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| December 03, 2021 |
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BURSA DE VALORI BUCURESTI SA - BVB

2021 Q3 Report

Release Date: 11/11/2021 8:30:16 AM

IRIS Code: 509E0

Individual and consolidated results of BVB Group for the first 9 months of 2021

Evolution of financial performance

Bucharest Stock Exchange (BVB)

Operating income BVB individual * - 9M 2021, decreased by 9% or RON 1.91 mn, from RON 20.31 mn to RON 18.40 mn, amid the reduction of intra-group "one-off" revenues recorded in 2020 within the CCP project ( RON 0.97 mn ) as well as the decrease of trading revenues, in 2020 there were significant trading volumes, achieved in special market conditions.

In the first 9 months of 2021, there was a significant increase in revenues from issuing maintenance fees (+ 82% or RON 1.68 mn) and from the sale of stock exchange data (+ 77% or RON 0.9 mn).

This increase significantly compensates the decrease in trading revenues by 21% or RON 3.38 mn, as a result of lower volatility vs. 2020 and implicitly a total value of transactions on the main stock market lower by 15% and of the decrease in revenues from public offerings - shares of 63%, while the trading revenues on the AERO market trippled.

Operating expenses, BVB individual*, 9M 2021, increase by 13% or RON 1.46 mn, from RON 12 mn to RON 13.5 mn, as a result of a lower level in 2020 of the promotion expenses due to the restrictions generated by the COVID-19 pandemic and the launch of new projects to promote BVB and the capital market, especially for issuers, the most important being the BVB Research HUB & BVB ESG projects, as well as the BVB rebranding project.

Operating profit BVB individual * 9M 2021- RON 4.90 mn , -41% compared to RON 8.31 mn in 9M 2020, with an operational margin of 27%, due to the reduction of operating revenues by 9% , as well as the increase of operational expenses by 13%.

Net financial income, BVB individual* in 9M 2021 RON 1.71 mn  (9M 2020: RON 1.84 mn ), decrease of 7% mainly due to the reduction of income from dividends to receive from the Central Depository for 2020 results 2020, largely offset by higher unrealized income from exchange rate differences compared to the previous period.

Net profit, BVB individual * 9M 2021, RON 5.53 mn vs RON 8.76 mn in 9M 2020, -37%, with a net margin of 30%.

              Central Depository (DC)

Operating revenues DC individual* in 9M 2021 increased by 23% or RON 2.67 mn compared to 9M 2020 (from RON 11.85 mn to RON 14.53 mn), due to the advance of revenues from custodian quality maintenance fees, following the increase of share prices and of the held portfolios value, as well as of registry revenues increase, following some “one-off” transactions.

Operating expenses, DC individual*, 9M 2021 are of RON 12.46 mn, 13% increase compared to 9M 2020 (RON 11 mn) generated by the advance of personnel expenses but also of IT maintenance and depreciation expenses.

Operating profit, DC individual * 9M 2021 - increase of 143%, up to the value of RON 2.07 mn (9M 2020: RON 0.85 mn), with an operating margin of 14%, result of the operating revenues increase by 23% while operating expenses recorded an advance of 13%.

Net financial income, individual DC * - 9M 2021 - increase of 5% up to the value of RON 0.3 mn.

* This includes intra-group transactions (for trading segment values, excluding intra-group transactions - see Note 6 Segment reporting)

 

Net profit, DC individual * - RON 2.05 mn, significant increase (+ 102%) compared to the similar period of 2020 (9M 2020: RON 1.02 mn ), due to the positive impact generated by the operating income increase.

 

CCP.RO Bucharest (CCP.RO)

CCP.RO Bucharest did not register operational revenues, being in the process of submitting the authorization file as Central Counterparty.

Operational expenses, CCP.RO individual, 9M 2021, RON 5.3 mn (9M 2020: RON 2.04 mn), the operating bases of the new subsidiary were laid in the second part of 2020, by hiring staff and concluding contracts related to the authorization process as a Central Counterparty. The main expenses registered in 9M 2021 were CC&G consulting for the submission of the authorization file and the personnel expenses related to the team involved in the authorization process.

Operational loss CCP.RO individual* 9M 2021, RON 5.3 mn, similar evolution to that of operational expenses considering that the company does not record operating revenues.

Net financial income, CCP.RO individual* in amount of RON 1.51 mn lei, +RON 0.39 mn compared to 9M 2020 (RON 1.12 mn) amid the increase of the RON / EUR exchange rate, which generated a gain from unrealized exchange rate differences for the investments in Euro of the company.

Net loss, CCP.RO individual* - RON 3.18 mn (9M 2020: RON 0.93 mn) amid a higher operating loss, partially covered by the higher financial profit.

BVB Group - consolidated

The consolidated operating revenues of the BVB Group in 9M 2021 of RON 32.68 mn (9M 2020: RON 31.63 mn), an increase of 3% or RON 1.05 mn, following the significant advance of the revenues of the post-trading and registry segments.

Consolidated operating expenses increased by 27% in 9M 2021, respectively RON 6.56 mn, from RON 24.44 mn to RON 31 mn mainly, as a result of expenses generated by the activity of the CCP.RO subsidiary, the bases CCP.RO were laid in the second half of 2020 (net impact in 2021 of RON 4.23 mn), and a higher level of expenditures on services provided by third parties, as a result of new projects carried out at the level of the BVB Group.

Consolidated operating profit of the BVB Group in 9M 2021 of RON 1.67 mn, decreasing from RON 7.19 mn in 9M 2020, result of the consolidated operational expenses increase generated by the projects developed at the level of the BVB Group, mainly the Central Counterparty project, being implemented through the CCP.RO branch.

Consolidated net financial income + 33% compared to 9M 2020, from RON 2.22 mn to RON 2.95 mn, mainly due to the recording of a gain from unrealized exchange rate differences from the revaluation of financial instruments in foreign currency of RON 1, 28 mn vs RON 0.04 mn in 9M 2020

Consolidated net profit of the BVB in 9M 2021 in the amount of RON 3.83 mn, -52% or RON 4.08 mn, (9M 2020 - RON 7.91 mn), being directly influenced by the decrease of the operational result, partially compensated by the favorable evolution of the financial result.

 

 



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