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

Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW) — Q3 2018 Earnings Presentation

29 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Oct 31, 2018

  1. Slide 1: GPW Group's Financial Results Q3 2018

    GPW Group’s Financial Results Q3 2018 31 October 2018

  2. Slide 2: Summary of the GPW Group's Activity in Q3 2018

    Summary of the GPW Group’s Activity in Q3 2018 Financial Results of the GPW Group in Q3 2018

  3. Slide 3: Solid financial results in demanding market environment

    Solid financial results in demanding market environment Sales revenue Net profit  Sales revenue Sales revenue up by 5.7% YoY and down by PLN mn PLN mn +22,7% -0,6% 1.0% QoQ to PLN 85.7 mn in Q3 2018 146,6 259,8 258,3  Net profit 119,4 Net profit at PLN 37.6 mn in Q3 2018, down -19,8% +5,7% by 19.8

  4. Slide 4: Increased activity of investors on the equity market despite lower valuations YoY

    Increased activity of investors on the equity market despite lower valuations YoY Volume of EOB trading on the Main Market EOB Trading PLN bn  Value of EOB trading in Q3 2018 up to PLN Turnover velocity (source: FESE) 80 39,8% 42,6% 45 ,0% 53.5 bn (+11.5% QoQ and +0.5% YoY) 36,8% 34,9% 33,3% 34,3%

  5. Slide 5: Higher YoY volumes of trading in derivatives

    Higher YoY volumes of trading in derivatives Volume of trading in derivatives  Total volume of trading in derivatives at 1.76 mn +5,2% mn contracts in Q3 2018, up by 5.2% QoQ and 2,18 2,24 down by 15.3% YoY. 1,98 2,08 1,87 1,67 1,73 1,76 1,76  Volume of trading in WIG20 futures in Q3 2018 up by 1.

  6. Slide 6: Commodity market in Q3 2018

    Commodity market in Q3 2018  Electricity market: Total volume of trading in Volume of spot and forward trading in electricity and gas electricity was 63.5 TWh in Q3 2018 (+130.3% YoY, Energy (TWh) +15.9% QoQ). The volume of spot transactions was Gas (TWh) 63,5 46,4 6.2 TWh (+10.6% YoY, -3.5% QoQ).

  7. Slide 7: Financial Results of the GPW Group in Q3 2018

    Summary of the GPW Group’s Activity in Q3 2018 Financial Results of the GPW Group in Q3 2018

  8. Slide 8: Higher revenue, stable EBITDA margin

    Higher revenue, stable EBITDA margin Net profit and net profit margin Revenue EBITDA and EBITDA margin PLN mn 91,2% PLN mn PLN mn 57,8% 42,7% 34,8% 43,9% 70,6% 62,7% 56,3% 51,2% 59,5% +5,7% 92,2 85,9 86,6 85,7 -19,8% 81,1 -11,0% 79,0 57,3 51,9 54,3 51,0 44,0 36,8 46,9 39,3 37,6 29,9 42,2 Q3’17 Q4’17

  9. Slide 9: Trading revenue on the financial market

    Trading revenue on the financial market Q3’18: 35,8% Trading revenue – financial market  Trading revenue on the financial market at PLN 30.7 mn PLN mn in Q3 2018 (-3.8 YoY and +1.9% QoQ)  Average EOB turnover in shares per session at PLN 836.4 mn in Q3 2018 vs. PLN 787.4 mn in Q2 2018 and PLN -3,8

  10. Slide 10: Lower listing revenue

    Lower listing revenue Q3’18: 6,3% Listing revenue PLN mn  Two IPOs on the Main Market and three IPOs on NewConnect worth PLN 35 mn in total in Q3 2018  Revenue from listing down modestly in Q3 2018 to PLN 5.0 mn, revenue from fees for introduction down to PLN 0.6 mn -14,2% 6,3 6,3  Free float at

  11. Slide 11: YoY increase of revenue from information services – financial market

    YoY increase of revenue from information services – financial market Q3’18: 12,9% Revenue from information services1 PLN mn  New clients in different market segments attracted in Q3 2018:  1 delayed data vendor  1 GPW data non-display client +3,7%  3 WIBOR data non-display clients (fees will be

  12. Slide 12: Continued increase of volumes on the electricity market

    Continued increase of volumes on the electricity market Q3’18: 23,7% Trading revenue – commodity market  Continued increase of revenue from trading in electricity to PLN 5.3 mn (+148.9% YoY and +22.4% QoQ) mainly PLN mn driven by record-high forward trading  Decrease of revenue from trading in gas

  13. Slide 13: More activity in the Register of Certificates of Origin

    More activity in the Register of Certificates of Origin Q3’18: 13,0% Revenue from clearing PLN mn  Revenue from clearing increased by 18.0% YoY and 5.7% QoQ in Q3 2018, mainly driven by rising +18,0% volumes on the electricity market 12,0 11,3 10,5 11,1 9,4 +5,7%  YoY increase of revenue from the

  14. Slide 14: GPW Group's Revenue Structure

    GPW Group’s Revenue Structure PLN 350,5 mn PLN 153,8 mn Other 0,1% 0,3% 12,8% Information services Clearing Commodity 8,7% Register of Certificates of Origin market: Trading - other 43,9% 3,2% 43,9% Trading - property rights 11,6% Trading - gas Trading - energy 3,0% 4,4% Information services 12,5% L

  15. Slide 15: Operating expenses impacted by PFSA fees

    Operating expenses impacted by PFSA fees  The Group’s operating expenses in Q3 2018 at PLN 43.0 mn (+32.4% YoY and +7.6% QoQ). Annual PFSA fees paid in 2018 was Operating expenses: +32.4% YoY and +7.6% QoQ PLN 12.5 mn vs. PLN 5.6 mn in 2017 PLN mn 49,0 48,4  Cost/income ratio (C/I)2 in Q3 2018 at

  16. Slide 16: Share of profit of associates

    Share of profit of associates Share of profit of associates PLN mn Aquis KDPW CG  Group’s share of profit of associates in Q3 4,47 3,61 0,00 2018 at PLN 3.4 mn (-5.5% YoY and -23.7% 3,41 QoQ). Incremental share of profits of 0,00 1,91 associates in 9M 2018 at PLN 9.4 mn vs. PLN 4,28 0,75 4,30 8.1 m

  17. Slide 17: Annex: Back-up Slides

    Annex: Back-up Slides

  18. Slide 18: GPW Group's Consolidated Balance Sheet

    GPW Group’s Consolidated Balance Sheet PLN mn 30.09.2017 30.06.2018 30.09.2018 Non-current assets, including among others 594,8 578,6 575,1  Decrease of total assets QoQ as at Property, plant and equipment 112,0 108,2 106,2 30 September 2018 mainly driven by a decrease of cash (following Intangible

  19. Slide 19: GPW Group's Consolidated Profit & Loss Account

    GPW Group’s Consolidated Profit & Loss Account PLN mn Q3'17 Q2'18 Q3'18 Revenue 81,1 86,6 85,7  Operating expenses increased YoY due Financial market 48,9 47,1 47,1 to higher fees and charges (increase of Trading 31,9 30,1 30,7 the PFSA fee), higher depreciation and Listing 6,3 5,8 5,4 amortisation

  20. Slide 20: GPW Group's Consolidated Cash Flows

    GPW Group’s Consolidated Cash Flows 9m ended on 30 September PLN mn 2018 2017 Cash flows from operating activities, including among others: 94,6 93,7  Positive cash flows from operating activities in the nine-month period Cash flows from operating activities 130,2 148,3 ended 30 September 2018 comp

  21. Slide 21: Financial Market: Trading in Equities

    Financial Market: Trading in Equities Value of trading in equities and number of transactions Average number of transacions per session (thou.) Value of trading in equities, EOB (PLN bn) 27.7%1 80,2 70,1 71,3 69,2 65,9 55,3 51,9 55,5 51,4 48,4 46,4 251 236 +0,5% 207 220 205 203 167 188 190 53 54 200

  22. Slide 22: Financial Market: Trading in Derivatives

    Financial Market: Trading in Derivatives Volume of trading in derivatives 3.1%2 Number of Open Interest (thou.) 184,8 168,1 165,0 169,0 147,8 132,8 137,2 138,1 140,1 131,0 104,2  Revenue drivers: 80,4 14,7 15,5  Volume of trading in futures 12,6 13,8 12,6 +5,2% 11,3 9,5 8,2 8,0 7,6  Number of ope

  23. Slide 23: 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 transactions 1.062 2.8%1 1.037 Repo transactions 307 845 450 767 2.1%2 347 599 327 535 260 413 -32,3% 196 324 731 612 255 143 135 498 439 47 101 339 338 97 188 158 28 96 69  R

  24. Slide 24: Financial Market: Listing

    Financial Market: Listing Capitalisation of domestic companies Market capitalisation/GDP (%) 6.3%1 Market capitalisation of domestic companies(PLN bn) -12,6% 36,8% 36,5% 34,8% 33,9%2 33,9% 30,7% 32,0% 27,9% 28,9% 30,0% 29,6%  Revenue drivers: 20,0% 671 672 593 591 587  Capitalisation at YE 421 543

  25. Slide 25: Financial and Commodity Market: Information Services

    Financial and Commodity Market: Information Services Number of data vendors Domestic Foreign 12.9%1 74 57 58 58 58 52 54 53 52 35 50 50 51 34 31 37 37 30 28 27 27 31 32 33  Revenue drivers: 39  Number of data vendors 19 18 19 20 21 24 27 24 25 25 24  Number of subscribers 2008 2009 2010 2011 2012

  26. Slide 26: 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 9.9%2 176,6 22,3 23,7 25,1 139,4 130,8 126,7 21,3 111,7 +130,5% gaz 21,7 27,6 87,9 25,2  Revenue drivers: 13,4 154,3 163,0 161,6 63,4 118,1 6,2 109,1 99,0 27,5  Volume of trading in el

  27. Slide 27: Commodity Market: Trading in Property Rights

    Commodity Market: Trading in Property Rights Trading in property rights (TWh) Green Certificates 62,2 10.5%1 Cogeneration certificates 58,9 59,1 48,8 50,8 50,7 19,9 44,8 26,6 30,8 13,2 15,1 39,3 36,0 24,4 29,9 +8,9% 21,8  Revenue drivers: 42,4 35,6 35,7 32,1 35,2 32,3 12,4 13,5 26,2 28,3  Volume o

  28. Slide 28: Commodity Market: Register of Certificates of Origin

    Commodity Market: Register of Certificates of Origin Volume of issued certificates of origin (TWh) Green certificates 50,7 7.6%1 Cogeneration 48,5 47,3 41,1 42,2 36,6 37,2 23,4 18,9 24,5 31,9 15,3 10,8 10,7 29,5 21,6  Revenue drivers: 11,9 -24,2% 25,8 26,6 25,9 27,3 28,3 9,5  Volume of issued prop

  29. Slide 29: IR events, Contact and Disclaimer

    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 2018 shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an o

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