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BURSA DE VALORI BUCURESTI SA - BVB

2021 Q1 report

Release Date: 5/13/2021 8:30:15 AM

IRIS Code: 306FC

Individual and consolidated results of BVB Group as of Q1 2021

Bucharest Stock Exchange (BVB)

Operating income BVB individual * decreased by 27%, -2.17 mn lei (from 7.96 mn lei to 5.79 mn lei), mainly due to the decrease of trading revenues by 32%, from which revenues from public offers - shares decreased by 1.30 mn lei, while revenues from transactions on the AERO market increased by 0.30 mn lei. The basic effect of the decrease in operating revenues is also represented by the “one-off” revenues registered in Q1 2020 from intra-group re-invoicing (0.97 million lei), a decrease partially offset by the increase in revenues from maintenance and sale data

Operating expenses, BVB individual *, Q1 2021, -9%, respectively 0.38 mn lei from 4.2 to 3.82 mn lei, mainly due to the decrease of personnel expenses and expenses provided by third parties, mainly consulting, in Q1 2020 being recorded one-off expenses.

Operating profit BVB individual * - Q1 2021, 1.96 mn lei, -48% compared to Q1 2020 (Q1 2020: 3.76 mn lei), with an operating margin of 34%, due to the reduction of revenues operating expenses by 27%, while operating expenses decreased by 9%. This includes intra-group transactions (for trading segment values, excluding intra-group transactions - see Note 6 Segment reporting)

Net financial income, BVB individual * - in Q1 2021 was 0.63 mn lei (Q1 2020: 0.55 mn lei), + 14%, increase due mainly to income from unrealized exchange rate differences, following the appreciation of EUR and USD vs RON.

Net profit, BVB individual * - in Q1 2021, 2.16 mn lei, -42% from 3.73 mn lei in Q1 2020, with a net margin of 37%. This includes intra-group transactions (for trading segment values, excluding intra-group transactions - see Note 6 Segment reporting)

 

Central Depository (DC)

Operating revenues DC individual * increased by 2%, + 84 thousand lei (from 4.12 mn lei to 4.21 mn lei), as a result of the increase of settlement revenues by 9%, while the revenues of the register segment fell by 11%.

Operating expenses, DC individual*, Q1 2021, in amount of 3.58 mn lei, have a similar level with the expenses from Q1 2020, 3.51 mn lei.

Operating profit, DC individual * - Q1 2021, + 2%, up to the value of 0.62 mn lei, with an operating margin of 15%. This includes intra-group transactions (for post-trade segment and register values, excluding intra-group transactions - see Note 6 Segment reporting)

Net financial income, individual DC * - Q1 2021, increased from 0.15 mn lei to 0.18 mn lei.

Net profit, DC individual * - Q1 2021, + 4%, from 0.66 mn lei to 0.69 mn lei, with a constant net margin of 16%. This includes intra-group transactions (for post-trade segment and register values, excluding intra-group transactions - see Note 6 Segment reporting)

 

 

* before consolidation, including intra-group transactions

 

CCP.RO Bucharest (CCP.RO)

CCP.RO Bucharest did not register operating income.

Operational expenses, CCP.RO individual, Q1 2021, 1.75 mn lei (2020: 0.2 mn lei), the base of the operations of the new subsidiary were laid in the second half of 2020, by hiring staff and concluding contracts related to the start of the authorization process as a Central Counterparty

Operational loss CCP.RO individual * - Q1 2021, 1.75 mn lei generated by the registered operational expenses. This includes intra-group transactions (for post-trade segment and register values, excluding intra-group transactions - see Note 6 Segment reporting)

Net financial income, CCP.RO individual* - in Q1 2021 was 0.8 mn lei, +0.73 mn lei compared to the value recorded in Q1 2020 and was generated by unrealized income from exchange rate differences, Q1 2021 gain of 0.53 mn lei vs. loss of 0.29 mn lei recorded in Q1 2020, following the appreciation of EUR vs Leu, having a favorable impact on the value of investments denominated in EUR.

Net loss, CCP.RO individual* - Q1 2021, of 0.78 mn lei (Q1 2020: 0.14 mn lei). This includes intra-group transactions (for post-trade segment and register values, excluding intra-group transactions - see Note 6 Segment reporting)

Investor Compensation Fund (FCI)

The net loss of FCI individual * in Q1 2021, in amount of 35 thousand lei (Q1 2020: 79 thousand lei) is presented on the line "Profit from discontinued operations as a result of the classification of the Investor Compensation Fund as an entity with discontinued operations, according to IFRS 5, following the publication of Law 88/2021 by which the current Company will be transformed into a legal entity under public law. BVB will cease to consolidate FCI's results from the moment it loses control over the company.

BVB Group - consolidated

The consolidated operating revenues of the BVB Group in Q1 2020 were of 9.88 mn lei (Q1 2020: 12.11 mn lei), -18% or -2.23 mn lei, following the reduction of trading revenues, result of a basic effect of the significant volume of transactions recorded in March 2020

Consolidated operating expenses - Q1 2021, + 13%, respectively 1.05 mn lei, from 8.02 mn lei to 9.07 mn lei mainly, as a result of the advance of expenses generated by the activity of the CCP.RO subsidiary, CCP.RO started its operations in the second half of 2020 (impact in 2021 of +1.55 mn lei), the increase partially offset by the reduction of personnel and services expenses provided by third parties on the trading segment (impact -0, 32 mn lei)

Consolidated operating profit of the BVB Group - Q1 2021, -80%, from 4.09 mn lei to 0.81 mn lei, decrease generated both by the decrease of operating revenues, respectively of trading revenues, as well as by the advance of operational expenses consolidated.

Consolidated net financial income - in Q1 2021, doubled compared to Q1 2020, from 0.78 mn lei to 1.62 mn lei, mainly due to the recording of a gain from unrealized exchange rate differences from revaluation of financial instruments in foreign currency of RON 0.98 mn vs. RON 0.01 mn in Q1 2020, effect of the increase of the RON / EUR and RON / USD exchange rate.

Consolidated net profit of the BVB Group - Q1 2021, -52%, from 4.21 mn lei to 2.03 mn lei, being generated, mainly, by the trading segment of the Group

* before consolidation, including intra-group transactions

 



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