FIMALAC : FIMALAC : Fiscal 2012 Results (October 1, 2011 to December 31,2012) I) CONSOLIDATED RESULTS Following the change in the Group's accounting year-end, fiscal 2012 is a transition year exceptionally covering the 15-month period from October 1, 2011 to December 31, 2012. ______________ Attributable net profit amounted to €197.8 million for the period, compared with €41.6 million in the previous fiscal year, which covered the 12 months ended September 30, 2011. (in € millions) 12 months to September 15 months to December 30, 2011 31, 2012 Net result from fully consolidated companies: Recurring operating result (8.9) (9.3) North Colonnade fair value (24.4) adjustment Net financial result (8.5) (15.5) Other (2.2) (9.7) Share of profit of associates 10.8 10.3 (excluding Fitch) Fitch Group profit for the 50.4 74.5 period Net gain on the disposal of 10% 81.2 of Fitch Group Net gain on the disposal of 90.7 Algorithmics Profit attributable to equity 41.6 197.8 holders of Fimalac This profit performance reflected both the significant improvement in Fitch's operating profit over the period and the major capital gains realized by the Fimalac Group. II) AN EXCELLENT PERFORMANCE BY FITCH 1) Recurring operating profit of €250.9 million (in € 12 months to 15 months to % change % change millions) September 30, 2011 December 31, (reported) (like-for-like)* 2012 12 15 12 months 15 months months months Revenue 525.7 789.3 + 18.3% + 19.3% + 12.7% + 14.1% EBITDA** 176.7 293.0 + 27.7% + 32.5% + 22.4% + 26.6% Recurring 162.8 250.9 + 22.1% + 23.8% + 17.3% + 18.5% operating profit * Based on a comparable scope of consolidation and at constant exchange rates ** EBITDA: Earnings before interest, taxes, depreciation and amortization Demand for Fitch services was particularly strong during the period, driving increasingly faster growth, quarter by quarter, at both Fitch Ratings and Fitch Solutions. Over the 15 months to December 31, 2012, consolidated revenue rose by 19.3% as reported and 14.1% like-for-like (excluding the currency effect). Revenue was higher across every region, with generally stronger gains in the corporate and financial institutions rating segments. In North America, growth was a robust 18.7% like-for-like over the 15-month period. Geographic diversification also acted as a powerful driver, with Asia and Latin America reporting like-for-like revenue up 17.3% and 19.5%, respectively, over the 15-months. Growth was slower in the Europe-Middle East-Africa region, with a 7% like-for-like 15-month gain. Operating profit outpaced revenue growth, with 15-month EBITDA climbing 32.5% as reported and 26.6% like-for-like. Alongside the rating operations, Fitch Solutions' subscription-based research and database services represent a solid second business, whose products are increasingly popular among specialized investors, financial institutions and large organizations. Fitch Solutions now accounts for nearly 17.5% of total Fitch revenue. Fitch Group has also 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 more than 150 employees. Fitch will combine 7city with its Fitch Training unit to form Fitch 7city Learning, which will be the Group's third business alongside Fitch Ratings and Fitch Solutions. 2) Other significant events a) Algorithmics was sold by Fitch Group on October 20, 2011 for about 2.3 times its original price. Fimalac's share of the net disposal gain came to €90.7 million. 2) On April 11, 2012, Fimalac sold 10% of Fitch Group to Hearst. The net capital gain recognized in income for the period stood at €81.2 million, compared with an original price of €25 million. III) OTHER SIGNIFICANT EVENTS 1) Groupe Lucien Barrière, 40%-owned by Fimalac Développement since March 2011, reported revenue of €1,095 million (before gambling taxes), virtually unchanged from the year before despite a difficult economic environment. Fimalac's share of net profit amounted to €10.2 million in fiscal 2012. 2) Fimalac has become a top-tier player in France's entertainment industry through its show production and venue management operations. The aggregate revenue of these two activities (excluding Groupe Lucien Barrière's venue management and casino businesses) came to €110 million in 2012. 3) Despite the fact that the 80%-owned North Colonnade office building is a high-quality strategic asset, in light of the ongoing difficult context in London's office market, it was deemed prudent to record an impairment charge for the period, which reduced consolidated attributable net profit by €24.4 million. IV) DIVIDEND OF €1.80 PER SHARE At the Annual Shareholders' Meeting on June 11, 2013, the Board of Directors will recommend paying a dividend of €1.80 per share, compared to €1.50 the year before. The ex-dividend date will be June 14 and the dividend will be payable as from June 19. The €1.80 dividend includes a special dividend of€0.30 per share to take into account the strong fiscal 2012 profit, which was positively impacted by major capital gains. RES1112EN ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 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 the information contained therein. Source: FIMALAC via Thomson Reuters ONE HUG#1688438
FIMALAC : FIMALAC : Fiscal 2012 Results (October 1, 2011 to December 31,2012)
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