Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie — Q2 2014 Earnings Presentation
23 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Jul 31, 2014
Slide 1: Presentation of Results of WSE Group in Q2 2014
PRESENTATION OF RESULTS OF WSE GROUP IN Q2 2014 31 J ULY 2014
Slide 2: Key Events
Key Events Appointment of the Management Board for a new term of office WSE shares in Q2 2014 Dividend for 2013 – PLN 1.2 per share (PLN 0.78 for 2012) Capitalisation PLN 1.63 bn Return rate YTD - 6.3% As of 23 June, only WIG20 futures only with a multiplier of PLN 20 in trading Average trading valu
Slide 3: New WSE Management Board
New WSE Management Board 2012-2014 – Undersecretary of State, Ministry of Treasury, responsible for privatisation Paweł Tamborski 2010-2012 – Head of Investment Banking, Wood & Company CEO 1994-2012 – head of the investment banking team of UniCredit CAIB in Warsaw 2008-2012 – co-head of the London E
Slide 4: Unfavourable conditions on the financial market in Q2
Unfavourable conditions on the financial market in Q2 Falling turnover affects also other exchanges in the region Record-low volatility of WSE’s equities market Turnover dynamics in Q2 2014 vs Q1 2014 On-going parallel trend on WIG20 and WIG charts Investors’ concerns with the pension fund system Bu
Slide 5: Investors' share in WSE turnover
Investors’ share in WSE turnover Equities, Main Market (%) Equities, NewConnect (%) Futures (%) 2 2 2 3 10 11 6 14 16 17 16 19 6 10 11 10 7 36 20 17 43 47 47 48 47 49 24 32 37 37 36 38 36 34 35 37 92 88 87 39 34 35 34 38 77 73 69 38 62 53 52 50 50 46 47 46 18 27 19 18 18 15 13 2008 2009 2010 2011 20
Slide 6: Attractive dividend
Attractive dividend Dividend yield in the exchange sector (%)1 6,74 2.87 4,79 4,68 4,05 3,94 3,92 3,91 3,90 3,55 3,27 3,26 3,18 2,82 2,50 2,17 1,77 1,52 1,49 1,42 1,33 0,84 0,61 0,35 Dividend - WSE shares2 Dividend per share Dividend payout ratio 2,0 142% 1,5 1,0 Dividend record date: 7 August 2014
Slide 7: WSE Group Financials Q2 2014
WSE Group Financials Q2 2014 -7-
Slide 8: Stable financial position
Stable financial position Revenue (PLN mn) +7.3% YoY EBITDA (PLN mn) +2.7% YoY 86,5 EBITDA EBITDA margin 69,1% 79,4 64,7% 74,1 57,0% 70,00% 70,1 65,7 69,0 70,8 69,3 53,4% 56,2% 61,3% 63,9 64,6 48,7% 49,7% 60,00% 46,6% 43,2% 50,00% 51,4 53,0 40,00% 44,2 37,4 37,4 38,8 35,2 30,00% 32,0 31,4 32,3 20,00
Slide 9: WSE Group revenue
WSE Group revenue Revenue from the financial market (PLN mn) -13.8 QoQ Revenue from the commodity market (PLN mn) -32.4%QoQ -6.7% YoY +65.2% YoY Revenue from the financial market Revenue from the commodity market Share of the financial market in total revenue Share of the commodity market in total r
Slide 10: Trading in equities
Trading in equities Value of trading in equities on the Main Market (PLN bn) Revenue from trading in equities (PLN mn) -17.7% QoQ Revenue from trading in equities -9.1% YoY Share of total revenue Total turnover Electronic Order Book 45,9% 41,7% 37,8% 38,9% 33,5% 36,2% 33,2% 35,1% 34,4% 35,4% 59.3 43
Slide 11: Turnover in derivatives
Turnover in derivatives Volume of trading in derivatives (mn instruments) Revenue from trading in derivatives (PLN mn) Revenue from trading in derivatives Volume of derivatives Volume of WIG20 futures -32.6% QoQ Share of total revenue -33.9% YoY 2.8 3.2 2.7 2.6 3.2 3.4 3.4 2.7 3.2 2.2 11,3% 11,0% -3
Slide 12: Turnover in bonds
Turnover in bonds Value of trading on TBS Poland (PLN bn) Revenue from trading in bonds (PLN mn) Cash transactions Conditional transactions Revenue from trading in bonds -3.9% QoQ Share of total revenue -17.7% YoY 5,9% 6,3% -22.6% 5,1% 5,4% 350,0 4,7% 4,3% 4,2% 296 4,0% 300,0 266 4,1 3,7% 262 250 25
Slide 13: Issuers and IPOs
Issuers and IPOs Number of issuers of equities Revenue from listing (PLN mn) -3.3% QoQ Main Market NewConnect Listing fees Fees for introduction Share in total revenue +9.6% YoY +1.0% 8,6% 8,8% 8,3% 7,9% 7,9% 7,6% 8,1% 7,4% 7,2% 7,3% 855 867 875 888 888 895 892 897 6,3 6,1 799 831 5,3 5,5 5,5 5,7 5,
Slide 14: Commodity market: electricity
Commodity market: electricity Power market volumes (TWh) 1 Revenue from trading in electricity (PLN mn) Revenue from spot transactions in electricity Revenue from forward transactions in electricity +6.2% QoQ Spot Forward Share in total revenue +27.9% YoY 7,2% +18.4% 5,9% 5,4% 4,9% 4,3% 3,9% 4,1% 3,
Slide 15: Commodity market: natural gas
Commodity market: natural gas Gas market volumes (TWh) Revenue from trading in gas (PLN’000) Revenue from spot transactions in natural gas Revenue from forward transactions in natural gas 230,0 4,2 204,0 1,7 3,9 67,0 1,0 53,0 15,0 10,0 0,2 0,3 0,2 1,5 7,0 57,0 0,9 7,0 6,0 46,0 0,3 8,0 10,0 26,0 4,0
Slide 16: Commodity market: property rights
Commodity market: property rights Certificates of origin - trading volume (TWh) Revenue from trading in certificates (PLN mn) Green certificates of origin of electricity Other certificates of origin of electricity Revenue from trading in certificates of origin Share in total revenue 11,8% 9,0% 8,5%
Slide 17: Commodity market: register of certificates of origin
Commodity market: register of certificates of origin Register of certificates of origin: issuance (TWh) Revenue from operation of the register of certificates of origin (PLN mn) Issued property rights in green certificates of origin of electricity Revenue from operation of the register Share in tota
Slide 18: Information services and clearing
Information services and clearing Financial market - Commodity market - revenue from information services (PLN mn) revenue from clearing (PLN mn) Revenue from information services -2.8% QoQ -21.4% QoQ Revenue from clearing Share in total revenue Share in total revenue +11.6% YoY +40.3% YoY 14,8% 13,
Slide 19: Operating expenses
Operating expenses Operating expenses (PLN mn) Break-down of operating expenses in Q2 2014 total operating 35.0 39.3 34.4 39.7 36.8 44.0 40.2 45.1 43.9 44.4 Other expenses Depreciation 10,4% 2 & amortisation 4,9 2 5,5 4,0 4,6 Other 16,1% 4,8 5,9 4,5 External 4,6 7,8 12,7 9,7 10,5 service 4,2 Exter
Slide 20: Associates
Associates Share of profit of associates (PLN’000)1 Share of profit of associates (PLN’000) 4 577 4 649 Aquis Exchange (WSE stake: 32.61%) KDPW Group (WSE stake: 33.33%) 3 966 Centrum Giełdowe (WSE stake: 24.79%) 3 385 2 846 4 696 3 957 4 693 2 013 1 738 1 614 3 041 2 898 2 734 915 861 1 941 1 563 1
Slide 21: Structure of WSE Group revenue
Structure of WSE Group revenue PLN 69.255 mn 8% Clearing Commodity 7% Register of certificates of origin market: 29.4% of 1% revenue 9% Other fees paid by commodity market participants & trading in gas 5% Trading - property rights 14% Trading - electricity Information services 9% 4% Listing 2% 5% De
Slide 22: WSE Group balance sheet
WSE Group balance sheet PLN’000, under IFRS 30.06.2014 31.03.2014 30.06 2013 Non-current assets 587,013 590,634 568,880 Property, plant and equipment 118,530 121,045 128,000 Intangible assets 264,294 265,932 268,372 Investment in associates 188,674 187,811 154,050 Current assets 564,838 525,507 506,
Slide 23: Events / Contact
Events / Contact WSE IR Events WSE Investor Relations 7 August 2014, Thursday tel. +48 22 537 72 50 Divident record date ir@gpw.pl 26 August 2014, Tuesday http://www.gpw.pl/relacje_inwestorskie Dividend payment date 31 October 2014, Friday Q3 2014 results Warsaw Stock Exchange ul. Książęca 4, 00-498
Giełda Papierów Wartościowych w Warszawie — Q2 2014 Earnings Presentation on 6ix