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

Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW) — Q1 2018 Earnings Presentation

29 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Apr 27, 2018

  1. Slide 1: GPW Group's Financial Results in Q1 2018

    GPW Group’s Financial Results in Q1 2018 27 April 2018

  2. Slide 2: Summary of the GPW Group's Activity in Q1 2018

    Summary of the GPW Group’s Activity in Q1 2018 Financial Results of the GPW Group in Q1 2018

  3. Slide 3: Demanding Q1 2018 with a PFSA fee charge

    Demanding Q1 2018 with a PFSA fee charge Revenue Net profit  Revenue Revenue decreased by 6.8% QoQ and 5.6% PLN mn PLN mn YoY in Q1 2018 -5.6% -27.7% 91.0 92.2  Net profit 85.9 39.4 -6.8% Net profit decreased by 27.7% QoQ and increased by 2.7% YoY 27.7 28.5 +2.7%  EBITDA EBITDA decreased by 18.1%

  4. Slide 4: Easy start of the year on the equity market

    Easy start of the year on the equity market Value of EOB trade on the Main Market EOB Trading Turnover velocity PLN bn  EOB trade decreased by 19.5% YoY, due to a 80 39.8% 42.6% 45 .0% very demanding base of 2017, and decreased 36.8% 34.9% 70 33.6% 30.4% 30.6% 33.3% 31.1% 40 .0% 35 .0% by 7.7% QoQ

  5. Slide 5: Recovery of the volume of trade in derivatives

    Recovery of the volume of trade in derivatives Volume of trade in derivatives  Total volume of trade in derivatives was 2.11m mn -5.8% instruments in Q1 2018; it increased by 21.8% 2.18 2.24 QoQ and decreased by 5.8% YoY. 2.11 1.94 1.98 1.98 1.87 1.67 1.73 +21.8%  Volume of trade in WIG20 futures

  6. Slide 6: Commodity market in Q1'18

    Commodity market in Q1’18 Volume of spot and forward trade in electricity and gas  Gas market: Total volume of trade on the gas markets at 25.9 TWh in Q1 2018, a decrease of 15.4% YoY and 31.7% QoQ. Energy (TWh) Gas (TWh) The quarterly volume of spot transactions in gas crossed 40.6 46.4 the mark o

  7. Slide 7: Financial Results of the GPW Group in Q1 2018

    Summary of the GPW Group’s Activity in Q1 2018 Financial Results of the GPW Group in Q1 2018

  8. Slide 8: Q1 2018 financial results impacted by seasonal expenses

    Q1 2018 financial results impacted by seasonal expenses Net profit and net profit margin Revenue EBITDA and EBITDA margin PLN mn PLN mn PLN mn 57.9% 70.7% 47.9% 42.7% 64.0% 56.4% 33.2% -5.6% 51.4% 49.2% 30.5% 91.0 92.2 87.6 85.9 81.1 -9.0% +2.7% 56.1 57.4 52.0 47.0 46.8 41.9 39.4 42.6 27.7 28.5 Q1’1

  9. Slide 9: Trading revenue on the financial market

    Trading revenue on the financial market Q1’18: 38.3% Trading revenue – financial market  Trading revenue on the financial market at PLN PLN mn 32.9m (down by 5.0% QoQ and 15.3% YoY)  Average turnover in shares per session at PLN 866.2m in Q1 2018 vs. PLN 938.4m in Q4 2017 -15.3% and PLN 1.0bn in Q

  10. Slide 10: Lower IPO value in Q1 2018

    Lower IPO value in Q1 2018 Q1’18: 6.9% Listing revenue PLN bn  2 IPOs on the Main Market in Q1 2018, including one transfer from NewConnect, and 1 IPO on NewConnect in Q1 2018  Revenue from fees stable at PLN 5.1m in Q1 2018 -6.7% 6.3 6.3 6.3  Revenue from fees for introduction decreased modestly

  11. Slide 11: Stable revenue from information services – financial market

    Stable revenue from information services – financial market Q1’18: 12.5%  New clients in different market segments attracted in Q1 Revenue from information services1 2018: mln zł  15 data vendors including:  13 vendors of GPW delayed data  2 vendors of WIBOR data 3.1%  1 vendor of TGE data  2

  12. Slide 12: Significant increase of volumes on electricity markets

    Significant increase of volumes on electricity markets Q1’18: 20,6%  Significant increase of revenue from trade in Trading revenue – commodity market electricity (+9.0% QoQ and +71.0% YoY) mainly PLN mn driven by an increase in forward trade  Decrease of revenue from trade in gas by -25.3% QoQ and

  13. Slide 13: Higher revenue from clearing driven by higher volumes of trade in electricity

    Higher revenue from clearing driven by higher volumes of trade in electricity Q1’18: 13.2% Revenue from clearing mln zł  Revenue from clearing increased by 8.9% YoY in Q1 +8.9% 2018 thanks to high volumes on the energy market and decreased by 6.2% QoQ 12.0 11.3 10.3 -6.2%  Lower revenue from the o

  14. Slide 14: Operating expenses impacted by amortization and salaries costs

    Operating expenses impacted by amortization and salaries costs  GPW Group’s fee for capital market supervision at PLN 9.0m decreased Operating expenses: 1.3% QoQ and +4.0% YoY YoY PLN mn 49.0 48.4  Depreciation and amortisation increased by 22.4% YoY and 3.4% QoQ 46.5 7.6 due to the implementation

  15. Slide 15: Share of profit of associates

    Share of profit of associates Share of profit of associates  KDPW Group’s profit: Aquis KDPW CG  KDPW’s net profit at PLN 4.7m in Q1 2018 PLN mn 3.6  Lower revenue due to reduced settlement fees 3.0  Expenses include booked PFSA fee 1.9 1.5 3.5 4.3 0.7  Aquis Exchange: 2.0 2.8 1.6  Aquis Excha

  16. Slide 16: GPW Group's Consolidated Balance Sheet

    GPW Group’s Consolidated Balance Sheet PLN mn 31.03.2017 31.12.2017 31.03.2018  Decrease of cash and cash Non-current assets, including among others 597.3 596.4 580.7 equivalents in Q1 2018 due to a Property, plant and equipment 116.7 110.8 108.7 new investment policy applicable as Intangible asset

  17. Slide 17: Annex: Back-up Slides

    Annex: Back-up Slides

  18. Slide 18: GPW Group's Consolidated Profit & Loss Account

    GPW Group’s Consolidated Profit & Loss Account PLN mn Q1'17 Q4'17 Q1'18 Revenue 91.0 92.2 85.0  Increase of operating expenses due to higher depreciation and amortisation (implementation of new Financial market 55.6 51.9 49.6 trading and clearing systems in IRGiT in 2017) and Trading 38.8 34.6 32.9

  19. Slide 19: GPW Group's Consolidated Cash Flows

    GPW Group’s Consolidated Cash Flows 3m ended on 31 March PLN mn 2018 2017 Cash flows from operating activities, including among others: 32.2 -66.4  Negative cash flows from operating Cash flows from operating activities 48.2 -38.1 activities and positive cash flows from Net profit of the period 28.

  20. Slide 20: GPW Group's Revenue Structure

    GPW Group’s Revenue Structure PLN 346.9 mn PLN 143.2 mn Other 0.3% 0.1% Information services 11.7% Clearing Commodity Register of Certificates of Origin market: 8.7% Trading - other 41.3% 41.3% 3.1% Trading - property rights Trading - natural gas 11.3% Trading - energy 3.1% 2.5% Information services

  21. Slide 21: Financial Market: Trade in Equities

    Financial Market: Trade in Equities Value of trade in equities and number of transactions Average number of transactions per session (thou.) Value of trading in equities, EOB (PLN bn) 29.0%1 80.2 88.6 76.9 70.1 65.9 55.3 51.9 55.5 51.4 48.4 46.4 38.2 251 236 207 220 205 203 167 188 190 160 67 54 200

  22. Slide 22: Financial Market: Trade in Derivatives

    Financial Market: Trade in Derivatives Volume of trade in derivatives Number of Open Interest (thou.) 3.8%2 184.8 168.1 165.0 162.4 159.6 132.8 137.2 138.1 140.1 131.0 104.2  Revenue drivers: 80.4 14.7 15.5  Volume of trading in futures 12.6 13.8 12.6 11.3 9.5 8.2 8.0 7.6  Number of open interest

  23. Slide 23: Financial Market: Other Instruments and Fees Paid by Participants

    Financial Market: Other Instruments and Fees Paid by Participants Value of trade on Treasury BondSpot Poland, PLN bn Cash transactions 1,062 3.2%1 Repo transactions 1,037 307 845 450 767 347 599 2.2%2 327 260 413 535 196 -24.0% 324 731 612 255 133 135 498 439 101 339 338 61 101 84 188 158 43 72 58 

  24. Slide 24: Financial Market: Listing

    Financial Market: Listing Capitalisation of domestic companies Market capitalisation/GDP (%) 6.9%1 Market capitalisation of domestic companies (PLN bn) 36.8% -2.2% 36.5% 34.8% 34.8% 2 30.7% 32.0% 27.9% 28.9% 30.0%  Revenue drivers: 20.0% 671 621 608 593 591  Capitalisation at YE 421 543 446 523 51

  25. Slide 25: Financial Market: Information Services

    Financial Market: Information Services Number of data vendors Domestic Foreign 12.5%1 66 57 58 58 58 52 54 53 52 50 50 51 33 34 31 37 37 30 28 27 27 31 32 33  Revenue drivers: 33 27 25 25  Number of data vendors 19 18 19 20 21 24 24 24  Number of subscribers 2008 2009 2010 2011 2012 2013 2014 201

  26. Slide 26: Commodity Market: Trade in Electricity and Gas

    Commodity Market: Trade in Electricity and Gas Volume of trade in electricity (TWh)1 186.7 186.7 Spot 176.6 6.2%2 Forward 139.4 22.3 23.7 25.1 130.8 126.7 21.3 111.7 21.7 27.6 gaz 87.9 13.4 154.3 163.0 161.6 25.2 +88.3%  Revenue drivers: 109.1 118.1 99.0 21.5 40.6 74.5 86.4 7.3  Volume of trade in

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

    Commodity Market: Trade in Property Rights Trade in property rights (TWh) Green certificates 62.2 58.9 58.0 11.1%1 Cogeneration certificates 44.8 48.8 50.8 19.9 50.2 26.6 13.2 15.1 39.3 29.8 36.0 24.0 29.9 -16.9% 21.8  Revenue drivers: 35.2 35.6 35.7 42.4 32.1 16.1 13.4 32.3 28.3 23.1 26.2 6.1 17.5

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

    Commodity Market: Register of Certificates of Origin Volume of issued property rights (TWh) Green certificates 50.7 47.3 48.5 8.3%1 Cogeneration 36.6 37.2 41.1 42.2 23.4 18.9 24.5 31.9 15.3 +17.6% 10.8 10.7 29.5 21.6 27.6 11.9 19.6  Revenue drivers: 16.7 6.1 25.8 26.6 25.9 27.3 28.3 7.2 21.5 24.2 2

  29. Slide 29: IR events, Disclaimer and Contact: GPW Investor Relations

    IR events Disclaimer  23-24 May 2018 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its CEE Investors Days in NYC, hosted by GPW and Wood & shareholders, analysts, and other contractors. This presentation has b

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