.jpg)
Commenting on performance of the Group, Xavier Rolet, Chief Executive said:
“This has been a good overall first half for the Group. The 44 per cent rise in our revenue reflects an underlying increase of 8 per cent, with growth across all our business divisions, as well as the first time inclusion of LCH.Clearnet. Particular highlights include strong performances from our fixed income business, the resurgent IPO market and further growth in FTSE from both the organic business and the new fixed income indices business.
“The Group is increasingly international and diverse and we are well positioned in a wide range of businesses and markets. We remain focused on developing growth opportunities, realising the benefits from the acquisition of LCH.Clearnet, and delivering on our strategy.”
1 before amortisation of purchased intangibles, non-recurring items and unrealised net investment gains/losses at LCH.Clearnet.
All comparisons are against the same corresponding period in the previous year unless stated otherwise.
Further information
The Group will host a presentation of its Interim Results for analysts and institutional shareholders today at 10.00am at 10 Paternoster Square, London EC4M 7LS. The presentation will be accessible via live web cast which can be viewed at http://www.lseg.com/investor-relations or listened to on the numbers below:
Participant UK FreeCall Dial-In Numbers: 0800 694 0257
Participant Std International Dial-In: +44 (0) 1452 555 566
Conference ID # 98505369
For further information, please call the Group’s Investor Relations team on +44 (0) 20 7797 3322.
Chairman’s Statement
Overview
Over the last four years, the Group has been successfully executing on its strategy to grow and diversify revenues and to develop its international scale and reach, both organically and by selected acquisitions. We continue to make good progress, in particular with the completion of the acquisition of a majority stake in LCH.Clearnet during the period, which gives us a systemically important financial infrastructure asset with significant international scale. This acquisition also provides us with the ability to further transform our business over coming years, working in partnership with customers, by developing growth opportunities in OTC and other markets and by implementing operational efficiencies and service improvements. While still early days, we have formed detailed programmes to start achieving the various benefits of this transaction, and we will report further in future periods as we make progress.
The Group also established an international fixed income indices business, FTSE TMX Global Debt Capital Markets, in April 2013. This transaction increases FTSE’s profile in North America and strengthens its position in fixed income, the fastest growing asset class in the ETF and mutual fund segments. In addition, the Group acquired a 70 per cent stake in EuroTLX, an Italian multilateral trading facility in the retail fixed income market. A number of new initiatives were also launched, including:
- a Central Securities Depository in Luxembourg, which extends the Group’s CSD services through an open-access model to help customers meet regulatory obligations, with the first major bank customer already signed to use the service;
- MTS Swaps, a new platform that will give buy-side institutions the ability to trade interest rate swaps electronically; and
- a new contract, FTSE UK Large Cap Super Liquid index (FTSE UK SLQ) futures, available to trade on the new London Stock Exchange Derivatives Market.
We highlight the major factors determining Group performance in our principal business segments, over the past six months, in the commentary below.
Operational Performance
Information Services revenues increased 14 per cent to £168.3 million (up 9 per cent on an organic and constant currency basis). This growth mainly reflects the strong performance by the FTSE indices business, with revenues up 29 per cent to £83.9 million, which includes contribution from the Vanguard contract win as funds completed the switch to FTSE indices as well as from the new fixed income indices business which contributed £5.8 million in the period. Nearly two years following completion of the acquisition of the outstanding 50 per cent share of FTSE, the Group is on track to achieve the aggregate target £28 million revenue and cost synergies from the transaction, and expects to exceed the £10 million cost saving by the end of the three year timetable.
The number of professional users of real time UK data at 30 September 2013 declined 7 per cent year on year to 80,000, while the number of professional users of Italian data reduced by 9 per cent over the same period. Helping to offset the reduction in real time sales was a 6 per cent increase in revenue from other information services.
Post Trade Services, comprising CC&G and Monte Titoli in Italy, grew revenue by 8 per cent to £48.1 million (up 1 per cent at constant currency) with clearing revenues impacted by the reduction in Italian equity and derivatives trading volumes. Settlement revenues rose 11 per cent (up 4 per cent at constant currency) as total settlement instructions increased, while custody revenues grew 7 per cent (flat at constant currency). Treasury income decreased as expected, declining 59 per cent to £28.1 million. CC&G completed the move to the 95 per cent secured investment level for cash margin, needed to meet EMIR requirements, by September 2013, with a consequent reduction in yields.
LCH.Clearnet contributed revenue of £111.2 million and net treasury income of £30.5 million in the five month period as part of the Group. The SwapClear OTC IRS clearing business performed well, contributing clearing revenue of £41 million with increased dealer and client membership (one of the principal revenue drivers) and a 24 per cent year on year increase in notional value cleared. Revisions to the profit sharing arrangements were agreed for the period, whereby LCH.Clearnet's share of profit from Swapclear is expected to be approximately 34 per cent in 2013. As part of this revision, LCH.Clearnet commenced funding a proportion of the future development expenditure for the SwapClear service. Further discussions are also in progress regarding the way in which SwapClear and other LCH.Clearnet services are structured, governed and managed, to ensure they meet EMIR and other regulatory requirements for clearing houses.
While the transaction was only completed in May, we remain even more convinced of the opportunities in the business, and we have progressed speedily in a number of areas to start the process of achieving benefits from the change in majority ownership. Work is underway to quantify further efficiencies in addition to the synergies already documented at the time of the transaction. Investment continues where needed to drive growth, enhance risk management and ensure on-going regulatory compliance. A new Group CEO, Suneel Bakhshi, was recently appointed, due to start in Q1 calendar 2014. He brings substantial experience in risk management and process change in complex organisations, which should prove invaluable as LCH.Clearnet executes its strategy as part of LSEG.
Revenue for the Group’s Capital Markets segment, which includes primary and secondary market activities, increased 12 per cent to £145.2 million. In primary markets, the total amount of capital raised increased 114 per cent to £16.3 billion, reflecting a good recovery in equity issuance for domestic and international companies across our markets. In total, 52 companies were admitted to trading on AIM, 6 companies came to market in Italy and 21 issuers joined our main markets in London. Looking ahead, the pipeline of companies working on joining our markets remains encouraging. In Italy, the ELITE programme, which helps companies that are exploring listing, has grown to over 130 firms.
In secondary markets, average daily value traded in the UK cash equities market increased 2 per cent to £4.2 billion, while in Italy the average daily number of trades reduced by 8 per cent to 209,000, reflecting a generally weak trend across many markets in Europe. Trading on Turquoise was stronger, with a 63 per cent rise in average daily equity value traded on a pan-European basis. The Group’s derivatives markets experienced weak conditions with 34 and 24 per cent declines in volume traded in the UK and Italy respectively.
The fixed income business produced a good performance with trading volumes on the MTS repo markets up 10 per cent year on year while the MTS cash market and BondVision (the dealer to client electronic bond platform) increased 37 per cent. MOT, the Italian retail bond market, grew 7 per cent.
Revenues for Technology Services increased 15 per cent to £29.4 million, up 6 per cent on an organic constant currency basis. MillenniumIT performed well, with revenues up 11 per cent at constant currency, mostly relating to growth in the Enterprise Service Provision operation. Revenues from other technology services also grew, with contribution from the recently acquired specialist GATELab IT business.
Financial Summary
Unless otherwise stated, all figures below refer to the six months ended 30 September 2013. Comparative figures are for the six months ended 30 September 2012 (H1 FY 2013). Variance is also provided at organic and constant currency. The basis of preparation is set out at the end of this report.
|
Organic and |
|||||
|
Six months ended |
constant |
||||
|
30 September |
currency |
||||
|
2013 |
2012 |
Variance |
variance |
||
|
|
£m |
£m |
% |
% |
|
|
Revenue |
|||||
|
Information Services |
168.3 |
147.6 |
14% |
9% |
|
|
Post Trade Services |
48.1 |
44.6 |
8% |
1% |
|
|
LCH.Clearnet |
111.2 |
- |
- |
- |
|
|
Capital Markets |
145.2 |
129.7 |
12% |
9% |
|
|
Technology Services |
29.4 |
25.6 |
15% |
6% |
|
|
Other revenue |
|
2.0 |
2.3 |
(13%) |
(13%) |
|
Total revenue |
504.2 |
349.8 |
44% |
8% |
|
|
Net treasury income through CCP business: |
|||||
|
CC&G |
28.1 |
68.1 |
(59%) |
(61%) |
|
|
LCH.Clearnet |
30.5 |
- |
- |
- |
|
|
Other income |
4.3 |
5.8 |
(26%) |
(26%) |
|
|
LCH.Clearnet unrealised gain / (loss) |
|
(2.0) |
- |
- |
- |
|
Total income including unrealised |
|
565.1 |
423.7 |
- |
- |
|
Total income excluding unrealised |
567.1 |
423.7 |
34% |
(4%) |
|
|
Operating expenses |
|
(337.2) |
(206.5) |
63% |
6% |
|
Adjusted operating profit* |
229.9 |
217.2 |
6% |
(13%) |
|
|
Amortisation of purchased intangibles and non-recurring items |
(76.9) |
(30.4) |
153% |
53% |
|
|
Operating profit |
|
151.0 |
186.8 |
(19%) |
(24%) |
|
|
|
|
|||
|
|
|
|
|||
|
Basic earnings per share (p) |
24.9 |
43.0 |
(42%) |
|
|
|
Adjusted basic earnings per share (p)* |
48.2 |
51.8 |
(7%) |
|
|
|
|
|
||||
|
Dividend (p) |
10.1 |
9.7 |
4% |
||
* before amortisation of purchased intangibles, non-recurring items and unrealised net investment gains/losses at LCH.Clearnet
LCH.Clearnet results represent five months ended 30 September 2013; for equivalent period comparatives in 2012 (prior to being part of LSEG), see section “Operating Performance – Key statistics” below
Organic growth is calculated in respect of businesses owned for at least 12 months and so excludes EuroTLX, FTSE TMX Global Debt Capital Markets, GATElab and LCH.Clearnet.
The Group produced a good overall financial performance. Revenue (excluding unrealised gains/losses at LCH.Clearnet) increased 44 per cent to £504.2 million (H1 FY 2013: £349.8 million) and total income (excluding unrealised gains/losses at LCH.Clearnet) rose 34 per cent to £567.1 million (H1 FY 2013: £423.7 million). The increase in both lines reflects contribution from LCH.Clearnet since 1 May 2013, offsetting the expected decline in net treasury income from CC&G, which was £40 million lower than the same period last year following changes in investment of cash margin and lower spreads achieved.
Operating expenses, before amortisation of purchased intangibles and non-recurring items, rose 63 per cent to £337.2 million (H1 FY 2013: £206.5 million), mainly reflecting the inclusion of LCH.Clearnet for a five month period. Adjusting for currency changes, estimated inflation and the impact of the acquisitions, principally being LCH.Clearnet and the FTSE TMX fixed income indices business, operating costs were broadly flat, reflecting continued control of our underlying cost base.
Adjusted operating profit for the period, before amortisation of purchased intangibles, non-recurring items and unrealised losses, increased 6 per cent to £229.9 million (H1 FY 2013: £217.2 million).
Net finance costs were £35.0 million, up from £21.4 million in H1 last year, reflecting the increased cost of carry of the £300 million retail bond (issued in November 2012) that replaced short-dated bank debt, the drawing of credit facilities to fund the acquisition of the majority stake in LCH.Clearnet in May 2013 and also arrangement fees totalling £3 million for new bank revolving facilities, signed in July 2013. The underlying effective Group tax rate was 27.1 per cent, lower than the rate for the year ended 31 March 2013 (29.0 per cent).
Net cash inflow from operating activities was £156.4 million (H1 FY 2013: £172.5 million), reflecting the decline in net treasury income, partly offset by cash from LCH.Clearnet after payment of interest of £11 million on their Preferred Securities. Capital expenditure in the period amounted to £35.3 million (H1 FY 2013: £26.7 million). Net cash generated after capex, other investments and dividends was £64.7 million (H1 FY 2013: £79.5 million). Free cash flow per share (post net interest paid, tax paid and investment activities) was 44.3p (H1 FY 2013: 50.0p).
At 30 September 2013, adjusted net debt was £1,179.9 million (after setting aside £200 million of cash for regulatory and operational support purposes for the core LSEG businesses, and assuming no surplus cash at LCH.Clearnet) while drawn borrowings of £1,312.5 million are £515.7 million higher than at the start of the current financial year. This increase in borrowings mainly reflects financing of the acquisition of the majority stake in LCH.Clearnet, its subsequent capital raise and consolidation of the LCH.Clearnet Group Preferred Securities. Committed debt and credit lines available for general group purposes at 30 September 2013 totalled £1.5 billion, extending out to 2016 or beyond. At 30 September 2013, pro forma net debt:EBITDA was 2.2 times.
In July 2013, the Group signed a new £700 million unsecured, committed revolving facility package, on improved terms, to replace its existing credit lines. The new facility package comprises a mix of 5 and 3 year commitments which extend the Group’s debt maturity profile and underpin its financial flexibility.
The Group had net assets of £1,898.7 million at 30 September 2013 (31 March 2013: £1,599.0 million), including LCH.Clearnet following the acquisition of a 57.8 per cent stake from 1 May 2013. The central counterparty clearing business assets and liabilities within both CC&G and, for the first time, LCH.Clearnet are shown gross on the balance sheet as the amounts receivable and payable, which largely offset each other, are unable to be netted under accounting treatments.
Interim Dividend
The Directors have declared an interim dividend of 10.1 pence per share, an increase of 4 per cent on the interim dividend paid last year. The interim dividend will be paid on 6 January 2014 to shareholders on the register on 6 December 2013.
Outlook
The Group has delivered good overall six month results, reflecting growth both within the core businesses and from new additions to the Group.
The Group is increasingly international and diverse and we are well positioned in a wide range of businesses and markets. Looking forward, the IPO pipeline appears healthy with a number of companies poised to join our markets, we are making good progress at FTSE and integration work streams are underway following the acquisition of a majority stake in LCH.Clearnet. We remain focused on developing growth opportunities, realising the benefits from the acquisition of LCH.Clearnet and delivering on our stated strategy.
Chris Gibson-Smith
Chairman
13 November 2013
Operating Performance – Key statistics
To assist investors in understanding the underlying performance of the Group, percentage changes are also presented on a constant currency basis.
Capital Markets
Capital Markets comprises the Group’s primary markets activities, providing access to capital for corporates and others, and the secondary market trading of cash equities, derivatives and fixed income.
|
Six months ended |
Constant |
|||
|
30 September |
currency |
|||
|
2013 |
2012 |
Variance |
variance |
|
|
Revenue |
£m |
£m |
% |
% |
|
Primary Markets |
||||
|
Annual fees |
20.3 |
19.2 |
6% |
4% |
|
Admission fees |
17.1 |
14.5 |
18% |
17% |
|
|
37.4 |
33.7 |
11% |
9% |
|
Secondary Markets |
||||
|
Cash equities UK & Turquoise |
46.4 |
42.9 |
8% |
8% |
|
Cash equities Italy |
17.2 |
16.3 |
6% |
(1%) |
|
Derivatives |
9.7 |
9.5 |
2% |
(3%) |
|
Fixed income |
30.0 |
24.1 |
24% |
18% |
|
|
103.3 |
92.8 |
11% |
8% |
|
Other |
4.5 |
3.2 |
41% |
- |
|
Total revenue |
145.2 |
129.7 |
12% |
9% |
|
Capital Markets - Primary Markets |
||||
|
Six months ended |
||||
|
30 September |
Variance |
|||
|
2013 |
2012 |
% |
||
|
New Issues |
||||
|
UK Main Market, PSM & SFM |
21 |
14 |
50% |
|
|
UK AIM |
52 |
43 |
21% |
|
|
Borsa Italiana |
6 |
4 |
50% |
|
|
Total |
79 |
|
61 |
30% |
|
Company Numbers (as at period end) |
||||
|
UK Main Market, PSM & SFM |
1,363 |
1,393 |
(2%) |
|
|
UK AIM |
1,090 |
1,107 |
(2%) |
|
|
Borsa Italiana |
283 |
288 |
(2%) |
|
|
Total |
2,736 |
|
2,788 |
(2%) |
|
Market Capitalisation (as at period end) |
||||
|
UK Main Market (£bn) |
2,192 |
1,885 |
16% |
|
|
UK AIM (£bn) |
69 |
64 |
8% |
|
|
Borsa Italiana (€bn) |
399 |
345 |
16% |
|
|
Borsa Italiana (£bn) |
333 |
275 |
21% |
|
|
Total (£bn) |
2,594 |
|
2,224 |
17% |
|
Money Raised (£bn) |
||||
|
UK New |
3.7 |
3.8 |
(3%) |
|
|
UK Further |
11.6 |
2.4 |
383% |
|
|
Borsa Italiana new and further |
1.0 |
1.4 |
(29%) |
|
|
Total (£bn) |
16.3 |
|
7.6 |
114% |
|
Capital Markets - Secondary Markets |
||||
|
Six months ended |
||||
|
30 September |
Variance |
|||
|
Equity |
2013 |
2012 |
% |
|
|
Totals for period |
||||
|
UK value traded (£bn) |
528 |
508 |
4% |
|
|
Borsa Italiana (no of trades m) |
26.8 |
28.6 |
(6%) |
|
|
Turquoise value traded (€bn) |
340.1 |
200.8 |
69% |
|
|
SETS Yield (basis points) |
0.66 |
0.68 |
(3%) |
|
|
Average daily |
||||
|
UK value traded (£bn) |
4.2 |
4.1 |
2% |
|
|
Borsa Italiana (no of trades '000) |
209 |
227 |
(8%) |
|
|
Turquoise value traded (€bn) |
2.6 |
1.6 |
63% |
|
|
Derivatives (contracts m) |
||||
|
LSE Derivatives |
8.8 |
13.4 |
(34%) |
|
|
IDEM |
15.6 |
20.4 |
(24%) |
|
|
Total |
24.4 |
|
33.8 |
(28%) |
|
Fixed Income |
||||
|
MTS cash and Bondvision (€bn) |
1,509 |
1,103 |
37% |
|
|
MTS money markets (€bn term adjusted) |
36,438 |
32,977 |
10% |
|
|
MOT number of trades (m) |
2.86 |
2.68 |
7% |
|
Post Trade Services
The Post Trade Services division principally comprises the Group’s Italian-based clearing, settlement and custody businesses.
|
Six months ended |
Constant |
|||
|
30 September |
currency |
|||
|
2013 |
2012 |
Variance |
variance |
|
|
£m |
£m |
% |
% |
|
|
Revenue |
||||
|
Clearing |
19.1 |
17.7 |
8% |
2% |
|
Settlement |
7.8 |
7.0 |
11% |
4% |
|
Custody & other |
21.2 |
19.9 |
7% |
0% |
|
Total revenue |
48.1 |
44.6 |
8% |
1% |
|
Net treasury income |
28.1 |
68.1 |
(59%) |
(61%) |
|
Total income |
76.2 |
112.7 |
(32%) |
(37%) |
|
Post Trade Services |
||||
|
Six months ended |
||||
|
30 September |
Variance |
|||
|
2013 |
2012 |
% |
||
|
CC&G Clearing (m) |
||||
|
Equity clearing (no of trades) |
28.2 |
30.1 |
(6%) |
|
|
Derivative clearing (no of contracts) |
15.6 |
20.4 |
(24%) |
|
|
Total |
43.8 |
|
50.5 |
(13%) |
|
Open interest (contracts as at period end) |
5.1 |
4.8 |
6% |
|
|
Initial margin held (average €bn) |
12.0 |
10.5 |
14% |
|
|
Monte Titoli |
||||
|
Pre Settlement instructions (trades m) |
13.3 |
13.8 |
(4%) |
|
|
Settlement instructions (trades m) |
13.6 |
12.6 |
8% |
|
|
Total Settlement |
26.9 |
|
26.4 |
2% |
|
Custody assets under management (average €tn) |
3.29 |
3.19 |
3% |
|
LCH.Clearnet
The LCH.Clearnet division principally comprises the Group’s majority owned global clearing business.
|
Five months ended |
Constant |
|||
|
30 September |
currency |
|||
|
2013 |
2012 |
Variance |
variance |
|
|
Revenue |
£m |
£m |
% |
% |
|
OTC |
Pro forma |
|||
|
SwapClear |
41.2 |
20.4 |
102% |
88% |
|
ForexClear / CDSClear |
6.7 |
4.2 |
60% |
51% |
|
|
47.9 |
24.6 |
94% |
82% |
|
Non-OTC |
||||
|
Fixed income |
13.8 |
13.0 |
6% |
(1%) |
|
Commodities |
13.5 |
4.9 |
176% |
159% |
|
Listed derivatives |
23.6 |
30.8 |
(23%) |
(28%) |
|
Cash equities |
14.4 |
12.8 |
13% |
5% |
|
|
65.3 |
61.5 |
6% |
(1%) |
|
Total Clearing fee revenue |
113.2 |
86.2 |
31% |
23% |
|
Other revenue |
(2.0) |
15.5 |
(113%) |
(112%) |
|
Total revenue |
111.2 |
101.7 |
9% |
2% |
|
Net treasury income |
30.5 |
29.4 |
4% |
(3%) |
|
Unrealised gain / (loss) |
(2.0) |
5.4 |
- |
- |
|
Total income including unrealised |
139.7 |
136.6 |
- |
- |
|
Total income excluding unrealised |
141.7 |
131.1 |
8% |
1% |
|
LCH.Clearnet |
||||
|
Six months ended |
||||
|
30 September |
Variance |
|||
|
2013 |
2012 |
% |
||
|
OTC derivatives |
||||
|
SwapClear |
||||
|
IRS notional outstanding ($trn) |
421.2 |
329.3 |
28% |
|
|
IRS notional cleared ($trn) |
240.8 |
194.3 |
24% |
|
|
SwapClear members |
100 |
67 |
49% |
|
|
CDSClear |
||||
|
Open interest (€bn) |
20.3 |
7.8 |
160% |
|
|
Notional cleared (€bn) |
109.5 |
18.5 |
492% |
|
|
CDSClear members |
11 |
8 |
38% |
|
|
ForexClear |
||||
|
Notional value cleared ($bn) |
439.2 |
236.4 |
86% |
|
|
ForexClear members |
15 |
13 |
15% |
|
|
Non-OTC |
||||
|
Fixed income - Nominal value (€trn) |
36.9 |
35.6 |
4% |
|
|
Commodities (lots m) |
64.4 |
61.3 |
5% |
|
|
Listed derivatives (contracts m) |
83.2 |
101.5 |
(18%) |
|
|
Cash equities trades (m) |
178.3 |
173.7 |
3% |
|
|
Average cash collateral (€bn) |
40.2 |
48.7 |
(17%) |
|
Information Services
The Information Services division consists of real time data products and a number of other discrete businesses, including Global Indices products, Trade Processing operations, Desktop and Work Flow products.
|
Organic and |
||||
|
Six months ended |
constant |
|||
|
30 September |
currency |
|||
|
2013 |
2012 |
Variance |
variance1 |
|
|
£m |
£m |
% |
% |
|
|
Revenue |
||||
|
FTSE |
83.9 |
64.8 |
29% |
21% |
|
Real time data |
44.5 |
45.3 |
(2%) |
(4%) |
|
Other information services |
39.9 |
37.5 |
6% |
5% |
|
Total revenue |
168.3 |
147.6 |
14% |
9% |
|
Information Services |
||||
|
As at |
||||
|
30 September |
Variance |
|||
|
2013 |
2012 |
% |
||
|
UK Terminals |
||||
|
Professional - UK |
32,000 |
35,000 |
(9%) |
|
|
Professional - International |
48,000 |
51,000 |
(6%) |
|
|
Total |
80,000 |
|
86,000 |
(7%) |
|
Borsa Italiana Professional Terminals |
128,000 |
140,000 |
(9%) |
|
|
FTSE |
||||
|
ETFs assets under management benchmarked ($bn) |
176 |
60 |
193% |
|
Technology Services
Technology Services comprises technology connections and data centre services for clients of London Stock Exchange and Borsa Italiana, plus the MillenniumIT software business, based in Sri Lanka, which provides technology for the Group as well as third party sales and enterprise services.
|
Technology Services |
||||
|
Organic and |
||||
|
Six months ended |
constant |
|||
|
30 September |
currency |
|||
|
2013 |
2012 |
Variance |
variance1 |
|
|
£m |
£m |
% |
% |
|
|
Revenue |
||||
|
MillenniumIT |
13.1 |
11.4 |
15% |
11% |
|
Technology |
16.3 |
14.2 |
15% |
3% |
|
Total revenue |
29.4 |
25.6 |
15% |
6% |
Basis of Preparation
Results for the Italian business have been translated into Sterling using the exchange rates set out below. Constant currency growth rates have been calculated by translating prior period results at the average exchange rate for the current period.
|
|
Closing € : £ rate |
Average € : £ rate for the period ended |
|
30 September 2013 |
€1.20 |
€1.17 |
|
30 September 2012 |
€1.25 |
€1.25 |
|
31 March 2013 |
€1.18 |
€1.23 |
