SECTION 1 -

(in millions of euros)
73
Pro forma
31/12/2009
Pro forma
31/03/2010
F. Current bank debt 41 34
G. Current portion of non‐current debt ‐ ‐
H. Other current financial debt 10 11
I. Total current financial debt (F) + (G) + (H) 51 45
J. Net current financial debt (I) – (E) – (D) (1,212) (1,115)
K. Borrowings due in over one year 900 900
L. Bonds issued (Bridge to Bonds) 600 600
M. Other borrowings due in over one year 15 14
N. Non‐current financial debt (K) + (L) + (M) 1,515 1,514
O. Net debt (J) + (N) 303 399 (2)
1. The variation reflects a €29 million exchange rate effect and a €35 million offset to the pro
forma adjustments to net income.
2. Based on the unconsolidated financial statements, the historical shareholders’ equity excluding
profit and net indebtedness as of March 31, 2010 amounted to €22,000 and €29,000,
respectively.
2.11 Related party transactions
The transactions entered into by the Company with related parties (as defined in section 9.4
of this prospectus) consist of agreements to be entered into with Accor that are described in section
6.3.1.1(d) and in note 29 to the pro forma financial statements presented in section 10.2.1 of this
prospectus.
3.1 Legal risks
SECTION 3 ‐ RISK FACTORS
Changes in laws and regulations governing special tax treatment of the Group’s employee and
public benefits products
In certain countries, some of the Group’s products benefit from special tax regimes. These
tax regimes relate mainly to its employee and public benefits products, including the Ticket
Restaurant ® and the Ticket Alimentación ® . Employee and public benefits products accounted for
approximately 88% of Group issue volume in 2009, a significant portion of which was generated in
three principal countries – France, Italy and Brazil.
These laws and regulations could change in a manner that would have an adverse effect on the
Group. Recently, for example, in response to growing budget deficits, some governments have reduced
income tax or social security charge exemptions on these types of products. These actions, often in
response to difficult economic conditions, could continue. Because the tax exemption is important to
the development and profitability of these products, a change in laws or regulations could cause a
decrease in issue volumes. For more information on the impacts of recent changes to the applicable tax
regime in Argentina, see sections 2.4.1.1, 2.4.2.1, 2.4.2.2, 2.5.1.1 and 2.5.2.2 of this prospectus.
See section 1.11 of this prospectus for a more detailed description of the various regulations
to which the Group and its products are subject and, in particular, the presentation of French and
Brazilian regulations included in sections 1.11.1.2 and 1.11.1.3 of this prospectus.