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FIMALAC : FIMALAC : Fiscal 2012 Results (October 1, 2011 to December 31,2012)

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

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Source: FIMALAC via Thomson Reuters ONE
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