PX Group and CEESEG Holding Basic information on PSE

Report
PX Group and CEESEG Holding
Basic information on PSE, PXE and CDCP
14. November 2013
PX Group

Main activities
 Organizing regulated and unregulated securities markets
 Organizing a commodity market (electricity delivery)
 Maintaining securities records,
clearing and settlement of transactions in securities




2|
Czech capital market share of 99.5%
In 2012, 19,8 TWh of Czech electricity was traded,
corresponding to some 31.46% of electricity
consumption in the Czech Republic
Market capitalization of securities maintained in
record exceeding CZK 1,000,000,000,000
Share of 99.9% in volume of trades and transfers
settled on Czech capital market
PX Group – companies
PSE
Securities market organizer
CSDP
Maintaining securities register,
clearing and settlement
PXE
EnCC
Counterparties for participants in
concluding electricity trades
Electricity market organizer
Consolidated results as at 31 Dec
2008
2009
2010
2011
2012
2013
Total assets (EUR m)
172.2
128.3
113.4
103.7
106.1
29.4
16.8
14.4
17,2
21.3
20.5
19.2
5.8
4.8
4.1
6.5
5.6
5.4
35.65
16.85
16.92
16.32
20.72
20.83
Revenues (EUR m)
Profit after tax (EUR m)
Dividend payment /PSE only/ (EUR)
3|
CEE Stock Exchange Group (CEESEG)

42% of total market
capitalization of all exchanges in
the region**
48% of equity trading volume in
the region**
Internet: www.ceeseg.com


CEESEG
Data vending, indices
Indices cooperation
MoU
Holding
CEE Stock Exchange Group*
50.45%
100 %
92.74%
100%
Budapest Stock
Exchange
Ljubljana Stock
Exchange
Prague Stock
Exchange
Vienna Stock
Exchange
* Ownership Structure of CEESEG AG: 52.59% Austrian
Banks, 47.41% issuers of the Vienna Stock Exchange
Hungary
Slovenia
Czech Republic
Austria
**Czech Republic, Austria, Hungary, Slovenia, Slovakia,
Poland, Romania, Bulgaria, Croatia, Serbia, Bosnia and
Herzegovina, Montenegro
33.33%
4|
PXE
33.33%
5%
CISMO
APCS
20% 10%
CEGH
25.12%
EXAA
33.33%
CCP.A
100% 50%
Energy Clearing
Counterparty
100%
CSD Prague
97,72%
1,07%
KELER CCP
KELER
46.67%
CEE Stock Exchange Group –
a comparison of market capitalization
Others*
6%
Zagreb SE
5%
Bukarest SE
5%
Warsaw SE
45%
CEESEG
39%
* Bulgarian SE, Bratislava SE, Montenegro SE, Belgrade SE, Sarajevo SE, Banja Luka SE, Macedonia SE
January 2014, Source: FESE, FEAS, local stock exchange
5
CEE Stock Exchange Group –
a comparison of equity turnover
Others*
3%
CEESEG
44%
Warsaw SE
53%
* Bukarest SE, Bulgarian SE, Zagreb SE, Belgrade SE, Macedonia SE, Banja Luka SE, Bratislava SE, Sarajevo SE, Montenegro SE
January 2014 YTD, Source: FESE, FEAS, local stock exchange
6
CEE Stock Exchange Group – institucional
investors
Netherlands
3.2%
Poland
3.4%
Switzerland
2.6%
Mexico
2.3%
USA
24.8%
Germany
4.4%
France
5.6%
Norway
6.1%
Austria
16.1%
UK
15.7%
Others*
15.8%
*Among others, Canada, Slovenia, Hungary, Sweden, Czech Republic
2013, Source: Ipreo
7
CEE Stock Exchange Group –
The Largest Issuers
Listing
Issuer
ERSTE GROUP BANK
OMV
CEZ
RAIFFEISEN BANK INTERNATIONAL
KOMERCNI BANKA
VOESTALPINE
MOL
VIENNA INSURANCE GROUP
ANDRITZ
IMMOFINANZ
OTP BANK
TELEFONICA O2 CR
TELEKOM AUSTRIA
RICHTER GEDEON
VERBUND KAT. A
STRABAG
OESTERR. POST
KRKA
January 2014
Source: Vienna Stock Exchange
8
Market Capitalization
(in EUR bn)
11,6
10,5
10,1
8,3
6,1
5,7
4,7
4,5
4,2
4,0
3,8
3,4
2,9
2,8
2,7
2,5
2,3
2,1
CEE Stock Exchange Group –
Sector Allocation
Others*
9%
Transportation
2%
Construction
2%
Banking
27%
Pharmaceuticals
4%
Industrial Engineering &
Machinery
5%
Insurance
5%
Mining & Metals
5%
Oil & Gas
16%
Real Estate
6%
Telecommunications
7%
Electric Utilities
12%
* Multi-Utilities, Packaging, Food, Beverage & Tobacco, Construction Materials, Chemicals, Electrical Equipment, Tourism & Travel,
Media, Retailing, Leisure & Gambling, Personal Products, Household Products & Furniture, Automobiles & Parts, Other Industrial
Services, Other Industrial Goods, Software & IT Services
January 2014, Source: Vienna Stock Exchange
9
CEE Stock Exchange Group –
Trading Members
 168 financial institutions participate in trading on the member
exchanges of CEESEG.
 The following are active on two or more markets:
Member
Country
Deutsche Bank (resp. DB Securities)
CZ, HU, AT
Equilor Investment
CZ, HU
Erste Group Bank (resp. Česká spořitelna, Brokerjet)
CZ, HU, AT, SI
IPOPEMA Securities
CZ, HU
KBC Securities (resp. Patria Finance)
CZ, HU, AT, SI
Raiffeisen Centrobank
CZ, HU, AT, SI
UniCredit Bank
CZ, HU, AT, SI
WOOD & Company Financial Services
CZ, HU, AT, SI
January 2014
Source: Member Exchanges of CEESEG
10
Stock Exchange Group –
Trading volumes by members (2014 YTD)
Trading volumes
(mln EUR)
Member
Erste Group Bank (resp. Česká spořitelna, Brokerjet)
773.7
Raiffeisen Centrobank
695.5
Deutsche Bank (resp. DB Securities)
514.4
WOOD & Company Financial Services
514.3
KBC Securities (resp. Patria Finance)
CEE 500.9
Morgan Stanley & Co. International
415.9
UBS
396.2
Credit Suisse Securities (Europe)
356.5
Merrill Lynch International
336.5
J.P. Morgan Securities
311.8
Regulated & unregulated markets; domestic & foreign turnover
January 2014
Source: Member Exchanges of CEESEG
11
Prague Stock Exchange
27 June 2012
Prague Stock Exchange


Re-established in 1993
Member of the PX Group holding

Member of the CEE Stock Exchange Group (CEESEG)

Member of the Federation of European Securities Exchanges

U.S. SEC “Designated Offshore Securities Market”
Number of trades (shares):





Market capitalization in 2013: € 39,8 bn*
Trade value - shares 2013: € 6,7 bn**
Czech capital market share of 98,4%
Leader in the Central and East European Region
Internet: www.pse.cz
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
* Domestic and foreign issues together
** All PSE’s numbers are “single counted”
200,000
0
2007 2008 2009 2010 2011 2012 2013
13|
History
1409
█ Brugges – first organized market (van den Boerse)
1462
█ Exchange in France – Lyon
1698
█ Exchange in England – London
1771
█ Exchange in Austria – Vienna
1792
█ Exchange in USA – New York
1864
█ Exchange in Hungary – Budapest
1871
█ Commodity and Stock Exchange in Prague
1920–39 █ Period of the Exchange’s prosperity
1939
█ Nazi occupation
1948
█ Decree of the Ministry of Finance of the Czechoslovak Republic
dissolving the Exchange
14|
Recent history
1992
█ PSE established – 12 banks and 5 brokerage companies
1993
█ The Exchange reopened
1993
█ First wave of Coupon Privatization – 955 issues
1995
█ Second wave of Coupon Privatization – 674 issues
1997
█ 1,301 issues withdrawn from trading
2004
█ FESE membership and first IPO – Zentiva
2007
█ PXE – Power Exchange Central Europe (Prague Energy Exchange)
2008
█ Vienna Stock Exchange becomes majority shareholder
2010
█ Activity of the Central Securities Depository Prague established
2010
█ PSE a part of the CEESEG holding company
15|
Members

The Exchange currently has 18 experienced members:
Domestic:
Remote:
DB Securities
Membership procedure:
16|
16|
Trading system and connection
 Trading system Xetra Prague
 Access point concept – 3 possibilities for PSE members
Praha
17|
Investors
Switzerland
3.1%
Poland
3.1%
Netherlands
3.7%

Institutional investors
 Regional distribution:
Germany
2.8%
Austria
2.5%
Canada
4%
Czech Republic
4.3%
USA
44.2%
(December 2013, Source: Ipreo)
Norway
5.5%
Others
10.3%
UK
16.5%

18|
Small investors – strong retail
 Their number is growing gradually – from 5,000 in 2004 to today’s 100,000
 Traded equity volume is some CZK 20 bn per year
 “Small” investors in case of PSE are rather “high net worth individuals”, as
volumes per investor are considerably larger than in some other exchanges in
the region
 Interest in IPOs: in case of NWR NV, a considerable part of the issue was
placed among small domestic investors
 Several rapidly growing online brokers operate on the market
Public relations

PSE endeavours to develop the Czech capital market and supports discussions related
to the capital market.

Television programme “Studio Exchange”
 In cooperation with the public Czech Television
 Since 22 January 2008, directly from PSE’s premises
 News from the capital markets seven times daily
 On channels ČT24, ČT1 and on Czech TV’s website (www.ceskatelevize.cz)

Dissemination of exchange information
 Continuous and free-of-charge information stream with 15-minute time lag on
PSE’s website
 Final trading results and selected statistical data available free of charge
 Expert users may obtain exchange information in real time (online) and receive
trading results after the daily close of trading (off-line)
19|
POWER EXCHANGE
CENTRAL EUROPE
27 June 2012
Products with physical delivery
Electricity
Natural gas


Delivery period: Base Load and Peak Load
Base Load – all days 0:00 - 24:00
Peak Load – Monday to Friday 8:00 - 20:00
Czech Republic
 SPOT
 Access to the day hourly auction
OTE/PXE using the PXE system
 Physical delivery arising from a position
in financial futures
Slovakia and
Hungary
 6 following months
 4 following quarters
 3 following years
21|
Delivery period: Base Load
Base Load – all days 06:00 - 06:00
Czech Republic
 3 following months
 4 following quarters
 3 seasons (winter / summer)
 2 following years
Czech market with natural gas futures is
organized in co-operation with
Market participants



22|
1 trading location
3 markets
43 participants
 Contract with PXE allows trading at PXE
 Contract with a clearing bank

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