Business                                         Performance                                             First Half 2012Bu...
Disclaimer      THIS INFORMATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED TO YOU SOLELY FOR      YOUR INFORMATION. ...
Index        A. Results        B. Business Overview        C. Financials        D. Business Drivers        Business Evolut...
Index        A. Results        B. Business Overview        C. Financials        D. Business Drivers        Business Evolut...
ResultsNet Profit                                                       + 5.7%                                            ...
Profit and Loss Account 1H12  Thousands of €           2Q 2012             2Q 2011           %      1H 2012     1H 2011   ...
Dividends: Maximizing shareholders returns   Pay Out            82%                   86%                        89%      ...
Index        A. Results        B. Business Overview        C. Financials        D. Business Drivers        Business Evolut...
Business Areas       Consolidated Revenues                             EBITDA       1H 2012 - %                           ...
Equity Market       Thousands of €                      2Q 2012                   2Q 2011                       %         ...
Clearing and SettlementThousands of €           2Q 2012        2Q 2011              %      1H 2012     1H 2011            ...
Market Data & InformationThousands of €        2Q 2012          2Q 2011               %           1H 2012          1H 2011...
ListingThousands of €           2Q 2012                 2Q 2011         %              1H 2012           1H 2011          ...
DerivativesThousands of €                  2Q 2012               2Q 2011                   %          1H 2012            1...
Fixed incomeThousands of €       2Q 2012             2Q 2011           %                  1H 2012          1H 2011     %Re...
IT & ConsultingThousands of €      2Q 2012          2Q 2011              %      1H 2012        1H 2011          %Revenues ...
Breakdown by business areas                                      REVENUES                         EBITDA              € Th...
Index        A. Results        B. Business Overview        C. Financials        D. Business Drivers        Business Evolut...
Balance sheet                     as of June, 30th                                                                 2012   ...
P/L   Thousands of €              2Q 2012            2Q 2011           %      1H 2012     1H 2011       % Revenues        ...
Comparison with 1H 2011     Revenues 1H 2012/2011                            Costs 1H 2012/2011     [€ Mill.]             ...
Efficiency & Profitability       ROE Evolution                                    EBIT/Revenues Ratio Evolution       % RO...
Index        A. Results        B. Business Overview        C. Financials        D. Business Drivers        Business Evolut...
Business drivers: Highly liquid market   •    Spanish blue-chips are the most liquid stocks in the EMU                    ...
Diversified market•    Distribution by markets of business volume of the IBEX 35® companies (2009 – 2011)                 ...
Key ratios benchmarking• Efficiency                                           • ROE                                 50,9% ...
Solid operating leverage                                                                                                 1...
Projects                                             • Shares, ETFs, Warrants and other securities, traded on one single s...
Q&A      Business Evolution January – June 2012    - 29 -                                               July 2012
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BME Financial Results 1H2012

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BME Financial Results 1H2012

  1. 1. Business Performance First Half 2012Business Evolution January – June 2012 -1- July 2012
  2. 2. 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. Business Evolution January – June 2012 -2- July 2012
  3. 3. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – June 2012 -3- July 2012
  4. 4. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – June 2012 -4- July 2012
  5. 5. ResultsNet Profit + 5.7% (€ Million) + 8.5% 40.5 36.7 38.5 36.5 35.5 2Q11 3Q11 4Q11 1Q12 2Q12 The quarterly result increases by 5.7% compared to 2Q11 (8.5% compared to 1Q12) Business Evolution January – June 2012 -5- July 2012
  6. 6. Profit and Loss Account 1H12 Thousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 81,200 76,832 5.7% 158,586 161,742 -2.0%Expenses (25,757) (25,105) 2.6% (50,837) (49,627) 2.4%EBITDA 55,443 51,727 7.2% 107,749 112,115 -3.9%EBIT 53,441 49,820 7.3% 103,688 108,273 -4.2%Financial results 1,051 1,452 -27.6% 1,592 2,158 -26.2%EBT 54,321 51,334 5.8% 104,961 110,339 -4.9%Net Profit 38,532 36,466 5.7% 74,045 77,946 -5.0% Business Evolution January – June 2012 -6- July 2012
  7. 7. Dividends: Maximizing shareholders returns Pay Out 82% 86% 89% 86% 86% Total Dividends /Share 1.972 1.972 1.972 1.972 1.972 0.372 0.372 0.372 1.016 0.986 0.60 0.60 0.60 0.60 0.60 0.60 0.956 0.986 0.40 0.40 0.40 0.40 2007 2008 2009 2010 2011 2012 First Interim Dividend Second Interim Dividend Suplementary Dividend Extraordinary Dividend Pay-out Dividend proposal: maintenance of dividend/share Proposed interim dividend: 0.4 € / share - September 7th Business Evolution January – June 2012 -7- July 2012
  8. 8. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – June 2012 -8- July 2012
  9. 9. Business Areas Consolidated Revenues EBITDA 1H 2012 - % 1H 2012 - % IT & IT & Fixed Consulting Consulting Fixed 5.3% Income Income 3.4% 2.7% 3.4% Derivatives Derivatives 6.0% 8.0% Information 12.3% Information 11.2% Equity Equity 38.3% 39.1% Listing 6.1% Listing 7.3% Clearing & Clearing & Settlement Settlement 26.4% 30.4% Business Evolution January – June 2012 -9- July 2012
  10. 10. Equity Market Thousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 % Revenues 29,909 30,514 -2.0% 60,093 68,906 -12.8% Expenses (7,985) (8,134) -1.8% (16,200) (16,111) 0.6% EBITDA 21,924 22,380 -2.0% 43,893 52,795 -16.9% Equity (Turnover, volume and shares traded) 105 Miles de millones 238 23582 83 78 207 199 74 71 70 69 70 177 66 63 59 59 61 4.5 46 4.6 13.5 4.2 4.0 4.0 4.1 12.43.5 3.5 3.7 3.9 4.8 11.3 3.4 3.4 3.4 10.5 10.2 2.8 28.1 24.8 58.518.1 15.1 17.6 41.3 40.8 47.7 10.8 12.9 38.2 9.3 21.7 10.0 9.7 8.2 7.9 6.7 25.74/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11 1/12 2/12 3/12 4/12 5/12 6/12 2Q11 3Q11 4Q11 1Q12 2Q12 Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Strong increase in transactional activity (trades and titles) that moderates the effect of the fall of turnover Business Evolution January – June 2012 - 10 - July 2012
  11. 11. Clearing and SettlementThousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 21,854 18,813 16.2% 41,382 37,798 9.5%Expenses (3,751) (3,622) 3.6% (7,211) (6,919) 4.2%EBITDA 18,103 15,191 19.2% 34,171 30,879 10.7% Settlement: Number of trades settled Securities under custody: Nominal value (Million of trades) (Billion €) 1,728 1,724 1,615 1,612 1,664 14.0 11.8 11.9 11.5 10.4 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12 Good performance of the activities of Registration and Services to Issuers Business Evolution January – June 2012 - 11 - July 2012
  12. 12. Market Data & InformationThousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 8,701 8,346 4.3% 17,557 16,187 8.5%Expenses (1,846) (1,840) 0.3% (3,697) (3,234) 14.3%EBITDA 6,855 6,506 5.4% 13,860 12,953 7.0% Information: Subscribers to primary market sources (Average for the period in thousands of subscribers and millions of accesses per quote) 108 108 105 100 102 4.4 3.9 3.6 3.5 3.1 2Q11 3Q11 4Q11 1Q12 2Q12 Subscribers (Thous.) P.Quote (Mill.) New products and increase of clients Business Evolution January – June 2012 - 12 - July 2012
  13. 13. ListingThousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 5,375 5,328 0.9% 11,466 11,580 -1.0%Expenses (2,314) (2,318) -0.2% (4,629) (4,635) -0.1%EBITDA 3,061 3,010 1.7% 6,837 6,945 -1.6% AIAF: New listings (Billion €) 127.4 • Companies raise funds through 103.0 capital and scrip dividends. 85.1 Investment flows channeled through the Exchange in listed companies 68.3 reached 11,986 million in the first 6 months, a 125.3% increase in 36.5 quarter and 18.0% in the semester. • Private fixed income rose 24.7% in the quarter and 52.8% in the 2Q11 3Q11 4Q11 1Q12 2Q12 semester (212,540 million) Commercial Corporate MBS ABS Preferred paper bonds securities Increasing contribution of capital increases Business Evolution January – June 2012 - 13 - July 2012
  14. 14. DerivativesThousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 7,157 5,712 25.3% 12,608 12,541 0.5%Expenses (2,899) (2,907) -0.3% (5,812) (5,686) 2.2%EBITDA 4,258 2,805 51.8% 6,796 6,855 -0.9% Index derivatives contracts traded Stock derivatives contracts traded (Thousand of contracts) (Thousand of contracts) 2,856 17,714 2,705 16,443 14,532 13,446 1,683 1,623 1,450 1,540 8,437 8,2691,281 954 1,058 989 6,164 6,358 723 502 2Q11 2Q12 1H11 1H12 2Q11 2Q12 1H11 1H12 IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options Positive developments in all the instruments on IBEX 35 ® Business Evolution January – June 2012 - 14 - July 2012
  15. 15. Fixed incomeThousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 2,403 2,347 2.4% 5,308 4,645 14.3%Expenses (773) (747) 3.5% (1,527) (1,476) 3.5%EBITDA 1,630 1,600 1.9% 3,781 3,169 19.3% AIAF – Turnover (Billion €) 1.202 1,190 1,226 Like previous quarter, significant increase in trading 753 to maturity (54.6%) and 499 decrease in "repos" and simultaneous (-66.3%) 2Q11 3Q11 4Q11 1Q12 2Q12 Commercial Corporate MBS& Preferred paper bonds ABS securities Maintaining the positive trend Business Evolution January – June 2012 - 15 - July 2012
  16. 16. IT & ConsultingThousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 %Revenues 4,184 4,043 3.5% 8,286 7,733 7.2%Expenses (2,671) (2,643) 1.1% (5,289) (5,310) -0.4%EBITDA 1,513 1,400 8.1% 2,997 2,423 23.7% Trading support services Increase in connection services (Proximity) and MaX terminals Product services evolution (Hosting & Housing) Continuity & Contingency and developing new services of cloud computing (BME inCloud) International expansion of services and Compliance (SIR,SICAM,RIC) developing Market Abuse phase II according to new ESMA guidelines Financial Comunication (Highway) Increased coverage by region and entity Sustained growth in the second quarter Business Evolution January – June 2012 - 16 - July 2012
  17. 17. Breakdown by business areas REVENUES EBITDA € Thousand 1H 2012 1H 2011 % 1H 2012 1H 2011 % Equity Market 60,093 68,906 -12.8% 43,893 52,795 -16.9% Clearing & Settlement 41,382 37,798 9.5% 34,171 30,879 10.7% Listing 11,466 11,580 -1.0% 6,837 6,945 -1.6% Market Data & Information 17,557 16,187 8.5% 13,860 12,953 7.0% Derivatives 12,608 12,541 0.5% 6,796 6,855 -0.9% IT & Consulting 8,286 7,733 7.2% 2,997 2,423 23.7% Fixed income 5,308 4,645 14.3% 3,781 3,169 19.3% Business Evolution January – June 2012 - 17 - July 2012
  18. 18. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – June 2012 - 18 - July 2012
  19. 19. Balance sheet as of June, 30th 2012 2011 (Thousands of €) Goodwill 82,190 82,190 Other non-current assets 85,822 87,452 Cash and cash equivalents 317,485 347,851 Non-Group current financial assets 37,881,162 34,914,981 Other current assets 107,046 81,679 Total assets 38,473,705 35,514,153 Equity 433,459 444,474 Non-current liabilities 18,531 15,313 Current liabilities 38,021,715 35,054,366 Total equity and liabilities 38,473,705 35,514,153 Business Evolution January – June 2012 - 19 - July 2012
  20. 20. P/L Thousands of € 2Q 2012 2Q 2011 % 1H 2012 1H 2011 % Revenues 81,200 76,832 5.7% 158,586 161,742 -2.0% Expenses (25,757) (25,105) 2.6% (50,837) (49,627) 2.4% EBITDA 55,443 51,727 7.2% 107,749 112,115 -3.9% EBIT 53,441 49,820 7.3% 103,688 108,273 -4.2% Financial results 1,051 1,452 -27.6% 1,592 2,158 -26.2% EBT 54,321 51,334 5.8% 104,961 110,339 -4.9% Net Profit 38,532 36,466 5.7% 74,045 77,946 -5.0% Business Evolution January – June 2012 - 20 - July 2012
  21. 21. Comparison with 1H 2011 Revenues 1H 2012/2011 Costs 1H 2012/2011 [€ Mill.] [€ Mill.] -2.0% + 2.4% 161.7 50.8 158.6 49.6 1H 2012 1H 2011 1H 2012 1H 2011 Margins EBITDA 1H 2012/2011 [€ Mill.] Net Profit 1H 2012/2011 [€ Mill.] - 3.9% - 5.0% 107.7 112.1 74.0 77.9 1H 2012 1H 2011 1H 2012 1H 2011 Business Evolution January – June 2012 - 21 - July 2012
  22. 22. Efficiency & Profitability ROE Evolution EBIT/Revenues Ratio Evolution % ROE % EBIT/Revenues 65.8% 64.8% 65.4% 66.9% 34.1% 31.4% 34.1% 35.1% 2Q12 2Q11 1H12 1H11 2Q12 2Q11 1H12 1H11 Cost/EBIT Ratio Evolution Efficiency Ratio Evolution % Cost/EBIT % Efficiency 48.2% 50.4% 49.0% 45.8% 31.7% 32.7% 32.1% 30.7% 2Q12 2Q11 1H12 1H11 2Q12 2Q11 1H12 1H11 Business Evolution January – June 2012 - 22 - July 2012
  23. 23. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – June 2012 - 23 - July 2012
  24. 24. Business drivers: Highly liquid market • Spanish blue-chips are the most liquid stocks in the EMU 1H12 Daily avg. 1H12 Relative weight at RK Company Turnover (Billion €) Turnover (Billion €) EuroStoxx50 (%)1) 1 75.6 0.60 3.087% 2 75.1 0.59 3.655% 3 57.5 0.45 1.204% 4 50.7 0.40 2.165% 5 49.7 0.39 0.715% 6 49.1 0.39 3.324% 7 49.0 0.39 1.984% 8 47.6 0.38 4.361% 9 46.8 0.37 2.264% 10 44.4 0.35 2.357% 26 25.3 0.20 1.476% 31 22.1 0.17 1.481% Source: Bloomberg 1) As of 30/06/2012 Business Evolution January – June 2012 - 24 - July 2012
  25. 25. Diversified market• Distribution by markets of business volume of the IBEX 35® companies (2009 – 2011) 2009 2011 60% 48% 52% 40% 27% 23% 10% 15% 19% 18% Rest OCDE EU Spain Rest OCDE EU Spain Source: Interim Reports from listed companies obtained from CNMV Business Evolution January – June 2012 - 25 - July 2012
  26. 26. Key ratios benchmarking• Efficiency • ROE 50,9% 32,1% 34,1% 17,5% BME Average Peer BME Average Peer Group Group - BME s data as of 30/06/2012 - Average peer Group figures are calculated using last results published and not taking account of goodwill impairment charges Business Evolution January – June 2012 - 26 - July 2012
  27. 27. Solid operating leverage 112% 116% 106% 109% 105% 103% 90% 78% 2005 2006 2007 2008 2009 2010 2011 1H12 Costs Revenues Revenues not linked to volumes Ratio Business Evolution January – June 2012 - 27 - July 2012
  28. 28. Projects • Shares, ETFs, Warrants and other securities, traded on one single system SIBE • The new system multiplies transactional capacity while providing growth potential • Reduction of latency over ten times MARKET DATA • New services of “Front Office Significant Events” and messaging back up service PROXIMITY/CO- • Entities connected to hubs in London multiplied by two. 33% increase in lines connected in proximity. Released in 2013 Co-location services LOCATION • Is reaffirmed as a funding mechanism for companies MAB • With the listing of Suávitas, growth segment companies amounted to 21 • Increasing the number of participants in over 50%. MEFFPOWER • Four times the volume recorded in the second quarter of 2012 versus the same quarter last year 2011. Increases a 786% open interest COLLATERAL • In a first phase in 2013 will cover the repurchase (or repo) between entities and monetary policy operations of these with the Bank of Spain MANAGEMENT • Good reception with the latest developments and last corporate debt issues SEND • The turnover and number of trades increased 5 and 10 times with respect to 1H11 • Funds Platform aims to provide greater efficiency to the process of subscription and Funds Platform redemption BONO 10 • Introduced negotiation since last May 29th Business Evolution January – June 2012 - 28 - July 2012
  29. 29. Q&A Business Evolution January – June 2012 - 29 - July 2012
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