Revenues for the first half of 2002 have increased by 6.8% to €491.1mn on the first half of 2001 (€460mn).
High market volatility has helped to generate these excellent revenue figures, despite the difficult economic environment.
| 2nd quarter | % change 2Q 2002//2Q 2001 | ||
| (unaudited) | |||
| 2001 | 2002 | ||
| (pro forma) (1) | |||
| Cash trading | 46 704 | 45 730 | -2,1% |
| Listing fees | 10 975 | 9 835 | -10,4% |
| Derivatives trading | 62 186 | 69 861 | 12,3% |
| Clearing | 41 875 | 46 562 | 11,2% |
| Settlement and custody (2) | 7 832 | 8 613 | 10,0% |
| Information services (2) | 21 375 | 22 195 | 3,8% |
| Sales of software / solutions | 29 339 | 37 540 | 28,0% |
| Other revenues | 5 786 | 7 399 | 27,9% |
| TOTAL | 226 072 | 247 735 | 9,6% |
1 Both years include Liffe and BVLP revenues
2 Scope of consolidation change for both years: does not include Necigef and La Cote Bleue - see business analysis note
Business Analysis
Cash trading:
Volatility drove volumes up by 12.9% year on year; revenues are nearly flat, at -2.1%. This is due to the implementation of NSC:
- end of messages and module fees in Amsterdam (impact -€2mn),
- connectivity fee holiday for Dutch located trading members ended only on 30th of June 2002 (negative impact for the quarter €1mn).
Listing fees:
A decrease of 10.4% year on year, and of 25.7% on the first quarter is explained by the market environment which was unfavourable for IPOs.
Derivatives trading:
Volumes have increased by 20.3% year on year and revenues by 12.3%. The non-correlation between revenues and volumes growth is due to our product mix and our tariffs structure.
Quarter on quarter, volumes have decreased by 5.3% and revenues by 0.1%. This is due to the temporary decline of equity indices products during the 2nd quarter (for July equity indices products are up 16.1%).
Clearing:
A revenue increase of 11.2% results from the growth of cash trading and derivatives trading volumes year on year. The value of cash trades remained flat over the period.
Quarter on quarter, the value of cash trades grew by 3.1%. This growth combined with the increase of activity explains the revenues growth of 5.8% to €46.6mn.
Settlement and custody:
Revenues increased yoy by 10% (+€0.8mn) due to the activity increase in Portugal. Quarter on quarter, revenues declined by 5.4% to €8.6mn compared to €9.1mn in the first quarter (after a correction to allow for one month's revenue from Necigef). The correction, of €1.5mn, had not been taken into account in the first quarter revenues: in fact the sale of Necigef took place on 1st of February, instead of January 1st 2002.
Information services:
Revenues increased by 3.8% year on year and by 2.6% quarter on quarter, meeting our expectations. This is a good achievement taken into account the economic environment.
Sales of developed software/solutions:
Due to the excellent performance of GL Trade, revenues grew by 28% year on year and by 13.7% quarter on quarter. GL's growth has been driven by the acquisition of CGI Japan in April (impact + €1.1mn) and organic growth has been fuelled by strong demand for Straight Through Processing trader workstations.
Other Revenues:
Other revenues increased by 27.8% year on year from €5.8mn to €7.4mn and quarter on quarter revenues are fairly flat (from €7.8mn to €7.4mn), in line with our forecast. "Other revenues" mainly consist of permits and entrance fees to the Amsterdam floor as well as membership and grading fees.
