Vente d Algorithmics (par Fitch Group) Cession le 20/10/2011 Plus-value de cession enregistrée sur la période
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1 Présentation
2 Synthèse Résultats consolidés au 30/09/ er er octobre septembre 2012 Arrêté comptable intermédiaire Exercice de transition de 15 mois à clôturer le 31/12/2012
3 Organigramme (1) Au 11/04/2012
4 Périmètre de consolidation 50 % de Fitch Regroupement sur 1 ligne dès le 1 er octobre 2011 et sur comparatif 2010/2011 Mise en équivalence de 50 % après cession de 10 % le 11/04/2012 Plus-value de cession enregistrée sur la période Vente d Algorithmics (par Fitch Group) Cession le 20/10/2011 Plus-value de cession enregistrée sur la période 80 % de North Colonnade Intégration ti globale l 40 % de Groupe Lucien Barrière (GLB) Mise en équivalence (acquisition mars 2011) 100 % de VEGA Intégration globale (acquisition novembre 2010) 40 % de Gilbert Coullier Productions Mise en équivalence 40 % de Auguri Productions Mise en équivalence (acquisition mai 2011) Fimalac, Fimalac Développement, holdings Intégration globale
5 Chiffre d affaires par société (en M ) 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) Immobilier (dont North Colonnade) 4,5 6,1 Divertissement (dont Vega) 19,3 23,5 Société-mère et autres 0,6 Chiffre d affaires consolidé (données publiées) 23,8 30,3 Suivi du chiffre d affaires de Fitch Ratings : (en M ) 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) Variation Chiffre d affaires à données publiées 525,7 621,9 18,3 % Effet de conversion (pas d effet périmètre) - 29,6 Chiffre d affaires à données comparables 525,7 592,3 12,7 %
6 (en M ) Fitch Ratings - Chiffre d affaires par pays 30/09/2011 (oct 10 sept 11) % (données publiées) 30/09/2012 (oct 11 sept 12) 1 Etats-Unis 200,1 38,1 % 256,0 41,2 % 2 Royaume Uni 42,5 8,1 % 50,4 8,1 % 3 Corée du Sud 40,7 7,7 % 47,6 7,7 % 4 Allemagne 21,6 4,1 % 23,9 3,8 % 5 France 17, ,4 % 17,4 28 2,8 % 6 Suisse 13,4 2,5 % 16,1 2,6 % 7 Mexique 12,6 24 2,4 % 14, ,3 % 8 Italie 16,0 3,0 % 14,2 2,3 % 9 Brésil 13,6 2,6 % 14,2 2,3 % 10 Pays Bas 12,2 2,3 % 13,9 2,2 % % % du chiffre d affaires Fitch Ratings 74,3 % 75,3 %
7 (en M ) EBITDA (*) par société (*) EBITDA : résultat opérationnel courant + dotations nettes aux amortissements et provisions opérationnels 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) Immobilier 1,7 3,7 Divertissement 2,1 1,7 Société-mère et autres - 6,9-5,3 EBITDA consolidé (données publiées) -3,1 0,1 Suivi de l EBITDA de Fitch Ratings : (en M ) 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) Variation EBITDA à données publiées 176,7 225,7 27,7 % Effet de conversion (pas d effet périmètre) - 9,4 EBITDA à données comparables 176,7 216,3 22,4 % Marge EBITDA/CA à données comparables 33,6 % 36,5 %
8 Résultat opérationnel courant par société (en M ) 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) Immobilier -2,1-0,4 Divertissement 0,9 0,5 Société-mère et autres - 7,7-6,1 Résultat opérationnel courant consolidé (données publiées) -8,9-6,0 Suivi du résultat opérationnel courant de Fitch Ratings : (en M ) Variation 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) ROC à données publiées 162,8 198,7 22,1 % Effet de conversion (pas d effet périmètre) -7,7 ROC à données comparables 162,8 191,0 17,3 % Marge ROC/CAàd données comparables 31,0 % 32,2% 2%
9 Du Résultat opérationnel courant au résultat opérationnel (en M ) 30/09/2011 (oct 10 sept 11) 30/09/2012 (oct 11 sept 12) Résultat opérationnel courant - 8,9-6,0 Autres produits et charges opérationnels - 0,2-0,3 Résultat opérationnel - 9,1-6,3
10 Du Résultat opérationnel au résultat net (en M ) Résultat net du périmètre d intégration globale : 30/09/ /09/2012 (oct 10 sept 11) (oct 11 sept 12) Résultat opérationnel - 9,1-6,3 Résultat t financier i ,5-12,3 Impôts et minoritaires - 2,0-6,0 Résultat net des sociétés mises en équivalence (hors Fitch) 10,8 10,4 Quote-part résultat net de Fitch Group (part du Groupe) 60 % jusqu au 11/04/ ,4 32,5 50 % depuis le 11/04/2012 (mise en équivalence) 27,1 Résultat t net de cession 10 % de Fitch Group (part du Groupe) 82,0 Résultat net de cession Algorithmics (part du Groupe) 85,8 Résultat net Part du Groupe 41,6 213,2
11 Impacts cession d Algorithmics par Fitch Group Date de réalisation : 20 octobre 2011 Montant perçu par Fitch Group avant impôt : 380,2 M$ Montant net après impôt : 274,2 M$ Gain au niveau de Fimalac (en M ) Avant minoritaires Quote-part Fimalac Plus-value de cession 144,9 89,1 Résultat intercalaire 1er au 20 oct ,5-3,3 Gain net sur cession (en M ) 139,4 85,8
12 Impacts cession 10 % de Fitch Group Date de réalisation : 11 avril 2012 Montant perçu par Fimalac Services Financiers : 177 M$ Contrevaleur: 135,3 M Plus-value nette comptes sociaux de Fimalac Services Financiers : 110 M Plus-value l nette comptes consolidés de Fimalac : 82 M
13 Trésorerie / Endettement net par société (en M ) 30/09/ /09/2012 North Colonnade Emprunt auprès de Fimalac (80%) Emprunt auprès de Hearst (20%) Té Trésorerie 7 8 Société mère et autres Prêt à North Colonnade Endettement net Endettement financier net consolidé Suivi de l endettement net de Fitch Ratings : (en M ) 30/09/ /09/
14
15 Overview Strong financial performance for Fitch Group in fiscal 2012 with growth across most lines of business Favorable debt issuance trends in non-financial corporate and structured finance sectors, especially in the second half of the fiscal year Issuance fees represent one of many revenue drivers for the ratings business Continued growth in recurring revenue due to progress in renewing issuer relationships Increased demand for the credit-related related research, data, analytics and training services offered by Fitch Solutions
16 Corporate Overview and Structure A global leader in financial information services with expertise and critical mass across the credit spectrum Dual-headquartered in New York and London Approximately 2,400 employees in 51 offices across the globe Jointly owned by Fimalac and Hearst Corporation 50% 50% 100% 100%
17 Global Presence Strong presence in key emerging markets within Asia and Latin America Moscow Stockholm Frankfurt Paris New York Toronto Chicago W Warsaw Beijing Shanghai Seoul Tokyo London Kent Milan Madrid Barcelona Tunis Istanbul San Francisco Austin Monterrey Mexico City San Salvador Guatemala San Jose Quito Taipei Hong Kong Bangkok Bogota New Delhi Mumbai Hyderabad Lima L Paz La P São Paulo Santiago Buenos Aires Singapore Dubai Caracas Rio de Janeiro Montevideo Sandton Bangalore Jakarta Sydney Kolkata Chennai Colombo
18 Fitch Group Revenue to Operating Income (in US$ millions) 2010/ /2012 % change % change As-Reported Like-for for-like Revenue % 12.7% Personnel costs % 4.7% External expenses % Total charges % EBITDA % 22.4% EBITDA Margin 33.6% 36.3% 3% Profit sharing plan Depreciation & Amortization Operating Income % 17.3% Operating Income Margin 31.0% 32.0%
19 Fitch Ratings Revenue by Segment (US$ millions) Revenue 2010/ /2012 % change As-Reported % change Like-for-Like FITCH RATINGS % 99% 12.7% Corporate Finance % 13.6% Structured Finance % 88% 11.5% Fitch Solutions % 11.7% Other % 14.2%
20 Fitch Ratings Revenue by Region (US$ millions) Revenue 2010/ /2012 % change As-Reported % change Like-for-Like FITCH RATINGS % 99% 12.7% North America % 18.9% EMEA % 0.1% 43% 4.3% Latin America % 15.7% Asia Pacific % 17.0%
21 Macroeconomic Environment The global economy continues to show signs of recovery, though several concerns and risks still persist Concern over a potential shock to the Eurozone from a disorderly Eurozone crisis default has lessened Despite recent supportive measures by the ECB, financing conditions remain tight and growth in core countries is slowing U.S. recovery Significant debt market activity due to refinancing of maturing corporate debt Persistently high unemployment rate and deceleration of growth in the first half of 2012 underscore the fragility of the recovery U.S. fiscal cliff remains a concern with potential for substantial adverse impact on the economy Emerging markets growth Source: Fitch Global Economic Outlook (September 2012), Risk Radar (October 2012) In China, the scope for policy response provides a buffer against a hard landing Risks to future growth in some of the emerging markets have increased due to domestic vulnerabilities and weaker global outlook
22 Global Debt Issuance Issuance totaled approximately $6 trillion in FY 2012, a 4% increase over the prior year Non-financial corporates returned to debt markets to meet their refinancing needs, taking advantage of low interest rates FY 2011 FY 2012 Issuance from financial i institutions started showing signs of recovery in the second half of the fiscal year Structured finance issuance continued to recover especially in the U.S., although some asset classes stay depressed The Eurozone crisis continued to impact Sovereign issuance Calendar Quarter Source: Dealogic, Fitch Ratings
23 Corporate Finance Debt Issuance Bond issuance in non-financial Corporates saw a 31% increase in FY2012 as compared to the prior year Strong issuance activity as issuers turned to capital markets for their refinancing requirements Investment Grade bond issuance grew significantly across all regions, as issuers took advantage of low interest rates Financial Institutions issuance declined 12% as compared to the prior fiscal year Sovereign credit concerns and regulatory uncertainty continued to hamper issuance Source: Dealogic, Fitch Ratings
24 Structured Finance Debt Issuance Global Structured Finance issuance in FY 2012 decreased 13% compared to prior year The ABS sector grew as a result of increased auto and credit card issuance FY 2011 FY 2012 MBS sector continues to face challenges due to depressed property prices and high unemployment rates CDOs experienced significant growth during the year Calendar Quarter Source: Dealogic, Fitch Ratings
25 US Public Finance Debt Issuance US municipal bond issuance in FY 2012 is 17% ahead of prior year Excluding Build America Bonds (BAB) in the first quarter of FY 2011, issuance in FY 2012 grew by 35% over prior year FY 2011 FY 2012 The growth can be attributed to healthy issuance in the Tax-backed and Healthcare sectors Concerns over widespread municipal defaults have generally abated Source: SIFMA, Thomson Reuters, Fitch Ratings
26 Regulatory Update Regulatory Update CRA 3 - New European regulatory proposal Optimistic that the new regulation will be manageable Watching rotation and liability proposals very closely US legislation and regulation relatively quiet Dodd-Frank regulations largely complete Other major markets taking similar steps e.g., New regulatory framework in Mexico and Brazil New regulations passed in Canada
27 Fitch Solutions Fitch Solutions experienced steady organic growth during the year High customer retention rates despite challenging market conditions Broad client base with significant opportunities for penetration and growth Demand for Fitch Solutions offerings in research, data, analytics, and training remains robust given Increased demand for credit information related to capital market activity Regulatory compliance and transparency requirements from Basel III, Solvency II, etc. Focus on managing credit and counterparty risk exposure, especially in the wake of the financial crisis in Europe Fitch Solutions continues to focus on Innovation and new product development that address the needs of capital market participants Greater commercialization of Fitch Ratings research content Strategic expansion of third-party distribution channels
28 Conclusion Fitch remains committed to the following principles: Credit Expertise Investor Focus Leadership Perspective Transparency Despite market volatility, capital market trends are favorable in the long-term and Fitch s business has performed well in fiscal 2012
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