HELEX Q1 2011 financial results
EUR9.2m net after tax profits

16 May 2011 - The consolidated net after tax profits of HELEX in the first quarter of 2011 amounted to EUR9.2m compared to EUR9.8m in the corresponding period last year, reduced by only 6%, despite a 37% drop in the trading activity.

The consolidated turnover of the Group was reduced by 29%, to EUR13.6m vs. EUR19.2m in Q1 2010.

This reduction is due on the one hand to the drop in trading activity in the cash market and the drop in the average capitalization of listed companies, and on the other hand to the reduction that were implemented in the second half of 2010 in the trading and post-trading services, for both stocks and derivatives, as part of the pricing policy of the Group.

The average daily traded value in Q1 2011 amounted to EUR128m, reduced by 37% compared to the corresponding period last year (EUR203m), while the average market capitalization over the same period was EUR60.4bn vs. EUR78bn, reduced by 23%. On the other hand, the average daily traded volume increased by 9% in Q1 2011 compared to the corresponding period last year (41.9m shares vs. 38.4m shares). In the derivatives market, the average daily traded volume increased by 16% in Q1 (59.4 thousand contracts vs. 51.3 thousand contracts last year).

Revenue from trading amounted to EUR2.6m in Q1 2011 vs. EUR4.5m in the corresponding period last year, reduced by 41%, while revenue from clearing amounted to EUR5.1m in Q1 2011, vs. EUR7.7m in Q1 2010, reduced by 35%. Revenue from Exchange services, which includes subscriptions by listed companies, revenue from rights issues as well as member subscriptions, amounted to EUR2.4m vs. EUR2.7m last year. Finally, revenue from Depository services amounted to EUR1.3m in 2011 vs. EUR1.5m last year, an 18% reduction.

In Q1 2011, the Group also recorded non-recurring revenue of EUR2.4m concerning the claim on the tax paid on the Hellenic Capital Market Commission fee, which had been paid in previous fiscal years.

The operating expenses of the Group were reduced in Q1 2011. In particular, operating expenses before depreciation amounted to EUR5.0m vs. EUR5.3m in Q1 2010, reduced by 5%.

The Group's EBIT amounted to EUR9.9m, reduced by 19% compared to Q1 2010 (EUR12.2m).

The net profits per share in Q1 2011 amounted to EUR0.14 vs. EUR0.15 in Q1 2010.

HELEX's financial statements are posted on the Company's website (www.helex.gr).