BVC 4Q18 Earnings Release March 8 th , 2019 1
bvc 4Q1 4Q18 Hig Highli hlights Driving Market Growth and Operational Efficiencies Financial Figures 4Q18* Strategic Milestones Market Summary Corporate Integration: Fixed Income: COP$ 1.071TN Total Revenues: 100% integration milestones achieved (+6% YoY) COP$ 233.339 Million New commercial & service model +43% YoY Market Developments: Equities: COP$ 44TN New derivatives: FX options, Gov debt (+8% YoY) EBITDA: futures and new stock futures Repos C&S at the CCP COP$ 68.440 Million Derivatives: COP$ 791TN Electronic promissory notes: 34 new clients +57% YoY (+35% YoY) New Core System Projects: INET Master trader Phase 1, Public debt, Net Profits: FX: USD$ 297BN went live in Sep 2018. (+15% YoY) COP$ 44.654 Million New CSD system provided by TATA : 2 year project, 100% STP with intl. standards Public Offerings & Issuances: COP$ 16TN (+17% YoY) Dividend Proposal: Shareholders’ Meeting: • Date: 28 March 2019 COP$ 33.282 Million in total • Time: 8:00am +10% YoY Custody: COP$ 471TN COP $550 per share • Venue: JW Marriott Hotel Payment dates: Apr 30 & Aug 30 (-3% YoY) *Consolidated Financials 2
Corporate Integration bvc – deceval In one year we achieved 100% of integration milestones For Our Employees: For our Clients and Markets: For Our Shareholders: 20% 100% A Successful corporate integration thanks to the support and commitment of our Of synergies were transferred to the Market employees Of synergies Captured reducing fees in trading services 376 COP$8.704 MM New Market in recurrent synergies Efficiencies Commercial Employees (personnel & procurement) and Service bvc - deceval for our clients Model bvc stock no longer a penny stock • Common front service for New bvc culture Unified salary issuers Reverse Split: • Automatic Valuation and and leadership and benefits Ratio 500 : 1 Consultancies: After Before allocation of ISINs style policy • Optimization and Shares Outstanding 30.256.854.217 60.513.469 interoperability with the Redesign of Central Bank: payment and Industry Face Value COP$ 1 COP$ 500 New corporate Standardization custody systems (CUD & Processes structure of positions DCV) • Automatic allocation of Strengthened New +60 guarantees business continuity distribution • Automatic clearing for New IT Strategy model of Fostered risk primary transactions Internal processes costs & management and were Integrated expenses audit
Strategic Vision Path towards maximum potential Vision To be the market infrastructure that serves the country in the most effective and efficient way, by focusing on our clients’ needs and in the construction of trustworthy relationships , leading the Colombian capital market development and the regional integration, creating value for our shareholders and stakeholders. How to Win? Where to play? 2019 Priorities Strengthen the Implement strategic Implement a new Consolidate new culture Redesign industry interactions with the projects : Inet MT, Amarú, commercial and service and leadership style at processes and IT model subsidiaries of CCP for equities, Promissory model the service of our clients notes and A2censo bvc Group 4
Strategic Vision 2025 What we want to achieve To be a market infrastructure with full vertical Strengthen the credibility and trust in integration, at the service of an attractive, the capitals market easy, and competitive market. More Issuers More liquidity Propitiate an ecosystem where Efficient transference of risks customers have an attractive value Colombia as “asset class” proposal 100% digital market Access for everyone Connectivity with other markets Generate results that invite to take Simpler processes action and transform the industry IT and regulation as enablers "One stop shop” Adequate benefit/cost relationship To be a sustainable and profitable Strategy ally of our clients International standards company. 5
Fi Finan nancia ials Overview 4Q1 4Q18 (COP Millions) Positive Financial Performance Consolidated Proforma** Combined Proforma*** Consolidated (bvc + subsidiaries) (bvc + deceval) (bvc + subsidiaries) 4Q17 4Q18 4Q17 Var YoY 4Q18 4Q17 4Q18 Var YoY Var YoY 144.735 Revenues 233.339 162.617 +43% 233.339 213.479 +9% 152.243 +5% 153.864 92.262 Costs & Expenses 182.291 128.472 +42% 182.291 +18% 96.241 +4% 58.140 84.212 48.065 +75% 84.212 76.037 +11% 64.124 +10% Adj. EBITDA* 37% 37% 37% Adj. EBITDA Margin* 30% 43% 42% 114.294 45.873 54.915 42.434 +29% Adj. Net Profit* 60.427 -47% 60.427 +32% Adj. Net Margin* 26% 26% 70% 21% 36% 29% *Adjusted to integration-related expenses **Consolidated Proforma: includes 100% deceval See appendix for more details slide 32, 35 & 37 6 ***Combined Proforma: includes 100% deceval See appendix for more details slide 27
Finan Fi nancia ials Overview 4Q1 4Q18 (COP Millions) Subsidiaries 100% 100% 54% (Individual) 2018 2018 2018 2017 2017 Var YoY 2017 Var YoY 2018 2017 Var YoY Var YoY 68.451 64.542 +6% 83.792 80.194 +4% 76.354 65.138 +17% 7.914 +13% Revenues 8.909 66.430 55.456 +20% 45.583 42.534 +7% 61.579 50.898 +21% 4.838 +64% Costs & Expenses 7.921 17.277 16.073 +7% 39.498 38.139 +4% 17.983 14.649 +23% 3.240 -48% 1.698 EBITDA 48% 49% 26% 26% 24% 23% 41% EBITDA Margin 19% 29.092 23.212 +25% 39.142 19.179* +104% 10.613 7.554 +40% 1.891 -77% Net Profit 434 57% 30% 35% 29% 14% 12% 5% 21% Net Margin bvc shareholding *Proforma: Asset appraisal on deceval investment is not included COP $84.028 million 7 For more details see appendix for more details slides 40 - 43 & 48
Finan Fi nancia ials Overview 4Q1 4Q18 (COP Millions) Long term investments 50% 50% 47% 31% 2018 2018 2018 2017 2017 Var YoY 2017 Var YoY 2018 2017 Var YoY Var YoY 27.581 23.035 +620% 21.150 18.646 +13% 9.888 9.564 +3% 136 +11% Revenues 151 12.930 11.800 +10% 13.900 10.974 +27% 6.141 6.077 +1% 706 -4% Costs & Expenses 676 13.938 11.587 +20% 7.696 6.830 +13% 3.567 3.188 +12% -481 +17% -398 EBITDA 40% 42% 54% 51% 36% 36% -370% EBITDA Margin -269% 6.894 5.269 +31% 9.544 6.627 +44% 2.383 2.130 +12% -692 +6% Net Profit -651 35% 29% 33% 28% 24% 22% -430% -508% Net Margin bvc shareholding 8 For more details see appendix for more details slides 44- 47
Quar Quarterly rly Con Conso soli lidated P& P&L L 4Q1 4Q18 (COP Millions) Profits Driven by Non-trading Revenues and Operational Efficiencies Main Changes: YTD Var% Var$ 4Q18 4Q17 • Deceval: Full consolidation in 2018 Revenues (1) 233.339 162.617 43% 70.722 • Set-Icap (FX & Sec): No longer consolidate and now part of the equity method Ordinary revenues 229.349 158.270 45% 71.079 Other revenues 3.990 4.347 -8% (357) Cost (2) 47.778 39.906 20% 7.873 +43% YoY 30% 19% Expenses (2) 118.740 84.201 41% 34.539 Ordinary expenses 112.507 81.967 37% 30.540 Total Non ordinary expenses 6.234 2.234 179% 4.000 Ne Net Ebitda da Revenu nues Operating Profit 69.064 36.397 90% 32.667 Marg Ma rgin Ma Marg rgin in Gro rowth th Exchange Differences 455 (733) -162% 1.188 Income from equity method – associates 8.187 7.453 10% 733 Recurrent profits + equity method 75.462 45.231 67% 30.231 Ordinary Revenues: Asset appraisal on deceval investment - 84.028 -100% (84.028) +75% YoY +71% YoY +5% YoY Integration expenses 15.772 4.365 261% 11.408 -20% YoY Profit before taxes 59.689 124.894 -52% (65.204) Income taxes 15.035 14.964 0,5% 71 Tra radi ding ng Non-trading ng Subs bsidi diari ries s bvc Total comprehensive income for the period 44.654 109.930 -59% (65.275) Revenu nues Revenue nues COP OP$163.941 COP OP$65.408 COP OP$39.722 COP OP$189.627 0 0 Controlling Company 39.241 103.342 -62% (64.101) Not to the Controlling Company 5.413 6.587 -18% (1.174) Ordinary Expenses: Costs: Consolidated EBITDA 68.440 43.701 57% 24.739 +101% YoY +16% YoY +20% YoY EBITDA Margin 30% 28% Net Margin 19% 68% Sopho phos s bvc Adj. Total comprehensive income 60.427 114.294 -47% (53.867) Subs bsidi diari ries s Cost sts COP OP$62.954 COP OP$64.631 COP OP$47.778 Adj. EBITDA 84.212 48.065 75% 36.147 Adj. EBITDA Margin 37% 30% (1)See appendix for more details slide 34 Consolidated Financial figures in (COP Millions) 9 (2)See appendix for more details slide 36
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