Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW) — Q1 2024 Earnings Presentation
38 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, May 17, 2024
Slide 1: GPW Group Financial Results Q1 2024
GPW GROUP FINANCIAL RESULTS Q1 2024 17 May 2024
Slide 2: Agenda
Agenda I. Highlights Q1 2024 II. Business Performance – Financial Market & Commodity Market III. Financial Results IV. Outlook V. Appendices
Slide 3: Highlights Q1 2024 and YTD
Highlights Q1 2024 and YTD One of the highest increases in EOB equity turnover in Europe: Main Market turnover in Q1 2024 was PLN 82.7 bn, up 18.4% year on year. High liquidity: third highest velocity according to FESE data Continued index rally: WIG +12.7%, WIG20 +9.4% YTD1. Increased interest from
Slide 4: Highlights Q1 2024
I. Highlights Q1 2024 II. Business Performance – Financial Market & Commodity Market III. Financial Results IV. Outlook V. Appendices
Slide 5: Market environment
Market environment Total return indices – YTD change1 Total return indices - % change from 13 October Nikkei 225 TR 17% WIG20 TR 33% Athex Composite TR 16% WIG 32% Hang Seng 14% Athex Composite TR 29% WIG 13% Nasdaq 100 TR 24% WIG20 TR 12% S&P 500 TR 24% DAX 12% DAX 23% S&P 500 TR 12% Nikkei 225 TR
Slide 6: GPW performance vs. other European exchanges in Q1 2024
GPW performance vs. other European exchanges in Q1 2024 YoY change in EOB shares turnover (EUR)1 Velocity Bucharest Stock Exchange 56% Deutsche Börse 49.1% 29% BME 40.6% Budapest Stock Exchange 25% Athens Stock Exchange 10% 39.0% -9% Deutsche Börse SIX 37.2% -9% Nasdaq Nordics & Baltics Euronext 36.
Slide 7: Increase in cash market turnover
Increase in cash market turnover EOB turnover value in shares on the Main Market ETF turnover value PLN bn PLN bn +24.1% +18.4% 354.5 370.2 82.7 +4.4% 78.6 +5.2% 298.2 69.8 Q1 2023 Q4 2023 Q1 2024 Summary Q1 2024 Main Market EOB equity turnover: PLN 82,7 mn (+18.4% yoy, +5.2% qoq) Average EOB eq
Slide 8: IPO, SPO and ABB activity
IPO, SPO and ABB activity IPOs, SPOs, ABBs 1 1 Q1 2023 Q4 2023 Q1 2024 IPO, PLN mn SPO, PLN mn ABB, PLN mn Number of new listings – Main Market 1 344 4 3 3 Number of new listings – NewConnect 2 5 1 Value of IPOs Main Market and Newconnect (PLN mn) 4 436 5 1 020 Value of SPOs Main Market and Newconne
Slide 9: Stable turnover in WIG20 futures despite lower volatility
Stable turnover in WIG20 futures despite lower volatility WIG20 futures turnover volume HVP/HVF and market markers turnover share mn instruments WIG20 futures WIG20 volatlity, % 44.0% 39.9% 40.8% 22.3% 19.9% 16.2% +1.7% 2.36 2.32 2.28 -1.8% Q1 2023 Q4 2023 Q1 2024 Summary Q1 2024 WIG20 volatility:
Slide 10: Strong activity in the debt instruments market
Strong activity in the debt instruments market Value of non-Treasury instruments introduced to trading Q1 2024 highlights number of issues PLN issues value, PLN mn EUR issues value, PLN mn1 Increase in the number of listed series of non-Treasury debt instruments introduced to trading in Q1 2024 (9
Slide 11: Commodity market turnover
Commodity market turnover Electricity and gas spot and forward turnover volume Electricity, TWh Natural gas, TWh -7.4% -16.5% Electricity market 42.4 40.8 39.3 Total volume of trade on the electricity 34.6 -24.3% 34.0 -13.4% markets in Q1’24 was 32.1 TWh (-7.4% 32.1 YoY, -24.3% QoQ). Spot market vol
Slide 12: Financial Results
I. Highlights Q1 2024 II. Business Performance – Financial Market & Commodity Market III. Financial Results IV. Outlook V. Appendices
Slide 13: GPW Group results
GPW Group results PLN mn Q1 2024 Q1 2023 change Q4 2023 change Sales revenue Revenue increased in Q1’24 to PLN Sales revenue 118.2 112.3 5.3% 115.9 2.0% 118.2 mn. Financial market revenue increased by 11.6% to PLN 74.2 mn Financial Market 74.2 66.5 11.6% 71.4 3.9% (mainly higher revenue from equity
Slide 14: GPW Group revenue
GPW Group revenue Change in GPW Group revenue mix GPW Group revenue by segment Q1 2024 Financial market Market data 1 Commodity market Other revenue 2 Listing AMX +5.3% revenue Market data 4.2% (financial market) 118.2 5.7% 13.0% 115.9 4.4 Other 3 112.3 4.4 +2.0% 3.0% 4.4 (3.7%) (3.8%) (3.9%) 15.9 D
Slide 15: GPW Group operating expenses and CAPEX
GPW Group operating expenses and CAPEX OPEX Operating expenses Q1 2024 PLN mn PFSA D&A Total employee costs Salaries and employee costs: PLN 40.5 mn (+18.3% YoY, -2.7% Other 1 External services QoQ). GPW Group’s FTEs2 as at 31 March 2024 increased YoY to 558 vs. 536 – the increase is mainly due to
Slide 16: GPW SA separate results
GPW SA separate results PLN mn Q1 2024 Q1 2023 change Q4 2023 change Sales revenue Revenue increased in Q1’24 by 12.2% Sales revenue 69.1 61.6 12.2% 65.0 6.3% YoY to PLN 69.1 mn, mainly driven by increase of trading revenue by 14.5% Trading 43.8 38.3 14.5% 41.6 5.2% YoY – chiefly due to increase in
Slide 17: TGE Group results
TGE Group results PLN mn Q1 2024 Q1 2023 change Q4 2023 change Sales revenue Revenue decreased in Q1’24 by 4.3% YoY to PLN 39.6 mn: Sales revenue 39.6 41.3 -4.3% 40.0 -1.2% Electricity trading: PLN 7.3 mn (+28.0% YoY, -20.7% QoQ) – higher transaction fees (periodic reduction on Trading 21.1 20.3 3
Slide 18: Outlook
I. Highlights Q1 2024 II. Business Performance – Financial Market & Commodity Market III. Financial Results IV. Outlook V. Appendices
Slide 19: Upcoming regulatory changes
Upcoming regulatory changes In April, the European Parliament adopted the Listing Act regulatory package - a number of significant changes to the capital market raising the prospectus exemption threshold for the admission of securities to exchange trading provided that they represent, over a 12-mo
Slide 20: Appendices
GPW GROUP FINANCIAL RESULTS Q1 2024 17 May 2024
Slide 21: GPW Group consolidated statement of comprehensive income
GPW Group consolidated statement of comprehensive income PLN mn Q1 2024 Q1 2023 change Q4 2023 change Sales revenue 118.2 112.3 +5.3% 115.9 +2.0% Financial market 74.2 66.5 +11.6% 71.4 +3.9% Trading 47.2 41.0 +15.3% 44.9 +5.3% Listing 6.7 6.1 +10.8% 5.6 +21.0% Information services 15.4 14.4 +6.7% 14
Slide 22: GPW Group consolidated statement of financial position
GPW Group consolidated statement of financial position PLN mn 31.03.2024 31.12.2023 31.03.2023 Non-current assets, including among others 796.5 758.0 672.9 Property, plant and equipment 104.6 109.4 106.2 Intangible assets 334.6 323.8 287.9 Investment in entities measured by the equity method 280.2 2
Slide 23: GPW Group consolidated statement of cash flows
GPW Group consolidated statement of cash flows PLN mn three months period ended 31 March of 2024 2023 Total net cash flows from operating activities 74.3 138.6 Net profit of the period 27.4 27.0 Adjustments: 55.7 121.3 Income tax 6.1 6.5 Depreciation and amortisation 7.7 8.4 Share of (profit)/loss o
Slide 24: Structure of the GPW Capital Group
Structure of the GPW Capital Group Giełda Papierów Wartościowych w Warszawie S.A. Subsidiaries Associates and co-controlled Towarowa Giełda 100% 97.23% BondSpot S.A. 33.33% KDPW S.A. Energii S.A. 100% IRGiT S.A. 100% GPW Benchmark S.A. 100% KDPW_CCP S.A. 100% InfoEngine S.A. 100% GPW Tech S.A. 24.79
Slide 25: Results of selected GPW Group subsidiaries
Results of selected GPW Group subsidiaries New strategic initiatives GPW GPW Private GPW GPW GPW BondSpot GPW Benchmark AMX Ventures Market Logistics Tech DAI PLN mn Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Revenu
Slide 26: GPW Group revenue mix in last 12 months
GPW Group revenue mix in last 12 months1 GPW Group: PLN 450.8 mn Financial Market: PLN 277.3 mn Commodity Market: PLN 155.0 mn 6.9% Electricity Financial 3.2% Gas Trading Shares 27.6% market 19.0% Trading 48.3% 4.2% Property rights 37.9% 4.7% Other Register of Derivatives 4.3% 4.4% certificates Debt
Slide 27: KDPW Group
KDPW Group Share of KDPW Group in operating revenue (Q1 2024) 34.7% 10.7% 10.0% 33.9% 10.8% CASH MARKET CASH MARKET KDPW_CCP INSTRUMENTS ISSUER SERVICES OTHER SETTLEMENT CLEARING SERVICES DEPOSITORY Recording and processing Depository fees Transaction settlement Transaction clearing Trade Repository
Slide 28: KDPW Group – financial results
KDPW Group – financial results KDPW Group financial results KDPW Group operating revenue in Q1 2024 Securities depository: revenue increased by 13.1% YoY to PLN PLN mn Q1 2024 Q1 2023 change 22.0 mn, driven by higher capitalisation of shares and other securities and the market value of bonds. Oper
Slide 29: GPW Group ESG Strategy
GPW Group ESG Strategy Continued efforts to implement the GPW Group's ESG Strategy 2025 ESG Reporting ✓ Positive progress of decarbonisation trajectory: achieving a 57% YoY reduction in Guideliness greenhouse gas emissions associated with Group operations in Scope 1-2 Guide for issuers ✓ Achieved 20
Slide 30: Financial market: Trade in equities
Financial market: Trade in equities Equity turnover value and number of transactions Average number of transactions per session, thous. Value of trading in equities, PLN bn 151.0 29.4% 1 133.2 135.9 131.4 137.3 128.8 80.2 73.1 72.1 65.9 70.1 55.5 297 313 286 274 236 205 203 190 204 191 70 83 2014 20
Slide 31: Financial market: Trade in derivatives
Financial market: Trade in derivatives Derivatives turnover volume Number of open interest, thous. Volume, mn. 428.2 406.6 400.9 4.4% 2 330.1 331.4 290.0 171.2 15.6 165.0 14.7 138.1 140.1 143.6 11.5 12.0 9.5 104.2 8.2 8.0 7.6 8.2 7.0 3.9 3.7 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1’23 Q1
Slide 32: Financial market: Other instruments and fees paid by participants
Financial market: Other instruments and fees paid by participants Treasury BondSpot Poland turnover value 3.1%1 Cash Transactions, PLN bn Repo Transactions, PLN bn 767 599 327 535 474 260 413 407 64 416 196 369 3.0%2 255 147 282 76 135 439 86 169 410 339 338 36 293 116 260 281 90 158 197 30 43 133 6
Slide 33: Financial market: Listing
Financial market: Listing Capitalisation of domestic companies on the Main Market Market Cap/GDP, % Market Cap of local companies, PLN bn 36.5 5.7% 1 34.8 34.8 30.0 30.0 28.9 27.2 25.0 23.4 23.6 20.9 760 671 701 593 591 557 579 550 539 575 517 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 I
Slide 34: Financial and commodity market: Information services
Financial and commodity market: Information services Number of data vendors Local Remote 102 103 13.4% 1 96 98 87 90 83 35 78 35 36 36 35 37 58 37 54 53 52 36 31 30 28 27 67 62 68 55 60 46 50 42 27 24 25 25 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1’23 Q1’24 Number of subscribers thou. 651
Slide 35: Commodity market: Trade in electricity and gas
Commodity market: Trade in electricity and gas Electricity turnover volume1 Spot, TWh Forward, TWh 243.2 226.1 228.9 225.2 9.5% 1 34.8 27.7 33.9 36.2 186.8 186.7 23.8 25.1 141.4 147.5 126.7 111.7 33.0 27.7 63.2 25.2 198.3 195.0 208.3 188.9 163.0 161.6 99.0 108.3 86.4 84.2 34.6 32.1 15.4 13.0 19.2 19
Slide 36: Commodity market: Trade in property rights
Commodity market: Trade in property rights Property rights spot turnover Green certificates (RES), TWh Cogeneration certificates, TWh 2 3.5% 1 50.7 47.2 48.5 47.5 42.2 23.4 18.9 19.9 35.1 24.5 21.6 21.0 22.3 19.6 19.8 19.7 27.3 28.3 27.6 24.0 20.6 14.1 5.2 4.1 2014 2015 2016 2017 2018 2019 2020 2021
Slide 37: Commodity market: Register of Certificates of Origin
Commodity market: Register of Certificates of Origin Volume of issued certificates of origin Green certificates (RES), TWh Cogeneration certificates, TWh 5.0% 1 50.7 47.2 48.5 47.5 42.2 23.4 18.9 19.9 35.1 24.5 21.6 21.0 22.3 19.6 19.8 16.0 27.3 28.3 27.6 24.0 20.6 5.7 14.1 4.6 2014 2015 2016 2017 2
Slide 38: IR events Contact: GPW Investor Relations
IR events Disclaimer 8 August 2024 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its shareholders, analysts, and other Introduction of the period of limited investor contractors. This presentation has been prep
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