In the second half, business should continue to be lifted by the strong growth in Latin America, whereas Europe will experience a more difficult environment, shaped by declining numbers of people in work, low inflation and the situation in Hungary .
The take-up rate  is expected to remain stable by solution. Growth in the businesses without issue volume, which are less recurrent, will reflect high basis of comparison.
Lastly, financial revenue will be impacted by the decline in reference interest rates in most countries, despite higher volumes and longer maturities of investments.
On this basis, assuming that the operating flow-through ratio  is within the guidance range of 40% to 50% and that the extra costs generated by the digital transition are in the region of €10 million to €15 million, Edenred expects to report full-year 2012 EBIT of between €355 million and €375 million.CONCLUSION Edenred is well on the way to meeting the normalized objectives  in its 2010-2016 strategic plan: Delivering like-for-like growth of between 6% and 14% in issue volume and of more than 10% in funds from operations. To drive strong and sustainable growth, the Group is focused on accelerating the launch of new solutions, as part of an innovation-led strategy, and on expanding its geographic footprint, as demonstrated by the start-up of operations in Finland and Japan. Accelerating the digital transition, with the goal of generating 50% of digital issue by the end of the year and more than 70% by end-2016, in order to increase the scope for long-term growth. Upcoming events October 17, 2012: Third-quarter 2012 revenue February 13, 2013: 2012 results Edenred , which invented the Ticket Restaurant ® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees' lives easier and improve the efficiency of organizations. Edenred solutions ensure that funds allocated by companies are used as intended. These solutions help to manage:
- Employee benefits (Ticket Restaurant ® , Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.).
- Expense management process (Ticket Car, Ticket Cleanway, Ticket Frete, etc.)
- Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.).