NeoNet's Interim Report, 1 January - 30 June 2001.Business Editors STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--Aug. 24, 2001 NeoNet AB (OMX OMX Office Max (stock symbol) :NEO.): The Period in Summary -- Transaction revenues grew by 22% to SEK 97.9 m, with 34% (37%) of revenues sourced from European clients outside Sweden and 16% (4%) from US clients. Revenue gains for the most recent 12 months were 43% on the previous 12 months. -- Operating earnings before depreciation and net financial items amounted to SEK 18.5 m (23.7 m). -- Earnings before tax reduced to SEK 7.2 m (11.5 m). -- NeoNet's earnings per share were SEK 0.13. -- The share of automatic order routing grew by 25 percentage points, to 65% (40%) of transaction revenues in the period. -- Of total commission income in the period, 48% (33%) was sourced from marketplaces other than the Stockholm Stock Exchange. -- The consolidated equity ratio was 67% (18%); liquid assets at the end of the quarter stood at SEK 214.6 m (151.6 m). -- NeoNet established an electronic link-up to the London Stock Exchange in late January. In the second quarter, revenues from trading on the LSE comprised 7% of total. -- NeoNet is now a member of the Euronext alliance (the Paris, Amsterdam and Brussels Exchanges); the scheduled trading start on Paris and Brussels is in September. -- NeoNet reached collaboration agreements with parties including Orc Software; this deal enables Orc Software customers in 17 countries to trade equities on the markets NeoNet offers. -- NeoNet reached an agreement regarding NeoNet clients' automatic order routing on Nasdaq stocks from the second quarter of 2002. -- After the end of the Period the plan to connect to the Milan and virt-x stock exchanges has been announced. CEO's Statement "The first half of 2001 resulted in NeoNet continuing to advance its market positions. We have won market shares on all exchanges where we pursue trading, our progress on the Helsinki Helsinki (hĕl`sĭngkē), Swed. Helsingfors, city (1998 pop. 546,317), capital of Finland, located in Southern Finland prov., S Finland, on the Gulf of Finland. and Frankfurt exchanges was particularly robust. Our revenues from the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , which we recently linked to our electronic execution network, were 7% of total in the second quarter. Our revenues rose 22% simultaneous with the majority of other sector players experiencing sharp revenue deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. . However, as a consequence of the stagnating overall market, our revenue gains are not consistent with our expectations and plans, implying that half-year earnings have decreased from the previous year's level. Our dependence of the activities on the markets mean that market variations generates relatively sizeable quarterly revenue and earnings fluctuations. Our cost mass is overwhelmingly dependent on the number of exchanges where we pursue trading, and the rate of our market and product development. Obviously, we modify those expenses we can influence on an ongoing basis. Our client and revenue growth sustained on all of our geographical markets, and particularly the US, our US clients generated 16% of transaction revenues in the half-year, and 24% in the second quarter. Underlying demand for NeoNet's offering is firm, and accentuating. The prevailing stock market conditions have not improved so far in the third quarter implying that we estimate that the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. financial objectives will not be met for the financial year or 2001. Despite the prevailing weak stock market, with our market successes under our belts and underlying client base growth, we will continue our product development according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. plan, pursuing the objective of offering access to 80% of global stock market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. through our electronic execution network by 2003. NeoNet enjoys a secure financial position, as well as an extremely timely business concept and product. The potential for that player, or those players, able to offer global electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. for the institutional market is substantial, and until now, our progress demonstrates that we enjoy all the prospects of being in this group." THE GROUP Operations NeoNet's business concept is to offer its clients, institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and broker-dealers efficient, secure and anonymous direct access to major stock markets. Operations are based on NeoNet's proprietary trading Proprietary Trading When a firm trades for direct gain instead of commission dollars. Essentially, the firm has decided to profit from the market rather than commissions from processing trades. system. At present, NeoNet offers automatic order routing on the London, Frankfurt, Stockholm, Helsinki and Copenhagen Stock Exchanges Copenhagen Stock Exchange The only securities exchange in Denmark. It features electronic trading of stocks, bonds, futures, and options. , as well as manual trading on the above exchanges and the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. . NeoNet has clients in ten European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries, plus the US. NeoNet gained membership of the Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. Exchange in January. Link- ups to NeoNet's execution network are proceeding according to plan, with the scheduled start of automatic order routing in September 2001. NeoNet's electronic execution network linked to the London Stock Exchange in January, and in effect, clients gained electronic access to the LSE LSE - Language Sensitive Editor in March. In March, NeoNet reached an agreement with US brokerage house and investment bank Jefferies & Co. Inc.; through NeoNet, Jefferies' 1,700 US institutional clients will gain electronic access to Europe's major stock exchanges. NeoNet also made a deal with BRUT Brut, Brute (both: br  t), or Brutus (br ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. , one of the major ECN's
(electronic communications networks The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. ) in the US in April. This agreement
will offer NeoNet's clients access to direct order routing,
principally in Nasdaq-quoted stocks.NeoNet has also reached an agreement with Orc Software Formed in 1987 by Nils Nilsson and Ulrika Hagdahl, Orc Software's main activity was as a market maker on the Swedish derivatives exchange. Since its inception Orc Software has also continuously developed and marketed software for pricing, trading and risk management in , offering Orc Software clients the opportunity to utilize their software to trade equities through NeoNet. At the end of the period, the group employee headcount was 65 (53). Revenue and Earnings Consolidated transaction revenues expanded to SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 97.9 m in the six- month period, against SEK 80.2 m in the corresponding period of the previous year, a 22% increase. In the second quarter isolated, revenues amounted to SEK 43.2 m, representing 17% growth. Second-quarter growth is entirely attributable to NeoNet's US expansion, while revenues sourced from European customers were largely unchanged on the second quarter 2000. Revenues for the most recent 12-month period were SEK 178.6 m, 43% growth on the previous 12- month period (124.6 m).
Income by Customer's
Geographical Location
Jan. - Jan. - Jun.
Jun. 2000
2001
Sweden 48. 50% 46.8 58%
8
Rest of 33. 34% 29.9 38%
Europe 4
US 15. 16% 3.5 4%
7
Total 97. 100% 80.2 100%
9
In the second quarter, the average daily intermediated turnover was SEK 1,880 m, up 22% on SEK 1,543 m in the corresponding period of the previous year. Rolling 12-month daily trading values were 48% up on the corresponding period one year previously. The sector experienced sustained share price downturns through the second quarter 2001, coupled with contracting trading volumes Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. , resulting in a significant reduction in turnover on Europe's stock exchanges. Compared to the second quarter of the previous year, total turnover on those stock exchanges most significant to NeoNet, Stockholm and Helsinki, fell by 7,9% and 1,4% respectively. Accordingly, the value of those equity transactions NeoNet intermediated in the second quarter (+22%), and revenues achieved (+17%), can only be considered positive.
Quarterly Earnings
SEK m Q2 Q3 Q4 Q1 Q2
[acute accent]00 [acute accent]00 [acute accent]00 [acute
accent]01 [acute accent]01
Transaction 37.0 34.3 46.3 54.7 43.2
revenues
Operating 8.1 5.3 10.9 17.5 1.0
earnings
before net
interest
income and
depreciatio
n
Earnings 1.1 -2.3 6.7 12.1 -4.9
before tax
Quarterly operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before before net financial items and depreciation amounted to SEK 1.0 m (8.1 m); the six-month out-turn was SEK 18.5 m, equating e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to a 19% operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . The corporation's market expansion and product development initiatives have elicited e·lic·it tr.v. e·lic·it·ed, e·lic·it·ing, e·lic·its 1. a. To bring or draw out (something latent); educe. b. To arrive at (a truth, for example) by logic. 2. increased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , compared to the previous year. Such initiatives include increased sales operations in the US and Europe, link-ups to new exchanges and ongoing systems development. NeoNet's primary strategy is to be able to offer automatic order routing on 80% of the market capitalization of the world's major stock exchanges by 2003. Consolidated first half-year earnings before tax were SEK 7.2 m, against SEK 11.5 m for the corresponding period of the previous year. The high gross margins of NeoNet's operations imply that generally, changes in market volumes and revenues also imply relatively sizeable fluctuations in quarterly earnings figures. Earnings per share were SEK 0.13 (0.27), the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. due to lower earnings, as well as an increased number of shares (+40%), the consequence of new issues, primarily coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. with NeoNet's October 2000 initial public offering. Investments Investments were SEK 19.8 m (16.3 m) in the period, and basically relate to the enhancement of NeoNet's electronic execution network. Liquidity and Financial Position The closing balance of consolidated shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was SEK 254.6 m (62.7 m); as of 30 June, liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. were SEK to 214.6 m, against 151.6 m at the corresponding point of 2000. Of the closing balance of liquid assets, SEK 124.0 m (116.0 m) comprised blocked funds-collateral for trading credits drawn down. At the end of the period, the consolidated equity ratio was 67% (18%). NeoNet's capital adequacy ratio Capital adequacy ratio (CAR), also called Capital to Risk (Weighted) Assets Ratio (CRAR)[], is a ratio of a bank's capital to its risk. National regulators track a bank's CAR to ensure that it can absorb a reasonable amount of loss. was 132% at the end of the period (26%). Outlook NeoNet is exclusively active within the execution of equity transactions on major stock exchanges on behalf of institutional investors. Revenues are generated through commission, based on the value of the transactions executed. NeoNet does not pursue any proprietary trading, and accordingly, revenues and earnings in any given period are a function of client activity and quoted share prices. The implication is that the value of daily trading volumes, and thereby revenues and earnings, are subject to short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. variations. NeoNet expects to sustain revenue growth through robust expansion, by connecting to more stock exchanges for automatic order routing and by the addition of more clients in more countries. Moreover, NeoNet's share of client trading is expected to increase. NeoNet's link-up to the London Stock Exchange, and forthcoming connections to the Euronext alliance (the Paris, Amsterdam and Brussels Exchanges), NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on and the Milan and virt-X exchanges and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . In addition to this the ongoing accumulation of client base in the US and Europe, are examples of such market initiatives. NeoNet's over-arching financial objectives are to be able to post minimum annual sustainable revenue growth of 50%, and earnings before depreciation and net financial items of a minimum of 25% of transaction revenues. PARENT COMPANY The non-operational parent company pursues certain over-arching functions such as group management, finance, business development, IR and PR. For the period, the parent company posted earnings before tax of SEK - 3.6 m (-3.3 m). The new issue in March, resulting from the exercise of subscription rights, was registered in April, and resulted in the number of shares increasing to 41,574,980. The corporation gained SEK 2.7 m in restricted equity. In June, 53,986 subscription rights were exercised for the subscription of new NeoNet stock, implying a SEK 13.5 m increase in restricted equity. The new issue was registered on 12 July, and resulted in the number of shares increasing by 1,079,720 to a total of 42,654,700.
Consolidated Income Statement
3 mth. 3 mth. 6 6 mth. 12 12 12 mth.
mth. mth. mth.
Apr. - Apr. - Jan. Jan. - Jul. - Jul. - Jan. -
Jun. Jun. - Jun. Jun. Jun. Dec.
Jun.
SEK m 2001 2000 2001 2000 2001 2000 2000
Transaction revenues 43.2 37.0 97.9 80.2 178.6 124.6 160.9
Transaction expenses -5.2 -4.8 -11.7 -9.5 -21.9 -15.1 -19.7
Interest income 1.8 0.8 3.5 1.2 6.7 1.7 4.3
Interest expenses -2.2 -3.4 -3.8 -5.1 -10.4 -6.9 -11.7
Net earnings from -1.3 -0.3 0.3 -0.8 2.2 -1.0 1.1
financial transactions
Other operating 1.6 2.0 4.0 2.6 6.9 3.4 5.5
revenue
Total operating 37.9 31.3 90.2 68.6 162.1 106.7 140.4
revenue, net
General administration
expenses
Other operating -23.5 -15.2 -43.0 -29.1 -78.2 -43.2 -64.1
expenses
Personnel expenses -13.8 -10.6 -29.0 -19.7 -52.9 -35.6 -43.6
Depreciation -5.5 -4.4 -11.0 -8.3 -19.4 -13.8 -16.8
Total operating -42.8 -30.2 -83.0 -57.1 -150.5 -92.6 -124.5
expenses
Operating earnings -4.9 1.1 7.2 11.5 11.6 14.1 15.9
Tax on earnings for 2.3 0.4 -1.9 -3.2 1.1 -4.6 -0.2
the period
Net earnings -2.6 1.5 5.3 8.3 12.7 9.5 15.7
Earnings per share, neg 0.05 0.13 0.27 0.33 0.33 0.48
SEK
Earnings per share neg 0.04 0.12 0.23 0.30 0.30 0.42
after full dilution,
SEK
No. of shares, 000 42,655 30,564 42,65 30,564 42,655 30,564 40,588
5
Average no. of shares, 41,777 30,564 41,18 38,054 28,628 32,786
000 7 30,564
Average no. of shares 45,055 36,054 45,10 36,076 42,704 31,703 37,689
after full dilution, 4
000
Consolidated Balance Sheet
SEK m 30 30 31
Jun. Jun. Dec.
'01 '00 '00
ASSETS
Cash and lending 214. 151. 292.
to credit 6 6 2
institutions
Intangible fixed 47.2 34.5 42.0
assets
Tangible fixed 16.3 11.7 12.7
assets
Other assets 93.2 139. 187.
7 9
Prepaid expenses 8.0 3.7 6.3
and accrued
income
Total assets 379. 341. 541.
3 2 1
Liabilities, Provisions and Shareholders' Equity
Liabilities, 7.6 104. 130.
credit 8 9
institutions
Other 93.4 84.5 154.
liabilities 1
Accrued expenses 19.1 14.1 16.3
and deferred
income
Subordinated 0.4 70.6 0.6
debt
Provisions 4.2 4.5 4.1
Shareholders'
equity
Share capital 2.1 1.5 2.0
Restricted 228. 44.0 211.
reserves 4 0
Earnings 18.8 8.9 6.4
carried forward
Net earnings 5.3 8.3 15.7
Total 379. 341. 541.
liabilities, 3 2 1
provisions and
shareholders'
equity
Consolidated Cash Flow Statement
Jan. Jan Jan
- . - . -
Jun. Jun Dec
. .
SEK m 2001 200 200
0 0
Cash flow from 5.4 12. 26.
ongoing operations, 7 8
exc. settlement
Cash flow from -77.4 17. 64.
ongoing operations 8 5
attributable to
settlement of equity
transactions
executed(a)
Cash flow from -19.8 - -
investment activities 16. 33.
3 3
Cash flow from 13.9 67. 162
financing activities 8 .7
Cash flow for the -77.9 82. 220
period 0 .7
Liquid assets, 292.2 70. 70.
opening balance 4 4
Liquid assets, 0.3 - 1.1
translation 0.8
differences
Liquid assets, 214.6 151 292
closing balance .6 .2
(a)Cash flow attributable to the settlement of executed securities
transactions varies significantly from day to day, depending on
trading volumes and time variations in processing at the
counterparty level. The typical settlement period is two to three
days after the trading date.
Change in shareholders' equity
SEK m Jan. Jan. Jan.
- - -
Jun. Jun. Dec.
2001 2000 2000
Opening balance, 235. 57.0 57.0
shareholders' 1
equity
Registration of 0.0
new issue, 1999
New issue 2000 139.
5
New issue
coincident with
utilization of 16.0 24.6
warrants
Warrants premium 0.5 0.5
Non-cash issue 1.2
Repurchase of -3.3 -0.9
warrants
Translation 1.7 0.0 0.6
differences
Decrease in -0.2 0.0
restricted equity
Dividend -3.1 -3,1
Net earnings 5.3 8.3 15.7
Closing balance, 254. 62.7 235.
shareholders' 6 1
equity
Consolidated Key Figures
Jan. Jan. Jan.
- - -
Jun. Jun. Dec.
SEK m 2001 2000 2000
Earnings in
summary
Operating 18.5 23.7 40.1
earnings before
net interest
income and
depreciation
Operating 7.5 15.4 23.3
earnings before
net interest
income
Margins
Operating 19% 30% 25%
margin
Net margin 8% 19% 15%
Profit margin 5% 10% 10%
Yield
Average capital 391. 234.6 269.3
employed 8
Return on 2% 13% 16%
equity
Return on 3% 7% 10%
capital
employed
Operational Key
Figures
Ave. no. of 124 125 250
trading days on
connected
markets
Ave. daily 1,99 1,532 1,640
trading volume 9
Financial
Position
Equity ratio 67% 18% 43%
Interest 290% 326% 236%
cover
Debt-equity 0.3 2.9 1.2
ratio
Capital 132% 26% 124%
adequacy
Share data
No. of 42,65 30,56 40,58
shares, 000 5 4 8
Ave. no of 41,1 30,56 32,78
shares, 000 87 4 6
Earnings per 0.13 0.27 0.48
share, SEK
Shareholders' 5.97 2.06 5.79
equity per
share, SEK
Number of 45,05 37,09 45,15
shares after 5 5 5
full
dilution, 000
Average number 45,1 36,07 37,68
of shares after 04 6 9
full dilution,
000
Earnings per 0.1 0.23 0.42
share after full 2
dilution
Shareholders' 6.08 3.32 6.00
equity per
share after
full dilution,
SEK
Employee Data
Number of 65 53 62
employees at
the end of
the period
Average 64 50 54
number of
employees
Definitions Operating margin Operating earnings before net interest income and depreciation as a percentage of transaction revenues. Net margin Operating earnings before net interest income and tax as a percentage of transaction revenues. Profit margin Profit after tax as a percentage of transaction revenues. Average capital employed Capital Employed 1. The total amount of capital used for the acquisition of profits. 2. The value of all the assets employed in a business. 3. Fixed assets plus working capital. 4. Total assets less current liabilities. Average total assets less average non-interest bearing liabilities including deferred tax liabilities. Return on equity Net earnings as a percentage of average shareholders' equity for the period. Return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). Earnings net of financial items plus financial expenses as a percentage of average capital employed. Equity ratio Closing balance of shareholders' equity as a percentage of the closing balance of total assets. Interest cover Operating earnings plus financial expenses divided by financial expenses. Debt/equity ratio Debt/Equity Ratio A measure of a company's financial leverage calculated by dividing long-term debt by shareholders equity. It indicates what proportion of equity and debt the company is using to finance its assets. Closing balance of interest-bearing liabilities and provisions in relation to the closing balance of shareholders' equity. Capital adequacy ratio Total capital base divided by the total risk-weighted credit and market risk amounts (Swedish Financial Supervisory Authority stipulation An agreement between attorneys that concerns business before a court and is designed to simplify or shorten litigation and save costs. During the course of a civil lawsuit, criminal proceeding, or any other type of litigation, the opposing attorneys may come to an agreement FFFS FFFS Form Fit Functional Specification FFFS False Fault-Free Set 2000:6). Earnings per share Earnings after tax in relation to the average number of shares for the period. Shareholders' equity per share The closing balance of shareholders' equity in relation to the average number of shares. Accounting Principles The consolidated accounts have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Swedish legislation relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc statutory accounting by credit institutions and securities corporations (ARKL ARKL Architecture Using RAM (Random Access Memory) for Key Loading ) and the Swedish Financial Supervisory Authority's stipulation FFFS 2000:18 applicable because of the parent company's status as a financial holding company. This Interim Report has been produced in accordance with the Swedish Financial Accounting Standards Council's recommendation RR20 regarding interim reports The transference TRANSFERENCE, Scotch law. The name of an action by which a suit, which was pending at the time the parties died, is transferred from the deceased to his representatives, in the same condition in which it stood formerly. rules of the new recommendations have been utilized, implying the correction of some comparative figures. This revision of accounting principles has not implied any material effect on the corporation's earnings and position. Audit Review The corporation's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together have not reviewed this Quarterly Report. This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.waymaker.net/bitonline/2001/08/24/20010823BIT01110/bit0001.doc http://www.waymaker.net/bitonline/2001/08/24/20010823BIT01110/bit0001.pdf |
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