Annual Report
Any attempt to summarize the main milestones of the CIMD Group in 2007 without having first given a brief overview of
the global and sector situation in which we find ourselves would not convey the true value of the achievements made by our company.
After the unprecedented global growth cycle of the last few decades, the financial crisis that began last summer has
significantly increased the volatility of the financial markets and has seriously disrupted operations, especially in the credit market. The impact of the financial crisis on
the real economy has already taken place and Spain is not immune. Our economy has entered a phase of cyclic slowdown caused by the end of real estate boom and accentuated by the effect of
the financial crisis. In this highly complex and uncertain situation, the CIMD Group has managed to comfortably fulfil its objectives in terms of both turnover and margins.
Furthermore, from a strategic point of view, 2007 was an excellent year for the Group following the incorporation of InterMoney
Portugal, S.F.C. at the end of the year. The Portuguese company allows us to take a further step forward in consolidating the Group in the Iberian Peninsula, which has been a primary
objective over the last few years in order to establish ourselves as major player in the Financial Services sector.
The most important figures from the previous financial year are as follows: revenue came to 48.7 million euros, which represents an
increase of 25.8% compared to the previous year. Profit before taxes, once the extraordinary profits from the sale of our shareholding in Bolsas y Mercados Españoles had been discounted,
reached 10 million euros, with over 400.000 operations having been carried out. All this comes with the support of the more than 280 professionals that represent the Group's finest asset.
To conclude, the 2007 financial year continued along the same upward trajectoy that the company has been following year after year.
We have achieved all the objectives we set ourselves for the year, and what is even more important, our business model has continued to demonstrate its credibility, and we hope that this will enable us to achive some
really top level results in the coming years.
New markets, consistent growth
After almost 25 years in business, CIMD Agencia de Valores continues to be the market leader in institutional financial intermediation. The
company's market share and turnover have established it as a benchmark for the competition.
In 2007, InterMoney, S.A. established itself as one of the benchmarks on the Iberian Peninsula in the field of specialized financial consulting, study
services and valuations. Thanks to the extensive experience of its team of professionals and the confidence demostrated by its customers, the analysis department continues to uphold its traditions and
prestige, constantly adapting to the ever-changing global economic circumstances.
The position of InterMoney Valores, S.V. in the Spanish market is more significant each year as a result of its consistent
work and the negociated volume increase in national and international variable income trading, and 2007 was no exception. Business in the credit and fixed income markets also continued to show significant growth.
The subsidiary in Portugal finished the year with really impressive growth, consolidating the Group's presence there and laying the
foundations for our services to continue through the new securities company InterMoney Portugal, S.F.C.
During the course of 2007, InterMoney Gestión S.G.I.I.C. continued its quest to diversify and improve. By the end of the year it was managing seven collective
investment institutions, including its new fund of funds: InterMoney Inversiones Globales, F.I., created halfway through the year.
After a year of internal consolidation and working in market confronted with a difficult and uncertain future, InterMoney Titulización, S.G.F.T.
managed to successfully complete 12 new securitization operations during the course of the year, totalling 14,585 million euros.
With regard to consultancy and management of energy markets and Spanish and international energy derivatives, InterMoney Energía, S.A. continued along
the lines of previous years. The company continues to be a benchmark for specialized information.
Although it has only been working within the Group for eighteen months, Wind to Market, S.A. has been tireless in its efforts to become the company of reference
in energy management for third parties in Spain, closing last year with a generation portfolio of approximately 1,300MW.
Solidary Day
With the aim of supporting projects that help the most disadvantaged people, the CIMD Group introduced Social Action to its business activities three years ago.
In December, we organized our most representative activity: the CIMD Solidarity Day, on which day we try to unite our work with that of our customers for charitable causes. Once again I would like to thank you all, our
customers and our staff, for the generous cooperation you demostrate every year to achive these humanitarian goals.
Over the past three years, almost half a million euros have been donated, resulting in: 19 projects with NGOs and Foundations.
Finally, I would like to finish by once again highlighting the hard work of the fantastic team of staff that makes up Group and the
confidence placed in us by our clients, shareholders and members of the Board, to all of whom I would like to convey my thanks, regards and affection.
Ramón Moreno
Chairman, CIMD, S.A.
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