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ASX LIMITED — Annual Report 2008
Aug 13, 2008
64439_rns_2008-08-13_6a1f1af2-0d93-477c-b72e-daada7688df9.pdf
Annual Report
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ASX Limited 2008 Full-Year Results
Robert Elstone, MD and CEO Alan Bardwell, CFO Eric Mayne, CSO
14 August 2008 Sydney, Australia
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Disclaimer
The material contained in this document is a presentation of general information about ASX’s activities current as at the date of this presentation (14 August 2008). It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.
To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this material is accepted by ASX or any of its related bodies corporate.
Important Notes
The financial statistics, including comparables, in this report are based on ASX’s pro-forma income statement which itself is not audited, but is based upon externally audited accounts. The pro-forma income statement is presented as if ASX and SFE were combined during the relevant periods.
There have been no material changes to accounting policies during the period.
All references to previous corresponding period (pcp) are for the 12 months to 30 June 2007.
All figures are in Australian dollars.
Agenda
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Introduction
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Financial and Operational Highlights
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Markets Supervision Highlights
Robert Elstone Alan Bardwell Eric Mayne
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Outlook and Post Balance Date Activity Robert Elstone
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Questions
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Close
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Introduction
Robert Elstone Managing Director and CEO
Financial Highlights – FY08
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Operating revenue up 11.2% to $614.7 million �
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• Cash operating expenses down 1.5% to $136.7 �
-
million
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• Normal profit after tax up 16.9% to $365.9 million �
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• EPS up 14% to 214 cents per share* �
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• Full-year dividend up 17.5% to 192.4 cents per �
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EPS up 14% to 214 cents per share*
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• Full-year dividend up 17.5% to 192.4 cents per share
Based on ASX’s normal pro-forma accounts.
Comparisons relative to previous corresponding period – 12 months to 30 June 2007. * Based on weighted average shares on issue for the 12 months to 30 June 2008.
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Financial Progress since Merger
| FY08 $ million |
Variance $ million FY06 $ million |
|
|---|---|---|
| EBIT Depreciation and Amortisation EBITDA Income Tax Expense Normal Profit Before Income Tax Net Interest and Dividend Income Cash Operating Expenses Operating Revenues |
614.7 | 195.0 267.1 (1.4) 14.5 196.4 281.6 (63.1) 214.0 19.0 32.1 164.3 90.2 305.2 38.1 168.8 450.4 |
| 136.7 | ||
| 478.0 | ||
| 15.9 | ||
| 462.1 | ||
| 57.1 | ||
| 519.2 | ||
| 153.3 | ||
| Normal Profit After Tax | 365.9 | 150.9 215.0 |
Based on ASX’s normal pro-forma accounts. Comparisons relative to previous corresponding period – 12 months to 30 June 2006.
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Business Highlights – FY08
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Global credit dislocation and volatile equity market sentiment around the world
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Nonetheless, record trade execution volumes for cash equities and SFE derivatives
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Declining average cost of cash market trading, clearing & settlement
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Record levels of rebates paid to qualifying LPR Participants
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Global de-leveraging impacted listing activity and risk margin levels in 2H08
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Best practice availability of core systems applications
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New business development initiatives
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Launch of ASX CFDs
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Listing of ‘ishares’ ETFs on international indices
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ASX Financial and Operational Highlights Alan Bardwell Chief Financial Officer
Financial Performance – Income Statement
| FY08 $ million |
Variance $ million Variance % FY07 $ million |
||
|---|---|---|---|
| Depreciation and Amortisation EBITDA Income Tax Expense Normal Profit Before Income Tax Interest and Dividend Income Cash Operating Expenses Operating Revenue |
614.7 | (6.2%) (0.9) 15.0 15.5% 64.1 413.9 (23.8) 76.6 13.4 2.1 62.0 (18.4%) 129.5 17.3% 442.6 30.7% 43.7 1.5% 138.8 11.2% 552.7 |
|
| 136.7 | |||
| 478.0 | |||
| 15.9 | |||
| 57.1 | |||
| 519.2 | |||
| 153.3 | |||
| Normal Profit After Tax | 365.9 | 52.8 16.9% 313.1 |
|
| Significant Items After Tax | 22.8 22.8 75.6 290.3 |
||
| 0.0 | |||
| Profit After Income Tax | 365.9 |
Based on ASX’s normal pro-forma accounts. Comparisons relative to previous corresponding period – 12 months to 30 June 2007.
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Financial Performance – Half-Year
| 1H08 $m |
% $m 1H07 $m Variance |
2H08 $m |
% $m 2H07 $m Variance |
|
|---|---|---|---|---|
| Depreciation and Amortisation EBITDA Income Tax Expense Normal Profit Before Income Tax Interest and Dividend Income Cash Operating Expenses Operating Revenue |
314.7 | (20.7) 68.8 6.6 0.3 61.9 6.9 55.0 (35.3%) 34.7% 30.9% 4.0% 33.6% 9.3% 21.2% 7.6 184.5 59.0 198.3 21.4 75.2 259.7 |
300.0 | (3.1) 7.8 6.7 (1.2) 2.2 (4.8) 7.0 70.5 244.3 22.4 7.4 229.5 63.6 293.0 (16.6%) 1.0% (4.2%) 3.2% 30.4% (7.7%) 2.4% |
| 68.2 | 68.5 | |||
| 246.4 | 231.6 | |||
| 7.3 | 8.6 | |||
| 28.0 | 29.1 | |||
| 267.1 | 252.1 | |||
| 79.7 | 73.6 | |||
| Normal Profit After Tax | 187.4 | 48.1 34.5% 139.3 |
178.5 | 4.7 173.8 2.7% |
| Significant Items After Tax | 17.2 100.0% 17.2 |
5.6 5.6 100.0% |
||
| 0.0 | 0.0 | |||
| Profit After Income Tax | 187.4 | 65.3 53.4% 122.1 |
178.5 | 10.3 168.2 6.2% |
Based on ASX’s normal pro-forma accounts.
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Revenue Highlights – FY08
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----- Start of picture text -----
$700
Change
from FY07 2.3% 21.2% 7.8% 10.8% 17.7% 6.7% 11.0%
(pcp)
$650
$million
$2.1 $614.7
$1.4
$4.2
$6.6
$12.1
$600 $33.0
$2.6
$552.7
$550
$500
$450
FY07 Listings Cash Derivatives Information Technology Austraclear Other FY08
Operating Market Services Infrastructure Services Operating
Revenue Revenue
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Based on ASX’s normal pro-forma accounts. Comparisons relative to previous corresponding period – 12 months to 30 June 2007.
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Revenue – Half-Year Analysis
| 1H08 $m |
% $m 1H07 $m Variance |
2H08 $m |
% $m 2H07 $m Variance |
|
|---|---|---|---|---|
| Information Services Derivatives Other Revenue Austraclear Services Technology Infrastructure Cash Market Listings |
66.6 | 2.4 1.0 1.6 7.2 9.4 23.2 10.2 27.3% 10.0% 13.8% 27.6% 12.8% 31.6% 18.1% 26.1 73.7 8.8 10.0 11.6 73.1 56.4 |
53.6 | (0.4) 0.4 2.6 (0.6) 2.8 9.8 (7.6) 10.4 10.5 11.9 35.3 81.0 82.7 61.2 (1.7%) 3.4% (2.7%) 3.4% 21.3% 11.9% (12.3%) |
| 96.3 | 92.5 | |||
| 83.1 | 83.8 | |||
| 33.3 | 34.7 | |||
| 13.2 | 14.5 | |||
| 11.0 | 10.9 | |||
| 11.2 | 10.0 | |||
| Operating Revenue | 314.7 | 55.0 21.1% 259.7 |
300.0 | 7.0 293.0 2.4% |
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Based on ASX’s normal pro-forma accounts.
Market Activity - Listings
| $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 FY04 FY05 FY06 FY07 FY08 $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 IPO Capital (LHS) SecondaryCapital(LHS) Mkt Cap (RHS) • 236 new listings in FY08 (284 pcp) • 2,226 listed entities at 30 Jun 08 (2,090 pcp) • $61.8 billion of total capital raised in FY08 ($77.9 billion pcp) • $11.2 billion of initial capital raised in FY08 ($19.7 billion pcp) • $50.6 billion of secondary capital raised in FY08 ($58.2 billion pcp) • $1.3 trillion total domestic market capitalisation at 30 Jun 08 ($1.6 trillion 30 Jun 07) • 7,177 new warrants listed in FY08 (5,873 pcp) $billion $trillion |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IPO Capital (LHS) SecondaryCapital(LHS) |
||||||||||||||
| Mkt Cap (RHS) | ||||||||||||||
Market Activity – Cash Market
| $0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
$0 $200 $400 $600 $800 $1,000 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Total Value ($ billion) (LHS) BPS per $1 Value (RHS) 0 10 20 30 40 50 60 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 Total Trades (million) (LHS) Total Fee per Trade (RHS) ASX Cash Market – Volume ASX Cash Market – Value bps $billion million $ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Trades (million) (LHS) Total Fee per Trade (RHS) |
||||||||||||||||||
| 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 |
||||||||||||||||||
Cash Market Revenue Composition
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FY08 FY07 Variance
$million $million %
LPR
(15%) Gross Cash
$217.0 $180.3 20.4%
Market
Trading
40%
Rebate $ 28.2 $ 24.5 15.3%
Settlement
42% Net Cash
$188.8 $155.8 21.2%
Market
Clearing
33%
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Based on ASX’s normal pro-forma accounts. Comparisons relative to previous corresponding period – 12 months to 30 June 2007.
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Market Activity – Derivatives
| Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives Volume & Average Fee |
Derivatives – 10 Year Growth | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 |
0.0 20.0 40.0 60.0 80.0 100.0 120.0 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 $1.20 $1.25 $1.30 $1.35 $1.40 $1.45 $1.50 $1.55 $1.60 $1.65 ASX Derivatives Volume (m) (LHS) SFE Derivatives Volume (m) (LHS) SFE Derivatives Avg Fee (RHS) ~~ASX Derivatives Avg Fee (RHS)~~ |
||||||||||||||||||||||||
| ASX Derivatives Volume (m) (LHS) SFE Derivatives Volume (m) (LHS) SFE Derivatives Avg Fee (RHS) ~~ASX Derivatives Av Fee (RHS)~~ |
|||||||||||||||||||||||||
| ~~g~~ | |||||||||||||||||||||||||
| 1H04 | |||||||||||||||||||||||||
Financial Performance – Expenses
| FY08 $million |
Variance $million Variance % FY07 $million |
||
|---|---|---|---|
| Administration Expenses Variable Expenses Equipment Expenses Occupancy Expenses Staff Expenses |
77.9 | (1.0) 0.1 2.3 3.3 (2.7) 0.8% 17.4 (21.0%) 8.9% 20.6% (3.6%) 4.6 25.6 16.0 75.2 |
|
| 12.7 | |||
| 23.3 | |||
| 17.3 | |||
| 5.5 | |||
| Total Cash Operating Expenses |
136.7 | 2.1 1.5% 138.8 |
Based on ASX’s normal pro-forma accounts. Comparisons relative to previous corresponding period – 12 months to 30 June 2007.
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Financial Performance – Expenses Half-Year
| 1H08 $m |
% $m 1H07 $m Variance |
2H08 $m |
% $m 2H07 $m Variance |
|
|---|---|---|---|---|
| Variable Expenses Administration Expenses Equipment Expenses Occupancy Expenses Staff Expenses |
38.0 | (1.2) 1.0 1.9 2.3 3.0 (57.1%) 10.5% 14.0% 25.6% 7.3% 2.1 9.5 13.6 9.0 41.0 |
39.9 | 0.3 (0.9) 0.4 1.0 (5.7) 2.5 7.9 12.0 7.0 34.2 12.0% (11.4%) 3.3% 14.3% (16.7%) |
| 6.7 | 6.0 | |||
| 11.7 | 11.6 | |||
| 8.5 | 8.8 | |||
| 3.3 | 2.2 | |||
| Cash Operating Expenses | 68.2 | 7.0 9.3% 75.2 |
68.5 | (4.9) 63.6 (7.7%) |
Based on ASX’s normal pro-forma accounts.
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Capital Structure and Management
-
Dividend policy – 90% of Normal NPAT, fully franked
-
Full-year dividend – 192.4 cents, up 17.5% pcp
-
Adequate capital held as surplus over risk requirement
-
ASXCC – investment and funding vehicle for the CCPs
Capital Returns to Shareholders
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----- Start of picture text -----
250.0
Capital Return
Special Dividend
200.0 Final Dividend
58.5
Interim Dividend
150.0
93.9
91.5
100.0
63.9
24.1 50.9
50.0 98.5
27.4
72.3
56.2
44.2
29.2
0.0
FY04 FY05 FY06 FY07 FY08
Cents Per Share
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ASX Markets Supervision
Eric Mayne Chief Supervision Officer
Markets Supervision Highlights
-
ASXMS manages all core ASX supervisory activities
-
Chief Supervision Officer (CSO) reports to subsidiary Board
-
ASXMS Board restructured 1 Aug 08
-
Alan Cameron appointed chair; only 1 of 5 directors also on main Board
-
CSO chairs ASX Corporate Governance Council
-
Revised Principles and Recommendations released Aug 07 for 1 Jan 08 start
-
• ASX supervision activities
-
Integrated Disciplinary Tribunal from 31 Mar 08; max fine increased to $1m
-
Joint seminars with ASIC on JORC Code and continuous disclosure
-
Joint action with ASIC on market manipulation, margin loans held by directors and Participant behaviour
-
Supervision action post sub-prime crisis including capital liquidity returns
-
Supervision of ASX CFD market
-
Market guidance and consultation on continuous disclosure and short selling
-
Operating Rules Review substantially completed
-
Expansion of supervisory resources
-
23% rise in headcount for FY08 (19 FTE), 8% (8 FTE) rise for FY09
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- Substantial progress on supervision technology projects
Markets Supervision Highlights
-
Monitoring and enforcement activity for FY08
-
131,257 company announcements processed (up 11%)
-
447 price queries issued (down 28%) resulting in 394 subsequent market announcements
-
92 referrals to ASIC (up 19%) including
-
27 possible breaches of insider trading
-
23 possible breaches of continuous disclosure
-
20 possible breaches of market manipulation
-
-
$1,068,100 in fines imposed by the Disciplinary Tribunal against 22 participants for 60 rule contraventions (up 137%)
-
$281,500 in fines imposed by SFE Business Conduct and Market Practices Committees (up 150%)
-
Review of 1,291 annual reports of listed entities (companies and trusts) showed that corporate governance reporting continues to improve
-
Review of directors’ trading published (DINs and blackout trading)
-
All futures expiries conducted in an orderly manner
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Outlook and Post Balance Date
Robert Elstone Managing Director and CEO
Post Balance Date – Activity Levels
-
15 new entities listed 1 Jul – 13 Aug (down 69% pcp)
-
2,237 companies now listed on the exchange (up 115 on pcp)
-
Monthly record of 10.2 million cash market trades for July 08 ($126.7 bn)
-
Total cash markets trades for 1 Jul – 13 Aug were 14.2 million (up 56% on pcp)
-
Cash markets daily average volume of 443,754 1 Jul – 13 Aug (up 51% on pcp)
-
Futures markets daily average volume of 272,642 1 Jul – 12 Aug (down 18% on pcp)
-
2.2 million equity options contracts traded 1 Jul – 13 Aug (down 33% on pcp)
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Outlook and Initiatives FY09
-
Development of new listings initiative targeted at attracting unlisted funds and structured products
-
Second generation of CFD products
-
Additional energy derivatives to be listed including coal, gas, NZ electricity, and emission futures (subject to timing of ETS)
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Continued investment in capacity of all systems
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�Equity market platform Q3 FY09
-
�Futures market platform Q2 FY09
-
Co-location of Participant trading hardware
-
�Cash markets scheduled for Q2 FY09
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Outlook and Initiatives FY09
-
Increase in ASXMS resources and significant investment in supervision and surveillance technology tools
-
Alan Cameron begins as Chairman of ASXMS Board
-
David Gonski to shortly succeed Maurice Newman as Chairman of ASX Limited
-
ASX AGM 24 September 2008
-
Overall market sentiment could remain subdued
-
‘Cautious optimism’ about ASX’s outlook based on continued investment in platforms and people, product and service innovation and strong all-round performance across all functions
Questions
ASX Limited 2008 Full-Year Results
Robert Elstone, MD and CEO Alan Bardwell, CFO Eric Mayne, CSO
14 August 2008 Sydney, Australia
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