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In the Name of God 4 IN THE NAME OF GOD 4. 50th Anniversary of Iran Capital Market 6. TSE at a glance 11. TSE Annual General Assembly 14. Board of Directors 16.Message from board of directors 18. Time line 25. Introduction to TSE and financial performance 30. Financial performance 33. Market Operations Review 54. Corporate Governance 58. Risk Analysis Report 63. Operations & Achievements in the Financial Year TEHRAN STOCK EXCHANGE 67. TSE’s strategic plans 68. Targets & plans in 2017 - 2018 Annual Report 72. Financial Statements Fiscal Year Ended 20 March 2017 CONTENTS 2 TSE ANNUAL REPORT STOCK EXCHANGE HISTORY IN IRAN DATES BACK TO MORE THAN YEARS NOW February 1967 is the first registered date when introducing electronic trading system, restructuring Tehran Stock Exchange was inaugurated with 6 listed of the capital market and demutualizing of TSE, companies. Later some public bonds and certain privatization of the state-owned companies, joining state-backed securities were added to the tradable global capital markets’ entities, deregulation of foreign instruments. investment and developing new securities, like ETFs and derivatives. In its initial period of development (1967-1978), TSE became the trading venue, as well as fund raising With huge resources, vast geographical area, large platform for 105 listed companies, including 22 population and great untapped opportunities, banks, 2 insurance companies, and 81 other industrial Iran’s capital market is a real promising investment corporations. destination for local and international investors. th In the next periods of evolution, several significant The new logo on the other page has been designed 50 Anniversary of milestones can be specified at the Exchange, namely to commemorate the 50th anniversary of the capital providing tax incentives for listing and trading in TSE, market in Iran. Iran Capital Market 4 TSE 5 ANNUAL REPORT FISCAL YEAR ENDED 20 MAR. 2017 TSE at a Glance Trading Commission Trading Share Trading Commission Trading days Saturdays - Wednesdays Buyer (%) Seller (%) Total (%) Trading hours 9:00 – 12:30 (pre-opening 8:30 – 9:00) Securities and Exchange 0.032 0.048 0.08 Trading system Fully automated order based Organization (SEO) Trading mechanism Opening auction / continuous trading TSE 0.032 0.048 0.08 Market making Optional Brokerage Firm 0.4 0.4 0.8 Tradable instruments Shares, rights, Islamic participation papers, single stock TSE Technology Manage- 0.01 0.015 0.025 futures, embedded put option, option, sukuks, CDs and ment Co. ETFs. CSDI 0.012 0.018 0.03 Currency Iranian Rial Total 0.486 0.529 1.015 Online accessible information (Opening, minimum, maximum and closing) prices, indices, listed companies information, trading data and Debt Trading Commission quotes Buyer (%) Seller (%) Total (%) Depository, clearing and settlement Different types of Sukuk 0.0725 0.0725 0.145 Entity Central Securities Depository of Iran (CSDI) (Ijareh, Participant, Mora- beh, Istesna, …) Settlement period T+3 (shares, derivatives and ETFs) T+1 (Islamic participation papers, fixed-income securities) Derivatives Trading Commission Settlement Funds settlement at broker level, securities dematerial- Buyer (%) Seller (%) Total (%) ized settlement at client Futures 0.108 0.108 0.216 Clearing Multilateral netting Options 0.0832 0.0848 0.168 Short selling N/A Embedded Put Options 0.4 0.4 0.8 Tax Mutual Funds Trading Commission Dividends Exempted Buyer (%) Seller (%) Total (%) Capital gain Exempted Investment Funds in Equi- 0.486 0.529 1.015 Transaction (seller) 0.5% of trading value ties Structure and regulations Mix Investment Funds 0.243 0.2645 0.5075 Legal structure Public joint stock company Mutual Funds in Fix Income 0.0725 0.0725 0.145 Regulation Self-regulated under SEO’s surveillance Securities Daily price fluctuation limit Shares and debt instruments: ±5%, rights: ±10% (it is Real State Funds 0.0725 0.0725 0.145 changeable by market makers’ proposal and SEO’s confir- Securities Information mation in case of Auction) Closing price calculation Weighted average based on equity’s base volume Equities Market Foreign investment Authorized (based on foreign investment bylaw) Equities First Market-main board First market-secondary Second Total board market Markets and Listing Requirements Listed companies 67 61 197 325 First Market / main board First market / subsidiary Second market board Debt Market Minimum paid-in Capital 1,000 500 200 Fix Income Papers Number (IRR billion) Islamic Participates 16 Minimum years of business 3 3 2 Sukuk 6 activity Minimum free-float (%) 20 15 10 Derivatives Market Minimum number of share- 1,000 750 250 Derivatives Number holders Futures 3 Contracts Profitability (years) 3 2 1 Put Embedded Option 4 papers Equity/total assets (%) 30 20 15 Call Option 22 Contracts Put Option 22 Contracts 6 TSE 7 ANNUAL REPORT FISCAL YEAR ENDED 20 MAR. 2017 TSE at a Glance ETFs Market information Investment Traded Funds 9 Fiscal Year 20 Mar. Fiscal Year 19 Mar. Fiscal Year 20 Mar. Investment Funds in Equities 2 Market indicators 2017 2016 2015 Mutual Funds in Fix Income Securities 4 Mix Investment Funds 1 Market capitalization (IRR billion) 3,220,374 3,448,390 2,813,156 Real State Funds 2 Nominal Value (IRR billion) 1,377,883 1,171,812 954,198 Brokerage firms Market cap/nominal value 2.3 2.9 2.9 Tehran Provinces - regions Total Average P/E 6.84 7.45 5.43 Number of brokerage firms (entities) 101 4 105 Fiscal Year 20 Mar. Fiscal Year 19 Mar. Fiscal Year 20 Mar. Total Trading Market Trading stations 859 758 1,617 2017 2016 2015 On-line trading access providers 100 4 104 Total trading value (IRR billion) 638,540 561,607 559,353 Financial digest Total trading volume (million shares) 256,772 228,063 165,499 Financial information (IRR billion) Number of trading days 242 243 241 Performance Information Fiscal Year 20 Fiscal Year 20 Fiscal Year 19 Fiscal Year 20 Mar. 2017 Mar. 2017 Mar. 2016 Mar. 2015 Number of issued trading codes 145,071 115,972 151,540 (Net Worth) (Main) (Main) (Main) Fiscal Year 20 Mar. Fiscal Year 19 Mar. Fiscal Year 20 Mar. Operating revenues 644 644 573 514 Equities Trading 2017 2016 2015 Total expenses (377) (377) 341 272 Operating income 267 267 232 242 trading value (IRR billion) 537,936 473,624 542,522 EBIT 401 369 358 389 trading volume (million shares) 252,613 227,798 165,184 Net income 343 312 297 327 Cash flows from operations 408 408 367 230 Number of trades (thousand) 15,689 13,922 12,916 EPS (IRR) 275 249 270 363 Normal trading value (IRR billion) 490,269 425,537 377,119 Financial status (IRR billion) Financial status Fiscal Year 20 Fiscal Year 20 Fiscal Year 19 Fiscal Year 20 Normal trading volume (million shares) 232,975 204,287 144,646 Mar. 2017 Mar. 2017 Mar. 2016 Mar. 2015 Average daily trading value (IRR billion) 2,223 1,949 2,251 (Net Worth) (Main) (Main) (Main) Current assets 176 176 494 511 Average daily trading volume (million shares) 1,044 937 685 Total assets 2,330 2,143 1,854 1,451 Daily average number of trades (thousand) 65 57 54 Total liabilities 455 455 368 171 Fiscal Year 20 Mar. Fiscal Year 19 Mar. Fiscal Year 20 Mar. Registered capital 1,250 1,250 1,100 900 Debt Instruments Trading Total equities 1,875 1,687 1,486 1,280 2017 2016 2015 Rate of Return (%) Trading value (IRR billion) 93,132 86,626 15,676 Rate of Return Fiscal Year 20 Fiscal Year 20 Fiscal Year 19 Fiscal Year 20 Trading volume (million paper) 93 88 15.6 Mar. 2017 Mar. 2017 Mar. 2016 Mar. 2015 (Net Worth) (Main) (Main) (Main) Fiscal Year 20 Mar. Fiscal Year 19 Mar. Fiscal Year 20 Mar. Derivatives Trading Return On Asset* 14.7 14.5 16.1 22.5 2017 2016 2015 Return On Equity** (net worth) 18.3 18.4 19.9 25.5 Trading value (IRR billion) 60 12 21 Equity shares Fiscal Year 20 Fiscal Year 20 Fiscal Year 19 Fiscal Year 20 Trading volume (million shares) 3,371 57 166 Mar. 2017 Mar. 2017 Mar. 2016 Mar. 2015 Fiscal Year 20 Mar. Fiscal Year 19 Mar. Fiscal Year 20 Mar. (Net Worth) (Main) (Main) (Main) Broad index 2017 2016 2015 Number of shares (million) 1,250 1,250 1,100 900 Real EPS (IRR) 275 249 270 363 Broad Index (value-weighted) 77,230 80,219 62,532 Dividends Per Share (IRR) --- --- 100 100 Price Index (value-weighted) 26,829 30,511 26,987 Last EPS forecast (IRR) 4,707 4,707 6,630 5,991 Book Value 1500 1351 1351 1422 Board Index (equal-weighted) 15,723 13,357 9,862 Other information Price Index (equal-weighted) 12,377 11,202 9,036 Number of staff 287 287 274 275 *ROA = Net Income/Total Assets **ROE = Net Income/Shareholder’s Equity 8 TSE 9 ANNUAL REPORT FISCAL YEAR ENDED 20 MAR. 2017 TSE at a Glance MONTHLY TRADING VALUE AND TSE ANNUAL GENERAL ASSEMBLY VOLUME TREND Implementing the provisions of Article 232 of the company’s general status and the Board performance. Commercial Law Amendment, approved in March In our opinion, considering TSE profit and coordinate 1968, and Article 45 of the Law on Securities, hereby with the rules and regulations and TSE statute, the the report on TSE’s general activities and financial report confirms fairly the Board performance. This situation during the fiscal year ended to 20 March report is in line with reality and their effects are provided according to existing documents and inadequate to the extent that they can be predicted ,2017 ﻧﻣودار ﺻﻔﺣﮫ ۸ (ﺟﺎﯾﮕزﯾن ﺷود) information is presented.
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