first quarter 2010 · 1st interim dividend (september) = 0.4 €/share 2nd interim dividend...

BusinessBusinessPerformance

First quarter 2010

- 1 -

April 2010

Business Evolution January - March 2010

Disclaimer

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- 2 -

April 2010


Index

A. Results

B. Business Overview

C. FinancialsC a c a s

D. Business Drivers

- 3 -

April 2010


Index

A. Results

B. Business Overview


D . Business drivers

- 4 -

April 2010


ResultsQ t l N t P fitQuarterly Net Profits

+ 7.6%

+ 6.8%

33.5

47.8

34.9 33.8 36.134.2

1Q09 2Q09 3Q09 4Q09 1Q10

Best quarter results since 4Q08

- 5 -

April 2010


Comparison with 1Q09

Revenues 1Q 2010/2009 Costs 1Q 2010/2009[€ Mill ] [€ Mill ]

24.5 24.577.5

[€ Mill.] [€ Mill.]

+ 0.1%+6.6%

2010 2009

72.7

2010 2009

MarginsEBITDA 1Q 2010/2009[€ Mill.] Net Profit 1Q 2010/2009[€ Mill.]

Margins

+ 9.9% + 7.6%

53.1

48.336.1

33.5

- 6 -

April 2010


2010 2009 2010 2009

Profit and Loss Account 1Q10

Thousands of € 1Q 2010 1Q 2009 %

Revenues 77,549 72,729 6.6%Revenues 77,549 72,729 6.6%

Expenses (24,499) (24,474) 0.1%

EBITDA 53,050 48,255 9.9%

EBIT 51,009 46,421 9.9%

Financial results 316 1,223 -74.2%

EBT 51 212 47 644 7 5%EBT 51,212 47,644 7.5%

Net Profit 36,068 33,530 7.6%

- 7 -

April 2010


Dividends: Maximizing shareholders´ returns77%Pay Out 82% 86% 89%

1 2Div /Shr 1.9721 9725 1.972

0 986

0.372

1.2Div./Shr. 1.9721.9725 1.972

0.60

1.016 0.9860.6

0.600.956 0.986

0 4

0.6

0.60

Interim Dividend/Share

Suplementary Dividend/Share

0.4

2006 2007 2008 2009

Dividend proposal: maintenance of dividend/share

Extraordinary Dividend/Share

Dividend proposal: maintenance of dividend/share

Suplementary Dividend: 0.6 €/share => Ordinary Pay Out Ratio: 89%

- 8 -

April 2010

Business Evolution January - March 2010Extraordinary Dividend: 0.372 €/share

Dividends: Maximizing shareholders´ returnsDividends: Maximizing shareholders returnsDividends paidp

1st Interim Dividend (September) = 0.4 €/share

2nd Interim Dividend (December) 0 6 €/share2nd Interim Dividend (December) = 0.6 €/share

Dividend Proposals

Suplementary Dividend: 0.6 €/share => Ordinary Pay Out: 89%

Extraordinary Dividend: 0.372 €/share

Total Dividend

1 972 €/share1.972 €/share

Repetition of 2008 Dividend

- 9 -

April 2010


Index

A. Results

B. Business overview


D . Business drivers

- 10 -

April 2010


Business Areas

Consolidated Revenues 1Q 2010 - %

EBITDA 1Q 2010 - %1Q 2010 % 1Q 2010 %

Fixed IT &

Consulting Derivatives

Fixed Income 2.6%

IT & Consulting

1 5%

Information

Derivatives 8.3%

Income 2.7%

g4.4%

Information 11.0%

Derivatives 6.7%

Income 2.6% 1.5%

Equity 45.2%

Listing 6.6%

Information 10.1%

Equity 48.3%

Listing 4.7%

Clearing & Settlement 22.7%

Clearing & Settlement 25.2%

- 11 -

April 2010


E it M k tEquity MarketThousands of € 1Q 2010 1Q 2009 %

Revenues 34,717 28,667 21.1%

Expenses (7,987) (8,523) -6.3%

EBITDA 26,730 20,144 32.7%

Equity Turnover, volume and shares traded

EBITDA 26,730 20,144 32.7%

185

237217

259229

61

75 7686

96

5666

9185 83 87

77

66

78(*)

185

27.1 31.2 27.2 33.1 24,0

7.6 7.8 8.2 8.59.5

10.2 10.6 9.8 10.8 12.17.0 8.1

17.07.8 8.2 8.5 8.3 7.2 7.9

2.8 2.6 2.5 2.6 2.82.3

3.13.6

2.5 2.33.0 3.4 3.1

2.7

1Q09 2Q09 3Q09 4Q09 1Q10Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)

The path to recovery continues

(*) Value traded as of 27th April (17 sessions)

3/09 4/09 5/09 6/09 7/09 8/09 9/09 10/09 11/09 12/09 1/10 2/10 3/10 4/10Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)

- 12 -

April 2010


The path to recovery continues

Clearing and SettlementThousands of € 1Q 2010 1Q 2009 %Thousands of € 1Q 2010 1Q 2009 %

Revenues 17,428 16,043 8.6%

Expenses (3,508) (3,502) 0.2%

Settlement: Number of trades settled (Million of trades)

Securities under custody: Nominal value(Billion €)

EBITDA 13,920 12,541 11.0%

1,405 1,470 1,484 1,513 1,517

8.0 8.6 8.7 9.4 9.4

( )

8.0

1Q09 2Q09 3Q09 4Q09 1Q101Q09 2Q09 3Q09 4Q09 1Q10

Revenues in this unit increased 8.6%. Registry revenues grew 4.5%

- 13 -

April 2010


Market Data & InformationThousands of € 1Q 2010 1Q 2009 %1Q 2010 1Q 2009 %

Revenues 7,718 8,829 -12.6%

Expenses (1,620) (1,526) 6.2%

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

EBITDA 6,098 7,303 -16.5%

152

123107 109 104

• Broadening of Fair Value Compliance services

• Decrease in number of connections to on demand

4.4

6.9 7.05.5 6.2

connections to on-demand information

• Increase in the number of clients • Reduction in the number of

ti fl b ib

1Q09 2Q09 3Q09 4Q09 1Q10

Cyclical delay of recovery

continuous-flow subscribers

- 14 -

April 2010


Cyclical delay of recovery

ListingListingThousands of € 1Q 2010 1Q 2009 %

Revenues 5,047 7,171 -29.6%

Expenses (2,462) (2,624) -6.2%

EBITDA 2,585 4,547 -43.1%

127.0

AIAF: New listings (Billion €)

Private Fixed Income:

80.956.6

0112.1

68.6

• Increase in outstanding balances by 1.5% (866,273 million euros)

Equity:• New MAB listings continue

1Q09 2Q09 3Q09 4Q09 1Q10Commercial Corporate MBS ABS Preferred

• New MAB listings continue (Gowex and Medcomtech)

• IPO market picks up (Amadeus, Renovalia and T-Solar)

paperp

bonds securities

Slow down in AIAF issues

- 15 -

April 2010


DerivativesThousands of € 1Q 2010 1Q 2009 %1Q 2010 1Q 2009 %

Revenues 6,391 6,547 -2.4%

Expenses (2,675) (2,972) -10.0%

Turnover (Thousand contracts) Turnover by underlying asset (Thousand contracts)

EBITDA 3,716 3,575 3.9%

21,083 22,32120,468

16,24313,958

23,614

17,103

25,80324,315

19,325

3,232 3,482 3,146 3,082 3,145

1Q09 2Q09 3Q09 4Q09 1Q101Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10Index Derivatives Equity Derivatives

1Q09 2Q09 3Q09 4Q09 1Q10Stock Opt Stock Fut Opt IBEX 35® Fut Mini IBEX 35® Fut IBEX 35®

IBEX 35® derivatives contracts recover in activity

- 16 -

April 2010


IT & ConsultingThousands of € 1Q 2010 1Q 2009 %1Q 2010 1Q 2009 %

Revenues 3,390 3,905 -13.2%

Expenses (2,544) (2,493) 2.0%

National and international orders channelled to SIBE through Visual Trader (Million)

EBITDA 846 1,412 -40.1%

10.5

12.5

9.7• In the VT network, the number

f Q5.2

5.8of orders channelled in 1Q10 increased 85.4% compared to 1Q09

• Final phase of consulting j t i C i d M i

1Q09 2Q09 3Q09 4Q09 1Q10

projects in Croacia and Mexico

Development of new projects and partnerships

- 17 -

April 2010


Development of new projects and partnerships

Fixed incomeThousands of € 1Q 2010 1Q 2009 %

Revenues 2,087 1,549 34.7%

Expenses (657) (719) -8.6%

AIAF – Turnover (Billion €)

p ( ) ( )

EBITDA 1,430 830 72.3%

759

9951,119

573

821

573

1Q09 2Q09 3Q09 4Q09 1Q10MBS& ABS

Commercial paper

Corporatebonds

Preferred securities

Thi b i ´ b t t i d lt- 18 -

April 2010


This business area´s best quarter in revenue and results

Breakdown by business areas

€ Thousand 1Q 2010 1Q 2009 % 1Q 2010 1Q 2009 %

REVENUES EBITDA

€ Thousand 1Q 2010 1Q 2009 % 1Q 2010 1Q 2009 %

Equity Market 34,717 28,667 21.1% 26,730 20,144 32.7%

Clearing & Settlement 17,428 16,043 8.6% 13,920 12,541 11.0%

Listing 5,047 7,171 -29.6% 2,585 4,547 -43.1%

Market Data & Information 7,718 8,829 -12.6% 6,098 7,303 -16.5%

D i ti 6 391 6 547 2 4% 3 716 3 575 3 9%Derivatives 6,391 6,547 -2.4% 3,716 3,575 3.9%

IT & Consulting 3,390 3,905 -13.2% 846 1,412 -40.1%

Fixed income 2,087 1,549 34.7% 1,430 830 72.3%

- 19 -

April 2010


Index

A. Results



D. Business drivers

- 20 -

April 2010


Balance sheetas of March, 31 st

(Thousands of €)2010 2009

Goodwill 80 619 80 619Goodwill 80,619 80,619Other non-current assets 87,547 75,134Cash and cash equivalents 377,536 420,842Non-Group current financial assets 11,877,104 7,901,826Other current assets 63,474 109,782

Total assets 12,486,280 8,588,203

Equity 491,089 499,552Non-current liabilities 11,602 9,715Current liabilities 11,983,589 8,078,936

Total equity and liabilities 12,486,280 8,588,203

- 21 -

April 2010


P/LThousands of € 1Q 2010 1Q 2009 %

Revenues 77,549 72,729 6.6%

Expenses (24,499) (24,474) 0.1%

EBITDA 53,050 48,255 9.9%

EBIT 51,009 46,421 9.9%

Financial results 316 1,223 -74.2%

EBT 51 212 47 644 7 5%EBT 51,212 47,644 7.5%

Net Profit 36,068 33,530 7.6%

- 22 -

April 2010


Efficiency & Profitability

65 8% 63 8%

ROE Evolution EBIT/Revenues Ratio Evolution% ROE % EBIT/Revenues

65.8% 63.8%

30.5% 27.6%

1Q10 1Q09

Efficiency Ratio EvolutionCost/EBIT Ratio Evolution

1Q10 1Q09

33 7%48.0% 52.7%

% Cost/EBIT % Efficiency

Efficiency Ratio EvolutionCost/EBIT Ratio Evolution

31.6% 33.7%

- 23 -

April 2010


1Q10 1Q091Q10 1Q09

Index

A. Results



D. Business drivers

- 24 -

April 2010


Business drivers: Highly liquid market • Spanish blue-chips are the most liquid stocks in the EMU

CompanyRK1Q10 Daily avg. 1Q10 Relative weight at

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

Spanish blue chips are the most liquid stocks in the EMU

75.238.834.033 7

1234

1.190.620.540 54

4.950%4.439%2.469%2 342%33.7

20.518.817.1

4567

0.540.330.300.27

2.342%2.184%1.851%3.948%17.1

17.017.014.6

789

10

0.270.270.270.23

3.948%5.799%2.611%1.514%

Source: Bloomberg 1) As of 31/03/2010

10.024 0.16 0.855%

- 25 -

April 2010


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

Highly liquid market

0.011

CompanyRK Avg.Spread (€)

1Q09

0,21

Avg.Spread (%)

0.06

Avg.Spread (€)1Q10

Avg.Spread (%)

0.0060.010.010.010 02

234

0,080,200,210 15

0.040.070.060 08

0.0080.0070.0040 0140.02

0.040.020 01

5678

0,150,150,210,31

0.080.100.120 13

0.0140.0490.0160.0070.01

0.070.02

89

10

0,310,220,24

0.130.150.15

0.0070.0510.015

0.171%

Source: Market annual and monthly reports

0.085%

1) As of 31/03/2010

- 26 -

April 2010


Diversified market• Distribution by markets of business volume of the IBEX 35 companies (2008 - 2009)

Diversified market

2008 2009

48% 52%51% 49%

10%

23%

9%

22%

19%

10%

18%

9%

Rest OCDE EU Spain

Source: Interim Reports from listed companies obtained from CNMV

Rest OCDE EU Spain

- 27 -

April 2010


Markets: Latibex

BME: Presence in Latin AmericaShareholdingsShareholdings

• Mexico: Bolsa Mexicana de Valores

Consulting

• Colombia: Cámara de Riesgo Central de Contraparte de Colombia, S.A.

g

• Guatemala: Support program for the Stock Market Commission

• Colombia: Diagnostic of the operating structure of the Colombian stock market

• Colombia: Advisory role

Technological Cooperation

• Colombia: Advisory role• Chile: The creation and development of a central

counterparty for the Chilean product market

INFOBOLSA:• Mexico

SIBE:• Rep. Dominicana• El Salvador• Venezuela• Venezuela• Ecuador• Uruguay

VISUAL TRADER• Chile

DERIVATIVESMexico (MexDer)

- 28 -

April 2010


• Mexico (MexDer)

Key ratios benchmarking• Efficiency • ROE• Efficiency • ROE

51 6%

30.6%

8 6%

31.6%

51.6%

8.6%

BME Average Peer Gro pBME Average Peer

BME´s data as of 31/03/2010

GroupBME Average Peer Group

- BME s data as of 31/03/2010

- Average peer Group figures are calculated using last 2009 results published and not taking account of goodwill impairment charges

- 29 -

April 2010


Solid operating leverage

90%

106% 109% 105% 104%

78%

90%

Costs Revenues Revenues not linked to volumes Ratio

2005 2006 2007 2008 2009 2010

- 30 -

April 2010


Costs Revenues Revenues not linked to volumes Ratio

Growth Strategygy

Core Growth Diversification RNLV

MAB

IPOs

XX

X XBME INNOVA: SIR, SICAM, RICSuscription & Redemption

platform for FundsSEND: Private fixed income

XX

XXX

X

Trade repository

CCP XXX

X

Link-Up Markets

Fair Value Compliance

XX

XX

XX

- 31 -

April 2010


Q&A

- 32 -

April 2010


first quarter 2010 · 1st interim dividend (september) = 0.4 €/share 2nd interim dividend...

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