Business
Performance
January –September
2013

Business Evolution January – September 2013

-1October 2013
Disclaimer
THIS INFORMATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED TO YOU SOLELY FOR
YOUR INFORMATION. IT MAY NOT...
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

Business Evolution January – September 2013

-3Oc...
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

Business Evolution January – September 2013

-4Oc...
Results
Net profit
(€ Million)

+6.8%

39.0
31.0

30.4

3Q12

4Q12

33.1

33.0

1Q13

2Q13

3Q13

Net profit increase of 6...
Solid operating leverage
106%

109%

112%

105%

2010

114%

103%

2009

118%

90%
78%

2005

2006
Costs

2007
Revenues

2...
Key ratios benchmarking
• Efficiency

•

ROE

48.8%
34.7%

32.9%

11.9%

BME

Average Peer
Group

BME

Average Peer
Group
...
Dividends: Maximizing shareholders´ returns
Pay Out

1.972

1.972

1.972

0.372

0.372

0.372

0.60

0.60

0.60

0.60

0.6...
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

Business Evolution January – September 2013

-9Oc...
Business Areas
Consolidated Revenues
9M 2013 - %

Fixed
Income
2.9%
Derivatives
9.0%

EBITDA
9M 2013 - %

IT &
Consulting
...
Equity Market
Thousands of €

3Q 2013

3Q 2012

Revenues

28,996

25,978

Expenses

(7,543)

EBITDA

21,453

%

9M 2013

9...
Clearing and Settlement
Thousands of €

3Q 2013

3Q 2012

Revenues

18,364

19,051

Expenses

(3,266)

EBITDA

15,098

%

...
Market Data & Information
Thousands of €

3Q 2013

3Q 2012

Revenues

8,070

8,510

Expenses

(1,752)
6,318

EBITDA

%

9M...
Listing
•

Companies find in the market the mean to adjust debt and reinforce their balances

Investment flows channeled t...
Listing
Thousands of €

3Q 2013

3Q 2012

Revenues

4,751

4,700

Expenses

(2,191)
2,560

EBITDA

%

9M 2013

9M 2012

%
...
Derivatives
Thousands of €

3Q 2013

3Q 2012

Revenues

6,485

6,532

Expenses

(2,733)
3,752

EBITDA

%

9M 2013

9M 2012...
Fixed income
Thousands of €

3Q 2013

3Q 2012

Revenues

1,873

1,833

Expenses

(725)

EBITDA

1,148

%

9M 2013

9M 2012...
IT & Consulting
Thousands of €

3Q 2013

3Q 2012

Revenues

3,932

3,844

Expenses

(2,385)
1,547

EBITDA

%

9M 2013

9M ...
Breakdown by business areas
Revenues
Thousands of €

3Q 2013

3Q 2012

%

9M 2013

9M 2012

%

Equity

28,996

25,978

11....
Breakdown by business areas
EBITDA
Thousands of €

3Q 2013

3Q 2012

Equity

21,453

18,232

Clearing & Settlement

15,098...
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

Business Evolution January – September 2013

- 21...
Balance sheet
as of September, 30th
(Thousands of €)

2013

2012

Goodwill

82,190

82,190

Other non-current assets

83,5...
P/L
Thousands of €

3Q 2013

3Q 2012

%

9M 2013

9M 2012

%

Revenues

72,537

70,559

2.8%

225,918

229,145

-1.4%

Exp...
Comparison with 9M 2012
Revenues 9M 2013/2012

Costs 9M 2013/2012

[€ Mill.]

[€ Mill.]
-1.4%

- 1.0%

225.9

229.1

9M 20...
Efficiency & Profitability
ROE Evolution

EBIT/Revenues Ratio Evolution

% ROE

% EBIT/Revenues
65.0%

33.1%

3Q13

28.9%
...
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

Business Evolution January – September 2013

- 26...
Business drivers: Highly liquid market
•
RK

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

9M13

Daily...
Business drivers: Highly liquid market
•

Quality of spreads and best market impact for Spanish stocks
Sept. 2012
RK

Comp...
Diversified market
•

Distribution by markets of business volume of the IBEX 35® companies (2008 – 1H13)

26%

17%

19%

S...
Q&A

Business Evolution January – September 2013

- 30 October 2013
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BME Financial Results 3Q2013

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BME Financial Results 3Q2013

  1. 1. Business Performance January –September 2013 Business Evolution January – September 2013 -1October 2013
  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 – September 2013 -2October 2013
  3. 3. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – September 2013 -3October 2013
  4. 4. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – September 2013 -4October 2013
  5. 5. Results Net profit (€ Million) +6.8% 39.0 31.0 30.4 3Q12 4Q12 33.1 33.0 1Q13 2Q13 3Q13 Net profit increase of 6.8% compared to 3Q12 Business Evolution January – September 2013 -5October 2013
  6. 6. Solid operating leverage 106% 109% 112% 105% 2010 114% 103% 2009 118% 90% 78% 2005 2006 Costs 2007 Revenues 2008 Revenues not linked to volumes Business Evolution January – September 2013 2011 2012 9M 2013 Ratio -6October 2013
  7. 7. Key ratios benchmarking • Efficiency • ROE 48.8% 34.7% 32.9% 11.9% BME Average Peer Group BME Average Peer Group - BME´s data as of 30/09/2013 - Average peer Group figures are calculated using last results published and not taking account of goodwill impairment charges Business Evolution January – September 2013 -7October 2013
  8. 8. Dividends: Maximizing shareholders´ returns Pay Out 1.972 1.972 1.972 0.372 0.372 0.372 0.60 0.60 0.60 0.60 0.60 0.60 0.40 0.40 0.40 0.40 2008 2009 2010 2011 2012 2013 First Interim Dividend 2007 1.972 0.40 0.956 98% 0.60 1.016 86% 0.60 1.972 86% 0.372 Total Dividends /Share 82% Second Interim Dividend 86% 1.972 89% 0.986 0.986 Suplementary Dividend Extraordinary Dividend Sustainability of Pay-out • First 2013 interim dividend: 0.4 € / share • Payment Date for next interim dividend: December, 27th 2013 Business Evolution January – September 2013 -8October 2013
  9. 9. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – September 2013 -9October 2013
  10. 10. Business Areas Consolidated Revenues 9M 2013 - % Fixed Income 2.9% Derivatives 9.0% EBITDA 9M 2013 - % IT & Consulting 5.9% Information 10.9% Derivatives 7.3% IT & Consulting Fixed Income 2.6% 3.6% Information 11.9% Equity 37.1% Listing 5.0% Equity 37.3% Listing 6.6% Clearing & Settlement 27.6% Business Evolution January – September 2013 Clearing & Settlement 32.2% - 10 October 2013
  11. 11. Equity Market Thousands of € 3Q 2013 3Q 2012 Revenues 28,996 25,978 Expenses (7,543) EBITDA 21,453 % 9M 2013 9M 2012 % 11.6% 83,211 86,071 -3.3% (7,746) -2.6% (23,345) (23,946) -2.5% 18,232 17.7% 59,866 62,125 -3.6% Equity (Turnover, volume and shares traded) 73 70 154 52 49 34 2.3 2.5 2.7 2.3 6.4 8/12 9.0 7.6 11.2 28.2 9/12 10/12 11/12 12/12 1/13 Turnover (€ Bill.) 4.3 3.9 3.2 36 3.5 3.5 2.1 165 158 12.6 48 48 3.4 3.3 28.2 7/12 42 42 4.0 162 59 58 57 29.7 170 68 n o m d s e l i M 71 4.7 8.8 10.2 10.6 7.1 3.6 8.4 12.1 2/13 3/13 Shares (Bill.) 27.5 4/13 9.5 11.1 5/13 6/13 29.0 7/13 Trades (Mill.) 14.5 45.1 47.0 48.7 48.2 50.8 3Q12 4Q12 1Q13 2Q13 3Q13 7.3 8/13 9/13 Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turning point in activity and revenues Business Evolution January – September 2013 - 11 October 2013
  12. 12. Clearing and Settlement Thousands of € 3Q 2013 3Q 2012 Revenues 18,364 19,051 Expenses (3,266) EBITDA 15,098 % 9M 2013 9M 2012 -3.6% 61,829 60,433 2.3% (3,711) -12.0% (10,198) (10,922) -6.6% 15,340 -1.6% 51,631 49,511 4.3% Securities under custody: Volumes (€ Billion) Settlement: Number of trades settled (Million of trades) 11.6 % 12.1 Market value registered in Equity Nominal registered in Fixed income 3Q12 4Q12 10.4 1Q13 2Q13 3Q13 Business Evolution January – September 2013 2,118 2,123 2,116 2,159 528 530 537 616 1,571 10.6 2,069 498 10.7 1,590 1,593 1,579 1,543 3Q12 4Q12 1Q13 2Q13 3Q13 - 12 October 2013
  13. 13. Market Data & Information Thousands of € 3Q 2013 3Q 2012 Revenues 8,070 8,510 Expenses (1,752) 6,318 EBITDA % 9M 2013 9M 2012 % -5.2% 24,513 26,067 -6.0% (1,787) -2.0% (5,477) (5,484) -0.1% 6,723 -6.0% 19,036 20,583 -7.5% Information: Subscribers to primary market sources (Average for the period in thousands of subscribers and millions of accesses per quote) 100 97 4.0 3Q12 94 92 4.0 4Q12 3.6 1Q13 Subscribers (Thous.) Business Evolution January – September 2013 87 3.8 2Q13 3.9 3Q13 P.Quote (Mill.) - 13 October 2013
  14. 14. Listing • Companies find in the market the mean to adjust debt and reinforce their balances Investment flows channeled to the Exchange (€ Million) 11,363 8,675 7,977 • Trend of strong activity in investment flows channelled to the exchange continues in 2013: €25.6 billion in the first nine months (+27.7%) • 7,909 Scrip dividends totalled €7.8 billion in 9M13 (+21.0% yoy) 6,215 3Q12 4Q12 1Q13 2Q13 3Q13 Source: FESE (Federation of European Stock Exchanges) Business Evolution January – September 2013 - 14 October 2013
  15. 15. Listing Thousands of € 3Q 2013 3Q 2012 Revenues 4,751 4,700 Expenses (2,191) 2,560 EBITDA % 9M 2013 9M 2012 % 1.1% 14,798 16,166 -8.5% (2,247) -2.5% (6,758) (6,876) -1.7% 2,453 4.4% 8,040 9,290 -13.5% AIAF: New listings (Billion €) 81.6 69.9 45.0 29.8 3Q12 4Q12 Commercial paper 1Q13 Corporate bonds MBS 2Q13 ABS 25.0 Effort form issuers in deleveraging continues with a result of reduction in Private Fixed Income listings 3Q13 Preferred securities Revenues stabilise as a result of equity contribution Business Evolution January – September 2013 - 15 October 2013
  16. 16. Derivatives Thousands of € 3Q 2013 3Q 2012 Revenues 6,485 6,532 Expenses (2,733) 3,752 EBITDA % 9M 2013 9M 2012 -0.7% 20,101 19,140 5.0% (2,842) -3.8% (8,391) (8,654) -3.0% 3,690 1.7% 11,710 10,486 11.7% Index derivatives contracts traded % Stock derivatives contracts traded (Thousand of contracts) (Thousand of contracts) 4,053 3,889 3,631 26,712 2,773 2,077 1,233 1,184 627 3Q12 1,305 1,444 1,207 18,477 16,843 10,391 8,997 5,814 456 3Q13 IBEX 35® Futures 3,397 9M12 MiniIBEX 35® Futures 9M13 IBEX 35® Options 3Q12 2,770 3Q13 Stock Futures 9M12 9M13 Stock Options Diversified improvement in margins Business Evolution January – September 2013 - 16 October 2013
  17. 17. Fixed income Thousands of € 3Q 2013 3Q 2012 Revenues 1,873 1,833 Expenses (725) EBITDA 1,148 % 9M 2013 9M 2012 % 2.2% 6,453 7,141 -9.6% (753) -3.7% (2,240) (2,280) -1.8% 1,080 6.3% 4,213 4,861 -13.3% AIAF – Turnover (Billion €) 742 742 76 571 571 666 75 407 399,126 422,544 350 407 67 496 249 350 92 340 244,638 381,378 122,193 249 57 258 192 3Q12 4Q12 Commercial paper 1Q13 Corporate bonds 2Q13 MBS& ABS Preferred securities 3Q13 3Q12 4Q12 Repo 1Q13 Cash 2Q13 3Q13 Trades Increasing number of operations Business Evolution January – September 2013 - 17 October 2013
  18. 18. IT & Consulting Thousands of € 3Q 2013 3Q 2012 Revenues 3,932 3,844 Expenses (2,385) 1,547 EBITDA % 9M 2013 9M 2012 2.3% 13,306 12,130 9.7% (2,534) -5.9% (7,477) (7,823) -4.4% 1,310 18.1% 5,829 4,307 35.3% Business Evolution January – September 2013 % - 18 October 2013
  19. 19. Breakdown by business areas Revenues Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 % Equity 28,996 25,978 11.6% 83,211 86,071 -3.3% Clearing & Settlement 18,364 19,051 -3.6% 61,829 60,433 2.3% Listing 4,751 4,700 1.1% 14,798 16,166 -8.5% Information 8,070 8,510 -5.2% 24,513 26,067 -6.0% Derivatives 6,485 6,532 -0.7% 20,101 19,140 5.0% Consulting & IT 3,932 3,844 2.3% 13,306 12,130 9.7% Fixed income 1,873 1,833 2.2% 6,453 7,141 -9.6% Business Evolution January – September 2013 - 19 October 2013
  20. 20. Breakdown by business areas EBITDA Thousands of € 3Q 2013 3Q 2012 Equity 21,453 18,232 Clearing & Settlement 15,098 Listing 9M 2013 9M 2012 17.7% 59,866 62,125 -3.6% 15,340 -1.6% 51,631 49,511 4.3% 2,560 2,453 4.4% 8,040 9,290 -13.5% Information 6,318 6,723 -6.0% 19,036 20,583 -7.5% Derivatives 3,752 3,690 1.7% 11,710 10,486 11.7% Consulting & IT 1,547 1,310 18.1% 5,829 4,307 35.3% Fixed income 1,148 1,080 6.3% 4,213 4,861 -13.3% Business Evolution January – September 2013 % % - 20 October 2013
  21. 21. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – September 2013 - 21 October 2013
  22. 22. Balance sheet as of September, 30th (Thousands of €) 2013 2012 Goodwill 82,190 82,190 Other non-current assets 83,552 85,757 Cash and cash equivalents 243,088 321,108 36,160,066 36,065,664 91,728 40,864 36,660,624 36,595,583 403,610 431,721 161 0 18,628 18,605 36,238,225 36,145,257 36,660,624 36,595,583 Non-Group current financial assets Other current assets Total assets Owners' Equity External Partners Non-current liabilities Current liabilities Total equity and liabilities Business Evolution January – September 2013 - 22 October 2013
  23. 23. P/L Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 % Revenues 72,537 70,559 2.8% 225,918 229,145 -1.4% Expenses (23,652) (24,341) -2.8% (74,435) (75,178) -1.0% EBITDA 48,885 46,218 5.8% 151,483 153,967 -1.6% EBIT 47,162 44,207 6.7% 146,224 147,895 -1.1% 506 481 5.2% 2,911 2,073 40.4% EBT 47,507 44,554 6.6% 148,731 149,515 -0.5% Net Profit 33,142 31,039 6.8% 105,160 105,084 0.1% Financial results Business Evolution January – September 2013 - 23 October 2013
  24. 24. Comparison with 9M 2012 Revenues 9M 2013/2012 Costs 9M 2013/2012 [€ Mill.] [€ Mill.] -1.4% - 1.0% 225.9 229.1 9M 2013 9M 2012 75.2 74.4 9M 2013 9M 2012 Margins EBITDA 9M 2013/2012 [€ Mill.] Net Profit 9M 2013/2012 [€ Mill.] - 1.6% + 0.1% 151.5 154.0 105.2 105.1 9M 2013 9M 2012 9M 2013 9M 2012 Business Evolution January – September 2013 - 24 October 2013
  25. 25. Efficiency & Profitability ROE Evolution EBIT/Revenues Ratio Evolution % ROE % EBIT/Revenues 65.0% 33.1% 3Q13 28.9% 3Q12 34.7% 9M12 Cost/EBIT Ratio Evolution 64.5% 3Q13 3Q12 9M13 9M12 Efficiency Ratio Evolution % Efficiency % Cost/EBIT 50.2% 64.7% 32.4% 9M13 62.7% 55.1% 50.9% 50.8% 32.6% 3Q13 3Q12 9M13 Business Evolution January – September 2013 9M12 34.5% 32.9% 32.8% 3Q13 3Q12 9M13 9M12 - 25 October 2013
  26. 26. Index A. Results B. Business Overview C. Financials D. Business Drivers Business Evolution January – September 2013 - 26 October 2013
  27. 27. Business drivers: Highly liquid market • RK Spanish blue-chips are the most liquid stocks in the EMU Company 9M13 Daily avg. 9M13 Relative weight at EuroStoxx50 (%)1) Turnover (€ Biilion) Turnover (€ Biilion) 1 98.0 0.51 3.760% 2 90.4 0.47 2.650% 3 84.1 0.44 1.430% 4 68.3 0.36 2.550% 5 65.3 0.34 1.940% 6 64.7 0.34 5.080% 7 62.0 0.32 2.570% 8 61.5 0.32 4.170% 9 58.9 0.31 3.660% 10 56.7 0.30 2.910% 25 22 36.8 0.19 1.350% 26 27 35.9 0.19 1.220% 27 33 34.2 0.18 0.830% Source: Bloomberg 1) As of 30/09/13 Business Evolution January – September 2013 - 27 October 2013
  28. 28. Business drivers: Highly liquid market • Quality of spreads and best market impact for Spanish stocks Sept. 2012 RK Company Avg.Spread (€) Sept. 2013 Avg.Spread (%) Avg.Spread (€) Avg.Spread (%) 1 0.004 0.07% 0.002 0.03% 2 0.005 0.08% 0.003 0.04% 3 0.009 0.08% 0.006 0.06% 4 0.004 0.11% 0.002 0.05% 5 0.095 0.10% 0.080 0.07% 6 0.021 0.13% 0.009 0.05% 7 0.004 0.23% 0.004 0.09% 8 0.029 0.16% 0.017 0.07% 9 0.023 0.21% 0.014 0.09% 10 0.075 0.21% 0.036 0.09% 0.132% The implicit transaction cost for investors measured by the IBEX 35® average spread has improved 6.2 bps since September 2012, moving from 0.132% to 0.07% 0.070% Source: Market annual and monthly reports Business Evolution January – September 2013 - 28 October 2013
  29. 29. Diversified market • Distribution by markets of business volume of the IBEX 35® companies (2008 – 1H13) 26% 17% 19% Spain EU OCDE Rest Source: Interim Reports from listed companies obtained from CNMV Business Evolution January – September 2013 - 29 October 2013
  30. 30. Q&A Business Evolution January – September 2013 - 30 October 2013

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