08/26/2024 | Press release | Distributed by Public on 08/26/2024 00:46
Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q2 2024.
Unless stated otherwise, all figures below refer to performance in Q2 2024 and all comparisons are with the corresponding period last year.
KEY FINANCIAL HIGHLIGHTS FOR Q2 2024
KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q2 2024
EVENTS OCCURRING AFTER THE REPORTING PERIOD
FINANCIAL HIGHLIGHTS (RUB million)
Q2 2024 | Q2 2023 | YoY | Q1 2024 | QoQ | |
Operating Income | 36 806.7 | 20 896.1 | 76.1% | 34 015.3 | 8.2% |
· Fee and commission income | 15 538.8 | 11 933.0 | 30.2% | 14 533.5 | 6.9% |
· Net interest and other finance income (NII) [1] | 21 227.1 | 8 958.3 | 137.0% | 19 411.6 | 9.4% |
Core NII - NII less realized gains or losses on investment portfolio revaluation [2] | 21 280.0 | 9 272.7 | 129.5% | 19 463.0 | 9.3% |
· Other operating income | 40.8 | 4.8 | 750.0% | 70.2 | -41.9% |
Operating Expenses | 12 464.3 | 5 906.5 | 111.0% | 9 777.3 | 27.5% |
· Personnel expenses | 7 653.4 | 2 902.4 | 163.7% | 5 650.9 | 35.4% |
· D&A and IT maintenance | 1 764.8 | 1 606.6 | 9.8% | 1 631.7 | 8.2% |
· Remaining general and administrative expenses | 3 046.1 | 1 397.5 | 118.0% | 2 494.7 | 22.1% |
Profit before other operating expenses and tax | 24 342.4 | 14 989.6 | 62.4% | 24 238.0 | 0.4% |
Movement in allowance for expected credit losses (ECLs) | -146.9 | 356.6 | nm | 2.3 | nm |
Other impairment and provisions | - | -232.9 | nm | 15.6 | nm |
Profit before tax | 24 195.5 | 15 113.3 | 60.1% | 24 255.9 | -0.2% |
Income tax | -4 700.6 | -3 003.0 | 56.5% | -4 901.2 | -4.1% |
Net Profit | 19 494.9 | 12 110.3 | 61.0% | 19 354.7 | 0.7% |
Basic earnings per share, RUB | 8.62 | 5.37 | 60.5% | 8.56 | 0.7% |
Net Profit | 19 494.9 | 12 110.3 | 61.0% | 19 354.7 | 0.7% |
· Movements in allowance for ECLs | 146.9 | -356.6 | nm | -2.3 | nm |
· Other impairment and provisions | - | 232.9 | nm | -15.6 | nm |
· Deferred taxes related to movements in allowance for ECLs and other impairment & provisions | -29.4 | 24.7 | nm | 3.6 | nm |
Adjusted Net Profit | 19 612.4 | 12 011.3 | 63.3% | 19 340.4 | 1.4% |
EBITDA | 25 486.9 | 16 342.6 | 56.0% | 25 502.6 | -0.1% |
· Movements in allowance for ECLs | 146.9 | -356.6 | nm | -2.3 | nm |
· Other impairment and provisions | - | 232.9 | nm | -15.6 | nm |
Adjusted EBITDA | 25 633.8 | 16 218.9 | 58.0% | 25 484.7 | 0.6% |
Adjusted EBITDA margin | 69.6% | 77.6% | -8.0 p.p. | 74.9% | -5.3 p.p. |
OPEX BREAKDOWN (RUB million)
Q2 2024 | Q2 2023 | YoY | Q1 2024 | QoQ | |
General and Administrative Expenses | 4 810.9 | 3 004.1 | 60.1% | 4 126.4 | 16.6% |
· Advertising and marketing costs | 1 389.2 | 300.7 | 362.0% | 973.8 | 42.7% |
· Amortisation of intangible assets | 1 038.8 | 973.3 | 6.7% | 1 015.9 | 2.3% |
· Equipment and intangible assets maintenance | 473.4 | 377.3 | 25.5% | 385.0 | 23.0% |
· Professional services | 308.7 | 213.0 | 44.9% | 177.7 | 73.7% |
· Taxes, other than income tax | 293.6 | 165.8 | 77.1% | 383.2 | -23.4% |
· Agent fees | 264.0 | 162.9 | 62.1% | 196.9 | 34.1% |
· Depreciation of property and equipment | 252.6 | 256.0 | -1.3% | 230.8 | 9.4% |
· Market makers fees | 215.6 | 173.6 | 24.2% | 196.5 | 9.7% |
· Information services | 182.1 | 85.3 | 113.5% | 172.1 | 5.8% |
· Registrar and foreign depository services | 170.9 | 116.3 | 46.9% | 137.8 | 24.0% |
· Rent and office maintenance | 85.4 | 83.9 | 1.8% | 91.5 | -6.7% |
· Charity | 30.1 | 3.3 | 812.1% | 16.6 | 81.3% |
· Communication services | 27.9 | 27.2 | 2.6% | 20.1 | 38.8% |
· Business trip expenses | 25.0 | 18.1 | 38.1% | 8.8 | 184.1% |
· Security expenses | 11.9 | 9.9 | 20.2% | 9.7 | 22.7% |
· Transport expenses | 8.5 | 5.4 | 57.4% | 7.9 | 7.6% |
· Loss on disposal of property, equipment and intangible assets | 0.8 | 12.4 | -93.5% | 3.4 | -76.5% |
· Other | 32.4 | 19.7 | 64.5% | 98.7 | -67.2% |
Personnel expenses | 7 653.4 | 2 902.4 | 163.7% | 5 650.9 | 35.4% |
· Employees benefits except for share-based payments | 3 659.9 | 2 330.1 | 57.1% | 3 470.0 | 5.5% |
· Payroll related taxes | 1 184.2 | 488.4 | 142.5% | 1 095.9 | 8.1% |
· Share-based payment expense on equity settled instruments | 219.7 | 71.9 | 205.6% | - 86.5 | -354.0% |
· Share-based payment expense on cash settled instruments | 2 589.6 | 12.0 | 21480.0% | 1 171.5 | 121.0% |
Total operating expenses | 12 464.3 | 5 906.5 | 111.0% | 9 777.3 | 27.5% |
Headcount, employees e-o-p | 2 828 | 2 405 | 17.6% | 2 687 | 5.2% |
PERFORMANCE OF KEY BUSINESS LINES
Q2 2024 | Q2 2023 | YoY | Q1 2024 | QoQ | |
Equities Market | |||||
Fee and commission income, RUB mln | 2 392.7 | 1 617.5 | 47.9% | 2 026.8 | 18.1% |
Trading volumes, RUB bln | 7 729.5 | 5 332.5 | 45.0% | 6 610.1 | 16.9% |
Bond Market | |||||
Fee and commission income, RUB mln | 899.1 | 712.2 | 26.2% | 818.9 | 9.8% |
Trading volumes (ex. overnight bonds), RUB bln | 5 033.3 | 3 968.3 | 26.8% | 4 675.5 | 7.7% |
Money Market | |||||
Fee and commission income, RUB mln | 3 820.7 | 2 767.0 | 38.1% | 3 281.3 | 16.4% |
Trading volumes, RUB bln | 247 690.0 | 184 027.1 | 34.6% | 219 217.1 | 13.0% |
Derivatives Market | |||||
Fee and commission income, RUB mln | 2 244.9 | 1 464.4 | 53.3% | 1 845.8 | 21.6% |
Trading volumes, RUB bln | 23 204.1 | 17 758.3 | 30.7% | 21 079.6 | 10.1% |
Other markets | |||||
Fee and commission income, RUB mln | 1 785.3 | 1 641.7 | 8.7% | n.a. | n.m. |
Trading volumes, RUB bln | 77 903.2 | 66 820.4 | 16.6% | 85 865.2 | -9.3% |
Depository and Settlement Services | |||||
Fee and commission income, RUB mln | 2 541.4 | 2 298.6 | 10.6% | 2 602.7 | -2.4% |
Average assets under custody, RUB bln | 81 072.3 | 69 949.8 | 15.9% | 80 328.3 | 0.9% |
Other fee and commission income (IT Services, Listing, Marketplace and other) | 1 854.7 | 1 431.6 | 29.6% | 1 752.3 | 5.8% |
Information services, RUB mln | 336.3 | 340.5 | -1.2% | 362.2 | -7.2% |
Sale of software and tech. services, RUB mln | 439.0 | 385.5 | 13.9% | 429.8 | 2.1% |
Listing and other services, RUB mln | 195.3 | 178.7 | 9.3% | 185.2 | 5.5% |
Financial marketplace services, RUB mln | 656.3 | 358.5 | 83.1% | 775.1 | -15.3% |
Other fee income, RUB mln | 227.8 | 168.4 | 35.3% | n.a. | n.m. |
Net interest and other finance income | |||||
Net interest and other finance income, RUB mln | 21 227.1 | 8 958.3 | 137.0% | 19 411.6 | 9.4% |
Investment portfolio, RUB bln | 3 006.9 | 2 166.5 | 38.8% | 2 776.4 | 8.3% |
Moscow Exchange's summary consolidated IFRS financial statements for Q2 2024 are available in the Investor Relations section of the company's web site.
Contacts:
Investor Relations: Public Relations:
Anton Terentiev, CFA +7 495 363 3232 [email protected] |
Press Office +7 495 363 3232 [email protected] |
NOTES TO EDITORS
About Moscow Exchange
Moscow Exchange Group operates Russia's main trading platform for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central securities depository (National Settlement Depository), and a clearing center (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to offer its clients the full spectrum of trading and post-trading services. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX).
Disclaimers
Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in the Russian Federation, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.