Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW

Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW) — Q1 2019 Earnings Presentation

30 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Apr 30, 2019

  1. Slide 1: GPW Group's Financial Results 1Q 2019

    GPW Group’s Financial Results 1Q 2019 30 April 2019

  2. Slide 2: Summary of the GPW Group's Activity in 1Q'19

    Summary of the GPW Group’s Activity in 1Q’19 Financial Results of the GPW Group in 1Q’19

  3. Slide 3: 1Q'19 summary

    1Q’19 summary 1. Continued implementation of the strategy of further diversification of GPW Group business lines and increased shareholder return • Updated financial ambitions of the GPW Group for 2022. • Increased dividend per share: not less than PLN 2.4 per share paid from the 2019 profit, increa

  4. Slide 4: Higher fee to KNF impacting 1Q'19

    Higher fee to KNF impacting 1Q’19 Sales revenue Net profit  Sales revenue PLN mn Sales revenue down by 4.9% QoQ PLN mn -4.9% and 2.1% YoY in 1Q’19. -34.2% 85.9 88.5 37.1 84.2  Net profit -2.1% 29.9 Net profit down by 34.2% QoQ and down by 18.3% YoY in 1Q’19. 24.5 -18.3%  EBITDA EBITDA down by 26.

  5. Slide 5: Stable investor activity

    Stable investor activity Value of EOB trading on the Main Market EOB Trading Turnover velocity PLN bn  Velocity ratio at 32.8% in 1Q’19 vs. 32.9% in 42,6% Q4 2018 and 31.1% in 1Q’18. 80 39,8% 4.5 % 34,9% 34,3% 32,9% 33,3% 32,8%  WIG20 gained 1.6% and WIG gained 3.4% in 4.0 % 70 30,6% 31,1% 30,7% 3

  6. Slide 6: Growing trading in derivatives

    Growing trading in derivatives  Total volume of trading in derivatives at 1.71 mn in Volume of trading in derivatives 1Q’19 vs. 1.76 mn in 1Q’18, down by 2.5% YoY. mn -2.5%  Volume of trading in WIG20 futures at 0.98 mn in 1Q’19 vs. 1.18 mn in 1Q’18, down by 16.6% YoY. 2.18 2.24 2.22 1.98 2.08 1.7

  7. Slide 7: Commodity market in 1Q'19

    Commodity market in 1Q’19  Electricity market: Total volume of trading in electricity at Volume of spot and forward trading in electricity and gas 44.3 TWh in Q1 2019 (+9.2% YoY, -34.2% QoQ). The volume of spot transactions at 8.5 TWh (+17.3% YoY, +9.4% QoQ). The volume of forward transactions at 3

  8. Slide 8: Financial Results of the GPW Group in 1Q'19

    Summary of the GPW Group’s Activity in 1Q’19 Financial Results of the GPW Group in 1Q’19

  9. Slide 9: Stable revenue and EBITDA margin

    Stable revenue and EBITDA margin Net profit and net profit margin Revenue EBITDA and EBITDA margin PLN mn PLN mn PLN mn 91.3% 62.7% 59.5% 59.6% 51.2% 45.8% 34.8% 44.0% 42.0% -2.1% 29.1% 85.9 86.6 85.7 88.5 84.2 -18.3% -12.3% 79.0 54.3 52.7 51.0 36.8 44.0 38.6 37.6 37.1 29.9 24.5 42.2 Q1’18 Q2’18 Q3’

  10. Slide 10: Trading revenue on the financial market

    Trading revenue on the financial market Q1’19: 38% Trading revenue – financial market mln zł  Trading revenue on the financial market at PLN 32.0 mn in 1Q’19 (-2.7% YoY and +4.6% QoQ)  Average EOB turnover in shares per session at PLN -2.7% 834.6 mn in 1Q’19 (–6.3% YoY and +0.9% QoQ) 32.9 32.0 30.

  11. Slide 11: Listing revenue

    Listing revenue Q1’19: 6,3% Listing revenue PLN bn  Two transfers from NewConnect to Main Market in 1Q’19 and three IPOs on NewConnect in 1Q’19.  Total trading revenue at PLN 5.3 mn. -11.0% 5.9 5.8  Free float on the Main Market at 52% in 1Q’19, and 5.7 5.4 5.3 in 4Q’18 vs. 49.0% in 1Q’18. -6.9%

  12. Slide 12: Historically high revenue from information services – financial market

    Historically high revenue from information services – financial market Q1’19: 14,5%  New clients in different market segments attracted 1Q’19: Revenue from information services1  3 data vendors; mln zł  4 non-display clients (incl. Systematic Internalizers);  4 processed data clients. +13.5%  L

  13. Slide 13: Volumes on the electricity and gas market

    Volumes on the electricity and gas market Q1’19: 18,9% Trading revenue – commodity market  Revenue from trading in 1Q’19 in electricity up by 3.4% to PLN PLN mn 3.2 mn YoY and down by PLN 2.4 mn QoQ (mainly due to a lower turnover on the forward market, down by 39.9% QoQ; spot transactions up by 17

  14. Slide 14: Revenue from clearing

    Revenue from clearing Q1’19: 12,9% Revenue from clearing PLN mn  Revenue from clearing down by 3.4% YoY and by 16.0% QoQ in Q1 2019 mainly due to a lower volume of trading -3.4% in property rights. 12.9 11.3 11.1 10.9  Revenue from the operation of the Register of Certificates 10.5 -16.0% of Origi

  15. Slide 15: Operating expenses impacted by KNF fee

    Operating expenses impacted by KNF fee  The Group’s operating expenses at PLN 54.3 mn in 1Q’19 (+12.3% YoY and Operating expenses: +12.3% YoY and +28.0% QoQ +28.0% QoQ). PLN mn  Cost/income ratio (C/I)2 at 64.5% in 1Q’19 vs. 48.0 in Q4 2018 and 56.3% 54.3 in 1Q’18. 48.4 43.0 42.4 12.9  Depreciati

  16. Slide 16: Share of profit of entities measured by the equity method

    Share of profit of entities measured by the equity method Share of profit of associates  Group’s share of profit of associates at PLN mln zł PAR KDPW 0.99 mn in 1Q’19 (+32.5% YoY and -48.6% 4.47 Aquis CG QoQ). 3.41  KDPW:  The Group’s share of the net profit of the 4.30 1.92 0.75 associate KDPW (

  17. Slide 17: GPW Group's consolidated statement of financial position

    GPW Group’s consolidated statement of financial position PLN mn 31.03.2018 30.06.2018 31.09.2018 31.12.2018 31.03.2019  The QoQ increase of Non-current assets, including among others 580,7 578,6 575,1 580,4 597,8 total assets as at 31 Property, plant and equipment 108,7 108,2 106,2 108,2 104,5 Marc

  18. Slide 18: Annex – Back-up Slides

    Annex – Back-up Slides

  19. Slide 19: GPW Group's consolidated statement of comprehensive income

    GPW Group’s consolidated statement of comprehensive income PLN mn Q1'18 Q4'18 Q1'19 Revenue 85,9 88,5 84,2  The YoY decrease of revenue in Q1 Financial market 49,6 48,1 49,5 2019 was mainly driven by a Trading 32,9 30,6 32,0 decrease of revenue on the Listing 5,9 5,7 5,3 commodity market. Informati

  20. Slide 20: GPW Group's consolidated statement of cash flows

    GPW Group’s consolidated statement of cash flows quarter edend 31 march of PLN mn 2019 2018 Cash flows from operating activities, including among others: 102,4 33,0 Cash flows from operating activities 111,5 49,0  Positive cash flows from operating Net profit of the period 24,5 29,9 activities in Q

  21. Slide 21: GPW Group's Revenue Structure

    GPW Group’s Revenue Structure 345,0 mln zł 151,9 mln zł Other revenues (0,4%) 0,2% Information services 0,4% 13,2% Clearing Register of Certificates of Origin 8,5% Commodity Trading - other market: 3,4% 44,0% 44,0% Trading - property rights 10,3% Trading - gas 3,2% 5,4% Trading - energy GPW Group’s

  22. Slide 22: Financial Market: Trading in Equities

    Financial Market: Trading in Equities Value of trading in equities and number of transactions Average number of transactions per session (thous.) Value of trading in equities (PLN bn) 28.7%1 80.2 76.9 70.1 73.1 71.5 65.9 55.3 51.9 55.5 51.4 48.4 46.4 38.2 251 236 207 220 205 203 204 167 188 190 160

  23. Slide 23: Financial Market: Trading in Derivatives

    Financial Market: Trading in Derivatives Volume of trading in derivatives Number of Open Interest (thou.) 3.2%2 184.8 168.1 165.0 159.6 156.5 132.8 137.2 138.1 140.1 143.6 131.0 104.2  Revenue drivers: 80.4  Volume of trading in futures 14.7 15.5 12.6 13.8 11.3 12.6 9.5 8.2 8.0 8.2 7.6  Number of

  24. Slide 24: Financial Market: Other Instruments and Fees Paid by Participants

    Financial Market: Other Instruments and Fees Paid by Participants Value of trading on Treasury BondSpot Poland (PLN bn) Cash transactions 3.1%1 Repo transactions 1.037 1.062 307 845 450 767 3.0%2 347 327 599 535 260 413 407 196 324 731 147 101  Revenue drivers: 135 612 498 255 58 439 84 101 339 338

  25. Slide 25: Financial Market: Listing

    Financial Market: Listing Capitalisation of domestic companies Market capitalisation/GDP(%) 6.3%1 Market capitalisation of domestoc companies (PLN bn) 36.8% 36.5% 34.8% 34.8% 32.0% 30.7% 28.9% 30.0% 27.9% 27.4%28.2%  Revenue drivers: 20.0% 671 593 591 579 598  Capitalisation at YE 543 523 517 557

  26. Slide 26: Financial and Commodity Market: Information Services

    Financial and Commodity Market: Information Services Number of data vendors Domestic Foreign 14.5%1 78 80 57 58 58 58 37 52 54 53 52 36 50 50 37 34 31 37 30 28 27 33  Revenue drivers: 31 32 42 43  Number of data vendors 19 18 19 20 21 24 27 24 25 25  Number of subscribers 2008 2009 2010 2011 2012

  27. Slide 27: Commodity Market: Trading in Electricity and Gas

    Commodity Market: Trading in Electricity and Gas Volume of trading in electricity (TWh)1 Spot 226.1 6.7%2 Forward 176.6 186.7 186.7 27.7 23.7 25.1 22.3 139.4 gaz 130.8 126.6 87.9 21.3 111.7 21.7 27.6  Revenue drivers: 13.4 25.2 198.3 154.3 163.0 161.6 109.1 118.1 40.6 44.3  Volume of trading in el

  28. Slide 28: Commodity Market: Trading in Property Rights

    Commodity Market: Trading in Property Rights Trading in property rights (TWh) Green certifiates Cogeneration 62,2 8.7%1 58,9 58,1 59,3 48,8 50,8 50,2 19,9 44,8 26,6 29,8 30,8 13,2 15,1 39,3 9,6 36,0 24,0 29,9 6,8 21,8  Revenue drivers: 42,4 35,7 32,1 35,2 35,6 32,3 13,3 26,2 28,3 28,5 10,9  Volume

  29. Slide 29: Commodity Market: Register of Certificates of Origin

    Commodity Market: Register of Certificates of Origin Volume of issued certificates of origin (TWh) Green certificates 50.7 9.0%1 47.2 48.5 47.5 Cogeneration 41.1 42.2 36.6 37.2 23.4 18.9 24.5 19.9 31.9 15.3 10.8 10.7 29.5 21.6 27.6  Revenue drivers: 11.9 19.6 18.0 6.1 5.5 25.8 26.6 25.9 27.3 28.3 2

  30. Slide 30: IR events and Contact: GPW Investor Relations

    IR events Disclaimer  31 July 2019 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its Publication of GPW Group’s consolidated interim report for H1 shareholders, analysts, and other contractors. This presentati

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