Results and Financial Statements

Updated to June 5, 2012


Directa's Facts and Figures

Directa is a private company with capital stock of € 6 million. It is controlled and managed by its Chairman Massimo Segre, and significant shares are held by Managing Director Mario Fabbri, and Chief Financial Officer Andrea Grinza.

The birth, start-up and development of a company like Directa are charted very clearly in the evolution of its Income Statement.
The company's financial statements do not reflect positive or negative contributions from trading in stocks: to protect its equity Directa undertakes not to execute operations on its own behalf and invests its liquid assets exclusively in fixed income securities.

A detailed account of the company's growth follows, going backwards from the present to its creation.

2012

The stockholder meeting has approved the financial statements for 2012, which closed with a net profit of € 404.075 versus € 600.735 of the previous year (-32.8%).

The number of order performed by customers was a total of 4.1 million (-12%).

The number of existing customers was reduced by 562 units, to 17,259, following the imposition of stamp duty on the accounts. Conversely increases from 172 to 180 the number of agreements between Directa and Banks (178) and Sim (2)

Additional Directa operativity data in 2012:

2011

The financial statements for the year 2011, closed with a net profit of € 600,735 compared to € 401,661 the previous year (+49.5%).

The total number of operations executed by the clientele amounted to 4.7 million (+9.3%).

The number of trading clients is also positive, growing in 2011 by 522 units to 17,821 (+3%), and conventions with italian regional banks increased from 163 (including 2 SIMs) on December 31, 2011 to 172 (+6%).

Additional data regarding Directa operations in 2011:


2010

The financial statements for 2010, closed with a net profit of € 402,000 compared to € 585,000 in the previous year (-31%).

There was a moderate contraction in the number of transactions executed by the clientele: a total of 4.3 million (-13.8%).

The data for trading clients was very positive; they increased by more than 1,000 units in 2010, reaching 17,299 (+6.6%), and conventions with brokers increased from 146 at the end of 2009 to 163 today (+11%), including 2 SIMs (+11%).

Additional data regarding Directa operations in 2010:


The Stockholders' meeting resolved not to distribute a dividend in order to strengthen company equity.

2009

The financial statements for 2009, closed with a net profit of € 585,000 compared to € 1.2 million the previous year (-51%).

There was a moderate contraction in the number of operations executed by the clientele: a total of 4.99 million (-6.5%).

The data for trading clients was very positive; they increased by approximately 2,000 units in 2009, reaching 16,225 (+14%), and conventions with italian regional banks increased from 129 at the end of 2008 to 146 today (+13%), including 2 SIMs.

Additional data regarding Directa operations in 2009:


The Stockholders' meeting resolved not to distribute a dividend in order to strengthen company equity.

2008

The financial statements for 2008, closed with a net profit of € 1.2 million, compared to € 2.65 million the previous year (-55%).
In spite of a long period of stagnation in the middle of the year and the serious crisis on the financial markets at the end of 2008, the number of transactions executed by the clientele (a total of 5.3 million) was only marginally below that of 2007, falling by just 3%.
In 2008 the number of trading clients grew by 6% to 14,234, while the number of regional banks signed up with Directa reached 129 (+ 13% compared to the end of 2007).

Additional data regarding Directa operations in 2008:

The Stockholders' meeting resolved not to distribute a dividend in order to strengthen company equity.


2007

The financial statements for 2007 closed with a net profit of € 2.65 million compared to € 1.75 million for the previous year (+51.4%).

The highlights of Directa operations in 2007 were:

2006

The financial statements for 2006 closed the year with a net profit of € 1.75 million (+23% compared to the close of the previous year).
Brokerage on cash markets: € 51.9 billion (+27%).
cash orders executed: 3.8 million (+14%).
futures contracts executed: 716,573 (+33%).
trading clients: 12,455 (+5%).
banks signed up at year end: 100 (+16%).

2005

The financial statements for 2005 closed with a net profit increased to € 1.2 million.
Gross commissions received totalled € 10.8 million (+25%) and brokerage on cash markets totalled € 40.8 billion (+39%).
Total cash orders executed numbered 3.3 million (+28%), derivative contracts totalled 539,000 (+25%), trading clients at the end of 2005 were 11,901 (+3.3%), and banks signed up 86 (+15%).

2004

The financial statements for 2005 closed with a net profit of € 93,921 compared to € 70,781 in 2003.
Commissions totalled € 8,694,000, while brokerage on cash markets (Italian and US stocks and covered warrants) totalled approximately € 29.4 billion.
The number of contracts executed on derivative markets totalled 430,776, 52% above the previous year. From July the services on offer also included the possibility of operating on the CME-Globex.

2003

With 11,033 trading clients, over 3.2 million orders were executed, out of more than 7 million orders processed; the net profit amounted to € 70,781; total brokerage increased by 18% on 2002 to € 30,682 million, net of volumes negotiated on IDEM, EUREX and US markets.

2002

Market trends continue to be weak and revenues fell for the entire online trading sector. For Directa it was a significant year of consolidation during which, while advertising costs were reduced to maintain the economic balance, technological investments were stepped up to boost the service, which was significantly improved ("tick by tick" push, Visual Trader supplemented by flashTrading, multiBook, flashBoard). Brokerage reached € 26,050 million (+14% compared to 2001), without counting the volumes for Fib and miniFib, instruments that were only introduced into Directa operations from October 16; 3,214,266 orders were executed, out of 6,592,379 orders processed (+26% on 2001 and +8% compared to the previous record of 2000), with an average of over 300,000 executed per month in the last quarter. The net profit was € 31,116 (compared to € 25,383 in 2001), and trading clients numbered 10,300 on December 31 (10,131 in 2001).

2001

The results were affected by the general contraction in volumes traded on the market, but Directa clients maintained a good level of activity. Brokerage reached Lire 44,081 billion, 2,541,464 orders were executed (5,436,169 received), the net profit amounted to Lire 49 million, and trading clients totalled 10,131 on December 31, 2001.

2000

The expansion continued: brokerage exceeded Lire 50,700 billion, with 6,189,000 orders received and 2,955,358 executed (compared to 639,008 in 1999), the net profit was Lire 8,191 million, and trading clients numbered 9,903 on December 31, 2000.

1999

This was the boom year for online trading in Italy. In a very competitive market, Directa demonstrated the robustness of its products: the number of trading clients increased to 4,350 and brokerage to Lire 7,199 billion.
In spite of the conspicuous increase in investments and advertising expenditure and the consistent fall in commissions, the net profit amounted to Lire 1,945 million.

1998

Thanks to the lively stock market at the beginning of the year, the volumes traded, the number of clients and the capital administered all reached consistent levels. Directa brokered 0.2% of the daily trading at Piazza Affari and by year-end had executed trading orders on Milan's electronic market for over Lire 1000 billion. The financial statement results confirmed the company's new-won solidity, with a net profit of Lire 961 million.

1997

Revenues increased gradually through the year and in spite of the considerable growth in advertising and technical expenditure necessary to boost the computer system, the year closed with a small profit of Lire 18 million. At year-end the company had executed trading orders on Milan's electronic market for approximately Lire 100 billion (approximately € 52 million).

1996

The first modest revenues started to mount up, and costs also increased as trading and the advertising campaigns got underway. The books therefore recorded a loss of Lire 191 million, covered, together with the previous loss, by an endowment of Lire 250 million from stockholders.

1995

At the end of its first year of existence, Directa closed the books with a loss of Lire 56 million: the cost of setting up the service continued to rise and no revenues were yet received from operations.