2Q 2016 FINANCIAL RESULTS AUGUST 2016
Financial results review Key ey ev even ents s durin ing g the s e sec econd nd quarte ter 14 June 27 April Shares of Napoca start trading on BVB’s regulated Fru Fru / Good People bonds start trading on AeRO market market 27-28 May 16 June The 2 nd edition of Your Money Expo takes place, BVB and the Ministry of Communications and Information attracting more than 6,000 visitors Society launch a project for entrepreneurs in IT 7 June 21 June Warrants are launched. Out of 30 instruments, 18 have BVB publishes the White Book on communication of Romanian shares as underlying assets listed companies 22 June 13 June BVB and SIBEX announce the conclusion of a BVB launched IRIS, its new reporting system coordination agreement regarding a potential merger 1H 2016 1H 2016 New framework for short selling, lending&borrowins and Steps taken by the CSD towards the implementation of trading on margin was developed and approved by European market standards for corporate actions market institutions (BVB, CSD, FSA) processing and T2S corporate actions standards WWW.BVB.RO 2
Financial results review Pres esen entatio ation n of B BVB Gr Group oup and of t the e consolida solidati tion n proces ocess Bucharest Segments within BVB Grou oup: Stock Exchange Bucharest Stock Tradin ing g segment t – Bucharest Stock Exchange • Exchange 100% free float Post-tra tradin ding g segment which includes: 100% free float • Clearing & settlement services of the Central Depository • Investors Corporate Bucharest Investors Corporate Central Bucharest Activities of the Bucharest Clearing House • Central Compensation Governance Clearing Compensa- Governance Depository Clearing House Depository Fund Institute House tion Fund Institute • Registry try segment t – Registry activities of the Central Depository 69.04% 52.5% 62.3% 100% 69.04% 52.5% 62.45% 100% FCI servic ices – Activities of the Investors Compensation Fund • Entities included in Not included in the consolidation the process consolidation process WWW.BVB.RO 3
Financial results review Key ey fi financi ncial h al high ighlig lights hts Financial performance, consolidated (RON mn, unless otherwise stated) 1H 2016 1H 2015 Chan ange ge (%) 2Q 2016 2Q 2015* Chan ange ge (%) 14.16 14.92 -5% 7.67 7.61 1% Operating revenues 12.92 13.62 -5% 6.79 6.88 -1% Operating expenses 1.24 1.30 -4% 0.88 0.73 21% Operating profit 0.96 2.51 -62% 1.21 0.71 69% Net financial revenue/(expenses) 2.20 3.81 -42% 2.09 1.44 45% Profit before tax 1.80 3.20 -44% 1.76 1.24 41% Profit for the period 1.56 3.22 -51% 1.72 1.24 38% Total comprehensive income 0.2435 0.3986 -39% 0.2320 0.1562 49% EPS attributable to owners (RON/share) * The financial results for 2 nd quarter and 1 st half of 2015 are restated figures in accordance with IFRS and are not audited Profitability ratios (%) 1H 2016 1H 2015 2Q 2016 2Q 2015* 9% 9% 12% 10% Operating margin 13% 22% 23% 17% Net margin 2% 3% 2% 1% Return on equity (ROE) * Indicators based on consolidated financial results WWW.BVB.RO 4
Financial results review Analys lysis is of the c e consolida solidate ted res esults lts for the e quarte ter Main financial indicators, 2Q 2016 vs. 2Q 2015 Distribution of operating revenues and result, by (RON mn) segment, 2Q 2016 (RON mn) 4.61 7.67 7.61 1.98 0.97 0.96 1.21 0.88 0.71 0.73 0.11 0.01 -0.07 -0.02 2Q 2015* 2Q 2016 Trading Post-trading Registry FCI services Operating revenues Operating profit Net financial revenue/expenses Operating revenues Operating result * The financial results for 2 nd quarter and 1 st half of 2015 are restated figures in accordance with IFRS and are not audited BVB Group reported an improved financial performance during the second quarter of 2016, both at operating and bottom line levels, • recovering from a weaker start of the year. With operatin ting g revenues es slightly higher y-o-y to RON 7.7 mn, the consolidated operat atin ing g profit it for the quarter reached RON 0.9 mn, up by 21% compared to the second quarter of 2015. For the trading segment alone (represented by BVB’s operations), the operating profit marked a 45% y -o-y increase to RON 1 mn. • Operat atin ing g expenses es during 2Q 2016 declined by 1% y-o-y to RON 6.8 mn. Net finan anci cial l revenues for the second quarter of 2016 had a positive contribution of RON 1.2 mn to the consolidated net profit, as changes • in foreign currencies versus the RON became favorable, compared to the first three months of the year. • The consolidat lidated ed bottom line for Apr-Jun 2016 reached RON 1.8 mn, 41% above the year-ago period, generating most of the profit for the first six months of 2016. WWW.BVB.RO 5
Financial results review Analys lysis is of the t e tradin ing g seg egme ment t rev even enues ( ues (1/2 /2) Breakdown of trading segment revenues Trading segment revenues in 2Q 2016 (%) The trading segment represents the business of BVB • Other, 4% Revenues from tradin ding g fees were RON 3.67 mn during 2Q • 2016 and accounted for 80% of the segment operating Data vending, revenues, with a positive contribution of fees from the private 7% placement of Romgaz shares, sold by Fondul Proprietatea. Issuers rs fees reached RON 0.42 mn, down 27% compared to • Issuers fees, 9% the year-ago period, based on a high-base effect created by one-off fees paid by companies transferred from RASDAQ Trading fees, market to the Regulated Market/AeRO. 80% • The data ta vendin ing g business line generated RON 0.33 mn in revenues, up 7% y-o-y. Operating revenues and profit, trading segment Trends in trading activity (RON mn) More intense trading activity for the stock market during the • 4.61 4.33 second quarter The improved shar ares trading activity was due to higher • average daily turnover (+3% y-o-y and +21% q-o-q) and to the ABB for Romgaz of RON 487 mn. 0.97 0.67 Certif tific icat ates es turnover declined by 11% y-o-y to RON 97 mn. • The fixed-in inco come market was lower in 2Q 2016 compared to • 2Q 2015* 2Q 2016 the year-ago figure that included the EUR 500 mn public offer of Bucharest municipality bonds. Operating revenues Operating profit * The financial results for 2 nd quarter and 1 st half of 2015 are restated figures in accordance with IFRS and are not audited WWW.BVB.RO 6
Financial results review Analys lysis is of the t e tradin ing g seg egme ment t rev even enues ( ues (2/2 /2) Trading value for shares, rights and units (RON bn) Trading value for certificates (RON bn) 29% -11% 43% -29% 2.69 2.57 0.14 2.18 0.11 1.99 0.11 1.80 0.10 0.08 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 Average trading value, shares - regulated market Trading value, fixed-income instruments (RON bn) (RON mn/day) -93% 3% 26% 21% 2.32 33.1 32.2 32.2 31.3 26.6 0.27 0.13 0.13 0.16 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 Note: Figures are presented on a “single counted” basis and include Deal trades (for stocks and structured products) and offers. Average trading value includes all equities markets, excluding offers WWW.BVB.RO 7
Financial results review Analys lysis is of the p e post t tradin ing a g and d reg egis istr try se y segme gment nt rev even enue ues Post-trading segment revenues Operating revenues and profit, post-trading The post-trading segment includes settlement activities of the • segment (RON mn) Central Depository and, less significant for the Group financial 2.03 standing, the activities of the Bucharest Clearing House 1.98 Revenues for the segment marked a slight 1% y-o-y decrease • during 1H 2016, with a minor change in 2Q 2016 Higher revenues for local settlement offset the decrease in • maintenance fees charged to participants to the clearing and -0.02 0.03 settlements system and custodians The average monthly portfolio managed by custodians, the • 2Q 2015* 2Q 2016 basis for variable maintenance fees, declined by 10% y-o-y in Operating revenues Operating profit 2Q 2016 Registry segment revenues Operating revenues and profit, registry segment (RON mn) Revenues for the segment declined by 13% y-o-y in 2Q 2016 • 1.11 • The main reason was the lower amount of fees from services 0.96 rendered to issuers of financial instruments. Maintenance fees charged to issuers declined the most given the 34% lower number of companies having registries maintained by the Depository, after the closure of Rasdaq market 0.07 0.01 • Fees for services offered to owners of financial instruments registered a small increase during the first half of 2016 2Q 2015* 2Q 2016 Operating revenues Operating profit * The financial results for 2 nd quarter and 1 st half of 2015 are restated figures in accordance with IFRS and are not audited WWW.BVB.RO 8
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