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NYX » Topics » Segment Operating Profit

These excerpts taken from the NYX 10-K filed Mar 25, 2008.

Segment Operating Profit

The following table provides information concerning segment operating profit on a euro basis and as a percentage of segment revenues for the periods indicated.

 

     Year ended December 31,  
     2006     2005  
     In
thousands
of euros		     % of
segment
revenue		     In
thousands
of euros		     % of
segment
revenue		  

Cash Trading

    € 171,260     57.5 %     €92,790     40.8 %

Listing

      30,384     54.5 %     41,543     65.7 %

Derivatives Trading

      189,397     46.1 %     130,621     35.5 %

MTS Fixed Income

      7,738     25.6 %     (113 )   —    

Information Services

      43,423     53.0 %     32,294     47.8 %

Settlement and Custody

      9,740     66.0 %     18,605     45.3 %

Sales of Software

      31,075     16.8 %     27,220     15.2 %

Holding & Unallocated(1)

      (74,009 )   —         (24,482 )   —    
                    

Profit from Operations

    € 409,008     37.1 %   € 318,478     33.1 %
                    

 

(1) Holding & Unallocated includes central office charges at the Euronext level as well as corporate transaction costs. Revenues for this segment consist of “Other income,” as described above.

 

107

Table of Contents

Euronext’s operating profit increased as a percentage of revenues from 33.1% in 2005 to 37.1% in 2006 in spite of the substantial one-off expenses incurred in relation to corporate transactions as noted above. The substantial increases in the operating profit margins of the cash trading and derivatives trading segments resulted both from buoyant trading conditions and strict cost control, with both segments recording lower expenses. Information services continued its growth while listing declined due to the 2005 base effect (two exceptionally large transactions). Finally, Sale of software margin started to recover in 2006.

Segment Operating Profit

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">The following table provides information concerning segment operating profit on a euro basis and as a percentage of segment revenues for the periods
indicated.

 































































































































































































































   Year ended December 31, 
   2006  2005 
   In
thousands
of euros		  % of
segment
revenue		  In
thousands
of euros		  % of
segment
revenue		 

Cash Trading

  €171,260  57.5%  €92,790  40.8%

Listing

   30,384  54.5%  41,543  65.7%

Derivatives Trading

   189,397  46.1%  130,621  35.5%

MTS Fixed Income

   7,738  25.6%  (113) —   

Information Services

   43,423  53.0%  32,294  47.8%

Settlement and Custody

   9,740  66.0%  18,605  45.3%

Sales of Software

   31,075  16.8%  27,220  15.2%

Holding & Unallocated(1)

   (74,009) —     (24,482) —   
           

Profit from Operations

  €409,008  37.1% €318,478  33.1%
           

 





(1)Holding & Unallocated includes central office charges at the Euronext level as well as corporate transaction costs. Revenues for this segment consist of “Other
income,” as described above.

 


107






Table of Contents


Euronext’s operating profit increased as a percentage of revenues from 33.1% in 2005 to 37.1% in
2006 in spite of the substantial one-off expenses incurred in relation to corporate transactions as noted above. The substantial increases in the operating profit margins of the cash trading and derivatives trading segments resulted both from
buoyant trading conditions and strict cost control, with both segments recording lower expenses. Information services continued its growth while listing declined due to the 2005 base effect (two exceptionally large transactions). Finally, Sale of
software margin started to recover in 2006.

This excerpt taken from the NYX 10-K filed May 1, 2007.

Segment Operating Profit

The following table provides information concerning segment operating profit in thousands of euros and as a percentage of segment revenues for the periods indicated.

 

     Year ended December 31,  
     2005     2004  
     In thousands
of euros		     % of segment
revenue		     In thousands
of euros		     % of segment
revenue		  

Cash Trading

      €92,790     40.8 %     €66,296     33.0 %

Listing

      41,543     65.7 %     23,721     54.8 %

Derivatives Trading

      130,621     35.5 %     99,048     26.1 %

MTS Fixed Income

      (113 )   —         —       —    

Information Services

      32,294     47.8 %     27,819     44.0 %

Settlement and Custody

      18,605     45.3 %     14,075     42.0 %

Sale of Software

      27,220     15.2 %     26,681     17.7 %

Holding & Unallocated(1)

      (24,482 )   —         (17,587 )   —    
                    

Subtotal

      318,478         240,053    

Goodwill amortization

      —           (39,875 )  
                    

Profit from Operations

    € 318,478     33.1 %   € 200,178     22.6 %
                    
(1) Holding & Unallocated includes central office charges at the group level as well as corporate transaction costs. Revenues for this segment consist of “Other income”, as described above.

Euronext’s operating profit increased as a percentage of revenues from 22.6% in 2004 to 33.1% in 2005. Revenues grew faster than costs and expenses in all segments other than the sale of software, where the decline in margins reflected in part, the impact of integrating Ubitrade and Davidge for the full year in 2005. In addition, as noted above, goodwill is no longer amortized beginning January 1, 2005.

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 25, 2008
10-K
May 1, 2007

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