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

Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW Group) — Q2 2018 Earnings Presentation

29 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Aug 1, 2018

  1. Slide 1: GPW Group's Financial Results Q2 2018

    GPW Group’s Financial Results Q2 2018 1 August 2018

  2. Slide 2: Summary of the GPW Group's Activity in Q2 2018

    Summary of the GPW Group’s Activity in Q2 2018 Financial Results of the GPW Group in Q2 2018

  3. Slide 3: Very good financial results in a difficult market environment

    Very good financial results in a difficult market environment Sales revenue Net profit PLN mn PLN mn +54.4%  Sales revenue -3.4% Sales revenue up by 0.8% QoQ and down +88.6% 107.6 by 1.1% YoY in Q2 2018 178.7 172.6 79.1  Net profit -1.1% 69.7 Net profit up by 177.7% QoQ and up by 87.6 85.9 86.6 36

  4. Slide 4: Trading in equities down

    Trading in equities down Volume of EOB trading on the Main Market EOB Trading Turnover velocity PLN bn  Value of EOB trading in Q2 2018 down by 80 39,8% 42,6% 45 ,0% 17.6% YoY to PLN 48.0 bn, due to a very 36,8% 70 33,6% 34,9% 33,3% 40 ,0% demanding reference base of 2017, and down 30,4% 30,6% 31,1

  5. Slide 5: Higher YoY derivatives turnover in Q2'18

    Higher YoY derivatives turnover in Q2’18 Volume of trading in derivatives  Total volume of trading in derivatives was mn +5.1% 2.08 mn contracts in Q2 2018, down by 2.18 2.24 1.7% QoQ and up by 5.1% YoY. 2.11 2.08 1.98 1.98 1.87 1.67 1.73  Volume of trading in WIG20 futures in Q2 2018 down by 11.4

  6. Slide 6: Commodity market in Q2 2018

    Commodity market in Q2 2018 Volume of spot and forward trading in electricity and gas  Gas market: Total volume of trading on the gas markets at 25.8 TWh in Q2 2018 (+9.5% YoY, -0.4% Energy (TWh) Gas (TWh) QoQ). The quarterly volume of spot transactions in gas 54.7 46.4 was 3.7 TWh (-32.5% YoY. -66

  7. Slide 7: Financial Results of the GPW Group in Q2 2018

    Summary of the GPW Group’s Activity in Q2 2018 Financial Results of the GPW Group in Q2 2018

  8. Slide 8: Stable revenues and EBITDA margin due to diversified business model of GPW Group

    Stable revenues and EBITDA margin due to diversified business model of GPW Group Net profit and net profit margin Revenue EBITDA and EBITDA margin PLN mn 91.3% PLN mn PLN mn 57.9% 64.0% 70.7% 62.7% 47.9% 42.7% -1.1% 56.4% 33.2% 49.5% 92.2 +88.6% 87.6 85.9 86.6 81.1 -3.0% 79.1 57.4 56.1 54.4 52.0 42.

  9. Slide 9: Trading revenues from the financial market down

    Trading revenues from the financial market down Q2’18: 34.7% Trading revenue – financial market  Trading revenue on the financial market at PLN 30.1 PLN mn mn (down by 8.5% QoQ and by 16.3% YoY)  Average turnover in shares per session at PLN 787.4 mn in Q2 2018 vs. PLN 866.2 mn in Q1 2018 and -16.

  10. Slide 10: Stable listing revenue

    Stable listing revenue in Q2 2018 Q2’18: 6.7% Listing revenue PLN mn  3 IPOs on the Main Market and 7 IPOs on NewConnect worth PLN 204 mn in total  Revenue from listing fees stable in Q2 2018 at PLN 5.0 mn, -3.8% revenue from fees for introduction also stable at PLN 0.8 mn 6.3 6.3  Free float at

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

    Growing revenue from information services – financial market Q2’18: 12.8% Revenue from information services1 PLN mn  New clients in different market segments attracted in Q2 2018:  7 data vendors including:  1 vendor of real-time data +6.3%  6 vendors of delayed data 11.0 10.8 11.1 10.5 10.7 +3.

  12. Slide 12: Continued increase in revenue from the energy market

    Continued increase in revenue from the energy market Q2’18: 22.7%  Continued increase in revenue from trading in Trading revenue – commodity market electricity (+38.4% QoQ and +115.9% YoY) mainly driven by an increase in forward trading. PLN mn  Decrease in revenue from trading in gas by 13.6% QoQ

  13. Slide 13: More activity in the Register of Certificates of Origin

    More activity in the Register of Certificates of Origin Q2’18: 12.2% Revenue from clearing PLN mn  Revenue from clearing increased by 13.8% YoY in +13.8% Q2 2018. mainly driven by high volumes on the energy market, and decreased by 6.4% QoQ. 12.0 11.3 10.5 9.3 9.4 -6.4%  Higher revenue from the op

  14. Slide 14: GPW Group's Revenue Structure

    GPW Group’s Revenue Structure PLN 345.9 mn PLN 147.6 mn 0,2% Other 0,1% 12,5% Information services Clearing Commodity 8,6% Register of Certificates of Origin market: Trading - other 42.7% 42,7% 3,2% Trading - property rights 11,6% Trading - natural gas Trading - energy 3,1% 3,6% Information services

  15. Slide 15: Continuation of cost discipline in Q2'18

    Continuation of cost discipline in Q2’18  The Group’s operating expenses were PLN 40.0 mn in Q2 2018 (+5.9% Operating expenses: +5.9% YoY and -17.3% QoQ YoY and -17.3% QoQ) PLN mn  Cost/income ratio2 at 46.2% in Q2 2018 vs. 43.1% in Q2 2017 vs. 56.3% 49.0 48.4 in Q1 2018 7.6 9.0 40.0 37.8 32.5 0.0

  16. Slide 16: Share of profit of associates

    Share of profit of associates Share of profit of associates PLN mn Aquis KDPW CG 3.6 4.5  Increase of the share of profit of associates by 0.0 3.0 46.9% YoY and up by 499.5% QoQ 1.9  KDPW Group’s profit: 4.3 4.3 3.5 0.7  KDPW’s net profit was PLN 12.9 mn in Q2 2.8 1.6 2018 vs. PLN 4.7 mn in Q1 20

  17. Slide 17: GPW Group's Consolidated Balance Sheet

    GPW Group’s Consolidated Balance Sheet PLN mn 30.06.2017 31.03.2018 30.06.2018 Non-current assets, including among others 597.2 580.7 578.6  Increase in total assets quarter in Property, plant and equipment 113.8 108.7 108.2 quarter, as of 30 June 2018, was mainly Intangible assets 271.4 265.1 262.

  18. Slide 18: Annex: Back-up Slides

    Annex: Back-up Slides

  19. Slide 19: GPW Group's Consolidated Profit & Loss Account

    GPW Group’s Consolidated Profit & Loss Account PLN mn Q2'17 Q1'18 Q2'18  Operating expenses increased YoY due to Revenue 87.6 85.9 86.6 additional depreciation and amortisation Financial market 52.5 49.6 47.1 charges (a significant increase in TGE: Trading 36.0 32.9 30.1 implementation of the new t

  20. Slide 20: GPW Group's Consolidated Cash Flows

    GPW Group’s Consolidated Cash Flows 6m ended on 30 June PLN mn 2018 2017 Cash flows from operating activities, including among others: 87.3 34.9  Positive cash flows from operating Cash flows from operating activities 110.2 80.8 activities as of 30 June 2018, Net profit of the period 107.6 69.7 com

  21. Slide 21: Financial Market: Trading in Equities

    Financial Market: Trading in Equities Value of trading in equities and number of transactions Average number of transactions per session (thou.) Value of trading in equities, EOB (PLN bn) -18.6% 26.4%1 80.2 85.1 70.1 73.3 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 16

  22. Slide 22: Financial Market: Trading in Derivatives

    Financial Market: Trading in Derivatives Volume of trading in derivatives Number of Open Interest (thou.) 3.5%2 168.1 184.8 165.0 159.3 179.1 132.8 137.2 138.1 140.1 131.0 104.2  Revenue drivers: 80.4 -17.2%  Volume of trading in futures 13.8 14.7 15.5 12.6 11.3 12.6 9.5 8.2 8.0 7.6  Number of op

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

    Financial Market: Other Instruments and Fees Paid by Participants Value of trading on Treasury BondSpot Poland. PLN bn Cash transactions 1.062 2.8%1 Repo transactions 1.037 307 845 450 767 347 599 2.0%2 327 260 413 535 196 -27,9% 324 731 612 261 135 498 255 188 439 111 84 101 339 338 72 188 158 150

  24. Slide 24: Financial Market: Listing

    Financial Market: Listing Capitalisation of domestic companies Market capitalisation/GDP (%) 6.7%1 Market capitalisation of domestic companies (PLN bn) -11.7% 36.8% 36.5% 34.8% 34.8% 2 32.0% 32.5% 30.7% 27.9% 28.9% 30.0% 28.7%  Revenue drivers: 20.0% 671 593 591 645  Capitalisation at YE 421 543 4

  25. Slide 25: Financial Market: Information Services

    Financial Market: Information Services Number of data vendors Domestic Foreign 12.8%1 73 57 58 58 58 52 54 53 52 52 50 50 35 34 31 37 37 30 28 27 27 31 32 33  Revenue drivers: 38  Number of data vendors 19 18 19 20 21 24 27 24 25 25 25  Number of subscribers 2008 2009 2010 2011 2012 2013 2014 201

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

    Commodity Market: Trading in Electricity and Gas Volume of trading in electricity (TWh)1 Spot 7.3%2 Forward 176.6 186.7 23.7 186.7 25.1 22.3 139.4 +103.2% 130.8 126.7 gaz 87.9 21.7 21.3 27.6 111.7 25.2 95.3  Revenue drivers: 13.7 13.4 154.3 163.0 161.6 46.9 118.1 12.9  Volume of trading in electri

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

    Commodity Market: Trading in Property Rights Trading in property rights (TWh) Green certificates 62.2 58.9 58.0 12.3%1 Cogeneration certificates 44.8 48.8 50.8 19.9 50.2 +3.5% 26.6 13.2 15.1 39.3 29.8 36.0 24.0 34.1 35.3 29.9 21.8 14.8 14.8  Revenue drivers: 35.2 35.6 35.7 42.4 32.1 32.3 28.3 23.1

  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 10.3%1 Cogeneration +11.4% 41.1 42.2 36.6 37.2 23.4 18.9 24.5 33.2 31.9 15.3 10.8 10.7 29.5 21.6 29.8 27.6 12.0 11.9 13.8  Revenue drivers: 25.8 26.6 25.9 27.3 28.3 21.5 24.

  29. Slide 29: IR events Contact: GPW Investor Relations

    IR events Disclaimer  8-12 October 2018 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”. “GPW” or “Company”) for its Erste Group Investor Conference 2018. Stegersbach in Austria shareholders. analysts. and other contractors. This presen

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