BYMA announces results for 2Q23
Buenos Aires, Argentina, August 11th, 2023. - Bolsas y Mercados Argentinos S.A. (BYMA: BYMA) reported today financial results for the period of three months ended June 30th, 2023 (2Q23).
In compliance with NIC29, BYMA presented its results adjusted for inflation. The financial statements are all expressed in the currency measure adjusted as of June 2023. This includes both the figures for 2023 as well as those for 2022.
The numbers presented herein are mostly historical figures. Those that are adjusted for inflation are clarified in each case.
Summary of the Financial Statements
April-June 2023 (2Q23)
OVERALL RESULTS
- Excellent quarter, with revenues growing in real terms due to higher business growth, expenditures falling in real terms, and strong financial results.
- Net income adjusted for inflation was positive in ARS 6,356 million, being the third consecutive quarter with positive inflation adjusted results.
- In historical terms (nominal figures, without inflation adjustment) net income was ARS 16,086 million, more than four times the figure registered in 2Q22.
- Operating income, after inflation adjustment, rose 30% y-o-y.
- Operating expenses (excluding D&A), adjusted by inflation fell 10% with respect to 2Q22.
- As this faster growth of revenues over expenditures, LTM EBITDA was 68%, an all-time high.
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BYMA - 2Q23 Financial Results
ARS Million | Historical | |||
2Q22 | 2Q23 | Var. | ||
CSD Revenues | 904 | 1,911 | 111% | |
Exchange Revenues | 966 | 3,323 | 244% | |
Income | 1,870 | 5,234 | 180% | |
Total Expenses | 1,147 | 2,327 | 103% | |
Gross Margin | 722 | 2,906 | 302% | |
Other Operating Income | 276 | 2,708 | 881% | |
Net Operatig Result | 998 | 5,615 | 462% | |
Inflation Adjustment Impact | 0 | 0 | 0% | |
Financial Income | 2,781 | 16,386 | 489% | |
Oher gains/losses | -25 | 39 | -259% | |
Participation in other companies | 60 | -43 | -171% | |
EBT | 3,815 | 21,997 | 477% | |
Income Tax | -308 | -5,911 | 1820% | |
Net Income | 3,507 | 16,086 | 359% | |
EBITDA Margin (quarter) | 48% | 71% | ||
Adjusted by Inflation
2Q22 | 2Q23 | Var. |
2,096 | 2,060 | -2% |
2,185 | 3,512 | 61% |
4,281 | 5,572 | 30% |
-2,994 | -2,694 | -10% |
1,287 | 2,878 | 124% |
675 | 3,009 | 346% |
1,962 | 5,887 | 200% |
-10,033 | -14,011 | 40% |
6,367 | 17,196 | 170% |
18 | 17 | -4% |
-15 | 39 | -361% |
-1,701 | 9,129 | 637% |
-339 | -2,773 | N/A |
-2,040 | 6,356 | 412% |
BUSINESS HIGHLIGHTS: CSD AND EXCHANGE
- Assets under Custody (AUCs, quarterly average), measured in face value were 215% higher than in the same quarter of 2022. This value was lower than in 1Q23 due to a change in the portfolio composition, with less treasury bills and more bonds.
- When measured at market prices (the key driver for invoicing), AuC doubled since 2Q22 (+106%), and were 22% higher since the previous quarter.
- Regarding the Exchange, total ADTV reached an all-time high, with ARS 1,100,737 million, or more than three times 2Q22´s ADTV
- As in the previous quarter, this was explained by higher traded values in all the different asset classes.
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- It is worth mentioning the 295% y-o-y increase in equity ADTV, where both domestic shares as well as Cedears contributed to this increase.
- On-Exchangerepos also experienced a remarkable performance: they were 210% higher than in 2Q22, and 38% above the value of the previous quarter.
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Assets under Custody and ADTV
BYMA | 2Q23 | 2Q22 | 2Q23/ 2Q22 |
Assets under Custody (AuC) | |||
Face Value (Quarterly Avg, in millions) | 4,280,546 | 3,539,066 | 21.0% |
Market Value (Quearterly Avg, ARS Million) | 23,756,139 | 11,531,098 | 106.0% |
ADTV (ARS Million) | |||
TOTAL | 1,100,737 | 356,251 | 209% |
Fixed Income | 679,742 | 218,440 | 211% |
Guaranteed Segment | 270,555 | 84,902 | 219% |
Non-Guaranteed Segment | 409,187 | 133,538 | 206% |
Equity | 17,339 | 4,391 | 295% |
On Exchange Repo | 396,587 | 127,961 | 210% |
OPERATING INCOME HIGHLIGHTS (historical values)
- Revenues from the CSD (Caja de Valores) totaled ARS 1,911 million, 111% more than those in 2Q22, and 25% higher than the previous quarter. Even though CSD services explained 73% of total revenue, Registrar and Additional Services shown the higher growth rates.
- Exchange revenues (ARS 3,323 million) were nearly 3.5 times those observed in added up to ARS 2,381 million, against ARS 885 million in 1q22, implying an y-o-y growth of 2Q22 (ARS 966 million), which was explained by higher business activity.
- Exchange revenues represented 63% of operating Income, the largest shares in historical terms. In 2Q22, the share of the CSD and the Exchange were 50% each.
- Other operating income reached ARS 2,708 million, against ARS 276 million in 2Q22.
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CDS and Echange Operating Income
BYMA (ARS Millions) | 2Q23 | 2Q22 | 2Q23/ 2Q22 |
Total Revenue | 5,234 | 1,870 | 180.0% |
CSD | 1,911.0 | 903.6 | 111.5% |
ADC Services | 1,386.8 | 686.1 | 102.1% |
ARyP Services | 39.6 | 15.8 | 149.6% |
Additional services | 484.7 | 201.6 | 140.4% |
EXCHANGE | 3,322.8 | 965.9 | 244.0% |
Operationg Fees | 3,000.5 | 816.8 | 267.4% |
Market Data | 174.3 | 79.0 | 120.6% |
Other fees | 148.0 | 70.2 | 110.9% |
FINANCIAL INCOME
- More than +90% of the investment portfolio is dollarized.
- Portfolio rotation and mark to market generated 20% of the results, with rates generating the other 80% of that segment.
- Growth of financial results comes from higher local and global rates
Financial Income (Million ARS) | ||||||||||||||||
16,386 | ||||||||||||||||
FX Difference | Interest and mark to market | 8,537 | ||||||||||||||
8,585 | 9,541 | |||||||||||||||
4,172 | ||||||||||||||||
4,358 | 5,253 | |||||||||||||||
2,366 | 2,189 | 2,286 | 2,781 | 2,258 | 7,849 | |||||||||||
5,370 | ||||||||||||||||
763 | 1,346 | 962 | 1,344 | 1,130 | 1,360 | 741 | 439 | |||||||||
1,516 | 3,332 | |||||||||||||||
476 | 673 | 592 | 668 | 2,342 | 2,099 | |||||||||||
849 | 149 | 870 | 1,228 | 1,545 | ||||||||||||
614 | 671 | 539 | 693 | |||||||||||||
2Q20 3Q20 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 |
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EXPENDITURES
- The increase in OpEx was 12.8 p.p. below annual inflation (115,6%). This was achieved thanks to tighter management of external providers and to the results of other efficiency projects.
- Taxes (IIBB) grew in line with higher invoicing. Interconnection with other CSDs grew in line with higher volumes in international.
BYMA (ARS Millions)
2Q23
2Q22
2Q23/ 2Q22
Total Expenditures | 2,327.3 | 1,147.4 | 102.8% | |
Wages and salaries | 981.0 | 524.6 | 87.0% | |
Taxes | 341.9 | 142.7 | 139.5% | |
Maintenance and amortization | 281.4 | 150.3 | 87.2% | |
Consultancy | 315.3 | 249.3 | 26.5% | |
Transportation and insurance | 14.6 | 15.1 | -3.6% | |
Interconnection with other CSDs | 142.5 | 51.3 | 177.6% | |
Others | 250.7 | 14.0 | 1693.2% | . |
EFFICIENCY
- LTM EBITDA margin reached an all-time-high of 68%. This resulted from revenues growing higher than expenditures.
- The also increasing operating margin (which does nor include financial income), shows the results of higher efficiency and remains above our target of 50%.
- YTD operating margin (54%) was a record for a first semester
EBITDA Mg. Rolling 12 month | 68% | Operating Margin | 54% | ||||||||||||||
63% | 64% | ||||||||||||||||
56% | 58% | 59% | 42% | 38% | 37% | 39% | 41% | ||||||||||
52% | 51% | 50% | |||||||||||||||
50% | 50% | ||||||||||||||||
49% | |||||||||||||||||
41% | |||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | YTD | ||||||||||||
2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 |
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Bolsas y Mercados Argentinos SA published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 22:51:05 UTC.