Shaun Drummond, The Australian Financial Review: How much of a contribution overall has the return of the IPO market made? It seems looking at those graphs that growth and earnings would have been going down if it weren’t for that higher growth in IPOs; and if that is the case are you seeing the effects of a reduction in your share price in cash market share trading and also fee reductions there as yet?
Elmer Funke Kupper, ASX Managing Director and CEO: The question is what would have happened if the IPO market hadn’t been as strong. If you look- just out of illustration – at the waterfall chart we used to show revenue growth, revenues were up in total by about $41 million. $15 million of that was our listings business, so significant. That would be $26 million revenue growth without our listings business so that’s still attractive. If you now look at the $15 million of revenue growth, it really consists of three components: IPOs; secondary capital raisings for companies that already exist; and issuer services, for example sending out CHESS holding statements and so forth. If we disclose those numbers separately … we can give it to you. So yes, IPOs are an important part of that 15 million but secondary markets have been doing pretty well for the last couple of years. If you believe that the IPO market is more cyclical then that [secondary markets] is really the number you should look at out of the15. Ramy.
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