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Euronext Brussels 10 Largest Market Caps

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Euronext Brussels 10 Largest Market Caps The exchange 2014 THIS WAS 2013 2 JANUARY 2013 Offre sur Telenet ne réussit pas 3 JANUARY 2013 4 MARCH 2013 Koen Geens nouveau Ministre des Finances 5 MARCH 2013 THROMBOGENICS AND DELTA LLOYD JOIN BEL 20 6 APRIL 2013 7 JUNE 2013 LARGEST IPO ON EURONEXT JULY 2013 ENTERNEXT LAUNCH 9 JULY 2013 LISTING CARDIO3 10 JULY 2013 BPOST OPTIONS 11 JULY 2013 12 NOVEMBER 2013 ICE closes on $11B acquisition of NYSE Euronext 13 NOVEMBER 2013 14 DECEMBER 2013 15 DECEMBER 2013 LISTING QRF (BIGGEST ENTERNEXT IPO 2013) 16 A CHANGING TRADING ENVIRONMENT © NYSE Euronext. All Rights Reserved. DIFFERENT PLAYERS MAKE THE MARKET Issuers Exchange Members Investors • Active • Long term Broker = Retail intermediary • Classic • Pension fund Convertibles • e-broker • Mutual fund • Algorithmic • Insurance Cies • Asset manager Institutional • Holding • Hedge fund,... Trader = Options, futures Proprietary trading Indices • Market maker • Liquidity provider • High frequency trader The Exchange is the place where issuers meet investors via the members (brokers or traders) 18 WHY WOULD A COMPANY LIST ? 19 LISTING PUTS AN ISSUER IN A NEW DIVISION Belgian Day in Wall Street Bell Ceremony in Brusssels Listing gives visibility (and credibility) and facilitates funding Gives liquidity and market valuation for existing shareholders, including families, private equity, venture capitalists, banks… The issuer is forced to adopt good corporate governance principles and becomes more professional Creates own takeover money as well as rewarding schemes for staff 20 GIVES PERMANENT VALUATION OF THE COMPANY AND ITS STRATEGY DIFFERENCE BETWEEN BOOK VALUE AND MARKET VALUE Book value Market value Real Estate : Cofinimmo Biotech : Thrombogenics (m€) (m€) 1800 1.600 1600 1.400 1400 1.200 1200 1.000 1000 X 1 800 X 11.2 800 600 600 400 400 200 200 0 0 Management gets feed-back from investors/analysts 21 PROVIDES A POSSIBILITY OF EXIT FOR HISTORICAL INVESTORS • Government: privatization programs • Venture capitalists: Belgacom, bpost • Family arrangements : Exmar, Euronav • Spin-off: Umicore sold its copper activities (Cumerio) its zinc activities (Nyrstar) + Keep decision center in Belgium • Delhaize, UCB, Solvay, EVS, IBA,... > < Taminco 22 JOB CREATION: LISTED COMPANIES ARE KING Evolution of number of employees Euronext 6000 Alternext Marché Libre 5000 49% = 1 795 emplois 4000 3000 2000 105% = 1 039 emplois number of employees of number 1000 74% = 510 emplois 0 IPO - 2 IPO - 1 IPO IPO + 1 IPOSource + 2 et analyse: Cindy Liégeois Echantillon: 53 des 67 IPO de sociétés belges cotées entre 2003 et 2009 (à l’exclusion des Sicafi, des privatisations et des spin-offs,…) 23 A COMPETITIVE ENVIRONMENT 24 MIFID IMPACT ON BEL 20’S LIQUIDITY FRAGMENTATION Evolution of monthly Euronext Market Share in Lit pools 100% 90% Turnover Trades 80% 70% 60% 50% 40% Nov Mar July Nov Mar July Nov Mar July Nov Mar July Nov Mar July Nov 2007 2008 2008 2008 2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012 2012 Since launch of MiFID in Nov. 2007, the market share of Euronext has been declining. Source: Fidessa 25 TOP 15 MOST ACTIVE BROKERS IN BRUSSELS IN 2012 (IN €) Alternative platforms Chi-X* BATS Europe* Turquoise Equiduct Barclays BNP Paribas Citadel Crédit Agricole Crédit Suisse Deutsche Bank Goldman Sachs Hudson River ING JP Morgan Merrill Lynch Morgan Stanley Nomura Société Générale UBS No Belgian bank ! = Shareholder 26 * Merger in 2011 average fee per trade on Euronext TRADING COSTS € 1,19 € 1,20 € 1,08 € 1,00 € 0,95 Average trading costs continue to decrease € 0,80 € 0,60 € 0,60 Euronext € 0,43 € 0,37 € 0,34 € 0,40 € 0,33 € 0,34 € 0,20 EU FTT € 5,00 € 0,00 Belgian TOB € 12,50 FTT, if applied on listed products, would multiply trading costs by 15 27 ANGLO-SAXON BROKERS DOMINATE THE MARKETS 2,9 3,2 3,5 3,2 3,7 100% 4,5 5,4 7,4 6,3 5,1 90% 28,1 80% 33,2 43,7 70% 53,9 51,7 54,6 60,2 other 9,6 57 68 60% 10 74,1 UK 50% 27,3 9,1 NL 40% 26,3 9,5 14,1 15,5 11,7 FR 9,9 30% 11,8 10,6 6,9 BEL 20% 10,7 14,9 18,7 5,9 32,1 19 27,3 28,6 17,4 10% 20,6 11,5 13,1 11,6 9,9 7,4 4,5 4,8 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Belgian brokers represent less than 5 % of the volumes traded in Brussels 28 SOME FIGURES 29 2013 PERFORMANCE OF THE INDICES 1300 BEL Small : + 28,79 % 1250 1200 1150 BEL 20 : + 18,10 % 1100 1050 BEL Mid : + 9,57 % 1000 950 30 Performance of the main 3 indices since 1 Jan 2006: 8 YEARS 1600 BEL Small : + 48,95 % 1400 1200 1000 BEL Mid : + 6,63 % 800 600 Bel 20 : -17,62% 400 2005-12-30 2006-12-30 2007-12-30 2008-12-30 2009-12-30 2010-12-30 2011-12-30 2012-12-30 2013-12-30 31 10 15 20 25 0 5 1972 NUMBER 1973 1974 1975 First First Mkt Second Mkt Euro-NM Alternext Free Market 1976 1977 1978 1979 OF 1980 1981 1982 ( DOMESTIC 1983 1984 1985 1986 1987 1988 1989 1990 ) 1991 IPO’S 1992 1993 1994 1995 SINCE 1996 1997 1998 1999 2000 1972 IN 2001 2002 2003 2004 2005 2006 BRUSSELS 2007 2008 2009 2010 2011 32 2012 2013 Number of (domestic) IPO’s and delistings since 1987 30 97 over previous 10 years 76 over last 10 years 25 IPO 20 Delisting 15 10 5 0 -5 -10 -15 33 -20 108 over previous 10 years 74 over last 10 years Evolution of the number of listed companies since 1972 400 350 338 Free Market (19) 300 Alternext (13) Euronext (117) 250 200 150 100 50 0 34 EVOLUTION OF BRUSSELS’S MARKET CAPITALIZATION BILLIONS € 350 € Sub Prime 300 300 € 265 272 EURO 250 € 245 227 208 197 201 200 200 € 185 186 181 177 150 € 137 126 122 120 100 € 94 Cooreman 74 66 70 66 De Clercq 54 50 55 53 50 € 37 34 26 15 19 7 8 10 11 8 9 8 8 9 10 8 8 10 0 € 1976 2003 1970 1971 1972 1973 1974 1975 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 35 AVERAGE VALUE OF A LISTED COMPANY Million € 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Average size of company is 60 times bigger than 40 years ago But 12,8 times corrected for inflation 36 EVOLUTION OF CASH TRADING IN BRUSSELS Average daily volume (mio €) Average daily number of trades 700 681 70.000 60.537 58.124 60.000 600 551 54.974 55.450 53.765 48.323 487 500 50.000 42.346 400 369 40.000 345 338 318 317 315 300 30.000 25.041 223 190 183 19.315 200 20.000 13.630 137 11.160 10.800 10.052 100 10.000 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2002 2005 2001 2003 2004 2006 2007 2008 2009 2010 2011 2012 2013 37 BRUSSELS IN THE EURONEXT GROUP: MARKET SHARE 7% Equity options (continental Traded volumes (in €) 6,27% Europe) 6% 5,74% 5,98% 5,18% 1,80% 5,08% 5,12% 1,60% 1,53% 5% 4,74% 1,40% 5,06% 4,78% 1,20% 1,07% 4% 1,00% 1,05% 3,65% 0,85% 0,80% 0,73% 3% 0,60% 0,40% 0,40% 2,48% 0,20% 2% 0,00% 2009 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 Market capitalization Nb of Issuers 15,4% 12% 16% 11,2% 10,7% 10,6% 15,3% 11% 15% 14,6% 15,0% 10,7% 14,8% 10% 10,5% 14,3% 9,1% 9,2% 15% 14,5%14,8% 9,4% 14,4% 9% 9,2% 14,1% 8,4% 14% 8% 13,9% 8,0% 14% 7% 6% 13% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2004 2012 2003 2005 2006 2007 2008 2009 2010 2011 2013 38 EURONEXT BRUSSELS 10 LARGEST MARKET CAPS # Name Sector Market Cap. (€m) 1 AB INBEV Beverages 114 312 2 KBC Banks 12 797 3 GBL Financial Services 9 849 4 SOLVAY Chemicals 9 444 Pharmaceuticals & 5 UCB 7 758 Biotechnology 6 AGEAS Life Insurance 6 908 7 COLRUYT (D) Food & Drug Retailers 6 649 Fixed Line 8 BELGACOM 5 844 Telecommunications 9 DELHAIZE GROUP Food & Drug Retailers 5 030 10 UMICORE (D) Chemicals 4 438 Source: NYSE Euronext July 2013 39 CAPITAL RAISED/PLACED 2013 950 million raised in bonds, 740 million in equity by mid and small caps 4000 3715 3500 3000 2500 2210 2115 2000 BONDS 1400 EQUITY 1500 1200 1000 875 800 500 500 0 2010 2011 2012 2013 DEC 2013 40 Excluding bonds issued by Financial Institutions and pure Public sector BONDS CORPORATES 2008 – 2013 FIRST LISTING OF BONDS ON ALTERNEXT, 1 BILLION ISSUED BY NON LISTED COMPANIES DEC 2013 41 Excluding bonds issued by Financial Institutions and pure Public sector BOND CAPITAL RAISED - 2013 Bonds – Capital raised on Brussels, TOP 10 IN € Capital raised Issuer Name Market Compartment (€) ELIA SYSTEM OPERATOR Euronext Compartment A 550 000 000 EANDIS CVBA Euronext Non Listed 500 000 000 U.C.B.
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