BYMA announces results for 2Q24
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Buenos Aires, Argentina, August 8th, 2024. - Bolsas y Mercados Argentinos S.A. (BYMA: BYMA) reported today financial results for the period of three months ended June 30th, 2024 (2Q24).
In compliance with IAS 29, BYMA presented its results adjusted for inflation. The financial statements are all expressed in inflation adjusted figures as of June 2024. These include both the figures for 2024 as well as those for 2023.
The numbers presented herein are mostly historical figures. Those that are adjusted for inflation are clarified in each case.
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Summary of Financial Statements
April - June 2024 (2Q24)
MAIN BUSINESS RESULTS
- Business revenues maintained their growth in real terms: Exchange revenues adjusted for inflation were up by 42% YoY, while those of the Depositary rose 20%, implying that revenues grew by 34% against 2Q23.
- Regarding total expenditures, measured in real terms, they grew 20% YoY.
-
The different evolution in the quarter of inflation (CPI: 18.5%) and the official exchange rate
(A3500: 6.3%), implied an inflation adjustment that surpassed the financial result due to the fact that our net worth is 90% in USD. - The result of is a negative inflation adjusted net result of ARS 2,525 million.
- In historical terms (current prices), net result for the quarter was a profit of ARS 53,687 million which was 234% above previous year.
- Also in historical terms, total expenditures were 308%, 29 pp above the accumulated inflation rate between 2Q23 and 2Q24 (279%), due to expenses related to higher levels of activity and increases in depreciations and amortizations, and the timing of salary adjustments.
- LTM EBITDA margin reached 73%, an all-time high.
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BYMA - 2Q24 Results
ARS Million | Historical | Adjusted by Inflation | ||||
2Q23 | 2Q24 | Var. | 2Q23 | 2Q24 | Var. | |
CSD Revenues | 1,911 | 8,738 | 357% | 7,655 | 9,183 | 20% |
Exchange Revenues | 3,323 | 17,745 | 434% | 13,048 | 18,543 | 42% |
Income | 5,234 | 26,483 | 406% | 20,703 | 27,726 | 34% |
Total Expenses | -2,260 | -9,505 | 321% | -10,010 | -12,055 | 20% |
Gross Margin | 2,973 | 16,978 | 471% | 10,694 | 15,671 | 47% |
Other Operating Income | 2,708 | 8,767 | 224% | 11,178 | 9,121 | -18% |
Net Operatig Result | 5,682 | 25,745 | 353% | 21,872 | 24,793 | 13% |
Inflation Adjustment Impact | 0 | 0 | 0% | -52,055 | -53,248 | 2% |
Financial Income | 16,386 | 30,257 | 85% | 63,890 | 32,181 | -50% |
Oher gains/losses | 39 | 0 | -100% | 64 | 52 | -19% |
Participation in other companies | -43 | -283 | 557% | 146 | -1,158 | -895% |
EBT | 21,997 | 55,719 | 153% | 33,916 | 2,618 | -92% |
Income Tax | -5,911 | -2,033 | -66% | -10,302 | -5,143 | N/A |
Net Income | 16,086 | 53,687 | 234% | 23,614 | -2,525 | N/A |
CSD AND EXCHANGE HIGHLIGHTS
- Assets under Custody (AuC, quarterly average), measured at face value, grew 271% since 2Q23 and 149% against 1Q24.
- This was explained by the issuance of Treasury bills (Lecap) after the new stance of monetary policy implemented by the national government. It is worth mentioning that this increase happened by the end of the quarter, having a partial impact on quarterly CSD revenues.
- Measured at market prices, AuC five folded when compared to 2Q23 (+429%) and rose 34% since the previous quarter.
- Regarding the Exchange, its business volume kept growing. Total ADTV for the quarter reached an all-time high of ARS 5.79 trillion (ARS 5,790 thousand of millions), more than five times the figure of 2Q23 and 36% higher than in the 1Q24.
- It should be noted the 421% YoY increase of fixed income ADTV, where both the Guaranteed (PPT) and Non-Guaranteed (SENEBI) segments observed significant increases.
- On-ExchangeRepos ADTV also showed a remarkable performance, hiking 477% YoY, and 37% since 1Q24.
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Assets under Custody (AuC) and ADTV
BYMA | 2Q23 | 2Q24 | 2Q24/2Q23 |
Assets under Custody (AuC) | |||
Face Value (Quarterly Avg, in billions) | 4,281 | 15,877 | 270.9% |
Market Value (Quearterly Avg, ARS billion) | 23,756 | 125,741 | 429.3% |
ADTV (ARS Million) | |||
TOTAL | 1,111,821 | 5,790,658 | 420.8% |
Fixed Income | 690,827 | 3,413,503 | 394.1% |
Guaranteed Segment | 280,135 | 1,087,131 | 288.1% |
Non-Guaranteed Segment | 410,692 | 2,326,372 | 466.5% |
Equity | 17,339 | 81,407 | 369.5% |
On Exchange Repo | 396,587 | 2,288,842 | 477.1% |
OPERATING REVENUES (historical values)
- CSD revenues added up to ARS 8,738 million, 357% more than in 2Q23, resulting in new quarter with positive YoY real growth.
- The main two revenue lines of the Depositary showed YoY increases both in nominal and inflation adjusted terms.
- As in the previous quarter, it is worth highlighting the growth of revenues from Additional Services, characterized by its value-added services, related to international activities of domestic clients.
- Concerning the Exchange, its revenues (ARS 17,745 million) have five folded since 2Q23.
- Equity trading remained the main revenue source of the Exchange with 38% of the total, followed by fixed income with 32%.
- Regarding market data, the number of our BYMADATA platform went up by 20% YoY.
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- The sharp increase in business level has been demanding constant improvements and upgrades both in hardware and software (more on this in the following paragraphs)
Operating Income: CSD and Exchange
BYMA (ARS Millions) | 2Q23 | 2Q24 | 2Q24/2Q23 |
Total Revenue | 5,234 | 26,483 | 406.0% |
CSD | 1,911 | 8,738 | 357.3% |
ADC Services | 1,387 | 5,744 | 314.2% |
ARyP Services | 40 | 96 | 142.2% |
Additional services | 485 | 2,898 | 498.0% |
EXCHANGE | 3,323 | 17,745 | 434.0% |
Operationg Fees | 3,000 | 15,034 | 401.1% |
Market Data | 174 | 931 | 433.8% |
Other fees | 148 | 1,780 | 1103.1% |
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FINANCIAL INCOME
More than 90% of our portfolio is in dollars, though so far we have not dollarized earnings in pesos from this year.
In the quarter, the official peso-dollar exchange rate showed a lower devaluation than in the same quarter of the previous year.
While domestic rates (in ARS) experienced a sharp decline, dollar denominated rates maintained their trend
Financial Income (ARS Million)
130,394
FX Difference | Interest and mark to market |
102,717 | ||||||||||||
33,651 | 30,257 | |||||||||||
23,928 | ||||||||||||
9,541 | 16,386 | |||||||||||
1,344 | 1,360 | 2,286 | 2,781 | 4,358 | 8,585 | |||||||
1,130 | 16,129 | 1,231 | ||||||||||
5,370 | 7,849 | 8,815 | ||||||||||
671 | 539 | 693 | 1,545 | 2,342 | 2,099 | -34 | ||||||
2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 |
EXPENDITURES
- Total expenditures totaled ARS 9,505 million, against ARS 2,327 million in 2Q23. This implied a YoY increase 29 pp above the accumulated retail inflation between 2Q23 and 2Q24 (279%).
- The previous was explained, mainly, by those categories related to higher activity level, such as Taxes (IIBB) which grew in line with invoicing and connection with other CSD, which also had more activity.
- Depreciations and amortizations were up YoY because of the go live of Nasdaq project, while compensations increased due to pay rises to employees.
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Total Expenditures
BYMA (ARS Millions) | 2Q23 | 2Q24 | 2Q24/2Q23 |
Total Expenditures | 2,327 | 9,505 | 308.4% |
Compensations | 1,062.0 | 4,321.7 | 306.9% |
Consultancy | 63.5 | 261.3 | 311.8% |
Technology expenditures | 329.4 | 1,212.5 | 268.0% |
Buildings and Infrastructure | 64.9 | 242.4 | 273.5% |
Interconection with other CSDs | 142.5 | 669.8 | 370.1% |
Taxes | 341.9 | 1,770.8 | 418.0% |
Depreciations and Amortizations | 33.5 | 221.6 | 561.8% |
Others | 289.7 | 805.3 | 177.9% |
EFFICIENCY
- LTM EBITDA margin was 73%, showing, as in 1Q24, an improvement since the previous quarter. This was due to the increase in revenues at a faster pace than that of expenditures
- Operating margin - which does not include financial income - also showed a strong growth,
reaching again a level above our target of 50%.
EBITDA Mg. Rolling 12 month | |||||||
71% | 72% | 73% | |||||
68% | 69% | ||||||
63% | 64% | ||||||
59% | |||||||
52% | 52% | 51% |
49% |
Operating Margin | 64% | ||
54% | |||
38% | 42% | 41% | |
37% |
42%
2019 | 2020 | 2021 | 2022 | 2023 | YTD | ||||||
2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 3Q22 4Q22 | 1Q23 | 2Q23 3Q23 4Q23 1Q24 2Q24 |
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HISTORICAL FINANCIAL HIGHTLIGHTS (current prices)
2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | |
ADC Services | 686.1 | 746.1 | 949.8 | 1077.3 | 1386.8 | 1872.1 | 3020.5 | 4104.2 | 5744.5 |
ARyP Services | 15.8 | 18.0 | 33.4 | 34.9 | 39.6 | 47.6 | 62.8 | 80.6 | 95.8 |
Additional services | 201.6 | 270.7 | 320.3 | 411.0 | 484.7 | 756.3 | 1476.9 | 2600.2 | 2898.2 |
CSD Revenues | 903.6 | 1,034.9 | 1,303.5 | 1,523.1 | 1,911.0 | 2,676.0 | 4,560.2 | 6,785.0 | 8,738.5 |
Operating fees | 758.1 | 1,265.1 | 1,288.0 | 2,117.9 | 3,000.5 | 4,842.6 | 7,980.8 | 11,523.9 | 15,034.0 |
Others | 128.8 | 165.3 | 190.0 | 113.4 | 148.0 | 208.2 | 328.2 | 1,466.3 | 1,780.1 |
Market Data | 79.0 | 94.0 | 110.5 | 149.7 | 174.3 | 203.2 | 623.9 | 663.9 | 930.6 |
Exchange Revenues | 965.9 | 1,524.4 | 1,588.4 | 2,381.0 | 3,322.8 | 5,254.0 | 8,932.9 | 13,654.1 | 17,744.8 |
Other operating Income | 276.0 | 3,114.1 | -130.3 | 1,769.4 | 2,708.1 | 5,325.5 | 4,002.2 | 10,761.5 | 8,767.4 |
Total Operating Income | 2,145.6 | 5,673.5 | 2,761.6 | 5,673.5 | 7,942.0 | 13,255.4 | 17,495.3 | 31,200.6 | 35,250.7 |
Total Operating Expenses | 1,120.0 | 1,412.7 | 1,507.0 | 1,854.4 | 2,293.9 | 3,037.7 | 6,603.9 | 7,311.3 | 9,283.8 |
EBITDA | 1,025.6 | 4,260.8 | 1,254.6 | 3,819.1 | 5,648.1 | 10,217.7 | 10,891.5 | 23,889.3 | 25,966.9 |
Mg EBITDA | 47.8% | 75.1% | 45.4% | 67.3% | 71.1% | 77.1% | 62.3% | 76.6% | 73.7% |
D&A | 27.4 | 26.6 | 70.3 | 32.2 | 33.5 | 37.9 | 141.4 | 136.3 | 221.6 |
EBIT | 998.2 | 4,234.2 | 1,184.3 | 3,786.9 | 5,614.6 | 10,179.9 | 10,750.0 | 23,753.1 | 25,745.3 |
Mg EBIT | 46.5% | 74.6% | 42.9% | 66.7% | 70.7% | 76.8% | 61.4% | 76.1% | 73.0% |
Financial Income | 2,781.0 | 4,357.6 | 8,584.6 | 9,541.2 | 16,386.3 | 23,927.6 | 130,394.4 | 33,650.7 | 30,256.9 |
Participation in other companies | 60.4 | 111.0 | 129.7 | 92.1 | -43.1 | 176.1 | 1,454.4 | 0.0 | -283.1 |
Others | -24.5 | -31.6 | 92.3 | -35.4 | 39.0 | 198.0 | 150.7 | -78.1 | 0.0 |
EBT | 3,815.0 | 8,671.2 | 9,990.9 | 13,384.8 | 21,996.9 | 34,481.6 | 142,749.6 | 57,325.7 | 55,719.2 |
Income Tax | 307.8 | 765.9 | 1,002.7 | 1,929.8 | 5,911.1 | 1,842.7 | 8,150.8 | 8,888.4 | 2,032.5 |
Net Income | 3,507 | 7,905 | 8,988 | 11,455 | 16,086 | 32,639 | 134,599 | 48,437 | 53,686.7 |
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