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- 1 -
April 2014
Business Evolution January – March 2014
Business Performance
First quarter 2014
- 2 -
April 2014
Business Evolution January – March 2014
Disclaimer
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- 3 -
April 2014
Business Evolution January – March 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 4 -
April 2014
Business Evolution January – March 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 5 -
April 2014
Business Evolution January – March 2014
33.0
39.0
33.1
38.0
42.2
1Q13 2Q13 3Q13 4Q13 1Q14
Results
Net profit
Net profit increase of 27.9% compared to 1Q13
+27.9% (€ Million)
- 6 -
April 2014
Business Evolution January – March 2014
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
78%
90%
106% 109% 105% 103%112%
118% 114% 113%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
- 7 -
April 2014
Business Evolution January – March 2014
Dividends: Maximizing shareholders´ returns
0.956 0.986
0.40 0.40 0.40 0.40 0.40
0.60 0.60 0.60 0.60 0.60
1.016 0.986
0.60 0.60 0.60 0.60 0.65
0.372 0.372 0.372 0.372
2007 2008 2009 2010 2011 2012 2013
First Interim Dividend Second Interim Dividend Suplementary Dividend Extraordinary Dividend
1.972 1.972Total Dividends /Share
Pay Out 82% 86%
1.9721.9721.972
89% 86% 86%
1.972
98% 96%
- 8 -
April 2014
Business Evolution January – March 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 9 -
April 2014
Business Evolution January – March 2014
Business Areas
Consolidated Revenues 1Q 2014 - %
EBITDA 1Q 2014 - %
Equity 48.5%
Settlement 23.6%
Clearing 5.5%
Information 10.3%
Derivatives 3.8%
Fixed Income
3.8%
IT & Consulting
4.4%
Equity 50.3%
Settlement 26.0%
Clearing 5.0%
Information 10.8%
Derivatives 2.9%
Fixed Income 3.2%
IT & Consulting
1.7%
Redefining Business Units
- 10 -
April 2014
Business Evolution January – March 2014
162 165 158
219
191
48.7 48.2 50.8 53.0 51.4
10.2 10.612.6
15.5
18.0
1Q13 2Q13 3Q13 4Q13 1Q14M
iles
de m
illon
es
68
42
5258
48
59
73
36
48
92
6760
75
51
65
28.28.4
12.1
27.5
9.5 11.1
29.0
7.314.5
31.2
11.0 10.8
26.3
12.4 12.7
3.3 3.5 3.4 3.93.2
3.5
4.3
3.6
4.7
6.4
4.84.3
7.3
5.35.4
1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14
Equity Market
Equity (Turnover, volume and shares traded)
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
Continued intensification of activity
Thousands of € 1Q 2014 1Q 2013 %
Revenues 41,575 31,992 30.0%
Expenses (9,805) (9,719) 0.9%
EBITDA 31,770 22,273 42.6%
Note: Business Unit is redefined incorporating activity, income and expenses of the Equity Listing
- 11 -
April 2014
Business Evolution January – March 2014
7,977
11,363
6,215 6,547
5,216
1Q13 2Q13 3Q13 4Q13 1Q14
• Listing activity
Investment flows channeled to the Exchange (€ Million)
• In 2014 IPOs activity have reactivated: Lar España Real Estate, Hispania Activos Inmobiliarios and Edreams Odigeo became listed in the Exchange
• ETFs assets under management linked to the IBEX® indexes closed the first quarter with a volume of €1.7 billion, 3.4 times the amount recorded the previous year
• Flows channeled to the Exchange maintain a high emission rate of 5.2 billion euros issued from January to March
Source: FESE (Federation of European Stock Exchanges)
Equity Market
- 12 -
April 2014
Business Evolution January – March 2014
1,593 1,579 1,543 1,514 1,492
530 537 616 676 710
1Q13 2Q13 3Q13 4Q13 1Q14
2,116 2,159 2,1902,123 2,202
10.411.6 12.1
13.8 13.6
1Q13 2Q13 3Q13 4Q13 1Q14
Nominal registered in FI Market cap registered in Equity
Securities under custody: Volumes (€ Billion)
Settlement
Settlement: Number of trades settled(Million of trades)
Increased revenue contribution from settlement
Thousands of € 1Q 2014 1Q 2013 %
Revenues 20,246 18,606 8.8%
Expenses (3,830) (3,380) 13.3%
EBITDA 16,416 15,226 7.8%
- 13 -
April 2014
Business Evolution January – March 2014
94 92 8796
107
3.9 3.93.6 3.8 4.1
1Q13 2Q13 3Q13 4Q13 1Q14
Subscribers (Thous.) P.Quote (Mill.)
Market Data & Information
Information: Subscribers to primary market sources (Average for the period in thousands of subscribers and millions of accesses per quote)
Positive trend in the number of subscribers
Thousands of € 1Q 2014 1Q 2013 %
Revenues 8,854 8,092 9.4%
Expenses (2,067) (1,875) 10.2%
EBITDA 6,787 6,217 9.2%
- 14 -
April 2014
Business Evolution January – March 2014
282,934
363,589 356,724
314,932
397,583
2,661
3,085 3,251 3,0993,451
1Q13 2Q13 3Q13 4Q13 1Q14
ClearingThousands of € 1Q 2014 1Q 2013 %
Revenues 4,729 3,831 23.4%
Expenses (1,588) (1,515) 4.8%
EBITDA 3,141 2,316 35.6%
Activity growth in all three segments
Turnover and operations MEFFREPO Contracts and Mwh volume traded in Energy market
10,547
15,499
26,271
38,843
45,256
6,5687,920 7,845
11,14410,364
1Q13 2Q13 3Q13 4Q13 1Q14
Turnover (€Mill.) Operations Contracts Volume Mwh (Thousand)
- 15 -
April 2014
Business Evolution January – March 2014
4,2004,536
6,704 6,747
1Q13 1Q14
1,238
1,698
476
674
1,278
1,872
1Q13 1Q14
Derivatives
(Thousand of contracts)
Increased trading in key underlyings
Stock derivatives contracts tradedIndex derivatives contracts traded
IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options
(Thousand of contracts)
Thousands of € 1Q 2014 1Q 2013 %
Revenues 3,230 2,970 8.8%
Expenses (1,370) (1,408) -2.7%
EBITDA 1,860 1,562 19.1%
Note: Business Unit is redefined excluding revenue from clearing and settlement and now are recognized in the Clearing Business Unit
- 16 -
April 2014
Business Evolution January – March 2014
340
258
192212
304
67
92
5769
76
89,455
390,824375,014
105,289136,221
1Q13 2Q13 3Q13 4Q13 1Q14
599
811
350
799
91432
45
86
65
31,915
45,109
24,316
48,522
59,061
1Q13 2Q13 3Q13 4Q13 1Q14
Fixed income
Growing trading in electronic platforms
AIAF – Turnover (Billion €)
Repo Cash Trades
Thousands of € 1Q 2014 1Q 2013 %
Revenues 3,298 3,053 8.0%
Expenses (1,249) (1,361) -8.2%
EBITDA 2,049 1,692 21.1%
SEND – Turnover (Millon €)
Private Fixed Income Public Debt Operations
Note: Business Unit is redefined incorporating activity, income and expenses of the Fixed Income Listing
- 17 -
April 2014
Business Evolution January – March 2014
IT & ConsultingThousands of € 1Q 2014 1Q 2013 %
Revenues 3,784 4,429 -14.6%
Expenses (2,698) (2,449) 10.2%
EBITDA 1,086 1,980 -45.2%
- 18 -
April 2014
Business Evolution January – March 2014
Breakdown by business areas
Revenues
Thousands of € 1Q 2014 1Q 2013 %
Equity 41,575 31,992 30.0%
Settlement 20,246 18,606 8.8%
Clearing 4,729 3,831 23.4%
Information 8,854 8,092 9.4%
Derivatives 3,230 2,970 8.8%
Consulting & IT 3,784 4,429 -14.6%
Fixed income 3,298 3,053 8.0%
- 19 -
April 2014
Business Evolution January – March 2014
Breakdown by business areas
EBITDA
Thousands of € 1Q 2014 1Q 2013 %
Equity 31,770 22,273 42.6%
Settlement 16,416 15,226 7.8%
Clearing 3,141 2,316 35.6%
Information 6,787 6,217 9.2%
Derivatives 1,860 1,562 19.1%
Consulting & IT 1,086 1,980 -45.2%
Fixed income 2,049 1,692 21.1%
- 20 -
April 2014
Business Evolution January – March 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 21 -
April 2014
Business Evolution January – March 2014
Balance sheetas of March, 31th (Thousands of €)
2014 2013
Goodwill 80,619 82,190
Other non-current assets 87,525 96,758
Cash and cash equivalents 218,468 299,734
Current financial assets 97,116 15,630
Non-Group current financial assets 34,438,920 44,111,699
Other current assets 84,859 379,846
Total assets 35,007,507 44,985,857
Owners' Equity 433,972 446,987
External Partners 0 204
Non-current liabilities 17,151 22,063
Current liabilities 34,556,384 44,516,603
Total equity and liabilities 35,007,507 44,985,857
- 22 -
April 2014
Business Evolution January – March 2014
P/LThousands of € 1Q 2014 1Q 2013 %
Revenues 86,002 73,032 17.8%
Expenses (25,122) (25,161) -0.2%
EBITDA 60,880 47,871 27.2%
EBIT 59,255 46,084 28.6%
Financial results 478 846 -43.5%
Share of profit (loss) of associates 182 (113) -261.1%
EBT 59,915 46,817 28.0%
Net Profit 42,185 32,988 27.9%
- 23 -
April 2014
Business Evolution January – March 2014
EBITDA 1Q 2014/2013 [€ Mill.] Net Profit 1Q 2014/2013 [€ Mill.]
Comparison with 1Q 2013
Revenues 1Q 2014/2013 Costs 1Q 2014/2013
Margins
[€ Mill.] [€ Mill.]+ 17.8% - 0.2%
+ 27.2% + 27.9%
86.073.0
1Q 2014 1Q 2013
25.125.2
1Q 2014 1Q 2013
60.9 47.9
1Q 2014 1Q 2013
42.2 33.0
1Q 2014 1Q 2013
- 24 -
April 2014
Business Evolution January – March 2014
29.2%34.5%
1Q14 1Q13
42.4%
54.6%
1Q14 1Q13
68.9%63.1%
1Q14 1Q13
Efficiency & ProfitabilityROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency
Cost/EBIT Ratio Evolution Efficiency Ratio Evolution
41.1%31.0%
1Q14 1Q13
- 25 -
April 2014
Business Evolution January – March 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers
- 26 -
April 2014
Business Evolution January – March 2014
Business drivers: Highly liquid market • Spanish blue-chips among the most liquid stocks in the EMU
Source: Bloomberg 1) As of 31/03/14
RK1Q14
1
2
3
4
5
6
7
8
9
10
22
27
33
Company Daily avg. 1Q14
Turnover (€ Biilion)RK
37.8
32.6
28.4
26.4
24.2
22.7
22.4
22.1
21.3
20.7
13.5
11.1
10.9
1
2
3
4
5
6
7
8
9
10
23
32
33
0.60
0.52
0.45
0.42
0.38
0.36
0.35
0.35
0.34
0.33
0.21
0.18
0.17
1.800%
4.020%
2.570%
1.710%
1.670%
3.440%
3.020%
4.190%
2.320%
4.650%
1.420%
0.790%
1.190%
Relative weight at EuroStoxx50 (%)1)
Turnover (€ Biilion)
- 27 -
April 2014
Business Evolution January – March 2014
4Q13
1.410%
1.516%
1.527%
1.582%
1.540%
1.350%
1.193%
1.029%
1.021%
1.037%
1.010%
0.984%
0.927%
0.813%
0.389%
0.379%
0.354%
0.376%
0.418%
0.400%
0.359%
0.332%
0.336%
0.359%
0.304%
0.290%
0.275%
0.246%
0.081%
0.087%
0.075%
0.076%
0.078%
0.073%
0.070%
0.062%
0.063%
0.068%
0.066%
0.068%
0.064%
0.059%
201303
201304
201305
201306
201307
201308
201309
201310
201311
201312
201401
201402
201403
20140331
The average spread continue to narrow in increasing liquidity:
– IBEX 35® spread ended the quarter below 6 basis points, falling by 2.2 percentage points from March 2013
– Medium and small cap companies have improved the average spread 11.4 and 48.3 basis points respectively
Business drivers: Highly liquid market • Quality of spreads and best market impact for Spanish stocks
Source: Market annual and monthly reports
Avg.Spread (%) Avg.Spread (%) Avg.Spread (%)
- 28 -
April 2014
Business Evolution January – March 2014
Q&A