Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange) — Q1 2013 Earnings Presentation
44 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, April 2013
Slide 1: Presentation of WSE Group Results in Q1 2013
PRESENTATION OF WSE G ROUP RESULTS IN Q1 2013 A PRIL 2013
Slide 2: WSE Group in Q1 2013
WSE Group in Q1 2013 Proposal of payment of 49.9% of WSE standalone net profit for 2012 as dividend, DPS: PLN 0.78 WSE and CEESEG are engaged in preliminary discussions on potential co-operation The new trading system UTP and a new trading session schedule are in place as of 15 April 2013 Total trad
Slide 3: UTP – new trading system
UTP – new trading system Since 15 April 2013 – new trading system on WSE Trading system developed by NYSE Technologies, member of NYSE Euronext Group State-of-the-art technology, used on the stock exchanges in New York, Paris, Brussels, Amsterdam, Lisbon, on the exchange in Quatar, on the derivative
Slide 4: Goals and possibilities of the new system
Goals and possibilities of the new system UTP trading system for the market UTP Transaction system WARSET Top global functional and technical standards Internal latency 0.15 60 Potential for growth of liquidity and reduction of in miliseconds transaction costs New financial instruments (including ne
Slide 5: Real transaction cost for investors
Real transaction cost for investors IS transaction cost* and trading fees Average Spread on WSE, 2009-2012 on equities markets [b.p.] [b.p.] [Volume-weighted average cost, excl. taxes and other charges] 50 2009 120 Koszt IS costtypu for anISinvestor z punktu widzenia inwestora 2010 Prowizja Broker f
Slide 6: UTP architecture and services
UTP architecture and services Warsaw Stock Exchange transaction system UTP-CDE UTP-D First phase finished on 15 April 2013 Second phase High performance Other services Other services access Service for brokerage houses allowing colocation of hardware and software for order generation exclusively (al
Slide 7: WSE v. EU stock markets
WSE v. EU stock markets Change in value of trading on EU stock markets (EUR bn, YoY) WSE Regulated EU stock WSE: one of 7 EU stock markets markets to grow the value of +2.8% -7.4% trading in Q1 2013 v. Q1 2012 13,1 13,5 11,1 1 071,0 Turnover value in Q1 2013 v. 991,7 862,1 Q4 2012 increased by 15.0%
Slide 8: Trading in shares on Main Market
Trading in shares on Main Market Growth of trading in shares (quarterly, PLN bn) 67,8 71,1 71,5 71,1 Session trading in shares on the Main Market increased 57,7 59,3 52,5 47,8 by 22.9% in Q1 2013 v. Q4 2012 and increased by 1.5% 43,3 v. Q1 2012 Free float ratio increased to 47% at the end of Q1 2013
Slide 9: Transaction fees and average value of turnover
Transaction fees and average value of turnover Average value of trading per session (PLN mn) 1200 monthly quarterly annually 1000 Average value of trading per session on the 800 Main Market increased to PLN 898.8 mn in Q1 2013, by 19.3% v. average value of trading per 600 session in 2012 400 200 0 A
Slide 10: Trading on WSE derivatives market
Trading on WSE derivatives market Derivatives trade volume (quarterly, mn instruments)1 Share of WIG20 futures in derivative volumes decreased to 66% in Q1 2013 4,66 Transaction fees on WIG20 futures account for almost 3,99 94% of revenue from derivatives trade 3,66 3,25 3,19 3,17 Currency futures v
Slide 11: Day-trading in derivatives
Day-trading in derivatives Transaction fees for index contracts (PLN) Standard fee per contract PLN 1.70 in 2012 PLN 1.60 in 2013 PLN 1,50 Change of fee structure in the derivatives market as of 1,25 beginning of 2013 fee per contract 1,00 Fee per index contract reduced from PLN 1.7 to PLN 1.6 in da
Slide 12: Non-Treasury bond market – Catalyst
Non-Treasury bond market – Catalyst Growth of the Polish non-Treasury debt market Catalyst (non-Treasury instruments) (value of issues at end of period, PLN bn) 361 140 140,0% 60,0 value of listed issues (PLN bn) 325 Value of non-Treasury bond issues in Poland 118 118,3 number of series 302 350 112
Slide 13: Biggest IPOs/SPOs on the stock market
Biggest IPOs/SPOs on the stock market European biggest stock offerings in Q1 2013 WSE ranked #2 in Europe by number of IPOs and #3 by value of IPOs in Q1 2013 Value Date Company Exchange Three offerings of Polish companies among biggest stock [EUR bn] offerings in Europe in Q1 2013 09/01/2013 Arcelo
Slide 14: Growth of commodity market
Growth of commodity market Volume of trading on commodity markets operated by WSE and PolPX (TWh) Electricity – forward trade Electricity – spot trade PolPX WSE EM poee PolPX WSE EM poee 0,40 0,3 0,4 0,6 0,7 0,4 0,7 0,2 0,6 0,01 2,09 0,5 0,01 0,17 59,2 0,01 4,57 5,4 4,9 5,0 4,9 5,3 5,6 33,4 34,6 4,5
Slide 15: Certificates of origin of energy
Certificates of origin of energy Property rights – trading TWh Register of Certificates of Origin Register of Certificates of TWh TWh volume – property rights issued Origin – certificates of origin 25 15 35 redeemed 20 12 28 15 9 21 10 6 14 5 3 7 0 0 0 red certificates (PMEC) yellow certificates (PM
Slide 16: WSE Group financials
WARSAW STOCK EXCHANGE WSE Group financials
Slide 17: WSE Group: key financials
WSE Group: key financials Sales revenue (PLN m) Net profit (PLN m) EBITDA1 (PLN m) +24.1% +25.5% +16.2% 42,1 51.4 74,1 79,4 44,2 63,9 70,1 65,7 33,5 37,4 37,4 26,7 25,9 32,0 20,1 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Operating profit at PLN 43.1 mn
Slide 18: WSE Group sales revenues
WSE Group sales revenues Consolidated sales revenues PLN’000 Q1/13 Q1/12 Change yoy Q4/12 Change qoq Sales revenues 79 358 63 938 24.1% 74 114 7.1% Financial market 52 519 56 958 -7.8% 49 983 5.1% Trading, including: 38 182 42 237 -9.6% 35 534 7.5% Equities 27 843 29 376 -5.2% 24 590 13.2% Derivativ
Slide 19: WSE Group revenue structure
WSE Group revenue structure Sales revenues Commodity market Clearing 8.0% Share of the commodity market in total revenues increased to 33% at the end of Q1 2013 10.0% Register of Certificates of Origin Share of trading in shares decreased to 35.1% in Q1 2013 v. 45.9% in Q1 2.1% Trading - other 2012
Slide 20: WSE Group operating expenses
WSE GroupKoszty operating expenses Change Change Operating revenues Costs Cost income ratio PLN ‘000 Q1/13 Q1/12 (yoy) Q4/12 (qoq) 120 000 56,1% 58,0% Operating expenses 36 845 35 009 5.2% 39 717 -7.2% 54,8% 56,0% 100 000 53,6% Depreciation/Amortisation 3 676 3 973 -7.5% 4 203 -12.5% 52,4% 54,0% Sal
Slide 21: Profitability measures
Profitability measures Return on equity (ROE1) Operating profit margin 55,8% 47,7% 54,2% 44,7% 24,9% 36,3% 23,0% 21,4% 19,7% 19,8% Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 EBITDA2 margin EPS (PLN) 69,1% 64,7% 1,00 57,0% 53,4% 0,79 43,2% 0,62 0,61 0,50 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Slide 22: WSE Group balance sheet
WSE GroupBilans Grupy balance GPW sheet PLN’000 31.03.2013 31.12.2012 31.03.2012 Non-current assets, including: 579 151 512 004 513 308 Property and equipment 131 182 133 115 129 332 Intangible assets 271 026 209 545 209 888 ‘Cash and cash equivalents’ include Investment in associates 155 071 151 21
Slide 23: Events / Contact
Events / Contact WSE Investor Relations tel. +48 22 537 72 50 ir@gpw.pl http://www.gpw.pl/relacje_inwestorskie WSE IR Events 1 July 2013, Monday Interest payment on WSE bonds for 3rd interest Warsaw Stock Exchange period ul. Książęca 4, 00-498 Warsaw, Poland 31 July 2013, Wednesday tel. +48 22 628 3
Slide 24: Additional financial data
Additional financial data -24-
Slide 25: Consolidated profit and loss account
Consolidated profit and loss account in PLN thousand, under IFRS Q1 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011 2012 2011 Revenue 79 358 74 114 65 663 70 110 63 938 60 907 70 421 68 305 69 164 273 825 268 797 Financial market 52 519 49 983 49 862 51 341 56 958 58 762 68 985
Slide 26: Balance sheet - assets
Balance sheet - assets in PLN thousand, under IFRS Q1 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011 2012 2011 Non-current assets 579 151 512 004 518 215 516 251 513 308 355 291 348 875 393 975 395 870 512 004 355 291 Tangible fixed assets 131 182 133 115 133 864 134 649 129 33
Slide 27: Balance sheet - liabilities
Balance sheet - liabilities in PLN thousand, under IFRS Q1 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011 2012 2011 Equity 600 756 555 890 537 534 525 409 560 793 524 492 499 288 460 992 562 841 555 890 524 492 Share capital 63 865 63 865 63 865 63 865 63 865 63 865 63 865 63 8
Slide 28: External services, financial ratios
External services, financial ratios Twel ve-month peri od ended December, 31 i n PLN thous a nd, under IFRS 2012 2011 cha nge y-o-y External services 33 718 36 235 -7% Bui l di ng renova ti ons a nd ma i ntena nce 12 033 11 914 1% Adverti s i ng expens es 5 334 6 897 -23% El ectroni c da ta tra ns f
Slide 29: Cash flows statement
Cash flows statement in PLN thousand, under IFRS 2012 2011 Cash flows from operating activities 126 926 129 986 Cash generated from operations 159 334 152 444 Income tax paid -32 408 -22 458 Cash flows from investing activities -38 167 18 528 Purchases of property and equipment -13 482 -20 717 Proce
Slide 30: Revenues – trading: financial market
Revenues – trading: financial market Shares (PLN m) Derivatives (PLN m) Fixed income (PLN m) Other1 (PLN m) 29,4 27,8 7,3 7,7 23,5 23,7 24,6 6,3 3,8 4,1 5,7 5,3 3,6 3,5 3,4 1,8 1,8 1,7 1,8 1,6 Trading, financial market (PLN m) 42,2 36,5 35,8 35,5 38,2 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 1 Other fees paid
Slide 31: Revenues – listing and information services
Revenues – listing and information services Listing (PLN m) Information services (PLN m) Annual fees Introduction, listing fees and others Number of subscribers ('000) Revenues from information services Total 324,4 332,0 327,3 310,2 6,5 298,2 297,0 6,1 285,1 288,1 280,7 5,6 5,5 5,5 5,7 5,3 5,3 5,2 9
Slide 32: Profit of associates and net financial income
Profit of associates and net financial income Share of profit of associates (PLN’000) Net financial income (PLN m) KDPW Group (WSE stake: 33.33%) Centrum Giełdowe (WSE stake: 24.79%) Total 7,8 5 438 1 4 577 4 649 4 420 3 614 5 058 2,6 1 998 3 957 1 738 2 013 2,0 3 985 4 325 4 693 1,6 915 0,9 2 215 1
Slide 33: Transaction fees
Transaction fees Average transaction fee on equities Main Market (bp)1 New transaction fees as of 2013 2,4 2,5 2,4 Reduction of transaction fees on equities markets (Main Market and NewConnect) Reduced transaction fees for day trading in futures Reduced market maker fees 2010 2011 2012 1 Inc
Slide 34: Additional market data
WARSAW STOCK EXCHANGE Additional market data -34-
Slide 35: Issuers and new listings
Issuers and new listings NC: number of new listings Main Market: number of listed companies and new listings (long-term perspective) Domestic Foreign Number of listed companies New listings 53 36 41 38 500 28 25 27 24 14 18 20 15 12 450 426 438 439 0 1 2 1 1 1 1 1 400 400 374 379 351 350 300 284 255
Slide 36: Attractive venue for issuers
Attractive venue for issuers Main Market – offering value (PLN bn) NewConnect – shares offering value (PLN m) IPO SPO Previously listed companies 0,1 Newly listed companies 520 17,8 12,8 42 0,2 5,7 46 44 226 2,3 0,3 2,3 0,2 0,2 0,3 0,0 2,9 0,2 23 45 71 2,5 13 44 212 151 196 168 86 75 72 1,0 1,2 1,1
Slide 37: Capitalisation of domestic companies and GDP
Capitalisation of domestic companies and GDP Capisalisation of domestic companies and WIG index change Capitalisation of domestic companies to Polish GDP1 GDP (PLN bn) Capitalisation of domestic companies (PLN bn) Capitalisation/GDP Capitalisation of domestic companies (PLN bn) WIG index (%) 20 543
Slide 38: Equities turnover on the Main Market
Equities turnover on the Main Market Quarterly value and turnover dynamics v. WIG index (PLN bn) Session trades WIG Index Block trades 7,3 3,7 11,8 3,9 15,4 6,9 2,6 4,4 6,1 2,7 7,8 2,5 1,2 63,9 63,8 67,8 53,8 57,9 55,2 54,9 55,7 45,6 49,6 45,2 45,4 42,2 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/1
Slide 39: Value of trading and number of trades
Value of trading and number of trades Session trading value (PLN bn) Block trading value (PLN bn) Total trading value (PLN bn) Average number of trades per session ('000) 300 268,1 140 239,7 234,3 120 250 202,9 100 200 169,3 165,7 175,9 80 150 98,5 60,8 55,3 60 100 51,4 48,4 46,4 47,9 45,0 71,1 40 5
Slide 40: Equities markets: long-term perspective
Equities markets: long-term perspective NewConnect: capitalisation (PLN bn) and new listings Capitalisation New listings Monthly value of session trading on WSE Main Market 9 8,5 180 2001 – Q1 2013 (PLN bn) 172 8 160 7 140 30 6 5,1 120 5 100 25 4 86 89 80 3 61 2,6 60 20 2 1,2 1,4 40 1 24 26 15 20 0
Slide 41: Derivatives market
Derivatives market Index futures trading volume in Europe (Q1 2013; m) Derivatives trading volume (m)1 4,66 85,2 4,07 4,10 3,99 3,66 3,22 3,33 3,25 3,19 3,17 21,8 2,76 2,74 2,65 8,0 2,1 1,7 0,9 0,4 0,1 0,1 0,0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Structure of
Slide 42: Exchange members
Exchange members Number of exchange members Countries of origin of remote members Remote Local Sweden: 1 Russia: 3 1 Lithuania: 1 UK: 8 Netherlands: 1 31 28 28 27 26 24 Germany: 1 1 18 19 Czech Rep.:2 Ukraine: 1 17 France: 2 17 Austria:1 10 Hungary: 2 7 Bulgaria:1 31 30 30 33 33 33 33 34 26 25 26 29
Slide 43: Investors
Investors Share in equity trading on Main Market by investor type Share in futures trading by investor type 19% 24% 22% 20% 25% 36% 39% 32% 33% 34% 37% 39% 37% 34% 35% 34% 34% 37% 37% 36% 38% 36% 26% 19% 18% 18% 29% 29% 35% 35% 30% 18% 27% 79% 74% 74% 75% 66% 50% 46% 47% 56% 53% 52% 43% 36% 47% 47%
Slide 44: WSE Group and shareholder structure
WSE Group and shareholder structure Shareholder structure by number of shares Warsaw Stock Exchange State Treasury - preffered shares Other shareholders - preffered shares Subsidiaries Associates Other shareholders - bearer shares BondSpot S.A. KDPW S.A. (92.47%) (33.33%) 35,00% Polish Power Exchang