bme 3q15.ppt [modo de compatibilidad]€¦ · growth in the future on the ibex 35® and the future...
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- 1 -
October 2015
Business Evolution January – September 2015
Business
Performance
January–September 2015
- 2 -
October 2015
Business Evolution January – September 2015
DisclaimerThis presentation, which is personal to the recipient, has been prepared and produced by Bolsas y Mercados Españoles, Sociedad Holding de Mercados
y Sistemas Financieros, S,A, (“BME”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of
investments concerning BME, Unless otherwise stated, BME is the source for all data contained in this presentation, Such data is provided as at the date
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- 3 -
October 2015
Business Evolution January – September 2015
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 4 -
October 2015
Business Evolution January – September 2015
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 5 -
October 2015
Business Evolution January – September 2015
Results
Net profit
Best 9M Results since 2008
+8.4%(€ Million)
118.4
105.1 105.2
122.2
132.5
9M11 9M12 9M13 9M14 9M15
- 6 -
October 2015
Business Evolution January – September 2015
Results
Net profit
Net profit increase of 6.3% compared to 3Q14
+6.3%(€ Million)
38.5
42.7
47.044.5
40.9
3Q14 4Q14 1Q15 2Q15 3Q15
- 7 -
October 2015
Business Evolution January – September 2015
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
78%
90%
106% 109% 105% 103%
112%118%
114% 112%118%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
- 8 -
October 2015
Business Evolution January – September 2015
Key ratios benchmarking
• Efficiency • ROE
- BME´s data as of 30/09/2015
- Average peer Group figures are calculated using last results published and not taking account
of goodwill impairment charges
- 9 -
October 2015
Business Evolution January – September 2015
Dividends: Maximizing shareholders´ returns
Sustainability of Pay-out
• Next interim dividend date: 29th December
0.956 0.986
0.40 0.40 0.40 0.40 0.40 0.40 0.40
0.60 0.60 0.60 0.60 0.60 0.60
1.016 0.986
0.60 0.60 0.60 0.60 0.650.89
0.372 0.372 0.372 0.372
2007 2008 2009 2010 2011 2012 2013 2014 2015
First Interim Dividend Second Interim Dividend Suplementary Dividend Extraordinary Dividend
1.972 1.972Total Dividends
/Share
Pay Out 82% 86%
1.9721.9721.972
89% 86% 86%
1.972
98%
1.65
96%
1.89
96%
- 10 -
October 2015
Business Evolution January – September 2015
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 11 -
October 2015
Business Evolution January – September 2015
Business Areas
Consolidated Revenues
9M 2015 - %
EBITDA
9M 2015- %
Equity
47.4%
Settlement
24.2%
Clearing
5.3%
Information
11.2%
Derivatives
3.6%
Fixed
Income
2.9%
IT &
Consulting
5.3%
Equity
49.5%
Settlement
25.7%
Clearing
3.3%
Information
13.8%
Derivatives
2.9%
Fixed
Income 1.9%
IT &
Consulting
2.9%
- 12 -
October 2015
Business Evolution January – September 2015
Equity Market
Equity- Turnover (€Mill.)
Ninth consecutive quarter of growth
Equity trades (Mill.)
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 36,868 35,382 4.2% 120,895 114,496 5.6%
Expenses (9,485) (9,418) 0.7% (28,344) (28,943) -2.1%
EBITDA 27,383 25,964 5.5% 92,551 85,553 8.2%
- 13 -
October 2015
Business Evolution January – September 2015
• Listing activity
Investment flows channeled through the Exchange (€ Million)• Total investment flows channeled through
Exchange ended September stood at €36.2
billion, 63.9% higher year on year and
outstripping the flows channelled throughout
the whole of 2014.
• BME keeps a prominent position in the IPO
market. The placement of new shares for
the nine month period amounted to €7.9
billion (+51.2%), ranking as the largest in
Europe and fifth globally by value of IPOs.
• Investment flows channeled through shares
issued of listed companies reached €28.3
billion (+67.8%) with €6.7 billion issued in
scrips (-16.3%).
Source: FESE (Federation of European Stock Exchanges)
Equity Market
- 14 -
October 2015
Business Evolution January – September 2015
Par Value registered in FI Market value registered in Equity
Securities under custody: Volumes
(€ Billion)
Settlement & Registration
Settlement: Number of trades settled
(Million of trades)
Revenue stability
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 18,859 19,676 -4.2% 61,794 60,821 1.6%
Expenses (4,283) (4,128) 3.8% (13,723) (12,201) 12.5%
EBITDA 14,576 15,548 -6.3% 48,071 48,620 -1.1%
- 15 -
October 2015
Business Evolution January – September 2015
Information
Information: Subscribers to primary market sources (Average for the period
in thousands of subscribers and millions of accesses per quote)
Information clients and number of clients with direct connections at historic highs
Note: It differs from the data published in 2014 by the addition of primary source subscribers of the derivatives market (MEFF)
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 9,820 7,655 28.3% 28,530 23,174 23.1%
Expenses (1,188) (770) 54.3% (2,833) (2,281) 24.2%
EBITDA 8,632 6,885 25.4% 25,697 20,893 23.0%
- 16 -
October 2015
Business Evolution January – September 2015
Turnover BME Clearing REPO (€ Million) Volume (Mwh) traded in Energy market (Thousand)
Clearing
Revenue growth partially offset the costs associated to Reform
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 4,482 4,120 8.8% 13,536 13,060 3.6%
Expenses (2,420) (1,725) 40.3% (7,439) (5,471) 36.0%
EBITDA 2,062 2,395 -13.9% 6,097 7,589 -19.7%
- 17 -
October 2015
Business Evolution January – September 2015
Derivatives
(Thousand of contracts)
Growth in the future on the IBEX 35® and the future on the Mini IBEX 35®
Stock derivatives contracts tradedIndex derivatives contracts traded
IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options
(Thousand of contracts)
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 2,988 2,808 6.4% 9,295 9,060 2.6%
Expenses (1,314) (1,223) 7.4% (3,858) (3,953) -2.4%
EBITDA 1,674 1,585 5.6% 5,437 5,107 6.5%
- 18 -
October 2015
Business Evolution January – September 2015
Fixed income
Volume admitted recovery
AIAF – Volume admitted (Million €)
Primary market recovery in Fixed Income:
• Issuance of fixed income in the first nine
months amounted to €311.6 billion (+16.9%).
• Private debt admissions to the Alternative
Fixed Income Market (MARF) continued to rise
during its second year of operations. Issues
totalling €591 million were admitted during the
first nine months, 81.3% more than in 9M 2014.
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 2,269 2,659 -14.7% 7,407 8,709 -15.0%
Expenses (1,294) (1,286) 0.6% (3,852) (3,795) 1.5%
EBITDA 975 1,373 -29.0% 3,555 4,914 -27.7%
Note: Included since 4Q14 the issues admitted to the Alternative Fixed Income Market (MARF)
- 19 -
October 2015
Business Evolution January – September 2015
IT & Consulting
Trading support services
Financial communication
Regulatory Compliance
Proximity/Colocation
Services VT Network
Highway
Confidence.Net (SIR/SICAM)
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 4,318 5,112 -15.5% 13,442 13,640 -1.5%
Expenses (2,637) (2,657) -0.8% (8,042) (8,091) -0.6%
EBITDA 1,681 2,455 -31.5% 5,400 5,549 -2.7%
- 20 -
October 2015
Business Evolution January – September 2015
Breakdown by business areas
Revenues
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Equity 36,868 35,382 4.2% 120,895 114,496 5.6%
Settlement & Registration 18,859 19,676 -4.2% 61,794 60,821 1.6%
Clearing 4,482 4,120 8.8% 13,536 13,060 3.6%
Information 9,820 7,655 28.3% 28,530 23,174 23.1%
Derivatives 2,988 2,808 6.4% 9,295 9,060 2.6%
Consulting & IT 4,318 5,112 -15.5% 13,442 13,640 -1.5%
Fixed income 2,269 2,659 -14.7% 7,407 8,709 -15.0%
- 21 -
October 2015
Business Evolution January – September 2015
Breakdown by business areas
EBITDA
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Equity 27,383 25,964 5.5% 92,551 85,553 8.2%
Settlement & Registration 14,576 15,548 -6.3% 48,071 48,620 -1.1%
Clearing 2,062 2,395 -13.9% 6,097 7,589 -19.7%
Information 8,632 6,885 25.4% 25,697 20,893 23.0%
Derivatives 1,674 1,585 5.6% 5,437 5,107 6.5%
Consulting & IT 1,681 2,455 -31.5% 5,400 5,549 -2.7%
Fixed income 975 1,373 -29.0% 3,555 4,914 -27.7%
- 22 -
October 2015
Business Evolution January – September 2015
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 23 -
October 2015
Business Evolution January – September 2015
Balance sheet
as of September, 30th
(Thousands of €)2015 2014
Goodwill 80,619 80,619
Other non-current assets 90,597 91,573
Cash and cash equivalents 241,551 204,349
Current financial assets 94,684 110,683
Non-Group current financial assets 33,522,583 25,459,077
Other current assets 45,031 45,427
Total assets 34,075,065 25,991,728
Owners' Equity 444,202 427,469
Non-current liabilities 17,488 17,805
Current liabilities 33,613,375 25,546,454
Total equity and liabilities 34,075,065 25,991,728
- 24 -
October 2015
Business Evolution January – September 2015
P/L
Thousands of € 3Q 2015 3Q 2014 % 9M 2015 9M 2014 %
Revenues 83,304 79,505 4.8% 264,626 249,035 6.3%
Expenses (25,542) (24,237) 5.4% (78,041) (74,195) 5.2%
EBITDA 57,762 55,268 4.5% 186,585 174,840 6.7%
EBIT 56,134 53,668 4.6% 181,807 170,030 6.9%
Financial results 174 397 -56.2% 981 1,908 -48.6%
Share of profit (loss) of associates 164 326 -49.7% 443 1,058 -58.1%
EBT 56,472 54,391 3.8% 183,231 172,996 5.9%
Net Profit 40,914 38,495 6.3% 132,468 122,229 8.4%
- 25 -
October 2015
Business Evolution January – September 2015
EBITDA 9M 2015/2014[€ Mill.] Net Profit 9M 2015/2014 [€ Mill.]
Comparison with 9M 2014
Revenues 9M 2015/2014 Costs 9M2015/2014
Margins
[€ Mill.] [€ Mill.]+ 6.3% + 5.2%
+ 6.7% + 8.4%
264,6 249,0
9M 2015 9M 2014
78,074,2
9M 2015 9M 2014
186,6 174,8
9M 2015 9M 2014
132,5 122,2
9M 2015 9M 2014
- 26 -
October 2015
Business Evolution January – September 2015
30,7% 30,5% 29,5% 29,8%
3Q15 3Q14 9M15 9M14
45,5% 45,2% 42,9% 43,6%
3Q15 3Q14 9M15 9M14
Efficiency & ProfitabilityROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency
Cost/EBIT Ratio Evolution Efficiency Ratio Evolution
37,4% 36,5%41,1% 40,1%
3Q15 3Q14 9M15 9M14
67,4% 67,5% 68,7% 68,3%
3Q15 3Q14 9M15 9M14
- 27 -
October 2015
Business Evolution January – September 2015
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 28 -
October 2015
Business Evolution January – September 2015
Business drivers: Highly liquid market • Spanish blue-chips are of the most liquid stocks in the EMU
Source: Bloomberg 1) As of 30/09/15
RK
9M15
152.1
120.9
112.0
102.2
100.6
100.6
98.9
93.0
90.5
88.9
49.4
47.6
1
2
3
4
5
6
7
8
9
10
27
28
0.79
0.64
0.59
0.53
0.53
0.53
0.51
0.49
0.48
0.47
0.26
0.25
3.35%
3.19%
2.23%
2.38%
1.64%
4.77%
2.34%
4.79%
0.80%
5.13%
1.71%
1.55%
Company
Daily avg. 9M15Relative weight at
EuroStoxx50 (%)1)Turnover (€ Biilion) Turnover (€ Biilion)
- 29 -
October 2015
Business Evolution January – September 2015
• Quality of spreads and best market impact for Spanish stocks
IBEX 35® average annual bid-ask spread
Business drivers: Highly liquid market
Source: Market annual and monthly reports
The progressive narrowing
of the bid-ask spread in
IBEX 35® benchmark has
meant savings in transaction
cost of 5.3 basis points
since 2012.
- 30 -
October 2015
Business Evolution January – September 2015
Value Creation
Latin America “Core” Enrichment
Regulatory
Opportunities
Positive Cycle− Macro Trends− Structural change in financing− Expansionary Monetary Policy− Tax Reform
− IRS− REGIS-TR®− Post-Reform – T2S− Securities Services Solutions− IT Compliance Services− APAs
− Technology− Consulting− Partnership− Open Finance− Regulation
− Índices− New securities (Multis, ETFs,
Derivatives, etc.)− Market Data contents− Funds Platform
- 31 -
October 2015
Business Evolution January – September 2015
Q&A
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