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

22.05.2007 18:00:00 CET

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: €365.7 million

 
  Oct. 2005 to March 2006  Oct. 2006 to March 2007  Change    Change 
(in € millions)      (reported)    (like-for-like) 
           
           
           
Fitch Ratings  255.9  313.3  + 22.4%    + 26.8% 
Algorithmics  47.9  52.4  + 9.4%    + 17.2% 
           
Total  303.8  365.7  + 20.4%    + 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: €78.2 million

  Oct. 2005 to March 2006  Oct. 2006 to March 2007  Change    Change 
(in € millions)      (reported)    (like-for-like) 
           
           
           
Fitch Ratings  74.1  101.0  + 36.3%    + 41.7% 
Algorithmics  (19.4)  (16.7)  + 13.9%    + 7.7% 
           
Fitch Group  54.7  84.3  + 54.1%    + 59.4% 
           
Other (parent company)  (6.1)  (6.1)       
           
           
Total  48.6  78.2  + 60.9%    + 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: €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 €53.9 million. This is not directly comparable with the €504.1 million profit for the year-earlier period, which included €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.

Press release