Hellenic Exchanges S.A. : Helex 9m 2011 Financial Results

Hellenic Exchanges S.A. : Helex 9m 2011 Financial Results

07/11/2011

The consolidated net after tax profits of HELEX in the first nine months of 2011 amounted to €21.8m compared to €22.2m in the corresponding period last year, slightly reduced by 1.5%, despite a significant drop in the trading activity compared to the same period in 2010. 

The consolidated turnover of the Group was reduced by 25%, to €35.0m vs. €46.6m in 9M 2010. 
This reduction is due on the one hand to the drop in trading activity in the cash market and the drop in the average capitalization of listed companies, and on the other hand to the reduction that were implemented in the second half of 2010 in the fees for trading and post-trading services, for both stocks and derivatives, as part of the pricing policy of the Group. 

The average daily traded value in 9M 2011 amounted to €96m, reduced by 37% compared to the corresponding period last year (€153m), while the market capitalization at the end of the third quarter (30.9) over the same period amounted to €31.3bn vs. €57.9bn last year, reduced by 46%. The average daily traded volume was slightly reduced by 3% in 9M 2011 compared to the corresponding period last year (33.5m shares vs. 34.6m shares). In the derivatives market, the average daily traded volume increased by 10% in the first nine months (49.9 thousand contracts vs. 45.4 thousand contracts last year). 

Revenue from trading amounted to €6.4m in 9M 2011 vs. €10.7m in the corresponding period last year, reduced by 40%, while revenue from clearing amounted to €12.4m in H1 2011, vs. €18.9m in 9M 2010, reduced by 34%. Revenue from Exchange services, which includes subscriptions by listed companies, revenue from rights issues as well as member subscriptions, amounted to €5.8m vs. €5.3m last year, a 10% increase. Finally, revenue from Depository services amounted to €3.2m in 9M 2011 vs. €3.7m last year, a 15% reduction. 

In H1 2011, the Group also recorded non-recurring revenue of €5.1m concerning the claim on the tax paid on the Hellenic Capital Market Commission fee, which had been paid in previous fiscal years (€2.4m) and the return of the extraordinary tax paid on ATHEX dividends received by HELEX, which had already paid the extraordinary tax (€2.7m). In H1 2010 HELEX had recorded non-recurring revenue of the amount of €477 thousand. 

The operating expenses of the Group were significantly reduced in 9M 2011. In particular, operating expenses before depreciation amounted to €15.1m vs. €16.4m in 9M 2010, reduced by 8%. 

The Group’s EBIT amounted to €22.2m, reduced by 16% compared to 9M 2010 (€26.4m). 

The net profits per share in 9M 2011 amounted to €0.30 vs. €0.21 in 9M 2010. 

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