Paris : FIM

April 29, 2013 13:16 ET

FIMALAC: First Quarter 2013 revenue

PARIS--(Marketwired - Apr 29, 2013) -

1) Fimalac's consolidated revenue

Fimalac's consolidated revenue for the first quarter of 2013 amounted to EUR11.9 million compared with EUR8.5 million for the same period of 2012.

This amount is not particularly representative, as several of the Group's businesses (including Fitch) are accounted for by the equity method. The main contributors to the top line are the subsidiaries in the Entertainment business -- mainly Vega (venue management) -- which generated first quarter revenue of EUR10.4 million versus EUR7 million in the year-earlier period. The total also includes rental revenue derived from the Group's real estate assets for an amount of EUR1.5 million, stable year-on-year.

2) Fitch's revenue

Building on it good performances in 2012, Fitch recorded revenue of EUR180.9 million ($239.2 million) in the first quarter of 2013, up a solid 19.9% from the EUR150.9 million ($198.2 million) reported in the first quarter of 2012.

The acquisition of 7city at the end of January 2013 contributed additional revenue of EUR4.3 million ($5.7 million) in the first quarter of 2013. "Fitch 7city Learning", formed by the merger of Fitch Training and 7city, is aiming to become one of the world's leading providers of credit risk and financial analysis learning solutions. It will be a third business segment for Fitch Group, alongside Fitch Ratings and Fitch Solutions (research and analytics), targeting the same financial community and leveraging Fitch's expertise and global footprint.

Adjusted for this change in scope, and the currency effect, Fitch's revenue was up 17.9% on a like-for-like basis in the first quarter of 2013. Fitch's revenue growth during the quarter was particularly strong in the United States (up around 31% like-for-like), across all sectors, but particularly in corporate ratings.

April 29, 2013


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Source: FIMALAC via Thomson Reuters ONE


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