Hellenic Exchanges : Athens Exchange Group 2019 financial results

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Press Release

Athens Exchange Group 2019 financial results

€6.1m net after tax profits

30 March 2020 - The Athens Stock Exchange General Index posted a significant change in 2019, up 49.5%; the average daily value of transactions was up 21.0%, at €67.4 million vs. €55.7m in 2018. The average capitalization of the Greek capital market increased by 4.9% compared to the average capitalization of 2018 (€54.8 billion vs. €52.2bn). At the same time, significant corporate actions and public offers took place during the year, which had a positive impact in the financial performance of the Group in 2019.

As such, in 2019 total revenue of the Group was €32.2m vs. €25.6m, increased by 25.8%. The change is mainly due to the increase in trading activity and revenue from public offers. With the application of IFRS 15 on 1.1.2019, revenue from stock and bond listings, as well as capital increases is booked over five and three years respectively.

Total operating expenses including ancillary services of the Group in 2019 were €18.9m compared to €18.2m in 2018. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2019 was €13.2m, increased by 79.3% compared to €7.4m in 2018.

The significant increase in revenue resulted in Earnings Before Taxes (EBT) in 2019 amounting to €9.5m vs. €4.0m in 2018, increased by 137%. In 2019, the consolidated net after tax profits of the Group amounted to €6.1m vs. €3.0m in 2018, increased by 101%, while earnings per share were €0.10 and €0.05 respectively.

The Board of Directors, at its meeting today, approved the Annual Financial Report for 2019 (1.1.2019 to 31.12.2019), and decided to propose to the next Annual General Meeting of shareholders, the distribution of €0.07 per share as dividend. The proposed dividend payout corresponds to €4.2m, i.e. 96% of the net after tax profits of the parent company (€4.4m). In addition, the BoD of the Company decided to propose a capital return of €0.09 per share. The record date and payment date of the dividend have been announced on 14.01.2020 as part of the published financial calendar, while the record date and payment date of the capital return will be determined by the General Meeting of the Company's shareholders. The Company will inform investors about the exact dates, as soon as they are determined.

Information on the actions of the Group regarding the spread of COVID 19

The rapid spread of the coronavirus (COVID-19) disease, finds the world financial system and business to a large degree unprepared. The world economy is entering a period of uncertainty and instability, the consequences of which are difficult to estimate based on the facts so far. At the same time, this critical period that we are facing, and the economic impact of the pandemic have brought significant changes to our daily work routine.

In this context, the Athens Exchange has implemented a series of operational interventions, supporting from the start the national initiative and following the recommendations of those responsible for taking specific measures to contain the spread of the virus.

In particular, we immediately implemented work from home for up to 90% of our staff, utilizing our technological infrastructure. We have created a strong crisis response mechanism, which ensures both seamless business continuity and systems security (including cyber security and data protection systems in a remote work environment). At the same time, we have ensured remote work for our members, as well as the technological infrastructure and necessary clearing services for the start of operations of the Energy Exchange derivatives market on 23 March.

The Athens Exchange is in daily collaboration with the regulatory authorities and other competent bodies and will continue to respond timely and responsibly to the challenges that arise during this period and to the needs of market participants.

The financial statements of the Group and the Company are posted on the Company's website (www.athexgroup.gr).