- Stripping out extraordinary items, net profit for the first half increased 17.7% year-on-year
- Net profit in the second quarter reached €48.4 million, up 1.3% over the same period in 2009. This is the highest quarterly figure in the last 8 quarters
- Significant cost reduction, 4.6% down in the second quarter and 2.5% down in the first half
- Revenue in the second quarter came in at €95.9 million (+5.4% year-on-year). It represents a 16.7% increase after extraordinary items
- EBITDA in the second quarter stood at €66.5 million, up 10.5% over the same quarter in 2009
- Favourable quarterly and half-yearly ROE and efficiency ratios
Bolsas y Mercados Españoles (BME) recorded a net profit of €84.4 million in the first half, up 4% over the same period the previous year, thus consolidating the positive trend followed in revenue, net profit and cost reduction. Stripping out extraordinary items, net profit for the first half increased by 17.7%.
The company’s net profit for the second quarter increased by 1.3% over the same period in 2009 to €48.4 million. This is the best quarterly figure since the record high posted in the first quarter of 2008.
Operating costs were drastically reduced in comparison to 2009, both in the second quarter, 4.6% down, and in the first half, 2.5% down.
Operating revenue for the second quarter, at €95.9 million, was up 5.4% over the same quarter in 2009, increasing by 16.7% after extraordinary items. Net profit for the first half of 2010 totalled €173.4 million, up 6% over the same period in 2009.
EBITDA was €66.5 million for the second quarter and €119.6 million for the first half, with respective increases of 10.5% and 10.3%.
Return on Equity (ROE) in the second quarter improved from 39.4% in the second quarter of 2009 to 40.8% in the same period of 2010. In the first half of 2010, ROE stood at 37%, up from 34.7% in the same period of 2009.
The efficiency ratio, which values the expenses incurred at each revenue source, improved in the second quarter by 3.2 percentage points, from 33.8% in the second quarter of 2009 to 30.6% in the same quarter of 2010. The efficiency ratio improved from 33.7% in the first half of 2009 to 31% in the first half of 2010.
EQUITIES
Revenue from Equities in the second quarter of 2010 increased by 27.7% over the same period in 2009, to €39.4 million. EBITDA for the same period was up 41.2%, at €31.4 million. Revenue in the first half increased by 24.5% to €74.1 million, while EBITDA for the same period reached €58.1 million, up 37.2%.
The unit reported strong cost reduction, down 7% in the second quarter and 6.7% in the first half, in comparison with the same periods in 2009. As regards trading volume, May saw a record high in the number of trades, at 4.4 million.
SETTLEMENT
Second-quarter 2010 revenue in this area was up 25.9% over the same period the previous year, at €21.4 million, while EBITDA increased by 36.3% during the same period to €18.2 million. In the first half, revenue was up 17.5% on the previous year, at €38.8 million, while EBITDA grew 24% during the same period, to €32.1 million.
The number of transactions settled in the second quarter increased by 34.8% over the same period in 2009 to 11.6 million, while in the first half of 2010 they were up 26.3% year-on-year, at 21.1 million.
DERIVATIVES
Revenue in this unit in the second quarter increased by 7.6%, in relation to the same period in 2009, to €7.3 million. EBITDA for the same period grew 23.4% to €4.5 million.
The unit’s revenue in the first half of 2010 increased by 2.7% over the same period in 2009 to €13.7 million, while EBITDA for the same period increased by 13.8% to €8.2 million.
The unit reported significant cost reductions. Costs were down 10.9% in the second quarter and 10.4% in the first half of 2010. There was heavy trading in IBEX 35® Futures during the second quarter, with increases of 40.5% for the main contract and 44.8% for Mini contracts. Both contracts posted monthly record highs in May.
FIXED INCOME
Revenue in the second quarter came in at €1.9 million, up 16.8% over the same period the previous year. EBITDA for the second quarter was up 52.4%, at €1.2 million,
In the first half of 2010 Revenue was up 25.7%, at €4 million, while EBITDA increased by 62.6% to €2.6 million. The unit reported a strong cost reduction, of 16.8% in the second quarter and of 13% in the first half of 2010.
LISTING
The capitalisation of BME listed companies at 30 June 2010 reached €963.7 billion, up 7.3% over the previous year.
The outstanding balance on BME’s Fixed Income Market (AIAF) in the second quarter was €53.03 billion, down 52.7% over the same period in 2009.
Second-quarter revenue from this area was down mainly as Fixed Income product issuance decreased, although less than in the previous quarter. Revenue in the second quarter was down 14.3% to €6 million, while in the first half of 2010 it was down 22.1% in relation to the same period in 2009.
INFORMATION
In this unit, the number of subscribers at the end of the second quarter was up 7.5% in relation to the first quarter. The total number of clients and of those with direct connections to BME’s data servers have consolidated the trend seen in previous quarters, with year-on-year increases of 10.2% and 16.7%, respectively.
Revenue in this unit was €7.8 million for the second quarter and €15.5 million (-9.1% year-on-year) for the first half of 2010. Based on a 1.2% cost reduction, EBITDA reached €6.3 million in the second quarter and €12.4 million in the first half of 2010.
IT & CONSULTING
Overall, the trend seen in the various areas of this unit in the second quarter was more favourable than that in the first quarter. Revenue in the first half of 2010 totalled €7 million (-7.8% year-on-year) while EBITDA was down 23.5%, at €1.9 million. The unit’s operating costs in the second quarter and in the first half of 2010 were down 2.6% and 0.4%, respectively.
The different services provided by this unit in the second quarter generated revenues of €3.6 million, down 2.2% on the same period in 2009. EBITDA for the same period reported a slight decrease, of 1.1%, to €1 million.
