- EBITA totalled €273.7 million, up 15.1%, representing a margin of 27.6% against 23.9% in 2002
- Good cost control achieved a 5.5% reduction in expenses
- Net Profit increased by 27.8%, to €211.8 million
- 11.1% increase in dividend compared to 2002
- Implementation of a share buy-back programme
Euronext NV reports its full year 2003 results today. Compared to the year before, the company again registered an EBITA improvement, up 15.1% on 2002. The reduction in costs of 5.5% on 2002, enabled our EBITA margin to reach 27.6% over the period although revenues were stable. This represents an increase in our operating profitability of 15.5% (EBITA margin was 23.9% in 2002).
Euronext NV achieved a strong operating performance: EBITA totalled €273.7m, up from €237.8m in 2002. Revenues stabilised at the same high level as 2002, amounting to €991.0m. Total costs were reduced by 5.5%, down from €758.8m in 2002 to €717.4m this year. Exchange rate fluctuations had a negative impact on EBITA of €5.5m.
Net profit increased from €166.2m in 2002 to €211.8m this year, an increase of 27.4%. For both years, non-recurring items were included in the net profit: in 2002 the positive impact was €69.8m after tax, while it was €84.1m net of tax in 2003. Restated (for these non-recurring items for both years) the net profit would have grown by 32.5%.
The Supervisory Board of Euronext recommends payment of a dividend of 50 euro cents per share for 2003: a 11.1% increase on the 2002 dividend (45 euro cents), and representing a total payment of €60.0 million, or a 47.2% payout ratio (after restatement of one-off items and including tax effect). The dividend is subject to the approval of annual accounts by the AGM.
Euronext will also start a share buy-back programme in order to repurchase up to 2.5% of its shares.
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