Equities
The Equities business is BME’s main revenue stream. This
area contributed 37% of the Group’s total revenue and
37.1% of its EBITDA in 2012, through activities derived
almost exclusively from the trading of shares, ETFs,
warrants, certificates and the so-called “cuotas participa-
tivas”on its platforms. The relative weighting of the equi-
ties business increases with the addition of revenue from
the sale of licenses for the use of proprietary BME indices
and annual issuer listing fees within the Information and
Listing business units.
Equities. Key figures...
2012
2011
%
...for the Business
Revenue (million euros)
108,595
133,305
-18.5
Expenses (million euros)
-32,071
-32,384
-1.0
EBITDA (million euros)
76,524
100,921
-24.2
…for revenue sources
Trading (million euros)
699,768
927,308
-24.5
In shares
Cash (million euros)
696,251
922,171
-24.5
Number of trades
40,553,230
45,756,725
-11.4
Average value per trade (euros)
17,169
20,154
-14.8
In ETFs
Cash (million euros)
2,736
3,495
-21.7
Number of trades
55,012
43,461
26.6
In warrants
Cash“premiums”(million euros)
781
1,642
-52.4
Number of trades
202,714
303,948
-33.3
Total shares traded (million)
198,334
165,005
20.2
Share capitalisation (million euros)
945,935
966,058
-2.1
In 2012, this Equities activity’s contribution to Group
revenue declined by nearly 5 percentage points and to
EBITDA by 7 percentage points. This was due mainly to
the 18.5% plunge in funds raised in the year, despite a 1%
reduction in costs. Final EBITDA was €76.52 billion, down
24.2% from 2011, the result of subtracting expenses of
32.07 billion from €108.59 billion of revenue.
Inkemia listed on the MAB market
28
BME Business Areas
4
Annual
Report 2012
/ BME
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