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First-half issue volume up 9.5% like-for-like
Issue volume amounted to
€7,865 million in the six months ended
June 30, 2012,
an increase of 9.5% like-for-like and of 8.3% as reported, reflecting the 0.2% positive impact of changes in scope of consolidation and the 1.4% negative currency effect for the period.
Like-for-like growth in issue volume by region
Like-for-like growth 1st quarter 2nd quarter
in issue volume 2012 2012 1st half 2012
Latin America +22.1% +21.5% +21.8%
Europe -0.3% -3.8% -2.1%
Europe excluding Hungary +2.7% -0.2% +1.2%
Rest of the world +13.6% +9.8% +11.7%
TOTAL +10.4% +8.5% +9.5%
Latin America: €4.0 billion in first-half issue volume
InLatin America, which accounted for more than 50% of the Group's business in the first half, issue volume rose by a very sharp 21.8% like-for-like in a favorable economy. The increase was in particular led by an excellent sales performance, which resulted in major new client wins, especially in
Brazil. Growth was also driven by the ramp-up of new solutions such as Ticket Restaurante
Mexico (up 30.1% like-for-like) and Junaeb in
Chile, a public social program for students (up 36.7% like-for-like).
In Brazil, issue volume increased by 22.7% like-for-like, with gains across the entire solutions portfolio, including meal and food vouchers (up 22.2% like-for-like) as well as the Ticket Car
® expense management business (up 22.9% like-for-like).
Hispanic Latin America saw sharp growth in issue volume, which rose by 20.3% like-for-like, reflecting a strong performance in all solutions with increases of 16.9% for Ticket Restaurante
® and 29.6% for Ticket Car
Europe: €3.6 billion in first-half issue volume
Issue volume in
Europe was slightly lower in the first half, due to the impact of the situation in
Hungary. Issue volume rose by
1.2% like-for-like excluding
Hungary, in a challenging economic environment shaped by a decline in the number of people in work and low inflation rates. Business was stable in the second quarter, reflecting an unfavorable basis of comparison (with one to two additional bank holidays) and a deteriorated situation in
Italy (down 1.3% in the first half, including a 2.1% like-for-like decline in the second quarter).
InWestern Europe, issue volume rose
1.3% like-for-like in the first half, mainly led by higher penetration rates. In
France, for example, business performed well in the first half, with issue volume rising 2.1% like-for-like, including a 3.5% increase for Ticket Restaurant
®, thanks to new client wins. In the
United Kingdom, the Childcare Vouchers
® business delivered a good performance with like-for-like growth in issue volume of 5.4%.
Central Europe saw a 20.3% like-for-like decline for the period, as business was negatively impacted by the situation in
Hungary, where issue volume fell by 85.4%.
Total first-half revenue up 7.3% like-for-like