Financial information for the third quarter of the 2012/2013 financial year

PR Newswire/Les Echos/ 
Release                                                Paris, 14 February 2013 
Financial information 
third quarter 

                     Sharp rise in third quarter revenues

* Global Financial Advisory third quarter revenue particularly strong in 
  Europe as well as in Asia and Latin America

* Wealth and Asset Management third quarter revenue slightly increased in
  challenging market conditions

* Positive development in Merchant Banking, including the launch of a new fund
  initiative in November to capture opportunities in the European high 
  yielding junior credit market

In EURm                         Third quarter           Nine months
                                 Revenues              Revenues

                       2012/2013 2011/2012  2012/2013   2011/2012
Global Financial Advisory 
and Specialist Finance      256.8      210.1       585.8       586.1 
Wealth and Asset Management  74.5       72.1       215.7       223.7 
Merchant Banking             26.6       13.3        66.4        76.4 
Total Group Revenues        357.9      295.5       867.9       886.2 
Global Financial Advisory and Specialist Finance 
Global Financial Advisory and Specialist Finance revenues in the third quarter
2012/2013 were EUR256.8 million, up 38% and 22%, respectively, compared to the
second quarter and last year's third quarter. This was the highest quarterly
revenue since 2007/2008. 
For the nine months to December 2012, Global Financial Advisory revenue was 
flat compared to the same period in the previous year against the backdrop of 
a 6% decline in Global market activity and a 23% decline in the European 
market (1). 
Revenues for the third quarter were particularly strong in our core European
markets, as well as in Asia and Latin America, as we advised on many of the
largest and most complex M&A and Financing Advisory transactions completed in
the period. 
Rothschild advised the following clients on significant M&A transactions: 
* Nestlé on the acquisition of Pfizer Nutrition (US$1 1.8 billion); 
* ThyssenKrupp on the sale of its Inoxum stainless steel business to 
  Outokumpu (EUR2.7 billion); 
* Bright Food on the acquisition of a 60% interest in Weetabix 
  (US$ 1.1  billion); 
* Toyota Tsusho on the public tender offer for CFAO (EUR2.3 billion); 
* Cookson on the demerger of its Performance Materials Division 
  (GBP 2.1 billion); 
* Hong Kong Exchanges & Clearing on the acquisition of The London Metal 
  Exchange (GBP 1.4 billion); and 
* Schiff Nutrition on its sale to Reckitt Benckiser (US$ 1.45 billion). 
Financing Advisory (debt advisory, restructuring and equity advisory) has
continued to perform well despite industry-wide low levels of activity. 
Notable restructuring transactions completed in the third quarter include the 
debt restructurings of Deutsche Annington (EUR4.3 billion) and Rede Energia 
(BRL 1.5 billion). In addition, the Debt Advisory team advised Pages Jaunes 
(EUR2.3 billion) and Peel Ports (£1 .6 billion). Completed Equity Advisory 
assignments in the period included advising on the Portuguese State's 
injection of capital into Banif (EUR1 .4 billion), Queensland Treasury's 
partial selldown in QR National (AUD 1.5 billion) and Talanx's IPO 
(EUR0.5 billion). 
Despite strong revenues during this quarter, we remain cautious in the short
term for Global Financial Advisory given the on-going uncertain economic
Specialist Finance, which includes the Corporate Banking business in the UK,
reduced its legacy loan portfolio by a further £57 million in the third 
quarter and £168 million since April 2012, as planned. 
(1) Completed M&A by value of deals for the 9 months to December 2012 compared
to the same period in 2011 (Source - Thom pson Reuters as at 30 January 2013) 
Wealth and Asset Management 
Wealth and Asset Management revenues were EUR74.5 million for the third 
quarter, up 10% and 3%, respectively, compared to the second quarter and last 
year's third quarter. Third quarter revenues were positively impacted by 
revenue from the acquisition of HDF Finance multi-management activities and 
by performance fees. 
For the nine months to December 2012, revenues were below last year's level by
4% in a challenging market environment. Clients' risk aversion resulted in 
lower transaction fees and to a change in product mix towards less risky 
assets. Moreover, continuing low interest rates adversely impacted revenue on 
monetary assets. 
At the end of December 2012, the Group's assets under management amounted to
EUR39 billion, unchanged since 30 September 2012, and increased compared to 
end of March 2012 (EUR37.1 billion). 
The merger of Rothschild & Cie Gestion multi-management activity and HDF
Finance, to form Rothschild HDF Investment Solutions, is expected to benefit 
the Group's performance, especially through the launch of new products. 
Merchant Banking 
During the third quarter, Merchant Banking generated revenues of EUR26.6 
million compared to EUR4.7 million the second quarter and EUR13.3 million in 
the same period last year. Those revenues include EUR13.2 million of profits 
from the disposal of the Paprec investment - (French waste recycling company). 
Merchant Banking launched a new fund initiative in November, Five Arrows 
Credit Solutions. This is a fund targeted at capturing opportunities in the 
European high yielding junior credit market. The division also realised a 
first closing (at EUR130 million) for Oberon, its European senior credit fund. 
During the first nine months of 2012/2013, Merchant Banking activities 
generated revenues of EUR66.4 million, compared to revenues of EUR76.4 million 
for the same period last year. Disposals amounted to EUR96.5 million 
generating capital gains of EUR39.7 million. Moreover, this division invested 
EUR80.2 million, of which EUR19.2 million was in proprietary investments and 
EUR61 million was in equity funds managed by Merchant Banking. 
Despite continuing global economic uncertainty and ever evolving regulation, 
the Group continues to focus on developing synergies between its three main
businesses and a strict cost discipline. These factors will allow it to 
benefit from improved market conditions, as and when they arise, particularly 
in respect of mergers and acquisitions. 
About Paris Orléans, the parent company of the Rothschild group  
Paris Orléans operates in three main areas: 
* Global Financial Advisory provides advisory services for mergers and
  acquisitions, debt financing and restructuring, and equity capital markets; 
* Wealth Management and Asset Management, including institutional asset
  management; and 
* Merchant Banking which comprises third party private equity business and
  proprietary investments. 
Paris Orléans SCA is a French partnership limited by shares (société en
commandite par actions) with a share capital of EUR141,806,058. Paris trade 
and companies registry 302 519 228. Registered office: 23 bis avenue de 
Messine, 75008 Paris, France. Paris Orléans is listed on NYSE Euronext in 
Paris, Compartment A - ISIN Code: FR0000031684 
For information, please contact: 
Paris Orléans                             Investor relations: 
23 bis, avenue de Messine                 Marie-Laure Becquart
75008 Paris                  
Internet:           Tel.: +33 (0)1 53 77 65 10 
UK Press and Media                        French Press and Media
Smithfield - +44 (0)20 7360 4900          DGM Conseil - + 33 1 40 70 11 89
John Kiely -   Michel Calzaroni - 
Alex Simmons -                                Olivier Labesse - 
+44 (0)7970 174 353               
Financial calendar 
27 June 2013          Financial year 201 2/2013 results 
Quarterly progression of revenues 
In EURm                                       Quarterly progression  
                                             of revenues 
                                         2012/2013   2011/2012
Global Financial Advisory and 1st quarter      142.9       212.5
Specialist Finance            2nd quarter      186.1       163.5 
                          3rd quarter      256.8       210.1 

                                   YTD         585.8       586.1

Wealth and Asset Management   1st quarter       73.3        79.5
                              2nd quarter       67.9        72.1
                              3rd quarter       74.5        72.1
                                   YTD         215.7       223.7

Merchant Banking             1st quarter        35.1        15.2
                             2nd quarter         4.7        47.9
                             3rd quarter        26.6        13.3
                                   YTD          66.4        76.4

Total Group Revenues         1st quarter        251.3      307.2
                             2nd quarter        258.7      283.5
                             3rd quarter        357.9      295.5
                                   YTD          867.9      886.2

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