Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange) — FY2012 Earnings Presentation
23 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, February 2013
Slide 1: Presentation of Results of WSE Group in 2012
PRESENTATION OF RESULTS OF WSE GROUP IN 2012 F EBRUARY 2013 -1-
Slide 2: WSE Group milestones in 2012
WSE Group milestones in 2012 Acquisition of Polish Power Exchange by WSE P/E of the acquisition based on PolPX 2011 and 2012 earnings at 8.3 and 5.7 respectively 100% PolPX shares held by WSE at 2012 YE Acquisition financed with bond issues at attractive interest rate (WIBOR 6M + margin 117 bp)
Slide 3: WSE Group business expansion 2012
WSE Group business expansion 2012 PolPX: Gas Exchange opened (20.12.2012) Finalisation of UTP implementation project Product range expansion and quality improvement new classes of derivatives and structured products; new indices (WIG-CEE, WIG20TR) trading in EUR denominated Treasury bonds on TBS
Slide 4: WSE Group key goals 2013
WSE Group key goals 2013 improve liquidity of trading on WSE Make WSE more attractive to stimulate growth of derivatives market market participants enhance quality of NewConnect and Catalyst deepen dialogue with WSE stakeholders strenghen retail investor segment on WSE markets Attract new investors
Slide 5: Maintained strong position of WSE in CEE
Maintained strong position of WSE in CEE Exchanges’ share in capitalisation of shares in CEE 13.4% 10.1% 8.2% 10.8% 9.2% 7.9% 6.6% 6.0% 5.5% 7.1% 10.2% 9.9% 11.9% 12.0% Decrease of trading in equities less sharp 15.7% 29.9% 27.0% 28.2% than on other CEE exchanges in 2012 29.1% 30.2% 39.9% 45.2% 44.2
Slide 6: WSE business expansion drivers
WSE business expansion drivers Capitalisation of domestic companies/GDP (%)1 Turnover ratio2 SIX Swiss Exchange 191% WSE expansion drivers in 2012 and beyond 5% Bulgarian SE NYSE Euronext 147% 7% CEESEG - Ljubljana Luxembourg SE 121% Large and growing economy 8% Bucharest SE LSE 118% 8th economy i
Slide 7: Trading on financial market
Trading on financial market Value of trading in shares on Volume of trading in derivatives Value of trading in Treasury bonds WSE Main Market (PLN bn) (thou.) on TBSP (PLN bn) block trades session trades single-stock & currency futures, options, index units conditional transactions cash transactions
Slide 8: Equities trading on Main Market
Equities trading on Main Market Value of trading in shares (by quarter, PLN bn) 67.8 71.1 71.5 increase of free float to total capitalisation 57.7 59.3 52.5 47.8 increase of free float ratio to 47.5% in January 2013 43.3 following sale of two large blocks of shares in PKO and Pekao (by State Treasur
Slide 9: Trading on WSE futures market
Trading on WSE futures market Volume of trading in derivatives (by quarter, mn contracts)1 4.66 Lower volume of trading in futures driven by low WIG20 volatility and 3.99 3.66 WIG20 parallel trend prevailing for the 3.25 3.19 first half of 2012 2.76 2.74 2.65 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/1
Slide 10: Non-Treasury bond market Catalyst
Non-Treasury bond market Catalyst Catalyst (non-Treasury instruments) Growing importance of Catalyst on Poland’s non-Treasury 325 60.0 value of listed issues (PLN bn) 302 350 securities market 50.0 number of series 243 260 300 208 52.3 184 48.8 250 issues listed on Catalyst at 2012 YE were 45% of al
Slide 11: More listings on WSE markets
More listings on WSE markets WSE: an important platform for raising capital 2 Main Market Main Market # domestic companies # foreign companies # companies # issuers +2% +10% +22% +57% 387 395 43 429 155 373 39 351 27 99 185 49 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 IPO of Alior
Slide 12: Balanced investor structure
Balanced investor structure1 Investor structure on WSE Main Market in equities Investor structure on derivatives market 39% 37% 34% 35% 34% 37% 37% 36% 38% 36% 19% 18% 18% 18% 27% 53% 52% 50% 46% 47% 43% 47% 47% 48% 36% 10% 11% 14% 16% 17% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 foreign re
Slide 13: Commodity market consolidation
Commodity market consolidation Acquisition of Electrcity Trading Platform (poee) in 2010 Launch of poee WSE Energy Market initiated the addition of commodity 2010 markets to WSE Group’s business model. It was the first step in market Total cost in integration. years 2010-12 to WSE Group for acquisit
Slide 14: Commodity market expansion
Commodity market expansion Volume of trading on commodity markets operated by WSE and PolPX (TWh) Forward trade in electricity1 Spot trade in electricity1 Property rights2 62.2 118.1 21.7 21.3 48.8 50.8 109.1 44.8 74.5 13.4 29.9 7.5 5.9 4.3 1.6 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008
Slide 15: WSE Group financials
WARSAW STOCK EXCHANGE WSE Group financials
Slide 16: Growing revenues of WSE Group
Growing revenues of WSE Group Sales revenues (PLN mn) PLN mn 2012 2011 change Revenues 273.8 268.8 1.9% Operating expenses 148.5 134.0 10.8% Other income 10.5 0.4 2298% 268.8 273.8 Other expenses 10.6 1.6 556% 225.6 Operating profit 125.3 133.7 -6.3% 184.7 199.5 Financial income 14.1 14.4 -2.2% Fina
Slide 17: Hard year on financial market
Hard year on financial market Consolidated sales revenues, 2012 and 2011 Change PLN’000 2012 2011 Change Q4/12 Q3/12 Q4/11 (Q4’12/Q4’11) Sales revenues 273 825 268 797 1.9% 74 114 65 663 60 907 21.7% Financial market 208 144 262 154 -20.6% 49 983 49 862 58 762 -14.9% Trading, including: 150 112 202
Slide 18: Change of Group's revenue structure
Change of Group’s revenue structure More diversification owing to PolPX consolidation Share of fees for equities trading down from 53.2% in 2011 to 36.9% in 2012 Detailed WSE Group revenue structure, 2012 Revenue structure, 2011 v. 2012 other income trading listing information 1.1% other 1 services
Slide 19: WSE Group operating expenses
WSE Group Koszty operating expenses change change(Q4’12 PLN’000 2012 2011 Q4/12 Q3/12 Q4/11 (YoY) /Q4’11) Operating expenses 148 490 133 966 10.8% 39 717 34 438 35 198 12.8% Depreciation/Amortisation 16 564 15 620 6.0% 4 203 4 096 3 889 8.1% Salaries 59 902 51 841 15.5% 16 332 14 903 15 220 7.3% Ren
Slide 20: Profitability remains strong
Profitability remains strong Decrease of EBIT margin, EBITDA margin and ROE compared to record-breaking 2011 yet high level still maintained. Lower ratios in Q4 2012 driven by one-offs including write-down of poee EBITDA1 (PLN mn) Net profit (PLN mn) EBIT (PLN mn) EPS (PLN) EBITDA margin ROE EBIT ma
Slide 21: CapEx and debt
CapEx and debti zadłużenie Inwestycje Capital expenditure, PLN mn Debt ratio 2009 17.9 31.12.2012 31.12.2011 2010 * 36.7 Debt to equity3 43.9% 32.5% 2011 25.3 2012 2 26.2 Capital expenditure in 2012 at PLN 26.2 mn v. target Long-term debt: bonds at PLN 245 mn maturing PLN 98 mn on 2.01.2017 Expendit
Slide 22: WSE Group balance sheet
WSE Group balance Wysoka sheetfinansowa płynność Balance sheet at 2012 YE includes Selected balance-sheet items (PLN ‘000) 2012 2011 the entire bond issue, i.e., series A Non-current assets, including: 512 004 355 291 (PLN 170 mn) issued in 2011 and Property and equipment 133 115 128 672 series B (P
Slide 23: Events / Contact
Events / Contact WSE IR Events 21 February 2013, Thursday WSE Investor Relations Annual report 2012 tel. +48 22 537 72 50 5-6 March 2013, Tuesday-Wednesday ir@gpw.pl Open door day for domestic institutional http://www.gpw.pl/relacje_inwestorskie investors, WSE 26 March 2013, Tuesday Non-deal roadsho