Fitch consolidated revenue for fiscal 2008 amounted to €586.9 million versus €744.8 million the previous fiscal year, down 21.2% on a reported basis and 16.2% like-for-like*.  Fitch Ratings generated revenue of €484 million, representing a like-for-like decline of 20.3% which was in line with the company’s guidance.  Algorithmics reported revenue of €104.9 million, up 8.4% like-for-like.  

Consolidated recurring operating profit for fiscal 2008 came in at €154 million compared to €149.1 million the previous fiscal year, representing an increase of 3.3% on a reported basis and 10% like-for-like.  Fitch Ratings’ contribution to recurring operating profit amounted to €178.2 million versus €193 million, down 7.7% on a reported basis and 3.1% like-for-like. As expected, Algorithmics turned a profit on earnings before interest, taxes, depreciation and amortization (EBITDA) basis. This year’s positive EBITDA was €3.2 million compared to a loss of €12.5 million in fiscal 2007. Recurring operating loss for fiscal 2008 was €14.6 million compared to a €33.9 million loss the previous year, after deducting amortization of the intangible assets recognized at the time of the business combination with Fitch Group.        *Constant Exchange Rate

Source: Fitch Press Release

BIIA Newsletter March 2009 Issue