PARIS, FRANCE--(Marketwire - Nov 27, 2012) -
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 interim press release concerns the Group's consolidated results for
the 12
months from October 1, 2011 to September 30, 2012. It has been
prepared to
permit comparisons with fiscal 2011 ended September 30, 2011. Results for
fiscal
2012 - covering the fifteen months ending December 31, 2012 - will be
published
after the Board meeting scheduled for March 26, 2013.
I) Changes in scope of consolidation
1) Algorithmics was sold by Fitch Group on October 20, 2011. Fimalac's
share of
the net disposal gain came to EUR85.8 million.
2) On April 11, 2012, Fimalac sold a further 10% of Fitch Group to
Hearst,
generating a net gain of EUR82 million. Fimalac's remaining 50% interest
in Fitch
Group has been accounted for by the equity method as from the transaction
date.
3) The Group's other significant equity interest, consisting of the 40%
stake in
Groupe Lucien Barrière acquired in March 2011 by Fimalac
Développement, is also accounted for by the equity method.
4) For the reasons explained above, there are now only two main
fully
consolidated subsidiaries, 80%-owned North Colonnade (owner of the London
office
building) and Vega (entertainment venue operator) owned through
Fimalac
Développement.
II) Consolidated results for the 12 months to September 30, 2012
(in EUR millions) |12 months to September | |12 months to
| 30, 2011 | |September 30, 2012
-----------------------------+-----------------------+-+-------------------
| | |
-----------------------------+-----------------------+-+-------------------
Net result from fully | | |
consolidated companies: | | |
-----------------------------+-----------------------+-+-------------------
Operating loss | (9.1)| | (6.3)
-----------------------------+-----------------------+-+-------------------
Financial result | (8.5)| | (12.3)
-----------------------------+-----------------------+-+-------------------
Income tax and minority | (2.0)| | (6.0)
interests | | |
-----------------------------+-----------------------+-+-------------------
Share of profit of | 10.8| | 10.4
associates (excluding Fitch)| | |
-----------------------------+-----------------------+-+-------------------
Fitch Group profit for the | (*) 50.4| | (**) 59.6
period (attributable to | | |
equity holders of Fimalac) | | |
-----------------------------+-----------------------+-+-------------------
Net gain on the sale of 10% | | | 82.0
of Fitch Group (attributable| | |
to equity holders of | | |
Fimalac) | | |
-----------------------------+-----------------------+-+-------------------
Net gain on the sale of | | | 85.8
Algorithmics (attributable | | |
to equity holders of | | |
Fimalac) | | |
-----------------------------+-----------------------+-+-------------------
| | |
-----------------------------+-----------------------+-+-------------------
| | |
-----------------------------+-----------------------+-+------------------+
Profit attributable to | 41.6| | 213.2|
equity holders of Fimalac | | | |
+-----------------------+ +------------------+
(*) 60% of reported profit for the period.
(**) 60% of reported profit for the period to April 11, 2012 (EUR32.5
million) and
50% for the period from April 12, 2012 to September 30, 2012 (EUR27.1
million)
Fimalac's attributable net profit for the 12 months to September 30,
2012
amounted to EUR213.2 million compared with EUR41.6 million for the
previous twelve-
month period.
This excellent performance reflected the sharp rise in Fitch's operating
profits
for the period, along with the significant capital gains realized by the
Fimalac
Group.
III) Fitch Ratings' results for the 12 months to September 30, 2012
The table below presents the main earnings indicators for Fitch Ratings:
(in EUR millions)| 12 months to | 12 months to | % change | % change
| September | September | (reported) | (like-for-
| 30, 2011 | 30, 2012 | | like)*
-----------------+---------------+---------------+------------+------------
| | | |
-----------------+---------------+---------------+------------+------------
Revenue | 525.7| 621.9| + 18.3% | + 12.7%
-----------------+---------------+---------------+------------+------------
| | | |
-----------------+---------------+---------------+------------+------------
EBITDA (**) | 176.7| 225.7| + 27.7% | + 22.4%
-----------------+---------------+---------------+------------+------------
| | | |
-----------------+---------------+---------------+------------+------------
Recurring | 162.8| 198.7| + 22.1% | + 17.3%
operating profit| | | |
-----------------+---------------+---------------+------------+------------
| | | |
-----------------+---------------+---------------+------------+------------
(*) Based on a comparable scope of consolidation and at constant exchange
rates
(**) EBITDA: Earnings before interest, taxes, depreciation and
amortization.
Fitch enjoyed an increasingly fast pace of growth over the last four
quarters.
In all, revenues for the 12-month period were up 18.3% as reported compared
with
the year earlier period, including like-for-like growth of 12.7%
(excluding the
currency effect).
Revenues were higher across all regions, generally led by strong gains
in the
corporates and financial institutions rating segments. In North America,
growth
was strong (18.9% like-for-like). Geographic diversification also acted
as a
powerful growth driver, with Asia and Latin America (up 17% and
15.7%
respectively like-for-like).
Operating profits grew at an even faster rate than revenue, with EBITDA
for the
12-month period rising 27.7% as reported and 22.4% like-for-like
(excluding the
currency effect).
R0912A: http://hugin.info/143461/R/1660885/537977.pdf
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Source: FIMALAC via Thomson Reuters ONE
[HUG#1660885]