1Q 2014 Financial Results Presentation. May 7 th, 2014

Transcription

1 1Q 2014 Financial Results Presentation May 7 th,

2 Table of contents Activity in 1Q Main events 4 Trading activity 5 Financial results 6 Financial highlights 7 Analysis of the 1Q 2014 financial results 8 Financial position as of 31 March BVB share statistics 12 Q & A 2

3 Activity in 1Q 2014

4 Main events Corporate bonds issued by Transelectrica start trading at BVB Romania Investor Days in New York City Ipopema Securities received FSA approval for activating in Romania Listing procedures become friendlier. BVB indices are restructured website is launched 3 Jan 30 Jan 12 Feb 11 Mar 20 Mar 25 Mar 1 Jan Launch of a pilot market making program & extension of the trading program 16 Jan New list of fees for structured products 5-6 Feb 5 Feb 14 Feb Conference on the Eight Important Systemic Barriers, key for creating a modern capital market BVB's new mobile app is launched 18 Mar 24 Mar Natura Quattuor Energia Holdings starts strading at BVB 25 Mar 31 Mar Romania Investor Day in Warsaw 4

5 Trading activity Trading value*, shares, fund units, rights (RON mn) Trading value, structured products (RON mn) 1,901 1,763 2,006 2,608 2, Q Q Q Q Q Q Q Q Q Q % 145 Trading value, bonds and government securities (RON mn) 152 Value of public offers, shares and bonds (RON mn) 2, , Q Q Q Q Q Q Q Q Q Q.2014 NB: Figures are presented on a single counted basis and include Deal trades (for stocks and structured products); public offers are not included * Trading value for the regulated stock market, Rasdaq market and ATS, excluding public offers 5

6 Financial results

7 Financial highlights Indicators (RON mn, unless otherwise stated) 1Q Q 2013 Change 4Q 2013 Change Net sales % % Profit and loss account Operating profit % % Financial profit % % Net profit % % Earnings per share (RON) % % Balance sheet (end of period) Performance indicators Shareholders equity % % Total assets % % Operating margin (%) 26% 16% - 43% - Net margin (%) 30% 38% - 38% - Shares and units 2,337 1,912 22% 5,027-54% Turnover* Bonds & government securities % % Total 2,374 2,057 15% 5,308-55% *Including DEAL trades and public offers NB: The individual financial results are not audited and are drawn up according to the Romanian Accounting Standards (RAS) 7

8 Analysis of the 1Q 2014 financial results (1/3) Quarterly sales revenues, operating result and financial result (RON mn) Quarterly net profit and net margin (RON mn, %) % 56% 38% 60% 40% 5 26% % % 0% 1Q Q Q Q Q Q Q Q Q Q % Sales (RON mn) Operating profit (RON mn) Financial profit (RON mn) Net profit (RON mn) Net margin (%) BVB ended the first quarter of the year with sales revenues of RON 4.64 mn, advancing by 14.5% compared to the year-ago period, as trading activity improved. The trading value for shares, rights and units, including Deal trades and public offers, increased by 22% y-o-y to RON 2.34 bn BVB s operating profit stood at RON 1.20 mn, almost twice the year-ago level, on higher revenues. Operating expenses increased only marginally, driven mainly by costs with marketing and promotion activities aimed at attracting investors and issuers, while personnel expenses declined by almost 8% y-o-y The financial profit of RON 0.45 mn was based mainly on interest earned and was lower in y-o-y terms because of adverse movements of foreign currencies against the RON (with a negative influence of RON 7 mn) and adjustments to BVB s investments in shares (determining a further decline by RON 0.19 mn) The net profit for the first quarter reached RON 1.38 mn, translating into earnings per share of RON 0.18 and a net margin of 30% 8

9 Analysis of the 1Q 2014 financial results (2/3) Breakdown of operating revenues (RON mn) Q Q Q.2014 BVB s trading revenues reached RON 3.87 mn, higher by 14.2% y-o-y, driven by revenues generated by the stock regulated market. Compared to 4Q 2013, when several deals animated the public offers segment, trading revenues are 60% lower The other categories of revenues, with the exception of IT services, also registered increases Admission and maintenance fees charged to issuers increased by 23% y-o-y, as some of the smaller issuers were charged higher amounts following last year s trading price increases (blue chips have already reached the highest fees possible). The change of maintenance fees scheme applied to structured products also had a positive impact on revenues The 14% advance of data vending revenues occurred on the back of higher interest in local market information Operating revenues for 1Q 2014 reached of RON 4.75 mn, 16.8% above the figure reported for 1Q 2013 Trading Listing Data vending Other revenues 9

10 Analysis of the 1Q 2014 financial results (3/3) Breakdown of operating expenses (RON mn) Q Q Q Operating expenses registered a 4.2% increase compared to the year-ago period to RON 3.55 mn, as the decline of the personnel expenses of 7.8% y-o-y partially compensated by the increases for other operating expenses, mainly marketing & promotion and related expenses In q-o-q terms, the operating expenses decline is much more significant (-42%), as 4Q 2013 costs had been affected by nonrecurring personnel expenses, one offs related to the registration of adjustments for doubtful clients and other provisions Provisions Personnel costs Depreciation Functioning VAT and FSA fees Other operating exp. Marketing 10

11 Financial position as of 31 March 2014 Assets (RON mn) 31 Mar Dec 2013 Equity & Liabilities (RON mn) 31 Mar Dec 2013 Non-current assets Shareholders equity Current assets, of which: - cash, bank accounts and sh. term financial investments Prepaid expenses Payables, all due in less than 1 year Provisions 0 7 Unearned revenues Total assets Total equity & liabilities BVB s total assets registered an insignificant decline of 0.6% to RON mn The relatively small increase of non-current assets to RON mn was determined partly by the annual renewal of software licenses, as well as by the amortization of long-term government securities and the registration of the related accrued interest Current assets declined by RON 0.90 mn, due to lower receivables and a decline in cash and short term investments which reached a total of RON mn BVB s debt at the end of March 2014, all due in less than 1 year, amounted to RON 3.62 mn. The decline compared to the end of 2013 was determined mainly by the payment of taxes owed to the state budget (profit tax for the 2013 fiscal result) and of amounts outstanding which became due Shareholders equity increased by approx. RON 1.38 mn, due to the registration of the net profit for the first quarter of the year 11

12 BVB share statistics

13 BVB share statistics BVB share vs. BET index & turnover (Jan 2013-Mar 2014) Symbol BVB ISIN ROBVBAACNOR0 Reuters ROBVB.BX Bloomberg BVB.RO Bloomberg BBGID BBG000BBWMN3 Share price (31 Mar) RON (EUR 6.5) Market Cap (31 Mar) EUR 49.6 mn Avg. daily turnover (12TM) RON 249,186 (EUR 56,034) Outstanding shares 7,674,198 Free float 100% 2.0 Shareholders' structure as at Mar 31, Romanian private individuals, 17.0% Foreign private individuals, 0.6% Foreign legal entities, 13.2% Romanian legal entities, 69.3% BVB Turnover (RON mn) BVB BET 13

14 Q & A 14

15 Financial Calendar 4/24/2014-4/25/2013 GSM 4/28/2014 Meeting with analysts and investors 5/7/2014 1Q.2014 Results & Earnings Conference Call 8/7/2014 2Q.2014 Results & Earnings Conference Call 11/6/2014 3Q.2014 Results & Earnings Conference Call IR Contact Phone: Fax: Thank you SC BURSA DE VALORI BUCURESTI SA Bulevardul Carol I nr , Etaj 13-14, Sector 2, , Bucuresti, Romania Tel.: Fax: Website: bvb@bvb.ro Registrul Comertului: J40/12328/2005 CUI: Capital social, integral subscris si varsat: lei Decizia CNVM Nr. 369 / THIS PRESENTATION WAS PREPARED BY BURSA DE VALORI BUCURESTI. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THIS INFORMATION. PAST PERFORMANCE IS NO GUARANTEE OF FUTURES RESULTS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE ANY SHARES. CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON MANAGEMENT S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS. EXCHANGE RATE USED FOR ADT IS THE DAILY EXHANGE RATE AS ANNOUNCED BY THE NBR. ACEASTA PREZENTARE A FOST REALIZATA DE BURSA DE VALORI BUCURESTI. INFORMATIILE CONTINUTE IN ACEASTA PREZENTARE NU AU FOST VERIFICATE DE CATRE O TERTA PARTE INDEPENDENTA, ASTFEL NU EXISTA NICIO GARANTIE SI NU TREBUIE LUATA CA ATARE ACURATETEA, CORECTITUDINEA SI COMPLETITUDINEA ACESTOR INFORMATII. PERFORMANÞA ANTERIOARA NU ESTE O GARANTIE A REZULTATELOR VIITOARE. ACEST DOCUMENT NU REPREZINTA O OFERTA DE A CUMPARA ACTIUNI. ANUMITE DECLARATII DIN ACEST DOCUMENT POT FI DECLARATII DESPRE ASTEPTARILE VIITOARE SAU ALTE EVOLUTII VIITOARE SI SE BAZEAZA PE VIZIUNEA SI IPOTEZELE ACTUALE ALE CONDUCERII COMPANIEI SI IMPLICA RISCURI CUNOSCUTE SI NECUNOSCUTE, PRECUM SI INCERTITUDINI CARE POT DETERMINA CA REZULTATELE EFECTIVE, PERFORMANÞA SAU EVENIMENTELE VIITOARE SA DIFERE SEMNIFICATIV DE CELE EXPRIMATE SAU INTELESE IN ACESTE DECLARATII.