4Q and fy 2022
Earnings Presentation
10 March 2023
Delivery on strategic initiatives in 4Q 2022 and beyond
- New Products -.
- Whoosh, an electric scooter rental service, completed its IPO on MOEX, raising a total of RUB 2.1 bln.
- The Finuslugi platform welcomed a third issue of bonds placed by Kaliningrad Region.
- The inaugural CNY-denominatedRussian-law ETF that invests in Money Market instruments and corporate bonds of Russian companies was launched.
- Cash-settledEuropean options on 26 most liquid equities were introduced on the Derivatives Market.
- Cash-settledfutures and futures-style options on the USD/CNY FX pair and two foreign ETFs tracking global indices are now available for trading.
- New services -
- MOEX presented updated versions of ESG Best Practices Guide and the Bond Issuers' Guide.
- On the Money Market, clients can now do repo, deposit and credit transactions with a floating interest rate.
- MOEX introduced 7 new indices, including the Refined Gold Index, one ESG equity index as well as several new corporate bond indices.
- New clients & partners -
- The total number of retail clients registered on the Securities Market approached 24.0 mln1. The number of registered IIAs amounted to 5.2 mln1.
- The Primary Bond Market started to recover. In 4Q 2022, 91 corporates - including 16 newcomers - placed 164 bond issues, raising a total of RUB 1.4 trn.
- MOEX signed an agreement on cooperation for the development of carbon units' trading system.
- The NSD filed an appeal to the EU Council as part of the legal procedure for appealing against the decision to include NSD in the EU sanctions lists.
Source: Moscow Exchange. | 2 |
1. | As of the end of February |
4Q 2022 summary of financials
Fee & commission income
RUB bln
-17.6% | +10.4% | ||||||
12.0 | 10.6 | 9.9 | |||||
8.1 | 8.9 | ||||||
4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 |
EBITDA
RUB bln
+49.1% | +28.8% | ||
15.3 | |||
10.3 | 11.1 | 11.4 | 11.9 |
4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 |
Reported EBITDA = PBT + D&A
Operating expenses (excluding other operating expenses)
RUB bln
6.6 | -0.8% | +12.2% | |||||||||||||||||||||
6.1 | 5.8 | 5.4 | 6.0 | ||||||||||||||||||||
1.9 | 1.4 | ||||||||||||||||||||||
1.9 | 1.4 | 1.0 | |||||||||||||||||||||
2.7 | 3.1 | 2.9 | 2.9 | 3.1 | |||||||||||||||||||
1.5 | 1.6 | 1.6 | |||||||||||||||||||||
1.5 | 1.5 | ||||||||||||||||||||||
4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | |||||||||||||||||||
Remaining administrative expenses1 | D&A and IT maintenance | ||||||||||||||||||||||
Net income | Personnel expenses | ||||||||||||||||||||||
RUB bln | |||||||||||||||||||||||
+48.1% | +28.4% | ||||||||||||||||||||||
11.2 | |||||||||||||||||||||||
8.1 | 8.3 | 8.7 | |||||||||||||||||||||
7.6 | |||||||||||||||||||||||
4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | |||||||||||||||||||
Reported net income | |||||||||||||||||||||||
Source: Moscow Exchange.
1. Includes remaining administrative expenses, calculated as general and administrative expenses less D&A and maintenance of equipment and intangible assets.
3
Diversified fee and commission income
Fee & commission income performance | Fee & commission income breakdown | |
RUB bln | RUB bln |
4Q 2021 | 4Q 2022 | Change | Change | 5Y CAGR | |
YoY, bln | YoY, % | 2017-22 | |||
Money Market | 3.37 | 2.42 | -0.96 | -28.4% | +10.9% |
FX Market | 1.15 | 1.51 | +0.35 | +30.7% | +8.1% |
ITSLM1 | 1.03 | 1.04 | +0.01 | +1.0% | +15.4% |
Fixed Income Market | 0.60 | 0.98 | +0.38 | +63.3% | +0.2% |
Derivatives Market | 1.64 | 0.92 | -0.71 | -43.6% | +13.2% |
Equities Market | 1.56 | 0.70 | -0.86 | -55.0% | +15.2% |
Other business lines | 2.61 | 2.29 | -0.33 | -12.5% | +17.4% |
Total F&C income | 11.96 | 9.86 | -2.11 | -17.6% | +12.1% |
-17.6%
11.96
22%
13%
14%
5%
9%
10%
28%
9.86
23% | Other business lines |
7% | Equities Market |
9% | Derivatives Market |
10% | Fixed Income Market |
11% | ITSLM1 |
15% | FX Market |
25% | Money Market |
4Q 2021 | 4Q 2022 |
Source: Moscow Exchange. | 4 |
1. ITSLM stands for IT Services, Listing and Marketplace Fee Income. The line includes information services, sale of software and technical services, listing and other service fees and financial marketplace services. |
Operating expenses in 4Q'22 (excluding provisions)
Major expense items | comments |
RUB mln
4Q 2021 | 4Q 2022 | Change | ||
YoY | ||||
Personnel expenses | 2 707.4 | 3 147.1 | +16.2% | |
D&A and IT maintenance | 1 525.4 | 1 482.4 | -2.8% | |
Remaining administrative | 1 862.7 | 1 416.6 | -24.0% | |
expenses,1 incl.: | ||||
• | Advertising and marketing costs | 570.9 | 153.0 | -73.2% |
• | Loss on disposal of property, equipment and | 12.9 | 109.3 | +747.3% |
intangible assets | ||||
Total OPEX | 6 095.5 | 6 046.1 | -0.8% | |
• OPEX for 4Q'22 came virtually unchanged, decreasing by 0.8% YoY, as |
dynamics of personnel and G&A expenses offset each other. |
• FY'22 OPEX increased by 16.2%, comfortably fitting the previously |
announced guidance of below 20%. |
• The 16.2% YoY rise in personnel expenses decomposes into: [1] 17.0 p.p. |
net effect of additional bonus provisions, [2] -0.8 p.p. other factors. |
• Headcount measured by the number of employees was up 2.6% YoY. |
• Advertising and marketing costs decreased 73.2% YoY as the Finuslugi |
promo campaign came to a conclusion. |
• Loss on disposal of property, equipment and intangible assets line surged |
Headcount, number of employees EOP
+2.6% | -2.3% | |||
2,279 | 2,381 | 2,377 | 2,394 | 2,339 |
Operating expenses
RUB mln
-0.8%+12.2%
6,096 | 6,603 | 5,805 | 5,389 | 6,046 |
56% | 54% | 51% | 46% | 48% |
44% | 46% | 49% | 54% | 52% |
8x as obsolete software was written off. |
• D&A and IT maintenance declined by 2.8% YoY, while D&A was up 17.4%. |
The latter is explained by the higher CAPEX of 4Q'21. IT maintenance costs |
decreased 37.8% YoY as foreign vendors discontinued their service. |
• 4Q'22 CAPEX was RUB 1.17 bln. FY'22 CAPEX amounted to RUB 4.18 bln, |
which is in-line with the FY22 guidance of RUB 3.8-4.3bln. The top 5 |
projects account for 38% of CAPEX. |
• The FY'23 OPEX growth guidance is 12-16% YoY. |
• FY'23 CAPEX guidance range is RUB 4-7 bln. Actual spend will depend on |
the implementation of software & hardware renewal program. |
4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 |
General and administrative expenses
Personnel expenses
5
1. Remaining administrative expenses are calculated as general and administrative expenses less depreciation of property and equipment, amortization of intangible assets, maintenance of equipment and intangible assets.
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OJSC Moscow Exchange MICEX-RTS published this content on 10 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2023 11:34:17 UTC.