SECTION 1 -

this performance, with growth in issue volume of 3.9% at constant scope of consolidation and
exchange rates.
In Hispanic Latin America, revenues, which rose by 2.0% at constant scope of consolidation
and exchange rates, were still impacted by the change in prepaid benefits in Argentina. The overall
revenue growth is attributable to a 10.8% increase in operating revenues, partially offset by a 42.9%
decline of financial revenue. Outside of Argentina, issue volume in Hispanic Latin America rose by
16.7% at constant scope of consolidation and exchange rates and operating revenue rose by 16.5%.
The effect of the negative basis of comparison in Argentina will end in August 2010.
2.9 Statement on working capital
The Company believes that the consolidated working capital of the Group is sufficient (i.e.,
the Group has sufficient liquidity and capital resources) to fulfill its obligations during the 12 months
following the date of the AMF’s visa on this prospectus.
2.10 Shareholders’ equity and indebtedness
In accordance with the CESR (Committee of European Securities Regulators)
recommendations of February 2005 (CESR/05‐054b, paragraph 127), the following table presents the
Group’s pro forma shareholders’ equity and indebtedness as of December 31, 2009 and March 31,
2010 based on the related IFRS line items.
(in millions of euros)
Shareholders’ equity and indebtedness
72
Pro forma
31/12/2009
Pro forma
31/03/2010
Current debt 51 45
Guaranteed ‐ ‐
Secured ‐ ‐
Unsecured 51 45
Non‐current debt 1,515 1,514
Guaranteed ‐ ‐
Secured ‐ ‐
Unsecured 1,515 1,514
Shareholders’ equity (Group share) excluding
profit as of 03.31.2010 (1) (1,204) (1,138) (2)
Share capital 451 451
Legal reserve ‐ ‐
Other reserves including 2009 results (1,655) (1,589)
Analysis of net financial debt
A. Cash 41 60
B. Cash equivalents ‐ ‐
C. Marketable securities 1,222 1,100
D. Liquidity (A) + (B) + (C) 1,263 1,160
E. Current financial debt ‐ ‐