July 18, 2012
Strong 9.5%* growth in issue volume in line with
- Good economic conditions and a strong sales performance in Latin America (up 21.8%*), which accounts for more than 50% of total issue volume.
- Low growth in Europe (up 1.2%* excluding Hungary ), impacted by the decline in the number of people in work.
- Sustained growth in Rest of the world (up 11.7%*).
Total revenue of €511 million, up 7.3%*, reflecting:
- An increase of 9.3%* in operating revenue with issue volume [ 3], in line with the rise in issue volume.
- A slight decline in operating revenue without issue volume, generated by less recurring businesses.
- An increase of 7.4%* in financial revenue, despite the decline in reference rates in most countries.
*Like-for-like, year-on-year growth in the first half
(in EUR % change
millions) 1st half 2011 1st half 2012 Reported Like-for-
Issue volume 7,264 7,865 +8.3% +9.5%
Operating revenue with IV  374 401 +7.2% +9.3%
Operating revenue witho 82 64 -22.0% -2.1%
Total operating revenue 456 465 +1.9% +7.3%
Financial revenue 44 46 +2.1% +7.4%
Total revenue 501 511 +1.9% +7.3%
First-half issue volume up 9.5% like-for-like
Issue volume amounted to
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
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
. Growth was also driven by the ramp-up of new solutions such as Ticket Restaurante
(up 30.1% like-for-like) and Junaeb in
, a public social program for students (up 36.7% like-for-like).
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
was slightly lower in the first half, due to the impact of the situation in
. Issue volume rose by
, 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
(down 1.3% in the first half, including a 2.1% like-for-like decline in the second quarter).
issue volume rose
like-for-like in the first half, mainly led by higher penetration rates. In
, 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
, the Childcare Vouchers
business delivered a good performance with like-for-like growth in issue volume of 5.4%.
saw a 20.3% like-for-like decline for the period, as business was negatively impacted by the situation in
, where issue volume fell by 85.4%.
Total first-half revenue up 7.3% like-for-like