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Sales from reported to like-for-like

Sales from reported to like-for-like. Sales by company (reported). Sales by company (like-for-like). Sales by geographic regions (reported). From sales to recurring operating income. Recurring operating income by company (reported). Recurring operating income by company (like-for-like).

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Sales from reported to like-for-like

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  1. Salesfrom reported to like-for-like

  2. Sales by company(reported)

  3. Sales by company (like-for-like)

  4. Sales by geographic regions(reported)

  5. From sales to recurring operating income

  6. Recurring operating income by company(reported)

  7. Recurring operating income by company (like-for-like)

  8. From recurring operating income to operating result (reported)

  9. From operating result to net earnings(reported)

  10. Cash and cash equivalents / (net debt) by company

  11. Fimalac share performance vs. CAC 40 and SBF 120Decembre 1992 to May 10, 2007 FIMALAC 1 435 SBF 120 337 CAC 40 301 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 May 10-07

  12. Fimalac share performance vs CAC 40 & SBF 120January 2006 to May 10, 2007 FIMALAC 144 SBF 120 125 CAC 40 124 May -06 Aug-06 Apr-07 Dec-06 Sept-06 Nov-06 Mar-07 Mar-06 Apr-06 Feb-07 Oct-06 Feb-06 Jan-06 Jan-07 Jun-06 Jul-06 May 10-07

  13. "Total Shareholder Return" over 10 years SBF120 companies TSR Over 10 years Annualized in % in % Ranking Source JCF Group

  14. History

  15. Fitch Group Structure 80% 20% 100% 100% 100%

  16. Fitch Group Revenue Growth (fiscal year) Fiscal year-end December 31 Fiscal year-end September 30 (in US $ millions)

  17. Fitch Group Sales to Operating Income

  18. Key Figures by Company

  19. Fitch Ratings Revenue Growth (fiscal year) Year-end December 31 Year-end March 31 (in US $ millions)

  20. Fitch Ratings Revenue Growth (pro-forma) Year-end December 31 Year-end September 30 Six Year CAGR = 18% (in US $ millions) *Calendar year 2006 presented proforma.

  21. Global Debt Issuance ($ Volume) (US $ trillions) Source: Thomson Financial

  22. Quarterly Global Debt Issuance Source: Thomson Financial

  23. Global CDO Market Issuance (US $ billions) Source: Securities Industry and Financial Markets Association CDO Market Issuance includes Cash Flow and Hybrid, Synthetic Funded and Market Value CDOs. Unfunded Synthetic Tranches are not included.

  24. Fitch Ratings Market Share Market Shareby Dollar Volume

  25. Fitch Ratings Revenue by Segment

  26. Fitch Ratings Revenue by Region

  27. Fitch Ratings EBITDA and Operating Income

  28. Fitch Ratings Investment in Human Capital Headcount

  29. Investment in Korea Ratings • Founded in 1983, Korea Ratings is the largest domestic rating agency in Korea • Rates 386 Korean companies and has a strong presence in structured finance • Employs 170 people with annual revenues in 2006 of $34m. • Long successful working relationship • 1999 – Strategic alliance between Fitch Ratings and Korea Ratings • 2001 – Fitch Ratings makes investment in 8% of Korea Ratings • 2007 – Fitch Ratings increases investment to 53% of Korea Ratings for over $60m • Korean government is committed to developing a long-term bond market

  30. Areas of Focus in 1H 2007 Structured Finance • Credit concerns in Sub-prime Markets and CMBS • Release and implementation of new models: • ResiLogic, new US RMBS model • New US CMBS model • Derivative Fitch • Continued focus on EMEA expansion and emerging markets securitization growth

  31. Areas of Focus in 1H 2007 (cont’d) 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

  32. Regulatory Update Global • Fitch has received ECAI (External Credit Assessment Institution) recognition in all markets for which a decision on international rating agencies has been taken. • IOSCO (International Organization of Securities Commissions) taskforce published a draft report with positive comments regarding codes of conduct adopted by global rating agencies, now reviewing the role of rating agencies in the development of structured finance transactions. EMEA • Review of implementation of codes of conduct by Committee of European Securities Regulators (CESR) returned positive feedback on the quality of implementation of agency codes, however concerns were noted with ancillary services, disclosure of initiation and participation, and fee negotiation policies.

  33. Regulatory Update(cont’d) Asia/Pacific • The Japanese Financial Services Authority (FSA) plans to bolster oversight of credit rating agencies to improve the quality of information provided to investors. The FSA will designate credit rating agencies as investment information providers to the marks and draft new rules for them. United States • The Credit Rating Agency Reform Act of 2006 was signed into law on September 29, 2006. • SEC given authority to implement registration, recordkeeping, financial reporting, and oversight rules with respect to registered credit rating agencies. • SEC published proposed rules which received public comment by Fitch and other participants in the industry. • Final rules to be issued no later than June, 2007.

  34. Fitch Ratings 2007 Goals • Create and maintain reputation for highest quality ratings and research • Maintain and grow market share across all key segments and regions • Enhance pricing flexibility • Continue consistent long-term investment plan • Fitch Ratings secular revenue growth: 10–12% • US: 8–10% • International: 15–20%

  35. Introduction Algorithmics is a leading provider in the development and delivery of enterprise risk solutions that enable growth, innovation and the efficient use of risk capital. Financial organizations from around the world rely on our software, content,delivery and advisory services to make risk aware business decisions and meet regulatory requirements.

  36. Revenue by Region (1) (2) (1) Includes inter-company revenue of $0.7M (2) Includes inter-company revenue of $2.2M

  37. Pro-forma EBITDA &Operating Income (1) (2) (1) Includes inter-company revenue of $0.7M (2) Includes inter-company revenue of $2.2M

  38. Highlights • 369 software solution clients (39 net new in 1H) • 122 data and content clients (2 net new in 1H) • 69 of the world’s top 100 banks 1 • 726 professionals in 19 global offices 1 Top 100 banks according to “The Banker”. Changed from 70 in September 2006 to 69 in March 2007 as a result of revisions to the top 100 list.

  39. Recent Achievements Growth • 51 new license orders in 1H 2006/2007 • 19.6 % revenue growth vs. 1H 2005/2006 (comparable numbers) Investment in Human Capital • Maintaining current level of product development • Expanding services, sales and marketing Media and Analyst Recognition • Risk Technology rankings: #1 in 6 categories (December 2006) • Op Risk and Compliance Magazine rankings: #1 for Regulatory and Economic Capital (May 2007)

  40. Client Growth

  41. Executing our Growth Strategy for 2006/2007 • Expanding sales and services to support revenue growth Advisory mandate for top Japanese bank on Basel II IRB strategy Successfully completed major Basel II implementations for global banks • Establishing presence in new geographical markets Enterprise risk solutions for major banks in Turkey and the Gulf Transforming the credit related business processes of a leading Asian bank • Investing in managed service solutions for asset managers and hedge funds Client wins include a large commodities broker dealer, several prime brokers, premier asset managers and a global multi-strategy fund • Developing broader risk solution for the insurance industry Integrated management of assets and liabilities for global insurers • Continued focus on core solutions Leading banks in EMEA and Asia are leveraging and broadening their usage of our solutions

  42. Outlook for 2006/2007 Market Drivers • Adoption of ‘risk aware’ business applications in financial services Large regional banks in EMEA – full credit approval solution Large NA asset manager – one solution for portfolio and risk managers • Increasingly complex financial markets and products which require more sophisticated tools Valuation and hedging of Variable Annuity Products for top NA insurer • Regulation for banks (more countries adopting Basel II), asset managers and insurance companies (e.g. Solvency II) Leading bank won FST Compliance Project of the Year Award (Basel II) Full enterprise risk management and Basel II solutions for regional banks • Financial institutions’ increasing use of external vendors for risk solutions Integrated value based management for large regional banks in EMEA Adoption of our solutions in mission-critical trading environments

  43. Algorithmics in the News 1H 2006/7 • Pension Insurance Corporation Selects Risk Platform from Algorithmics to Manage Assets and Liabilities • Danske Bank Completes First Phase of Economic Capital Project with Algorithmics • Algorithmics Awarded Patent for Innovative Portfolio Performance Measurement Methodology • Cannizaro Signs on to Algorithmics' Leading-Edge Managed Service Platform • Algorithmics Hosts Credit Risk Management Forum with the Chinese Banking Regulatory Commission • Marex Financial Live with a Managed Risk Service Hosted by Algorithmics • TD Securities Prime Brokerage Now Live with a Managed Risk Service Hosted by Algorithmics

  44. Appendix

  45. Fitch RatingsGlossary of Terms • Asset Backed Security (ABS) - A financial security backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities. • 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) - A type of security whose cash flows come from residential debt such as mortgages, home-equity loans and sub-prime mortgages. • Sub-prime Mortgage - Loans made to borrowers unable to qualify under traditional, more stringent criteria due to a limited or blemished credit history and limited capacity for repayment. Because sub-prime borrowers are considered at higher risk to default, sub-prime lenders require a higher interest rate and fees than they would require from a traditional borrower with good credit terms. • Covered Bond – A Covered bond is a security issued by financial institutions, secured against pools of mortgages or public-sector loans.

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