FIMALAC
Paris : FIM

November 29, 2011 12:44 ET

FIMALAC : Fiscal 2011 Results October 1, 2010 to September 30, 2011

PARIS, FRANCE--(Marketwire - Nov 29, 2011) -


  * Revenues up 9.4%*
  * Recurring operating profit up 16.6%*
  * Net profit up 38.7%

I) Fiscal 2011 results

1) Revenues: EUR545 million, up 9.4%*

Consolidated revenue for fiscal 2011 amounted to EUR545 million compared with EUR487.5 million in fiscal 2010, representing an increase of 11.8% as reported and 9.4% like-for-like.

The total primarily comprised revenue from Fitch Ratings, in the amount of EUR525.6 million versus EUR487.5 million, a gain of 7.8% as reported and 9.4% like- for-like. All segments of the rating business generated higher revenues, across all regions.

2) Recurring operating profit: EUR154 million, up 16.6%*

Fimalac's consolidated recurring operating profit amounted to EUR154 million for the fiscal year, compared with EUR133.2 million for fiscal 2010, an increase of 15.6% as reported and 16.6% like-for-like.

The total comprised recurring operating profit from Fitch Ratings, which amounted to EUR162.8 million versus EUR145 million, up 12.3% on a reported basis and 13.4% like-for-like.

(*) Like-for-like: based on constant exchange rates and excluding material changes in scope of consolidation.


3) Profit attributable to equity holders of the parent: EUR41.6 million, up 38.7%

              (in EUR millions)        Fiscal 2010  Fiscal 2011
------------------------------------------------------------------------


 Recurring operating profit                 133.2      154.0

 Other operating income and expenses, net     0.1       (0.6)
                                          ------------------------------
 Operating profit                           133.3      153.4

 Finance costs and income tax expense       (68.1)     (80.4)

 Share of profit of associates                1.1       13.3

 Net loss from discontinued operations       (7.4)      (8.6)
                                          ------------------------------
 Total net profit                            58.9       77.7    + 31.9%

 Minority interests                         (28.9)     (36.1)
------------------------------------------------------------------------

                                          +-------+  +-------+ +-------+
 Profit attributable to equity            |  30.0 |  |  41.6 | |+ 38.7%|
 holders of the parent                    |       |  |       | |       |
                                          +-------+  +-------+ +-------+

In fiscal 2011, the line "Share of profit of associates" includes the EUR11.2 million contribution of Groupe Lucien Barrière, which has been 40%-owned by Fimalac Développement since March 2011.

On October 20, 2011, Fimalac completed the sale of Algorithmics, which was 60%- owned through Fitch Group, for US$ 380.2 million. The net gain on the sale which will be included in Fimalac's consolidated profit in fiscal 2012 is estimated at around EUR85 million after tax. In accordance with IFRS, Algorithmics' contribution to profit is reported under "Net loss from discontinued operations" in both fiscal 2011 and fiscal 2010 to permit meaningful year-on-year comparisons.

II) Other information

1) Dividend: EUR1.50 per share

At the Annual Shareholders' Meeting on February 14, 2012, the Board of Directors will recommend paying a dividend of EUR1.50 per share, unchanged from fiscal 2010. Fimalac shares will be quoted ex-dividend from February 15, 2012 and the dividend will be payable as from February 20, 2012.

2) Change of fiscal year-end

The Board of Directors will also recommend at the Annual Shareholders' Meeting moving the fiscal year-end of the Company and the Group to December 31. The proposal is being made due to the recent changes in the composition of the Group.

If this proposal is approved, fiscal 2012 will be a transition year, and will cover the 15-month period from October 1, 2011 to December 31, 2012.

RESUL11-EN: http://hugin.info/143461/R/1567413/486904.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#1567413]

Contact Information

  • Jean-Philippe Laval
    +33 1 47 53 61 81