The Luxembourg Stock Exchange held its annual general meeting on Wednesday, 20 April 2011.
At the end of 2010, revenue for the Luxembourg market operator stood at EUR 41.23 million, a decline of 4% over the previous year. Taking into account a parallel decrease in costs, operating income remained almost constant (- 0.49%). Net profit stood at EUR 10.52 million, a decrease of 12.56% compared to 2009. This negative trend was a result of provisions that were required to be made on its securities portfolio, which consists exclusively of state funds and issuers having a similar status.
The number of new admissions to trading rose by 20% in 2010, underlining the continuing appeal of the Luxembourg Stock Exchange as a centre for the listing of international securities. The Exchange saw significant growth in most sectors of securities admitted to its market. The impact of the crisis of previous years was largely offset in 2010. Revenue from data and information products, as well as revenue from its subsidiary Finesti, were, in turn, maintained at a high level, thus emphasizing the success of the Exchange’s diversification policy.
In 2010, various actions were carried out to promote the activities of the Exchange such as the launching of new products, participation in economic missions and the release of new publications and brochures.
The Luxembourg Stock Exchange closely followed developments in European securities regulations and more particularly developments in the secondary markets for securities.
The Luxembourg Stock Exchange continued its series of meetings with the country’s key bodies, including not only representatives of government, parliament and the council of state but also of the diplomatic corps and trade unions. The purpose of these contacts is to present the multi-faceted activities of the Luxembourg Stock Exchange and their importance for the further development of the Luxembourg financial centre.
Shareholders approved the accounts for 2010 and approved the payment of a net dividend of EUR 42.50 for all 94,529 shares outstanding. This amount is unchanged from that of 2009.
During the annual general meeting two new directors were appointed for a term of three years. These were Jean-François Abadie, Managing Director of Crédit Agricole Luxembourg S.A., and Peter Cimino, managing director of CACEIS Bank Luxembourg. The annual general meeting also thanked three retiring directors, Walter H. Draisbach, Charles Hamer and Henry Servais, for their commitment to the company.
