Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW) — Q1 2017 Earnings Presentation
31 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Apr 28, 2017
Slide 1: GPW Group's Financial Results Q1 2017
GPW Group’s Financial Results Q1 2017 28 April 2017
Slide 2: Speakers
Speakers Jarosław Jacek Fotek Grzywiński Vice President & acting President CFO GPW GPW Dariusz Michał Cieciórski Kułakowski Vice President Management Board GPW Member GPW 2
Slide 3: Summary of the GPW Group's Activity in Q1 2017
Summary of the GPW Group’s Activity in Q1 2017 Financial Results of the GPW Group in Q1 2017
Slide 4: Excellent Financial Results in Q1'17
Excellent Financial Results in Q1’17 Sales revenue Net profit 11.4% PLN m PLN m -4.3% Revenue increased to PLN 91.0 m (+11.4% qoq, +12.3% yoy) 91.0 33.0 31.5 81.0 81.7 12.3% 3.8 +23.6% 25.5 Net profit in Q1’17: PLN 27.7 m (up by 8.4% yoy) 27.7 Strict cost discipline Cost/income ratio in Q1’1
Slide 5: Highest Stock Velocity Ratio Since Q1'12
Highest Stock Velocity Ratio Since Q1’12 The best quarter since Q1’12 in terms of turnover in Highest velocity since Q1’12: 43.5% stocks: increase in PLN Q1’17 to PLN 66.7 bn (+20.6% qoq, +49.9% yoy): Value of trading, EOB (PLN bn) Velocity Ratio (%) Average daily value of trade up by 16.8% qoq
Slide 6: Continued Growth in the Derivatives Market
Continued Growth in the Derivatives Market Volume of derivatives trade m contracts +15.5% Volume of trade in WIG20 futures in Q1’17 at 1.29 m contracts (up by 7.6% qoq and 4.7% yoy) 2.20 2.18 2.24 2.01 2.09 +2.8% 1.91 1.94 1.98 1.87 Record-high volume of trade in single-stock futures in Q1’17 –
Slide 7: Commodity Market in Q1 2017
Commodity Market in Q1 2017 Volume of spot and forward transactions in electricity and gas Gas market – trade up in Q1’17 by 1.7% yoy. Electricity market (TWh) Natural gas market (TWh) Volume of spot trade 9.2 TWh – up by 18.3% yoy 58.9 37.4 35.5 Volume of forward trade 21.4 TWh – down by 4.1%
Slide 8: Financial Results of the GPW Group in Q1 2017
Summary of the GPW Group’s Activity in Q1 2017 Financial Results of the GPW Group in Q1 2017
Slide 9: Profitability Ratios Improved YoY
Profitability Ratios Improved YoY Net profit and net profit margin Sales revenue EBITDA and EBITDA margin PLN m 53.7% PLN m PLN m 70.6% 44.5% 40.3% 57.9% 58.1% 31.5% 50.7% 51.4% 30.5% +12.3% 91.0 81.0 81.7 74.5 73.7 52.0 47.5 46.8 39.5 41.1 43.1 33.1 33.0 25.5 27.7 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q1’1
Slide 10: Financial Market: The Driver of GPW Group Revenue in Q1 2017
Financial Market: The Driver of GPW Group Revenue in Q1 2017 Q1’17: 42.7% Trading revenue – financial market Trading revenue on the financial market PLN 38.9 m PLN m – highest since Q1’14 Fee on Market Maker transactions in non-WIG20 stocks reduced to 0 +37.1% Average turnover in shares per se
Slide 11: Stable Listing Revenue
Stable Listing Revenue Q1’17: 7.0% Listing revenue PLN m Total value of IPOs and SPOs in Q1’17 at PLN 56.7 bn (including Unicredit S.p.A - PLN 55.9 bn) +8.1% Capitalisation of domestic companies in Q1’16 6.1 6.1 6.3 at PLN 621.3 bn vs. PLN 557.1 bn in Q4’16 and 5.9 5.8 +3.4% PLN 543.7 bn in Q1’1
Slide 12: Uptrend in Revenue from Information Services
Uptrend in Revenue from Information Services Q1’17: 11.6% Revenue from information services PLN m New contracts with clients in different market segments 4 non-display clients +2.2% 1 data vendor 10.3 10.3 10.4 10.5 1 index licensee 10.0 +1.0% Continued increase in the number of subscriber
Slide 13: Trade on the Commodity Market Impacted by Regulations
Trade on the Commodity Market Impacted by Regulations Q1’17: 17.1% Trading revenue – commodity market PLN m Decrease in revenue from trade in gas and electricity driven by falling volumes -6.4% Volume of trade in electricity: -35.4% yoy and -29.7% qoq 16.6 16.5 Volume of trade in gas: +1.7% yo
Slide 14: Record-high Revenue from the Operation of the Register of Certificates of Origin
Record-high Revenue from the Operation of the Register of Certificates of Origin Q1’17: 11.4% Revenue from clearing PLN m Decrease of revenue from clearing due to lower -10.4% volumes of trade in the electricity market 11.5 11.1 10.3 Record-high revenue from the operation of the 9.0 -6.7% 7.5 Re
Slide 15: Operating Expenses Impacted by One-offs
Operating Expenses Impacted by One-offs Fees paid by GPW Group for supervision of the capital market (PFSA) Operating expenses: +23.3% qoq and +0.9% yoy ca. PLN 11.4 m (GPW’s estimate, actual payment in Q3) PLN m Donation to the Polish National Foundation – PLN 3 m (other 46.1 46.5 expenses) PFS
Slide 16: Profit of Associates
Profit of Associates Share of profit of associates Profit of the KDPW Group: higher cost due to one-off recognition of PFSA fees in PLN m 2.3 Aquis CG Q1’17 KDPW 1.4 1.5 1.2 Aquis Exchange: 3.2 share in the European equity trade market at more than 2.7 2.0 2.1 1.5% as at 28 February 2017 0.2
Slide 17: GPW Group's Consolidated Balance Sheet
GPW Group’s Consolidated Balance Sheet Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 decrease of current liabilities under Non-current assets 577 028 579 574 584 694 597 287 597 334 outstanding bonds following redemption Tangible fixed assets 122 252 121 539 119 554 119 130 116 716 of series A and B bon
Slide 18: Annex: Back-up Slides
Annex: Back-up Slides
Slide 19: GPW Group's Consolidated Profit & Loss Account
GPW Group’s Consolidated Profit & Loss Account PLN mn Q1'16 Q4'16 Q1'17 Other expenses – donation to the Polish National Revenue 81,0 81,7 91,0 Foundation (PLN 3.0 m) Financial market 44,5 49,8 55,7 Financial expenses – in April 2017, Tax Office Trading 28,3 33,2 38,8 correction of the interest
Slide 20: GPW Group's Consolidated Cash Flows
GPW Group’s Consolidated Cash Flows 3m ended on 31 March PLN mn 2015 2016 Outflows due to the redemption of series Cash flows from operating activities. including among others: 123.8 -60.4 A and B bonds (PLN 120 m) and inflows Cash flows from operating activities 131.9 -38.1 from the issue of seri
Slide 21: GPW v. Other European Exchanges
GPW v. Other European Exchanges Capitalisation Value of equity trade, EOB1 Number of listed companies2 Borsa Istanbul 175.0 Borsa Istanbul 78.1 GPW 891 GPW 152.9 GPW 15.5 Borsa Istanbul 380 CEESEG - Vienna 104.5 CEESEG - Vienna 8.3 Athens Exchange 210 Athens Exchange 35.7 Budapest SE 2.1 Bucharest S
Slide 22: GPW Group's Revenue Structure
GPW Group’s Revenue Structure 123.8 mln zł 320.9 mln zł Other income Clearing 0.6% 30.7% Register of Certificates of origin Trading - other Commodity 21.0% Market: Trading - property rights 38.6% 38.6% 8.1% Trading - natural gas 25.2% Trading - energy 7.5% 7.6% Information services 12.9% GPW Group’s
Slide 23: Financial Market: Trade in Equities
Financial Market: Trade in Equities Value of trade in equities and number of transactions Average number of transactions per session (thou.) Value of trade in equities, EOB (PLN bn) 33.2%1 88.3 74.9 70.1 65.9 55.3 51.9 55.5 Revenue drivers: 51.4 48.4 46.4 38.2 251 Value of trade in equities 207
Slide 24: Financial Market: Trade in Derivatives
Financial Market: Trade in Derivatives Volume of trade in derivatives NOI (thou.) 3.8%2 Volume of trade, m contracts 184.8 168.1 165.0 162.4 132.8 137.2 138.1 131.0 104.2 101.5 Revenue drivers: 80.4 15.5 13.8 14.7 12.6 12.6 Volume of trade in futures 11.3 9.5 8.2 8.0 Number of open interest 1.
Slide 25: Financial Market: Other Instruments and Fees Paid by Participants
Financial Market: Other Instruments and Fees Paid by Participants Value of trade on Treasury BondSpot Poland, PLN bn Cash Conditional 1,062 3.5%1 1,037 307 845 450 767 347 599 2.1%2 327 260 413 57.2% 324 731 612 255 135 498 439 Revenue drivers: 84 101 339 84 133 188 158 21 61 63 72 Value of trad
Slide 26: Financial Market: Listing
Financial Market: Listing Capitalisation of domestic companies Capitalisation/GDP (%) 7.0%1 Capitalisation of domestic companies (PLN bn) 36.8% 36.5% +14.3% 34.8% 30.7% 32.0% 28.9% 29.5%2 27.9% Revenue drivers: 20.0% 593 591 621 Capitalisation at YE 543 446 523 517 557 544 421 267 Value of new
Slide 27: Financial Market: Information Services
Financial Market: Information Services Number of data vendors Local Foreign 11.6%1 57 58 58 58 52 54 53 52 50 50 51 34 31 37 37 30 28 29 27 31 32 33 Revenue drivers: 24 27 24 25 23 24 Number of data vendors 19 18 19 20 21 Number of subscribers 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1’16
Slide 28: Commodity Market: Trade in Electricity and Gas
Commodity Market: Trade in Electricity and Gas Volume of trade in electricity (TWh)1 Spot Forward 186.7 186.7 4.8%2 176.6 22.3 23.7 25.1 139.4 130.8 126.6 21.3 21.7 27.6 87.9 Revenue drivers: 13.4 154.3 163.0 161.6 -35.6% 109.1 118.1 99.0 33.4 Volume of trade in electricity 74.5 7.3 21.5 10.1 9.
Slide 29: Commodity Market: Trade in Property Rights
Commodity Market: Trade in Property Rights Trade in property rights (TWh) Green certificates 62.2 9.5%1 Cogeneration certificates 58.9 50.8 50.2 48.8 19.9 44.8 26.6 13.2 15.1 39.3 36.0 24.0 29.9 -4.8% 21.8 Revenue drivers: 42.4 16.8 35.6 35.7 32.1 16.0 35.2 32.3 23.1 26.2 7.2 6.0 Volume of trade
Slide 30: Commodity Market: Register of Certificates of Origin
Commodity Market: Register of Certificates of Origin Volume of issued certificates of origin (TWh) RES certificates 50.7 10.0%1 Cogeneration certificates 47.2 41.1 42.2 36.6 37.2 23.4 18.9 31.9 15.3 10.8 10.7 29.5 21.6 -0.6% 27.6 Revenue drivers: 11.9 16.7 16.6 25.8 26.6 25.9 27.3 28.3 6.2 7.2 V
Slide 31: IR events Contact: GPW Investor Relations
IR events Disclaimer This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its 27 July 2017 shareholders, analysts, and other contractors. This presentation has been prepared Publication of GPW Group’s Consolidated I
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