BME Financial Results 3Q2013
description
Transcript of BME Financial Results 3Q2013
- 1 -
October 2013
Business Evolution January – September 2013
Business Performance
January –September 2013
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October 2013
Business Evolution January – September 2013
Disclaimer
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October 2013
Business Evolution January – September 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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October 2013
Business Evolution January – September 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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October 2013
Business Evolution January – September 2013
31.0 30.433.0
39.0
33.1
3Q12 4Q12 1Q13 2Q13 3Q13
ResultsNet profit
Net profit increase of 6.8% compared to 3Q12
+6.8% (€ Million)
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October 2013
Business Evolution January – September 2013
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
78%90%
106% 109% 105% 103%112%
118% 114%
2005 2006 2007 2008 2009 2010 2011 2012 9M 2013
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October 2013
Business Evolution January – September 2013
Key ratios benchmarking• Efficiency • ROE
- BME´s data as of 30/09/2013
- Average peer Group figures are calculated using last results published and not taking account of goodwill impairment charges
34.7%
11.9%
BME Average PeerGroup
32.9%
48.8%
BME Average PeerGroup
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October 2013
Business Evolution January – September 2013
Dividends: Maximizing shareholders´ returns
0.956 0.986
0.40 0.40 0.40 0.40 0.40
0.60 0.60 0.60 0.60
1.016 0.9860.60 0.60 0.60 0.60
0.372 0.372 0.372 0.372
2007 2008 2009 2010 2011 2012 2013
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%
Sustainability of Pay-out
• First 2013 interim dividend: 0.4 € / share
• Payment Date for next interim dividend: December, 27th 2013
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October 2013
Business Evolution January – September 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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October 2013
Business Evolution January – September 2013
Business Areas
Consolidated Revenues 9M 2013 - %
EBITDA 9M 2013 - %
Equity 37.3%
Clearing & Settlement
32.2%
Listing 5.0%
Information 11.9%
Derivatives 7.3%
Fixed Income 2.6%
IT & Consulting
3.6%
Equity 37.1%
Clearing & Settlement
27.6%
Listing 6.6%
Information 10.9%
Derivatives 9.0%
Fixed Income
2.9%
IT & Consulting
5.9%
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October 2013
Business Evolution January – September 2013
154 170
162 165 158
45.1 47.0 48.7 48.2 50.8
8.87.1
10.2 10.612.6
3Q12 4Q12 1Q13 2Q13 3Q13
Mile
s de
mill
ones
Equity Market
Equity (Turnover, volume and shares traded)
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
71
34
49
70
42
57
68
42
5258
48
59
73
36
48
29.7
6.4 9.028.2
7.6 11.228.2
8.4 12.127.5
9.5 11.129.0
7.314.5
4.0
2.3 2.5 2.72.3 2.1
3.33.5
3.43.9
3.2 3.5
4.3
3.6
4.7
7/12 8/12 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13
Turning point in activity and revenues
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 28,996 25,978 11.6% 83,211 86,071 -3.3%
Expenses (7,543) (7,746) -2.6% (23,345) (23,946) -2.5%
EBITDA 21,453 18,232 17.7% 59,866 62,125 -3.6%
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October 2013
Business Evolution January – September 2013
1,571 1,590 1,593 1,579 1,543
498 528 530 537 616
3Q12 4Q12 1Q13 2Q13 3Q13
Market value registered in Equity Nominal registered in Fixed income
2,1162,069 2,118 2,123 2,15910.7 10.6 10.411.6 12.1
3Q12 4Q12 1Q13 2Q13 3Q13
Securities under custody: Volumes (€ Billion)
Clearing and Settlement
Settlement: Number of trades settled(Million of trades)
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 18,364 19,051 -3.6% 61,829 60,433 2.3%
Expenses (3,266) (3,711) -12.0% (10,198) (10,922) -6.6%
EBITDA 15,098 15,340 -1.6% 51,631 49,511 4.3%
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October 2013
Business Evolution January – September 2013
100 97 94 92 87
4.0 4.0 3.6 3.8 3.9
3Q12 4Q12 1Q13 2Q13 3Q13Subscribers (Thous.) P.Quote (Mill.)
Market Data & Information
Information: Subscribers to primary market sources (Average for the period in thousands of subscribers and millions of accesses per quote)
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 8,070 8,510 -5.2% 24,513 26,067 -6.0%
Expenses (1,752) (1,787) -2.0% (5,477) (5,484) -0.1%
EBITDA 6,318 6,723 -6.0% 19,036 20,583 -7.5%
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October 2013
Business Evolution January – September 2013
7,9098,675
7,977
11,363
6,215
3Q12 4Q12 1Q13 2Q13 3Q13
• Companies find in the market the mean to adjust debt and reinforce their balances
Investment flows channeled to the Exchange (€ Million)
• Trend of strong activity in investment flows channelled to the exchange continues in 2013: €25.6 billion in the first nine months (+27.7%)
• Scrip dividends totalled €7.8 billion in 9M13 (+21.0% yoy)
Source: FESE (Federation of European Stock Exchanges)
Listing
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October 2013
Business Evolution January – September 2013
3Q12 4Q12 1Q13 2Q13 3Q13
29.8
69.9
25.0
45.0
81.6
Listing
AIAF: New listings (Billion €)
Commercial paper Corporate bonds MBS ABS Preferred securities
Effort form issuers in deleveraging continues with a result of reduction in Private Fixed Income listings
Revenues stabilise as a result of equity contribution
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 4,751 4,700 1.1% 14,798 16,166 -8.5%
Expenses (2,191) (2,247) -2.5% (6,758) (6,876) -1.7%
EBITDA 2,560 2,453 4.4% 8,040 9,290 -13.5%
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October 2013
Business Evolution January – September 2013
3,397 2,770
16,843
10,3918,997
5,814
26,712
18,477
3Q12 3Q13 9M12 9M13
1,184 1,305
3,8894,053
627456
2,077
1,4441,233 1,207
2,773
3,631
3Q12 3Q13 9M12 9M13
Derivatives
(Thousand of contracts)
Diversified improvement in margins
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 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 6,485 6,532 -0.7% 20,101 19,140 5.0%
Expenses (2,733) (2,842) -3.8% (8,391) (8,654) -3.0%
EBITDA 3,752 3,690 1.7% 11,710 10,486 11.7%
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October 2013
Business Evolution January – September 2013
496
666
340
258
192
75
76
6792
57244,638
422,544
122,193
399,126 381,378
3Q12 4Q12 1Q13 2Q13 3Q13
350
742
249
407
571
3Q12 4Q12 1Q13 2Q13 3Q13
407350
249
571
742
Fixed income
Increasing number of operations
AIAF – Turnover (Billion €)
Repo Cash TradesMBS& ABS
Commercial paper
Corporate bonds
Preferred securities
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 1,873 1,833 2.2% 6,453 7,141 -9.6%
Expenses (725) (753) -3.7% (2,240) (2,280) -1.8%
EBITDA 1,148 1,080 6.3% 4,213 4,861 -13.3%
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Business Evolution January – September 2013
IT & ConsultingThousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 3,932 3,844 2.3% 13,306 12,130 9.7%
Expenses (2,385) (2,534) -5.9% (7,477) (7,823) -4.4%
EBITDA 1,547 1,310 18.1% 5,829 4,307 35.3%
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October 2013
Business Evolution January – September 2013
Breakdown by business areas
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Equity 28,996 25,978 11.6% 83,211 86,071 -3.3%
Clearing & Settlement 18,364 19,051 -3.6% 61,829 60,433 2.3%
Listing 4,751 4,700 1.1% 14,798 16,166 -8.5%
Information 8,070 8,510 -5.2% 24,513 26,067 -6.0%
Derivatives 6,485 6,532 -0.7% 20,101 19,140 5.0%
Consulting & IT 3,932 3,844 2.3% 13,306 12,130 9.7%
Fixed income 1,873 1,833 2.2% 6,453 7,141 -9.6%
Revenues
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October 2013
Business Evolution January – September 2013
Breakdown by business areasEBITDA
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Equity 21,453 18,232 17.7% 59,866 62,125 -3.6%
Clearing & Settlement 15,098 15,340 -1.6% 51,631 49,511 4.3%
Listing 2,560 2,453 4.4% 8,040 9,290 -13.5%
Information 6,318 6,723 -6.0% 19,036 20,583 -7.5%
Derivatives 3,752 3,690 1.7% 11,710 10,486 11.7%
Consulting & IT 1,547 1,310 18.1% 5,829 4,307 35.3%
Fixed income 1,148 1,080 6.3% 4,213 4,861 -13.3%
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October 2013
Business Evolution January – September 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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October 2013
Business Evolution January – September 2013
Balance sheetas of September, 30th
(Thousands of €)2013 2012
Goodwill 82,190 82,190Other non-current assets 83,552 85,757Cash and cash equivalents 243,088 321,108Non-Group current financial assets 36,160,066 36,065,664Other current assets 91,728 40,864
Total assets 36,660,624 36,595,583
Owners' Equity 403,610 431,721External Partners 161 0Non-current liabilities 18,628 18,605Current liabilities 36,238,225 36,145,257
Total equity and liabilities 36,660,624 36,595,583
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October 2013
Business Evolution January – September 2013
P/L
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Revenues 72,537 70,559 2.8% 225,918 229,145 -1.4%
Expenses (23,652) (24,341) -2.8% (74,435) (75,178) -1.0%
EBITDA 48,885 46,218 5.8% 151,483 153,967 -1.6%
EBIT 47,162 44,207 6.7% 146,224 147,895 -1.1%
Financial results 506 481 5.2% 2,911 2,073 40.4%
EBT 47,507 44,554 6.6% 148,731 149,515 -0.5%
Net Profit 33,142 31,039 6.8% 105,160 105,084 0.1%
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Business Evolution January – September 2013
EBITDA 9M 2013/2012 [€ Mill.] Net Profit 9M 2013/2012 [€ Mill.]
Comparison with 9M 2012
Revenues 9M 2013/2012 Costs 9M 2013/2012
Margins
[€ Mill.] [€ Mill.]-1.4% - 1.0%
225.9 229.1
9M 2013 9M 2012
74.475.2
9M 2013 9M 2012
151.5 154.0
9M 2013 9M 2012
- 1.6% + 0.1%
105.2 105.1
9M 2013 9M 2012
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October 2013
Business Evolution January – September 2013
32.6% 34.5% 32.9% 32.8%
3Q13 3Q12 9M13 9M12
50.2%55.1% 50.9% 50.8%
3Q13 3Q12 9M13 9M12
65.0% 62.7% 64.7% 64.5%
3Q13 3Q12 9M13 9M12
Efficiency & ProfitabilityROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency
Cost/EBIT Ratio Evolution
33.1% 28.9%34.7% 32.4%
3Q13 3Q12 9M13 9M12
Efficiency Ratio Evolution
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October 2013
Business Evolution January – September 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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October 2013
Business Evolution January – September 2013
Business drivers: Highly liquid market • Spanish blue-chips are the most liquid stocks in the EMU
Source: Bloomberg 1) As of 30/09/13
RK9M13
123456789
10222733
Company Daily avg. 9M13
Turnover (€ Biilion)RK
98.090.484.168.365.364.762.061.558.956.736.835.934.2
123456789
10252627
0.510.470.440.360.340.340.320.320.310.300.190.190.18
3.760%2.650%1.430%2.550%1.940%5.080%2.570%4.170%3.660%2.910%1.350%1.220%0.830%
Relative weight at EuroStoxx50 (%)1)
Turnover (€ Biilion)
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October 2013
Business Evolution January – September 2013
123456789
10
Sept. 2012 Sept. 2013
0.03%0.04%0.06%0.05%0.07%0.05%0.09%0.07%0.09%0.09%
0.070%
0.0020.0030.0060.0020.0800.0090.0040.0170.0140.036
0.07%0.08%0.08%0.11%0.10%0.13%0.23%0.16%0.21%0.21%
0.132%
0.0040.0050.0090.0040.0950.0210.0040.0290.0230.075
The implicit transaction cost for investors measured by the IBEX 35® average spread has improved 6.2 bps since September 2012, moving from 0.132% to 0.07%
Business drivers: Highly liquid market • Quality of spreads and best market impact for Spanish stocks
Source: Market annual and monthly reports
CompanyRKAvg.Spread
(€)Avg.Spread
(%)Avg.Spread
(€)Avg.Spread
(%)
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October 2013
Business Evolution January – September 2013
• Distribution by markets of business volume of the IBEX 35® companies (2008 – 1H13)
Diversified market
Source: Interim Reports from listed companies obtained from CNMV
Spain EU OCDE Rest
19%
17%
26%
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October 2013
Business Evolution January – September 2013
Q&A