- Revenues amounted to €996.55 million: up 6.4% (1)
- Tight cost control with expenses down 8.1%
- EBIT (before Goodwill) of €237.78 million: up 113.9 % (1)
- Net Profit of €166.16 million, including €71 million of non-recurring items (1)
- € 0.45 per share dividend : up 28.6%
Euronext NV reports its full year 2002 results today. Compared to 2001 (pro forma), revenues grew by 6.4% from €936.46 to €996.55 million, while costs were reduced by 8.1% or €66.5 million, due to the initial impact of synergies generated by the integration of our cash markets and a significant reduction in our overall costs. Revenue growth, combined with tight cost control, has led to a strong improvement of EBIT (before Goodwill) from €111.16 (pro forma) to €237.78 million: a 113.9% increase year-on-year.
Net profit after goodwill increased by 186.6% to €166.16 million, including a net impact of €71 million (including tax effect) of the following non-recurring items: the sale of 20% of shares of Clearnet and of Dutch settlement activities to Euroclear resulted in a capital gain of €91.1 million as well as the sale of our 25% stake in Stoxx (€5.5 million - pre tax - €4 million after tax). The mark-to-market of our 0.74% stake in Atos-Origin resulted in a negative impact of €16.4 million (€13 million after tax), as well as early retirement plan expenses for €11 million (€7 million after tax) and the patent settlement with CME for €7 million (€5 million after tax). In 2001, on a pro forma basis, the balanced effect of comparable non recurring items was neutral on the Net Profit.
| Key
figures
(in € million) |
Full Year 2002 |
Full
Year 2001 Unaudited
|
Change |
| Revenues | 996.55 | 936.46 | + 6.4 % |
| Expenses | 758.77 | 825.31 | - 8.1 % |
| EBIT (before goodwill amortisation) | 237.78 | 111.16 | + 113.9 % |
| Profit Before Tax | 277.36 | 144.34 | + 92.2 % |
| Net Profit (before goodwill amortisation) | 219.27 | 115.51 | + 89.8 % |
| Net Profit | 166.16 | 57.97 | + 186.6% |
| EPS diluted after amortisation of goodwill(€) | 1.38 | 0.51 | |
| Weighted number of shares | 119 761 119 | 111 601 920 | |
| EPS diluted after amortisation of goodwill compared to legal accounts 2001 | 1.38 | 1.19 (legal accounts 2001) |
|
| Weighted number of shares | 119 761 119 |
106 763 098 (legal accounts 2001)
|
(1) Scope of consolidation for both years:
Euronext NV achieved good revenue growth in the year 2002, with total revenues of €996.5 million , up by 6.4%.This strong performance is due to ongoing high volumes in the business's cash and derivatives markets.
Total expenses decreased by 8.1% year-on-year, or €66.54 million.
Staff costs were reduced from €317.26 to €296.62 million. This is mainly explained by lower early retirement plan costs in 2002 than in 2001, considerable reductions in Temporary Staff costs (- €10.8 million or -35.5% year-on-year ) and in other staff costs (- €10.7 millions or -41.52%).
In 2002, wages and salaries grew by 2.01%. Excluding GL Trade, wages and salaries would have decreased by 1.5%.
Headcount went down by 9.3% (Full Time Equivalent), year end to year end excluding GL Trade.
ICT, Office, Administrative and Advisory costs decreased by 4.5% to €276.93 million mainly due to synergies realised and strict control of IT costs.
Other expenses were reduced by 21.4% from €141.36 million to €111.07million, due to the one-off IPO costs in 2001, good control of marketing costs which were reduced to €16.1 million and a fall in other expenses of €9 million. Nevertheless, accommodation costs slightly increased to €52.4, mainly explained by GL Trade's expenditures related to its expansion and the normal rise in the cost of commercial accommodation.
EBIT, before goodwill amortisation, totalled €237.8 million, up 113.9% over the same period of 2001. In 2002, Euronext's EBIT margin reached 23.86%, compared to 11.87% for 2001 (pro forma).
BREAKDOWN BY BUSINESS LINES