First-half 2012 revenue by type of revenue
First-Half First-Half (in EUR millions) 2011 2012 % change Reported Like-for-like Operating revenue 456 465 +1.9% +7.3% Financial revenue 44 46 +2.1% +7.4% Total revenue 501 511 +1.9% +7.3%Total revenue amounted to €511 million for the first half, up 7.3% like-for-like and 1.9% as reported. It comprised:
- Operating revenue of €465 million, up 7.3% like-for-like. This solid performance reflected the sustained 9.3% growth in revenue with issue volume, in line with the increase in issue volume, as well as a slight decline in the businesses without issue volume, which are less recurrent.
- Financial revenue of €46 million, up 7.4% like-for-like, thanks to a slight increase in the average investment rate and despite the decline in reference rates in most countries.
- Operating EBIT (which excludes financial revenue) rose by 8.3% like-for-like to €124 million. Underpinning this performance, the operating flow-through ratio adjusted for the extra costs generated by the digital transition stood at 45%, in line with the objective of 40% to 50%. As a result, operating EBIT margin improved by 122 basis points like-for-like and before the digital transition costs, reflecting good control over operating costs.
- Financial EBIT (corresponding to financial revenue) was 7.4% higher like-for-like, at €46 million.
First-Half First-Half % change EBIT (in EUR millions) 2011 2012 like-for-like Latin America 96 112 +17.6% Europe 77 67 -8.2% Rest of the world 2 1 N/A Worldwide structures (8) (10) N/A TOTAL 167 170 +8.1%Operations in Latin America reported an excellent performance, with EBIT up 17.6% like-for-like, reflecting the region's dynamic growth. In Europe , EBIT growth was dampened by the additional costs of the digital transition (€3 million), the situation in Hungary  (€5 million) and changes in the scope of consolidation, primarily related to the termination of the BtoC gift vouchers business in France (€3 million). FIRST-HALF 2012 RECURRING PROFIT AFTER TAX UP 4.6% TO €101 MILLION