PARIS, March 13, 2002 (PRIMEZONE) -- Fimilac (PSE:FIM):
Operating income: E 193.6m + 23.1% Operating income after interest: E 96.4m + 7.2% Net income: E 153.6m + 53.6% Dividend per share (before avoir fiscal tax credit): E 1.40 + 55.5%
At its meeting of March 12, 2002, the Board of Directors of Fimalac reviewed the financial statements for the year ended December 31, 2001. Marc Ladreit de Lacharriere emphasized Fimalac's very strong performance over the year, stating: "Our business model is based on a good strategic fit between our activities in business support services, international leadership and control over our subsidiaries. It has made Fimalac shares a highly profitable growth stock, even against the background of a general economic downturn. Growth in operating income actually outstripped the Group's objectives."
I) 2001 Consolidated Accounts
Operating Income Up 23.1%
Operating income increased to E 193.6 million in 2001, from E 157.3 million a year earlier, up 23.1% and outstripping Fimalac's announced objective.
This strong performance demonstrates the appropriateness of Fimalac's business model which now focuses almost exclusively on business support services. Through Fitch, Facom and LBC, these services contributed 94% of consolidated operating income in 2001 (excluding Secap which was deconsolidated from November 1, 2001). Fimalac exercises exclusive control, through full or nearly full ownership, over its three unlisted subsidiaries which have significantly expanded their original domestic businesses to become worldwide leaders in their sectors.
Among Fimalac's other businesses, Cassina, the worldwide leader in designer furniture also enjoyed strong growth in 2001.
Operating Income After Interest Up 7.2%
Operating income after interest rose to E 96.4 million in 2001 from E 89.9 million in 2000, despite an increase in interest expense due to the full-year impact of the major acquisitions made in 2000.
Net Income Up 53.6%
Consolidated net income surged 53.6% to E 153.6 million in 2001 from E 100 million a year earlier, primarily driven by the capital gain generated on the sale of Secap.
II) Dividend for 2001 Rises 55.5%
In view of the Group's excellent operating performances recorded in 2001 and the significant capital gain generated on the Secap sale, the Board of Directors plans to recommend to the Annual General Meeting a dividend per share of E 1.40, excluding the avoir fiscal tax credit, representing:
-- an ordinary dividend of E 0.95, up from E 0.90 in 2000, and
-- an additional dividend of E 0.45.
III) Outlook for 2002 - 20% Growth Target for Recurring Income After Tax
Fimalac expects to reap further benefits from its business model to achieve another good year in 2002.
Despite the deconsolidation of Secap from November 1, 2000, the Group expects growth of over 20% in recurring income after tax (before exceptional items and goodwill amortization) in 2002.