The document provides an overview of Bolsas y Mercados Espanoles' (BME) business performance from January to December 2014. Key points include:
- Net profit increased 12.4% in Q4 2014 and 15.2% for the full year 2014, the best annual result since 2008.
- Equity trading volumes and investment flows channeled through the exchange increased significantly year-over-year.
- Settlement and registration volumes were up but revenues grew modestly.
- Information subscriptions and quote accesses continued an upward trend while revenues increased sharply.
Rocket Internet Capital Markets Day (Presentation)Himmel Cash
Agenda
Topic Presenter
Proven Winners H1 2015 Financials Peter Kimpel
CFO Rocket Internet
Update Rocket Strategy
Break
Home24 Domenico Cipolla
CEO Home24
Path to Profitability – How to judge a successful model and invest in
growth
Oliver Samwer
CEO Rocket Internet
Oliver Samwer
CEO Rocket Internet
Break
Update LPV and Underlying Assumptions Peter Kimpel
CFO Rocket Internet
Lazada Oliver Samwer
CEO Rocket Internet
Summary Remarks Oliver Samwer
CEO Rocket Internet
Global Fashion Group Romain Voog
CEO GFG
HelloFresh Dominik Richter
CEO HelloFresh
2
Time
9:00 – 9.45
10:00 – 10:45
11:15 – 11:30
13:30 – 14:15
10:45 – 11:15
14:45 – 15:00
9:45 – 10:00
14:15 – 14:45
16:15 – 16:30
12:30 – 13:30
11:30 – 12:30
Update Rocket Platform Christian von Hardenberg
CTO Rocket Internet 15:30 – 16:15
Update Regional Internet Groups Oliver Samwer
CEO Rocket Internet
Rocket Internet Capital Markets Day (Presentation)Himmel Cash
Agenda
Topic Presenter
Proven Winners H1 2015 Financials Peter Kimpel
CFO Rocket Internet
Update Rocket Strategy
Break
Home24 Domenico Cipolla
CEO Home24
Path to Profitability – How to judge a successful model and invest in
growth
Oliver Samwer
CEO Rocket Internet
Oliver Samwer
CEO Rocket Internet
Break
Update LPV and Underlying Assumptions Peter Kimpel
CFO Rocket Internet
Lazada Oliver Samwer
CEO Rocket Internet
Summary Remarks Oliver Samwer
CEO Rocket Internet
Global Fashion Group Romain Voog
CEO GFG
HelloFresh Dominik Richter
CEO HelloFresh
2
Time
9:00 – 9.45
10:00 – 10:45
11:15 – 11:30
13:30 – 14:15
10:45 – 11:15
14:45 – 15:00
9:45 – 10:00
14:15 – 14:45
16:15 – 16:30
12:30 – 13:30
11:30 – 12:30
Update Rocket Platform Christian von Hardenberg
CTO Rocket Internet 15:30 – 16:15
Update Regional Internet Groups Oliver Samwer
CEO Rocket Internet
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
BME Business Performance 4Q and FY 2014
1. - 1 -
February 2015
Business Evolution January – December 2014
Business
Performance
Fourth quarter and
FY/2014
2. - 2 -
February 2015
Business Evolution January – December 2014
Disclaimer
This presentation, which is personal to the recipient, has been prepared and produced by Bolsas y Mercados Españoles, Sociedad Holding de Mercados
y Sistemas Financieros, S,A, (“BME”) solely for the benefit of investment analysis and may not be used for any purpose other than assessment of
investments concerning BME, Unless otherwise stated, BME is the source for all data contained in this presentation, Such data is provided as at the date
of this presentation and is subject to change without notice,
This presentation is strictly confidential and is being furnished to you solely for your information, It may not be reproduced, redistributed, passed on
or published, in whole or in part, to any other person for any other purpose, This presentation does not constitute or form part of, and should not be
construed as, an offer or invitation for the sale of or the subscription of, or a solicitation of any offer to buy or subscribe for, any securities, nor shall it or
any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision
relating thereto, nor does it constitute a recommendation regarding the securities of BME,
Neither this presentation nor any copy of it may be taken, transmitted into or distributed in the United States, the United Kingdom, Canada, Australia or
Japan except by or on the express instructions of BME, The distribution of this presentation in other jurisdictions may also be restricted by law and
persons into whose possession this presentation comes should inform themselves about and observe any such restrictions,
This presentation is directed only at persons who (i) have professional experience in matters relating to investments falling within article 19(5) of the
Financial Services and Markets Act 2000 (financial promotion) order 2005 (“the order”); or (ii) are persons to whom it can otherwise lawfully be
distributed (all such persons together being referred to as “relevant persons”), This presentation must not be acted on, or relied on by, persons who are
not relevant persons,
The information in this presentation has not been independently verified, No representation or warranty, express or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy or completeness of the information or opinions contained herein, None of BME, any of its
shareholders, or any of their respective subsidiary undertakings or affiliates or any of such person’s directors, officers or employees, advisers or other
representatives, accepts any liability whatsoever (whether in negligence or otherwise) arising, directly or indirectly, from the use of this presentation or
otherwise arising in connection therewith,
This presentation could include forward-looking statements, These forward-looking statements involve known and unknown risks, uncertainties and other
factors, which may cause our actual results, performance, achievements or industry results to be materially different from those expressed or implied by
these forward-looking statements, Forward-looking statements speak only as of the date of this presentation and BME expressly disclaim any obligation
or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation as a result of any change in our expectations
or any change in events, conditions or circumstances on which these forward-looking statements are based,
3. - 3 -
February 2015
Business Evolution January – December 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
4. - 4 -
February 2015
Business Evolution January – December 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
5. - 5 -
February 2015
Business Evolution January – December 2014
Results
Net profit
Net profit increase of 12.4% compared to 4Q13
+12.4% (€ Million)
38.0
42.2 41.5
38.5
42.7
4Q13 1Q14 2Q14 3Q14 4Q14
6. - 6 -
February 2015
Business Evolution January – December 2014
Results
Net profit
Net profit increase of 15.2% compared to 2013. Best
year result since 2008
+15.2%
(€ Million)
150.0 154.2 155.1
135.5
143.1
164.9
2009 2010 2011 2012 2013 2014
7. - 7 -
February 2015
Business Evolution January – December 2014
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
78%
90%
106% 109% 105% 103%
112%
118%
114% 112%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
8. - 8 -
February 2015
Business Evolution January – December 2014
Key ratios benchmarking
• Efficiency • ROE
- BME´s data as of 31/12/2014
- Average peer Group figures are calculated using last results published and not taking
account of goodwill impairment charges
40.9%
17.9%
BME Average Peer
Group
30.2%
47.5%
BME Average Peer
Group
9. - 9 -
February 2015
Business Evolution January – December 2014
Dividends: Maximizing shareholders´ returns
0.956 0.986
0.40 0.40 0.40 0.40 0.40 0.40
0.60 0.60 0.60 0.60 0.60 0.60
1.016 0.986
0.60 0.60 0.60 0.60 0.65
0.89
0.372 0.372 0.372 0.372
2007 2008 2009 2010 2011 2012 2013 2014
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%
1.65
96%
1.89
96%
10. - 10 -
February 2015
Business Evolution January – December 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
11. - 11 -
February 2015
Business Evolution January – December 2014
Business Areas
Consolidated Revenues
FY 2014 - %
EBITDA
FY 2014- %
Equity
46.3%
Settlement,
24.5%
Clearing
5.2%
Information
11.2%
Derivatives
3.7%
Fixed
Income
3.4%
IT &
Consulting
5.6%
Equity
48.7%
Settlement,
26.4%
Clearing
4.0%
Information
12.2%
Derivatives
2.9%
Fixed
Income 2.7%
IT &
Consulting
3.2%
Redefining Business Units
13. - 13 -
February 2015
Business Evolution January – December 2014
14,164
18,901
28,514 30,810 30,683
13,780
18,838
165
1,292
5,427
2010 2011 2012 2013 2014
New shares issued of listed companies New listings (IPOs)
27,944
37,739
32,102
28,679
36,110
• Companies using the market to diversify financing and deleverage
Investment flows channeled to the Exchange (€ Million)
• Total of 36,110 million euros in
investment flows channeled to the
Exchange (+12.5%).
• Strongest volume in history with
185 capital increase operations
(+21.7%),
• Admission of new companies
(IPOs) in the amount of 5.4 billion,
more than four times the 2013
amount.
• Scrip-dividend amounted to 13.1
billion euros (+24.9%), new
record high.
Source: FESE (Federation of European Stock Exchanges)
Equity Market
14. - 14 -
February 2015
Business Evolution January – December 2014
1,514 1,492 1,480 1,466 1,456
676 710 754 751 722
4Q13 1Q14 2Q14 3Q14 4Q14
2,1782,2172,190 2,2342,202
13.8 13.6
12.9 12.4
16.2
4Q13 1Q14 2Q14 3Q14 4Q14
Par Value registered in FI Market value registered in Equity
Securities under custody: Volumes
(€ Billion)
Settlement & Registration
Settlement: Number of trades settled
(Million of trades)
Revenue Growth in settlement. Work intensification of system reform
Thousands of € 4Q 2014 4Q 2013 % FY 2014 FY 2013 %
Revenues 22,148 19,608 13.0% 82,969 81,437 1.9%
Expenses (6,540) (3,871) 68.9% (18,741) (14,069) 33.2%
EBITDA 15,608 15,737 -0.8% 64,228 67,368 -4.7%
15. - 15 -
February 2015
Business Evolution January – December 2014
96
107
113 112
105
3.9 4.1
3.5 3.2 3.0
4Q13 1Q14 2Q14 3Q14 4Q14
Subscribers (Thousand) 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 cycle in market data distribution
Thousands of € 4Q 2014 4Q 2013 % FY 2014 FY 2013 %
Revenues 10,709 8,481 26.3% 37,963 32,994 15.1%
Expenses (2,254) (2,004) 12.5% (8,364) (7,481) 11.8%
EBITDA 8,455 6,477 30.5% 29,599 25,513 16.0%
16. - 16 -
February 2015
Business Evolution January – December 2014
Volume (Mwh) traded in Energy market (Thousand)
11,144
10,364 10,239
5,051
6,473
4Q13 1Q14 2Q14 3Q14 4Q14
314,932
397,583
233,375 237,474
245,613
4Q13 1Q14 2Q14 3Q14 4Q14
Clearing
Mixed performance in revenues. Influence of C&S Spanish reform
Thousands of € 4Q 2014 4Q 2013 % FY 2014 FY 2013 %
Revenues 4,643 4,754 -2.3% 17,703 16,178 9.4%
Expenses (2,526) (1,517) 66.5% (7,997) (5,545) 44.2%
EBITDA 2,117 3,237 -34.6% 9,706 10,633 -8.7%
Turnover BME Clearing REPO (€ Million)
18. - 18 -
February 2015
Business Evolution January – December 2014
212
304
241
102
49
69
76
111
102
115
4Q13 1Q14 2Q14 3Q14 4Q14
164
204
352
380
281
Fixed income
Improvement of listing in the market and efficiency in the business unit
Thousands of € 4Q 2014 4Q 2013 % FY 2014 FY 2013 %
Revenues 2,919 2,916 0.1% 11,628 11,959 -2.8%
Expenses (1,373) (1,750) -21.6% (5,168) (5,731) -9.8%
EBITDA 1,546 1,166 32.6% 6,460 6,228 3.7%
AIAF – Turnover (Billion €)
Repo Cash
Balance of MARF (Alternative Fixed Income
Market) after first year of activity:
•20 Market Members, 21 registered Advisers
and 4 brokers
• 7 issues maturing in 5, 6, 7 and 10 years (€308
million)
• 5 promissory note issue programmes
(maximum balance of €420 million)
•1 issue of securitization (€20 million). Open for
a maximum amount of €500 million
19. - 19 -
February 2015
Business Evolution January – December 2014
IT & Consulting
Thousands of € 4Q 2014 4Q 2013 % FY 2014 FY 2013 %
Revenues 5,086 3,670 38.6% 18,835 16,976 11.0%
Expenses (2,950) (2,786) 5.9% (11,041) (10,263) 7.6%
EBITDA 2,136 884 141.6% 7,794 6,713 16.1%
20. - 20 -
February 2015
Business Evolution January – December 2014
Breakdown by business areas
Revenues
Thousands of € 4Q 2014 4Q 2013 % 2014 2013 %
Equity 42,052 36,857 14.1% 156,548 132,276 18.3%
Settlement 22,148 19,608 13.0% 82,969 81,437 1.9%
Clearing 4,643 4,754 -2.3% 17,703 16,178 9.4%
Information 10,709 8,481 26.3% 37,963 32,994 15.1%
Derivatives 3,349 2,959 13.2% 12,409 11,636 6.6%
Consulting & IT 5,086 3,670 38.6% 18,835 16,976 11.0%
Fixed income 2,919 2,916 0.1% 11,628 11,959 -2.8%
21. - 21 -
February 2015
Business Evolution January – December 2014
Breakdown by business areas
EBITDA
Thousands of € 4Q 2014 4Q 2013 % 2014 2013 %
Equity 32,882 26,819 22.6% 118,435 93,876 26.2%
Settlement 15,608 15,737 -0.8% 64,228 67,368 -4.7%
Clearing 2,117 3,237 -34.6% 9,706 10,633 -8.7%
Information 8,455 6,477 30.5% 29,599 25,513 16.0%
Derivatives 2,027 1,783 13.7% 7,134 6,097 17.0%
Consulting & IT 2,136 884 141.6% 7,794 6,713 16.1%
Fixed income 1,546 1,166 32.6% 6,460 6,228 3.7%
22. - 22 -
February 2015
Business Evolution January – December 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
23. - 23 -
February 2015
Business Evolution January – December 2014
Balance sheet
as of December, 31th
(Thousands of €)
2014 2013
Goodwill 80,619 82,190
Other non-current assets 85,258 82,041
Cash and cash equivalents 205,163 164,254
Current financial assets 84,830 97,158
Non-Group current financial assets 33,400,456 38,400,280
Other current assets 92,190 77,884
Total assets 33,948,516 38,903,807
Owners' Equity 418,931 392,140
External Partners 0 166
Non-current liabilities 18,199 17,534
Current liabilities 33,511,386 38,493,967
Total equity and liabilities 33,948,516 38,903,807
26. - 26 -
February 2015
Business Evolution January – December 2014
31.4% 30.3% 30.2% 32.2%
4Q14 4Q13 FY14 FY13
46.9% 45.1% 44.5%
49.3%
4Q14 4Q13 FY14 FY13
66.9% 67.1% 67.9% 65.4%
4Q14 4Q13 FY14 FY13
Efficiency & Profitability
ROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency
Cost/EBIT Ratio Evolution Efficiency Ratio Evolution
40.6% 38.5% 40.9%
35.9%
4Q14 4Q13 FY14 FY13
27. - 27 -
February 2015
Business Evolution January – December 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
28. - 28 -
February 2015
Business Evolution January – December 2014
Business drivers: Highly liquid market
• Spanish blue-chips are the most liquid stocks in the EMU
Source: Bloomberg 1) As of 31/12/14
RK
FY14
Company
Daily avg. FY14
Turnover (€ Biilion)RK
Relative weight at
EuroStoxx50 (%)1)
Turnover (€ Biilion)
163.6
138.1
129.4
123.1
116.6
100.3
100.1
92.1
92.0
89.7
63.9
63.6
53.6
0.64
0.55
0.51
0.49
0.46
0.40
0.39
0.36
0.36
0.36
0.25
0.25
0.21
4.460%
1.660%
2.720%
1.560%
2.470%
2.650%
6.220%
2.770%
4.640%
3.330%
0.900%
1.470%
1.180%
1
2
3
4
5
6
7
8
9
10
20
21
27
29. - 29 -
February 2015
Business Evolution January – December 2014
Business drivers: Highly liquid market
• Quality of spreads and best market impact for Spanish stocks
Avg. Spread (%)Avg. Spread (%)
0.359%
0.304%
0.290%
0.275%
0.271%
0.273%
0.249%
0.304%
0.322%
0.289%
0.345%
0.340%
0.326%
0.068%
0.066%
0.068%
0.064%
0.062%
0.061%
0.058%
0.059%
0.062%
0.056%
0.061%
0.055%
0.059%
201312
201401
201402
201403
201404
201405
201406
201407
201408
201409
201410
201411
201412
Avg. Spread (%)
1.037%
1.010%
0.984%
0.927%
0.988%
1.022%
0.960%
1.095%
1.303%
1.102%
1.434%
1.438%
1.283%
• IBEX 35® spread narrowed by
0.9 basis points compared to
December 2013.
• Mid-cap stocks have improved
their average spread 3.3 basis
points, while the spread in small
caps widened in the last months
with the increase in volatility.
Source: Market annual and monthly reports
30. - 30 -
February 2015
Business Evolution January – December 2014
• Distribution by markets of business volume of the IBEX 35®
companies (2008 – 1H14)
Diversified market
Source: Interim Reports from listed companies obtained from CNMV
Spain EU OCDE Rest
19%
20%
25%
31. - 31 -
February 2015
Business Evolution January – December 2014
BME: Positive drivers improving the
business environment
32. - 32 -
February 2015
Business Evolution January – December 2014
+ BME
•Deleverage
•Accelerating growth:
employment, domestic
consumption, Exports
•Reforms
•Low interest
rates
•Low CPI
•Expansionary
monetary policy
•High liquidity
•Less bank
financing
BME: Positive drivers – Macro Scenario
• The scenario macro and ECB measures create a positive circuit channeling
savings
33. - 33 -
February 2015
Business Evolution January – December 2014
0
20
40
60
80
100
1990 1992 1993 1995 1997 1999 2000 2002 2004 2006 2007 2009 2011 2013
Spain Italy Germany
France United Kingdom EE.UU.
%
BME: Positive drivers – Structural change
in funding
• Market financing (M) vs banking (B) of non financial companies (1990 – 2013)
34. - 34 -
February 2015
Business Evolution January – December 2014
BME: Diversification and growth
• Bet for geographical diversification: technology, regulation and cooperation,
basic pillars for business development
Cooperation: REGIS TR®
Technology: Algeria fixed income
Shareholdings:
• Mexico: Mexican Stock Exchange
• Colombia: Fixed income
Colombian CCP
Consulting: Peru, Mexico, Chile,
Guatemala, Colombia
Technology:
• Infobolsa: Mexico
• SIBE: Rep. Dominicana, El
Salvador, Venezuela, Ecuador,
Uruguay, Bolivia
• Visual Trader: Chile
• Derivatives: Mexico
• Open Finance
35. - 35 -
February 2015
Business Evolution January – December 2014
BME: Diversification and growth
• Use of installed capacity o as a way to generate value add and revenue
source diversification
36. - 36 -
February 2015
Business Evolution January – December 2014
Q&A