London Stock Exchange annual revenue was £2.14 b in FY 2018

London Stock Exchange Gross profit (FY, 2018)1.9 B

London Stock Exchange Gross profit margin (FY, 2018), %89.4%

London Stock Exchange Net income (FY, 2018)553 M

London Stock Exchange EBITDA (FY, 2018)1 B

London Stock Exchange EBIT (FY, 2018)751 M

London Stock Exchange Cash, 31-Dec-20181.5 B

London Stock Exchange EV11.6 B

London Stock Exchange revenue breakdown by business segment: 37.6% from Information Services, 28.7% from Post Trade Services – LCH, 7.7% from Post Trade Services – CC&G and Monte Titoli, 20.0% from Capital Markets and 5.9% from Other

London Stock Exchange revenue breakdown by geographic segment: 15.6% from USA, 6.0% from France, 17.9% from Italy, 56.5% from UK and 4.0% from Other

GBP | FY, 2007 | FY, 2008 | FY, 2009 | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 349.6m | 546.4m | 644.7m | 605.6m | 616.0m | 679.8m | 871.2m | 1.2b | 1.4b | 1.7b | 2.0b | 2.1b |

| 56% | 18% | (6%) | 2% | 10% | 28% | 39% | 17% | 17% | 18% | ||

## Cost of goods sold | 37.0m | 125.5m | 175.0m | 215.0m | 227.0m | |||||||

## Gross profit | 579.0m | 1.3b | 1.5b | 1.7b | 1.9b | |||||||

| 94% | 91% | 89% | 89% | 89% | |||||||

## Operating expense total | 175.4m | 281.2m | 852.6m | 423.3m | 296.0m | 321.3m | 522.8m | 856.5m | 888.7m | 1.1b | 856.0m | 1.2b |

## Depreciation and amortization | 103.0m | |||||||||||

## EBITDA | 198.3m | 313.6m | 361.9m | 307.4m | 379.7m | 487.7m | 477.6m | 531.9m | 622.8m | 669.0m | 882.0m | 1.0b |

| 57% | 57% | 56% | 51% | 62% | 72% | 55% | 44% | 44% | 40% | 45% | 49% |

## EBIT | 174.2m | 265.2m | (207.9m) | 182.3m | 283.0m | 358.5m | 348.4m | 353.1m | 404.4m | 427.0m | 626.0m | 751.0m |

| 50% | 49% | (32%) | 30% | 46% | 53% | 40% | 29% | 29% | 26% | 32% | 35% |

## Interest expense | 70.0m | |||||||||||

## Interest income | 8.0m | |||||||||||

## Pre tax profit | 161.5m | 227.0m | (250.8m) | 144.3m | 238.0m | 639.7m | 298.9m | 284.3m | 336.1m | 364.0m | 564.0m | 685.0m |

## Income tax expense | 50.9m | 54.0m | 82.0m | 52.6m | 82.0m | 108.3m | 83.4m | 86.3m | 48.1m | 101.0m | (22.0m) | (132.0m) |

## Net Income | 110.6m | 173.0m | (332.8m) | 91.7m | 156.0m | 531.4m | 215.5m | 198.0m | 288.0m | 263.0m | 586.0m | 553.0m |

GBP | H1, 2018 |
---|---|

## Revenue | 1.1b |

## Cost of goods sold | 106.0m |

## Gross profit | 954.0m |

| 90% |

## Operating expense total | 407.0m |

## Depreciation and amortization | 64.0m |

## EBITDA | 544.0m |

| 51% |

## EBIT | 480.0m |

| 45% |

## Interest expense | 39.0m |

## Interest income | 6.0m |

## Pre tax profit | 447.0m |

## Income tax expense | 101.0m |

## Net Income | 346.0m |

GBP | FY, 2006 | FY, 2007 | FY, 2008 | FY, 2009 | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 72.9m | 200.6m | 143.7m | 223.1m | 267.0m | 100.0b | 146.5b | 504.7b | 923.9m | 1.2b | 1.4b | 1.5b | |

## Accounts Receivable | 26.9m | 73.0m | 65.7m | 78.0m | 75.0m | 106.9m | 115.1m | 128.3m | 171.9m | 637.0m | 305.0m | 421.0m | |

## Inventories | 2.2m | 1.0m | 2.0m | 1.5m | 500.0k | 3.7m | 3.0m | ||||||

## Current Assets | 50.0k | 134.3m | 17.6b | 35.9b | 84.6b | 116.6b | 100.2b | 146.8b | 505.0b | 459.3b | 560.4b | 737.0b | 837.8b |

## PP&E | 58.8m | 72.8m | 79.9m | 74.9m | 93.0m | 73.3m | 80.1m | 93.3m | 93.9m | 108.0m | 129.0m | 149.0m | |

## Goodwill | 25.1m | 29.0m | 32.5m | 2.4b | |||||||||

## Total Assets | 50.0k | 267.1m | 19.6b | 37.6b | 86.2b | 118.1b | 102.4b | 148.9b | 507.9b | 463.3b | 564.8b | 742.0b | 842.8b |

## Accounts Payable | 3.3m | 23.3m | 20.1m | 15.1m | 19.0m | 31.7m | 30.4m | 43.9m | 452.4m | 105.0m | 50.0m | 52.0m | |

## Short-term debt | 522.0m | ||||||||||||

## Current Liabilities | 50.0k | 329.4m | 17.9b | 35.8b | 84.4b | 116.3b | 100.1b | 146.4b | 504.4b | 458.6b | 559.8b | 736.2b | 836.9b |

## Long-term debt | 1.4b | ||||||||||||

## Non-Current Liabilities | 290.2m | 470.1m | 853.3m | 856.8m | 705.0m | 986.8m | 1.0b | 1.8b | 1.9b | 1.9b | 2.1b | 2.6b | |

## Total Debt | 155.7m | 427.2m | 900.0k | 100.0k | 10.5m | 400.0k | 278.7m | 930.2m | 618.7m | 2.0b | 41.0m | ||

## Total Liabilities | 50.0k | 619.6m | 18.4b | 36.7b | 85.3b | 117.0b | 101.1b | 147.4b | 506.3b | 460.5b | 561.7b | 738.2b | 839.5b |

## Common Stock | 24.0m | 24.0m | |||||||||||

## Additional Paid-in Capital | 2.0 | 253.0m | 19.1m | 18.7m | 18.8m | 19.0m | 18.8m | 18.8m | 18.8m | 24.0m | 24.0m | 964.0m | |

## Retained Earnings | 78.4m | 122.3m | (403.3m) | 25.2m | 84.0m | 448.4m | 139.6m | 104.1m | 74.6m | 63.0m | 419.0m | 424.0m | |

## Total Equity | 2.0 | (352.5m) | 1.2b | 956.9m | 927.9m | 1.0b | 1.4b | 1.5b | 1.6b | 2.7b | 3.1b | 3.8b | 3.3b |

## Debt to Equity Ratio | -0.4 x | 0.4 x | 0 x | 0 x | 0 x | 0 x | 0.2 x | 0.3 x | 0.2 x | 0.5 x | 0 x | ||

## Debt to Assets Ratio | 0.6 x | 0 x | 0 x | NaN x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | ||

## Financial Leverage | 25 k x | -0.8 x | 16.7 x | 39.3 x | 92.9 x | 113.8 x | 74.4 x | 97.3 x | 324.5 x | 168.8 x | 181.8 x | 197.8 x | 252.1 x |

GBP | H1, 2018 |
---|---|

## Cash | 1.3b |

## Accounts Receivable | 431.0m |

## Current Assets | 5.0b |

## PP&E | 127.0m |

## Goodwill | 2.4b |

## Total Assets | 822.4b |

## Accounts Payable | 47.0m |

## Short-term debt | 475.0m |

## Current Liabilities | 816.5b |

## Long-term debt | 1.4b |

## Non-Current Liabilities | 2.0b |

## Total Debt | 1.9b |

## Total Liabilities | 818.5b |

## Common Stock | 24.0m |

## Additional Paid-in Capital | 964.0m |

## Retained Earnings | 570.0m |

## Total Equity | 3.9b |

## Debt to Equity Ratio | 0.5 x |

## Debt to Assets Ratio | 0 x |

## Financial Leverage | 210.4 x |

GBP | FY, 2007 | FY, 2008 | FY, 2009 | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 110.6m | 173.0m | (332.8m) | 91.7m | 156.0m | 531.4m | 215.5m | 198.0m | 288.0m | 263.0m | 586.0m | 553.0m |

## Depreciation and Amortization | 256.0m | |||||||||||

## Accounts Receivable | (36.0m) | |||||||||||

## Inventories | 1.0m | |||||||||||

## Accounts Payable | (47.0m) | |||||||||||

## Cash From Operating Activities | 138.2m | 177.9m | 225.1m | 215.2m | 264.5m | 303.0m | 342.5m | 325.3m | 434.2m | 241.0m | 659.0m | 722.0m |

## Purchases of PP&E | (47.0m) | |||||||||||

## Cash From Investing Activities | (821.0m) | |||||||||||

## Long-term Borrowings | (87.0m) | |||||||||||

## Dividends Paid | 33.2m | 46.0m | 65.3m | 65.2m | 67.0m | 73.6m | 77.4m | 80.8m | 115.5m | 130.0m | (178.0m) | 189.0m |

## Cash From Financing Activities | (274.2m) | (116.1m) | (237.8m) | (83.2m) | (174.0m) | 140.2m | (55.5m) | 194.4m | (257.9m) | (687.0m) | 378.0m | (475.0m) |

## Net Change in Cash | (153.9m) | 113.8m | (68.6m) | 82.5m | 46.7m | (42.9m) | 227.6m | 491.7m | 90.3m | (213.0m) | 1.4b | 84.0m |

## Interest Paid | (66.0m) | |||||||||||

## Income Taxes Paid | (39.9m) | (36.4m) | (41.5m) | (130.0m) |

GBP | H1, 2018 |
---|---|

## Net Income | 346.0m |

## Depreciation and Amortization | 141.0m |

## Accounts Receivable | (115.0m) |

## Accounts Payable | 174.0m |

## Cash From Operating Activities | 375.0m |

## Purchases of PP&E | (14.0m) |

## Cash From Investing Activities | (91.0m) |

## Long-term Borrowings | (227.0m) |

## Dividends Paid | (168.0m) |

## Cash From Financing Activities | (292.0m) |

## Net Change in Cash | (96.0m) |

## Interest Paid | (30.0m) |

## Income Taxes Paid | (60.0m) |

GBP | Y, 2018 |
---|---|

## EV/EBITDA | 11.2 x |

## EV/EBIT | 15.4 x |

## EV/CFO | 16 x |

## Financial Leverage | 252.1 x |