| (in € 1,000) | 1st quarter (unaudited) | Change (%) | |
| 2004 | 2003 | ||
| Listing | 8 215 | 5 751 | 42.8% |
| Cash Trading | 46 511 | 47 621 | -2.3% |
| Derivatives trading | 94 838 | 80 975 | 17.1% |
| Clearing | 10 793 | 10 414(*) | 3.6% |
| Settlement & Custody | 6 177 | 5 364 | 15.2% |
| Information services | 21 493 | 22 101 | -2.8% |
| Sales of developed software solutions | 43 717 | 39 537 | 10.6% |
| Other revenues | 4 983 | 2 383 | 109.1% |
| TOTAL | 236 727 | 214 146 | 10.5% |
(*) The clearing revenues for 2003 have been restated, following the merger between LCH and Clearnet. Reported clearing revenues in 2003 were 42,331 K€.
BUSINESS ANALYSIS
Listing fees The listing activity saw a recovery this quarter with 6 new listings (during Q1, 2003 only one Ipo was registered). Listing revenues reached €8.2m this quarter, a +42.8% increase compared to the same period in 2003.
Cash trading. The cash trading revenues reached €46.5m for the first quarter of the year 2004. Compared to the same period of 2003, revenues decline slightly by €1.1m. The increase in volumes (+15.6% in Q1, 2004 compared to Q1, 2003) did not offset completely the decrease in the average fee per trade following the implementation of our new tariff structure and the ongoing concentration in the brokerage industry.
Derivatives trading. This business realised a strong performance: overall volumes increased by 29.8% compared to Q1, 2003 (equity products increased by 30.4% and interest rate products continued to post excellent growth +29% year on year; despite already a very strong performance in 2003 +43%). As a result revenues progressed by +17.1% compared to last year.
Clearing. The retrocession paid by LCH.Clearnet is €10.8m, an increase of +3.6% compared to the restated revenues for Q1, 2003 (€10.4m). This is in line with the market activity and in conformance with our expectations.
Settlement and custody. These revenues increased by 15.1% compared to Q1, 2003, benefiting from the recovery in stock prices which impacted positively the revenues generated by custody fees, especially in Belgium.
Information services. The revenues of this business line amounts to €21.5m in Q1, 2004; nearly flat compared to Q1, 2003 and in line with our forecast and the level of activity observed during the last quarters of 2003.
Sales of developed software/solutions. Revenues grow by 10.6 % year on year, amounting to €43.7m, against €39.5m in Q1, 2003. This is due to the good performance of GL Trade (quarterly revenues of €35.8m, up 13.3 % compared to a year ago).
Other Revenues: This quarter other revenues were twice as high as in 2003 (reaching €4.9m against €2.4m last year) boosted by the costs of services recharged to LCH.Clearnet.
Diary: Q1 results: May 27, 2004
