1. Like-for-like (based on a comparable scope of consolidation and at constant exchange rates)
2. Excluding the impact of the loss of the Consip contract in Italy, representing €17 million in issue volume in the fourth quarter of 2010.
3. As mentioned previously, BtoC issue volume fell sharply this year due to competition from a single-brand card launched by the main distributor of Kadéos cards, FNAC, in breach of its exclusive contract with Edenred
4. The float corresponds to the business's negative working capital requirementSOURCE Edenred