Mondo Visione Worldwide Financial Markets Intelligence

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Euronext Sales During The 1st Quarter 2002 Increased By 4.1%

Date 13/05/2002

Euronext NV quarterly revenues of € 241.9 mio are again improving, as compared to € 232.3 mio for the same period in 2001. In the first quarter of 2002, despite the on going economic slowdown, revenues have been resilient (4.1% compared to 2001) due to the very well balanced business mix.

(in € 1,000)

1st quarter

(unaudited)

% change 2002 // 2001

2001

2002

(pro forma)(1)

Cash trading

48 649

44 539

-8.4%

Listing fees

15 672

13 244

-15.5%

Derivatives trading

61 200

69 918

14.2%

Clearing

46 010

44 015

-4.3%

Settlement and custody (2)

7 143

7 637

6.9%

Information services (2)

21 498

21 627

0.6%

Sales of software / solutions

20 713

33 027

59.4%

Other revenues

11 443

7 887

-31.1%

TOTAL

232 328

241 894

4.1%

(1)Both years include Liffe and BVLP revenues

(2)Scope of consolidation change for both years: Do not include Necigef and La Cote Bleue – see business analysis note

Business Analysis

Cash trading

The combined effect of three elements is resulting in a slight decrease in Cash trading revenues.

  • A 4.4% decline in the number of trades in Q1 2002 compared to Q1 2001 which is partly due to number of trading days (62 in 2001 compared to 60 in 2002),
  • The end of messages and modules fees invoicing in Amsterdam (€ 2 mio),
  • No connection fees have been charged on this quarter 2002 in Belgium and in The Netherlands as part of our agreement to migration (roughly € 1 mio). Connection fees will be phased in from April 2002.
Listing fees

Due to the slow though expected economic recovery, the number and the size of IPOs and secondary operations have decreased compared to 2001. Nevertheless, 6 new companies listed on Euronext's regulated markets, including Autoroutes du Sud de la France, showing signs of resumption in this activity.

Derivatives trading

The increase in volumes at Euronext.Liffe produced a satisfactory growth in turnover for this quarter. The volumes on continental European derivatives have increased but income growth has been limited by the switch, in Amsterdam, from retail to professional volumes.

Clearing

The volume increase in derivatives was not sufficient to offset the decrease in the cash markets (decline of the number of trades and of the average weight per trade cleared).

Settlement and custody

As indicated,the sale of Necigef to Euroclear took place in February 2002, and so the revenues of this company were not taken into account and have been retreated in Q1 2001 (€4.5 mio). The remaining income concerns activity from CIK in Brussels and InterBolsa in Portugal.

Information services

Revenues from information services were up 0.6% after the retreatment of the scope of consolidation change (sale of a 60% stake in La Cote Bleue subsidiary to Fininfo). The impact is about € 1.1 mio.

Sales of developed software/solutions

Due to the excellent GL Trade's performance (€ 28.1 mio or an increase of 34.4 % compared to Q1 2001) and due to the sales of softwares to external clients by Euronext.Liffe, these revenues showed a 59.4% growth rate.

Other Revenues

The decrease of other revenues is linked on one hand to the decrease of permit and entrance fees in Amsterdam because of the migration and on the other hand to the decrease of membership and grading in London.

Diary

Q2 sales: Press release August 12, 2002