Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (WSE) — H1 2011 Earnings Presentation
20 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Aug 30, 2011
Slide 1: WSE in H1 2011 Investor Presentation
WSE in H1 2011 Investor Presentation 30 August 2011
Slide 2: Business highlights
Business highlights International International issuers investors Net profit after H1 at 75% of entire 2010 result, up 31% y-o-y 19 dual-listed foreign issuers 25 remote exchange members Strengthened WSE’s international brand in listings 22 single-listed foreign issuers PLN 219bn invested in Polish
Slide 3: Financial highlights
Financial highlights Net profit (PLN m) 89.7 100.7 94.8 • Net profit after H1 equals 75% of entire 71.5 2010 result • H1 revenue up by 23% vs H1 2010 2008 2009 2010 H1 2011 • Returning profits to shareholders with Revenue (PLN m) one of the highest dividend yields in the 225.6 sector 184.7 199.5 • A
Slide 4: Moving beyond a “CEE exchange”
Moving beyond a “CEE exchange” Countries of origin of foreign companies listed on the WSE Quartlerly equity trading value (EUR bn, session + block trades): 2009 – H1 2011 as of end H1 2011 Ukraine (9) Czech Republic (4) Netherlands (3) Athens Exchange Warsaw Stock Exchange Vienna Estonia (2) Hungary
Slide 5: Structural changes drive growth
Structural changes drive growth • Sustained growth of session turnover Main Market monthly session turnover value (PLN bn): 2001 – H1 2011 value post-2008 30 • Providing diversified exposure to an 25 increasing number of sectors of the Polish economy, with addition of 20 insurance and energy in rece
Slide 6: WSE’s strong international brand in listings
WSE’s strong international brand in listings 2010 – H1 2011: a growing proportion of foreign • #3 in the world in terms of number of new companies chose WSE as their sole listing venue Main Market and NewConnect listings in H1 according to WFE H1 2011 4 7 • #1 in EMEA by number of new listings and #
Slide 7: Key developments on the Main Market
Key developments on the Main Market • Q1 and Q2 combined constitute New listings Companies transferring from the best six months in value of 49 NewConnect to the Main Market session trading 30 32 • The value of session trading in H1 23 23 25 8 2011 up by 28.5% vs H1 2010 8 10 7 11 4 6 • Top 5 share
Slide 8: Derivatives evolve into a more diversified business
Derivatives evolve into a more diversified business • 94% of the entire 2010 single Turnover volume (thousands of contracts) stock futures volume by end of H1 2011 2010 H1 2011 New enhancements and • #5 by index options volume in Options 508 product launches 675 Europe after H1 2011 (FESE) • Total d
Slide 9: Realizing high growth on NewConnect
Realizing high growth on NewConnect • NewConnect was #2 in the world by Market cap (PLN bn, LHS) New listings (RHS) number of listings in Q2 2011 (E&Y) 8 140 7.2 • With 80 new listings and PLN 363m 7 120 raised in H1 2011, primary market 6 5.1 100 activity exceeded entire 2010 5 86 80 80 • Market ca
Slide 10: WSE’s fixed-income markets gain momentum
WSE’s fixed-income markets gain momentum TBS Poland trading value (PLN bn) Catalyst (non-treasury instruments) Cash market Repo market Issue value (PLN bn, LHS) Number of series (RHS) 250 237.1 35 30.9 250 200 176.2 30 24.3 200 25 21.6 21.5 150 19.9 20 142 150 100 88.5 72.1 70.1 15 10.9 114 97 100 3
Slide 11: Targeting a diversified investor base
Targeting a diversified investor base Share in equity turnover by investor Share in equity turnover by Share in turnover by investor type – type - Main Market investor type - NewConnect futures contracts • Share of foreign investors 5% 3% 12% trending higher 34% 47% 31% on Main Market and in futures
Slide 12: Maximizing potential of retail investors on the WSE
Maximizing potential of retail investors on the WSE Number of investment accounts (m) • Big privatizations with participation of 1.53 local investors increased the size of the 1.48 market and changed the market structure 1.13 1.03 0.85 0.85 0.91 1.00 • Privatization activity continues in 2011 with s
Slide 13: Q3 so far: business highlights
Q3 so far: business highlights • August sets new turnover records amid market volatility: – highest value of session trading on the Main Market – highest WIG20 index futures volume – highest options and stock futures volume • 1 new Ukrainian issuer listed on the Main Market, total 10 Ukrainian compa
Slide 14: Financial summary
Financial summary H1 2011 H1 2010 PLN m H1 2011 results as % of the entire 2010 137.5 +23.3% Revenues 111.5 61% Earnings 72.3 +37.0% growth firmly 52.8 in double Net profit digits y-o-y 75% 71.5 +31.4% 54.4 after H1 2011 EBITDA 1 90.0 +32.7% 73% 67.8 Basic financial ratios H1 2010 H1 2011 change Top
Slide 15: H1 consolidated P&L account
H1 consolidated P&L account PLN m H1/11 H1/10 change Net profit (PLN m) Revenues 137.5 115.5 23.3% 38.6 65.2 58.9 10.6% 32.9 Operating expenses 27.8 26.6 22.2 Other income 0.7 0.4 18.2 Other expenses 0.7 0.2 Operating profit 72.3 52.8 37.0% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Net financi
Slide 16: Consolidated H1 revenues
Consolidated H1 revenues Selected revenue sources (PLN m) H1 2011 H1 2010 change Maintained double-digit revenue growth for entire H1 2011 Equities trading 77.5 55.5 39.6% Derivatives trading 18.6 22.4 -16.7% Equities trading revenue up by 39.6% Fixed income trading 6.5 4.0 60.8% Listing 11.8 10.1 1
Slide 17: H1 operating expenses overview
H1 operating expenses overview Operating expenses (PLN m) q-o-q change H1 share in H1 share in 45 90% 2011 total 2010 total 42.8 40 70% Depreciation and 7.8 12.0% 8.2 13.9% amortization 35 34.1 50% 30.5 30.6 40.0% 31.1 Salaries 19.4 29.7% 15.8 26.9% 30 28.4 30% Other employee 25 9.6% 10% 5.3 8.2% 4.
Slide 18: Profit measures
Profit measures 80% 69.3% 70% 63.1% 61.6% 58.7% 56.8% • Q1 and Q2 2011 profit margins 60% higher than Q1 and Q2 2010 50% 40.1% 40% • Y-o-y ROE growth in Q2 2011 at 9.4 EBITDA margin 30% pps 20% • Net profit from last 4 quarters to 10% end of period trending higher since 0% Q4 2010 Q1 2010 Q2 2010 Q3
Slide 19: Balance sheet overview
Balance sheet overview PLN m 30.06.2011 31.12.2010 30.06.2010 Non-current assets 394.0 337.7 363.0 Property and equipment 118.0 119.5 120.7 Investment in associates 141.5 139.0 186.0 Available-for-sale financial assets 67.3 11.8 14.4 Other non-current assets 67.2 67.4 42.0 Current assets 239.5 220.9
Slide 20: Investor Relations
Investor Relations ir@gpw.pl ul. Książęca 4 00-498 Warsaw Poland 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
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