BOLSAS Y MERCADOS ARGENTINOS S.A. Earnings Presentation
2° QUARTER 2023 (2Q23)
August 11th, 2023
EARNINGS GROWTH MAINTAINS A STRONG MOMENTUM INTO Q2 2023
Top line growth accelerated in 2Q23. Expenses reduction programs continued to
provide increased efficiency. Raising rates at both the local and global levels has impacted positively in our results.
ARS Million | Historical | |||
2Q22 | 2Q23 | Var. | ||
CSD Revenues | 904 | 1,911 | 111% | |
Exchange Revenues | 966 | 3,323 | 244% | |
Income | 1,870 | 5,234 | 180% | |
Total Expenses | 1,147 | 2,327 | 103% | |
Gross Margin | 722 | 2,906 | 302% | |
Other Operating Income | 276 | 2,708 | 881% | |
Net Operatig Result | 998 | 5,615 | 462% | |
Inflation Adjustment Impact | 0 | 0 | 0% | |
Financial Income | 2,781 | 16,386 | 489% | |
Oher gains/losses | -25 | 39 | -259% | |
Participation in other companies | 60 | -43 | -171% | |
EBT | 3,815 | 21,997 | 477% | |
Income Tax | -308 | -5,911 | 1820% | |
Net Income | 3,507 | 16,086 | 359% | |
EBITDA Margin (quarter) | 48% | 71% | ||
Adjusted by Inflation
2Q22 | 2Q23 | Var. |
2,096 | 2,060 | -2% |
2,185 | 3,512 | 61% |
4,281 | 5,572 | 30% |
-2,994 | -2,694 | -10% |
1,287 | 2,878 | 124% |
675 | 3,009 | 346% |
1,962 | 5,887 | 200% |
-10,033 | -14,011 | 40% |
6,367 | 17,196 | 170% |
18 | 17 | -4% |
-15 | 39 | -361% |
-1,701 | 9,129 | 637% |
-339 | -2,773 | N/A |
-2,040 | 6,356 | 412% |
(*)This slide is the only one showing inflation adjusted figures. Al the others show historical values (not adjusted by inflation) | 2 |
DEPOSITORY: AUC ACCELERATE GROWTH
Assets Under Custody (AUC) measured at market value accelerated their growth. This is the key business driver for invoicing.
The average amount measured in face
value was somewhat lower due to a change in the portfolio composition. There were
less bills and more bonds.
AuC, market value, by asset class
6%
13% | Public Debt |
Treasury and Central bank bills
41%
Trusts
Equity
Private Debt
28%
Others
2% 10%
AuC, face value, quarterly evolution (millions)
4,331,6214,280,546
3,539,066 3,525,396
3,155,627 3,314,371
2,582,514
2,040,280 2,195,524
AuC, market value, quarterly evolution (ARS million)
23,756,139
+106% 19,509,887
15,158,336
12,645,311
11,531,098
9,745,906
7,796,950
6,195,235 6,200,051
2Q 20 3Q 20 4Q 20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 2Q 20 3Q 20 4Q 20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 |
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DEPOSITORY: EARNINGS CONTINUE TO ACCELERATE
Income at the Depository amounted to ARS 1.911 millions, which translates into a 111% YoY growth, and a 25% QoQ growth.
Income showed an acceleration with respect to the growth rates measured in 1Q23: 95% YoY and 18% QoQ.
Additional Services and Registrar Services are showing the fastest growth rates.
2Q 22 | 2Q 23 | YoY $ | YoY % | |
CSD (ARS Millions) | 903.6 | 1,911.0 | 1,007.4 | 111.5% |
ADC Services | 686.1 | 1,386.8 | 700.7 | 102.1% |
ARyP Services | 15.8 | 39.6 | 23.7 | 149.6% |
Additional services | 201.6 | 484.7 | 283.0 | 140.4% |
CSD revenues (ARS million) | 1,911 | |||||||||||||||
1,523 | 485 | |||||||||||||||
1,292 | 411 | 40 | ||||||||||||||
904 | 1,035 | 308 | 35 | |||||||||||||
780 | 271 | 33 | ||||||||||||||
644 | 645 | 685 | 702 | 202 | ||||||||||||
584 | 18 | |||||||||||||||
200 | 16 | 1,387 | ||||||||||||||
456 | 487 | 139 | 164 | 168 | ||||||||||||
166 | 14 | 1,077 | ||||||||||||||
156 | 13 | 950 | ||||||||||||||
93 | 96 | 11 | 12 | 13 | ||||||||||||
11 | 686 | 746 | ||||||||||||||
10 | 9 | 493 | 468 | 508 | 521 | 566 | ||||||||||
353 | 381 | 417 | ||||||||||||||
2Q 20 | 3Q 20 | 4Q 20 | 1Q 21 | 2Q 21 | 3Q 21 | 4Q 21 | 1Q 22 | 2Q 22 | 3Q 22 | 4Q 22 | 1Q 23 | 2Q 23 | ||||
Additional services | ARyP services | ADC services | ||||||||||||||
4
EXCHANGE: INCOME GROWS STRONGLY DUE TO GREATER TRADED VALUES
Exchange generated income (ARS 3,323 millions) grew 244% with respect to 2Q22, and 40% versus previous quarter. Equity continued to be the main component, but fixed income and on exchange repo continue to become an ever-larger portion.
Exchange revenues (ARS million) | 3,323 | ||||||||||||
148 | |||||||||||||
Market Data | 2,381 | ||||||||||||
113 | |||||||||||||
Trading C&S Fees | 1,588 | 3,000 | |||||||||||
Other Fees | 84 | 93 | |||||||||||
874 | 885 | 966 | 2,118 | ||||||||||
752 | |||||||||||||
564 | 581 | 641 | 44 | 51 | 70 | 1,346 | 1,385 | ||||||
523 | 35 | ||||||||||||
449 | |||||||||||||
22 | 24 | 27 | 817 | ||||||||||
12 | 10 | 553 | 656 | 765 | 759 | ||||||||
469 | 492 | 496 | |||||||||||
398 | |||||||||||||
150 | 174 | ||||||||||||
39 | 44 | 50 | 61 | 61 | 61 | 65 | 75 | 79 | 94 | 110 | |||
2Q 20 3Q 20 4Q 20 | 1Q 21 | 2Q 21 | 3Q 21 | 4Q 21 | 1Q 22 | 2Q 22 3Q 22 4Q 22 | 1Q 23 | 2Q 23 |
Exchange revenue share
0% | Exchange Revenue Share | |
0% | ||
5% 1% | Equity | |
Fixed income | ||
4% | ||
On-exchange repo | ||
22% | 41% | Options |
Futures | ||
Securities lending | ||
Market Data | ||
27% | Others |
2Q 22 | 2Q 23 | YoY $ | YoY % | |
EXCHANGE (ARS Millions) | 965.9 | 3,322.8 | 2,356.9 | 244.0% |
Trading C&S fees | 816.8 | 3,000.5 | 2,183.7 | 267.4% |
Market Data | 79.0 | 174.3 | 95.3 | 120.6% |
Other fees | 70.2 | 148.0 | 77.8 | 110.9% |
The increase of traded value has been very significant across all asset classes.
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Bolsas y Mercados Argentinos SA published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 22:51:04 UTC.
