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 the first half of 2012, it amounted to €511 million, an increase of 7.3% like-for-like over the prior-year period.First-Half Operating Revenue Up 7.3% Like-For-Like First-half 2012 operating revenue totaled €465 million, representing an increase of 7.3% like-for-like. On a reported basis, the increase was 1.9% after taking into account:
- The 4.3% negative effect of changes in scope of consolidation, corresponding to the divestment of non-core businesses in 2011 (notably Davidson Trahaire in Australia and WorkPlace Benefits) and the decision to stop issuing BtoC gift vouchers in France as from January 1, 2012.
- The 1.1% negative net currency effect, due mainly to the Brazilian real.
Like-for-like growth 1st quarter 2nd quarter 1st half in operating revenue 2012 2012 2012 With issue volume +9.4% +9.2% +9.3% Without issue volume +0.3% -4.3% -2.1% TOTAL +7.8% +6.7% +7.3%
- Operating revenue with issue volume climbed by a robust 9.3% like-for-like to €401 million in the first half. In Latin America , it reflected the trends seen for issue volume, which rose by more than 20%. In Europe excluding Hungary, operating revenue with issue volume rose by 2.4% for the period.
Like-for-like growth in operating revenue 1st quarter 2nd quarter 1st half with IV 2012 2012 2012 Latin America +19.7% +19.9% +19.8% Europe -1.1% -1.3% -1.2% Europe excluding Hungary +2.4% +2.3% +2.4% Rest of the world +14.1% +8.8% +11.4% TOTAL +9.4% +9.2% +9.3%
- Operating revenue without issue volume amounted to €64 million, a slight decline for the period (down 2.1% like-for-like ). This revenue is primarily generated by corporate marketing and incentive consulting services, which are less recurring and generate lower margins than the other solutions. The second quarter was in particular impacted by the termination of non-recurring contracts in Germany recorded in second-quarter 2011.