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January 2012
BME- Spain Investor Day Presentation
BMESpain Investor Day
Presentation12th January 2012
- 2 -
January 2012
BME- Spain Investor Day Presentation
Presentation index
1. 2011: Summary of company activity
2. 2012: A challenging year
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January 2012
BME- Spain Investor Day Presentation
2011: Summary of company activity• A Difficult year in markets as result of macro scenario and soverign risk
crisis• Worsening of economic conditions during the year led to market prices downturn -13.1% for IBEX 35® and -20/25% for medium and smallcap benchmark.
• Volatility index rose to 60% levels and intraday volatility climbed above 2% in 25% of the trading days.
• Market levels impacted year´s turnover, -10.8% yoy. Underlying market activity remains strong with +13.2% yoy increase in number of trades.
-13%
-21%
-25%
70
80
90
100
110
120
dic
-10
en
e-1
1
feb
-11
ma
r-11
ab
r-11
ma
y-11
jun
-11
jul-
11
ag
o-1
1
sep
-11
oct
-11
no
v-11
dic
-11
Bas
e in
dex
po
ints
lev
el 1
00 a
t 20
10/1
2/31
IBEX 35
Ibex Midcap
Ibex Small Cap
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January 2012
BME- Spain Investor Day Presentation
2011: Summary of company activity• Time for companies to choose Markets as source of financing
Source: FESE
895 1.372
13.78018.797
21.32714.294,0
14.164,3
18.534,0
0
15.000
30.000
45.000
2008 2009 2010 2011 (*)
€Millions
Already Listed Companies
Newly Listed Companies (IPOs) 37.331
27.944
15.666
22.222
(*) Data from Jan/11 to Nov/11
Investment Flows channelled through the Exchange (EUROm)
+ 33,6%
• Banking vs Market Financing is 30/70 US and 70/30 Europe. Scope to grow.
• Role of markets: 34% growth in flows to Exchange combination of IPOs and capital incresases.
• 4.0 €bn. Market cap raised through scrip dividends in 2011.
• Development of small companies through the Market: 5 listings and 4 capital increases in 2011 for growth segment of MAB.
• Private Fixed Income listings of 234 €bn. in 2011, 14.2% increase yoy.
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January 2012
BME- Spain Investor Day Presentation
BME´s & Avg.peer group efficiency ratio
2011: Summary of company activity• Focus on efficiency and cost management
Effective cost base management and benchmark in effciency thanks to business model
30,3%
48,1%
0%
10%
20%
30%
40%
50%
60%
BME Average Peer Group
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January 2012
BME- Spain Investor Day Presentation
2011: Summary of company activity• A continued trend in protection of value to shareholders
78%
103%
110%
2005 2010 9M/2011
Costs Revenues Renenues not linked to volumes Ratio
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January 2012
BME- Spain Investor Day Presentation
2011: Summary of company activity• High standard of retribution to shareholders
• As listed company, since 2006 BME has distributed €841 million or 10.1 euros/share in ordinary and extraordinary dividends.
• In 2011 BME´s return was 27.7%, 11.1% through dividend payments.
• BME´s payout ratio 85-90% is one of the highest in sector and market. Sustainable Pay-out
0,600,956 0,986
0,40 0,40 0,40
0,60 0,60 0,60
0,600
1,016 0,986
0,60 0,60
0,372 0,372
2006 2007 2008 2009 2010 2011
Primer Dividendo a Cuenta Dividendo Complementario Segundo Dividendo a Cuenta Dividendo Extraordinario
1,20 1,972 1,9721,972DividendoTotal/Acción
Pay Out 77% 82% 86% 89%
1,972
86%
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January 2012
BME- Spain Investor Day Presentation
2011: Summary of company activity• Solid and healthy company
• Limited goodwill and a positive impairment test
Goodwill stands at 18% of shareholders’ equity.
Last impairment test shows a positive difference in value of more than 40%.
• No debt, optionality for leverageShort-term debts payable are comprised solely of deposited guarantees (also reflected on the asset side) and the transitory balances of the company’s normal operations.
• Liquid position
Balance sheetas of September, 30th
(Thousands of €)2011 2010
Goodwill 82,190 80,619
Other non-current assets 85,677 89,220
Cash and cash equivalents 343,753 344,679
Non-Group current financial assets 30,075,557 20,253,743
Other current assets 37,649 40,484
Total assets 30,624,826 20,808,745
Equity 450,266 458,187
Non-current liabilities 15,291 16,233
Current liabilities 30,159,269 20,334,325
Total equity and liabilities 30,624,826 20,808,745
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January 2012
BME- Spain Investor Day Presentation
2011: Summary of company activity• Profitable in all business lines
€ Thousand 9M 2011 9M 2010 % 9M 2011 9M 2010 %
Equity Market 103,999 104,030 0.0% 80,125 80,014 0.1%
Clearing & Settlement 58,498 55,426 5.5% 48,110 45,429 5.9%
Listing 18,347 16,535 11.0% 11,405 9,105 25.3%
Market Data & Information 24,324 23,288 4.4% 19,214 18,627 3.2%
Derivatives 18,207 19,596 -7.1% 9,759 11,528 -15.3%
IT & Consulting 11,988 10,160 18.0% 4,118 2,411 70.8%
Fixed income 6,333 5,704 11.0% 4,108 3,711 10.7%
REVENUES EBITDA
Equity 45.3%
Clearing & Settlement
27.2%
Listing 6.4%
Information 10.9%
Derivatives 5.5%
Fixed Income 2.3%
IT & Consulting
2.3%
Equity 43.0%
Clearing & Settlement
24.2%
Listing 7.6%
Information 10.1%
Derivatives 7.5%
Fixed Income
2.6%
IT & Consulting
5.0%
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January 2012
BME- Spain Investor Day Presentation
2012: A Challenging year• Regulation: Driver for Business performance. Wind for Transparency and risk
control represents business oportunities for Regulated Markets
Regis-TR Meff Energy CCP Equity LinkUp Mkts
Projects in process related to regulatory changing times
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January 2012
BME- Spain Investor Day Presentation
TradingTrading
2012: A Challenging year• Developments all along the value chain
ListingListing
InformatioInformationn
Clearing Clearing & & SettlemenSettlementt
MABETFsBME InnovaInResearch
Regis-TRLinkUp MarketsCCP EquityMeff Energy
London HubsSENDNew SIBEFunds Platform
Taylored FeedsBME ClimaOpen FinanceIndexesProximity & Colocation
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January 2012
BME- Spain Investor Day Presentation
• Latinoamerica. Developments with projection to the Area
2012: A Challenging year
REGIS-TR: OTC derivatives trade repository
Market Data
LinkUp Markets: Settlement Services
Open Finance: IT Front-office solutions
Technological Cooperation
SIBE:• Argentina
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January 2012
BME- Spain Investor Day Presentation
• Resiliant bussines for difficult times and plug-in to value in recovery
2012: A Challenging year
Free CF generation
Low Capex
Critical mass
Efficiency
Low Marginal Cost
OperatingLeverage