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- 1 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
BME Presentation
Spain Investor Day Presentation
15th January 2014
- 2 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
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 IT MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, AND IT MAY NOT BE PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.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 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
Index
1. 2013 Overview
2. 2014 Business trends and drivers
- 4 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
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.
4Q12 1Q13 2Q13 3Q13 4Q13
90
100
110
120
130
140
150
160
€M
illio
n &
Num
ber
of tr
ades
(da
ily a
vera
ge)
Ba
se
in
de
x p
oin
ts l
eve
l 1
00
at
20
13
/12
/16
Turnover Trades IBEX 35 Ibex Midcap Ibex Small Cap
+21.4%
+52.0%
+44.3%
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2.106 4.0418.865 9.500
5.657
9.920 5.970
4.626
11.463
6.384
5.334 9.760
18.014
15.089
2009 2010 2011 2012 2013 (*)
12,041
17,36019,771
31,505
36,052
2013 Overview• Increasing number of companies using the market to diversify financing and deleverage
(*) Data from Jan/13 to Nov/13
2013´Capital increases Value (EUROm). Historical Record for 2nd 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%).
Source: BME´s Fact Book 2013
Subscription rights Other capital increasesScrip dividends
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
1,248,706
1,119,338
975,600
644,185
9,267,901
9,723,033
544,739
4,067,759
1,339,404
Equity (Jan-Nov)
Turnover (€ Million) 2013
1,244,637
1,179,243
1,006,563
642,554
9,164,558
9,261,742
519,651
1,800,372
1,150,180
2012
+0.3%
-5.1%
-3.1%
+0.3%
+1.1%
+5.0%
+4.8%
+125.9%
+16.5%
2013 Overview
Var (%) 2013 2012 Var (%)
Source: Company data and WFE Statistics
Derivatives (Jan-Nov)
Contracts (Million)
2,931.7
1,092.8
923.9
957.0
389.5
1,441.0
879.9
52.3
2,697.1
1,055.7
894.3
910.0
345.8
1,556.1
889.5
60.2
+8.7%
+3.5%
+3.2%
+5.2%
+12.6%
-7,4%
-1,1%
-19,8%
Global trading improving. Average volumes: Equity +10%, Derivatives +3%
• Markets volume summary
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2013 Overview
31.0 30.433.0
39.0
33.1
3Q12 4Q12 1Q13 2Q13 3Q13
Net profit increase of 6.8% compared to 3Q12
+6.8% (€ Million)
• Financials (9M13). Net Profit
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
• Limited goodwill and a positive impairment test
• No debt, optionality for leverage
• Liquid position
2013 Overview
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
Non-Group current financial assets 36,160,066 36,065,664
Other current assets 91,728 40,864
Total assets 36,660,624 36,595,583
Owners' Equity 403,610 431,721
External Partners 161 0
Non-current liabilities 18,628 18,605
Current liabilities 36,238,225 36,145,257
Total equity and liabilities 36,660,624 36,595,583
• Financials (9M13). Balance sheet
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2013 Overview
EBITDA
Thousands of € 3Q 2013 3Q 2012 % 9M 2013 9M 2012 %
Equity 21,453 18,232 17.7% 59,866 62,125 -3.6%
Clearing & Settlement 15,098 15,340 -1.6% 51,631 49,511 4.3%
Listing 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%
Equity 37.3%
Clearing & Settlement
32.2%
Listing 5.0%
Information 11.9%
Derivatives 7.3%
Fixed Income 2.6%
IT & Consulting
3.6%
• Financials (9M13). Business Areas
- 10 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
Listing
Trading
Clearing & Settlement
Market DataIT &
Consulting
2014 Business trends and drivers
BME
• 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. Expanding services & value chain
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers
Shares
ETFsREITs (SOCIMIs)
Co-location
Warrants
MAB Growth
SICAVs
Equity
• Spanish blue-chips are the most liquid stocks in the EMU.
• 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%.
• +52% ETFs turnover increase in 2013.
• SICAVs market cap increase of 25% YTD.
• Trading service improvement through co-location services and platforms development.
• Expanding services. Equity
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers
CSD -Depositary
Fees
Clearing & Settlement
Collateral Mgmnt.
Services to issuersRegis TR®
DefaultMgmnt. Service
Clearing&
Settlement
• 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.
• Expanding services. Clearing & Settlement
- 13 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers
Corp. FI Inst.-AIAF
Corp. FI Retail-SEND
Public FI Retail-SEND
MARF
Public FI Inst.-SENAF
Fixed Income(FI)
• 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.
• Expanding services. Fixed Income
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers
Primary Sources
S/MART platformOpen Finance -
Front-office
Indices
Relevant Events feed
Edata Services
Market Data
• 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.
• 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 market data feed to be in place during 2014.
• Expanding services. Market Data
- 15 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers
BME Highway
BME Confidence-
NetBME-
AlternativeHosting
BME InCloud & Combo
BME Consulting
VMaX
Visual Trader Proximity
IT & Consulting
• Expanding services. IT & Consulting
• 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%.
- 16 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
Volume Revenu
e Engine
2014 Business trends and drivers• Adding products and services for value creation in the business model
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers• Regulation. Overview of main regulatory changes in process as structural driver for the
business
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January 2014
BME Spain Investor Day Presentation – 15th January 2014
2014 Business trends and drivers• Focus of management focus in efficiency, operating leverage and shareholder
remuneration
32.9%
48.8%
BME Average PeerGroup
Efficiency
- 19 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
Costs Revenues Revenues not linked to volumes Ratio
78%
105%114%
2005 2009 9M 2013
Operating leverage
2014 Business trends and drivers• Focus of management focus in efficiency, operating leverage and shareholder
remuneration
- 20 -
January 2014
BME Spain Investor Day Presentation – 15th January 2014
Remuneration to shareholders
2014 Business trends and drivers• Focus of management focus in efficiency, operating leverage and shareholder
remuneration
0,40 0,40 0,40 0,40 0,40
0,60 0,60 0,60 0,60 0,60
0,60 0,60 0,60 0,60
0,372 0,372 0,372 0,372
2009 2010 2011 2012 2013First Interim Dividend Second Interim Dividend Suplementary Dividend Extraordinary Dividend
Pay Out ratioTotal Dividend/Share 1,972 1,9721,972 1,972
86%89% 86% 98%