bme 1q12 eng (con diapositivas adicionales).ppt [modo de ...€¦ · - 8 - april 2012 business...
TRANSCRIPT
- 1 -
April 2012
Business Evolution January – March 2012
BusinessPerformance
First quarter 2012
- 2 -
April 2012
Business Evolution January – March 2012
Disclaimer
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THIS INFORMATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE ORSOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORMTHE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TOPURCHASE SHARES.
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April 2012
Business Evolution January – March 2012
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 4 -
April 2012
Business Evolution January – March 2012
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 5 -
April 2012
Business Evolution January – March 2012
ResultsNet Profit
Net Profit decrease of 14.4% (3,2% compared to 4Q11)
(€ Million)
41.536.5
40.536.7 35.5
1Q11 2Q11 3Q11 4Q11 1Q12
- 14.4%
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April 2012
Business Evolution January – March 2012
1,728 1,723
1,882
2,197
1-15 Feb 15-29 Feb 1-15 Mar 15-31 Mar
1Q/12: Short selling ban effect
No se puede mostrar la imagen en este momento.
• Daily turnover average evolution
Steady recovery in volumes
(€ Millon)
+ 9.2%
+ 16.8%
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April 2012
Business Evolution January – March 2012
142,776
174,369
339,984
541,279
1-15 Feb 15-29 Feb 1-15 Mar 15-31 Mar
1Q/12: Short selling ban effect
No se puede mostrar la imagen en este momento.
• Evolution of number of contracts on the Derivatives Market
Steady recovery in volumes
(Number of contracts)
+ 95.0%
+ 59.2%
+ 22.1%
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April 2012
Business Evolution January – March 2012
1Q/12: Short selling ban effect
No se puede mostrar la imagen en este momento.
Business units Under short selling ban
Volumes 1Q12
(%)After short selling ban
Stocks under short selling ban (Average)Equity Turnover Number of tradesNumber of shares
Equity (IBEX 35®)Equity Turnover in order book (Eur Millions) Number of trades (Millions)Number of shares (Millions)
Derivatives (Contracts)IBEX 35® Futures MiniIBEX 35® FuturesIBEX 35® Options Stock Futures Stock Options
53,2664.27
9,805
411,786205,691152,067
2,230,3183,941,907
+58.5%+58.7%+75.8%
+4.5%+13.3%+5.5%
+48.2%+40.9%
+117.0%+117.8%+39.6%
55,6604.84
10,348
610,235289,775329,933
4,857,4125,503,363
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April 2012
Business Evolution January – March 2012
Profit and Loss Account 1Q12
Thousands of € 1Q 2012 1Q 2011 %
Revenues 77,386 84,910 -8.9%
Expenses (25,080) (24,522) 2.3%
EBITDA 52,306 60,388 -13.4%
EBIT 50,247 58,453 -14.0%
Financial results 541 706 -23.4%
EBT 50,640 59,005 -14.2%
Net Profit 35,513 41,480 -14.4%
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April 2012
Business Evolution January – March 2012
Dividends: Maximizing shareholders´ returns
Pay-out Dividend proposal: maintenance of dividend/share
Suplementary Dividend: 0.6 €/share – 4th May
Extraordinary Dividend: 0.372 €/share – 11th May
0.60
0.956 0.986
0.40 0.40 0.40
0.60 0.60 0.60
0.600
1.016 0.986
0.60 0.60 0.60
0.372 0.372 0.372
2006 2007 2008 2009 2010 2011
First Interim Dividend Suplementary Dividend Second Interim Dividend Extraordinary Dividend
1.20 1.972
Total Dividends
/Share
Pay Out 77% 82%
1.9721.9721.972
Pay Out 86% 89% 86%
1.972
86%
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April 2012
Business Evolution January – March 2012
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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April 2012
Business Evolution January – March 2012
Business Areas
Consolidated Revenues 1Q 2012 - %
EBITDA 1Q 2012 - %
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April 2012
Business Evolution January – March 2012
Equity Market
Equity (Turnover, volume and shares traded)
Recovery after the lifting of the short selling ban
Thousands of € 1Q 2012 1Q 2011 %
Revenues 30,184 38,392 -21.4%
Expenses (8,215) (7,977) 3.0%
EBITDA 21,969 30,415 -27.8%
99
67
82 82 8374
105
71
59
7869
59
70
46
61
23.4
10.5 10.718.1
9.3 10.821.7
10.0 9.7
24.8
8.2 7.9 28.1 6.712.9
4.63.8
4.6
3.5 3.4 3.54.2 4.5
3.7 4.03.4
2.8
3.9
3.4
4.0
1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
247 238 235
207
177
44.6 38.2 41.3 40.8 47.7
13.0
10.512.4
10.211.3
1Q11 2Q11 3Q11 4Q11 1Q12M
iles
de m
illo
nes
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
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April 2012
Business Evolution January – March 2012
1,615 1,615 1,612 1,664 1,728
1Q11 2Q11 3Q11 4Q11 1Q12
11.610.4
11.8 11.9 11.5
1Q11 2Q11 3Q11 4Q11 1Q12
Clearing and Settlement
Settlement: Number of trades settled (Million of trades)
Securities under custody: Nominal value(Billion €)
Increase in total nominal amount registered
Thousands of € 1Q 2012 1Q 2011 %
Revenues 19,528 18,985 2.9%
Expenses (3,460) (3,297) 4.9%
EBITDA 16,068 15,688 2.4%
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April 2012
Business Evolution January – March 2012
102 100 102108 108
4.94.4
3.93.1 3.6
1Q11 2Q11 3Q11 4Q11 1Q12
Subscribers (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)
Positive trend continues
Thousands of € 1Q 2012 1Q 2011 %
Revenues 8,856 7,841 12.9%
Expenses (1,851) (1,394) 32.8%
EBITDA 7,005 6,447 8.7%
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April 2012
Business Evolution January – March 2012
1Q11 2Q11 3Q11 4Q11 1Q12
127.4
68.370.8
36.5
103.0
Listing
AIAF: New listings (Billion €)
Commercial paper
Corporatebonds
MBS ABS Preferredsecurities
Growth on AIAF fixed income market activity
• Investment flows channeled through the Exchange from listed companies remain strong in 1Q12, €6.9 billion of new inflows
• 80.0% private fixed income issues growth yoy. The outstanding balance for the first time exceeded 900,000 million euros
Thousands of € 1Q 2012 1Q 2011 %
Revenues 6,091 6,252 -2.6%
Expenses (2,315) (2,317) -0.1%
EBITDA 3,776 3,935 -4.0%
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April 2012
Business Evolution January – March 2012
1,575
1,2811,473
952 1,022900
723
936
540 495487 502598 611
482
1Q11 2Q11 3Q11 4Q11 1Q12
IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options
8,006 8,437
5,2305,905
7,088
8,368
6,164 5,784
9,094 9,445
1Q11 2Q11 3Q11 4Q11 1Q12
Stock Futures Stock Options
Derivatives
Stock derivatives contracts tradedIndex derivatives contracts traded
Strong recovery after February,15. Open interest increase of 8.2%
(Thousand of contracts) (Thousand of contracts)
Thousands of € 1Q 2012 1Q 2011 %
Revenues 5,451 6,829 -20.2%
Expenses (2,913) (2,779) 4.8%
EBITDA 2,538 4,050 -37.3%
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April 2012
Business Evolution January – March 2012
Fixed income
AIAF – Turnover (Billion €)
MBS& ABS
Commercial paper
Corporatebonds
Preferred securities
Best result ever for the business unit
Thousands of € 1Q 2012 1Q 2011 %
Revenues 2,905 2,298 26.4%
Expenses (754) (729) 3.4%
EBITDA 2,151 1,569 37.1%
Significant increase (+51%) intrading to maturity andnumber of trades. Decline in“repo” market due to ECBactivity
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April 2012
Business Evolution January – March 2012
IT & Consulting
Positive trend in every segment
Thousands of € 1Q 2012 1Q 2011 %
Revenues 4,102 3,690 11.2%
Expenses (2,618) (2,667) -1.8%
EBITDA 1,484 1,023 45.1%
Post-trading
Continuity & Contingency
Compliance (SIR,SICAM,RIC)
Financial Comunication (Highway)
Consulting
Proximity services, VT Terminals
Hosting services widening
Regulatory reporting and market abuse
Increased coverage by region and entity
Projects in tendering and award
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April 2012
Business Evolution January – March 2012
Breakdown by business areas
€ Thousand 1Q 2012 1Q 2011 % 1Q 2012 1Q 2011 %
Equity Market 30,184 38,392 -21.4% 21,969 30,415 -27.8%
Clearing & Settlement 19,528 18,985 2.9% 16,068 15,688 2.4%
Listing 6,091 6,252 -2.6% 3,776 3,935 -4.0%
Market Data & Information 8,856 7,841 12.9% 7,005 6,447 8.7%
Derivatives 5,451 6,829 -20.2% 2,538 4,050 -37.3%
IT & Consulting 4,102 3,690 11.2% 1,484 1,023 45.1%
Fixed income 2,905 2,298 26.4% 2,151 1,569 37.1%
REVENUES EBITDA
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April 2012
Business Evolution January – March 2012
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 22 -
April 2012
Business Evolution January – March 2012
Balance sheet
as of March, 31th (Thousands of €)
2012 2011
Goodwill 82,190 82,190
Other non-current assets 86,261 87,674
Cash and cash equivalents 344,800 377,925
Non-Group current financial assets 36,890,623 33,832,253
Other current assets 95,569 72,259
Total assets 37,499,443 34,452,301
Equity 475,372 488,957
Non-current liabilities 17,783 14,988
Current liabilities 37,006,288 33,948,356
Total equity and liabilities 37,499,443 34,452,301
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April 2012
Business Evolution January – March 2012
P/L
Thousands of € 1Q 2012 1Q 2011 %
Revenues 77,386 84,910 -8.9%
Expenses (25,080) (24,522) 2.3%
EBITDA 52,306 60,388 -13.4%
EBIT 50,247 58,453 -14.0%
Financial results 541 706 -23.4%
EBT 50,640 59,005 -14.2%
Net Profit 35,513 41,480 -14.4%
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April 2012
Business Evolution January – March 2012
EBITDA 1Q 2012/2011 [€ Mill.] Net Profit 1Q 2012/2011 [€ Mill.]
Comparison with 1Q 2011
Revenues 1Q 2012/2011 Costs 1Q 2012/2011
Margins
[€ Mill.] [€ Mill.]
-8.9% + 2.3%
- 13.4% - 14.4%
77.4 84.9
1Q 2012 1Q 2011
25.124.5
1Q 2012 1Q 2011
52.3 60.4
1Q 2012 1Q 2011
35.5 41.5
1Q 2012 1Q 2011
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April 2012
Business Evolution January – March 2012
32.4% 28.9%
1Q12 1Q11
49.9%42.0%
1Q12 1Q11
64.9% 68.8%
1Q12 1Q11
Efficiency & ProfitabilityROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency
Efficiency Ratio EvolutionCost/EBIT Ratio Evolution
31.2%35.6%
1Q12 1Q11
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April 2012
Business Evolution January – March 2012
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
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April 2012
Business Evolution January – March 2012
Business drivers: Highly liquid market
CompanyRK2012 Daily avg. 1Q12 Relative weight at
EuroStoxx50 (%) 1)Turnover (Billion €) Turnover (Billion €)
Source: Bloomberg 1) As of 31/03/2012
• Spanish blue-chips are the most liquid stocks in the EMU
35.6
33.3
27.9
27.7
27.4
26.5
26.1
26.0
24.7
23.3
11.0
7.1
1
2
3
4
5
6
7
8
9
10
30
41
0.55
0.51
0.43
0.43
0.42
0.41
0.40
0.40
0.38
0.36
0.17
0.11
3.715%
1.332%
1.010%
3.469%
2.076%
2.464%
4.629%
0.571%
6.025%
2.521%
2.447%
2.022%
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April 2012
Business Evolution January – March 2012
1
2
3
4
5
6
7
8
9
10
3Q11 1Q12
0.04%
0.05%
0.05%
0.05%
0.05%
0.06%
0.10%
0.10%
0.16%
0.12%
0.076%
0.003
0.006
0.003
0.002
0.010
0.045
0.015
0.036
0.004
0.004
0.09%
0.06%
0.11%
0.09%
0.08%
0.09%
0.16%
0.17%
0.27%
0.29%
0.122%
0.005
0.008
0.006
0.004
0.016
0.058
0.020
0.055
0.007
0.010
The transaction cost forinvestors as measured bythe average spread hasrecovered 4.1 basispoints for the IBEX 35 ®,and returned to values ofimplicit cost prior to theintroduction of regulationson short positions infinancials
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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April 2012
Business Evolution January – March 2012
• Distribution by markets of business volume of the IBEX 35® companies (2009 – 2011)
Diversified market
Source: Interim Reports from listed companies obtained from CNMV
2009 2011
48%
19%
10%
23%
Rest OCDE EU Spain
52%
40%
18%
15%
27%
Rest OCDE EU Spain
60%
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April 2012
Business Evolution January – March 2012
Key ratios benchmarking• Efficiency • ROE
- BME´s data as of 31/03/2012
- Average peer Group figures are calculated using last results published and not taking account of goodwill impairment charges
31.2%17.9%
BME Average Peer Group
32.4%44.7%
BME Average Peer Group
- 31 -
April 2012
Business Evolution January – March 2012
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
78%90%
106% 109% 105% 103%112% 116%
2005 2006 2007 2008 2009 2010 2011 1Q12
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April 2012
Business Evolution January – March 2012
Projects•Shares, ETFs, Warrants and other securities, traded on one single system•The new system multiplies transactional capacity while providing growth potential•Reduction of latency over ten times
SIBE
•New services “Reference Data” and “End of Day” •New content: securities lending, margin buying, floating capital, index futures replicating portfolios, historical price and volume series
MARKET DATA
•Growth in the number of entities signed up for the service (+ 61.5%)PROXIMITY
• Is reaffirmed as a funding mechanism for companies•With the listings of Suávitas, Carbures and Bionaturis, the growth segment companiesamounted to 21
MAB
•Double the number of members in its first year and the volume of activity grows 183% in the second half runningMEFFPOWER
•Good reception with the latest developments and last corporate debt issues•The turnover and the number of trades increase over 10 fold compared to 1Q11SEND
•Funds Platform aims to provide greater efficiency to the process of subscription and redemptionFunds Platform
•Upcoming launch of the contractBONO 10
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April 2012
Business Evolution January – March 2012
Q&A