Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange) — Q3 2011 Earnings Presentation
19 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Nov 9, 2011
Slide 1: Warsaw Stock Exchange in Q3 2011
Warsaw Stock Exchange in Q3 2011 Presentation of WSE Group results 9 November 2011
Slide 2: Q3 business highlights
Q3 business highlights Strong financial results of WSE Group – record sales revenues in Q3, net profit and operating profit after 9 months higher than in the entire 2010 Record-high equity turnover and derivative instruments volume One of the strongest IPO markets in Europe with the highest number o
Slide 3: WSE one of the fastest developing stock exchanges
WSE one of the fastest developing stock exchanges Top 10 world stock exchanges with the highest Top 10 world stock exchanges with the growth of number of companies1 highest turnover growth2 Warsaw SE 738 35% Lima SE 5,1 102% Shenzhen SE 1 369 25% Colombia SE 27 50% Santiago SE 266 15% Bursa Malaysia
Slide 4: Turnover on the Main Market
Turnover on the Main Market Q3 2011 – record in the WSE history Quarterly value and turnover dynamics vs. WIG index (PLN bn) increase of the value of session trading by Block trading Total turnover WIG Index 36.6% compared to Q3 2010 Session trading Change q-o-q Above-average turnover ratio (54%
Slide 5: Record number of new listings
Record number of new listings The number of new listings in Europe in Q3 20111 NC: number of new listings Domestic Foreign NYSE Euronext: 8 LSE Group: 29 53 BME (Spanish Exch.): 6 36 41 28 25 14 18 Deutsche Boerse: 5 0 0 1 0 2 1 1 WSE: 61 Luxembourg: 4 Oslo Bors&Oslo Axess: 4 Main Market: number of
Slide 6: Attractive venue for issuers
Attractive venue for issuers Main Market: offering value (PLN bn) NC: raised capital (PLN m) WSE Main Market 0.1 Listed companies IPO SPO Public offering of JSW (PLN 5.37 bn): New companies 3rd IPO in Europe in terms of the value in Q3 2011 (source: PwC) 520 17.8 12.8 4th IPO of a domestic company i
Slide 7: Derivative instruments
Derivative instruments Record quarter in 14-year-long history of derivative Derivative instruments turnover volume (m) instruments on WSE: Futures Options Total volume1 Change q-o-q Trading volume – futures Q3/11 to Q3/10: (+43%) 4.07 4.10 3.22 3.33 3.99 3.25 4.66 20% 1% -22% 3% 20% -19% 43% Q
Slide 8: Debt instruments
Debt instruments Wartość obrotówtrading TBS Poland na TBS value Poland(PLN (mld PLN) bn) Catalyst(non-treasury Catalyst (instrumenty nieskarbowe) instruments) Cash market Repo market Issue value (PLN bn) 184 45.0 Number of series 200 142 237 40.0 114 150 35.0 97 176 187 30.0 73 35.0 37 51 100 25.0 3
Slide 9: Exchange members
Exchange members Origin of 31 WSE remote members Development of the exchange members network – one of the main elements of the WSE strategy Sweden: 1 Estonia: 1 1 Russia: 3 7 new exchange members in Q3: Lithuania : 1 UK: 9 1 Polish bank Germany: 2 1 6 foreign investment firms Ukraine: 1 Czech Re
Slide 10: Financial results
WARSAW 2 Gem | rss 1991-2011 EXCHANGE Financial results
Slide 11: P&L account
P&L account Revenues Operating expenses change vs. Q1-Q3 change vs. PLN m Q3 2011 Cost/income (%) Q3 2010 2011 Q1-Q3 2010 69.2 68.3 70.4 Sales revenues 70.4 30.5% 207.9 25.7% 57.5 60.2 Operating expenses 33.6 9.8% 98.8 10.4% 54.0 54.0 Other expenses 2.6 89.8% 3.3 111.1% Operating profit 34.2 55.0% 1
Slide 12: Profitability measures
Profitability measures Price to estimated 2011 earnings Very good results accompanied by high profitability Average measures Higher net profit results from rise in sales revenues and an increase in net financial income 16.1 13.9 Return on equity: 25.4% Middle value of the range among listed exchange
Slide 13: Operating revenues
Operating revenues Q3 change vs. Q1-Q3 change vs. Revenues breakdown in Q3 2011 PLN m 2011 Q3 2010 2011 Q1-Q3 2010 Other: 1.9% Lisitng revenue 6.1 31.8% 17.8 21.1% Information services 13.6% Annual listing fees 4.2 16.6% 12.5 14.9% Introduction and admission Introduction fees: 2.6% 1.8 89.4% 5.3 38.
Slide 14: Revenues – trading segment
Revenues – trading segment Equities (PLN m) Derivatives (PLN m) Fixed income (PLN m) Other3 (PLN m) 1 2 39.9 37.6 3.5 31.6 36.6 11.1 11.2 10.3 11.9 3.1 3.4 1.3 1.4 1.4 1.5 26.8 28.7 28.3 9.0 8.7 1.0 1.1 1.2 8.3 2.0 2.0 2.3 2.3 Trading (PLN m) Average transaction fee on equity market4 in Q3 2011 54.8
Slide 15: Listing and information services
Listing and information services Listing (PLN m) Information services (PLN m) Annual fees Introduction fees Total Number of subscribers Information services revenue 6.5 324.4 332.0 6.1 310.2 5.5 5.5 285.4 5.3 259.0 266.7 4.6 4.6 188.2 9.3 9.5 8.6 8.2 7.9 8.1 8.0 4.1 4.2 4.2 3.6 3.6 3.6 3.7 2.3 1.9 1
Slide 16: Operating expenses
Operating expenses Q3 change vs. Q1-Q3 change vs. Structure of operating costs PLN m 2011 Q3 2010 2011 Q1-Q3 2010 Depreciation and amortization 3.9 -5.2% 11.7 -4.7% Rent and other maintance fees 1.7 3.8% 5.1 8.5% Other 7.0% 5.7% Fees and charges 5.6 55.0% 13.9 15.5% including: fee paid to KNF 5.2 53
Slide 17: Profit of associates and financial income
Profit of associates and financial income Share of profit of associates (PLN k) Net financial income (PLN m) KDPW Group (WSE share: 33.3%) Total Centrum Giełdowe (WSE share: 24.79%) 5,438 7.8 4,359 4,434 4,420 1 3,614 2,890 3.9 2,487 3.464 5,058 4.287 3,984 4,325 2.3 2.3 2.6 3.435 2.0 2,848 0.9 970
Slide 18: Balance sheet overview
Balance sheet overview PLN m 30.09.2011 30.06.2011 31.12.2010 30.09.2010 Non-current assets 348.9 394.0 337.7 363.0 Property and equipment 125.0 118.0 119.5 120.7 Investment in associates 145.3 141.5 139.0 186.0 Available-for-sale financial assets 12.3 67.3 11.8 14.4 Other non-current assets 66.3 67
Slide 19: Disclaimer
Disclaimer This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (the “Company” or “WSE”) solely for use by its shareholders, clients or analysts and should not be treated as a part of any invitation or offer to sell any securities, invest or deal in or a solicitation