BVB shareholders to receive 2008 gain in cash dividends

The decline in trade volumes to daily values of €1–2 mln in the latter part of the year drove results away from initial targets. The slump that the equities market is now facing led the Stock Exchange’s management to adopt a very conservative approach for 2009, estimating a loss worth RON 0.8 mln for this year’s first two months. Company revenues came close to estimates in this period. BVB also managed to strictly control expenses, much lower than expected, which allowed the market to make a profit of RON 0.5 mln at the end of February. The average daily value of transactions on the Stock Exchange amounted to some €3 mln in the first two months of the year, compared to €13 mln in the same period last year. The average daily turnover was €9.5 mln throughout 2008, compared to €22.6 mln in 2007. Last year, BVB posted RON 31.5 mln (€8.6 mln) in revenues and RON 20.3 mln in expenses. For 2009, the BVB budgeted gross profit worth RON 1.53 mln, seven times less than last year’s gross profit. BVB’s management drafted the budget based on an average daily value of market transactions of €5 mln. At the same time, the average trading commission dropped 10 percent. In the past, revenues from commissions were the most important source of income for the BVB. (C.C.)