Moscow Exchange (MOEX) announced its financial results under International Financial Reporting Standards (IFRS) for the year ended December 31, 2015.
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Higher trading volumes on the FX, bonds and money markets, as well as increased interest income coupled with strict cost control, helped the exchange to deliver record financial results.
Net income increased 74.1% YoY to RUB 27.9 billion; basic earnings per share increased to RUB 12.5 from RUB 7.2; and operating income increased 51.3% YoY to RUB 46.0 billion.
EBITDA increased 68.9% YoY to RUB 36.52 billion; the EBITDA margin was 79.4% vs. 71.1% in 2014. Operating expenses grew by 8.7% YoY to RUB 11.3 billion, well below Russia's average rate of inflation in 2015.
CEO Alexander Afanasiev said: "Russia and the majority of other developing markets faced a number of serious challenges in 2015. These included negative economic performance and outflows of institutional money. In Russia this situation was complicated further by limitations on new capital markets borrowings.
"Despite all this, Moscow Exchange delivered record operational and financial results, which is a strong endorsement of the the company's business model and of the strategy adopted in 2015. It also underscores the significant demand for the products we offer.
"Commission income growth was driven mostly by increased trading volumes, as the Exchange barely increased its tariffs. Our new products, in particular repo with the CCP and precious metals trading, are making an ever-increasing contribution to revenue.
"We are pleased to note the growing share of domestic retail investors in the structure of on-exchange trading. Potential demand from Russia's retail market represents a great long-term growth opportunity for MOEX. International investors and traders, meanwhile, remain very active participants in our markets.
"We continue to focus both on growing the domestic investor base and also promoting the Russian stock market and local issuers in international capital markets.
"Looking beyond Moscow Exchange's financial performance, I believe that we are meeting shareholders' expectations in other important areas.
"Both the corporate governance code we have adopted and recent updates to our long-standing dividend policy reflect our commitment to building trust and delivering value for our shareholders." ■