ASX LIMITED 
RESULTS FOR ANNOUNCEMENT TO THE MARKET (All comparisons to year ended 31 December 2014) | $m | Up/down | Movement % |
Revenues from ordinary activities | 455.2 | up | 6.2% |
Revenues from ordinary activities excluding interest income | 382.3 | up | 7.8% |
Profit after tax from ordinary activities (including significant
items) 213.1 up 7.3%
Franked
DIVIDEND INFORMATION
Amount per
share (cents)
amount per share (cents)
Tax rate for franking
credit
Final 2015 dividend per share (paid 23 September 2015) 95.1 95.1 30%
Interim 2016 dividend per share determined 99.1 99.1 30%
Interim dividend dates*
Ex-dividend date 2 March 2016
Record date 4 March 2016
Payment date 23 March 2016
The Company's Dividend Reinvestment Plan (DRP) will not apply to the interim dividend.
* Dates are subject to final ASX Board approval
31 Dec 2015 31 Dec 2014
Net tangible assets per security $7.12 $6.97
This information should be read in conjunction with the 2015 Annual Report.
Additional information supporting the Appendix 4D disclosure requirements can be found in the Directors' Report and the consolidated financial statements for the half-year ended 31 December 2015.
This report is based on the consolidated financial statements for the half-year ended 31 December 2015 which have been reviewed by PricewaterhouseCoopers.
ASX Limited and its controlled entities
HALF-YEAR
Financial Statements
ASX Limited ABN 98 008 624 691 and its controlled entities
Auditor's independence declaration 5
Consolidated statement of comprehensive income 6
Consolidated balance sheet 7
Consolidated statement of changes in equity 8
Consolidated statement of cash flows 9
Notes to the financial statements 10
Segment reporting 10
Dividends 13
Issued capital 13
Clearing risk management 13
Financial risk management 14
Intangible assets 15
Contractual commitments and contingencies 15
New and amended standards and
interpretations adopted by the Group 15
Subsequent events 15
Directors' declaration 16
Independent auditor's review report to the members of ASX Limited . 17
The directors present their report together with the financial statements of ASX Limited (ASX or the Company) and its subsidiaries (together referred to as the Group), for the half-year ended 31 December 2015 and the auditor's report thereon. The financial statements have been reviewed and approved by the directors on the recommendation of the ASX Audit and Risk Committee.
The consolidated net profit after tax for the half- year ended 31 December 2015 attributable to the owners of ASX was $213.1 million (31 December 2014: $198.6 million).
The directors of ASX in office during the half-year and at the date of this report (unless otherwise stated) were as follows:
Mr Rick Holliday-Smith (Chairman)
Mr Elmer Funke Kupper (Managing Director and CEO)
Ms Yasmin A Allen
Dr Ken R Henry AC
Mr Peter R Marriott
Mrs Heather M Ridout AO
Mr Damian Roche
Mr Dominic J Stevens
Mr Peter H Warne
Ms Jillian S Segal AM was a director from 2003 until her resignation on 1 September 2015.
The Group's profit after tax for the half-year ended 31 December 2015 (1H16) increased 7.3% to $213.1 million from the prior comparable period (pcp). A summary income statement in line with the Group's segment note is reflected in the following table:
$million | 1H16 | 1H15 | Variance % fav/(unfav) |
Operating revenues | 376.2 | 348.7 | 7.9 |
Operating expenses | (85.1) | (81.4) | (4.4) |
EBITDA | 291.1 | 267.3 | 8.9 |
Depreciation and amortisation | (20.8) | (18.6) | (12.2) |
EBIT | 270.3 | 248.7 | 8.7 |
Interest and dividend income | 33.7 | 34.4 | (2.0) |
Profit before tax | 304.0 | 283.1 | 7.4 |
Tax expense | (90.9) | (84.5) | (7.6) |
Profit after tax | 213.1 | 198.6 | 7.3 |
Earnings per share (EPS)
The Group's earnings per share in 1H16 was 110.2 cents compared to 102.7 cents in the pcp. The 7.3% increase in EPS compared to the pcp reflects the increase in profit.
Dividends
The Group's dividend policy is to pay 90% of under- lying earnings after tax. This measure excludes amounts regarded as significant non-recurring items of revenue and expenses. There were no items classified as significant in the current period or the pcp. The Board determined to pay an FY16 interim dividend of 99.1 cents per share on 23 March 2016, up 7.4% on the 92.3 cents per share paid in the pcp reflecting the increased profit.
The table on the following page includes informa- tion relating to dividends in respect of the prior and current financial years, including dividends paid or determined by the Company since the end of the previous financial year.
ASX Half-Year Report 2016 | Contents
Cents per
Total amount
Date of
Listings and issuer services - $105.6 million, up 15.6%
Partly offset by a higher revenue sharing rebate of $1.0 million compared to $0.8
ASX has committed to provide a 10% clearing fee reduction on 1 July 2016. The clearing and
Type share $m payment
In respect of the current financial year:
Interim 99.1 191.9 23 March 2016
In respect of the prior financial year:
Interim 92.3 178.7 18 March 2015
Final 95.1 184.1 23 September 2015
Total 187.4 362.8
Dividends are fully franked based on a tax rate of 30%.
Operating revenues
Group operating revenues as reported in the segment note increased 7.9% to $376.2 million in 1H16 compared to the pcp.
The Group re-aligned responsibilities for the busi- ness activities from 1 July 2015 into four main categories to improve services to customers and support the growth of each business. The operating revenue from each business activity is reflected in the table below with the prior year data restated for comparability.
Revenue category
1H16
Variance % 1H15 fav/(unfav)
Listings and issuer services
105.6
91.3 15.6
Trading services
91.4
84.6 8.1
Equity post-trade services
51.0
45.6 11.7
Derivatives and OTC markets
126.8
126.8 -
Other revenue
1.4
0.4 185.2
Total operating revenues
376.2
348.7 7.9
Commentary on operating revenues for the vari- ous business activities is detailed across.
Activity drivers across primary markets mostly improved compared to the pcp with a significant increase in the total amount of capital raised.
Annual listing revenue - up 5.4% to $36.7 million. There were 2,238 listed entities at 31 December 2015 compared to 2,208 a year earlier. An increase in market capitalisa- tion combined with fee increases led to the increase in revenue.
Initial listing revenue - up 3.0% to $11.7 million. While the number of new listings increased from 71 to 77, the capital raised in 1H16 was $13.5 billion compared to $19.0 billion in the pcp. This was mainly due to fewer larger listings in 1H16.
Secondary capital raisings revenue - up 36.9% to $29.0 million. This follows a 109.6% increase in the amount of capital raised to
$41.1 billion, compared to $19.6 billion in the pcp.
Issuer services revenue - up 13.2% to $23.2 million. The increase in revenue was due to a 10.0% increase in the number of CHESS holding statements, driven by higher trading and capital raisings and a 40.6% increase in holding adjustments and transfers.
Other revenue - up 43.5% to $5.0 million. Other listing revenue was higher due to an increase in previously suspended companies relisting.
Trading services - $91.4 million, up 8.1%
Trading services comprises cash market trading, information and technical services.
Cash market trading - up 14.9% to $20.3 million. The increase in revenue resulted from:
Higher daily average on-market value traded on ASX of $4.1 billion compared to $3.5 billion in the pcp.
million in the pcp.
ASX's market share of on-market trading averaged 88.4% in 1H16 compared to 89.9% in the pcp.
Information services - up 10.8% to $40.6 million. The increase in revenue resulted from restructuring of fees which increased institutional data royalties and reduced retail data royalties. Higher revenue also resulted from royalties from the licensing of the SPI 200 index.
Technical services - up 1.0% to $30.5 million.
Community and connectivity - up 3.9% to
$8.5 million. While total revenue grew from increased service connections, this was offset by a decrease in ASX Net connections.
Liquidity access - down 0.8% to $15.3 million due to decreased futures cross connects.
Application services - down 11.6% to $2.7 million due to lower installation fees from futures cross connects.
Hosting - up 13.0% to $4.0 million. The number of customer cabinets hosted in the ALC increased from 179 to 219.
Equity post-trade services - $51.0 million, up 11.7%
Equity post-trade services revenue includes fees for clearing and settlement of ASX-quoted secu- rities including equities, debt securities, warrants and exchange-traded funds.
Cash market clearing revenue - up 17.3% to
$27.2 million. The daily average on-market value cleared increased 19.2% to $4.3 billion reflecting the increase in trading across all venues in Australia. The increase in value cleared resulted in a higher revenue sharing rebate of $1.7 million, compared to $1.1 million in the pcp.
settlement revenue sharing schemes will also
be retained.
Cash market settlement revenue - up 6.0% to $23.8 million. Higher on-market trading activity levels led to a 6.7% increase in the dominant settlement messages. The settle-
ment revenue sharing rebate was $0.8 million compared to $0.3 million in the pcp.
Derivatives and OTC markets - $126.8 million, flat on pcp
Derivatives and OTC markets includes futures and equity options; clearing of OTC interest rate derivatives; settlement, depository and registry services for debt securities and cash transactions (Austraclear); and ASX Collateral services.
Equity options - down 11.4% to $11.3 million. The decrease in revenue was due to a 21.7% decrease in the volume of contracts traded. A change in the mix of products and users offset some of the volume decrease. Single stock option volumes were down 24.7% while index option and future volumes were up 9.1%.
Futures - up 1.3% to $91.6 million. The increase in revenue was due to a 5.1% increase in volumes. The increase in volumes was partly offset by fee cuts implemented on 1 October 2014. The value cleared through the OTC clearing service increased to $817.4 billion compared to $101.7 billion in the pcp.
Austraclear - up 1.5% to $23.9 million. The increase in revenue was primarily due to increased registry activity and higher balances in the depository. At 31 December 2015, the value of assets in the ASX Collateral service was $4.6 billion.
ASX Half-Year Report 2016 | Directors' report
ASX Limited issued this content on 11 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 February 2016 22:02:08 UTC
Original Document: http://www.asx.com.au/documents/investor-relations/4D_and_Financial_Statements.pdf
