Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (WSE) — Q1 2014 Earnings Presentation
22 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Apr 30, 2014
Slide 1: Presentation of Results of WSE Group in Q1 2014
PRESENTATION OF RESULTS OF WSE GROUP IN Q1 2014 30 APRIL 2014
Slide 2: WSE Group in Q1 2014
WSE Group in Q1 2014 Good first quarter of WSE Group: growing activity on the financial market, seasonally high volumes on the commodity market Closing of the acquisition of Aquis Exchange – associate since 18 February 2014 WSE Management Board proposal of dividend payout from the 2013 profit at PLN
Slide 3: Rating Agency
Rating Agency Analysis & Rating Institute – WSE initiative to establish a rating agency Improved safeguards for investors against the growing risk of entities without creditworthiness raising capital on the financial market Reinforcing the credibility of the local capital market -> greater investor
Slide 4: Trade in Equities on the Main Market
Trade in Equities on the Main Market Value of trade in equities (session trade) [PLN bn] 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 201
Slide 5: Liquidity of Main Market Stocks
Liquidity of Main Market Stocks Sources of growing liquidity: Share in session trades Share in domestic Interest held by the State Treasury1 in 2013 capitalisation (Q3 ‘13) The value of interest held by the State Treasury in WSE listed companies is ca. PLN 102.4 bn (17% of domestic capitalisation) T
Slide 6: Liquidity of WIG20 Futures
Liquidity of WIG20 Futures WIG20 index futures: volume of trading and number of open interest trading volume (LHS) number of open interest (RHS) 4,0 120 Millions Thousands 3,5 105 3,0 90 2,5 75 2,0 60 1,5 45 1,0 30 0,5 15 0,0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 7: IPOs and SPOs
IPOs and SPOs Activity of issuers on WSE markets in Q1 2014 450 listed companies (including 46 177 listed issuers foreign companies) 442 listed companies (including 10 (including the State Treasury) foreign companies) 5 IPOs (only domestic companies): 14 new issuers: 8 IPOs (only domestic companies)
Slide 8: WSE Group Financials
WSE Group Financials -8-
Slide 9: Key Financials of the Group
Key Financials of the Group Sales revenue, PLN mn EBITDA1 EBITDA [PLN mn] EBITDA margin 69,1% 64,7% 61,3% 86,5 57,0% 56,2% 79,4 53,4% 49,7% 74,1 48,7% 70,1 69,0 70,8 43,2% 63,9 65,7 64,6 51,4 53,0 44,2 37,4 37,4 38,8 32,0 31,4 35,2 -20,0% Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q1/12 Q
Slide 10: Revenue of WSE Group
Revenue of WSE Group Revenue on the financial market [PLN mn] Revenue on the commodity market [PLN mn] Revenue on the financial market Revenue on the commodity market Share of financial market in total sales revenue Share of commodity market in total sales revenue 89,1% 100,00% 80,1% 90,00% 73,2% 75
Slide 11: Trade in Equities
Trade in Equities Value of trade in equities on the Main Market [PLN bn] Revenue from trade in equities [PLN mn] Total trade Session trade Revenue on trade in equities Share in total sales revenue 45,9% 59,3 43,3 52,5 47,8 71,1 61,1 61,6 62,4 62,9 41,7% 37,8% 38,9% 36,2% 35,1% 33,5% 33,2% 34,4% +8.1
Slide 12: Trade in Derivatives
Trade in Derivatives Volume of trade in derivatives [mn] Revenue on trade in derivatives [PLN mn] Volume of trade in derivatives Volume of WIG20 futures Revenue on trade in derivatives Share in total sales revenue 2,8 3,2 2,7 2,6 3,2 3,4 3,4 2,7 3,2 11,3% 11,0% 9,6% 8,7% 7,7% 7,9% 6,7% 6,8% 6,4% +4.
Slide 13: Issuers and IPOs
Issuers and IPOs Number of issuers on equities markets Listing revenue [PLN mn] Main Market NewConnect Listing fees Fees for introdution Share in total sales revenue +1.9% 8,6% 8,3% 7,9% 7,9% 7,6% 8,1% 7,4% 7,2% 7,3% 855 867 875 888 888 895 892 799 831 5,7 5,6 5,7 6,3 5,3 5,5 5,2 5,5 5,2 1,4 1,2 1,5
Slide 14: Trade in Bonds
Trade in Bonds Value of trade on TBS Poland [PLN bn] Revenue on trade in bonds [PLN mn] Cash transactions Conditional transactions Revenue on trade in bonds Share in sales revenue 6,3% 5,9% 5,4% -13.3% 5,1% 4,7% 350,0 4,3% 4,0% 296,0 3,7% 3,5% 300,0 262,1 250,4 253,2 265,9 250,0 221,1 201,1 191,7 20
Slide 15: Commodity Market: Electricity
Commodity Market: Electricity Energy market volumes [TWh] 1 Revenue on trade in energy [PLN mn] Spot Forward Revenue on spot trade in electricity Revenue on forward trade in electricity Share of revenue on trade in energy in total sales revenue +15.6% 7,2% 5,9% 5,4% 65,2 4,3% 4,1% 55,6 3,9% 3,7% 48,
Slide 16: Commodity Market: Property Rights
Commodity Market: Property Rights Certificates of origin volumes [TWh] Revenue on trade in certificates of origin [PLN mn] Green certificates of origin of energy Other certificates of origin of energy Revenue on trade in certificates of origin Share in total sales revenue 11,8% -53.2% 9,1% 7,2% 6,8%
Slide 17: Commodity Market: Register of Certificates of Origin
Commodity Market: Register of Certificates of Origin Register of certificates of origin – issued [TWh] Revenue on operation of the register of certificates of Issued property rights in green certificates of origin of energy origin [PLN mn] Issued property rights in other certificates of origin of en
Slide 18: Operating Expenses
Operating Expenses Operating expenses [PLN mn] Cost/Income ratio2 total operating 35.0 39.3 34.4 39.7 36.8 44.0 40.2 45.1 43.9 expenses Revenue Expenses Cost/Income ratio 49,2% 100,0 46,5% 44,4% 50,0% 2,2 1,5 43,0% 2,8 2,7 40,9% 41,7% 2,5 39,4% 2,7 1,8 36,5% 2,3 2,9 2,7 36,3% 2,5 3,0 2,1 9,7 80,0
Slide 19: Associates
Associates KDPW: good Q1 driven by general improvement Share of profit of associates [PLN k] on WSE and booked one-off annual fees (incl. Aquis Exchange (WSE stake: 32.61%) KDPW Group (WSE stake: 33.33%) Centrum Giełdowe (WSE stake: 24.79%) Total fees from issuers and participants) and revenue from
Slide 20: WSE Group Revenue Structure
WSE Group Revenue Structure PLN 283.8 mn Clearing PLN 86.5 mn Clearing Operation of Register of 7% Certificates of Origin 8% Operation of Register of Certificates of Origin Commodity 5% Commodity Other fees paid by commodity 8% market: 3% market participants and trading market: Other fees paid by co
Slide 21: WSE Group Balance Sheet
WSE Group Balance Sheet PLN k, under IFRS Q1 2014 Q4 2013 Q1 2013 Non-current assets 590 634 576 421 579 151 Property, plant and equipment 121 045 124 042 131 182 Intangible assets 265 932 269 155 271 026 Investment in associates 187 811 158 540 155 071 Current assets 525 507 482 707 473 336 Increas
Slide 22: Events and contacts
Events and contacts WSE IR Events WSE Investor Relations 30 April 2014, Wednesday tel. +48 22 537 72 50 Q1 2014 results ir@gpw.pl 31 July 2014, Thursday http://www.gpw.pl/relacje_inwestorskie H1 2014 results 31 October 2014, Friday Q3 2014 results Warsaw Stock Exchange ul. Książęca 4, 00-498 Warsaw,
Giełda Papierów Wartościowych w Warszawie S.A. (WSE) — Q1 2014 Earnings Presentation on 6ix