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BURSA DE VALORI BUCURESTI SA - BVB

2022 3rd Quarter report

Release Date: 11/11/2022 8:30:18 AM

IRIS Code: 891DF

Review of the standalone and consolidated financial results for the third quarter of the year 2022

Operating revenues BVB standalone * in the 3Q 2022 recorded an 8% decrease compared to Q3 2021, from RON 6.71 mn to RON 6.18 mn, following a lower level of traded values, but also lack of significant public offers in the 3rd quarter.

3Q 2022 vs 2Q 2022: Operating revenues decreased by 27%, following a 2nd quarter with significant public offerings that generated revenues 5 times higher than in the third quarter of 2022.

Operating revenues Central Depository (DC)* 21% increase compared to 3Q 2021 up to the value of RON 6.11 mn, generated by both business segments, post-transaction (+10%) following the increase in value of the portfolios managed by the custodians, as well as the registry (+37%) following the indexation of some tariffs including the maintenance tariff for issuers, amplified by the increase in revenues for the services provided to the holders of financial instruments by approximately 11%, following the higher number of services provided.

3Q 2022 vs 2Q 2022: 5% decrease mainly driven by registry segment revenues (-8%).

CCP.RO did not record operating income in the third quarter of 2022.

BVB Group's consolidated operating revenues in Q3 2022, 4% increase up to the value of RON 12.22 mn, compared to RON 11.75 mn in 3Q 2021, mainly supported by the advance of the post-trading and registry segments..

3Q 2022 vs 2Q 2022: Consolidated operating revenues are down 18%, influenced by the evolution of trading segment revenues.

Operating expenses, BVB standalone* in 3Q 2022 of RON 5.18 mn, 9% increase compared to 3Q 2021 to due to advance of personnel expenses, following the annual indexation and adjustment of salaries according to the Remuneration Policy (April 2022), of the bonuses and SOP estimates (minimum level in 2021), as well as the variation in the number of employees. The increase is also sustained by other operating expenses, negatively influenced by the increase in inflation, but also result of the reduction of the positive impact from the reversal of receivables impairment adjustments and higher sponsorship expenses.

3Q 2022 vs 2Q 2022: 7% decrease in operating expenses in Q3 2022, influenced by the reduction of expenses with services provided by third parties - consultancy.

Operating expenses, Central Depository* in 3Q - 6% increase compared to 3Q 2021, up to the value of RON 5.04 mn following the increase in expenses with third-party services, mainly IT services and audit related to ongoing projects.

3 Q 2022 vs 2Q 2022: operating expenses recorded a 12% decrease, mainly from personnel expenses, performance bonuses at DC were granted in June, while in 2021 in September.

Operating expenses, CCP.RO* in 3Q 2022: RON 1.15 mn, decrease of 36% compared to 3Q 2021, due to lower consulting expenses, a component of the consulting contract for the CCP authorization being capitalized into intangible assets.

3Q 2022 vs 2Q 2022: operating expenses remain constant.

Consolidated operating expenses in 3Q remained relatively constant at the value of RON 11.29 mn compared to 3Q 2021. The advance of personnel expenses and other operating expenses, influenced by the increase in inflation, was compensated by the reduction of expenses with third party services. 3Q 2022 vs 2Q 2022: increase of 24% or RON 2.41 mn, mainly generated by the advance of personnel expenses at Group level.

3Q 2022 vs 2Q 2022: decrease of 8% or RON 1.05 mn , influenced by decreases on all categories of expenses at Group level.

Operating profit, BVB standalone* in 3Q 2022: RON 1 mn, 49% decrease compared to 3Q 2021, generated by the evolution of operating income, amplified by the increase in operating expenses.

3Q 2022 vs 2Q 2022: 66% decrease, directly influenced by the evolution of operating income.

The consolidated operating profit of the BVB Group in 3Q 2022: +68% vs 3Q 2021 to the value of RON 0.93 mn, the increase in consolidated operating income being higher than the advance of consolidated operating expenses

3Q 2022 vs 2Q 2022: decrease of 63% directly influenced by the trading segment operating income.

Net financial income, BVB standalone* in 3Q 2022: 78% increase up to the value of RON 0.69 mn following unrealized income from exchange rate differences, determined by the appreciation of the USD against RON in the third quarter of 2022.

3Q 2022 vs 2Q 2022: 69% decrease, as in the second quarter was recognized the dividend income from the Central Depository in amount of RON 1.53 mn.

Consolidated net financial income increases to RON 1.38 mn compared to RON 0.85 mn in 3Q 2021, influenced by unrealized income from higher exchange rate differences (impact from the increase in the RON/USD exchange rate) on the trading segment, as well as increasing interest income.

Net profit, BVB standalone * in 3Q 2022: RON 1.41 mn, -28% vs 3Q 2021, being directly influenced by the evolution of the operating result.

3Q 2022 vs 2Q 2022: net profit decreases by 70%, directly influenced by the evolution of operating profit, implicitly from the reduction of optional revenues.

Net profit, Central Depository* in 3Q 2022: increases almost 3 times to the value of RON 1.26 mn vs. 3Q 2021 influenced by the positive evolution of both operational and financial results.

Net loss, CCP.RO* in the amount of RON 0.72 mn, an improved level compared to 3Q 2021 (RON 1.14 mn) influenced by the decrease in operational expenses.

* including intra-group transactions

 

 



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