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Spain Investors Day presentation Jan 2014

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Spain Investors Day presentation Jan 2014

  1. 1. BME Presentation Spain Investor Day Presentation 15th January 2014 BME Spain Investor Day Presentation – 15th January 2014 -1January 2014
  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 IT MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, AND IT MAY NOT BE PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.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. BME Spain Investor Day Presentation – 15th January 2014 -2January 2014
  3. 3. Index 1. 2013 Overview 2. 2014 Business trends and drivers BME Spain Investor Day Presentation – 15th January 2014 -3January 2014
  4. 4. 2013 Overview • 2013, a year gradually turning to positive in prices and volumes • Corporate Spain re-rate based on Improvement of economic macro-scenario and risk perception. Getting back the attention of segments of trading that were in very low levels. • Gradual recovery of the short selling ban, accelerating after the summer. • 2013 Remarkable performance in prices and turnover of SMCs (+48.5%, +65% 4Q13 vs. 4Q12, respectively). • 4Q13 increased 34.0% in turnover and 53.1% in number of trades compared to average 4Q12-3Q13. 160 Turnover Trades IBEX 35 Ibex Midcap Ibex Small Cap +52.0% 150 140 +44.3% 130 +21.4% 110 €M ) g v y ( s d a t f r e b m u N & n o l i 6 / 3 2 0 1 v l t o p x d n i e s a B 120 100 90 4Q12 1Q13 2Q13 3Q13 BME Spain Investor Day Presentation – 15th January 2014 4Q13 -4January 2014
  5. 5. 2013 Overview • Increasing number of companies using the market to diversify financing and deleverage 2013´Capital increases Value (EUROm). Historical Record for 2 nd year in a row + 14.4% • During the crisis companies needed alternative sources of financing to banking credit. Market has played the role: €132 bn. Inflows to the Exchange in the last 5 years. • 9.5 €bn. Market cap raised in 2013 through scrip dividends (+7,2% yoy). • More than 100 capital increase operations with rights subscription in 2013 (+147,8%). 36,052 31,505 15.089 19,771 17,360 12,041 6.384 5.657 2009 18.014 11.463 9.760 5.334 4.626 9.920 5.970 2.106 4.041 2010 2011 Scrip dividends Subscription rights Source: BME´s Fact Book 2013 8.865 9.500 2012 2013 (*) Other capital increases (*) Data from Jan/13 to Nov/13 BME Spain Investor Day Presentation – 15th January 2014 -5January 2014
  6. 6. 2013 Overview • Markets volume summary Equity (Jan-Nov) Turnover (€ Million) Derivatives (Jan-Nov) Var (%) 2013 2012 +0.3% 2,931.7 2,697.1 +8.7% 1,179,243 -5.1% 1,092.8 1,055.7 +3.5% 975,600 1,006,563 -3.1% 923.9 894.3 +3.2% 644,185 642,554 +0.3% 957.0 910.0 +5.2% 9,267,901 9,164,558 +1.1% 389.5 345.8 +12.6% 9,723,033 9,261,742 +5.0% 1,441.0 1,556.1 -7,4% 544,739 519,651 +4.8% 879.9 889.5 -1,1% 4,067,759 1,800,372 +125.9% 52.3 60.2 -19,8% 1,339,404 1,150,180 +16.5% 2013 2012 Var (%) 1,248,706 1,244,637 1,119,338 Contracts (Million) Source: Company data and WFE Statistics Global trading improving. Average volumes: Equity +10%, Derivatives +3% BME Spain Investor Day Presentation – 15th January 2014 -6January 2014
  7. 7. 2013 Overview • Financials (9M13). 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 BME Spain Investor Day Presentation – 15th January 2014 -7January 2014
  8. 8. 2013 Overview • Financials (9M13). Balance sheet • Limited goodwill and a positive impairment test • No debt, optionality for leverage • Liquid position BME Spain Investor Day Presentation – 15th January 2014 -8January 2014
  9. 9. 2013 Overview • Financials (9M13). Business Areas EBITDA BME Spain Investor Day Presentation – 15th January 2014 -9January 2014
  10. 10. 2014 Business trends and drivers • BME. Expanding services & value chain Market Data Clearing & Settlement IT & Consulting • BME covers all services and products for the investment community regarded Spanish securities. • BME Clearing House integration in the value chain to offer clearing services for the Spanish Securities market. BME Listing Trading BME Spain Investor Day Presentation – 15th January 2014 - 10 January 2014
  11. 11. 2014 Business trends and drivers • Expanding services. Equity • • Co-location +52% ETFs turnover increase in 2013. • SICAVs market cap increase of 25% YTD. • Warrants Quality of spreads and best market impact for Spanish stocks. IBEX 35® average spread has improved 7.0 bps since September 2012, moving from 0.132% to 0.062%. • MAB Growth Spanish blue-chips are the most liquid stocks in the EMU. Trading service improvement through co-location services and platforms development. SICAVs Equity Shares REITs (SOCIMIs) ETFs BME Spain Investor Day Presentation – 15th January 2014 - 11 January 2014
  12. 12. 2014 Business trends and drivers • Expanding services. Clearing & Settlement Regis TR® Collateral Mgmnt. Default Mgmnt. Service Clearing & Settlement • Services to issuers CSD Depositary Fees Clearing & Settlement BME Spain Investor Day Presentation – 15th January 2014 Clearing House set-up according to EMIR requirements. • Pan-European service for OTC derivatives trade repository starting in February 2014. • Collateral management service towards optimisation of the movements in collateral of members. • European Regulation towards transparency and risk control opening business opportunities in Clearing and Settlement. - 12 January 2014
  13. 13. 2014 Business trends and drivers • Expanding services. Fixed Income Public FI Inst.SENAF • • MARF Fixed Income (FI) Public FI RetailSEND New segments and assets in trading to compensate the general deleverage process in Spain. Enforcement of regulation as condition for movement of OTC trading to electronic order books. Corp. FI Inst.AIAF Corp. FI RetailSEND BME Spain Investor Day Presentation – 15th January 2014 - 13 January 2014
  14. 14. 2014 Business trends and drivers • Expanding services. Market Data • • Eight new indices were put in place in 2013 as underlying assets for ETFs and structured products. A total of 31 indices are calculated and disseminated at present. • Relevant Events feed Global trend of direct connections in market data primary source. The new connections expanded 7.4% the client base in the third quarter, raising the total number of clients to a new all-time high. Relevant events market data feed to be in place during 2014. Edata Services Market Data Primary Sources Indices Open Finance Front-office S/MART platform BME Spain Investor Day Presentation – 15th January 2014 - 14 January 2014
  15. 15. 2014 Business trends and drivers • Expanding services. IT & Consulting Visual Trader Proximity • VMaX BME Consulting BME InCloud & Combo IT & Consulting business unit is responsible for the diversification of the Group in activities which are ancillary to its core business. • Widening the range of products and services using installed capacity are the reasons for the increase in EBITDA contribution of the business unit from 2% to 3.6%. BME Highway IT & Consulting Hosting BME ConfidenceNet BMEAlternative BME Spain Investor Day Presentation – 15th January 2014 - 15 January 2014
  16. 16. 2014 Business trends and drivers • Adding products and services for value creation in the business model Volume Revenu e Engine BME Spain Investor Day Presentation – 15th January 2014 - 16 January 2014
  17. 17. 2014 Business trends and drivers • Regulation. Overview of main regulatory changes in process as structural driver for the business BME Spain Investor Day Presentation – 15th January 2014 - 17 January 2014
  18. 18. 2014 Business trends and drivers • Focus of management focus in efficiency, operating leverage and shareholder remuneration Efficiency 48.8% 32.9% BME Average Peer Group BME Spain Investor Day Presentation – 15th January 2014 - 18 January 2014
  19. 19. 2014 Business trends and drivers • Focus of management focus in efficiency, operating leverage and shareholder remuneration 105% Operating leverage 114% 78% 2005 Costs 2009 Revenues 9M 2013 Revenues not linked to volumes BME Spain Investor Day Presentation – 15th January 2014 Ratio - 19 January 2014
  20. 20. 2014 Business trends and drivers • Focus of management focus in efficiency, operating leverage and shareholder remuneration Remuneration to shareholders Pay Out ratio 89% 86% 98% 1,972 1,972 1,972 1,972 0,372 0,372 0,372 0,372 0,60 0,60 0,60 0,60 0,60 0,60 0,60 0,60 0,60 0,40 0,40 0,40 0,40 0,40 2009 Total Dividend/Share 86% 2010 2011 2012 2013 First Interim Dividend Second Interim Dividend BME Spain Investor Day Presentation – 15th January 2014 Suplementary Dividend Extraordinary Dividend - 20 January 2014

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