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FIMALAC : Fiscal results 2009

^{Published on 2009-11-24 09:29:20 - Market Wire}
 

PARIS--(Marketwire - November 24, 2009) - I) FISCAL 2009 RESULTS (October 1, 2008 to September 30, 2009)

1) Revenue -down 4.7% on a reported basis

-down 6% like-for-like*

Consolidated revenue for fiscal 2009 amounted to EUR 559.1 million compared with EUR 586.9 million the previous year. This represented a year-on-year decline of just 4.7% on a reported basis and 6% like-for-like, reflecting a steady improvement in each of the four quarters.

Fitch Ratings reported fiscal 2009 revenue of EUR 453.7 million versus EUR 486.8 million, down 6.8% on a reported basis and 7.5% like-for-like. The fourth quarter saw a return to growth, with revenue up 2.5% like-for-like. Algorithmics' revenue totaled EUR 105.5 million for fiscal 2009 versus EUR 102.1 million the previous year, representing a 3.3% increase on a reported basis and a 0.9% decline like-for-like.

2) Recurring operating profit -down 7.9% on a reported basis

-down 11% like-for-like*

Consolidated recurring operating profit amounted to EUR 141.8 million for fiscal 2009 compared with EUR 154 million the previous year, representing a limited decline of 7.9% on a reported basis and 11% like-for-like.

Fitch Ratings' recurring operating profit amounted to EUR 164.2 million versus EUR 178 million, down 7.8% on a reported basis and 10.7% like-for- like. Algorithmics ended the year with an operating profit of EUR 3.8 million before depreciation, amortization and provisions. After deducting amortization of the intangible assets recognized at the time of the business combination with Fitch Group, Algorithmics' recurring operating loss improved to EUR 12.9 million from EUR 14.4 million the previous year.

3) Attributable profit for the period up 7.8%

Profit attributable to equity holders of the parent for fiscal 2009 amounted to EUR 22 million compared with EUR 20.4 million for the previous year.

4) Recommended fiscal 2009 dividend unchanged at EUR 1.50 per share

At the Annual Shareholders' Meeting on February 9, 2010, the Board of Directors will recommend paying a dividend of EUR 1.50 per share, unchanged from fiscal 2008. Fimalac shares will be quoted ex-dividend from February 11 and the dividend will be payable as from February 16, 2010.

II) SALE OF 20% INTEREST IN FITCH GROUP TO HEARST COMMUNICATION

The sale was completed on November 2, 2009 and will be reflected in the fiscal 2010 consolidated financial statements.

Fimalac has received the agreed sale proceeds in the net amount of EUR 300 million.

The transaction generated a net capital gain of EUR 249 million, that will be included in profit in the statutory accounts. The effect on consolidated attributable equity will be an increase of EUR 210 million.

III) CONSOLIDATED NET DEBT

Following collection of the EUR 300 million net proceeds from the sale of 20% of Fitch Group, consolidated net debt amounts to just EUR 48 million and the parent company, Fimalac, has net cash and cash equivalents of some EUR 360 million.

This information is provided by HUGIN