FIMALAC: Quaterly revenue - Three months ended December 31,2012 - Excellent performance by Fitch, with revenue 19,7%
January 28, 2013 - PARIS
Following the change in the Group's year-end,fiscal 2012 is a transition yearcovering the 15-month period from October 1, 2011 to December 31, 2012.
This press release concerns revenue for the final quarter of the fiscalyear,covering the period from October 1 to December 31, 2012.
I) Fimalac's consolidated revenue
In line with the applicable accounting standards, Fitch is no longerfullyconsolidated by the Fimalac Group because it is 50%-owned by the Group.As aresult, it no longer contributes to Fimalac's consolidated revenue,which nowcorresponds primarily to the revenue generated by Vega's entertainmentvenuemanagement business and to the rental revenue derived from the Group'srealestate assets.
Consolidated revenue for the three months from October 1 to December 31,2012amounted to EUR11.8 million compared with EUR9.4 million for theyear-earlierperiod. As earlier reported, consolidated revenue for the twelve monthsfromOctober 1, 2011 to September 30, 2012 came to EUR30.3 million versusEUR23.8 millionfor the comparable period (i.e. the Group's prior fiscal year).Consequently,consolidated revenue for the fifteen months ended December 31,2012,corresponding to the transition period following the change in the Group'syear-end, totaled EUR42.1 million.
II) Fitch's revenue
As previously reported, Fitch's revenue for the twelve months toSeptember30, 2012 amounted to EUR621.9 million ($805.5 million) versusEUR525.7 million($732.7 million) for the comparable period, representing an increase of12.7%like-for-like (based on a comparable scope of consolidation and atconstantexchange rates).
Fitch enjoyed an increasingly fast pace of growth over the last quartersand theyear ended on an excellent performance, with revenue for the threemonths toDecember 31, 2012 up 23.4% as reported and 19.7% like-for-like at EUR167.4million($217.3 million) versus EUR135.7 million ($181.5 million) for the sameperiod of2011. Growth accelerated across main regions, with like-for-likeincreases of17.8% in North America, 35.3% in Latin America, 18.7% in the Asia-Pacificregionand 18.6% in the Europe-Middle East-Africa (EMEA), region that is now on amoresimilar growth trajectory to the other regions.
Revenue for the 15-month transition period ended December 31, 2012came toEUR789.3 million ($1,022.8 million).
III) Fitch's acquisition of 7city
As announced on January 24, 2013, Fitch Group has recently acquired7city, aleading provider of learning and development solutions for thefinancialservices industry. Based in London with offices in New York,Singapore andDubai, 7city has over 150 employees.
Fitch Group's strategy for this acquisition is to combine 7city with itsFitchTraining unit to form Fitch 7city Learning, a global leader infinance,financial analysis and credit risk analysis training.
Fitch 7city Learning will be a third business segment for Fitch Group,alongsideFitch Ratings and Fitch Solutions (research and analytics). Itrepresents anatural diversification, targeting the same financial community andleveragingFitch's expertise and global footprint.
IV) Upcoming results announcements
Results for fiscal 2012 - covering the fifteen months ended December 31,2012 -will be published after the Board meeting scheduled for March 26, 2013.
This announcement is distributed by Thomson Reuters on behalf ofThomson 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#1673622]
Phone: +33 1 47 53 61 81