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

Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie — Q2 2017 Earnings Presentation

30 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Jul 28, 2017

  1. Slide 1: GPW Group's Financial Results Q2 2017

    GPW Group’s Financial Results Q2 2017 28 July 2017

  2. Slide 2: Summary of the GPW Group's Activity in Q2 2017

    Summary of the GPW Group’s Activity in Q2 2017 Financial Results of the GPW Group in Q2 2017

  3. Slide 3: GPW Group's Financial Results Up In Q2 2017

    GPW Group’s Financial Results Up In Q2 2017 Sales revenue Net profit PLN mn +14.9% PLN mn +18.9%  Revenues increased by 17.7% YoY in Q2’17 to PLN 87.6 mn and by 14.9% 178.7 69.7 155.5 +51.2% in 6M’17 58.6 -3.7% 41.9  Record-high net profit of PLN 41.9 mn 91.0 87.6 33.1 74.5 27.7 (up by 51.2% QoQ a

  4. Slide 4: Further Improvement of Liquidity on Equity Market in Q2 2017

    Further Improvement of Liquidity on Equity Market in Q2 2017 Activity of new electronic clients on the equity market1  Turnover in equities down by 12.7% QoQ in Q2’17 Value of trading in equities, EOB New electronic participants to PLN 58.3 bn and up by 42.7% YoY  WIG20 +5.7%, mWIG40 +3.5% in Q2’1

  5. Slide 5: Derivatives Market: Impacted by Lower Volatility

    Derivatives Market: Impacted by Lower Volatility Volume of derivatives trade  Volume of trade in futures in Q2’17 at 1.98 million mn contracts -0.4% contracts (down by 11.8% QoQ and -0.4% YoY) 2.2 2.2 2.0 2.1  Volume of trade in WIG20 futures in Q2’17 at 1.24 1.9 1.9 2.0 2.0 -11.8% 1.9 million con

  6. Slide 6: Commodity Market In Q2'17

    Commodity Market In Q2’17  Gas market – trading in Q2’17 down by 23.1% QoQ and Volume of spot and forward transactions in electricity and gas 18.9% YoY due to seasonality and regulatory uncertainty around Electricity market (TWh) MiFID II implementation in Polish law Natural gas market (TWh) 58.9 3

  7. Slide 7: Financial Results of the GPW Group in Q2 2017

    Summary of the GPW Group’s Activity in Q2 2017 Financial Results of the GPW Group in Q2 2017

  8. Slide 8: Profitability Ratios Improved

    Profitability Ratios Improved Net profit and net profit margin Sales revenue EBITDA and EBITDA margin PLN mn 53.7% PLN mn PLN mn 47.9% 70.6% 64.0% 44.5% 40.3% 57.9% 58.1% 30.5% 51.4% 17.7% +30.0% 91.0 87.6 +26.7% 81.7 56.1 74.5 73.7 52.0 41.9 47.5 46.8 39.5 43.1 33.1 33.0 27.7 Q2’16 Q3’16 Q4’16 Q1’1

  9. Slide 9: Trading Revenue on the Financial Market

    Trading Revenue on the Financial Market Q2’17: 41.0% Trading revenue – financial market PLN mn  Trading revenue on the financial market at PLN 36.0 mn (down by 7.4% QoQ, up by 35.4% YoY)  Average turnover in shares per session in Q2’17 – 35.4% PLN 973.7 mn vs. PLN 1.041 bn in Q1’17 and PLN 38.9 64

  10. Slide 10: Stable Listing Revenue

    Stable Listing Revenue Q2’17: 6.9% Listing revenue  Total value of IPOs and SPOs in Q2’17 at PLN 4.0 bn PLN mn  3 successful IPOs on the Main Market in Q2’17 worth PLN 2.2 bn (Griffin Premium, Dino Polska SA, Maxcom SA) -1.0%  Capitalisation of domestic companies on the Main Market in Q2’16 at PL

  11. Slide 11: Steady Growth of Revenue from Information Services

    Steady Growth of Revenue from Information Services Q2’17: 12.0% Revenue from information services  New contracts with clients in different market segments PLN mn  3 non-display clients  1 data vendor  1 processed data recipient +2.7%  First WIBOR datafeed contracts (Thomson Reuters, 10.3 10.4 1

  12. Slide 12: Growing Trading Revenue on the Commodity Market

    Growing Trading Revenue on the Commodity Market Q2’17: 20.1%  Increase of revenue from trading in electricity QoQ Trading revenue – commodity market driven by volumes of forward trading PLN mn  Volume of trading in electricity: +17.8% QoQ and -23.2% YoY +25.0%  Decrease of revenue from trading in

  13. Slide 13: Activity of Register of Certificates of Origin Participants Impacted by Seasonality

    Activity of Register of Certificates of Origin Participants Impacted by Seasonality Q2’17: 10.6% Revenue from clearing PLN mn  Decrease of revenue from clearing due to a low +2.8% season on the gas market 11.1  Less YoY seasonality in the Register of Certificates 10.3 9.0 9.3 -10.4% 7.5 of Origin

  14. Slide 14: Optimised Operating Expenses

    Optimised Operating Expenses  External service charges up by 29.2% due to:  Higher IT cost (TGE trading system) and advisory cost (TGE Operating expenses : -18.8% QoQ and -0.7% YoY VAT payments) PLN mn  Higher promotion cost: GPW’s 200th anniversary and TGE 46.5 Trading Forum PFSA fees 38.0 37,7

  15. Slide 15: Share of Profit from Associates

    Share of Profit from Associates Share of profit from associates  Profit of the KDPW Group : Aquis KDPW CG  Very good profit of the KDPW Group owing to high PLN mn 3.0 turnover in the financial market and one off fees (AGMs 2.3 and dividend pay outs) 1.4 1.2 1.5 3.5  Aquis Exchange: 3.2 2.7 2.0 

  16. Slide 16: GPW Group's Consolidated Balance Sheet

    GPW Group’s Consolidated Balance Sheet PLN mn 31.03.2016 30.06.2016 30.09.2016 31.12.2016 31.03.2017 30.06.2017  Decrease of trade receivables following Non-current assets, including among others 577.0 579.6 584.7 597.3 597.3 597.2 the payment of some of TGE’s VAT Property, plant and equipment 122.

  17. Slide 17: Annex: Back-up Slides

    Annex: Back-up Slides

  18. Slide 18: GPW Group's Consolidated Profit & Loss Account

    GPW Group’s Consolidated Profit & Loss Account PLN mn Q2'16 Q1'17 Q2'17  Operating expenses: Provisions against the entire Revenue 74.5 91.0 87.6 estimated fee to PFSA for 2017 recognised in Q1 Financial market 43.0 55.7 52.6 2017 (PLN 11.4 mn) Trading 26.6 38.8 36.0  Other expenses: donation to t

  19. Slide 19: GPW Group's Consolidated Cash Flows

    GPW Group’s Consolidated Cash Flows 6m ended on 30 June PLN mn 2016 2017  Cash flows from operating activities: Cash flows from operating activities. including among others: 147.1 34.9 significant cash flows due to changes in Cash flows from operating activities 160.1 80.8 receivables and liabiliti

  20. Slide 20: GPW v. Other European Exchanges

    GPW v. Other European Exchanges Capitalisation Value of equity trading, EOB1 Number of listed companies2 GPW 158.3 GPW 13.9 GPW 887 IrishSE 119.1 CEESEG - Vienna 9.6 CEESEG - Vienna 247 CEESEG - Vienna 114.3 Irish SE 6.5 Athens Exchange 210 Luxembourg SE 52.6 Athens Exchange 4.2 Luxembourg SE 177 At

  21. Slide 21: GPW Group's Revenue Structure

    GPW Group’s Revenue Structure 334.0 PLN mn 127.6 PLN mn Other income Clearing 0.5% 30.0% Register of Certificates of origin Trading - other Rynek 20.4% towarowy: Trading - property rights 38.2% 38.2% 8.3% Trading - natural gas 27.6% Trading - energy 6.9% 6.8% Information services 12.4% GPW Group’s r

  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 (thou.) Value of trading in equities, EOB (PLN bn) 31.7%1 85.0 70.1 71.2 65.9 55.3 51.9 55.5  Revenue drivers: 51.4 48.4 46.4 38.2 251  Value of trading in equit

  23. Slide 23: Financial Market: Trading in Derivatives

    Financial Market: Trading in Derivatives Volume of trading in derivatives NOI (thou.) 3.6%2 Volume of trading, m contracts 184.8 168.1 165.0 159.3 132.8 137.2 138.1 131.0 123.0 104.2  Revenue drivers: 80.4 14.7 15.5 12.6 13.8 12.6  Volume of trading in futures 11.3 9.5 8.2 8.0  Number of open int

  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 Conditional 3.4%1 1,037 1,062 307 845 450 767 347 599 2.2%2 324 327 260 413 +48.2% 731 261 612 255 135 498 176  Revenue drivers: 84 101 439 339 111 188 158 122 150 54  Value

  25. Slide 25: Financial Market: Listing

    Financial Market: Listing Capitalisation of domestic companies Capitalisation/GDP (%) 6.9%1 Capitalisation of domestic companies (PLN bn) 36.8% 36.5% +30.0% 34.8% 30.7% 32.0% 28.9% 29.5% 2 27.9%  Revenue drivers: 20.0% 593 591 645  Capitalisation at year end 421 543 446 523 517 557 496 267  Value

  26. Slide 26: Financial Market: Information Services

    Financial Market: Information Services Number of data vendors Local Foreign 12.0%1 57 58 58 58 52 54 53 52 50 50 51 34 31 37 37 30 28 27 33 28 31 32  Revenue drivers: 24 27 24 25 23 25  Number of data vendors 19 18 19 20 21  Number of subscribers 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1’16

  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 Forward 186.7 186.7 4.4%2 176.6 22.3 23.7 25.1 139.4 130.8 126.6 21.3 21.7 -29.2% 27.6 87.9  Revenue drivers: 13.4 154.3 163.0 161.6 66.3 109.1 118.1 14.2 46.9 99.0  Volume of trading in electricity 74.5

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

    Commodity Market: Trading in Property Rights Trading in property rights (TWh) Green certificates 62.2 12.7%1 Cogeneration certificates 58.9 48.8 50.8 50.2 +8.4% 19.9 44.8 26.6 13.2 15.1 39.3 36.0 24.0 33.7 29.9 31.1 21.8 14.4  Revenue drivers: 42.4 13.4 35.6 35.7 32.1 35.2 32.3 26.2  Volume of tra

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

    Commodity Market: Register of Certificates of Origin Volume of issued property rights (TWh) RES certificates 50.7 8.9%1 Cogeneration certificates 47.2 41.1 42.2 +13.7% 36.6 37.2 23.4 18.9 31.9 15.3 10.8 10.7 29.5 21.6 29.8 27.6 26.2  Revenue drivers: 11.9 11.3 13.8 25.8 26.6 25.9 27.3 28.3  Volume

  30. Slide 30: 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  30 October 2017 shareholders, analysts, and other contractors. This presentation has been prepared Publication of GPW Group’s Consolidate

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