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- Operating costs decline 0.1% year-on-year in the first half and in the second quarter decline 0.5% year-on-year
- The net profit for the first half was €72 million
- The efficiency ratio at end-June 2013 stood at 33.1%, 15 points above the sector average
- The ratio of revenue not linked to trading volumes stands at 112%
BME reported net profit of €39 million in the second quarter of 2013, up 1.3% from the same period in 2012 and up 18.3% from the first quarter of the year. Net profit for the first six months amounted to €72 million, 2.7% lower than a year earlier, although this was an improvement on the 7.1% setback registered during the first quarter.
Revenues for the second quarter totalled €80.3 million, rising for the third consecutive quarter and a 10% improvement on the first quarter 2013. This is 1% lower than the year-ago figure and a 3.3% decline on the revenue posted in the first half of 2012. The sustained performance of revenues in the various business units compared to the previous year was originated by a greater contribution of Settlement, IT & Consulting and Derivatives units in the first half of the year.
Operating costs totalled €50.8 million in the first half of the year, down 0.1% year-on-year. In the second quarter, operating costs, at €25.6 million, were 0.5% lower than in the same period the previous year.
First-half EBITDA amounted to €102.6 million (-4.8%), while the second quarter figure of €54.7 million was down 1.3%.
As for the performance of the main indicators for tracking financial management, the efficiency ratios were 33.1% and 31.9% for the six-month period and quarter, respectively, as compared to 32.1% and 31.7% in 2012 (15 points above the sector average). Return on equity (ROE) for the second quarter improved three percentage points to 37.1% compared to the year-earlier figure of 34.1%. The ratio at the end of June was 35.6%, more than 20 points above the sector average.
The cost base coverage ratio with revenue not linked to trading volumes ended the first half with 112% of BME’s cost base covered with this type of revenue.
EQUITY
Revenue for the equity business unit in the first half of 2013 amounted to €54.2 million, down 9.8% year-on-year. EBITDA dropped by 12.5% to €38.4 million in this period. Revenues and EBITDA fell by 12.1% and 15.7%, respectively in the second quarter to €26.3 million and €18.5 million.
The figures for the first six months of 2013 were €326.9 billion in turnover, down 13.1% year-on-year with 20.8 million trades, 16.5% lower than in the same period in 2012.
CLEARING AND SETTLEMENT
Total EBITDA amounted to €21.3 million in the second quarter and €36.5 million in first half, representing increases of 17.7% and 6.9% year-on-year, respectively. Revenues amounted to €43.5 million, up 5% year-on-year through 30 June 2013, and €24.9 million (+13.8%) in the second quarter.
The market capitalisation registered in equities increased by 13.4% year-on-year in the first half, from €473.5 billion to €537 billion, driven by the impact of investment flows in equities channelled through exchange and some degree of recovery in the market capitalisation of listed companies.
A total of 11.6 million transactions were settled in the second quarter, 11.9% more than in the first quarter, but 17.1% fewer than in the second quarter of last year. A total of 22 million operations were settled through June 2013, 13.7% fewer than in the first half of last year.
LISTING
Revenue from the Listing unit fell by 6.8% in the second quarter and 12.4% in the first half, to €5 million and €10 million, respectively. EBITDA amounted to €2.8 million in the second quarter and €5.5 million in the first half, with decreases of 10% and 19.8%, respectively, from the same periods last year.
Total investments flows channelled through the exchange in the first six months amounted to €19.3 billion, an increase of 59.9% on the year-ago figure. The companies’ preference for market-based financing has helped the Spanish stock exchange to become one of the main European and worldwide stock markets in the provision of liquidity in 2013.
MARKET DATA AND INFORMATION
The Information unit posted revenues of €8.4 million in the second quarter (down 4% from the same period a year earlier) while the figure for the six-month period was €16.4 million, a 6.3% decline year-on-year. EBITDA came in at to €6.5 million (-5.2%) and €12.7 million (-8.2%) during the second quarter and the first half of 2013 respectively.
DERIVATIVES
The total volume of contracts traded through the derivative product business unit in the second quarter and first six months of 2013 was down 31.5% and 28.2%, respectively. The number of trades in the quarter was 16.9% less quarter-on-quarter and 3.4% lower in the six-month period.
Revenues for the Derivatives business unit for the second quarter totalled €6.8 million, down 4.8% year-on-year, while the six-month figure amounted to €13.6 million (+8%). EBITDA for the first six months climbed to €8 million, marking a 17.1% year-on-year increase. For the second quarter this was €4.1 million, down 4.2% year-on-year.
FIXED INCOME
Operating revenues obtained in the second quarter were up by 4.1% to €2.5 million, and down 13.7% to €4.6 million in the first half. EBITDA increased 7.6% year-on-year in the second quarter, to €1.8 million, and declined by 18.9% in the first half, to €3.1 million.
Total trading for the second quarter totalled €379.4 billion, down 27.5% year-on-year. Trading volume through 30 June amounted to €806.7 billion euros, 38.4% lower than the year before.
IT & CONSULTING
Revenues from the IT and Consulting unit amounted to €4.9 million in the second quarter, up 18.2% year-on-year. The joint contribution of the various services offered in the unit generated revenues of €9.4 million in the first half of 2013, up 13.1% on the previous year. Once operating costs are stripped out, the unit’s EBITDA was €2.3 million (up 52.1%) and €4.3 million (up 42.9%) in the second quarter and the first half, respectively.
Within the IT and Consulting business unit, the greatest activity in the quarter and the first six months of the year occurred in the financial communication services area, international consultancy and regulatory support services. Activity during the second quarter focused on improving trading support services by expanding the proximity and collocation activity as well as incorporating value added services to the terminals on the Visual Trader network to upgrade the product offering.
