 1 0 0
2.7 Material contracts
In 2009, the only contracts (other than those entered into in the normal course of business)
entered into by any Group entity and involving a major commitment of the Group were the
transactions described in notes 2 (paragraphs A and B) and 39 of the historical combined financial
statements.
2.8 Significant events of early 2010
To the best of its knowledge, there has been no significant change in the financial and
operating condition of the Group since December 31, 2009 other than as described below in section
2.8 of this prospectus.
2.8.1 Revenues for the first quarter of 2010
In the first quarter of 2010, the Group’s revenue was €227 million, representing an increase
of 2.9% as compared to the first quarter of 2009. While changes in the scope of consolidation had a
positive impact of 4.0%, exchange rate fluctuations had a negative impact on revenue of 0.8%. This
negative impact was made up of a negative impact of 6.4% attributable to the Venezuelan bolivar
fuerte, which was partially offset by the positive impacts of 4.3% of the Brazilian real, 0.3% of the
Mexican peso and 0.1% of the pound sterling.
At constant scope of consolidation and exchange rates, the Group’s revenue declined slightly
by 0.4% (compared to a decline of 3.8% in the fourth quarter of 2009).
Operating revenue trends improved in the first quarter of 2010 (growth of 3.8% at constant
scope of consolidation and exchange rates compared to growth of 0.2% in the fourth quarter of 2009).
The Group has significant positive medium‐term growth drivers, both in emerging and developed
markets.
Financial revenue, on the other hand, remains very low, with a decline of 29.5% in the first
quarter of 2010 (compared to a decline of 31.1% in the fourth quarter of 2009). Lower interest rates
continue to negatively impact financial revenue. The period‐to‐period comparisons should be less
affected by higher rates in earlier periods, and thus should gradually improve after the end of the
second quarter of 2010.
1 st quarter
2009
70
1 st quarter
2010
Published
variation
Comparable
variation (1)
(in millions of euros)
Revenue
221 227 2,9% (0,4%)
Operating revenue
193 208 7,7% 3,8%
Financial revenue
28 19 (31,0%) (29,5%)
(1) At constant scope of consolidation and exchange rates.