SOURCE: FIMALAC

May 22, 2007 12:16 ET

FIMALAC : First Half Results (October 2006 - March 2007)

PARIS -- (MARKET WIRE) -- May 22, 2007 -- FIRST-HALF RESULTS (October 2006 - March 2007)

Recurring Operating Profit Up 66.9% Like-For-Like*

Commenting on the interim results, Marc Ladreit de Lacharrière said: "Our recurring operating profit reflects excellent performances across all geographic areas and all segments of the rating business, with overall growth of 60.9% on a reported basis and 66.9% like-for-like."

Revenue: EUR 365.7 million

+-----------------+--------------------+--------------------+------------+--+
|                 |Oct. 2005 to March  |Oct. 2006 to March  |    Change  |  |
|                 |2006                |2007                |            |  |
+-----------------+--------------------+--------------------+------------+--+
|(in Euro millions)                    |                    |  (reported)|  |
+-----------------+--------------------+--------------------+------------+--+
|  Fitch Ratings  |               255.9|               313.3|     + 22.4%|  |
+-----------------+--------------------+--------------------+------------+--+
|  Algorithmics   |                47.9|                52.4|      + 9.4%|  |
+-----------------+--------------------+--------------------+------------+--+
|Total            |               303.8|               365.7|     + 20.4%|  |
+-----------------+--------------------+--------------------+------------+--+
+-----------------+--------------------+--------------------+------------+--+

+-----------------+-----------------+
|                 |      Change     |
|                 |                 |
+-----------------+-----------------+
|(in Euro millions)  (like-for-like)|
+-----------------+-----------------+
|  Fitch Ratings  |          + 26.8%|
+-----------------+-----------------+
|  Algorithmics   |          + 17.2%|
+-----------------+-----------------+
|Total            |          + 25.3%|
+-----------------+-----------------+
+-----------------+-----------------+
Fimalac's consolidated revenue for the six months ended March 31, 2007 - consisting entirely of Fitch Group revenue - rose by a very strong 25.3% like-for-like.

Fitch Ratings' 26.8% like-for-like revenue growth largely exceeded targets. First-half growth cannot be extrapolated to the second half.

Algorithmics reported revenue up 17.2% like-for-like, in line with the budget.

Recurring Operating Profit: EUR 78.2 million

+----------------------+--------------------+--------------------+------------+
|                      |Oct. 2005 to March  |Oct. 2006 to March  |    Change  |
|                      |2006                |2007                |            |
+----------------------+--------------------+--------------------+------------+
|(in Euro millions)    |                    |                    |  (reported)|
+----------------------+--------------------+--------------------+------------+
|  Fitch Ratings       |                74.1|               101.0|     + 36.3%|
+----------------------+--------------------+--------------------+------------+
|  Algorithmics        |              (19.4)|              (16.7)|     + 13.9%|
+----------------------+--------------------+--------------------+------------+
|Fitch Group           |                54.7|                84.3|     + 54.1%|
+----------------------+--------------------+--------------------+------------+
|Other (parent company)|               (6.1)|               (6.1)|            |
+----------------------+--------------------+--------------------+------------+
|Total                 |                48.6|                78.2|     + 60.9%|
+----------------------+--------------------+--------------------+------------+
+----------------------+--------------------+--------------------+------------+

+----------------------+--+-----------------+
|                      |  |      Change     |
|                      |  |                 |
+----------------------+--+-----------------+
|(in Euro millions)    |  |  (like-for-like)|
+----------------------+--+-----------------+
|  Fitch Ratings       |  |          + 41.7%|
+----------------------+--+-----------------+
|  Algorithmics        |  |           + 7.7%|
+----------------------+--+-----------------+
|Fitch Group           |  |          + 59.4%|
+----------------------+--+-----------------+
|Other (parent company)|  |                 |
+----------------------+--+-----------------+
|Total                 |  |          + 66.9%|
+----------------------+--+-----------------+
+----------------------+--+-----------------+
Fitch Ratings' recurring operating profit for the six months ended March 31, 2007 grew faster than revenue, rising 36.3% on a reported basis and 41.7% like-for-like.

Algorithmics' recurring operating loss is narrowing in line with expectations. The figure includes amortization of the intangible assets recognized at the time of the business combination.

Attributable Net Profit: EUR 53.9 million

Profit attributable to equity holders of the parent for the six months ended March 31, 2007, which notably includes an increase in net financial income, came to EUR 53.9 million. This is not directly comparable with the EUR 504.1 million profit for the year-earlier period, which included EUR 465.1 million in net gains on disposal of the Facom Group and the sale of a 20% stake in the Fitch Group.

*At constant exchange rates.

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