FIMALAC : FIMALAC : Quaterly revenue - Three months ended December 31,2012 -
Excellent performance by Fitch, with revenue 19,7%
Following the change in the Group's year-end, fiscal 2012 is a transition year
covering the 15-month period from October 1, 2011 to December 31, 2012.
This press release concerns revenue for the final quarter of the fiscal year,
covering the period from October 1 to December 31, 2012.
I) Fimalac's consolidated revenue
In line with the applicable accounting standards, Fitch is no longer fully
consolidated by the Fimalac Group because it is 50%-owned by the Group. As a
result, it no longer contributes to Fimalac's consolidated revenue, which now
corresponds primarily to the revenue generated by Vega's entertainment venue
management business and to the rental revenue derived from the Group's real
Consolidated revenue for the three months from October 1 to December 31, 2012
amounted to €11.8 million compared with €9.4 million for the year-earlier
period. As earlier reported, consolidated revenue for the twelve months from
October 1, 2011 to September 30, 2012 came to €30.3 million versus €23.8
million for the comparable period (i.e. the Group's prior fiscal year).
Consequently, consolidated revenue for the fifteen months ended December 31,
2012, corresponding to the transition period following the change in the
Group's year-end, totaled €42.1 million.
II) Fitch's revenue
As previously reported, Fitch's revenue for the twelve months to September 30,
2012 amounted to €621.9 million ($805.5 million) versus €525.7 million ($732.7
million) for the comparable period, representing an increase of 12.7%
like-for-like (based on a comparable scope of consolidation and at constant
Fitch enjoyed an increasingly fast pace of growth over the last quarters and
the year ended on an excellent performance, with revenue for the three months
to December 31, 2012 up 23.4% as reported and 19.7% like-for-like at €167.4
million ($217.3 million) versus €135.7 million ($181.5 million) for the same
period of 2011. Growth accelerated across main regions, with like-for-like
increases of 17.8% in North America, 35.3% in Latin America, 18.7% in the
Asia-Pacific region and 18.6% in the Europe-Middle East-Africa (EMEA), region
that is now on a more similar growth trajectory to the other regions.
Revenue for the 15-month transition period ended December 31, 2012 came to
€789.3 million ($1,022.8 million).
III) Fitch's acquisition of 7city
As announced on January 24, 2013, Fitch Group has recently acquired 7city, a
leading provider of learning and development solutions for the financial
services industry. Based in London with offices in New York, Singapore and
Dubai, 7city has over 150 employees.
Fitch Group's strategy for this acquisition is to combine 7city with its Fitch
Training unit to form Fitch 7city Learning, a global leader in finance,
financial analysis and credit risk analysis training.
Fitch 7city Learning will be a third business segment for Fitch Group,
alongside Fitch Ratings and Fitch Solutions (research and analytics). It
represents a natural diversification, targeting the same financial community
and leveraging Fitch's expertise and global footprint.
IV) Upcoming results announcements
Results for fiscal 2012 - covering the fifteen months ended December 31, 2012
- will be published after the Board meeting scheduled for March 26, 2013.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: FIMALAC via Thomson Reuters ONE
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