Euronext 2003 Revenues Total € 991 Million - Euronext Keeps Its Annual EBITA Forecast Unchanged

Three elements contributed to the slightly below than the earlier forecasted figure:

• In accordance with IFRS rules, the deconsolidation of Clearnet was registered on the effective transaction date, 22nd of December instead of the 31st of December, thus impacting negatively revenues by €3m;
• Some CBOT revenues were netted with costs, generating a €4m lack of revenues on Q4, 2003;
• Lower than expected trading activity both on derivatives and cash, and subsequently on the clearing on the last six weeks of the year.

2003 revenues evolution is minus 0.6% compared to 2002, being impacted by negative exchange rates fluctuations. Restated revenues at average exchange rates of the 2002 would have been €1014.3m, an increase of 1.8 % compared to 2002.

Despite this revenue figure, Euronext is confident in its capacity to achieve the absolute level of EBITA announced, thus delivering for the year an EBITA margin better than expected.

Euronext NV anticipates for the full year 2004 revenues of roughly €880m, representing a 1.9% increase compared to the €864m like-for-like basis for 2003 (excluding Clearnet revenues). The anticipated EBITA margin for 2004 will be 27% including exceptional costs for new products and restructuring.

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