CO CONF NFERE RENCE NCE CA CALL Q3 3 2010 2010 Rev Reven - - PowerPoint PPT Presentation

October 19, 2010

CO CONF NFERE RENCE NCE CA CALL Q3 3 2010 2010 Rev Reven enue

Q3 2010 Highlights

2 October 19, 2010

Fas Faster er Issu ssue Vol

• lum

ume Gro rowth th:

up 13. 13.7% L/L in Q3 3 2010 2010 vs

• vs. 7.8%

% L/L in H1 H1

Finan ancial al R Rev even enue e : dow down 11.6% L/L in Q3 3 2010 2010 vs vs. . 25. 25.3% L/ L/L in n H1 H1

 No No maj ajor cha hange nge in in Eur urope

• pe

 Lat atin Ame meri rica be bene nefiting ng fr from hi highe gher inter eres est rat ates es an and an an increas eased ed float at in in Brazi zil

Fas aster er O Oper erat ating Rev even enue e Growth: up 9 up 9.5% L/L in Q3 3 2010 2010 vs vs. . 4. 4.2% L % L/L in H1 H1

 Emergi ging ng mar arket ets :  Good

• od mom
• ment

ntum um in in Lat atin Amer erica, a, refl flecti ting a bo boom

• ming

ng econom

• nomy, partic

icula larly ly in in Brazi zil (increas ease in in th the num numbe ber of

• f pe

peopl

• ple in

in work), ), an and a fav avorab able bas asis of

• f com
• mpa

parison

• n

 Eur urope

• pe :

 Fi First signs gns of

• f jobl
• bless rat

ate stabilizi ilizing in in Wes ester ern Eur urope

• pe

 Env nvironm

• nment

nt rem emai ains cha hallengi nging ng in in Eas aster ern Eur urope

• pe

September-end 2010 (YTD) Issue Volume: €9,843m

October 19, 2010 3

+9. 9.7% 7%

• 2.

2.4% 4% +7. 7.9% 9%

Li Like-fo for-lik like €886m 886m Cur urrenc ncy €(221) 221)m Scope

• pe

€59m 59m Rep eported ed €724m 724m

+0. 0.6% 6%

Issue ue V Vol

• lum

ume (L/ L/L) L)

Faster Issue Volume (IV) growth in Q3, reflecting good overall momentum and a favorable basis of comparison in Latin America

7. 7.4% 8. 8.1% 3. 3.6% 3. 3.8% 5. 5.7% 7. 7.2% 8. 8.4% 13. 13.7% 9. 9.7% Q1 09 Q2 09 Q3 09 Q4 09 FY 09 Q1 10 Q2 10 Q3 10 YTD 10

YTD 2010 Issue Volume Growth by region

4

 Fr France: Q3 IV growth in line with Q2, which was up 3.2% L/L once restated from the Social CESU program*  Re Rest of

• f Eur

urope pe: first signs of stabilization in Western Europe but environment remains challenging in Eastern Europe  Lat atin Ame merica: Q3 IV growth led by strong performance in Brazil and Venezuela Q1 Q1 Q3 Q3

L/ L/L G L Grow

• wth

h

France +4.7%

• 7.9%

+3.2%

• 0.4%

Rest of Europe +4.9% +5.6% +6.1% +5.5% Latin America +10.6% +17.9% +22.8% +17.3% Rest of the world +5.4% +18.5% +19.4% +14.3% TOTA TAL +7.2% +8.4% +13. 3.7% +9.7% Q2 Q2 YTD TD

October 19, 2010

Good overall momentum, led by a strong performance in Latin America and first signs of jobless rates stabilizing in Western Europe

* A one off initiative by the French government to support people most hurt by the recession, representing an issue volume of €71m in June 2009

YTD Operating Revenue: €629m

5

+5. 5.9% 9%

• 0.

0.7% 7%

Li Like-fo for-lik like €34m 34m Cur urrenc ncy €(4 (4)m )m Scope

• pe

€17m 17m Rep eported ed €47m 47m

+2. 2.9% 9%

Ope perating ng Rev evenue Cur urrenc ncy effect *

Q1 Q1 Q2 Q2 Q3 Q3 YTD TD BRL RL +4.7% +5.7% +5.3% +5.2% VEF VEF

• 6.7%
• 6.4%
• 11.1%
• 8.0%

Other er +1.4% +2.4% +2.5% +2.1% TO TOTA TAL

• 0.

0.6% 6% +1. 1.7% 7%

• 3.

3.3% 3%

• 0.

0.7% 7%

+8. 8.1% 1%

* See exchange rates on slide 18 and 19. Full impact of the change in Bolivar exchange rate

• ver the past 9 months has been recorded in Q3 figures.

October 19, 2010

Improvement in reported Operating Revenue in Q3 (+9.0% vs. +7.7% in H1), despite a less favorable Bolivar exchange rate* (5.3 VEF/$ vs. 4.3 previously)

7.7 .7% 7.6 .6% 9.0 .0% 8.1 .1%

3. 3.8% 4. 4.5% 9. 9.5% 5. 5.9%

Q1 10 Q2 10 Q3 10 YTD 10

Like-for-like Reported

France YTD Operating Revenue: €101m

6

 Meal eal vouc

• uche

hers: : Good performance in Q3, with operating revenue up 11.7% L/L  Inc ncenti ntive & & Rew Rewar ards: : A more cyclical business and a highly competitive environment (IV down 2.6% L/L in Q3)

October 19, 2010

4. 4.2% 1. 1.9% 8. 8.6% 4. 4.7% Q1 Q2 Q3 YTD

Rest of Europe YTD 2010 Operating Revenue: €222m

7

 UK UK: Strong demand in Childcare Vouchers partly offset by persistently challenging conditions in Gift vouchers  Belg lgiu ium: Good performance by Meal eal vouc uche hers (Operating revenue excl. Ecocheque up 4.5% L/L in Q3) an and Ecoc

• che

heque que

Q1 Q1 Q3 Q3

L/ L/L G L Grow

• wth

h

UK +2.1% +5.4% +3.7% +3.7% Belgium +19.3% +22.3% +22.5% +21.3% Italy

• 2.4%
• 3.9%
• 2.3%
• 2.9%

Romania

• 18.5%
• 36.2%
• 33.7%
• 29.4%

TOT OTAL REST EST OF OF EU EUROPE OPE +0.3%

• 1.4%

+3.6% +0.7% Q2 Q2

 It Italy: First signs

• f

jobless rates stabilizing, but still some pressure on customer fees leading to a decline in

• perating revenue

 Ro Roman ania: Tough economic environment (strong competition and pressure on customer fees) leading to a sharp decline in both volume and take up rate

YTD TD

October 19, 2010

Latin America YTD 2010 Operating Revenue: €258m

8

 Braz azil: Both Benefits and Performance products driven by favorable macroeconomic conditions and good sales performance

 Strong growth in Food & Meal vouchers: operating revenue up 14.5% L/L in Q3 vs. 8.5% in Q2  Strong momentum for Ticket Car: operating revenue up 15.3% L/L in Q3 vs. 8.4% in Q2

 Hisp ispanic ic La Lati tin n America ica:

 Ven enezuel ela: A favorable local environment, with face value up 18% in Q3 Q1 Q1 Q3 Q3

L/ L/L G L Grow

• wth

h

Brazil +7.6% +8.6% +12.9% +9.8% Hispanic Latin America +10.8% +15.5% +21.7% +16.0% TOTAL LATI TIN A N AMERI RICA +9.1% +11.7% +16. 6.6% +12. 2.6% Q2 Q2 YTD TD

October 19, 2010

Good momentum and a favorable basis of comparison

YTD 2010 Financial revenue: €58m

9

Q1 Q1 Q3 Q3

L/ L/L G L Grow

• wth

h

France

• 27.9%
• 28.3%
• 17.9%
• 25.1%

Rest of Europe

• 20.3%
• 19.0%
• 19.1%
• 19.5%

Latin America

• 38.7%
• 16.4%

+2.5%

• 20.6%

Rest of the world

• 30.1%
• 11.5%
• 4.7%
• 16.2%

TOTA TAL

• 29.

9.5%

• 20.

0.4%

• 11.

1.6%

• 21.

1.1% Q2 Q2

Fina nanc ncial R Revenue nue (L/ L/L) L)

YTD TD

October 19, 2010

Slowdown of financial revenue decline in Q3, mainly due to Latin America, benefiting from higher interest rates and an increased float in Brazil

• 29.

29.5%

• 20.

20.4%

• 11.

11.6% 6%

• 21.

21.1% Q1 10 Q2 10 Q3 10 YTD 10

YTD 2010 Total Revenue: €687m

10

+2. 2.8% 8% +2. 2.5% 5%

• 0.

0.8% 8% +4. 4.6% 6%

Li Like-fo for-lik like €19m 19m Cur urrenc ncy €(5 (5)m )m Scope

• pe

€17m 17m Rep eported ed €30m 30m

 Like-for-like revenue growth of 2.8%, of which:  Currency effect*:

Q1 Q1 Q2 Q2 Q3 Q3 YTD TD BRL RL +4.3% +5.4% +5.1% +5.0% VEF VEF

• 6.4%
• 6.1%
• 10.7%
• 7.7%

Other er +1.3% +2.3% +2.4% +1.9% TO TOTA TAL

• 0.

0.8% 8% +1. 1.6% 6%

• 3.

3.2% 2%

• 0.

0.8% 8%

October 19, 2010

* See exchange rates on slide 18

L/ L/LG LGrow

• wth

Q1 Q1 Q2 Q2 Q3 Q3 YTD TD Ope perating R ng Revenue nue +3.8% +4.5% +9.5% +5. 5.9% 9% Fi Finan ancial al R Rev even enue

• 29.5%
• 20.4%
• 11.6%
• 21.

21.1% 1% Total al R Rev even enue

• 0.4%

+1.8% +7.3% +2. 2.8% 8%

Q3 2010 3 2010 Rev even enue

CO CONCL NCLUS USION

Conclusion

12

Fas aster er Issue ue V Vol

• lum

ume gr grow

• wth in Q3:

3: +13. 13.7% 7% L/L in Q3 3 2010, 2010, vs. +7. 7.8% 8% L/L in H1, 1, ref eflec ecting good good over eral all mom

• ment

ntum um

 Emergi ging ng mar arket ets:  Good

• od mom
• ment

ntum um in in Lat atin Amer erica, a, ref eflec ecting a boom booming ng econom

• nomy,

pa particul ularly in in Brazi zil, l, an and a fav avorab able bas asis of

• f com
• mpa

parison

• n

 Eur urope

• pe

 Fi First signs gns

• f
• f

jobl

• bless

rat ates es stabilizi ilizing in in Wes ester ern Eur urope

• pe

 Env nvironm nment nt rem emai ains cha hallengi nging ng in in Eas aster ern Eur urope

• pe

Ope perating R ng Revenue nue up 9 up 9.5% L/L in Q3 3 2010 2010 Finan ancial al R Rev even enue do down 1 n 11.6% L/L in Q3 3 2010 2010

 Emergi ging ng mar arket ets:  Lat atin Ame meri rica be bene nefiting ng fr from hi highe gher interes est rat ates an and an an increas eased float at in in Brazi zil  Eur urope

• pe

 No No maj ajor cha hange nge

October 19, 2010

FY 2010 Guidance

13

Des espite les ess fav avorab able e ex exchan ange e rat ates es, FY 2010 2010 EBIT tar arget et rai aised ed from

• m €300m

300m-€330m 330m to

€310m 310m-€330m 330m

L/ L/L Ope perating ng EBIT: 40% 40% to 50% 50% flow-thr hrough

• ugh

L/L Financial EB EBIT: 100% 100% flow-thr hrough

• ugh

L/L /L finan ancial al rev even enue e ex expec ected ed to to de decline ne by by around

• und 10

10% % in H2 H2

October 19, 2010

Cur urrenc ncy ef effec ect on

• n FY 2010

2010 EBIT

• New

ew Bolivar r rat ate ( e (5.3VEF/USD vs vs 4.3 pr previous

• usly) =>

=> €8m negative effect on FY EBIT

• Expe

pected d impa pact of

• f USD de

decline ne on

• n Sout
• uth

h American n cur urrenc ncies => +/- 0.10 USD would lea ead to +/- €3m effect o

• n EBIT in Q4

Q4

Q3 2010 3 2010 Rev even enue

APPEN PPENDICES ES

Issue Volume

15

*At constant scope of consolidation and exchange rates. Pro forma figures after restatement of Prepaid Services activities into the Hotels division

October 19, 2010

In € € m millio illions France 612 641 659 607 1,271 1,248 502 518 1,773 1,766 Rest of Europe 1,044 1,135 1,084 1,183 2,128 2,318 1,016 1,107 3,145 3,425 Latin America & Caribbean 1,246 1,301 1,327 1,536 2,573 2,837 1,363 1,488 3,935 4,325 Rest of the world 91 97 89 115 180 212 86 114 266 327 TOTAL I ISSUE V VOLUME 2, 2,993 993 3, 3,174 174 3, 3,159 159 3, 3,441 441 6, 6,152 152 6, 6,615 615 2, 2,967 967 3, 3,227 227 9, 9,119 119 9, 9,843 843 In In % % France 4.7% 4.7%

• 7.9%
• 7.9%
• 1.8%
• 1.8%

3.2% 3.2%

• 0.4%
• 0.4%

Rest of Europe 8.7% 4.9% 9.1% 5.6% 8.9% 5.3% 8.9% 6.1% 8.9% 5.5% Latin America & Caribbean 4.4% 10.6% 15.8% 17.9% 10.3% 14.4% 9.2% 22.8% 9.9% 17.3% Rest of the world 7.1% 5.4% 29.2% 18.5% 18.1% 11.9% 32.3% 19.4% 22.7% 14.3% TOTAL I ISSUE V VOLUME 6. 6.1% 1% 7. 7.2% 2% 8. 8.9% 9% 8. 8.4% 4% 7. 7.5% 5% 7. 7.8% 8% 8. 8.8% 8% 13. 13.7% 7% 7. 7.9% 9% 9. 9.7% 7% Q3 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* September end (YTD) Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Q3 2009 2009 2010 2010 September end (YTD) 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

Operating Revenue

16

Pro forma figures after restatement of Prepaid Services activities into the Hotels division *At constant scope of consolidation and exchange rates.

October 19, 2010

In € € m millio illions France 35 36 34 33 69 69 30 32 100 101 Rest of Europe 69 79 69 73 138 152 63 70 201 222 Latin America & Caribbean 74 78 81 91 155 169 82 89 237 258 Rest of the world 15 15 15 17 30 32 15 16 44 48 OPERATING R REVENUE 193 193 208 208 199 199 214 214 392 392 422 422 190 190 207 207 582 582 629 629 In In % % France 0.9% 4.2%

• 2.9%

1.9%

• 1.0%

3.0% 6.1% 8.6% 1.2% 4.7% Rest of Europe 15.0% 0.3% 5.5%

• 1.4%

10.3%

• 0.5%

11.0% 3.6% 10.5% 0.7% Latin America & Caribbean 5.7% 9.1% 13.0% 11.7% 9.5% 10.4% 8.1% 16.6% 9.0% 12.6% Rest of the world

• 0.5%
• 6.8%

13.1%

• 0.6%

6.3%

• 3.7%

11.1%

• 3.3%

7.9%

• 3.6%

OPERATING R REVENUE 7. 7.7% 7% 3. 3.8% 8% 7. 7.6% 6% 4. 4.5% 5% 7. 7.7% 7% 4. 4.2% 2% 9. 9.0% 0% 9. 9.5% 5% 8. 8.1% 1% 5. 5.9% 9% Q3 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* September end (YTD) Q3 2009 2009 2010 2010 September end (YTD) 2009 2009 2010 2010 Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

Financial Revenue

17

Pro forma figures after restatement of Prepaid Services activities into the Hotels division *At constant scope of consolidation and exchange rates.

October 19, 2010

In € € m millio illions France 7 5 6 5 13 10 5 4 19 14 Rest of Europe 9 8 10 8 19 16 9 8 28 23 Latin America & Caribbean 11 6 8 6 19 12 7 6 25 19 Rest of the world 1

• 1

1 1 1 1 2 2 FINA NANCI NCIAL RE REVENUE NUE 28 28 19 19 24 24 20 20 52 52 39 39 22 22 19 19 74 74 58 58 In In % % France

• 27.9%
• 27.9%
• 28.3%
• 28.3%
• 28.1%
• 28.1%
• 17.9%
• 17.9%
• 25.1%
• 25.1%

Rest of Europe

• 17.1%
• 20.3%
• 16.5%
• 19.1%
• 16.8%
• 19.6%
• 17.4%
• 19.1%
• 17.0%
• 19.5%

Latin America & Caribbean

• 45.2%
• 38.7%
• 17.2%
• 16.4%
• 33.3%
• 29.3%
• 11.4%

2.5%

• 27.3%
• 20.6%

Rest of the world

• 29.5%
• 30.1%
• 2.7%
• 11.5%
• 17.3%
• 21.6%

6.0%

• 4.7%
• 9.8%
• 16.2%

FINA NANCI NCIAL RE REVENUE NUE

• 31.

31.0% 0%

• 29.

29.5% 5%

• 19.

19.4% 4%

• 20.

20.4% 4%

• 25.

25.6% 6%

• 25.

25.3% 3%

• 14.

14.9% 9%

• 11.

11.6% 6%

• 22.

22.3% 3%

• 21.

21.1% 1% Q3 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* September end (YTD) Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Q3 2009 2009 2010 2010 September end (YTD) 2009 2009 2010 2010 Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

Total Revenue

18

Pro forma figures after restatement of Prepaid Services activities into the Hotels division *At constant scope of consolidation and exchange rates.

October 19, 2010

In € € m millio illions France 42 41 40 38 82 79 35 36 118 115 Rest of Europe 78 87 79 81 157 168 72 77 229 245 Latin America & Caribbean 85 84 89 97 174 181 90 96 262 277 Rest of the world 16 15 15 18 31 33 15 17 47 50 TOTAL R REVENUE 221 221 227 227 223 223 234 234 444 444 461 461 212 212 226 226 656 656 687 687 In In % % France

• 3.7%
• 1.0%
• 6.8%
• 2.8%
• 5.3%
• 1.9%

2.4% 4.5%

• 3.0%

0.0% Rest of Europe 11.2%

• 2.1%

2.8%

• 3.5%

7.0%

• 2.8%

7.4% 0.7% 7.1%

• 1.7%

Latin America & Caribbean

• 0.7%

3.0% 10.3% 9.2% 4.9% 6.2% 6.6% 15.5% 5.5% 9.4% Rest of the world

• 2.1%
• 8.1%

12.4%

• 1.1%

5.1%

• 4.6%

10.8%

• 3.3%

7.0%

• 4.2%

TOTAL R REVENUE 2. 2.9% 9%

• 0.

0.4% 4% 4. 4.7% 7% 1. 1.8% 8% 3. 3.8% 8% 0. 0.7% 7% 6. 6.5% 5% 7. 7.3% 3% 4. 4.6% 6% 2. 2.8% 8% Q3 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* September end (YTD) Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Q3 2009 2009 2010 2010 September end (YTD) 2009 2009 2010 2010 Q1 Q2 H1 2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 Q1 Q2 H1 Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L* Cha hange nge rep eported ed Cha hange nge L/ L/L* L*

Exchange rates

19

1€ = X = X for

• reign

gn curre rency

Q1 2009 1 2009 av aver erag age rat ate Q1 2010 1 2010 av aver erag age e rat ate 2010 v 2010 vs. 2009 2009 Cha hange nge (in %) %) Q2 2009 2 2009 av aver erag age e rat ate Q2 2010 2 2010 av aver erag age e rat ate 2010 v 2010 vs. 2009 2009 Cha hange nge (in %) %) Q3 2009 3 2009 av aver erag age e rat ate Q3 2010 3 2010 av aver erag age e rat ate 2010 2010 vs vs 2009 2009 Cha hange nge (in %) %) YTD D 2009 2009 av aver erag age e rat ate YTD D 2010 2010 av aver erag age e rat ate 2010 2010 vs vs 2009 2009 Cha hange nge (in %) %)

Boliv livar Fuer erte (VEF VEF) 2. 2.78 78 5. 5.87 87

• 52.

52.7% 7% 2. 2.97 97 5. 5.47 47

• 45.

45.8% 8% 3. 3.09 09 11. 11.80* 80*

• 73.

73.8% 8%* 2. 2.94 94 6. 6.98 98

• 57.

57.8% 8% Brazilia ilian real eal ( (BRL) 3. 3.02 02 2. 2.50 50 +20. 20.9% 9% 2. 2.83 83 2. 2.29 29 +23. 23.4% 4% 2. 2.68 68 2. 2.27 27 +18. 18.2% 2% 2. 2.84 84 2. 2.35 35 +21. 21.0% 0% Hunga ungarian n For

• rint

nt (HUF HUF) 294. 294.10 10 268. 268.68 68 +9. 9.5% 5% 285. 285.74 74 274. 274.78 78 +4. 4.0% 0% 271. 271.96 96 283. 283.15 15

• 4.

4.0% 0% 283. 283.79 79 275. 275.29 29 3. 3.1% 1% Mex exican an Pe Peso (MXN XN) 18. 18.72 72 17. 17.69 69 +5. 5.8% 8% 18. 18.14 14 18. 18.66 66

• 2.

2.8% 8% 18. 18.97 97 16. 16.54 54 14. 14.7% 7% 18. 18.61 61 16. 16.73 73 11. 11.2% 2% Roma

• mani

nian n Leu eu (RO RON) N) 4. 4.27 27 4. 4.11 11 +3. 3.7% 7% 4. 4.20 20 4. 4.19 19 +0. 0.2% 2% 4. 4.23 23 4. 4.28 28

• 1.

1.4% 4% 4. 4.23 23 4. 4.18 18 1. 1.1% 1% Sterlin ling (GBP) P) 0. 0.91 91 0. 0.89 89 +2. 2.4% 4% 0. 0.88 88 0. 0.85 85 +3. 3.0% 0% 0. 0.87 87 0. 0.83 83 4. 4.6% 6% 0. 0.89 89 0. 0.86 86 3. 3.3% 3% Turki kish sh Lira ( a (TRY) 2. 2.16 16 2. 2.09 09 +3. 3.6% 6% 2. 2.14 14 1. 1.96 96 +9. 9.1% 1% 2. 2.15 15 1. 1.97 97 9. 9.0% 0% 2. 2.15 15 2. 2.00 00 7. 7.4% 4% US US Do Dollar (US USD) D) 1. 1.30 30 1. 1.38 38

• 5.

5.9% 9% 1. 1.36 36 1. 1.31 31 +3. 3.5% 5% 1. 1.44 44 1. 1.28 28 12. 12.5% 5% 1. 1.37 37 1. 1.32 32 3. 3.7% 7%

October 19, 2010

* Full impact of the change in Bolivar exchange rate over the past 9 months has been recorded in Q3 figures. See slide 19

Impact of new Bolivar exchange rate YTD

20

YTD TD GR GROU OUP’ P’s FI FIGURE URES (In € millions) Wi With pr previous

• us

VEF/$ $ rate of 4.3 Wi With new ew VEF VEF/$ rat ate o e of 5.3 Imp mpact ct of the VEF/$ $ rate change

Issue ue V Vol

• lum

ume 9,988 9,843 (145) Ope perati ting r ng revenue nue 637 629 (8) Finan ancial al r rev even enue 58 58 (1) Total al Rev Reven enue 695 687 (9) Appl pplication

• n of ne
• f new Bol
• livar excha

hange nge r rate te to to YTD fi figur gures Full im ll impact ct recogni

• gnized in

n Q3 fi figur gures

October 19, 2010

Change in accounting method impact

21

In € millions Impa pact on

• n rep

eported To Total Rev evenue

Q1 +4.9 +2.2% Q2 +2.0 +0.9% S1 S1 +7.0 +1.6% Q3 +2.4 +1.1% S1+Q3 +9.4 +1.4% Q4

• 9.4
• 3.8%

S2 S2

• 7.0
• 1.5%

Tota

• tal

0.0%

(1) Change made in Q4 2009 to comply with IFRS . This change has no impact on L/L figures or on EBIT.

Cha hange nge in n account

• unting

ng method hod in n Ger ermany’s gi gift v vouc

• uche

her s segm gment nt (1)

1)

October 19, 2010