- In 2010 BME’s net profit totalled €154.2 million, a 2.7% increase on 2009
- Revenue in 2010, at €326.2 million, was up 3% on the previous year
- Overall costs were down 3.4% in 2010 and EBITDA was up 6.3%
- The efficiency ratio stood at 31.6%, an improvement of 2.1 points on the year-ago period. This result is around 20 points above the sector average
- The return on equity (ROE) stood at 34.3%, an improvement of 1.8 points on the year-ago period. This result is more than 23 points higher than the sector average
Bolsas y Mercados Españoles (BME) net profit for the fourth quarter grew 11% year-on-year to €37.6 million. Net profit in 2010 amounted to €154.2 million, up 2.7% on 2009. Once the extraordinary items recognised in both years were removed, profit was up 8.9% on 2009.
Accumulated revenue for the year overall amounted to €326.2 million, a 3% increase on that of 2009. Not including extraordinary revenue, in 2010 revenue was up 5.7% on 2009. In the last quarter of 2010, revenue amounted to €81.5 million, a 5.5% increase on that recorded in 2009.
Total operating costs amounted to €103.2 million in 2010, a 3.4% decrease on 2009. In the fourth quarter, operating costs stood at €25.5 million, a year-on-year decrease of 6.2%.
The company’s EBITDA for the fourth quarter stood at €56 million, a 11.8% year-on-year increase. In 2010 EBITDA totalled €223.1 million, up 6.3% on 2009.
As for the key management performance indicators for financial management, the efficiency ratio was 31.6% and 31.3% for the year as a whole and the fourth quarter, respectively, in comparison to the 33.7% and 35.2% for 2010. ROE was 34.3% in 2010 and 32.5% in 2009. In the fourth quarter ROE was 33.2% compared to 29.3%, for the same period in 2009. These results are more than 20 and 23 points higher than the sector average, respectively.
The cost base coverage ratio with revenue not linked to volumes is 103% of BME’s cost base covered with this type of revenue in 2010.
Bolsas y Mercados Españoles intends to submit to the General Shareholders’ Meeting the distribution of a €31 million extraordinary dividend.
EQUITIES
At 2010 year-end, the equity business unit reported revenue of €138 million, up 11.2% on the year-ago period. The EBITDA grew 17.7% to €105.8 million in this period. In the fourth quarter revenue and the EBITDA increased 7.4% and 12.5%, respectively on the year-ago period, reaching €34 million and €25.8 million.
In 2010, €1.04 trillion was traded in Equities, a year-on-year increase of 15.6%. In terms of trades, the number was up 27.7% for the year, which represents a new annual record.
CLEARING AND SETTLEMENT
The Settlement unit reported EBITDA of €15.9 million in the fourth quarter of 2010 and €61.3 million for the year in full, up 7.6% and 14.4% respectively on 2009. Revenue provided by activities relating to the settlement unit, registration and services for issuers in 2010 was up 10.8% on 2009. Revenue for the fourth quarter was up 8.9% year-on-year.
Nominal amounts at year-end 2010 reached a combined volume of €1.6 trillion in the Equity and Fixed Revenue (both private and public) markets. This represents a 3.4% increase over the figure at 2009 year-end, the largest increase in Public Debt.
LISTING
In the Listing unit, revenue increased 2.5% to reach €6.4 million in the fourth quarter and €22.9 million for the year in full. EBITDA ended the fourth quarter at €3.7 million, a 2% year-on-year increase.
At 31 December 2010, the total market capitalisation of issuers admitted to listing on markets managed by BME stood at €1.1 trillion, a 3.2% year-on-year decrease.
INFORMATION
The information area continued to increase the content offering as the result of the integration of new ETF instruments in the markets and in the MAB, as well as the fixed revenue platform (Catalonia Autonomous Government bonds). New clients continued to be connected, along with those requiring direct connection, to the BME information servers. Growth in this connection in the fourth quarter with regard to the year-ago period was 8.3% and 7.4%, respectively.
The unit’s EBITDA amounted to €6.1 million in the fourth quarter, a 4.9% year-on-year decrease, and €24.7 million for the year in full, down 5.8% on 2009.
DERIVATIVES
Volumes in the derivative business line in the fourth quarter of 2010 were greater than the year-ago period in all products, except for options on the IBEX 35®. In 2010, 70.2 million contracts were traded, a notional volume equivalent to €789.1 billion.
The result of trading in the different underlying assets offered by the unit resulted in revenue of €26.3 million in 2010, up 1.6% on 2009 and €6.7 million in the fourth quarter, up 6.7% year on year. Accordingly, EBITDA recorded increases of 12.8% and 26.7% for the year in full and the quarter, respectively.
FIXED INCOME
Fixed Income trading reached €1.53 trillion in the fourth quarter of 2010, a 76% year-on-year increase, and a total of €4 trillion for the year in full, up 1.4% on 2009.
Operating revenue stood at €1.8 million in the last quarter of 2010, a 0.8% year-on-year decrease, and €7.5 million for the year in full, up 12.6% on 2009. EBITDA generated in 2010 stood at €4.8 million, 27.9% higher than in 2009.
IT & CONSULTING
Revenue from the IT and Consulting unit amounted to €4.3 million in the fourth quarter, a 11.9% year-on-year decrease. Various services for consulting, routing-trading solutions and back office were provided which generated revenue of €14.4 million for 2010, down 14.7% on 2009.