Issue volume up 9.7% like-for-like to €15.2 billionIssue volume totaled €15.2 billion in 2011, a like-for-like increase of 9.7%, in line with the Group's normalized  annual growth target of 6% to 14%. The increase reflected strong momentum in emerging markets. Issue volume in these markets rose 17.8% like-for-like in 2011, lifting their contribution to the Group total to 58%. The more moderate growth in developed markets (up 2.7% excluding non-recurring events ) represented a solid sales performance in a more challenging economic environment. The year saw strong growth in Employee Benefits issue volume (representing 86% of the Group total), with increases of 9% for Meal & Food Benefits and 11% for Quality of Life Benefits. Growth in Expense Management solutions was a high 21%, while Incentive & Rewards issue volume was up 4% .
2011 issue volume by type of solution Public Employee Social Expense Incentive Benefits Management & Rewards Programs TOTAL Meal & Quality Food of Life Issue volume (in EUR millions) 11,858 1,236 1,318 628 148 15,188 % of total issue volume 78% 8% 9% 4% 1% 100% Like-for-like growth +9% +11% +21% +4% +1% +9.7%The three drivers of the 9.7% organic growth in issue volume were:
- Higher penetration rates in existing markets, for 5.3 points, with 1.7 million extra beneficiaries in 2011 compared with the previous year.
- The contribution of new solutions in emerging and developed markets, for 0.8 points. As an example, by the end of the year, there were some 46,000 beneficiaries of Ticket Restaurant ® launched in Mexico in second-half of 2011.
- Increased average face values, for 3.6 points, led mainly by inflation experienced in most Latin American countries.
(in EUR millions) 2010 2011 % change Reported Like-for-like Operating revenue 885 940 +6.2% +9.2% Financial revenue 80 92 +14.7% +15.2% Total revenue 965 1,032 +6.9% +9.7%Total revenue for 2011 amounted to €1.0 billion, an increase of 6.9% as reported and 9.7% like-for-like, comprising:
- Operating revenue of €940 million, an increase of 9.2% like-for-like that was in line with the growth in issue volume. The take-up rate [ 12] , which reflects the conversion of issue volume into operating revenue, stood at 5.2%.
- Financial revenue of €92 million, up 15.2% like-for-like. The gain was attributable to higher interest rates in all regions and the increased float [ 13] in Latin America.