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1. 2 Chiffre daffaires des données publiées aux données comparables (en M) 2005 9 mois 2006 9 moisVariation Chiffre d'affaires (données publiées) 382,7457,4.

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Présentation au sujet: "1. 2 Chiffre daffaires des données publiées aux données comparables (en M) 2005 9 mois 2006 9 moisVariation Chiffre d'affaires (données publiées) 382,7457,4."— Transcription de la présentation:

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3 Chiffre daffaires des données publiées aux données comparables (en M) mois moisVariation Chiffre d'affaires (données publiées) 382,7457,4 + 19,5 % Effet de conversion ($ et £) - 6,6 Variation du périmètre ( Entrée Algorithmics ) - 2,3 CHIFFRE D'AFFAIRES (données comparables) 382,7448,5 + 17,2 %

4 Chiffre daffaires par société (données publiées) (en M) mois mois Variation Variation FITCH GROUP 382,4457,1 + 19,5 % Fitch Ratings 331,4388,8 + 17,3 % Algorithmics51,068,3 + 33,9 % Autres (société mère) 0,30,3 CHIFFRE D'AFFAIRES (données publiées) 382,7457,4 + 19,5 %

5 Chiffre daffaires par société (données comparables) (en M) mois moisVariation FITCH GROUP 382,4448,2 + 17,2 % Fitch Ratings 331,4383,6 + 15,8 % Algorithmics51,064,6 + 26,7 % Autres (société mère) 0,30,3 CHIFFRE D'AFFAIRES (données comparables) 382,7448,5 + 17,2 %

6 mois % mois % 1 Etats-Unis Etats-Unis210,2 54,9 % 237,4 51,9 % 2 Royaume Uni Royaume Uni51,3 13,4 % 58,4 12,8 % 3 Allemagne Allemagne13,0 3,4 % 18,5 4,0 % 4 France France8,5 2,2 % 10,4 2,3 % 5 Pays-Bas Pays-Bas6,9 1,8 % 10,1 2,2 % 6 Suisse Suisse7,8 2,0 % 9,9 2,2 % 7 Italie Italie9,4 2,5 % 9,8 2,1 % 8 Espagne Espagne7,0 1,8 % 8,8 1,9 % 9 Mexique Mexique7,2 1,9 % 8,2 1,8 % 10 Japon Japon5,8 1,5 % 6,9 % du chiffre d'affaires publié total 85,5 % 82,7 % Chiffre daffaires publié par zone géographique

7 Du chiffre daffaires au résultat opérationnel courant (en M) mois moisVariation Chiffre daffaires (données publiées) 382,7457,4 + 19,5% Autres produits et charges dexploitation - 317, ,4 Résultat opérationnel courant (données publiées) 65,580,0 + 22,1% Effet de conversion ($ et £) - 1,2 Variation du périmètre (Entrée Algorithmics) 2,9 RÉSULTAT OPÉRATIONNEL COURANT (données comparables) RÉSULTAT OPÉRATIONNEL COURANT (données comparables)65,581,7 + 24,7%

8 (en M) mois moisVariation FITCH GROUP 75,885,6+ 12,9 % Fitch Ratings 96,5111,7+ 15,8 % Algorithmics - 20,7 - 26,1 - 26,1 % Autres (société mère) - 10,3 - 5,6 + 45,6 % RÉSULTAT OPÉRATIONNEL COURANT (données publiées) 65,580,0+ 22,1 % Résultat opérationnel courant par société (données publiées)

9 Résultat opérationnel courant par société (données comparables) Marge opérationnelle (ROC / CA) Marge opérationnelle (ROC / CA) 17,1 % 18,2 % (en M) mois moisVariation FITCH GROUP 75,887,3+ 15,2 % 15,2 % Fitch Ratings 96,5110,0+ 14,0 % 14,0 % Algorithmics - 20,7 - 22,7 - 9,7 % 9,7 % Autres (société mère) - 10,3 - 5,6 + 45,6 % RÉSULTAT OPÉRATIONNEL COURANT (données publiées) 65,581,7+ 24,7 %

10 Du résultat opérationnel courant au résultat opérationnel (données publiées) (en M) mois moisVariation Résultat opérationnel courant (données publiées) 65,580,0 + 22,1 % Autres produits et charges opérationnels - 5,0 - 2,5 RÉSULTAT OPÉRATIONNEL ( données publiées ) 60,577,5 + 28,1 %

11 Du résultat opérationnel au résultat net (données publiées) (en M) mois mois Résultat opérationnel (données publiées) 60,577,5 Coût de lendettement financier et autres produits et charges financiers - 13,3 1,4 Charge dimpôt - 26,9 - 29,1 Résultat net des sociétés mises en équivalence 0,21,0 Résultat net des cessions, des activités arrêtées ou en cours de cession - 1,7 450,7 Intérêts minoritaires - - 9,8 RÉSULTAT NET – Part Groupe ( données publiées ) 18,8491,7

12 Trésorerie / endettement net par société (en M) 31/12/200530/09/2006 Fitch Group Société-mère Trésorerie nette - Fimalac

13 Flux principaux de trésorerie de la société-mère du 1er janvier au 30 septembre 2006 (en M) Endettement net au 31/12/ Cession de Facom (janvier 2006) Cession 20% de Fitch Group (avril 2006) Exercices BASA et levées options + 48 Rachats dactions Fimalac Dividendes (reçus/payés), flux divers - 21 TRESORERIE NETTE au 30/09/

14 Evolution de lauto-contrôle depuis le 1er janvier 2006 Nombres dactions auto-détenues POSITION AU 31/12/ ,3 % Acquisitions ,4 % 17,7 % Livraisons / BASA et options BASA ,2 % Options ,7 % Annulations (réductions capital) 15/03/ ,1 % 30/05/ ,5 % 19/09/ ,9 % - 14,4 % POSITION AU 30/09/ ,7 % (1)% du capital au 31/12/2005 (2)% du capital au 30/09/2006 Couverture options : 1,1 % Couverture BASA : 0,3 % Disponibles :: 2,3 % (1) (1) (1) (1) (1) (1) (1) (2)

15 Cours comparés – Fimalac, CAC 40 & SBF 120 de Décembre 1992 au 15 Novembre Base 100 CAC FIMALAC SBF Déc-92Déc-93Déc-94Déc-95Déc-96Déc-97Déc-98Déc-99Déc-00Déc-01Déc-02Déc-03Déc-04Déc Nov-06

16 Cours comparés – Fimalac, CAC 40 & SBF 120 de janvier 2006 au 15 Novembre Base 100 CAC FIMALAC137 SBF Jan-06 Fév-06 Mar-06 Avr-06 Mai-06 Juin-06 Juil-06 Aoû-06 Sept-06 Oct Nov-06

17 "Total Shareholder Return" sur 10 ans des sociétés du SBF120 Source JCF Group Rang TSR Sur 10 ansAnnualisé En % En %

18 Dividende ordinaire par action mois

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20 Historique

21 Structure de Fitch Group

22 Fitch Group Revenue Growth In $ Mil

23 Fitch Group Operating Income Growth (EBIT)

24 Fitch Group Sales to Operating Income in US$ millions YTD Sept 05 YTD Sept 06 % Change Revenue483,1565,0+17,0% Personnel costs 254,2299,6+ 17,9 % External expenses 83,7107,4+ 28,3 % Total charges Total charges337,9407,0+ 20,4 % EBITDA145,2158,0+ 8,8 % Profit sharing plan 28,627,1- 5,2 % Depreciation9,39,7+ 4,3 % Intellectual property 11,615,4+ 32,8 % Operating Income 95,7105,8+ 10,6 %

25 Key Figures by Company (in US$ millions) YTD Sept 05 YTD Sept 06 % Change Revenue FITCH GROUP 483,1565,0+ 17,0 % FitchRatings418,6480,5+ 14,8 % Algorithmics64,587,8+ 36,1 % Intercompany revenue - - 3,3 EBITDA FITCH GROUP 145,2158,0+ 8,8 % FitchRatings156,8173,4+ 10,6 % Algorithmics - 11,6 - 15,4 Operating Income FITCH GROUP 95,7105,8+ 10,6 % FitchRatings121,9138,1+ 13,3 % Algorithmics - 26,2 - 32,3

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27 Fitch Ratings Overview A leading global provider of credit ratings, opinions, research and data for debt issued in domestic and international markets. A leading global provider of credit ratings, opinions, research and data for debt issued in domestic and international markets. Fitch Research Fitch Research A subscription based product that provides access to all of Fitch Ratings global credit ratings and research. Fitch Training Fitch Training A service that provides credit risk training to capital market participants

28 Fitch Ratings Revenue growth (in millions of US$)

29 Global Debt Issuance ($ Volume) Source: Thomson Financial ($US Billions)

30 Fitch Ratings Market Share Fitch Market Share (By Dollar Volume)

31 Fitch Ratings Revenue by Segment (in US$ millions) YTD Sept 05 YTD Sept 06 % Change Structured Finance 224,7246,7 + 9,8% + 9,8% Corporate Finance 147,2178,8 + 21,5% Subscriptions /Training 46,755,0 + 17,8% TOTAL FITCH RATINGS 418,6480,5 + 14,8%

32 Fitch Ratings Revenue by Region (in US$ millions) YTD Sept 05 YTD Sept 06 % Change North America 248,5271,3 + 9,2% Europe, Middle East & Africa 139,6173,0 + 23,9% Latin America 17,520,0 + 14,3% Asia Pacific 13,016,2 + 24,6% TOTAL FITCH RATINGS 418,6480,5 + 14,8%

33 Fitch Ratings EBITDA and Operating Income (in US$ millions) YTD Sept 05 YTD Sept 06 % Change Revenue418,6480,5 + 14,8% EBITDA156,8173,4 + 10,6% EBITDA Margin 37,5 % 36,1 % Profit sharing plan 28,427,2 - 4,2% Depreciation & Amortization 6,58,1 + 24,6% Operating Income 121,9138,1 + 13,3% Operating Income Margin 29,1 % 28,7 %

34 2006 Accomplishments Structured Finance Enhanced analytical model for RMBS market. Enhanced analytical model for RMBS market. Launched a new performance analytics product SMARTView, for US CMBS, to provide timely monthly surveillance for all rated deals. Launched a new performance analytics product SMARTView, for US CMBS, to provide timely monthly surveillance for all rated deals. Won The International Securitisation Reports, Best International Structured Finance Rating Agency of the Year award. Won The International Securitisation Reports, Best International Structured Finance Rating Agency of the Year award.

35 2006 Accomplishments Structured Finance (contd) Credit Derivative Initiative Credit Derivative Initiative Updated VECTOR model for the Structured Credit Market. Released a new Rating Analytics Platform for Credit Derivatives (RAP CD) that provides mark to model pricing for synthetics CDOs. Acquired Reoch Credit, Ltd, and its pricing model platform. Launched Stability Scores, a service that provides transparency to compare and contrast tranches of transactions and their relative stability. Created Commercial Real Estate CDO team.

36 2006 Accomplishments Corporate Finance Added 250 corporate, financial institution and insurance mandate ratings during the first nine months of Added 250 corporate, financial institution and insurance mandate ratings during the first nine months of Roll-out of Recovery Ratings. Roll-out of Recovery Ratings. Launched Prism, the first global stochastic Insurance Capital Model. Launched Prism, the first global stochastic Insurance Capital Model. Financial Guaranty Capital Model in development. Financial Guaranty Capital Model in development. Expansion into the leveraged loan market. Expansion into the leveraged loan market.

37 2006 Accomplishments Business Development Continued institutionalization of Fitch into investment guidelines, risk management systems and trading platforms. Continued institutionalization of Fitch into investment guidelines, risk management systems and trading platforms. 80 of the top 100 U.S. investors 42 of the top 50 public pension fund investors 19 of the top 50 corporate pension fund investors Growth in subscription research and data products Growth in subscription research and data products

38 Fitch Ratings Investment in Human Capital Headcount

39 2007 Initiatives Structured Finance Initiatives Derivative Fitch launch and continued focus on meeting demands of the credit derivatives market Release and implementation of new models: ResiLogic, new US RMBS model New US CMBS model Continued focus on EMEA expansion and emerging markets securitization growth Participation in the global growth of Asset Backed Commercial Paper.

40 2007 Initiatives (contd) Corporate Finance Continued expansion into rapidly growing new markets Corporate loan ratings Emerging markets Covered bonds Continued expansion in existing markets The high yield and loan markets Introduction of new analytical tools and procedures including new quantitative models and analytics Focused effort at servicing the burgeoning infrastructure financing market

41 Fitch Ratings Launch of Derivative Fitch FitchGroup

42 Fitch Ratings Credit Derivative Growth Outpacing Cash Market Notional Outstanding (USD Trillion) Source: British Bankers Association, Bank for International Settlements, ISDA *as of 30 June 2006

43 Fitch Ratings Global CDO Market Issuance (in millions of US$) Source: The Bond Market Association

44 Fitch Ratings Derivative Fitch Today Key Features Credit Ratings & Surveillance Credit Ratings & Surveillance Established & Leading Credit Models Established & Leading Credit Models Leading Edge Research Leading Edge Research Market Risk Analytics Market Risk Analytics

45 Fitch Ratings Expanding Tools and Methodologies Used to Analyze Credit Stability and Market Risk Mean default probability Recovery Analysis Surveillance Market Implied Ratings Scenario & Stress Analysis Default Risk Modeling Pre-sale reports Migration Analysis Mark to Model Pricing Correlation CDS Pricing Greek Sensitivity Analysis Stability Analysis Portfolio Evaluation Traditional Ratings - Further granularity of credit risk Derivative Ratings - - Ratings and services that incorporate credit and market risk

46 Fitch Ratings Goals Create and maintain reputation for highest quality ratings and research Create and maintain reputation for highest quality ratings and research Maintain and grow market share across all key segments and regions Maintain and grow market share across all key segments and regions Enhance pricing flexibility Enhance pricing flexibility Continue consistent long-term investment plan Continue consistent long-term investment plan Fitch Ratings secular revenue growth: 10–12% Fitch Ratings secular revenue growth: 10–12% US: 8–10% International: 15–20%

47 47

48 Algorithmics Introduction Algorithmics is an internationally recognized leader in the development and delivery of enterprise solutions for the measurement and reporting of risk, and business applications that enable clients to make risk- aware business decisions

49 Algorithmics Revenue by Region (in millions of US$) YTD Sept 05 YTD Sept 06 % Change North America 19,928,844,7% Europe, Middle East & Africa 37,046,425,4% Latin America 3,23,921,9% Asia Pacific 4,48,797,7% TOTAL ALGORITHMICS 64,587,8*36,1% * Includes inter-company revenue of $3,3 million

50 Algorithmics EBITDA and Operating Income (in millions of US$) YTD Sept 05 YTD Sept 06 % change Revenue64,587,8* + 36,1% EBITDA - 11,6 - 15,4 Profit sharing plan 0,2 0,2 - 0,1 Depreciation2,82,5 Intellectual property 11,614,5 Current Operating Income - 26,2 - 32,3 * Includes inter-company revenue of $3,3 million

51 Algorithmics Highlights 330 software solution clients (30 new) 330 software solution clients (30 new) 120 data and content clients 120 data and content clients 70 of the worlds top 100 banks 1 70 of the worlds top 100 banks (87 new) professionals in 19 (+1) global offices 752 (87 new) professionals in 19 (+1) global offices Notes: 1 1 Top 100 banks according to The Banker

52 Growth 53 new licenses 53 new licenses 26,7 % revenue growth vs (comparable numbers) 26,7 % revenue growth vs (comparable numbers) Investment in Human Capital Grew expertise and capacity in services, advisory, sales and marketing Grew expertise and capacity in services, advisory, sales and marketing Recent Media and Analyst Recognition Risk Technology rankings: #1 in 6 categories Risk Technology rankings: #1 in 6 categories Placed in Gartners Leaders Quadrant for Basel II for 2006 Placed in Gartners Leaders Quadrant for Basel II for 2006 Algorithmics 2006 Achievements

53 Credit and Capital Solutions 108 clients (80 in 2005) 108 clients (80 in 2005) Market Risk Solutions 128 clients (100 in 2005) 128 clients (100 in 2005) Operational Risk Solutions 89 clients (80 in 2005) 89 clients (80 in 2005) Collateral Management Solutions 68 clients (60 in 2005) 68 clients (60 in 2005) Algorithmics Solution Achievements

54 Algorithmics Recognized Leadership Source: Celent, February 2006 The broadest and deepest offering available for Basel II...advanced features and technology... an integrated approach to market, credit, and operational risk, but also delivers data and sophisticated analytics/models.

55 Algorithmics Investment Focus Pursuing our Growth Strategy in 2007 Expanding sales and services to support revenue growth Expanding sales and services to support revenue growth Establishing presence in new geographical markets Establishing presence in new geographical markets Investing in direct managed service solutions for asset managers and hedge funds Investing in direct managed service solutions for asset managers and hedge funds Developing broader risk solution for the insurance industry Developing broader risk solution for the insurance industry Continued focus on core solutions – completing product development plans Continued focus on core solutions – completing product development plans

56 Algorithmics 2007 Outlook Market Drivers Adoption of risk aware business applications in financial services Adoption of risk aware business applications in financial services Increasingly complex financial markets and products which require more sophisticated tools Increasingly complex financial markets and products which require more sophisticated tools Regulation for banks (more countries adopting Basel II), asset managers and insurance companies (e.g. Solvency II) Regulation for banks (more countries adopting Basel II), asset managers and insurance companies (e.g. Solvency II) Financial institutions increasing use of external vendors for risk solutions Financial institutions increasing use of external vendors for risk solutions

57 57 Appendix

58 Fitch Ratings Glossary of Terms Asset Backed Security (ABS) - Asset Backed Security (ABS) - A financial security backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities Collateralized Debt Obligation (CDO) - Collateralized Debt Obligation (CDO) - An investment-grade security backed by a pool of bonds, loans and other assets. A CDO is unique in that it is comprised of different tranches, each with a different maturity and risk associated with it. Collateralized Loan Obligation (CLO) - Collateralized Loan Obligation (CLO) - A CDO backed by a pool of loans. Financial institutions back this security with receivables from loans. Commercial Mortgage Backed Security (CMBS) -. Commercial Mortgage Backed Security (CMBS) - A type of mortgage-backed security that is secured by the loan on a commercial property. Residential Mortgage Backed Security (RMBS) - Residential Mortgage Backed Security (RMBS) - A type of security whose cash flows come from residential debt such as mortgages, home-equity loans and sub-prime mortgages

59 Fitch Ratings Glossary of Terms (contd) Fitch Prism Capital Model (Prism) Fitch Prism Capital Model (Prism) - a fully stochastic economic global capital model that will be used to apply ratings consistency from insurer to insurer. Fitch RAP CD - Fitch RAP CD - Fitchs Risk Analytics Platform for Credit Derivatives is a breakthrough global market-risk assessment service that helps investors understand how their CDO investments trade by tracing price movements back to the changes in the CDOs underlying portfolio from which they stem. Fitch Recovery Ratings Fitch Recovery Ratings –A sophisticated approach to measure the primary components of credit risk: default and loss given default Recovery Ratings - the prospects of recovery in the event of a default Issuer Default Ratings - The probability that an entity will default on its commitment. Fitch Stability Scores - Fitch Stability Scores - CDOs are divided into tranches, each having a different maturity and risk associated with it and therefore each carrying its own rating. A stability score is an estimate of the probability of a rating remaining in the same category after the passage of one year, thus helping investors compare and contrast transactions that may have the same ratings but possess different characteristics. Fitch VECTOR Default Model (VECTOR) - Fitch VECTOR Default Model (VECTOR) - Fitch Ratings main quantitative tool for evaluating default risk in credit portfolios backing CDOs. The main outputs of VECTOR are the rating default rate, rating loss rate and the rating recovery rate corresponding to each rating tier within a security.


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