– Revenue in the first quarter totalled €84.9 million, up 9.5% from the same period in 2010;
EBITDA grows 13.8% to €60.4 million;
Higher management ratios: the efficiency ratio stands at 28.9%, a 2.7 point improvement and Return on Equity (ROE) stands at 35.6%, a 5.1 point advance.…
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Bolsas y Mercados Españoles (BME) posted a net profit of €41.5 million in the first quarter of 2011 – corresponding to €0.50 per share – up 15% on the same period in 2010.
In terms of EBITDA, BME posted a 13.8% increase at the end of the first quarter, at €60.4 million. Operating costs remained stable compared to the first quarter of 2010, at €24.5 million.
As regards the main management indicators, they maintained their high levels and are a sector benchmark. The efficiency ratio, which expresses expenses as a percentage of revenue, showed a 2.7 point improvement, at 28.9% from 31.6% in the first quarter of 2010. The Return on Equity (ROE) grew 5.1 points, from 30.5% in the first quarter of 2010 to 35.6% at the end of the first quarter in 2011.
Revenue from the Equities business unit in the first quarter was up 10.6% from the same period a year earlier, to €38.4 million. Meanwhile, EBITDA rose by 13.8% to €30.4 million. These figures represent increases of 12.9% and 17.8% in revenue and EBITDA, respectively, compared to the previous quarter.
Equity trading to March totalled €247.46 billion, up 7.8% from the first quarter of 2010.
CLEARING AND SETTLEMENT
First-quarter revenue generated from the activities performed by the Clearing and Settlement business unit amounted to €19 million (+8.9%), while EBITDA stood at €15.7 million (+12.7%).
In this unit, nominal amounts in the Equity and Fixed Income markets (both public and private) reached €1.61 trillion, which represents a 6.5% increase from the first quarter of 2010 and a 3.2% increase from the figure posted in December of the same year.
As a consequence of the heavier activity levels in the issuance of equities and fixed income, revenue has grown in this unit and in the first quarter it increased 23.9% to €6.3 million. This growth, which was accompanied by lower operating costs (-5.9%) in this unit, brought EBITDA to €3.9 million, up 52.2% year on year.
Investment flows channelled through the stock exchange have grown considerably in terms of new shares and listed shares, keeping the trend followed the previous quarter. Investment flows in new shares grew by 60.7 times compared to the first quarter of 2010, to €8.43 billion. Investment flows in listed shares came in at €7.88, 105.1 times higher than in the first quarter of 2010.
Revenue in this unit showed some variation in the trend followed last year, with a 1.6% increase in the first quarter of 2011 compared to the same period in 2010, at €7.8 million. EBITDA in the first quarter came in at €6.4 million, up 5.7% from the first quarter of 2010.
As regards the total number of clients in this area, the trend followed in previous quarters is maintained, with growth of 9.32% from the first quarter of 2010. The number of clients with direct connection to BME servers remained stable in the first quarter of 2011 compared to the same period in 2010.
Trading volume in the Derivatives business unit to March increased by 6.9% from the same period a year earlier, to €6.8 million. EBITDA in the first quarter of 2011 grew 9% to €4.1 million.
The volume of contracts traded to March showed mixed results. While the trading volume of main IBEX 35 futures increased by 7.3% and by 3.3% for the Mini contract, options on the IBEX 35 decreased by 39.5%.
In the first quarter of 2011 revenue in the Fixed Income business unit totalled €2.3 million, up 10.1% year on year. EBITDA for the first quarter of 2011 grew by 9.7% to €1.6 million.
Trading volume in this unit in the first quarter came in at €1.87 trillion, a 190.2% increase compared to the same period in 2010.
IT & CONSULTING
In the first quarter of 2011, revenue from the IT & Consulting business unit came in at €3.7 million, up 8.8% year on year. EBITDA for the first quarter of 2011 was €1 million, up 20.9% from the same period in 2010.
Activity in this area during the first quarter centred on the development of new products and services managed by BME Innova, as well as the provision of different consulting services.
Source: ETFWorld – BME