Total revenue corresponds to the sum of operating revenue (derived from the sale of programs and services) and financial revenue (derived from investing available cash). In 2011, it amounted to €1.0 billion, an increase of 9.7% like-for-like.
2011 OPERATING REVENUE UP 9.2% LIKE-FOR-LIKE
Operating revenue for 2011 totaled €940 million, representing a like-for-like gain of 9.2%. On a reported basis, the increase was 6.2% after taking into account:
- The 2.3% negative effect of changes in consolidation scope, corresponding to the divestment during the period of Davidson Trahaire in Australia and other non-strategic businesses.
- The 0.7% negative net currency effect, including a positive 0.1% due to the Brazilian real and a negative 0.3% due to the Venezuelan bolivar.
Operating revenue organic growth was in line with the growth in issue volume, reflecting stable fee rates.
Like-for-like growth in operating revenue Q1 2011 Q2 2011 Q3 2011 Q4 2011 2011 Europe -1.1% +5.3% +2.2% +1.1% +1.8% Latin America +17.4% +19.5% +18.8% +18.2% +18.5% Rest of the world +10.0% +9.7% +14.4% +6.4% +10.1% TOTAL +6.6% +11.7% +10.3% +8.1% +9.2%
- 2011 operating revenue in Europe: €470 million
- 2011 operating revenue in Latin America: €414 million
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