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The Board of Directors of HELEX, at its meeting today, approved the financial statements for the period 1.1.2008 to 31.12.2008 and decided to propose to the Annual General Meeting, which will take place on May 6th 2008, the distribution of euro 0.35 per share as ordinary dividend. Furthermore, the Helex BoD will propose euro 0.25 as extraordinary dividend (share capital return).
Based on the consolidated financial statements of HELEX, the net after tax profits in 2008 amounted to euro 65.0m vs. euro 91.0m in 2007, a 29% reduction.
The consolidated turnover of the Group dropped by 33% to euro 108.4m vs. euro 161.2m in 2007. It should be noted that in 2008 the Group reported non-recurring revenue of euro 7.0m, due mainly from the profit from the sale of the building at Pesmazoglou St. (euro 3.2m) and the reversal of a provision for tax that had been made for the Hellenic Capital Market Commission fee in 1999 (euro 3.3m).
The turnover reduction is mainly the result of:- the 36% drop in revenue from the clearing and settlement of transactions (euro 38.0m in 2008 vs. euro 59.1m in 2007)
- the 35% drop in revenue from trading in the cash market (euro 22.6m in 2008 vs. euro 34.8m in 2007); and
- the 67% drop in revenue from listed companies, which amounted to euro 10.1m in 2008 vs. euro 30.4m in 2007.
In the derivatives market (trading and clearing), revenue increased by 10% to euro 11.0m in 2008 vs. euro 10.0m in 2007. The operating expenses of the Group amounted to euro 26.3m in 2008 vs. euro 28.8m in 2006, reduced by 9%. Thus, the operating profit (EBIT) of the Group was euro 80.6m in 2008 compared to euro 116.9m in 2007, reduced by 31%.
HELEX's financial statements are posted on the Company's website (www.helex.gr).
