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MOEX Earnings Presentation

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MOEX Earnings Presentation 21 August 2020 2Q 2020 Earnings Presentation Delivery on strategic initiatives in 2Q 2020 and beyond - New Products - • Five new Russian-law ETFs began trading. 41 ETFs with a total NAV of nearly RUB 70 bln are now available on MOEX. • Deliverable futures on Sistema shares as well as DRs of X5 Retail Group and TCS Group were launched. • Petropavlovsk and Mail.ru Group completed secondary listings on MOEX. - New Services - • After-hours (a.k.a. evening) trading session commenced on the Equities Market, satisfying demand from retail investors. • All corporate bonds and Eurobonds listed on MOEX are now traded in T+ mode. • A service showing dynamics of intraday open interest by different client groups in the most liquid futures was introduced. • Moscow Exchange began calculating and publishing the Moscow Real Estate DomClick Index based on data from Sberbank. • MOEX completed acquisition of a 17% stake in BierbaumPro AG, the parent company of OTC FX platform NTPro. - New Clients & Partners - • Non-state pension funds are now admitted to deposit operations on MOEX. NPF Blagosostoyanie was the first comer. • GV Gold, one of the top gold mining companies in Russia, obtained direct access to the FX and Precious Metals Markets. • Transit 2.0 is gaining ground as 11 banks and 19 corporates are now using this interface. • In 2Q 2020, 66 corporates – including 8 newcomers – placed 155 bond issues, raising a total of RUB 702 bln. • The number of registered IIAs surpassed 2.5 mln1. The total number of unique retail clients approached 5.7 mln1. 1 As of the end of July 2 MOEX listings of Russian companies incorporated abroad . 13 Russian companies incorporated abroad have obtained a secondary listing on Moscow Exchange . Listing on MOEX has substantially increased their total liquidity; MOEX’s share in trading volumes is growing . Shares of Polymetal and Yandex & depositary receipts of X5 Retail Group and TCS Group are included in the MOEX Russia Index . Polymetal shares & depositary receipts of X5 Retail Group were added to the MSCI Russia Index, Yandex will follow on Aug 31 MOEX share in Average Daily Trading Volumes (ADTV) An immediate boost to newcomers Polymetal Yandex Petropavlovsk – listing on 25 Jun ADTV, USD mln ADTV, USD mln ADTV, USD mln 35% 20% 54% LSE Nasdaq LSE 51% 23% 20% 12% MOEX MOEX MOEX 13% 2% 4% 6% 2% 31.0 9.5 11.1 119.8 126.4 15.0 91.7 10.0 10.4 16.6 71.8 11.0 11.5 9.2 0.6 1.4 3.2 44.8 30.8 3.8 1.0 1.6 5.3 13.0 3.9 May 2020 Jun 2020 Jul 2020 2016 2017 2018 2019 7M2020 2016 2017 2018 2019 7M2020 X5 Retail Group TCS Group 52% 47% Mail.ru – listing on 2 Jul 40% ADTV, USD mln 30% 36% ADTV, USD mln ADTV, USD mln 51% LSE LSE LSE MOEX MOEX MOEX 9.0 12.3 6.8 5.9 6.6 9.7 9.8 6.1 5.8 5.3 2.3 6.1 3.6 2.2 2.4 0.4 1.1 1.6 2016 2017 2018 2019 7M2020 Jun 2020 Jul 2020 2016 2017 2018 2019 7M2020 Source: Bloomberg as of 04.08.2020 for LSE on-book and Nasdaq volumes, Moscow Exchange 3 The start of evening trading session on the Equities Market Average Daily Trading Volume (ADTV) Breakdown by client type RUB bln 6% Share of evening session in total trading volumes on Equities Market 5% 0% 6% 5% 5% 4% 5% 5% 5% 16% 4% +88% 5.4 73% 3.7 3.8 3.6 3.2 3.1 2.9 2.6 Retail investors Institutional Non-residents Asset Managers Dealers week 1 week 2 week 3 week 4 week 5 week 6 week 7 week 8 . On June 22, the 25 most liquid stocks from the MOEX Russia Index were admitted to after-hours trading . On August 3, all stocks from MOEX Russia Index were admitted to after-hours equity trading . Foreign shares will be added to after-hours trading later in August 2020 . Russian-law and Foreign-law ETFs are to be added to after-hours trading later in 2020 . Record high share of retail investors has traded during the after-hours session, in line with the Exchange’s expectations Source: Moscow Exchange 4 Strengthening the team with hires, rotations and incentives New hires and internal rotations in the management team of the Group MOEX MOEX MOEX MOEX Andrey Burilov Igor Alutin Irina Grekova Evgeny Zhdanov MOEX MD of IT MOEX MD of Digital MOEX Head of Compliance MOEX Head of Internal Executive Board member Technologies Audit To lead the next phase of To oversee and coordinate To establish best-in-class To monitor and develop IT strategy implementation all digital platforms compliance practices business processes NCC MOEX NSD NCC Eddie Astanin Alexey Khavin Maria Krasnova Rinat Kirdan NCC CEO MOEX MD of Global Markets NSD Acting CEO NCC MD of Risk Executive Board member To upgrade operations and To focus on Group treasury To ensure continuity of To bring top expertise in risk management and international projects operational excellence risk management New Long Term Incentive Program (LTIP) Naturally aligns long-term interests of shareholders and the management team Based on existing shares, not options => predictable for both beneficiaries and investors, has no embedded leverage The value of incentive is determined by: (1) financial performance, (2) share price performance, (3) accrued dividends The program term is 5 years, in line with the strategy; vesting in years 3, 4, 5 in three equal tranches Every tranche is dependent on achieving KPIs, which are linked to F&C income growth and relevant regulation 70 key employees might earn up to 18 mln shares, which make up 0.8% of MOEX’s Market Cap MICEX-Finance holds 22 mln treasury shares => no new issuance, no dilution required 5 2Q 2020 summary of financials Operating income1 Operating expenses (excl. other operating expenses) RUB bln Fee and commission income RUB bln Remaining administrative expenses2 D&A and IT maintenance Interest and finance income Personnel expenses Cost-to-income ratio 36.2% 34.9% 35.4% 34.4% 30.7% +8.4% +0.3% +6.8% +12.5% 12.0 12.0 11.1 10.7 11.2 33% 33% 36% 4.1 41% 40% 3.9 3.8 4.0 3.7 0.8 0.8 1.0 0.7 0.9 1.8 2.1 59% 60% 64% 67% 67% 1.8 1.8 1.8 1.2 1.2 1.3 1.2 1.2 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 EBITDA and EBITDA margin Net income Adjusted EBITDA margin RUB bln RUB bln Adjusted ROE Adjustments3 Adjustments3 Reported net income Reported EBITDA = PBT + D&A 19.8% 19.3% 76.0% 18.7% 18.1% 17.7% 73.1% 72.5% 72.2% 72.4% +7.4% -4.3% +8.6% -3.9% 9.1 8.7 6.6 6.3 8.1 7.7 8.1 5.8 5.5 5.7 0.9 0.7 0.1 0.1 -0.1 -0.1 -0.6 -0.1 -0.1 -0.5 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Source: Moscow Exchange 1 Includes Other operating income, Interest and other finance income, Interest expense, Net gain on financial assets FVTOCI and Foreign exchange gains less losses 2 Includes Remaining administrative expenses are calculated as General and administrative expenses less D&A and Equipment and intangible assets maintenance 6 3 Adjustments are related to 1) IFRS 9 movement in allowance for ECLs and 2) one-off provisions’ accrual/release Diversified fee and commission income Fee & commission income performance, RUB bln Fee & commission income breakdown RUB bln Change Change RUB bln 2Q 2019 2Q 2020 +21.8% YoY, bln YoY, % 7.99 Fixed Income Market 9% Money Market 1.79 2.03 0.24 13.6% Derivatives Market IT Services, Listing 10% and Other Fee Income 6.56 (ITSLOFI) Equities Market Depository and Settlement 1.31 1.47 0.16 12.2% 11% 12% FX Market Depository and Settlement 10% Money Market 12% FX Market 0.89 1.01 0.13 14.4% 10% 8% 13% Equities Market 0.54 0.98 0.44 80.5% 13% IT Services, Listing and Other 18% 1 0.64 0.95 0.32 49.3% Fee Income (ITSLOFI) 20% Derivatives Market 0.64 0.83 0.19 29.8% 25% 27% Fixed Income Market 0.75 0.71 -0.04 -5.9% 2Q 2019 2Q 2020 Source: Moscow Exchange 7 1 “IT Services, Listing and Other Fee Income (ITSLOFI)” includes Information services, Sale of software and technical services, Listing and other service fees and Other fee income 25% 2Q Money Market 2020 Trading volumes Trading volumes of repo with CCP MosPrime rate1, % Repo with the CBR RUB trn RUB trn, % Deposit and credit Single-security repo with CCP operations Share of repo with CCP in total ’interdealer’ repo (including GCC repo) Inter-dealer repo GCC repo Repo with CCP trading volumes, RUB trln 90% Repo with the Federal Treasury 84% 88% 73% 76% 7.8 7.3 62% 259.4 256.1 6.7 6.2 231.5 5.6 +21.5% 30% 176.2 102.7 145.5 95.2 95.2 84.5 87.6 9% 5% 20% 15% 8% 12% 17% 9% 8% 1% 12% 10% 1% 10% 0% 66.7 58% 57% 59% 56% 57% 25.0 3.7 19% 17% 13% 14% 17% 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2013 2014 2015 2016 2017 2018 2019 6M’20 Fee & commission income Comments RUB mln .
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