Your SlideShare is downloading. ×
BME 1st. Quarter Financial Results
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

BME 1st. Quarter Financial Results

255
views

Published on

BME Financial Results 1st. Quarter 2014

BME Financial Results 1st. Quarter 2014

Published in: Economy & Finance, Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
255
On Slideshare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
5
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. - 1 - April 2014 Business Evolution January – March 2014 Business Performance First quarter 2014
  • 2. - 2 - April 2014 Business Evolution January – March 2014 Disclaimer THIS INFORMATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION. IT MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, AND IT MAY NOT BE PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. BY RECEIVING THIS INFORMATION, YOU BECOME BOUND BY THE ABOVE-REFERRED CONFIDENTIALITY OBLIGATION. FAILURE TO COMPLY WITH SUCH CONFIDENTIALITY OBLIGATION MAY RESULT IN CIVIL, ADMINISTRATIVE OR CRIMINAL LIABILITIES. NEITHER THIS INFORMATION NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED INTO, DISCLOSED OR DISTRIBUTED IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THE DISTRIBUTION OF THIS INFORMATION IN OTHER JURISDICTIONS MAY ALSO BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION THIS INFORMATION COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS. THIS INFORMATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN PROVIDED BY BME.
  • 3. - 3 - April 2014 Business Evolution January – March 2014 Index A. Results B. Business Overview C. Financials D. Business Drivers
  • 4. - 4 - April 2014 Business Evolution January – March 2014 Index A. Results B. Business Overview C. Financials D. Business Drivers
  • 5. - 5 - April 2014 Business Evolution January – March 2014 33.0 39.0 33.1 38.0 42.2 1Q13 2Q13 3Q13 4Q13 1Q14 Results Net profit Net profit increase of 27.9% compared to 1Q13 +27.9% (€ Million)
  • 6. - 6 - April 2014 Business Evolution January – March 2014 Solid operating leverage Costs Revenues Revenues not linked to volumes Ratio 78% 90% 106% 109% 105% 103% 112% 118% 114% 113% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
  • 7. - 7 - April 2014 Business Evolution January – March 2014 Dividends: Maximizing shareholders´ returns 0.956 0.986 0.40 0.40 0.40 0.40 0.40 0.60 0.60 0.60 0.60 0.60 1.016 0.986 0.60 0.60 0.60 0.60 0.65 0.372 0.372 0.372 0.372 2007 2008 2009 2010 2011 2012 2013 First Interim Dividend Second Interim Dividend Suplementary Dividend Extraordinary Dividend 1.972 1.972 Total Dividends /Share Pay Out 82% 86% 1.9721.9721.972 89% 86% 86% 1.972 98% 96%
  • 8. - 8 - April 2014 Business Evolution January – March 2014 Index A. Results B. Business Overview C. Financials D. Business Drivers
  • 9. - 9 - April 2014 Business Evolution January – March 2014 Business Areas Consolidated Revenues 1Q 2014 - % EBITDA 1Q 2014 - % Equity 48.5% Settlement 23.6% Clearing 5.5% Information 10.3% Derivatives 3.8% Fixed Income 3.8% IT & Consulting 4.4% Equity 50.3% Settlement 26.0% Clearing 5.0% Information 10.8% Derivatives 2.9% Fixed Income 3.2% IT & Consulting 1.7% Redefining Business Units
  • 10. - 10 - April 2014 Business Evolution January – March 2014 162 165 158 219 191 48.7 48.2 50.8 53.0 51.4 10.2 10.6 12.6 15.5 18.0 1Q13 2Q13 3Q13 4Q13 1Q14 Milesdemillones 68 42 52 58 48 59 73 36 48 92 67 60 75 51 65 28.2 8.4 12.1 27.5 9.5 11.1 29.0 7.3 14.5 31.2 11.0 10.8 26.3 12.4 12.7 3.3 3.5 3.4 3.9 3.2 3.5 4.3 3.6 4.7 6.4 4.8 4.3 7.3 5.3 5.4 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14 Equity Market Equity (Turnover, volume and shares traded) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Continued intensification of activity Thousands of € 1Q 2014 1Q 2013 % Revenues 41,575 31,992 30.0% Expenses (9,805) (9,719) 0.9% EBITDA 31,770 22,273 42.6% Note: Business Unit is redefined incorporating activity, income and expenses of the Equity Listing
  • 11. - 11 - April 2014 Business Evolution January – March 2014 7,977 11,363 6,215 6,547 5,216 1Q13 2Q13 3Q13 4Q13 1Q14 • Listing activity Investment flows channeled to the Exchange (€ Million) • In 2014 IPOs activity have reactivated: Lar España Real Estate, Hispania Activos Inmobiliarios and Edreams Odigeo became listed in the Exchange • ETFs assets under management linked to the IBEX® indexes closed the first quarter with a volume of €1.7 billion, 3.4 times the amount recorded the previous year • Flows channeled to the Exchange maintain a high emission rate of 5.2 billion euros issued from January to March Source: FESE (Federation of European Stock Exchanges) Equity Market
  • 12. - 12 - April 2014 Business Evolution January – March 2014 1,593 1,579 1,543 1,514 1,492 530 537 616 676 710 1Q13 2Q13 3Q13 4Q13 1Q14 2,116 2,159 2,1902,123 2,202 10.4 11.6 12.1 13.8 13.6 1Q13 2Q13 3Q13 4Q13 1Q14 Nominal registered in FI Market cap registered in Equity Securities under custody: Volumes (€ Billion) Settlement Settlement: Number of trades settled (Million of trades) Increased revenue contribution from settlement Thousands of € 1Q 2014 1Q 2013 % Revenues 20,246 18,606 8.8% Expenses (3,830) (3,380) 13.3% EBITDA 16,416 15,226 7.8%
  • 13. - 13 - April 2014 Business Evolution January – March 2014 94 92 87 96 107 3.9 3.93.6 3.8 4.1 1Q13 2Q13 3Q13 4Q13 1Q14 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 in the number of subscribers Thousands of € 1Q 2014 1Q 2013 % Revenues 8,854 8,092 9.4% Expenses (2,067) (1,875) 10.2% EBITDA 6,787 6,217 9.2%
  • 14. - 14 - April 2014 Business Evolution January – March 2014 282,934 363,589 356,724 314,932 397,583 2,661 3,085 3,251 3,099 3,451 1Q13 2Q13 3Q13 4Q13 1Q14 Clearing Thousands of € 1Q 2014 1Q 2013 % Revenues 4,729 3,831 23.4% Expenses (1,588) (1,515) 4.8% EBITDA 3,141 2,316 35.6% Activity growth in all three segments Turnover and operations MEFFREPO Contracts and Mwh volume traded in Energy market 10,547 15,499 26,271 38,843 45,256 6,568 7,920 7,845 11,144 10,364 1Q13 2Q13 3Q13 4Q13 1Q14 Turnover (€Mill.) Operations Contracts Volume Mwh (Thousand)
  • 15. - 15 - April 2014 Business Evolution January – March 2014 4,200 4,536 6,704 6,747 1Q13 1Q14 1,238 1,698 476 674 1,278 1,872 1Q13 1Q14 Derivatives (Thousand of contracts) Increased trading in key underlyings Stock derivatives contracts tradedIndex derivatives contracts traded IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options (Thousand of contracts) Thousands of € 1Q 2014 1Q 2013 % Revenues 3,230 2,970 8.8% Expenses (1,370) (1,408) -2.7% EBITDA 1,860 1,562 19.1% Note: Business Unit is redefined excluding revenue from clearing and settlement and now are recognized in the Clearing Business Unit
  • 16. - 16 - April 2014 Business Evolution January – March 2014 340 258 192 212 304 67 92 57 69 76 89,455 390,824 375,014 105,289 136,221 1Q13 2Q13 3Q13 4Q13 1Q14 599 811 350 799 914 32 45 86 65 31,915 45,109 24,316 48,522 59,061 1Q13 2Q13 3Q13 4Q13 1Q14 Fixed income Growing trading in electronic platforms AIAF – Turnover (Billion €) Repo Cash Trades Thousands of € 1Q 2014 1Q 2013 % Revenues 3,298 3,053 8.0% Expenses (1,249) (1,361) -8.2% EBITDA 2,049 1,692 21.1% SEND – Turnover (Millon €) Private Fixed Income Public Debt Operations Note: Business Unit is redefined incorporating activity, income and expenses of the Fixed Income Listing
  • 17. - 17 - April 2014 Business Evolution January – March 2014 IT & Consulting Thousands of € 1Q 2014 1Q 2013 % Revenues 3,784 4,429 -14.6% Expenses (2,698) (2,449) 10.2% EBITDA 1,086 1,980 -45.2%
  • 18. - 18 - April 2014 Business Evolution January – March 2014 Breakdown by business areas Revenues Thousands of € 1Q 2014 1Q 2013 % Equity 41,575 31,992 30.0% Settlement 20,246 18,606 8.8% Clearing 4,729 3,831 23.4% Information 8,854 8,092 9.4% Derivatives 3,230 2,970 8.8% Consulting & IT 3,784 4,429 -14.6% Fixed income 3,298 3,053 8.0%
  • 19. - 19 - April 2014 Business Evolution January – March 2014 Breakdown by business areas EBITDA Thousands of € 1Q 2014 1Q 2013 % Equity 31,770 22,273 42.6% Settlement 16,416 15,226 7.8% Clearing 3,141 2,316 35.6% Information 6,787 6,217 9.2% Derivatives 1,860 1,562 19.1% Consulting & IT 1,086 1,980 -45.2% Fixed income 2,049 1,692 21.1%
  • 20. - 20 - April 2014 Business Evolution January – March 2014 Index A. Results B. Business Overview C. Financials D. Business Drivers
  • 21. - 21 - April 2014 Business Evolution January – March 2014 Balance sheet as of March, 31th (Thousands of €) 2014 2013 Goodwill 80,619 82,190 Other non-current assets 87,525 96,758 Cash and cash equivalents 218,468 299,734 Current financial assets 97,116 15,630 Non-Group current financial assets 34,438,920 44,111,699 Other current assets 84,859 379,846 Total assets 35,007,507 44,985,857 Owners' Equity 433,972 446,987 External Partners 0 204 Non-current liabilities 17,151 22,063 Current liabilities 34,556,384 44,516,603 Total equity and liabilities 35,007,507 44,985,857
  • 22. - 22 - April 2014 Business Evolution January – March 2014 P/L Thousands of € 1Q 2014 1Q 2013 % Revenues 86,002 73,032 17.8% Expenses (25,122) (25,161) -0.2% EBITDA 60,880 47,871 27.2% EBIT 59,255 46,084 28.6% Financial results 478 846 -43.5% Share of profit (loss) of associates 182 (113) -261.1% EBT 59,915 46,817 28.0% Net Profit 42,185 32,988 27.9%
  • 23. - 23 - April 2014 Business Evolution January – March 2014 EBITDA 1Q 2014/2013 [€ Mill.] Net Profit 1Q 2014/2013 [€ Mill.] Comparison with 1Q 2013 Revenues 1Q 2014/2013 Costs 1Q 2014/2013 Margins [€ Mill.] [€ Mill.] + 17.8% - 0.2% + 27.2% + 27.9% 86.0 73.0 1Q 2014 1Q 2013 25.1 25.2 1Q 2014 1Q 2013 60.9 47.9 1Q 2014 1Q 2013 42.2 33.0 1Q 2014 1Q 2013
  • 24. - 24 - April 2014 Business Evolution January – March 2014 29.2% 34.5% 1Q14 1Q13 42.4% 54.6% 1Q14 1Q13 68.9% 63.1% 1Q14 1Q13 Efficiency & Profitability ROE Evolution EBIT/Revenues Ratio Evolution % ROE % EBIT/Revenues % Cost/EBIT % Efficiency Cost/EBIT Ratio Evolution Efficiency Ratio Evolution 41.1% 31.0% 1Q14 1Q13
  • 25. - 25 - April 2014 Business Evolution January – March 2014 Index A. Results B. Business Overview C. Financials D. Business Drivers
  • 26. - 26 - April 2014 Business Evolution January – March 2014 Business drivers: Highly liquid market • Spanish blue-chips among the most liquid stocks in the EMU Source: Bloomberg 1) As of 31/03/14 RK 1Q14 1 2 3 4 5 6 7 8 9 10 22 27 33 Company Daily avg. 1Q14 Turnover (€ Biilion)RK 37.8 32.6 28.4 26.4 24.2 22.7 22.4 22.1 21.3 20.7 13.5 11.1 10.9 1 2 3 4 5 6 7 8 9 10 23 32 33 0.60 0.52 0.45 0.42 0.38 0.36 0.35 0.35 0.34 0.33 0.21 0.18 0.17 1.800% 4.020% 2.570% 1.710% 1.670% 3.440% 3.020% 4.190% 2.320% 4.650% 1.420% 0.790% 1.190% Relative weight at EuroStoxx50 (%)1) Turnover (€ Biilion)
  • 27. - 27 - April 2014 Business Evolution January – March 2014 4Q13 1.410% 1.516% 1.527% 1.582% 1.540% 1.350% 1.193% 1.029% 1.021% 1.037% 1.010% 0.984% 0.927% 0.813% 0.389% 0.379% 0.354% 0.376% 0.418% 0.400% 0.359% 0.332% 0.336% 0.359% 0.304% 0.290% 0.275% 0.246% 0.081% 0.087% 0.075% 0.076% 0.078% 0.073% 0.070% 0.062% 0.063% 0.068% 0.066% 0.068% 0.064% 0.059% 201303 201304 201305 201306 201307 201308 201309 201310 201311 201312 201401 201402 201403 20140331 The average spread continue to narrow in increasing liquidity: – IBEX 35® spread ended the quarter below 6 basis points, falling by 2.2 percentage points from March 2013 – Medium and small cap companies have improved the average spread 11.4 and 48.3 basis points respectively Business drivers: Highly liquid market • Quality of spreads and best market impact for Spanish stocks Source: Market annual and monthly reports Avg.Spread (%) Avg.Spread (%) Avg.Spread (%)
  • 28. - 28 - April 2014 Business Evolution January – March 2014 Q&A