Bursa de Valori Bucuresti · BVB:BVB
Bursa de Valori Bucuresti — Prague Spring Emerging Europe Conference (May 2012)
30 slides from Bursa de Valori Bucuresti's conference presentation, May 2012
Slide 1: Prague Spring Emerging Europe Conference – Bucharest Stock Exchange Presentation
Prague Spring Emerging Europe Conference Bucharest Stock Exchange Presentation
Slide 2: Investment positives
Investment positives Operator of the leading Romanian cash, structured products & derivatives markets. Integrated Group: Trading, Clearing, Settlement and Registry Systems 100% free-float, no major shareholder Rich cash position, close to zero leverage Market Cap of approx. EUR 44.5 million, cash eq
Slide 3: Synopsis - BVB Group companies
Synopsis - BVB Group companies BVB Shareholder Structure Bucharest Stock Exchange as of December 31, 2011 Cash & Derivatives Number of % of share Trading Shareholder type shares capital Romanian institutional 5,547,686 72.29 shareholders International Institutional 69,0 % 52,5 % 62,3 % 100 % 1,084,7
Slide 4: New Board of Governors
New Board of Governors A new BoG was elected through the cumulative voting method on January 9, 2012. The new BoG was approved by CNVM on January 30, 2012 and has the following structure: • Lucian Anghel (BCR) – President • Adrian Lupsan (SSIF Intercapital Invest) - Vice-President • Dan Paul (Broker
Slide 5: BVB Strategic Priorities
BVB Strategic Priorities Right people on the right Improved communication job with: Well motivated and trained Investors employees Issuers Creative and proactive Regulators thinking People Shareholders Partners Attractive investment opportunities in a Challenging targets for Products dyn
Slide 6: BVB Strategic Priorities – 5 Ps
1 SUPPORT FOR THE SUCCESSFUL CLOSING OF THE STATE COMPANIES’ PUBLIC OFFERS 2 LISTING NEW COMPANIES & INCREASE NO OF INVESTORS 3 DEVELOP CAPABILITIES, PRODUCTS&SERVICES OFFER 4 BVB Strategic Priorities IMPROVE THE CORPORATE Page 6 GOVERNANCE FOR BVB GROUP 5 Ps 5 SIMPLIFY & IMPROVE REGULATIONS 6 INCRE
Slide 7: Guidance for investors
Guidance for investors • BVB aims to achieve a minimum 10% annual growth in operating profit • BVB will maintain a stable dividend policy (BVB distributed to its shareholders, on average, 95% of its net profit in the past 4 years. 6.5% dividend yield in 2011) Page 7 www.bvb.ro
Slide 8: BVB in the region
BVB in the region Domestic Market Cap (EUR bn) - Main Market 122.2 % Change % Change in in 72.7 Market Cap Market Cap 16.8 26.5 29.9 4.8 6.2 12.7 Exchange YTD 2012 in 2011 on previous on previous CEESEG - Bulgarian Bucharest CEESEG - Athens CEESEG - CEESEG - Warsaw year end, year end, Ljubljana Stoc
Slide 9: BVB Market Data
BVB Market Data Most traded companies in 4M.2012 Average Daily Turnover (EUR m) % of Symbol Company turnover 0.4 0.7 FP Fondul Proprietatea 39% 0.5 1.3 BRD Groupe 0.3 0.1 BRD Societe Generale 10% 2.5 SIF3 SIF Transilvania 9% 1.2 SIF5 SIF Oltenia 8% 9.2 8.5 7.6 SIF2 SIF Moldova 7% 4.8 5.3 SIF1 SIF Ba
Slide 10: Romanian Government's ambitious plan for 2012-2013
Romanian Government’s ambitious plan for 2012-2013 Public Market Cap / Stake held Stake of offering Company Sector Fair value by the public Official timing value (EUR million) the state offering (EUR million) Power March 14-27, Transelectrica 205 73.7% 15.0% 38 transmission 2012 Transgaz1 Gas transm
Slide 11: BVB Market Data – Transelectrica SPO
BVB Market Data –Transelectrica SPO Average Daily Turnover for Transelectrica (RON thousand) 1 year ADT (including DEALS) 190.3 + 4.5x March 29, 2012 – Transelectrica SPO Post-offer ADT (including DEALS) 860.4 Source: BVB; 24-may-2012 Transelectrica SPO Figures 15% of Transelectrica No BVB trading f
Slide 12: BVB Market Data – Investor's accounts
BVB Market Data Investor's accounts 101,254 92,865 94,545 87,664 86,453 88,143 86,073 65,304 31.12.2006 31.12.2007 31.12.2008 30.06.2009 31.12.2009 31.12.2010 31.12.2011 31.03.2012 Fully compensated investors Ceiling compensated investors Excluded investors Total investors Source: Investors Compensa
Slide 13: BVB Pricing Policy
BVB Pricing Policy Current pricing policy Participants RON 1,500, annual maintaining fee including VAT btw. RON 3,600 and Historical trading fees Issuers RON 21,000, annual maintaining fee without VAT Cash Equity Market Sell Buy* Trading fees Sell Buy Jan 2006 - May 2007 15 bps 7bps Shares, Fund Uni
Slide 14: Growing operating performance
Growing operating performance RAS figures, acc. to EU Individual P&L overview Directive No 4 2012 2012 2012 budget budget 2008 2009 2010 2011 Budget vs. vs. RON million 2011 2010 Sales revenue 20.9 12.4 13.1 21.7 25.2 16% 92% Operating Revenue 20.9 12.4 13.2 21.7 25.2 16% 90% Operating Expense 15.5
Slide 15: How does 2012 look like? Operating revenue
How does 2012 looks like? Operating revenue breakdown RAS figures, acc. to EU Directive No 4 Budget 2012 Result 2011 2012 vs. 2011 Indicator RON RON RON % % % million million million Operating revenue Trading revenue, out of which: 21.8 86% 17.9 82% 3.9 22% Revenue from state owned 3.31 15% 0 - 3.1
Slide 16: How does 2012 look like? Operating expense
How does 2012 looks like? RAS figures, acc. to EU Operating expense breakdown Directive No 4 Budget 2012 Result 2011 2012 vs. 2011 Indicator RON RON RON % % % million million million Operating expense Personnel costs 7.7 44% 6.9 45% 0.9 12% Board and Special Commissions 0.7 4% 0.7 4% 0.0 - remunerat
Slide 17: First-quarter 2012 financials
First-quarter 2012 financials Profit and Loss Account Q1.2012 Q1.2012 Q1.2011 Q4.2011 Q1.2012 vs. vs. RON million Q4.2011 Q1.2011 Sales revenue 6.0 4.8 5.0 4% -16% Total operating expense 3.0 5.2 3.1 -41% 4% *The financial data are not audited and represent the individual results of the EBITDA 3.1 -
Slide 18: First-quarter revenues breakdown
First-quarter revenues and expenses breakdown Trading revenue was RON 4.2 million, up 33% Breakdown of the operating compared to the fourth-quarter 2011. The value revenues (RON million) of trading was down 29% from a good first- quarter in 2011, when the listing of Fondul Proprietatea took place
Slide 19: First-quarter expenses breakdown
First-quarter revenues and expenses breakdown Breakdown of the operating The significant drop from the fourth- expenses (RON million) quarter is due to the fact that expenses are returning within a typical level for a Personnel costs first quarter of the year. In the fourth- Other operating exp. 0
Slide 20: BVB stock price since listing
BVB share data BVB stock price since listing (RON) 44.8 2010 Dividend: RON 0.7 Record date: May 20, 2011 Dividend yield: 1,6% 45.0 44.0 Payment date: June 1, 2011 2011 Dividend: RON 2.1 40.0 40.0 Record date: May 21, 2012 Dividend yield: 6,5% 40.0 Payment date: June 1, 2012 36.0 35.8 35.0 33.0 28.8
Slide 21: BVB share data statistics
BVB share data statistics Listed in June 2010 Turnover Velocity: 2010: 154% Share price at the listing RON 24.5 (value traded ÷ average market cap) 2011: 46% Current share price (24 May) RON 26.0 Liquidity 2010: 104% Outstanding shares 7,674,198 (shares traded ÷ shares outstanding) 2011: 44% Market
Slide 22: Key financials
Key financials RAS figures acc. to EU Individual Balance Sheet overview Directive No 4 Ordinary dividend (RON per share, gross amount, 2008 2009 2010 2011 year paid) (RON million) Dec 31 Dec 31 Dec 31 Dec 31 2.14 Fixed assets 20.1 25.4 25.4 28.7 Current assets 73.4 67.2 64.6 77.5 of which: cash, 1.3
Slide 23: Financial Calendar and Contact Info
Financial Calendar and Contact Info Bursa de Valori Bucuresti S.A. Financial Calendar Symbol: BVB 34 - 36 Carol I Boulevard, 14th 2/10/2012-2011 Preliminary results ISIN: ROBVBAACNOR0 Floor, Bucharest, sector 2, 2/10/2012- Earnings Conference Call Reuters: ROBVB.BX ROMANIA 4/25/2012-GSM Bloomberg: B
Slide 24: Appendix – Main ratios
Appendix Main ratios Year 2008 2009 2010 2011 2012e Operating 34% -1% 2% 29% 30% margin Net profit 51% 67% 44% 78% 44% margin Asset 0.23 0.13 0.14 0.20 0.25 turnover Debt to 0.02 0.02 0.02 0.02 0.03 Equity Ratio ROE 12% 9% 6% 17% 11% ROA 11% 9% 6% 15% 11% Current 70 39 44 32 26 ratio EPS (RON) 1.4 1
Slide 25: Appendix – Key financials
Appendix – Key financials Profit and Loss account Statutory individual BVB IFRS differences IFRS individual RON thousand BVB result 2010 2009 2010 2009 2010 2009 Revenue from services 13.056 12.380 - - 13.056 12.380 Other revenues 463 165 (311) (154) 152 11 Operating revenue 13.519 12.545 (311) (154
Slide 26: Appendix – IFRS consolidated financials
Appendix – IFRS consolidated financials IFRS Consolidated profit and loss account 2010 2009 ( RON thousand) Revenues from services 33.146 25.020 Other revenues 307 218 Operating revenues 33.453 25.238 Operating expenses (27.867) (29.368) Operating profit / (loss) 5.586 (4.130) Financial revenues 8.9
Slide 27: Appendix - IFRS individual Balance Sheet
Appendix - IFRS individual Balance Sheet BVB IFRS differences before IFRS individual Assets Statutory individual BVB intra-group eliminations result 31-Dec-10 31-Dec-09 1-Jan-09 31-Dec-10 31- Dec-09 1-Jan-09 31-Dec-10 31- Dec-09 1-Jan-09 Fixed Assets Tangible assets 950 1.167 1.881 461 461 461 1.411
Slide 28: Appendix - IFRS individual Balance Sheet
Appendix - IFRS individual Balance Sheet Capital and debts Statutory individual BVB BVB IFRS differences before IFRS individual intra-group eliminations result 31-Dec-10 31-Dec-09 31-Dec-08 31- Dec-10 31- Dec-09 1-Jan-09 31-Dec-10 31-Dec-09 31-Dec-08 Debts Commercial debts and other debts 1.478 1.58
Slide 29: Appendix - IFRS consolidated Balance Sheet
Appendix - IFRS consolidated Balance Sheet (RON thousand) 31-Dec-10 31-Dec-09 (RON thousand) 31-Dec-10 31-Dec-09 Assets Equity Tangible assets 2.157 2.439 Issued capital 76.742 76.742 Intangible assets 1.152 2.656 Legal reserve 5.362 4.739 Receivables regarding the 157 184 Reevaluation reserve 1.637
Slide 30: Appendix - Statutory individual Balance Sheet
Appendix - Statutory individual Balance Sheet (RON thousand) 31-Dec-10 31-Dec-09 (RON thousand) 31-Dec-10 31-Dec-09 Assets Equity Fixed Assets Issued capital 76.742 76.742 Tangible assets 950 1.167 Capital premiums - - Intangible assets 11 99 Other reserves 1.498 1.498 Investments in subsidiaries 23
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