bme 1q12 eng (con diapositivas adicionales).ppt [modo de ...€¦ · - 8 - april 2012 business...

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April 2012

Business Evolution January – March 2012

BusinessPerformance

First quarter 2012

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April 2012


Disclaimer

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THIS INFORMATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE ORSOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORMTHE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TOPURCHASE SHARES.

THE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN PROVIDED BY BME.

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April 2012


Index

A. Results

B. Business Overview

C. Financials

D. Business Drivers

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April 2012


Index

A. Results


C. Financials

D. Business Drivers

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April 2012


ResultsNet Profit

Net Profit decrease of 14.4% (3,2% compared to 4Q11)

(€ Million)

41.536.5

40.536.7 35.5

1Q11 2Q11 3Q11 4Q11 1Q12

- 14.4%

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April 2012


1,728 1,723

1,882

2,197

1-15 Feb 15-29 Feb 1-15 Mar 15-31 Mar

1Q/12: Short selling ban effect

No se puede mostrar la imagen en este momento.

• Daily turnover average evolution

Steady recovery in volumes

(€ Millon)

+ 9.2%

+ 16.8%

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April 2012


142,776

174,369

339,984

541,279

1-15 Feb 15-29 Feb 1-15 Mar 15-31 Mar



• Evolution of number of contracts on the Derivatives Market

Steady recovery in volumes

(Number of contracts)

+ 95.0%

+ 59.2%

+ 22.1%

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April 2012




Business units Under short selling ban

Volumes 1Q12

(%)After short selling ban

Stocks under short selling ban (Average)Equity Turnover Number of tradesNumber of shares

Equity (IBEX 35®)Equity Turnover in order book (Eur Millions) Number of trades (Millions)Number of shares (Millions)

Derivatives (Contracts)IBEX 35® Futures MiniIBEX 35® FuturesIBEX 35® Options Stock Futures Stock Options

53,2664.27

9,805

411,786205,691152,067

2,230,3183,941,907

+58.5%+58.7%+75.8%

+4.5%+13.3%+5.5%

+48.2%+40.9%

+117.0%+117.8%+39.6%

55,6604.84

10,348

610,235289,775329,933

4,857,4125,503,363

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April 2012


Profit and Loss Account 1Q12

Thousands of € 1Q 2012 1Q 2011 %

Revenues 77,386 84,910 -8.9%

Expenses (25,080) (24,522) 2.3%

EBITDA 52,306 60,388 -13.4%

EBIT 50,247 58,453 -14.0%

Financial results 541 706 -23.4%

EBT 50,640 59,005 -14.2%

Net Profit 35,513 41,480 -14.4%

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April 2012


Dividends: Maximizing shareholders´ returns

Pay-out Dividend proposal: maintenance of dividend/share

Suplementary Dividend: 0.6 €/share – 4th May

Extraordinary Dividend: 0.372 €/share – 11th May

0.60

0.956 0.986

0.40 0.40 0.40

0.60 0.60 0.60

0.600

1.016 0.986

0.60 0.60 0.60

0.372 0.372 0.372

2006 2007 2008 2009 2010 2011

First Interim Dividend Suplementary Dividend Second Interim Dividend Extraordinary Dividend

1.20 1.972

Total Dividends

/Share

Pay Out 77% 82%

1.9721.9721.972

Pay Out 86% 89% 86%

1.972

86%

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April 2012


Index

A. Results


C. Financials

D. Business Drivers

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April 2012


Business Areas

Consolidated Revenues 1Q 2012 - %

EBITDA 1Q 2012 - %

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April 2012


Equity Market

Equity (Turnover, volume and shares traded)

Recovery after the lifting of the short selling ban


Revenues 30,184 38,392 -21.4%

Expenses (8,215) (7,977) 3.0%

EBITDA 21,969 30,415 -27.8%

99

67

82 82 8374

105

71

59

7869

59

70

46

61

23.4

10.5 10.718.1

9.3 10.821.7

10.0 9.7

24.8

8.2 7.9 28.1 6.712.9

4.63.8

4.6

3.5 3.4 3.54.2 4.5

3.7 4.03.4

2.8

3.9

3.4

4.0

1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12

Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)

247 238 235

207

177

44.6 38.2 41.3 40.8 47.7

13.0

10.512.4

10.211.3

1Q11 2Q11 3Q11 4Q11 1Q12M

iles

de m

illo

nes

Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)

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April 2012


1,615 1,615 1,612 1,664 1,728

1Q11 2Q11 3Q11 4Q11 1Q12

11.610.4

11.8 11.9 11.5

1Q11 2Q11 3Q11 4Q11 1Q12

Clearing and Settlement

Settlement: Number of trades settled (Million of trades)

Securities under custody: Nominal value(Billion €)

Increase in total nominal amount registered


Revenues 19,528 18,985 2.9%

Expenses (3,460) (3,297) 4.9%

EBITDA 16,068 15,688 2.4%

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April 2012


102 100 102108 108

4.94.4

3.93.1 3.6

1Q11 2Q11 3Q11 4Q11 1Q12

Subscribers (Thous.) P.Quote (Mill.)

Market Data & Information

Information: Subscribers to primary market sources (Average for the period in thousands of subscribers and millions of accesses per quote)

Positive trend continues


Revenues 8,856 7,841 12.9%

Expenses (1,851) (1,394) 32.8%

EBITDA 7,005 6,447 8.7%

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April 2012


1Q11 2Q11 3Q11 4Q11 1Q12

127.4

68.370.8

36.5

103.0

Listing

AIAF: New listings (Billion €)

Commercial paper

Corporatebonds

MBS ABS Preferredsecurities

Growth on AIAF fixed income market activity

• Investment flows channeled through the Exchange from listed companies remain strong in 1Q12, €6.9 billion of new inflows

• 80.0% private fixed income issues growth yoy. The outstanding balance for the first time exceeded 900,000 million euros


Revenues 6,091 6,252 -2.6%

Expenses (2,315) (2,317) -0.1%

EBITDA 3,776 3,935 -4.0%

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April 2012


1,575

1,2811,473

952 1,022900

723

936

540 495487 502598 611

482

1Q11 2Q11 3Q11 4Q11 1Q12

IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options

8,006 8,437

5,2305,905

7,088

8,368

6,164 5,784

9,094 9,445

1Q11 2Q11 3Q11 4Q11 1Q12

Stock Futures Stock Options

Derivatives

Stock derivatives contracts tradedIndex derivatives contracts traded

Strong recovery after February,15. Open interest increase of 8.2%

(Thousand of contracts) (Thousand of contracts)


Revenues 5,451 6,829 -20.2%

Expenses (2,913) (2,779) 4.8%

EBITDA 2,538 4,050 -37.3%

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April 2012


Fixed income

AIAF – Turnover (Billion €)

MBS& ABS

Commercial paper

Corporatebonds

Preferred securities

Best result ever for the business unit


Revenues 2,905 2,298 26.4%

Expenses (754) (729) 3.4%

EBITDA 2,151 1,569 37.1%

Significant increase (+51%) intrading to maturity andnumber of trades. Decline in“repo” market due to ECBactivity

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April 2012


IT & Consulting

Positive trend in every segment


Revenues 4,102 3,690 11.2%

Expenses (2,618) (2,667) -1.8%

EBITDA 1,484 1,023 45.1%

Post-trading

Continuity & Contingency

Compliance (SIR,SICAM,RIC)

Financial Comunication (Highway)

Consulting

Proximity services, VT Terminals

Hosting services widening

Regulatory reporting and market abuse

Increased coverage by region and entity

Projects in tendering and award

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April 2012


Breakdown by business areas

€ Thousand 1Q 2012 1Q 2011 % 1Q 2012 1Q 2011 %

Equity Market 30,184 38,392 -21.4% 21,969 30,415 -27.8%

Clearing & Settlement 19,528 18,985 2.9% 16,068 15,688 2.4%

Listing 6,091 6,252 -2.6% 3,776 3,935 -4.0%

Market Data & Information 8,856 7,841 12.9% 7,005 6,447 8.7%

Derivatives 5,451 6,829 -20.2% 2,538 4,050 -37.3%

IT & Consulting 4,102 3,690 11.2% 1,484 1,023 45.1%

Fixed income 2,905 2,298 26.4% 2,151 1,569 37.1%

REVENUES EBITDA

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April 2012


Index

A. Results


C. Financials

D. Business Drivers

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April 2012


Balance sheet

as of March, 31th (Thousands of €)

2012 2011

Goodwill 82,190 82,190

Other non-current assets 86,261 87,674

Cash and cash equivalents 344,800 377,925

Non-Group current financial assets 36,890,623 33,832,253

Other current assets 95,569 72,259

Total assets 37,499,443 34,452,301

Equity 475,372 488,957

Non-current liabilities 17,783 14,988

Current liabilities 37,006,288 33,948,356

Total equity and liabilities 37,499,443 34,452,301

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April 2012


P/L


Revenues 77,386 84,910 -8.9%

Expenses (25,080) (24,522) 2.3%

EBITDA 52,306 60,388 -13.4%

EBIT 50,247 58,453 -14.0%

Financial results 541 706 -23.4%

EBT 50,640 59,005 -14.2%

Net Profit 35,513 41,480 -14.4%

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April 2012


EBITDA 1Q 2012/2011 [€ Mill.] Net Profit 1Q 2012/2011 [€ Mill.]

Comparison with 1Q 2011

Revenues 1Q 2012/2011 Costs 1Q 2012/2011

Margins

[€ Mill.] [€ Mill.]

-8.9% + 2.3%

- 13.4% - 14.4%

77.4 84.9

1Q 2012 1Q 2011

25.124.5

1Q 2012 1Q 2011

52.3 60.4

1Q 2012 1Q 2011

35.5 41.5

1Q 2012 1Q 2011

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April 2012


32.4% 28.9%

1Q12 1Q11

49.9%42.0%

1Q12 1Q11

64.9% 68.8%

1Q12 1Q11

Efficiency & ProfitabilityROE Evolution EBIT/Revenues Ratio Evolution

% ROE % EBIT/Revenues

% Cost/EBIT % Efficiency

Efficiency Ratio EvolutionCost/EBIT Ratio Evolution

31.2%35.6%

1Q12 1Q11

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April 2012


Index

A. Results


C. Financials

D. Business Drivers

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April 2012


Business drivers: Highly liquid market

CompanyRK2012 Daily avg. 1Q12 Relative weight at

EuroStoxx50 (%) 1)Turnover (Billion €) Turnover (Billion €)

Source: Bloomberg 1) As of 31/03/2012

• Spanish blue-chips are the most liquid stocks in the EMU

35.6

33.3

27.9

27.7

27.4

26.5

26.1

26.0

24.7

23.3

11.0

7.1

1

2

3

4

5

6

7

8

9

10

30

41

0.55

0.51

0.43

0.43

0.42

0.41

0.40

0.40

0.38

0.36

0.17

0.11

3.715%

1.332%

1.010%

3.469%

2.076%

2.464%

4.629%

0.571%

6.025%

2.521%

2.447%

2.022%

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April 2012


1

2

3

4

5

6

7

8

9

10

3Q11 1Q12

0.04%

0.05%

0.05%

0.05%

0.05%

0.06%

0.10%

0.10%

0.16%

0.12%

0.076%

0.003

0.006

0.003

0.002

0.010

0.045

0.015

0.036

0.004

0.004

0.09%

0.06%

0.11%

0.09%

0.08%

0.09%

0.16%

0.17%

0.27%

0.29%

0.122%

0.005

0.008

0.006

0.004

0.016

0.058

0.020

0.055

0.007

0.010

The transaction cost forinvestors as measured bythe average spread hasrecovered 4.1 basispoints for the IBEX 35 ®,and returned to values ofimplicit cost prior to theintroduction of regulationson short positions infinancials

Business drivers: Highly liquid market • Quality of spreads and best market impact for Spanish stocks

Source: Market annual and monthly reports

CompanyRKAvg.Spread

(€)Avg.Spread

(%)Avg.Spread

(€)Avg.Spread

(%)

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April 2012


• Distribution by markets of business volume of the IBEX 35® companies (2009 – 2011)

Diversified market

Source: Interim Reports from listed companies obtained from CNMV

2009 2011

48%

19%

10%

23%

Rest OCDE EU Spain

52%

40%

18%

15%

27%

Rest OCDE EU Spain

60%

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April 2012


Key ratios benchmarking• Efficiency • ROE

- BME´s data as of 31/03/2012

- Average peer Group figures are calculated using last results published and not taking account of goodwill impairment charges

31.2%17.9%

BME Average Peer Group

32.4%44.7%

BME Average Peer Group

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April 2012


Solid operating leverage

Costs Revenues Revenues not linked to volumes Ratio

78%90%

106% 109% 105% 103%112% 116%

2005 2006 2007 2008 2009 2010 2011 1Q12

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April 2012


Projects•Shares, ETFs, Warrants and other securities, traded on one single system•The new system multiplies transactional capacity while providing growth potential•Reduction of latency over ten times

SIBE

•New services “Reference Data” and “End of Day” •New content: securities lending, margin buying, floating capital, index futures replicating portfolios, historical price and volume series

MARKET DATA

•Growth in the number of entities signed up for the service (+ 61.5%)PROXIMITY

• Is reaffirmed as a funding mechanism for companies•With the listings of Suávitas, Carbures and Bionaturis, the growth segment companiesamounted to 21

MAB

•Double the number of members in its first year and the volume of activity grows 183% in the second half runningMEFFPOWER

•Good reception with the latest developments and last corporate debt issues•The turnover and the number of trades increase over 10 fold compared to 1Q11SEND

•Funds Platform aims to provide greater efficiency to the process of subscription and redemptionFunds Platform

•Upcoming launch of the contractBONO 10

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April 2012


Q&A

bme 1q12 eng (con diapositivas adicionales).ppt [modo de ...€¦ · - 8 - april 2012 business...

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