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BME Spain Investor Day Presentation – 15th January 2014
-2January 2014
3. Index
1. 2013 Overview
2. 2014 Business trends and drivers
BME Spain Investor Day Presentation – 15th January 2014
-3January 2014
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. 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
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. 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
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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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
