Sector-wise, some type of ban or other was imposed
on short selling in the Spanish securities market for
seven months. This combination sent share prices
falling (especially in the first half of the year) and
turned off certain investor types temporarily, hindering
BME’s main source of revenue: trading in equities.
These circumstances prompted BME to focus even more
in 2012 on certain areas that have been a constant at
the company: diversifying the business towards activ-
ities that are less vulnerable to changes in the amount
of transactions on the platforms its manages, leveraging
opportunities afforded by new market regulations and
clamping down on costs.
2012 was a tough year in many ways. On the economic front, on top
of strong upward pressure on risk premiums and the upheaval in
traditional funding channels, Spain was hit by economic adjustment
and recapitalisation measures, causing consumption and invest-
ment to plummet.
Free cash- ow generation
Low maintenance capex
Critical mass
E ciency
High margin+Leverage
Integration
Diversi cation
In-house technology
Low marginal cost new
Products/ projects
BME´s Business Model: Positive results
In the end, the BME managed to post a net profit of €135.5
million in 2012, though this marked a 12.7% decrease
from the year before.
Given the circumstances, this was a solid result and
should allow the company to stick to its intention of
rewarding shareholders with a large dividend relative to
the share price.
Bionaturis listed on the MAB market
26
BME Business Areas
4
Annual
Report 2012
/ BME
1...,16,17,18,19,20,21,22,23,24,25 27,28,29,30,31,32,33,34,35,36,...222