Issue volume totaled €9,079 million in first-half 2016, representing a like-for-like increase of 8.4%. This strong performance reflected continued acceleration in Europe, partly supported by favorable calendar effects, and sustained growth in Latin America despite a difficult economic environment in Brazil and a high basis of comparison in Mexico.
On a reported basis, issue volume was down 0.3%. The reported decline reflects the 2.9% positive impact of changes in the scope of consolidation and the 11.6% unfavorable currency effect due mainly to the depreciation of certain currencies against the euro, particularly the Brazilian real (down 19.9%), the Mexican peso (down 16.2%) and the Venezuelan bolívar (down 52.6%).
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 Including the contribution of the Embratec acquisition in Brazil for two months of the first half and of La Compagnie des Cartes Carburant for six months.