The document provides an overview of London Stock Exchange Group's preliminary results for the period ended 31 December 2014. Key highlights include revenue growth of 32% and adjusted operating profit growth of 16%. Organic revenue grew 12% across each business area. The results demonstrate strong financial performance through organic growth and acquisitions. The outlook focuses on continued growth by leveraging the Group's expanded global scale and scope.
The London Stock Exchange Group reported strong financial results for fiscal year 2014. Revenue increased 50% to £1.088 billion due to organic growth of 10% across all divisions as well as an 11 month contribution from the recently acquired LCH.Clearnet. Adjusted operating profit rose 20% to £514.7 million despite a 6% increase in organic operating expenses. The Group also reduced its net debt to adjusted EBITDA ratio to 1.9x and increased its dividend by 4% to 30.8 pence per share, demonstrating continued good cash generation and capital allocation.
The document provides an overview of London Stock Exchange Group's preliminary financial results for fiscal year 2013. Key highlights include:
- Revenue increased 7% to £726.4 million and adjusted total income grew 5% to £852.9 million.
- FTSE Russell saw a 9% increase in revenue and continued to expand globally. The acquisition of a majority stake in LCH.Clearnet was also completed.
- Adjusted earnings per share increased 5% to 105.3 pence and the final dividend was raised 4% to 19.8 pence per share.
The document summarizes Enagás' 2015 results and outlook for 2016-2020. Key points include:
- Enagás met its targets for the ninth year in a row in 2015, with funds from operations growing 4% to €696.9M despite regulatory reforms.
- International acquisitions in 2015 like Swedegas and additional stakes in affiliates fit Enagás' investment criteria and will provide stable cash flows.
- The new Spanish regulatory framework provides revenue stability and predictability through 2020 while supporting elimination of tariff deficits.
- Credit ratings were upgraded in 2015 due to Enagás' diversification strategy and regulatory stability in Spain.
El martes 6 de marzo de 2018 Ann Jorissen expuso una conferencia en la Fundación Ramón Areces sobre las NIIF como lenguaje contable global y fiable. Un ciclo de conferencias en colaboración con la Cátedra UAM-Auditores Madrid de Información Financiera Corporativa.
Severfield plc reported full year results to 31 March 2015 with an underlying profit before tax of £8.3 million, up from £4 million the previous year. The UK operating margin increased to 4.5% and cash performance improved. In India, the operating margin increased to 9% and losses were reduced to £0.2 million. The order book in the UK grew to £194 million while remaining consistent in India at £38 million. The company expects continued operational improvements and growth opportunities going forward.
Sopra Steria: First-half 2016 in line with 2017 objectivesSopra Steria India
- Sopra Steria's revenue for the first half of 2016 increased 6.3% to €1.878 billion, with organic growth of 5.4%. Operating margin on business activity improved to 7.1% from 6.1% in the prior year.
- Net profit attributable to the Group doubled to €54 million compared to €26.9 million in the first half of 2015.
- The company confirmed its targets for 2016 of organic revenue growth between 3-5% and operating margin on business activity over 7.5%, and targets for 2017 of revenue between €3.8-4 billion and operating margin on business activity between 8-9%.
Snam reported solid third quarter 2015 results, with revenues up 3.8% and adjusted net profit increasing 5.7% compared to the same period last year. Operating expenses rose due to higher regulated activities costs, but EBITDA was maintained at the prior year level. Cash flow from operations was strong, enabling continued investments while maintaining a stable net debt level. Overall the results demonstrated sound revenue growth and cash generation for Snam during the third quarter.
Enagás Corporate strategy in times of crisis. Antonio Llardén, Enagás Executi...Enagás
This document summarizes a presentation given by Antonio Llardén, the Executive Chairman of Enagás, a Spanish natural gas company. The presentation discusses how Enagás faced the economic crisis by anticipating problems early, reacting with efficiency plans and financing changes, acting through investments and acquisitions, and explaining their strategies transparently. Key points included intensifying a cost control plan, acquiring new assets, expanding internationally, and improving corporate governance with policies like increasing board independence. Enagás met financial targets over the past six years despite economic challenges and transformed into a more internationally-focused company with strong results.
The London Stock Exchange Group reported strong financial results for fiscal year 2014. Revenue increased 50% to £1.088 billion due to organic growth of 10% across all divisions as well as an 11 month contribution from the recently acquired LCH.Clearnet. Adjusted operating profit rose 20% to £514.7 million despite a 6% increase in organic operating expenses. The Group also reduced its net debt to adjusted EBITDA ratio to 1.9x and increased its dividend by 4% to 30.8 pence per share, demonstrating continued good cash generation and capital allocation.
The document provides an overview of London Stock Exchange Group's preliminary financial results for fiscal year 2013. Key highlights include:
- Revenue increased 7% to £726.4 million and adjusted total income grew 5% to £852.9 million.
- FTSE Russell saw a 9% increase in revenue and continued to expand globally. The acquisition of a majority stake in LCH.Clearnet was also completed.
- Adjusted earnings per share increased 5% to 105.3 pence and the final dividend was raised 4% to 19.8 pence per share.
The document summarizes Enagás' 2015 results and outlook for 2016-2020. Key points include:
- Enagás met its targets for the ninth year in a row in 2015, with funds from operations growing 4% to €696.9M despite regulatory reforms.
- International acquisitions in 2015 like Swedegas and additional stakes in affiliates fit Enagás' investment criteria and will provide stable cash flows.
- The new Spanish regulatory framework provides revenue stability and predictability through 2020 while supporting elimination of tariff deficits.
- Credit ratings were upgraded in 2015 due to Enagás' diversification strategy and regulatory stability in Spain.
El martes 6 de marzo de 2018 Ann Jorissen expuso una conferencia en la Fundación Ramón Areces sobre las NIIF como lenguaje contable global y fiable. Un ciclo de conferencias en colaboración con la Cátedra UAM-Auditores Madrid de Información Financiera Corporativa.
Severfield plc reported full year results to 31 March 2015 with an underlying profit before tax of £8.3 million, up from £4 million the previous year. The UK operating margin increased to 4.5% and cash performance improved. In India, the operating margin increased to 9% and losses were reduced to £0.2 million. The order book in the UK grew to £194 million while remaining consistent in India at £38 million. The company expects continued operational improvements and growth opportunities going forward.
Sopra Steria: First-half 2016 in line with 2017 objectivesSopra Steria India
- Sopra Steria's revenue for the first half of 2016 increased 6.3% to €1.878 billion, with organic growth of 5.4%. Operating margin on business activity improved to 7.1% from 6.1% in the prior year.
- Net profit attributable to the Group doubled to €54 million compared to €26.9 million in the first half of 2015.
- The company confirmed its targets for 2016 of organic revenue growth between 3-5% and operating margin on business activity over 7.5%, and targets for 2017 of revenue between €3.8-4 billion and operating margin on business activity between 8-9%.
Snam reported solid third quarter 2015 results, with revenues up 3.8% and adjusted net profit increasing 5.7% compared to the same period last year. Operating expenses rose due to higher regulated activities costs, but EBITDA was maintained at the prior year level. Cash flow from operations was strong, enabling continued investments while maintaining a stable net debt level. Overall the results demonstrated sound revenue growth and cash generation for Snam during the third quarter.
Enagás Corporate strategy in times of crisis. Antonio Llardén, Enagás Executi...Enagás
This document summarizes a presentation given by Antonio Llardén, the Executive Chairman of Enagás, a Spanish natural gas company. The presentation discusses how Enagás faced the economic crisis by anticipating problems early, reacting with efficiency plans and financing changes, acting through investments and acquisitions, and explaining their strategies transparently. Key points included intensifying a cost control plan, acquiring new assets, expanding internationally, and improving corporate governance with policies like increasing board independence. Enagás met financial targets over the past six years despite economic challenges and transformed into a more internationally-focused company with strong results.
McBride plc reported solid financial results for the first half of the fiscal year. Revenue was flat at £364.7 million compared to the prior year on a constant currency basis. Adjusted operating profit increased 22.5% to £12.5 million, up 45.3% at constant currency. The UK business restructuring project is delivering benefits and remains on track. Net debt of £86.0 million was broadly flat compared to the prior year. Overall it was a positive first half with margin improvements despite weaker foreign exchange rates and tough market conditions across Europe.
Aegon's fourth quarter results close a year in which we achieved record sales and accomplished many of our strategic objectives, although expectations for underlying earnings were not met in all of our businesses. For the full story visit http://www.aegon.com/results
The presentation provides highlights from TIM Group's 1Q18 results, including:
- Solid organic revenue and EBITDA growth for the Group, accelerating to double-digit EBITDA growth less capex.
- Positive performance across business units except for Sparkle, impacted by lower IRU renewal rates.
- Continued strong performance in Brazil with revenue and profitability growth.
- Focus on cost efficiency and capital allocation led to opex and capex reductions while supporting customer needs.
1) The document discusses the merger between CIR and Cofide, which aims to shorten the control chain, increase free float, simplify governance, and reduce costs.
2) Financial results for the first nine months of 2019 show a consolidated net result of €7.2M, compared to €32.5M for the same period in 2018.
3) The main subsidiaries, KOS, Sogefi, and GEDI, contributed a total of €10.3M to the results, compared to €30M the prior year.
Full year 2018 results and 2019 '21 planGruppo TIM
The document provides an overview of TIM Group's FY'18 results and its 2019-2021 strategic plan. Key highlights from FY'18 include stable group service revenues despite challenges in the domestic market, growing EBITDA less capex, and stable net debt despite significant license payments. The strategic plan aims to revamp the domestic business, further develop operations in Brazil, revamp the management team and culture, and pursue network sharing partnerships and potential fiber partnerships to accelerate investments.
- Telefónica reported results for the first half of 2013, with revenues declining 7.8% year-over-year but growing 0.5% organically. OIBDA declined 9.7% year-over-year but was roughly stable at €9.4 billion excluding foreign exchange impacts.
- Commercial activity was strong in the second quarter, with record smartphone additions of 8.2 million. This helped recover organic revenue growth.
- Cash flow generation was also strong, with free cash flow of €1.9 billion in the second quarter alone. Net debt was reduced by €10 billion since mid-2012.
- Performance was led by Latin America, with Brazil in particular seeing double-
Aegon A&I Conference: Accelerating execution of strategyAegon
Mark Mullin, CEO of Aegon in the Americas provide an update on how Aegon is accelerating the execution of its strategy at the December 2016 Aegon Analyst & Investors Conference in New York.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Anite plc reported its annual results for the year ended 30 April 2009. Key highlights included:
- Adjusted revenue from continuing operations was £90.1m, operating profit was £20m and operating margin was 22.2%
- Profit for the year, including profit from discontinued operations, was £36.3m
- Net cash of £27.3m at year-end following the sale of the Public Sector Division for £56.8m
- A final dividend of 0.65p per share was declared, making a total dividend for the year of 0.95p
- TIM Group reported results for Q2 2020, highlighting improving KPIs and continued progress on its debt reduction and single network plans.
- Customer satisfaction increased along with strong mobile additions and improved fixed line metrics pointing to better full year performance.
- Organic cash generation continued and net debt decreased significantly during the quarter.
- TIM is co-investing with Fastweb and KKR towards the Italian single network through the carve out of its secondary fiber network assets into FiberCop, allowing it to complete fiber rollout while further reducing debt.
I risultati di TIM per il primo trimestre 2020, illustrati in webcast e conference call il 19 maggio 2020.
TIM 2020 First Quarter Results, presented on May 19, 2020, via webcast and conference call.
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
The document discusses lessons learned from the UK's experience transitioning to accrual-based accounting across the public sector. It summarizes that the UK took a phased approach, first adopting accruals in public corporations and local government before implementing them more broadly. Central government departments were the last to fully adopt accrual accounting at an organizational level. The transition required managing both the technical accounting changes and cultural changes over a multi-year period to maximize benefits to public financial management.
In 2020, TIM achieved its key financial and operational targets despite the challenges of COVID-19:
- It stabilized domestic service revenues and EBITDA in the fourth quarter after declines earlier in the year.
- It turned its fixed customer base to growth in the fourth quarter for the first time since 2001 and improved mobile customer trends.
- It reduced domestic addressable costs by 9.5% through process improvements and digitalization initiatives.
This quarter we reported a solid capital position and cash flows and continued sales growth in our fee-based deposit businesses. Underlying earnings were however impacted by changes to actuarial assumptions. Learn more at http://www.aegon.com/quarterlyresults
- Sopra Group reported revenue growth of 9.3% and operating margin improvement for the first half of 2014, allowing it to confirm full-year targets.
- Revenue was €722.3 million, with operating margin on business activity at 7.2%, up from 6.2% in first half of 2013.
- By business segment, Consulting & Services grew revenue 3.2% in France and 5.7% in Europe, while Solutions saw stronger growth, led by a 12% increase at Sopra Banking Software and 59% growth in Other Solutions.
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
The presentation provides an overview of the London Stock Exchange (LSE). It discusses that the LSE is located in London and is the fourth largest stock exchange in the world. It has over 2,400 listed companies and a total market capitalization of $3.3 trillion, making it the largest stock exchange in Europe. The presentation also reviews the key indices traded on the LSE like the FTSE 100, as well as the regulatory authorities and various routes for international companies to access the London market.
The London Stock Exchange is one of the oldest and largest stock exchanges in the world, starting in 1698 in London coffeehouses. It has sought to compete globally and be the stock market of choice through its history. Its core businesses now include equity markets, trading services, market information services, and derivatives. It operates every weekday from 7:15-17:15 in its home in London, with trading hours from 8:00-16:20. In conclusion, investing in the London Stock Exchange has generally been positive, as its start index has kept rising and shares have increased over the period reviewed.
The document discusses a company losing -7.31% in value and needing a 900 million euro reconstruction. Another company saw its share value rise 7.91% and Barclays plans to sell some of its assets in a possible $10 billion deal. Ladbrokes, listed on the LSE, lost more than expected which was blamed on horses competing in the Cheltenham Gold Cup.
The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. As of December 2011, the Exchange had a market capitalisation of US$3.266 trillion (short scale), making it the third-largest stock exchange in the world by this measurement (and the largest in Europe). The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. The Exchange is part of the London Stock Exchange Group.
McBride plc reported solid financial results for the first half of the fiscal year. Revenue was flat at £364.7 million compared to the prior year on a constant currency basis. Adjusted operating profit increased 22.5% to £12.5 million, up 45.3% at constant currency. The UK business restructuring project is delivering benefits and remains on track. Net debt of £86.0 million was broadly flat compared to the prior year. Overall it was a positive first half with margin improvements despite weaker foreign exchange rates and tough market conditions across Europe.
Aegon's fourth quarter results close a year in which we achieved record sales and accomplished many of our strategic objectives, although expectations for underlying earnings were not met in all of our businesses. For the full story visit http://www.aegon.com/results
The presentation provides highlights from TIM Group's 1Q18 results, including:
- Solid organic revenue and EBITDA growth for the Group, accelerating to double-digit EBITDA growth less capex.
- Positive performance across business units except for Sparkle, impacted by lower IRU renewal rates.
- Continued strong performance in Brazil with revenue and profitability growth.
- Focus on cost efficiency and capital allocation led to opex and capex reductions while supporting customer needs.
1) The document discusses the merger between CIR and Cofide, which aims to shorten the control chain, increase free float, simplify governance, and reduce costs.
2) Financial results for the first nine months of 2019 show a consolidated net result of €7.2M, compared to €32.5M for the same period in 2018.
3) The main subsidiaries, KOS, Sogefi, and GEDI, contributed a total of €10.3M to the results, compared to €30M the prior year.
Full year 2018 results and 2019 '21 planGruppo TIM
The document provides an overview of TIM Group's FY'18 results and its 2019-2021 strategic plan. Key highlights from FY'18 include stable group service revenues despite challenges in the domestic market, growing EBITDA less capex, and stable net debt despite significant license payments. The strategic plan aims to revamp the domestic business, further develop operations in Brazil, revamp the management team and culture, and pursue network sharing partnerships and potential fiber partnerships to accelerate investments.
- Telefónica reported results for the first half of 2013, with revenues declining 7.8% year-over-year but growing 0.5% organically. OIBDA declined 9.7% year-over-year but was roughly stable at €9.4 billion excluding foreign exchange impacts.
- Commercial activity was strong in the second quarter, with record smartphone additions of 8.2 million. This helped recover organic revenue growth.
- Cash flow generation was also strong, with free cash flow of €1.9 billion in the second quarter alone. Net debt was reduced by €10 billion since mid-2012.
- Performance was led by Latin America, with Brazil in particular seeing double-
Aegon A&I Conference: Accelerating execution of strategyAegon
Mark Mullin, CEO of Aegon in the Americas provide an update on how Aegon is accelerating the execution of its strategy at the December 2016 Aegon Analyst & Investors Conference in New York.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Anite plc reported its annual results for the year ended 30 April 2009. Key highlights included:
- Adjusted revenue from continuing operations was £90.1m, operating profit was £20m and operating margin was 22.2%
- Profit for the year, including profit from discontinued operations, was £36.3m
- Net cash of £27.3m at year-end following the sale of the Public Sector Division for £56.8m
- A final dividend of 0.65p per share was declared, making a total dividend for the year of 0.95p
- TIM Group reported results for Q2 2020, highlighting improving KPIs and continued progress on its debt reduction and single network plans.
- Customer satisfaction increased along with strong mobile additions and improved fixed line metrics pointing to better full year performance.
- Organic cash generation continued and net debt decreased significantly during the quarter.
- TIM is co-investing with Fastweb and KKR towards the Italian single network through the carve out of its secondary fiber network assets into FiberCop, allowing it to complete fiber rollout while further reducing debt.
I risultati di TIM per il primo trimestre 2020, illustrati in webcast e conference call il 19 maggio 2020.
TIM 2020 First Quarter Results, presented on May 19, 2020, via webcast and conference call.
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
The document discusses lessons learned from the UK's experience transitioning to accrual-based accounting across the public sector. It summarizes that the UK took a phased approach, first adopting accruals in public corporations and local government before implementing them more broadly. Central government departments were the last to fully adopt accrual accounting at an organizational level. The transition required managing both the technical accounting changes and cultural changes over a multi-year period to maximize benefits to public financial management.
In 2020, TIM achieved its key financial and operational targets despite the challenges of COVID-19:
- It stabilized domestic service revenues and EBITDA in the fourth quarter after declines earlier in the year.
- It turned its fixed customer base to growth in the fourth quarter for the first time since 2001 and improved mobile customer trends.
- It reduced domestic addressable costs by 9.5% through process improvements and digitalization initiatives.
This quarter we reported a solid capital position and cash flows and continued sales growth in our fee-based deposit businesses. Underlying earnings were however impacted by changes to actuarial assumptions. Learn more at http://www.aegon.com/quarterlyresults
- Sopra Group reported revenue growth of 9.3% and operating margin improvement for the first half of 2014, allowing it to confirm full-year targets.
- Revenue was €722.3 million, with operating margin on business activity at 7.2%, up from 6.2% in first half of 2013.
- By business segment, Consulting & Services grew revenue 3.2% in France and 5.7% in Europe, while Solutions saw stronger growth, led by a 12% increase at Sopra Banking Software and 59% growth in Other Solutions.
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
The presentation provides an overview of the London Stock Exchange (LSE). It discusses that the LSE is located in London and is the fourth largest stock exchange in the world. It has over 2,400 listed companies and a total market capitalization of $3.3 trillion, making it the largest stock exchange in Europe. The presentation also reviews the key indices traded on the LSE like the FTSE 100, as well as the regulatory authorities and various routes for international companies to access the London market.
The London Stock Exchange is one of the oldest and largest stock exchanges in the world, starting in 1698 in London coffeehouses. It has sought to compete globally and be the stock market of choice through its history. Its core businesses now include equity markets, trading services, market information services, and derivatives. It operates every weekday from 7:15-17:15 in its home in London, with trading hours from 8:00-16:20. In conclusion, investing in the London Stock Exchange has generally been positive, as its start index has kept rising and shares have increased over the period reviewed.
The document discusses a company losing -7.31% in value and needing a 900 million euro reconstruction. Another company saw its share value rise 7.91% and Barclays plans to sell some of its assets in a possible $10 billion deal. Ladbrokes, listed on the LSE, lost more than expected which was blamed on horses competing in the Cheltenham Gold Cup.
The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. As of December 2011, the Exchange had a market capitalisation of US$3.266 trillion (short scale), making it the third-largest stock exchange in the world by this measurement (and the largest in Europe). The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. The Exchange is part of the London Stock Exchange Group.
The document discusses stock markets and shares. It defines a stock market as a market for trading company stock and derivatives. It explains that shares represent fractional ownership in a company and shareholders have rights like voting and sharing in company profits. A company issues new shares to raise capital for projects or expansion. Share prices are determined by supply and demand on the stock exchange. Investors can analyze companies through fundamental analysis of financials or technical analysis of price trends and patterns. The stock market plays an important role in economies by facilitating business growth and mobilizing savings.
The document discusses stock exchanges, including what they are, their functions, types of members (brokers and jobbers), and speculation. It provides definitions and examples of key stock exchange terms. It also lists some of the largest stock exchanges in the world and in India, highlighting features of important Indian exchanges like the National Stock Exchange and Over-The-Counter Exchange of India.
The document discusses listing a company on the AIM (Alternative Investment Market) of the London Stock Exchange. It outlines the pros and cons of listing on AIM compared to the NASDAQ, including less regulatory requirements but also more uncertainty. Key factors in assessing company suitability include the management team, business model, and ability to raise a minimum of $10 million. Professional advisors play an important role in the listing process, including a Nominated Advisor to guide the company and a broker to market the shares.
- Cost functions relate a firm's costs to its level of output and can be either short-run or long-run depending on whether inputs can be varied. Short-run functions are used for routine decisions while long-run functions consider investment.
- In the short-run, at least one input is fixed, so fixed costs remain constant while variable costs change with output. In the long-run, all inputs can be varied.
- Total cost is the sum of total fixed costs, which are constant, and total variable costs, which vary with output. Average and marginal costs are also important concepts for understanding cost behavior.
Businesses have both fixed and variable costs. Fixed costs remain the same regardless of production levels, such as rent expenses. Variable costs change based on production, such as materials. Total costs are the sum of fixed and variable costs. Average cost is calculated by dividing total costs by units produced to determine per unit costs. Graphs can show how total costs and average costs change as production increases or decreases.
The document discusses various types of capital market investments including real estate, business enterprises, precious metals, and financial investments. It describes direct and indirect financial markets for making investments directly or through financial intermediaries like mutual funds. The key types of financial markets are the stock exchange, which is a marketplace for long-term investments in different market segments, and the money market for short-term investments in instruments like treasury bills. It provides an overview of the history and development of stock exchanges globally and in the subcontinent, including the major stock exchanges in Pakistan.
This document discusses the potential impacts of Brexit on India and the global economy. It notes that if the UK exits the EU, Indian stocks would decline initially. India exports many goods to the UK, and UK-based companies invest heavily in India. So a Brexit could reduce UK-India trade and investment. Several large Indian companies like Tata Steel and Tata Motors that generate significant revenue from UK/Europe operations would likely be negatively affected. The document also suggests Brexit could increase global financial market volatility and reduce global economic growth by up to 5.6% over three years. However, if the UK remains in the EU, its economy is projected to grow faster.
On June 23rd 2016 the UK voted in a referendum to leave the European Union. Prime Minister David Cameron resigned the morning after the vote and a few weeks later, Theresa May was elected leader of the Conservative Party and new Prime Minister
The process of Brexit has begun although the timing of the decision to invoke Article 50 of the EU treaty remains uncertain
Once Article 50 is invoked, there is a maximum period of two years before the UK finally leaves the EU. The terms of the UK’s new economic relationship with the EU also remain uncertain.
The document discusses the impacts of the UK leaving the European Union (EU). It begins by providing background on the EU, including its origins after WWII and current makeup. Brexit is then defined as Britain's potential withdrawal from the EU. Reasons for Brexit include interference from the EU and UK tax payments to the EU. Potential economic impacts identified include effects on UK jobs, small businesses, GDP, foreign investment, and economic regulation. The currency could also be affected with the pound falling versus other currencies. Trade may be impacted by reducing free access to EU markets and exclusion from EU trade deals. Society may also feel costs if import prices rise and average households lose estimated annual benefits of £3,000 from EU membership.
Andreas Tschas - Pioneers - Building Startup Marketplaces in Europe & Asia - ...Burton Lee
Talk by Andreas Tschas, CEO & Co-Founder, Pioneers Festival, at Stanford on Feb 22 2016, in our session on 'Startup Marketplaces & AI FinTech Founders :: Vienna & Portugal'.
Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Twitter: @Europreneurs
A tutorial to basics of stock markets, basically for newbie's. Explains what is stocks, how trading happens, kinds of trading and some basic terminologies.
Women have a rich history in computer technology, yet many of the top tech-savvy females are seemingly forgotten from the history books.
Forgotten women in tech history shares the stories of a few of the most important women in the field of computer science, since its humble beginnings.
Building or redesigning an intranet in 2016? Most intranet managers have an idea of where they want to go, but few have a formalized strategy and roadmap.
Your strategy is a plan about how to take action.
This presentation from intranet expert Steve Bynghall gives you a highly practical framework to derive and articulate your intranet strategy. Whether you’re part of a team with a new intranet project or the business owner of a stale and stagnant intranet, you'll find this presentation valuable..
Highlights:
What is an intranet strategy and why do you need one?
The importance of being objective: the discovery phase
Research sources: data inputs, stakeholder analysis, other sources
Formalizing the strategy and action plan
Communicating and socializing the strategy
Withdrawal of the United Kingdom (UK) from the European Union (EU), often shortened to Brexit is a political aim of some political parties, advocacy groups, and individuals in the United Kingdom.
In 1975 a referendum was held on the country's membership of the European Economic Community (EEC), a precursor to the EU.
The outcome of the vote was that the country continued to be a member of the EEC.
More recently the European Union Referendum Act 2015 has been passed to allow for a referendum on the country's membership of the EU, with a vote to be held on 23 June 2016.
Aegon 2h 2018 results and new targets presentationAegon
Aegon published its 2H 2018 financial results on February 14, 2019. In this presentation CEO Alex Wynaendts and CFO Matt Rider outline the key facts and figures for the review period and outline the strategy behind Aegon's new financial targets for 2019-2021.
Big Yellow Group PLC reported strong financial results for the year ended 31 March 2015, with occupancy growth of 8%, revenue growth of 17%, and adjusted earnings per share growth of 32%. Operationally, the company continued to focus on driving occupancy and rental growth across its self storage portfolio. Strategically, the company expanded its portfolio through new development projects, acquisitions, and joint venture partnerships. Going forward, Big Yellow aims to continue growing organically and through selective acquisitions to capitalize on opportunities in the self storage market.
Big Yellow Group PLC reported results for the fiscal year ended March 31, 2014. Key highlights included 8% occupancy growth, a 6% increase in net achieved rent per square foot, and a 15% rise in adjusted profit before tax. The company also saw a 49% increase in its total dividend for the year and a reduction in net debt. Big Yellow maintains a competitive advantage through its large brand recognition, prominent store locations, high customer service levels, and focus on occupancy and revenue growth.
Aegon published its 3Q 2021 financial results on November 11 2021. In this presentation CEO Lard Friese and CFO Matt Rider outline the key facts and figures for the review period and outline the company's strategy.
This document provides a summary of Transcom's first quarter 2013 results presentation. The key points are:
- Transcom is a global customer experience specialist providing outsourced customer care, sales, technical support, and credit management through contact centers and work-from-home agents.
- In Q1 2013, Transcom's revenue increased 15.9% compared to Q1 2012, driven by growth across all regions. EBIT also increased by €5 million compared to Q1 2012.
- To return to historical margins, Transcom needs to continue improving key performance indicators like seat utilization, efficiency, offshore/onshore delivery mix, and attrition.
- Going forward,
The document provides an overview of Banco Santander's financial results for the first half of 2015. Key points include:
- Profit grew 24% year-over-year to EUR 3.4 billion, driven by increased commercial revenues and improved cost of credit.
- Loans increased 7% and customer funds grew 8% compared to the prior year.
- Capital and solvency ratios strengthened, with the CET1 ratio up to 9.8%.
- The bank continued transforming its business model to be more simple, personal and fair for customers.
WS Atkins plc reported financial results for the fiscal year ended March 31, 2015. Key highlights included organic revenue growth of 4.6%, underlying operating profit growth of 15.2%, and an improved operating margin of 7.6%. The company saw strong performance in the Middle East, Asia Pacific, and Energy sectors. The outlook for 2015/16 is for continued underlying growth and performance in line with expectations as the company focuses on its three pillar strategy of operational excellence, portfolio optimization, and sector/regional focus.
Big Yellow Group PLC reported results for the six months ended 30 September 2014. Key highlights included a 29% increase in adjusted profit before tax to £18.4 million and a 30% rise in interim dividend to 10.4 pence per share. Occupancy grew in wholly owned stores to 75.2% from 70.5% the prior year. The company benefited from attractive market dynamics in the self storage sector in the UK. It completed a refinancing and acquired sites in Oxford and Cambridge to expand its portfolio.
- Volumes and price/mix were up in all three business areas, but revenues were down 2% due to a 5% negative impact from adverse currency effects.
- Operating income was flat at €216 million as higher restructuring costs and currencies offset gains from cost control and efficiencies.
- Net income increased to €129 million mainly from lower financing expenses.
AkzoNobel reported strong financial results for Q2 2015, with operating income up 38% year-over-year. All business areas showed improved performance driven by cost reductions and currency effects. The company completed the divestment of its Paper Chemicals business and concluded the triennial review of its ICI Pension Fund, reducing future cash contributions. AkzoNobel is on track to meet its targets for 2015 and continues progressing its strategic initiatives.
AkzoNobel reported strong financial results for Q2 2015, with operating income up 38% year-over-year driven by cost reductions and favorable exchange rates. All business areas improved performance despite challenging market conditions. The triennial review of the ICI Pension Fund was completed, reducing future annual cash contributions and further de-risking the fund through insurance policies. AkzoNobel remains on track to deliver its 2015 targets and continues progressing its strategic initiatives.
This document provides a summary of Snam's FY2018 results. Key highlights include:
- Net income of €975 million, exceeding guidance of €940 million.
- Net debt of €11.51 billion, in line with guidance.
- Investments of €0.9 billion, on track to achieve annual guidance of €1 billion.
- Progress made on strategic pillars such as reverse gas flows and biomethane projects.
- Over €1.1 billion returned to shareholders through dividends and share buybacks.
- Tesco is undergoing a period of transition as Philip Clarke takes over as CEO and reshapes the organisation and management team.
- Changes have been made to address performance issues in the UK, refocus the US business, exit Japan, and slow the development of Tesco Bank.
- Governance processes have been updated with a new Board Corporate Responsibility Committee to ensure strategic focus on corporate responsibility.
- There have been board changes including new non-executive director Deanna Oppenheimer who brings international retail, banking, and digital experience.
- Financial results showed 7.4% sales growth but modest profit growth of 1.3% as strong international performance was offset by a reduction in UK profits
Law Debenture reported its annual results for 2015. It increased its long-term gearing in September 2015 and repaid short-term borrowings. The independent fiduciary services business was fair valued as of December 31, 2015 with restated historical data. The net asset value per share was 513.54 pence as of December 31, 2015, down slightly from the prior year, with the share price at a 3% discount. Revenue per share increased 6.8% to 18.10 pence for the year. The company aims to grow its businesses safely while maintaining its tax efficiency to enhance shareholder returns.
- Oriola-KD Corporation's invoicing and operating profit grew in 2015. They successfully launched an online pharmacy in Sweden and renewed several important contracts.
- Their operating segments, including pharmaceutical retail in Sweden, wholesale in Sweden, and pharmaceutical wholesale and retail in Finland and the Baltics all saw increased invoicing and improved profitability.
- For 2016, Oriola-KD estimates their net sales to remain at the 2015 level and adjusted operating profit to remain the same or increase, focusing on improving efficiency and developing digital business.
- Revenue for Q3 2013 was down 5% to €3.78 billion due to adverse currency effects and divestments. Operating income was €303 million, up 22% from 2012 excluding impairment, driven by lower restructuring costs and higher volumes.
- Decorative Paints revenue was stable with higher volumes offsetting currency effects. Operating income more than doubled due to lower costs. Performance Coatings revenue declined 4% on currency impacts, while operating income rose 23% on lower restructuring costs. Specialty Chemicals revenue fell 10% on divestment and currency impacts, with operating income down 20% mainly due to restructuring costs.
- Full year 2013 operating income is unlikely to exceed €908
The document provides an investor update on AkzoNobel's Q3 2013 results. Key highlights include:
- Revenue was down 5% due to currency effects and divestments, while operating income increased to €303 million.
- Decorative Paints revenue was stable and operating income more than doubled due to lower costs.
- Performance Coatings revenue declined 4% from currency impacts, while income grew 23% on lower restructuring costs.
- Specialty Chemicals revenue fell 10% from a divestment and currencies, with income down 20% including restructuring costs.
- The performance improvement program is on track to deliver €500 million in benefits by the end of 2013.
The Board of Directors of Snam, meeting today under the chairmanship of Carlo Malacarne, has approved the consolidated results for the first quarter of 2018 (unaudited).
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
4. Key financial highlights
London Stock Exchange Group
• Strong financial performance, on a 12 month basis:
• revenue up 32%
• organic and acquisitions both delivering
• organic revenue up 12% - growth across each business area
• adjusted total income up 26%
• continued focus on cost control, expenses on organic basis up 5%1
• adjusted operating profit up 16% to £558.0m
• AEPS of 103.3p up 7%2
• Final dividend up 6.5%3 (pro-rata) to 12.8p per share - equivalent total dividend
up 5.6% to 22.5p per share (equal to 75% of a full year payment)
1 including inflation, cost of sales, LCH OTC service changes and one-time items, excluding FX
2 Versus 2013 12 months adjusted for rights issue
3 Adjusted for rights issue shares and for 9 month period
Page 4
5. Overview of results
London Stock Exchange Group Page 5
1 Unaudited
2 Excluding amortisation of purchased intangibles (£122.0m) , non-recurring items (£67.5m), Impairment (£22.0m), charge for new revolving credit facility (£1.8m) and
LCH.Clearnet unrealised loss (£0.5m)
3 Excluding adjustments in respect of previous years
4 2013 dividend adjusted for rights issue,
5 Adjusted basic share count 2013: 293.1m, 2014: 317.1m
A €10c movement in the average £/€ rate for the year would have changed the Group’s operating profit for
the year before amortisation of purchased intangibles and non-recurring items by approximately £26m.
Organic and
constant currency
2014 2013 Change variance
£m £m % %
Revenue 1,283.2 974.0 32% 12%
Adjusted total income2
1,381.1 1,096.4 26% 7%
Profit from JV / associates 0.1 -
Adjusted operating expenses2
(823.2) (616.5) 34% 5%
Adjusted operating profit2
558.0 479.9 16% 8%
Non-recurring items and amortisation (211.5) (147.6)
Operating profit 346.0 329.4 5% 13%
Net finance expense (68.1) (67.2) 1%
Adjusted profit before tax2
491.7 412.7 19%
Underlying effective tax rate3
25.6% 27.1%
Basic earnings per share (p) 56.5 64.2 (12%)
Adjusted earnings per share (p)2,5
103.3 96.5 7%
Dividend per share (p)4
22.5 28.4 6%
31 December
Twelve months ended1
6. Income growth
London Stock Exchange Group
Strategy delivering – both organically and from acquisitions
Page 6
7. Capital Markets - Primary
London Stock Exchange Group
Annual fee revenue up 10%
Admission fee revenues up 20%
• 219 new issues, up 30% (169)
• highest since 2007
• UK Main Markets: 75 - up 47%
• UK AIM: 118 - up 18%
• Italy: 26 - up 44%
• £42.6bn raised via equity issuance,
up 40% (£30.4bn)
• highest since 2008
• Good pipeline of companies
looking to join both our UK and
Italian AIM and main markets
Revenue up 15%; up 14% at constant currency
Notes - Revenues and KPIs shown for 12 months period unless stated . Minor rounding differences, chart figures may not cast down
Page 7
8. Capital Markets - Secondary
London Stock Exchange Group
Revenue up 12%; up 12% at organic and constant currency
• UK equities Average Daily Value
(ADV) up 15%
• Turquoise equities ADV up 42%
• Italy equities average daily number
of trades up 16%
• Derivatives volumes unchanged
• Fixed Income revenue up 20%; up
12% at organic and constant
currency
• MTS Repo value traded up 3%
• MTS Cash value traded up 32%
Note: Minor rounding differences, figures may not cast down
Page 8
9. Post Trade Services – CC&G and MT
London Stock Exchange Group
CC&G
Clearing revenues up 1%
• Clearing volumes up 18%
Monte Titoli
Settlement revenues up 9%
• Settlement instructions up 14%
Custody revenues up 2%
• Assets under Custody up 2% to
€3.35 trillion
NTI down as expected (down 42%)
• Lower margin held and lower
European yields
All above revenue comparisons at organic constant
currency.
Revenue down 2%; up 3% at constant currency (excl NTI), Income down 14%
Note: Minor rounding differences, figures may not cast down
Page 9
10. Post Trade Services - LCH.Clearnet
London Stock Exchange Group
OTC revenue up 34%
SwapClear:
• $642 trillion notional cleared (up
26%)
• 114 members (103)
Non-OTC clearing revenue up 8%
Volumes:
• Fixed Income up 1%
• Commodity unchanged
• Equity up 30%
• Listed derivatives up 1%
Net Treasury Income down 13% at
organic and constant currency
All above revenue comparisons at organic and constant
currency.
Volume comparisons to equivalent 12 month period.
Adjusted Income up 23% at organic and constant currency
Note: Minor rounding differences, figures may not cast down
Page 10
11. Information Services
London Stock Exchange Group
FTSE revenue up 14%;
• ETF AUM benchmarked up 16% to
$216bn (2013: $186bn)
• FTSE China Indices AUM
benchmarked grew to $24bn
Russell Indexes acquired
3 December 2014, revenue £10.0m
• ETF AUM benchmarked up 19% to
$153bn (2013: $129bn)
Real time data revenue down 11%
• lower number of UK real time
professional users
Revenue from other information
products up 14%
• Strong growth at UnaVista and SEDOL
Revenue up 10%; up 8% on organic and constant currency
Note: Minor rounding differences, figures may not cast down
Page 11
12. Technology Services
London Stock Exchange Group
MillenniumIT revenues up 1%; up 8%
constant currency
• Aequitas Innovations Inc selects
suite of MillenniumIT products to
power new exchange in Canada
• MillenniumIT to provide a suite
of capital markets technology to
Casablanca Stock Exchange
• India’s NCDEX commodity
exchange selects Millennium
Exchange and Millennium
Surveillance
Other technology revenues up 10%
• including contribution from new
services
Revenue up 6%; up 11% on organic and constant currency
Note: Minor rounding differences, figures may not cast down
Page 12
13. Russell Investment Management
London Stock Exchange Group
• High quality, solutions-based investment management
• Revenue shown gross
• £79.7m for December 2014 (since acquisition date)
• £80.4m monthly run-rate last 6 months1 (H1 £77.9m)
• Assets under management
• $273 bn (31 Dec 2013: $257 bn)
• Continued focus on client service, growth and innovation during
sale process
Page 13
1 Using monthly average GBP:USD exchange rates
14. LCH.Clearnet
London Stock Exchange Group
• Increased cost synergy target successfully reached
• €45m achieved programme to date, with €30m achieved in 2014
• Costs to achieve synergies of €38m
• €60m full run-rate will be delivered in 2015:
• Staffing reduced by almost 200 - including contractors
• Consolidation of property and contracts with third parties
• Next phase efficiencies – work underway
• Further communication later in H1
• Multi-year change and efficiency programme
Page 14
15. Good control of operating expenses
London Stock Exchange Group
Note: Excluding amortisation of purchased intangibles and non-recurring items.
Page 15
• Organic costs up 5% include:
• Change to LCH.Clearnet OTC service arrangements
• Cost of sales and project spend
16. Summarised cash flow
London Stock Exchange Group
Good cash generation
• £84m capex – mainly
technology upgrades, new
projects and integration of
LCH
• Discretionary free cash
flow after investment
activities remains strong at
79.5p per share1
(FY 2014 : 89.5p)
£ million
1 Based on weighted average shares in issue for the period of 317.1m
* Excludes investment in acquisitions, includes dividends received
Page 16
17. London Stock Exchange Group
Borrowings
London Stock Exchange Group Page 17
• Operating net debt £1,587m (£1,023m
30 June 2014)
• Net debt: Pro forma EBITDA 2.1x
(excluding £1bn restricted cash)
• Committed undrawn credit lines available
for Group purposes at 31 December 2014
totalled £0.5 billion, extending out to 2018
Ratings:
• LSEG: S&P BBB+ and Moody’s Baa2
• LCH.Clearnet Group: A+
*FY 2012 Pro forma as if FTSE owned for whole year, FY 2014 pro forma as if LCH.Clearnet owned for whole year, 31 December 2014 pro forma as if Frank Russell Co owned for whole
year. Operating Net debt : Adjusted EBITDA. Net debt excludes all cash and cash equivalents of LCH.Clearnet and Frank Russell Company and £200m of further Group cash and cash
equivalents held locally for regulatory purposes
Facilities
Leverage
Page 17
18. Capital allocation
London Stock Exchange Group
Current considerations:
• Leverage / debt position
• Long term range 1.0x – 2.0x net debt : EBITDA
• Under 2.0x within 12 months of completion of Russell acquisition
• Investment opportunities
• Capex for organic developments, plus flexibility for inorganic opportunities
• Ordinary dividend
• Sustainable progressive policy - strong track record of dividend increases
• Final dividend - increased 6.5%
• Other returns
• Distribution options if surplus cash (taking account of regulatory cash
requirements)
Page 18
20. Strategy delivering strong results
London Stock Exchange Group
• Delivering organic and inorganic growth as we develop global leadership
positions
• Successful geographic and product diversification strategy - expanded
footprint established in US
• Valuable international franchise:
• Indices – FTSE and Russell
• Post Trade - LCH.Clearnet
• Global listings business – 837 international companies listed
• Unique open-access model; close partnership with customers
• Complementary products and services positioned around:
• Capital formation (primary and secondary markets)
• Intellectual property (indices, data and technology)
• Risk and balance sheet management (clearing, settlement and CSD
services)
Page 20
21. Developing organically and through M&A
London Stock Exchange Group
Enlarged Group Adjusted Total Income
CY 2014: £1,381.1m
Page 21
FY 2009: £671.4m
Chart excludes Russell Investment Management revenues
• Resilient and interconnected markets infrastructure business
• All parts of Group delivering growth
• Broad spread of international businesses
22. Diversified income by currency
Page 22
CY 2014 Total income including Frank Russell Company (pro forma)
23. FTSE – strong track record of achievement
London Stock Exchange Group
• Acquired the remaining 50% of FTSE in
December 2011
• Delivered strong revenue growth from 2011
to 2014 - CAGR of 16%
• Achieved target £28m cost and revenue
synergies.
• Exceeded our WACC in year 2 (one year
ahead of schedule) and return on invested
capital continues to grow
Page 23
24. FTSE/Russell - creating a global
leader in indices
London Stock Exchange Group
• Opportunities to drive growth:
• Cost synergies underway
• Revenue synergies - cross selling and extended product range
• Strong international market positions – well placed for growth in passive and smart
beta strategies
• Integration of indices businesses underway
• Russell & FTSE sales teams integration under way
• December 2014 revenues
• Russell Indexes £10.0m – included in Information Services
Page 24
25. CBOE to list FTSE and Russell
index options in the US
London Stock Exchange Group Page 25
• CBOE to trade the highly liquid Russell 2000 index
options after a competitive tender process
• Agreement also licenses CBOE to list and trade
index options on the Russell 1000, FTSE Emerging
Index, FTSE Developed Europe Index, FTSE China
50 Index and the FTSE 100 Index - demonstrates
early synergies from the combination of FTSE and
Russell
• Increased volumes and revenues for LSEG
• LSEG and CBOE to work together on developing
further new and innovative index-based cash option
products
• CBOE is #1 globally (notional value of index
options) - preferred venue in the US for Russell and
FTSE options users seeking deep liquidity pools
and breadth of market makers
852
377 372
250
130
0
100
200
300
400
500
600
700
800
900
S&P Dow
Jones
MSCI FTSE +
Russell
Barclays CRSP
Top 5 ETF index providers by AUM Dec 2014 (US$ bn)
Russell 2000 Index Options ADV (contracts)
Source: OCC data
71,126
74,951
87,800 86,400
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2012 2013 2014 2015 YTD
Source: ETFGI report
26. LCH.Clearnet – building global
positions
London Stock Exchange Group
• Well placed in evolving regulatory landscape
• Leveraging new opportunities in FX, Repo, equities and derivatives
• Positioning to be global leader in portfolio margining
LCH.Clearnet to launch new, open access portfolio margining tool for users
• Maximise margin efficiencies across cleared listed Interest Rate Derivatives
(IRD) and Over The Counter (OTC) portfolios
• Using the world’s largest IRD liquidity pool from SwapClear
• Open access for increased customer margin efficiency
Page 26
27. 2 5 3010 50
Years
DSFs SwapClear OTC
Rate Derivatives
Cash Bonds3M Futures
Government Bond Futures
The global rates market has a variety of products to access interest rate exposures
Some or all of these products potentially provide margin offset
Portfolio margining – LCH covers entire curve
Key rates products to hedge interest rate risk or speculate on rates
Leadership Positions:
LCH.Clearnet: OTC IR Derivatives– 17 currencies, GBP and Euro repo clearing
CME: USD - 3M futures, Treasury Futures, Deliverable Swap Futures (DSFs)
LIFFE: GBP and EURO 3M futures and Long dated Gilt Futures
EUREX: Long dated Bund futures
London Stock Exchange Group Page 27
28. SwapClear – Clearing more, compressing more
2014 Highlights:
• Record year for cleared swap volume on SwapClear
• $64 trn reduction in total notional outstanding.
• $292 trn net notional compressed across products
• Introduction of new Solo with Blended Rate in
September 2014 - $23 trn compressed
Compression reduces notional and trade count with the
following benefits :
• Reduced leverage ratio and capital requirements for members
• Reduced portfolio line items and operational risk /cost
• More efficient default management and client porting
2014 Compression Impact
$ trillion
Page 28London Stock Exchange Group
29. Innovation – leveraging Group’s
enhanced product and geographic range
London Stock Exchange Group
Fixed Income offering, consistent with open-access principles:
• Listing
• Trading in Europe and US (MTS, MOT, ORB, EuroTLX, Bonds.Com)
• Clearing – CC&G and LCH.Clearnet RepoClear
• Indices – FTSE TMX Global Debt Capital Markets
• Data products
New products - Fixed Income ETFs
Fixed Income products contribute over 10% of Group income
Page 29
30. Outlook
London Stock Exchange Group
• Strong financial performance
• Delivering organic and inorganic growth as we develop global
leadership positions
• Leveraging opportunities from Group’s enhanced scale and scope
• Focus on integration of Russell and FTSE indices to achieve
synergies
• Continued product innovation e.g. Compression and Portfolio
Margining
• Further efficiencies at LCH.Clearnet
• Realising value with sale of Russell Investment Management
• Well positioned for evolving regulatory landscape
• Strongly placed to develop further through unique open-access,
customer partnership model
Page 30
32. Notes
Adjusted operating profit - excludes amortisation of purchased intangible assets, non-recurring
items and unrealised gains/losses at LCH.Clearnet, to enable comparison of the underlying earnings of
the business with prior periods.
Adjusted earnings per share
Based on number of shares 317.1m (CY 2013 : 293.1m), excludes ESOP and adjusted for September
2014 rights issue bonus factor
Exchange rates
A €10c movement in the average £/€ rate for the year would have changed the Group’s operating profit for the year before
amortisation of purchased intangibles and non-recurring items by approximately £26 million.
London Stock Exchange Group Page 32
Exchange rates GBP : USD GBP : EUR
Average 12 months
2013 1.56 1.19
2014 1.65 1.25
Period closing
31-Dec-2013 1.65 1.21
31-Dec-2014 1.56 1.28
33. Operating expenses
London Stock Exchange Group
Excluding amortisation of purchased intangibles and non-recurring items
Cost : Income ratio 60%
(CY 2013 56%)
Note: Minor rounding differences, figures may not cast down
Page 33
34. Key performance indicators
London Stock Exchange Group
Note: Minor rounding differences may mean quarterly and other segmental figures may differ slightly.
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Capital Markets - Secondary Markets
Twelve months ended
31 December Variance
Equity 2014 2013 %
Totals for period
UK value traded (£bn) 1,165 1,023 14%
Borsa Italiana (no of trades m) 66.6 57.1 17%
Turquoise value traded (€bn) 944.2 655.4 44%
SETS Yield (basis points) 0.63 0.67 (6%)
Average daily
UK value traded (£bn) 4.6 4.0 15%
Borsa Italiana (no of trades '000) 264 227 16%
Turquoise value traded (€bn) 3.7 2.6 42%
Derivatives (contracts m)
LSE Derivatives 11.4 17.8 (36%)
IDEM 39.0 32.5 20%
Total 50.4 50.3 0%
Fixed Income
MTS cash and BondVision (€bn) 4,185 3,169 32%
MTS money markets (€bn term adjusted)
74,396 72,345
3%
Capital Markets - Primary Markets
Twelve months ended
31 December Variance
2014 2013 %
New Issues
UK Main Market, PSM & SFM 75 51 47%
UK AIM 118 100 18%
Borsa Italiana 26 18 44%
Total 219 169 30%
Company Numbers (as at period end)
UK Main Market, PSM & SFM 1,342 1,359 (1%)
UK AIM 1,104 1,087 2%
Borsa Italiana 306 290 6%
Total 2,752 2,736 1%
Market Capitalisation (as at period end)
UK Main Market (£bn) 2,219 2,307 (4%)
UK AIM (£bn) 71 76 (7%)
Borsa Italiana (€bn) 468 447 5%
Borsa Italiana (£bn) 364 372 (2%)
Total (£bn) 2,654 2,755 (4%)
Money Raised (£bn)
UK New 15.2 12.7 20%
UK Further 17.0 15.8 8%
Borsa Italiana new and further 10.4 1.9 447%
Total (£bn) 42.6 30.4 40%
35. Key performance indicators
London Stock Exchange Group
Note: Minor rounding differences may mean quarterly and other segmental figures
may differ slightly.
Page 35
Post Trade Services - CC&G and Monte Titoli
Twelve months ended
31 December Variance
2014 2013 %
CC&G Clearing (m)
Equity clearing (no of trades) 69.7 60.0 16%
Derivative clearing (no of contracts) 39.0 32.5 20%
Total 108.7 92.5 18%
Initial margin held (average €bn) 9.9 11.6 (15%)
Monte Titoli
Settlement instructions (trades m) 64.8 56.8 14%
Custody assets under management
(average €tn) 3.35 3.30 2%
Information Services
As at
31 December Variance
2014 2013 %
Terminals
UK 76,000 80,000 (5%)
Borsa Italiana Professional Terminals 131,000 131,000 0%
ETFs assets under management
benchmarked ($bn)
FTSE 216 186 16%
Russell Indexes 153 129 19%
Russell Investment Management AuM
($bn) 273 257 6%
Post Trade Services - LCH.Clearnet
Twelve months ended
31 December Variance
2014 2013 %
OTC derivatives
SwapClear
IRS notional outstanding ($trn) 362 426 (15%)
IRS notional cleared ($trn) 642 508 26%
SwapClear members 114 103 11%
CDSClear
Open interest (€bn) 36.0 23.0 57%
Notional cleared (€bn) 61.9 167.6 (63%)
CDSClear members 10 11 (9%)
ForexClear
Notional value cleared ($bn) 907 888 2%
ForexClear members 21 20 5%
Non-OTC
Fixed income - Nominal value (€trn) 73.4 72.8 1%
Commodities (lots m) 123.6 123.3 0%
Listed derivatives (contracts m) 176.8 174.3 1%
Cash equities trades (m) 452.3 347.5 30%
Average cash collateral (€bn) 47.1 39.4 20%
37. Revenues – Quarterly (continued)
London Stock Exchange Group
Note: Minor rounding differences may mean quarterly and other segmental figures may differ slightly.
Page 37
CY 2013 CY 2014
£ millions Q1 Q2 Q3 Q4 CY 2013 Q1 Q2 Q3 Q4 CY 2014
FTSE 36.4 41.7 42.2 44.2 164.5 45.9 44.4 48.3 48.2 186.8
Russell Indexes - - - - - - - - 10.0 10.0
Real time data 26.9 22.4 22.2 23.0 94.5 23.3 21.3 21.3 18.4 84.3
Other information 19.4 19.8 20.1 21.2 80.5 22.8 22.3 23.4 23.4 91.9
Information Services 82.7 83.9 84.5 88.4 339.5 92.0 88.0 93.0 100.0 373.0
MillenniumIT 8.8 7.4 5.7 7.9 29.8 10.5 6.0 6.9 6.3 29.7
Technology 8.0 8.1 8.2 8.1 32.4 8.1 8.3 9.6 10.3 36.3
Technology Services 16.8 15.5 13.9 16.0 62.2 18.6 14.3 16.5 16.6 66.0
Russell Investment Management (gross) 79.7 79.7
Other 1.2 1.2 0.7 1.5 4.5 1.3 1.4 1.1 1.6 5.4
Total Revenue 197.5 249.7 254.5 272.3 974.0 311.8 299.9 292.7 378.8 1,283.2
Net treasury income through CCP:
CC&G 20.9 16.7 11.4 10.1 59.2 9.4 7.5 8.0 7.7 32.6
LCH.Clearnet - 11.8 18.7 17.6 48.1 14.1 15.1 17.2 13.6 60.0
Other income 2.0 2.1 2.2 8.9 15.1 1.9 1.4 0.7 1.3 5.3
LCH.Clearnet unrealised gain / (loss) - (1.2) (0.8) (0.9) (2.9) (0.6) 0.7 -0.3 -0.3 (0.5)
Total income including unrealised 220.4 279.1 286.0 308.0 1,093.5 336.5 324.6 318.3 401.1 1,380.6
Total income excluding unrealised 220.4 280.3 286.8 308.9 1,096.4 337.1 323.9 318.6 401.4 1,381.1
38. Contacts
London Stock Exchange Group
Paul Froud Tom Woodley
Head of Investor Relations Investor Relations Manager
Tel: +44 (0)207 797 1186 Tel: +44 (0)207 797 1293
email: pfroud@lseg.com
email: twoodley@lseg.com
London Stock Exchange Group plc
10 Paternoster Square
London
EC4M 7LS
For information on the Group: www.lseg.com
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39. London Stock Exchange Group
No representation or warranty, expressed or implied, is made or given by or on behalf of London
Stock Exchange Group plc (the “Company”) or any of its directors or any other person as to the
accuracy, completeness or fairness of the information or opinions contained in this presentation and
no responsibility or liability is accepted for any such information or opinions. This presentation does
not constitute an offer of securities by the Company and no investment decision or transaction in the
securities of the Company should be made on the basis of the information or opinions contained in
this presentation.
The content of this presentation includes statements that are, or may deemed to be, "forward-looking
statements". These forward-looking statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may",
"will" or "should". By their nature, forward-looking statements involve risks and uncertainties and
readers are cautioned that any such forward-looking statements are not guarantees of future
performance. The Company's actual results and performance may differ materially from the
impression created by the forward-looking statements. The Company undertakes no obligation to
update or revise any forward-looking statements, except as may be required by applicable law and
regulation (including the Listing Rules).
This presentation and its contents are confidential and should not be distributed, published or
reproduced (in whole or in part) or disclosed by recipients to any other person.
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