Financial highlights (all comparisons to the prior corresponding period)
Net profit $189.6 million, up 10.8%
- Operating revenue $329.3 million, up 8.0%
- Interest and dividend income $34.2 million, up 36.0%
- Operating expenses $77.2 million, up 8.3%
- Depreciation and amortisation $16.3 million, up 6.1%
Earnings per share 98.3 cents, up 2.2% following capital raising in June-July 2013
Interim dividend 88.2 cents per share fully franked, up 0.3%
- 90% payout ratio of net profit
- Higher earnings offset by new shares issued in capital raising
Capital expenditure $18.6 million
- Continued investment in post-trade services, with technical delivery on track
Strong balance sheet metrics to support Australia’s financial market infrastructure
- Meet global capital standards following capital raising
- S&P credit rating obtained: AA- long-term for ASX Limited and ASX Clear (Futures), with a stable outlook
Mr Elmer Funke Kupper, ASX Managing Director and CEO, said: “ASX produced a positive result for the first six months of the 2014 financial year, with operating revenue growing 8.0% and net profit rising by 10.8%. Improved global economic conditions and an uplift in listings activity in Australia underpinned the result.
“All major ASX business lines increased revenue year-on-year for the first time since the global financial crisis; that is, since the end of the 2008 financial year.
“ASX is making good progress in its investment program, which continues to focus on post-trade services and risk management infrastructure. We are determined to provide Australian investors with a domestic financial market infrastructure that is world-class, well-capitalised and competitive. In the first half we delivered a new service for the clearing of over-the-counter derivatives, and we appreciate the energy and support of our clients in developing this service.
“By mid-2014, ASX will complete its initial investment program, adding a full client clearing solution that will give Australian investors further risk management protections, and a collateral management service that will provide attractive savings to market participants. We will work with our clients to plan the next round of investments necessary to maintain Australia’s position as an attractive and globally competitive financial market.”
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ASX Ltd Half-Year Analyst Presentation