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

FIMALAC : Fiscal 2012 Results (October 1, 2011 to December 31,2012) 
PARIS -- (Marketwire) -- 03/26/13 --  
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 EUR197.8 million for the period,
compared with EUR41.6  million in  the previous  fiscal year,  which
covered the 12 months ended September 30, 2011. 


 
       (in EUR millions)    | 12 months to September | |   15 months to
                            |        30, 2011        | | December 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|                    10.8| |              10.3
 associates       (excluding|                        | |
 Fitch)                     |                        | |
----------------------------+------------------------+-+------------------
                            |                        | |
----------------------------+------------------------+-+------------------
 Fitch Group profit for the |                    50.4| |              74.5
 period                     |                        | |
----------------------------+------------------------+-+------------------
                            |                        | |
----------------------------+------------------------+-+------------------
 Net gain on the disposal of|                        | |              81.2
 10% of Fitch Group         |                        | |
----------------------------+------------------------+-+------------------
                            |                        | |
----------------------------+------------------------+-+------------------
 Net gain on the disposal of|                        | |              90.7
 Algorithmics               |                        | |
----------------------------+------------------------+-+------------------
                            |                        | |
----------------------------+------------------------+-+------------------
                            |                        | |
----------------------------+------------------------+-+-----------------+
   Profit attributable to   |                    41.6| |            197.8|
 equity 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 EUR250.9 million 


 
+--------+------------+-----------+-------------------+----------
---------+
|        |12 months to| 15 months |     % change      |     % change      |
| (in EUR| September  |to December|    (reported)     | (like-for-like)*  |
|millions)  30, 2011  | 31, 2012  |                   |                   |
+--------+            |           +---------+---------+---------+---------+
|        |            |           |12 months|15 months|12 months|15 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)     Oth
er 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 EUR90.7
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
EUR81.2 million, compared with an original price of EUR25 million. 
III) OTHER SIGNIFICANT EVENTS 
1) Groupe Lucien Barriere, 40%-owned by Fimalac Developpement since
March 2011, reported  revenue of EUR1,095 million (before gambling
taxes), virtually unchanged
from  the year before despite a 
difficult economic environment. Fimalac's share
of net profit
amounted to EUR10.2 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 Barriere's venue management
and casino businesses) came to EUR110 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 EUR24.4 million. 
IV) DIVIDEND OF EUR1.80 PER SHARE 
At  the Annual  Shareholders' Meeting  on June  11, 2013, the Board
of Directors
will  recommend paying a dividend of EUR1.80 per share,
compared to EUR1.50 the year before. The ex-dividend date will be
June 14 and the dividend will be payable as from June 19. 
The  EUR1.80 dividend includes a special dividend  of EUR0.30 per
share to take into account  the strong fiscal  2012 profit, which was
 positively impacted by major
capital gains. 
RES1112EN: 
http://hugin.info/143461/R/1688438/553906.pdf 
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
97, rue de Lille, 75007
Paris, France
T. 01 47 53 61 50
F. 01.47.53.61.57
 
 
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