SOURCE: FIMALAC

July 27, 2005 14:05 ET

FIMALAC : First-half 2005 revenue : Up 7.4% on a reported basis / Up 6.9% like-for-like*

Paris -- (MARKET WIRE) -- July 27, 2005 -- Fimalac's first-half 2005 revenue totaled E517.4 million, in line with the provisional revenue figure disclosed on July 18 when the offer received for Facom Tools was announced.



Compared with first-half 2004, revenue was up 7.4% on a reported basis and 6.9% like-for-like, excluding the currency effect and the impact of the acquisition of Algorithmics and the divestment of Facom Tools's US subsidiary.


+-------------------------+----------+----------+--------+
|(In E millions)          |First-half|First-half|% Change|
+-------------------------+----------+----------+--------+
|                         |      2004|      2005|        |
+-------------------------+----------+----------+--------+
|Revenues – like-for-like |     465.4|     497.5|  + 6.9%|
+-------------------------+----------+----------+--------+
|Currency effect (mainly $|          |     - 8.4|        |
|and £)                   |          |          |        |
+-------------------------+----------+----------+--------+
|Changes in Group         |    + 16.4|    + 28.3|        |
|structure                |          |          |        |
+-------------------------+----------+----------+--------+
|Revenues – reported      |     481.8|     517.4|  + 7.4%|
+-------------------------+----------+----------+--------+


Fitch Ratings reported first-half revenue of $261.4 million compared with $219.9 million in the year-earlier period. After an excellent first quarter, when revenue increased 16.6%, the pace of growth accelerated in the second three months, both in the United States and internationally, lifting growth for the half significantly above budget, at 18.9%. After conversion into euros, Fitch Ratings' contribution to consolidated revenue came to E203.3 million versus E179.1 million in first-half 2004, representing an increase of 13.5% on a reported basis and 17.9% like-for-like.



Revenues from the risk management business totaled $45.4 million (E35.3 million) compared with $7.5 million (E6.1 million) in first-half 2004. The first-half 2005 figure includes a five-month contribution from Algorithmics, acquired in January. Like-for-like growth in euros came to 24.6%.



In all, the Fitch Group, which now combines the rating and risk management businesses, reported first-half revenue of $306.8 million (E238.6 million) compared with $227.4 million (E185.2 million) in the year-earlier period. This represented an increase, in euros, of 28.8% on a reported basis and 18.1% like-for-like.



The Facom Tools hand tools business posted first-half sales of E199.3 million compared with E214.8 million in the year-earlier period. The 7.2% decline on a reported basis was attributable to the divestment of Facom Tools' US subsidiary; like-for-like sales were up 0.6%. Both of these rates were in line with the budget. The Beissbarth garage equipment business generated sales of E79.2 million versus E81 million. The period-on-period declines of 2.2% on a reported basis and 2.5% like-for-like were also in line with the budget.



*Based on an identical Group structure and constant exchange rates.





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