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- 1 -
July 2013
Business Evolution January – June 2013
Business Performance
First Half 2013
- 2 -
July 2013
Business Evolution January – June 2013
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AND IT MAY NOT BE PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.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.
- 3 -
July 2013
Business Evolution January – June 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 4 -
July 2013
Business Evolution January – June 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 5 -
July 2013
Business Evolution January – June 2013
38,5
31,0 30,4 33,0
39,0
2Q12 3Q12 4Q12 1Q13 2Q13
Results Net profit
Net profit increase of 1.3% (+18.3% compared to 1Q13)
+ 1.3% (€ Million)
+ 18.3%
- 6 -
July 2013
Business Evolution January – June 2013
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
78%
90%
106% 109% 105% 103%
112% 118%
112%
2005 2006 2007 2008 2009 2010 2011 2012 1H13
- 7 -
July 2013
Business Evolution January – June 2013
Key ratios benchmarking
• Efficiency • ROE
- BME s data as of 30/06/2013
- Average peer Group figures are calculated using last results published and not taking account
of goodwill impairment charges
35.6%
14.5%
BME Average PeerGroup
33.1%
48.6%
BME Average PeerGroup
- 8 -
July 2013
Business Evolution January – June 2013
Dividends: Maximizing shareholders returns
Pay-out Dividend proposal: maintenance of dividend/share
Proposed interim dividend: 0.4 €/share – September 9th
0.956 0.986
0.40 0.40 0.40 0.40 0.40
0.60 0.60 0.60 0.60
1.016 0.986
0.60 0.60 0.60 0.60
0.372 0.372 0.372 0.372
2007 2008 2009 2010 2011 2012 2013
Primer Dividendo a Cuenta Segundo Dividendo a Cuenta Dividendo Complementario Dividendo Extraordinario
1.972Dividendo
Total/Acción
Pay Out 86%
Dividendo
Total/Acción
Pay Out 82% 86% 89% 86%
1.972 1.972 1.9721.972 1.972
98%
- 9 -
July 2013
Business Evolution January – June 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 10 -
July 2013
Business Evolution January – June 2013
Business Areas
Consolidated Revenues
1H 2013 - %
EBITDA
1H 2013 - %
Equity 35.7%
Clearing & Settlement
28.6%
Listing 6.6%
Information 10.8%
Derivatives 9.0%
Fixed Income
3.0%
IT & Consulting
6.2%
Equity 35.4%
Clearing & Settlement
33.7%
Listing 5.1%
Information 11.7%
Derivatives 7.3%
Fixed Income 2.8%
IT & Consulting
3.9%
- 11 -
July 2013
Business Evolution January – June 2013
199
154170
162 165
58.545.1 47.0 48.7 48.2
13.5
8.87.1
10.2 10.6
2Q12 3Q12 4Q12 1Q13 2Q13
Mile
s d
e m
illone
s
6670
63
71
34
49
70
42
57
68
42
52
58
48
59
25.7
15.1 17.6
29.7
6.49.0
28.2
7.6
11.228.2
8.412.1
27.5
9.5 11.1
4.6
4.8 4.1 4.0
2.32.5
2.7
2.3
2.1
3.3
3.5
3.4
3.9
3.2 3.5
4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13
Equity Market
Equity (Turnover, volume and shares traded)
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 26,284 29,909 -12.1% 54,215 60,093 -9.8%
Expenses (7,799) (7,985) -2.3% (15,802) (16,200) -2.5%
EBITDA 18,485 21,924 -15.7% 38,413 43,893 -12.5%
- 12 -
July 2013
Business Evolution January – June 2013
1,584 1,571 1,590 1,593 1,579
474 498 528 530 537
2Q12 3Q12 4Q12 1Q13 2Q13
Nominal registered in Fixed income Market value registered in Equity
2,1162,058 2,069 2,118 2,12314.0
10.7 10.6 10.411.6
2Q12 3Q12 4Q12 1Q13 2Q13
Securities under custody: Volumes
(€ Billion)
Clearing and Settlement
Sequential recovery in number of trades settled and market value registered in equity
Settlement: Number of trades settled
(Million of trades)
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 24,859 21,854 13.8% 43,465 41,382 5.0%
Expenses (3,552) (3,751) -5.3% (6,932) (7,211) -3.9%
EBITDA 21,307 18,103 17.7% 36,533 34,171 6.9%
- 13 -
July 2013
Business Evolution January – June 2013
105100 97 94 92
3.54.0 4.0 3.6 3.8
2Q12 3Q12 4Q12 1Q13 2Q13
Subscribers (Thous.) P.Quote (Mill.)
Market Data & Information
Information: Primary market sources (Average for the period in thousands
of subscribers and millions of accesses per quote)
Recovery of income over the previous quarters
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 8,351 8,701 -4.0% 16,443 17,557 -6.3%
Expenses (1,850) (1,846) 0.2% (3,725) (3,697) 0.8%
EBITDA 6,501 6,855 -5.2% 12,718 13,860 -8.2%
- 14 -
July 2013
Business Evolution January – June 2013
5,213
7,909
8,675
7,977
11,363
2Q12 3Q12 4Q12 1Q13 2Q13
• Companies find in the market the mean to adjust debt and reinforce their balances
Investment flows channeled to the Exchange (€ Million) • 2013 continued with strong
levels of activity in flows
channeled to the exchange:
€19.3 billion in 1H13 (+59.9%)
and €11.4 billion in 2Q13
(+118.0%)
• Scrip dividends totalled €2.4
billion in 2Q13 and €5.0 billion
in 1H13 (+22.8% yoy)
• According to data provided by
the world Federation Exchange
(WFE), total amount of flows
channeled through the
exchange places BME as one
of the main European and
worldwide exchange in terms of
source of financing for
companies
Source: FESE (Federation of European Stock Exchanges)
Listing
- 15 -
July 2013
Business Evolution January – June 2013
2Q12 3Q12 4Q12 1Q13 2Q13
29.8
69.9
85.1
45.0
81.6
Listing
AIAF: New listings (€ Billion)
Commercial
paper
Corporate
bonds
MBS ABS Prefered
securities
Issuers efforts in deleverage
has result in a reduction in
Private Fixed Income listings
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 5,011 5,375 -6.8% 10,047 11,466 -12.4%
Expenses (2,257) (2,314) -2.5% (4,567) (4,629) -1.3%
EBITDA 2,754 3,061 -10.0% 5,480 6,837 -19.8%
- 16 -
July 2013
Business Evolution January – June 2013
6,358
3,421
13,446
7,6218,269
5,959
17,714
12,664
2Q12 2Q13 1H12 1H13
1,6831,510
2,705 2,748
954
512
1,450
9881,0581,145
1,540
2,423
2Q12 2Q13 1H12 1H13
Derivatives
(Thousand of contracts)
Sustained revenues compared to a demanding quarter
Stock derivatives contracts traded Index derivatives contracts traded
IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options
(Thousand of contracts)
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 6,815 7,157 -4.8% 13,616 12,608 8.0%
Expenses (2,735) (2,899) -5.7% (5,658) (5,812) -2.6%
EBITDA 4,080 4,258 -4.2% 7,958 6,796 17.1%
- 17 -
July 2013
Business Evolution January – June 2013
379
496
666
340
258
120
75
76
67
92
315,511234,387
419,409
119,135
395,102
2Q12 3Q12 4Q12 1Q13 2Q13
350
742
499
407
571
2Q12 3Q12 4Q12 1Q13 2Q13
407350
499
571
742
Fixed income
Improved revenue by the effect of the number of trades
AIAF – Turnover (Billion €)
Repo Cash Trades MBS&
ABS
Commercial
paper
Corporate
bonds
Preferred
securities
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 2,502 2,403 4.1% 4,580 5,308 -13.7%
Expenses (748) (773) -3.2% (1,515) (1,527) -0.8%
EBITDA 1,754 1,630 7.6% 3,065 3,781 -18.9%
- 18 -
July 2013
Business Evolution January – June 2013
IT & Consulting
Trading support Infrastructure
Financial reporting (Highway) and regulatory compliance services
International consultancy services
Proximity/colocation
MaX terminals (Automatic SEND quoting, Risk control, PairsSelect)
Swift engine and Highway for business activities Confidence Net for CIIs and ESIs
Alternative debt market project in Mexico
Algerian public debt market modernisation
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 4,945 4,184 18.2% 9,374 8,286 13.1%
Expenses (2,643) (2,671) -1.0% (5,092) (5,289) -3.7%
EBITDA 2,302 1,513 52.1% 4,282 2,997 42.9%
- 19 -
July 2013
Business Evolution January – June 2013
Breakdown by business areas
€ Thousand 1H 2013 1H 2012 % 1H 2013 1H 2012 %
Equity Market 54,215 60,093 -9.8% 38,413 43,893 -12.5%
Clearing & Settlement 43,465 41,382 5.0% 36,533 34,171 6.9%
Listing 10,047 11,466 -12.4% 5,480 6,837 -19.8%
Market Data & Information 16,443 17,557 -6.3% 12,718 13,860 -8.2%
Derivatives 13,616 12,608 8.0% 7,958 6,796 17.1%
IT & Consulting 9,374 8,286 13.1% 4,282 2,997 42.9%
Fixed income 4,580 5,308 -13.7% 3,065 3,781 -18.9%
REVENUES EBITDA
- 20 -
July 2013
Business Evolution January – June 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 21 -
July 2013
Business Evolution January – June 2013
Balance sheet
as of June, 30th
(Thousands of €)2013 2012
Goodwill 82,190 82,190
Other non-current assets 88,901 85,822
Cash and cash equivalents 247,722 317,485
Non-Group current financial assets 39,791,450 37,881,162
Other current assets 137,836 107,046
Total assets 40,348,099 38,473,705
Owners' Equity 403,802 433,459
External Partners 159 0
Non-current liabilities 18,759 18,531
Current liabilities 39,925,379 38,021,715
Total equity and liabilities 40,348,099 38,473,705
- 22 -
July 2013
Business Evolution January – June 2013
P/L
Thousands of € 2Q 2013 2Q 2012 % 1H 2013 1H 2012 %
Revenues 80,349 81,200 -1.0% 153,381 158,586 -3.3%
Expenses (25,622) (25,757) -0.5% (50,783) (50,837) -0.1%
EBITDA 54,727 55,443 -1.3% 102,598 107,749 -4.8%
EBIT 52,978 53,441 -0.9% 99,062 103,688 -4.5%
Financial results 1,559 1,051 48.3% 2,405 1,592 51.1%
EBT 54,407 54,321 0.2% 101,224 104,961 -3.6%
Net Profit 39,030 38,532 1.3% 72,018 74,045 -2.7%
- 23 -
July 2013
Business Evolution January – June 2013
EBITDA 1H 2013/2012 [€ Mill.] Net Profit 1H 2013/2012 [€ Mill.]
Comparison with 1H 2012
Revenues 1H 2013/2012 Costs 1H 2013/2012
Margins
[€ Mill.] [€ Mill.]
- 3.3% - 0.1%
- 2.7% - 4.8%
153.4
158.6
1S 2013 1S 2012
50.8 50.8
1S 2013 1S 2012
102.6 107.7
1S 2013 1S 2012
72.0 74.0
1S 2013 1S 2012
- 24 -
July 2013
Business Evolution January – June 2013
31.9% 31.7% 33.1% 32.1%
2Q13 2Q12 1H13 1H12
48.4% 48.2% 51.3% 49.0%
2Q13 2Q12 1H13 1H12
Efficiency & Profitability ROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency
Efficiency Ratio Evolution Cost/EBIT Ratio Evolution
37.1% 34.1% 35.6% 34.1%
2Q13 2Q12 1H13 1H12
65.9% 65.8% 64.6% 65.4%
2Q13 2Q12 1H13 1H12
- 25 -
July 2013
Business Evolution January – June 2013
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 26 -
July 2013
Business Evolution January – June 2013
Business drivers: Highly liquid market • Spanish blue-chips are the most liquid stocks in the EMU
Source: Bloomberg 1) As of 30/06/13
RK
1H13
1
2
3
4
5
6
7
8
9
10
22
27
33
Company
Daily avg. 1H/13
Turnover (€ Biilion) RK
66.0
59.4
57.8
45.2
44.3
44.3
43.3
41.1
40.1
39.1
28.3
25.7
24.4
1
2
3
4
5
6
7
8
9
10
20
25
27
0.53
0.48
0.46
0.36
0.35
0.35
0.35
0.33
0.32
0.31
0.23
0.21
0.20
3.353%
1.230%
1.088%
2.672%
2.076%
2.479%
6.067%
4.087%
3.991%
3.372%
1.292%
0.760%
1.453%
Relative weight at
EuroStoxx50 (%)1)
Turnover (€ Biilion)
- 27 -
July 2013
Business Evolution January – June 2013
• Distribution by markets of business volume of the IBEX 35® companies (2008 – 2012)
Diversified market
Source: Interim Reports from listed companies obtained from CNMV
Spain EU OCDE Rest
19%
17%
25%
- 28 -
July 2013
Business Evolution January – June 2013
Q&A