R1S1011A
Recurring operating profit up 23.9% (*)
Net profit up 31.2%
1) Revenue up 21.1% on a reported basis and 12.3% like-for-like.
Fitch Ratings generated revenue of 263.8 million for the first half of fiscal 2011, up 14.7% over the 230 million reported in the year-earlier period. The like-for-like increase was 10.2%. Algorithmics' revenue came to 66.1 million for the period versus 52.1 million, an increase of 26.7% as reported and 21.3% like-for-like.
Fimalac's consolidated revenue totalled 341.7 million compared with 282.1 million, an increase of 21.1% as reported and 12.3% like-for-like. Reported revenue for the first-half of fiscal 2011 includes 11.8 million contributed by Vega.
2) Recurring operating profit up 26.3% as reported and 23.9% like-for-like
Fitch Ratings reported EBITDA** of 90.3 million in the first half of fiscal 2011, compared with 73.7 million in the year-earlier period. Recurring operating profit rose to 82.6 million from 70.6 million, an increase of 17% on a reported basis and 14% like-for-like.
Algorithmics generated EBITDA of 5 million versus 2.9 million. The company's recurring operating loss, which takes into account amortization of intangible assets recognized at the time of the 2005 business combination, was reduced to just 3 million from 4.8 million.
Fimalac's consolidated recurring operating profit amounted to 75.5 million for the period compared with 59.8 million for the first-half of fiscal 2010, up 26.3% on a reported basis and 23.9% like-for-like.
3) Profit for the period (attributable to equity holders) up 31.2% to 23.1 million
| (in millions) | H1 Fiscal 2010 | H1 Fiscal 2011 | |||
| Recurring operating profit | 59.8 | 75.5 | |||
| Other operating income and expenses, net | (0.8) | (0.5) | |||
| Operating profit | 59.0 | 75.0 | |||
| Finance costs and other financial income and expenses, net | (0.3) | 1.9 | |||
| Income tax expense, other | (26.3) | (35.0) | |||
| Total net profit | 32.4 | 41.9 | |||
| Minority interests | (14.8) | (18.8) | |||
| Profit attributable to equity holders of the parent (reported) | 17.6 | 23.1 | + 31.2% |
(*) Like-for-like: based on constant exchange rates and excluding material changes in scope of consolidation.
(**) EBITDA = Earnings before interest, taxes, depreciation and amortization + profit sharing.
40%-owned Groupe Lucien Barriθre was acquired on March 4, 2011 and therefore had no impact on first-half consolidated profit (covering the six months ended March 31). It will be accounted for by the equity method as from the second half.