Return on equity including undistributable reserves was 19 per cent pa as against 25 per cent pa in the 1st half of 2002. Operating margin before depreciation/amortisation is on a par with the corresponding period last year. The Copenhagen Stock Exchange maintains its expectations for a full-year result of DKK 50-60 million, which is also what was forecast in the interim report for the 1st quarter of 2003.
The equity market has seen some difficult times in the first six months of the year, whereas the bond market was positively influenced by the low level of interest rates and record-breaking remortgaging activities.
Considering the given market conditions, the Supervisory Board expresses satisfaction with the results.p> "During the first six months of the year, the Copenhagen Stock Exchange has welcomed three major international finance houses as new members. This shows that even though the world's equity markets are less optimistic there are still foreign players who wish to operate directly on the Danish marketplace. More major, active players in the market should improve liquidity in Danish shares even further, said President and CEO Hans-Ole Jochumsen.
Read the Copenhagen Stock Exchange's interim report for the 1st half of 2003, which is available in full text at the Exchange's website, www.cse.dk.
