Hellenic Exchanges S.A. : HELEX 2012 Financial Results - €11.8m net after tax profits

11/03/2013

The Board of Directors of Hellenic Exchanges, at its meeting today, approved the Annual Financial Report for fiscal year 2012 (1.1.2012 to 31.12.2012), and has decided to propose to the next Annual General Meeting of shareholders, which will take place on May 29rd 2013, to distribute €0.07 per share as ordinary dividend. In addition, the Board decided to propose to distribute €0.05 per share as special dividend (share capital return). The record date and payment date for the special dividend will be decided by the General Meeting of the Company’s shareholders. The Company will inform investors about the exact dates, as soon as they are determined.

The consolidated net after tax profits of Hellenic Exchanges Group in 2012 amounted to €11.8m vs. €21.5m in 2011, reduced by 45.2%. The net after tax profits per share including bond valuation differences in 2012 amounted to €0.19 vs. €0.31 in 2011.

The total operating revenue of the Group was reduced by 22% to €32.0m in 2012 vs. €41.2m in 2011. If Other (non-operating) revenue (€0.45m in 2012 vs. €5.1m in 2011) is included, the turnover of the Group was reduced by 30.0%, to €32.4m vs. €46.3m.

Despite the fact the that Athens Exchange General Index ended in 2012 33.4% higher than the end of 2011, the average share prices throughout 2012 were significantly lower than the average prices in 2011, and this is the main reason for the reduction in revenue for the Company. It is indicative that the average price of the General Index for 2012 was 709.92 points, i.e. 38.8% lower than the average for the index in 2011 (1,159.74 points). In addition, the drop in the total amount of capital raised in 2012 compared to 2011 contributed to the drop in revenue, as well as the significant reduction in fees in the derivatives market that the Group implemented starting on 1.1.2012 as part of its new pricing policy.

The average capitalization of the Greek market dropped by 38.8% in 2012 compared to 2011 (€27.5bn vs. €45.0bn), while the average daily traded value in 2012 was €51.9m, a 37% reduction compared to 2011 (€82.5m). On the other hand, market liquidity increased by 47.8%, with the average daily volume at 49.5m shares in 2012 vs. 33.5m shares in 2011. Capital raised through ATHEX dropped by 55% (€2.1bn vs. €4.7bn), whereas in the derivatives market, the average daily number of contracts increased by 29% (64.4 thousand vs. 49.9 thousand).

The operating expenses of the Group were reduced by 5.3% in 2012, amounting to €19.3m vs. €20.4m in 2011, whereas total operating expenses including new activities, was reduced by 6.8% in 2012, amounting to €20.9m vs. €22.4m in 2011.

The Group’s EBT in 2012 amounted to €15.0m vs. €26.0m in 2011, reduced by 42.3%.

The HELEX financial statements are posted on the Company’s website (www.helex.gr).