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AND IT MAY NOT BE PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.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. Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
Business Evolution January – September 2013
-3October 2013
4. Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
Business Evolution January – September 2013
-4October 2013
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. 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. Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
Business Evolution January – September 2013
-9October 2013
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. 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. 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. 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. 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. 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
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. 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. 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. Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
Business Evolution January – September 2013
- 21 October 2013
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
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. Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
Business Evolution January – September 2013
- 26 October 2013
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. 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. 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