Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW Group) — Q3 2021 Earnings Presentation
34 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Nov 10, 2021
Slide 1: Financial Results of the GPW Group Q3 2021
FINANCIAL RESULTS OF THE GPW GROUP Q3 2021 10 November 2021
Slide 2: Agenda
1. GPW Group milestones and summary of trading on the financial market in Q3 2021 2. GPW Group financial results in Q3 2021 3. Summary of trading on the commodity market and TGE Group financial results 4. Other financials 5. Appendices
Slide 3: Q3'21: Milestones
Q3’21: Milestones 5 August: payment PLN 90.6 mn PLN 48.6 mn PLN 36.0 mn of dividend at PLN revenue EBITDA net profit 2.50 per share; (+1.8% YoY) (+3.4% YoY) (+12.8% YoY) dividend yield 5.2% Market performance in GPW has simplified IPO Q3’21* procedures ✓ WIG20 +4.14% New listings on GPW: ✓ amendment
Slide 4: Equity turnover in Europe (FESE data in EUR)
Equity turnover in Europe (FESE data in EUR) 9M’21 vs. 9M’20 – change of EOB turnover [%] Luxembourg Stock Exchange 44,9% Bulgarian Stock Exchange 34,0% Boerse Stuttgart 13,0% Athens Stock Exchange 12,9% Incremental Jan-Sep 2021 EOB equity turnover Warsaw Stock Exchange 12,0% increased 12.0% YoY (FE
Slide 5: Investor activity on the cash market
Investor activity on the cash market Main Market EOB turnover value 102,8 Main Market EOB turnover value: PLN 60.8 bn in Q3’21 93,7 90 ,0% EOB Trading Turnover velocity (-3.5% YoY, -18.8% QoQ) 10 0 80 ,0% 74,9 70,3 76,8% New Connect EOB turnover value: PLN 0.9 bn in Q3’21 70 ,0% 80 PLN bn 63,0 6
Slide 6: Activity on the derivatives market
Activity on the derivatives market Derivatives turnover volume mn Derivatives turnover total volume: 2.7 mn +14.2% instruments in Q3’21 (+14.2% YoY, -4.1% 3.3 QoQ) 3.1 3.1 2.7 2.8 2.7 -4.1% ✓ WIG20 futures turnover volume in 2.3 2.0 Q3’21: 1.1 mn futures (-6.1% YoY, 1.7 1.6 1.7 -18.8% QoQ) ✓ singl
Slide 7: ESG: Environmental, Social, Governance factors
ESG: Environmental, Social, Governance factors GPW as a public company: ➢ We are preparing for ESG reporting ➢ We are developing long-term ESG actions in line with top international ESG standards, regulations and guidelines, which is what the investors expect Rozwój kompetencji ESG GPW as a trade or
Slide 8: GPW Group financial results in Q3 2021
1. GPW Group milestones and summary of trading on the financial market in Q3 2021 2. GPW Group financial results in Q3 2021 3. Summary of trading on the commodity market and TGE Group financial results in Q3 2021 4. Other financials 5. Appendices
Slide 9: Financial results
Financial results Sales revenue Operating expenses Sales revenue PLN mn +4.3% C/I 55.6% 56.3% 52.3% Increase of revenue in Q3’21 by 1.8% YoY to PLN 54.5% 51.9% 90.6 mn driven by YoY increase of revenue on the 300.1 287.6 commodity market combined with lower revenue +10.6% on the financial market.
Slide 10: Financial results by quarter
Financial results by quarter Sales revenue EBITDA and EBITDA margin Net profit and net profit margin 52.9% 56.2% 58.9% 53.6% 40.9% 46.1% 48.2% 35.9% 34.7% 39.7% PLN mn +1.8% 116.3 PLN mn 111.3 98.1 +3.4% PLN mn 89.0 90.6 65.3 57.8 +12.8% 53.6 47.6 47.0 48.6 45.2 38.7 36.0 31.9 Q3’20 Q4’20 Q1’21 Q2’2
Slide 11: Trading revenue on the financial market
Trading revenue on the financial market Q3’21: 42,6% Trading revenue on the financial market at PLN 35.5 mn in Trading revenue – financial market Q3’21 (-131% YoY, -15.0% QoQ). PLN mn Average Main Market EOB equity turnover per session: PLN 946.2 mn in Q3’21 vs. PLN 1,320.2 mn in Q2’21 vs. -13,1
Slide 12: Listing revenue
Listing revenue Q3’21: 6,0% Listing revenue Three new listings on the Main Market and eight new listings on NewConnect Q3’21. PLN mn IPO value (MM+NC) at PLN 899 mn in Q3’21 vs. PLN 463 mn in Q2’21 vs. PLN 56 mn in Q3’20. +21,6% SPO value (MM+NC) at PLN 392 mn in Q3’21 vs. 6,2 PLN 583 mn in Q2
Slide 13: Stable revenue from information services
Stable revenue from information services Q3’21: 15,0% New GPW Group data agreements were signed in Revenue from information services: financial market and commodity market Q3’21 with users in different market segments: ✓ GPW data: 2 non-display clients ✓ BondSpot data: 1 non-display client Market
Slide 14: Commodity market trading and TGE Group results
1. GPW Group milestones and summary of trading on the financial market in Q3 2021 2. GPW Group financial results in Q3 2021 3. Summary of trading on the commodity market and TGE Group financial results in Q3 2021 4. Other financials 5. Appendices
Slide 15: Commodity market turnover in Q3'21
Commodity market turnover in Q3’21 Electricity and gas spot and forward turnover volume Electricity market – Total electricity turnover volume in Q3’21 was 62.2 TWh (+17.4% YoY, +16.5% QoQ). Electricity(TWh) Natural Gas (TWh) ✓ The spot turnover volume was 9.5 TWh (+12.8% YoY, +10.1% QoQ). 64,2 60
Slide 16: Revenue from the electricity, gas, and property rights markets
Revenue from the electricity, gas, and property rights markets Q3’21: 20,3% Increase of revenue from trade in electricity in Q3’21 Trading revenue – commodity market to PLN 5.3 mn (+27.7% YoY) driven by an increase of turnover on the forward and spot electricity market and an increase of PLN mn tr
Slide 17: Revenue from clearing
Revenue from clearing Q3’21: 13,6% Revenue from clearing PLN mn +28.0% Increase of revenue from clearing in Q3’21 12.7 13.0 12.3 to PLN 12.3 mn (+28.0% YoY). 11.2 +10.1% 9.6 Increase of revenue from the operation of the Register of Certificates of Origin in Q3’21 to PLN 4.9 mn (+26.6% YoY). Q3’2
Slide 18: Other financials
1. GPW Group milestones and summary of trading on the financial market in Q3 2021 2. GPW Group financial results in Q3 2021 3. Summary of trading on the commodity market and TGE Group financial results w I kw. 20 4. Other financials 5. Appendices
Slide 19: Operating expenses in Q3'21
Operating expenses in Q3’21 Cost/income ratio (C/I)2: 54.5% in Q3’21 vs. 56.3% in Q3’20. Operating expenses: PLN 49.4 mn (-1.3% YoY, -3.1% QoQ) Decrease of operating expenses in Q3’21 by 1.3% YoY to PLN mn 65.8 PLN 49.4 mn driven by additional provisions against PFSA fees 55.8 set up in Q3’2020
Slide 20: Share of profit of entities measured by the equity method in Q3'21
Share of profit of entities measured by the equity method in Q3’21 Group’s share of profit of entities measured by the equity method in Q3’21 at PLN 5.9 mn (+30.3% Share of profit of entities measured by the equity method YoY, -24.5% QoQ). PLN mn PAR KDPW CG The Group’s share of net profit of KD
Slide 21: GPW Group's consolidated statement of financial position
GPW Group’s consolidated statement of financial position PLN mn 30.09.2020 31.12.2020 31.03.2021 30.06.2021 30.09.2021 Decrease of assets as at 30 September Non-current assets, including among others 579,7 592,1 601,8 599,5 597,6 2021 vs. 31 December 2020 mainly driven Property, plant and equipmen
Slide 22: Appendix – Back-up slides
Appendix – Back-up slides
Slide 23: GPW Group consolidated statement of comprehensive income
GPW Group consolidated statement of comprehensive income PLN mn Q3'20 Q2'21 Q3'21 YoY increase in sales revenue in Q3’21 driven by an increase of Revenue 89,0 98,1 90,6 trading revenue on the commodity market by 21.5% YoY i.e. by Financial market 58,3 61,2 54,4 PLN 6.3 mn to PLN 35.8 mn combined w
Slide 24: GPW Group consolidated statement of cash flows
GPW Group consolidated statement of cash flows PLN mn 9 months period ended 30 September of 2021 2020 Negative cash flows from operating activities Total net cash flows from operating activities -6,1 187,5 in 9M’21 decreased by PLN 193.6 mn YoY Net profit of the period 119,9 104,7 due among others
Slide 25: GPW Group's revenue structure: incremental for 12M ended September 2021
GPW Group’s revenue structure: incremental for 12M ended 30 September 2021 GPW Group: 416.4 PLN mn incl. TGE Group: PLN 146.5 mn Other revenue (0,7%) 0,7% 0,2% Market Data (commodity market) Clearing 11,8% Commodity Register of Certificates of Origin Market: 35,2% 35,2% 5,7% Trading other 3,5% Tradi
Slide 26: Financial market: Trade in equities
Financial market: Trade in equities Equity turnover value and number of transactions Average number of transactions per session (thous.) 30.9%1 Value of trading in equities (PLN bn) 133,2 136,0 125,2 80,2 70,1 73,1 72,1 65,9 55,3 51,9 55,5 46,4 297 251 236 230 220 205 203 204 194 188 190 191 2011 20
Slide 27: Financial market: Trade in derivatives
Financial market: Trade in derivatives Derivatives turnover volume Number of open interest (thous.) Volume (thous.) 3.2%2 402,9 290,0 Revenue drivers: 237,8 15,5 184,8 165,0 171,2 137,2 12,6 ✓ Derivatives turnover volume 132,8 11,3 138,1 140,1 143,6 11,5 9,5 104,2 8,2 8,0 7,6 8,2 8,2 8,6 7,0 ✓ Num
Slide 28: Financial market: Other instruments and fees paid by participants
Financial market: Other instruments and fees paid by participants Treasury BondSpot Poland turnover value, PLN bn Cash Transactions Repo Transactions 3.0%1 1.037 1.062 307 845 450 767 1.8%2 347 327 599 535 260 413 407 196 370 731 147 282 55 612 255 498 Revenue drivers: 439 339 338 86 169 36 113 31
Slide 29: Financial market: Listing
Financial market: Listing Capitalisation of domestic companies Market Cap/GDP (%) Market Cap of local companies (PLN bn) 6.0%1 36,5% 34,8% 34,8% 32,0% 30,0% 30,0% 29,4% 28,9% 27,9% 25,0% 23,2% Revenue drivers: 671 683 593 591 557 579 550 ✓ Capitalisation at YE 446 523 517 539 ✓ Value of new issue
Slide 30: Financial and commodity market: Information services
Financial and commodity market: Information services Number of data vendors Local 15.0%1 Remote 87 87 89 83 78 37 37 35 57 58 58 58 37 54 53 52 36 37 34 31 Revenue drivers: 37 30 28 27 50 50 54 42 46 ✓ Number of data vendors 20 21 24 27 24 25 25 ✓ Number of subscribers 2011 2012 2013 2014 2015 201
Slide 31: Commodity market: Trade in electricity and gas
Commodity market: Trade in electricity and gas Electricity turnover volume (TWh)1 Spot 243,2 11.6%2 Forward 226,1 228,9 34,8 27,7 33,9 186,8 186,7 182,4 176,6 23,8 25,1 25,4 163,3 22,3 gaz 139,4 27,7 130,8 126,7 21,3 111,7 21,7 27,7 Revenue drivers: 25,2 198,3 195,0 208,3 154,3 163,0 161,6 157,0 1
Slide 32: Commodity market: Trade in property rights
Commodity market: Trade in property rights Property rights spot turnover (TWh) Green certificates (OZE) Cogeneration certificates 2 4.6%1 62,2 58,9 58,1 59,3 50,8 50,2 19,9 43,9 26,6 29,8 30,8 15,1 39,3 36,0 24,0 25,9 27,0 Revenue drivers: 21,8 20,6 18,9 42,4 32,1 35,7 32,3 ✓ Property rights turno
Slide 33: Commodity market: Register of Certificates of Origin
Commodity market: Register of Certificates of Origin Volume of issued certificates of origin (TWh) Green certificates (OZE) 50,7 5.4%1 Cogeneration certificates 47,2 48,5 47,5 41,1 42,2 37,2 23,4 18,9 24,5 19,9 35,1 10,7 15,3 29,5 21,6 Revenue drivers: 21,0 22,3 11,9 18,2 15,6 ✓ Volume of issued p
Slide 34: IR events and Disclaimer
IR events Disclaimer 9 November 2021 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its Publication of the GPW Group’s consolidated interim report shareholders, analysts, and other contractors. This presentation
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