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Revenues in the first half grew by 17.8% to € 137.6 million. Operating costs in the second quarter increased by 2.6% compared to the same period last year. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) posted to June showed a general improvement at € 91.9 million, 25.4% up on the same period last year.
Earnings per share at the end of June was € 0.74 from € 0.6 posted in the same period 2005, which represents a 22.8% year on year increase.
The efficiency ratio, which values the expenses incurred in each revenue source, came down from 37.2% in the first half last year to 33.2% in the same period 2006.
Antonio Zoido, Chairman, BME, said:
“the net profit posted in the first half of 2006 almost equals the € 69 million posted throughout 2004, which was the company’s second financial year, and exceeds by far that posted in 2003, which was € 58.5 million. This solid trend shows that we are making solid progress in the shaping of a company with great growth potential, technologically advanced and equipped to confront any challenges in the international consolidation process”.
Javier Hernani, CFO of Bolsas y Mercados Españoles, said:
“the improvement of the results in all business areas together with an adequate cost control and an increased efficiency allows BME to report solid financial results for the first half of 2006. BME posted strong revenues during this period, with a 17.8% increase on the year while EBITDA increased over 25% on the same period last year”.
EQUITIES
In this business area, EBITDA grew by 44% to € 47.1 million at the end of the first half.
The accumulated value of trading to June increased by 25.2% on the same period 2005 to € 533.38bn.
In the first six months of the year, the number of transactions grew by 33.4%.
FIXED INCOME
On the AIAF Fixed Income Market the outstanding amount of all private fixedincome securities admitted to listing on the corporate debt market stood at € 513.81 bn to June, 36.5% up on the first half 2005.
DERIVATIVES
Revenues from the derivatives business area to June were € 12 million, up 17.9% on the same period 2005.
The EBITDA figure to June was € 6.2 million, posting a 37.5% year on year increase.
The accumulated trading volume for the first half 2006 was 25.2 million contracts, 28.3% up on 2005. The open position at 30 June 2006 was 7.2 million derivatives contracts, 48.2% up on the previous year.
CLEARING AND SETTLEMENT
As regards the Clearing and Settlement area, revenues to June came in at € 29.4 million, up 10.7% on the same period 2005.
The solid revenues have generated EBITDA of € 23 million to June, representing a 12.8% increase on the same period last year.
The combined nominal amounts for the equity, private and public debt markets increased 16.9% to € 961.29 bn.
WARRANTS AND CERTIFICATES
Trading volume on the Warrants and Certificates market to June was € 1.53 bn, 42.2% up on the year 2005 and the number of trades grew by 49.7%.
LISTING
The market capitalisation of companies listed on the BME markets at 30 June 2006 reached € 938.26 bn, increasing 23.3% on the previous year.
The total volume of admissions to listing on the Spanish private fixed income market, AIAF, at the end of the six-month period was € 245.42 bn, 19.2% up on the same period 2005.
During the first half of 2006 6 companies were admitted to trading: Renta Corporación, Parquesol, Grifols, Astroc Mediterráneo, General de Alquiler de Maquinaria and Técnicas Reunidas.
INFORMATION
Operating revenue from this area during the first half grew by 18.5% to 11.7 million euros.
EBITDA posted to June increased by 28% to € 8.1 million.
IT & CONSULTING
Revenues from this business area in the first half increased by 37.9% on the previous year to € 5.9 million.
Operating costs in this unit during the first half of the year reached € 3.7 million, 14.7% up on the same period 2005 and EBITDA for the same period was € 2.2 million, 110.6% up on the year.
NEW PROJECTS
Visual Trader, a BME company leader in services and financial market access Systems, announced in March the revamp of its technological platform. The aim of the improvements was to offer the major domestic banks and brokers greater speed in the reception of market prices and a decisive edge in their trading operations.
Since June, MEFF has managed the guarantees, collection and payments of the electricity tariff adjustment services of the system operator, Red Eléctrica de España (REE). These new functions, which affect all agents in the power production market, involve the extensión of the counterparty services to nonfinancial markets.
On May 29th, the Mercado Alternativo Bursátil (MAB) started operations. As at 30 June 2006 99 SICAVs had been admitted to trading.
BME has promoted the development of MAB to meet the demands of certain shares which, due to their specific features, require special treatment. The market will help SICAVS in the obligation established by the new collective investment regulations to guarantee liquidity for the shares.
On 20 July 2006 trading in ETFs began on the Spanish exchange. On March 31st, BME granted 4 licences on the IBEX 35® to Barclays Global Investors, BBVA Gestión, Lyxor Asset Management and Santander Asset Management, for the marketing of the first Exchange Traded Funds (ETFs) on the Spanish market.
