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BURSA DE VALORI BUCURESTI SA - BVB

2017 Q3 financial results

Release Date: 11/14/2017 9:01:35 AM

IRIS Code: 49E84

QUARTERLY REPORT AS OF 30 SEPTEMBER 2017

The Bucharest Stock Exchange (BVB) recorded for the first nine months of 2017 a traded value on all markets of RON 10.88 bn, up by 33% compared with the same period of the previous year, the third quarter being the best quarter of the last two years. The value traded on all markets exceeded RON 4.18 bn in the third quarter, 27% above the year-ago period.

The average daily trading value on the regulated market segment, excluding the value of the initial public offerings (IPOs), amounted to RON 67.57 mn in September, and at the end of the first nine months of this year the value of the indicator was RON 44.43 mn. Thus, compared with January-September 2016, the average daily trading value increased by almost 35%.

All BVB indices have increased by more than 11% between January and September, and 3 out of the 8 BVB’s indices increased by more than 20% each. The BET-XT-TR "total return" index, that tracks the stock price of the 25 most traded companies and the dividends distributed by them, grew by nearly 22% in the first nine months of 2017.

The third quarter was marked by a number of new bonds offerings, floating both on the Main Market as well as AeRO market. During this period, the largest corporate bonds issuance in the history of BVB floated on the Main Market following the admission to trading of Globalworth bonds issue of a total value of EUR 550mn. Unicredit Bank also issued corporate bonds on the main market, attracting RON 610 mn. The International Investment Bank (IIB) became the first issuer on the Bucharest Stock Exchange to place Euro denominated bonds settled in the same currency through the Central Depository (DC) system. Thus IIB managed to attract, in two tranches, RON 300 mn and additional EUR 60 mn through denominated and settled bonds in euro.

The local and cross-border settlement activity of the Central Depository also rose in the third quarter of 2017, due to the increase of the volumes traded on the BVB and the increase of the cross-border activity of the participants. In the first nine months of the year, DC's operating income reached RON 10.00 mn (excluding intra-group transactions), which corresponds to an increase by 15% compared with the similar period of 2016. Starting from September 2017, the Central Depositary made available to its clients the settlement services of the euro-denominated transactions on the Bucharest Stock Exchange, for financial instruments denominated in euro, through the TARGET2-Securities Platform (T2S). The first transactions on T2S Platform, for the public offering of euro-denominated bonds issued by the International Investment Bank, were settled in the same period.

 

Financial and operating highlights

·         In the first 9 months of 2017, the BVB Group recorded operating revenues of over RON 29.20 mn (9 months 2016: RON 23.30 mn), a 25% increase year-to-date, generated by all operating segments of the Group.

·         Operational expenses accounted for RON 20.88 mn, 9% higher than the expenses incurred in the first nine months of last year (9 months 2016: RON 19.15 mn), mainly due to the increase in personnel expenses, expenses for the preparation of BVB-SIBEX merger and the increase in the Group's promotion and marketing expenses.

·         The operating profit of the BVB Group reached RON 8.32 mn, two times higher than the result obtained in the first 9 months of 2016, due to a positive evolution of revenues and a moderate increase in expenditures.

·         The financial income of RON 1.72 mn was mainly represented by the interests generated by government bonds and bank deposits, in RON and foreign currency, of the Group entities. The unrealized adverse exchange rate differences of RON 1.31 mn, related to foreign currency securities were recorded due to the appreciation of RON against the USD, partially counterbalanced by the depreciation of the RON against EURO, increased compare with the same period of 2016 when they amounted to RON 0.86 mn. Thus, a net financial profit of RON 0.45 mn was recorded, compared to a net financial profit of RON 1.02 mn in the first nine months of 2016.

·         The net profit for the first nine months of the year was RON 7.38 mn (9 months 2016: RON 4.29 mn), up by 72% compared to the first 9 months of the previous year, 79% generated by the Group's trading segment, from RON 4.12 mn to RON 5.82 mn. The profit attributable to the shareholders of the parent company was RON 6.92 mn (9 months 2016: RON 4.37 mn).

 

 

Consolidated financial performance – BVB Group (RON mn, unless otherwise stated)

 

9M

2017

9M

2016

Change (%)

3Q

2017

3Q

2016

Change (%)

 

 

 

 

 

 

 

Operating revenue

29.20

23.30

25%

8.91

9.14

-3%

Operating expenses

20.88

19.15

9%

6.57

6.23

6%

Operating profit

8.32

4.15

101%

2.33

2.91

-20%

Net financial revenue/(expenses)

0.45

1.02

-56%

0.35

0.07

412%

Profit before tax

8.75

5.17

69%

2.67

2.98

-10%

Profit for the period

7.38

4.29

72%

2.23

2.49

-10%

Total comprehensive income

7.63

4.09

87%

2.29

2.53

-9%

EPS attributable to owners (RON/share)

0.9000

0.5700

58%

0.2800

0.3265

-14%

 

 

The complete version of the Financial Report as of September 30, 2017 is available for shareholders, investors and general public starting with November 14, 2017. The printed version is available at BVB’s headquarters, located in Bucharest, 34-36 Carol I Blvd, 14th floor, district 2, and the online version shall be available on our website www.bvb.ro, in the “Investor relations / Financial figures / Financial statements” section,  http://www.bvb.ro/InvestorRelations/FinancialFigures/FinancialReports.

 



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