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Tel Aviv Stock Exchange Ltd. Investor Presentation 2021

Nov 22, 2021

7071_rns_2021-11-22_20cc4426-4fa8-4762-84a1-d36a079c4499.pdf

Investor Presentation

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Tel-Aviv Stock Exchange (TASE) Investors Presentation

Third quarter 2021

1

IMPORTANT: You must read the following before continuing. The following applies to the presentation with respect to The Tel-Aviv Stock Exchange Limited and its subsidiaries and affiliates (collectively, "TASE"). In accessing the presentation, you agree to be bound by the following terms and conditions.

The presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase the securities of TASE, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding the securities. Any investment decision in respect of the securities should be made solely on the basis of the information to be contained in the public reports of TASE.

The information in the presentation is basic and concise while the public reports of TASE contain more detailed information which may be different from, or additional to, the information contained in this presentation. In the event of any contradiction or discrepancy between the presentation and the public reports, the information in the public reports prevails. Thus, the presentation is not intended to serve as a substitute to reading TASE's public reports.

The Information contains statements and information that are forward-looking. Such forward-looking statements and information are only predictions and cannot assure TASE's future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and uncertainties relating to the operations and business of TASE. As a result of such risks and uncertainties, the actual results of TASE may be materially different from any future result expressed or implied in the forward-looking statement or information contained herein. Any opinions expressed in this presentation are subject to change without notice and TASE is not under obligation to update or keep current any of the forward-looking statement or information contained herein.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein. The information, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurances as to future results. TASE expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the information that may result from any change in TASE's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document

TASE at a Glance / Q3'21 by the Numbers

Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market

TASE plays a critical role in the market infrastructure of Israel as well as the overall growth of its economy

  • "Home court" for Israeli companies looking to raise capital
  • Primary source of capital raising for the Israeli government
  • Only clearing house infrastructure in Israel, including clearing/ settlement of mutual funds (major retail investing channel)

(1) Includes corporate, government bonds ,ETFs and structured bonds. (2) Excludes options on single shares and TA-Banks indices. (3) Includes corporate, government and structured bonds.

The results for Q3'21

NIS, in thousands

Quarter Ended
IFRS (GAAP) September 30,
2021		 September 30,
2020		 Difference
-%
Revenue from services 74,968 72,030 4%
Expenses 64,433 64,069 1%
Profit before financing income, net 10,535 7,961 32%
Financing income (expenses) )900(
1,798		 -
Taxes on income 2,698 1,692 59%
Profit for the quarter 9,635 5,369 79%
Diluted
EPS (in NIS)		 0.092 0.052 78%
Non GAAP
Adjusted EBITDA* 22,755 19,338 18%
%
EBITDA
Adjusted margin		 30% 27%
Adjusted net profit* 9,771 5,619 74%
% Adjusted net profit margin 13% 8%

Revenue Q3'21

NIS, in thousands

39% transactional
Quarter Ended 61% non-transactional
September
30,
2021		 % of the
Company's
total
revenues		 September
30,
2020		 % of the
Company's
total
revenues		 Difference
-%		 1%
17%
Trading and
clearing
commissions		 28,727 39% 31,097 43% )8%( The
decrease
in
revenue
is
due
mainly
to
the
fewer
trading
days
this
quarter
compared
to
the
corresponding
quarter
last
year,
(Decrease
of
6
trading
days)
due
to
the
Jewish
new
year
holidays,
which
resulted
in
a
10%
reduction
in
revenue.
This
reduction
was
partly
offset
(at
a
total
rate
of
3%)
by
an
increase
in
the
effective
commission.		 Q3'21
39%
Revenue
Listing fees and
levies		 16,867 22% 14,856 21% 14% The
increase
is
due
mainly
to
an
increase
in
revenue
from
listing
fees,
which
contributed
aprx.
7%
to
the
increase
in
revenue.
Another
6%
rise
in
revenue
is
attributed
to
the
higher
number
of
companies
and
funds
that
pay
an
annual
levy
and
to
the
charging
of
new
annual
levies		 74.9
21%
NIS Millions
Clearing House
services		 15,931 21% 13,952 19% 14% Most
of
the
increase
is
due
to
a
rise
in
custodial
fees
(which
increased
revenue
by
aprx.
11%),
resulting
from
the
appreciation
in
the
value
of
the
Clearing
House
managed
assets
compared
to
the
corresponding
quarter
last
year,
and
to
an
increase
in
revenue
from
Clearing
House
services
to
members
(a
contribution
of
3%
to
the
increase
in
revenue).		 22%
Data
distribution and
Connectivity
services		 12,927 17% 11,738 16% 10% The
increase
in
revenue
is
due
mainly
to
an
increase
in
revenue
from
data
distribution
to
customers
outside
Israel
(contributing
aprx.
5%
to
the
increase
in
revenue).
Additionally,
a
rise
in
revenue
from
the
distribution
of
derivative
data
and
in
revenue
from
connectivity
services,
have
each
contributed
to
a
3%
increase
in
revenue.		 Trading and clearing commissions
Securities listing fees, and annual levies
Clearing House services
Other revenue 516 1% 387 1% 33% The
increase
is
due
mainly
to
the
increase
in
rent
with
the
introduction
of
a
new
tenant,
and
to
the
growth
in
the
activity
of
the
Conference
Center
compared
to
the
corresponding
quarter
last
year,
in
view
of
the
lifting
of
certain
coronavirus-related
restrictions.		 Data distribution and connectivity services
Other
Total
revenue		 74,968 100% 72,030 100% 4%

5

Adjusted Expenses(*) Q3'21

NIS, in thousands

Quarter Ended
September
30,
2021		 % of the
Company's
total
Expenses		 September
30,
2020		 % of the
Company's
total
Expenses		 Difference
-%
Compensation 35,423 55% 34,989 55% 1%
Computer and
Communications		 6,389 10% 6,736 11% )5%(
Property Taxes and Building
Maintenance		 3,482 5% 3,076 5% 13%
Marketing 1,715 3% 2,693 4% )36%(
Fee to the Israel Securities
Authority		 2,280 3% 2,694 4% )15%(
General and Administrative 2,924 5% 2,504 4% 17%
Depreciation & amortization 12,076 19% 11,126 17% 9%
Other 8 0% 1 0% 700%
Total Expenses 64,297 100% 63,819 100% 1%

  • Compensation
  • Computer and communication
  • Property taxes and building maintenance
  • Marketing
  • Fee to the Israeli Securities Authority
  • General and administrative
  • Depreciation and amortization
  • Other

Balance Sheet and Liquidity Position

as of September 30st 2021 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents 154,140
Financial assets at fair value through profit or loss 208,343
Trade receivables 15,009
Other receivables 13,820
Total 391,312
Assets derived from clearing operations in respect of open derivative
positions		 451,739
843,051
Non-current assets
Cash restricted as to use 720
Other long-term receivables 2,074
Property and equipment, net 333,003
Intangible assets, net 127,962
Deferred tax assets 14,008
Total non-current assets 477,767
Total assets 1,320,818
Liabilities and Equity:
Current liabilities
Trade payables 8,282
Short-term liabilities for employee benefits 29,669
Other payables 4,046
Current maturities of lease liabilities 8,821
Current tax liabilities 2,568
Deferred income in respect of listing fees and levies 31,864
Total )1( 85,250
Liabilities derived from clearing operations in respect of open
derivative positions		 451,739
Total current liabilities 536,989
Non-current liabilities:
Non-current liabilities for employee benefits 36,263
Lease liabilities 16,377
Deferred income in respect of listing fees and levies 83,208
Other liabilities 720
Total non-current liabilities 136,568
Total equity 647,261
Total liabilities and equity 1,320,818
(1)
Equity Ratio		 49%
Capital requirements in respect of the risk components:
Credit risk 36,778
Market risk 5,955
Legal and operational risk (2) 43,335
Business continuity and reorganization (3) 118,023
Contribution against default waterfall 27,571
Total capital requirements in respect of the risk components 231,662
Capital base components:
Total equity 647,261
Less:
Intangible assets )116,116(
Total qualifying capital base 531,145
Capital surplus (qualifying capital base, less requirements) 299,483
Liquidity requirements in respect to the risk components
Business continuity and reorganization 118,023
Contribution against default waterfall 27,571
Total requirements for liquid assets 145,594
Cash and cash equivalents 154,140
Securities portfolio at fair value 208,343
Less –
amortization coefficients on the assets		 )10,373(
Credit line -
Less –
current liabilities		 )62,045(
Net liquid assets 290,065
Liquidity surplus (net liquid assets, less requirements) 144,471

144 NIS in Millions Excess Liquidity

Cash Flow NIS in Millions

(3) .

Item Q1-Q3'21 Q3'21 Q2'21 Q1'21 2020 Q4'20 Q3'20 Q2'20 Q1'20
Operating
Activities		 Adjusted EBITDA
(1)		 73.5 22.8 26.2 24.6 95.1 25.9 19.3 21.0
Changes in working capital 2.7 )8.4( )7.3( 18.4 6.7 (1.9) )10.4( 2.3
Financing and tax )6.4( )3.6( )1.6( )1.2( (6.4) (3.7) )1.4( )2.3(
Total 69.8 10.8 17.3 41.8 95.4 20.3 7.5 21.0
Investing
Activities		 Investments in property and equipment
and in intangible assets		 )29.5( )6.6( )9.6( )13.3( (37.9) (14.4) )6.4( (9.0)
Acquisition of financial assets at fair
value		 )3.1( 0.7 )2.3( )1.4( (4.2) (1.4) )0.8( (3.5)
Total )32.5( )5.9( )11.9( )14.7( (42.1) (15.8) )7.2( (12.5)
Lease payments )6.9( )2.3( )2.3( )2.3( (9.9) (2.5) )2.5( (2.5)
Financing Receipts from shareholders within the
framework of implementing the
ownership restructuring, net		 - - - - 3.7 - 3.7 -
Activities Dividend
payment		 )18.5( - )18.5( - (8.8) - - )8.8(
Total )25.3( )2.3( )20.8( )2.3( (15.0) (2.5) 1.2 (11.3)
Total increase in cash and cash
equivalents		 12 2.6 )15.4( 24.8 38.3 2.0 1.5 )2.8(
Free Cash Flow
(2)		 33.4 1.9 5.4 26.2 47.6 3.4 (1.4) 9.5

(2) FCF includes the net cash from operating activities, less Investments in property and equipment and in intangible assets and Lease payments

Revenue Trends

NIS in Millions

Adjusted Operating Expenses(1) Trends

NIS in Millions

Quarterly Expenses(1)

10 (1) Excludes the reversal of the impairment provision in 2018 and expenses in respect to share-payments in 2019, 2020 and 2021.

Profitability Trends

NIS in Millions

50%

70.0

Adjusted Net Profit & Margin (1)

0%

0.0

10.0

20.0

30.0

40.0

50.0

2%

4%

6%

8%

10%

12%

(1) Excludes the reversal of the impairment provision in 2018 and expenses in respect to share-payments in 2019, 2020 and 2021

Issuance Volume

(1) Includes TASE-UP (2) Excludes Private Placements. Includes TASE-UP

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APPENDIX

13

Q3'21 Revenue Composition

Revenue Drill Down | Transactional - Shares

Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs and ETNs

Revenue Drill Down | Transactional - Bonds

Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs and ETNs

Revenue Drill Down | Transactional - Mutual Funds

Revenue Capture %

Revenue (NIS millions)

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

* As of 2020, the value of assets in each period is calculated as the monthly average in the period. The value of assets in 2018 and 2019 is presented as the value for the end of the period . ** The collection of revenues based on the value of assets at the end of each month.

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

Q3'21 Adjusted Expense Composition

  • Compensation
  • Computer and communication
  • Property taxes and building maintenance
  • Marketing
  • Fee to the Israeli Securities Authority
  • General and administrative
  • Depreciation and amortization
  • Other

Compensation

  • The 2017 Collective Agreement sets the maximum annual increase in employee base compensation to the greater of 3.5% or CPI plus 1.5%(1)
  • Q3'21: NIS 35.4M

Computer and Communications

  • Expenses associated with maintenance, support, and software licenses
  • Q3'21: NIS 6.4M

Property Taxes and Building Maintenance

  • Expenses associated with owning the TASE headquarters
  • Q3'21: NIS 3.5M
General and Administrative Marketing Fee to the Israel Securities
Authority

Costs associated with
professional services, overhead,
supplies, utilities, and insurance

Q3'21: NIS 2.9M
General marketing expenses
including marketing to increase
listings and capital raises

Q3'21: NIS 1.7M
Annual fee to the Company's
primary regulator

Q3'21: NIS 2.3M
Depreciation & Other

Q3'21: NIS 12.1M

Adjusted Net Profit and Adjusted EBITDA Reconciliation

NIS in Thousands

Quarter Ended Nine months ended ,Year ended December 31,
September 30,
2021		 September 30,
2020		 September 30,
2021		 September
30,
2020		 2020 2019
Profit for the year 9,635 5,369 31,369 25,629 36,904 17,558
Adjusted Net
Profit
Reconciliation		 (+) Expenses in respect to share-based
payments		 136 250 605 1,034 1,280 3,858
Adjusted Net Profit 9,771 5,619 31,974 26,663 38,184 21,416
Quarter Ended Nine months ended Year ended December 31,
September 30,
2021		 September
30,
2020		 September 30,
2021		 September
30,
2020		 2020 2019
Profit before financing income, net 10,535 7,961 37,401 35,187 48,772 14,160
(+) Expenses in respect to share-based
payments		 136 250 605 1,034 1,280 3,858
Adjusted EBITDA
Reconciliation		 (+) Depreciation and amortization expenses 12,076 11,126 35,425 32,965 44,510 43,571
(+) Loss from disposal of property and equipment
and intangible assets		 8 1 107 19 587 1,358
Adjusted EBITDA 22.755 19.338 73,538 69,205 95,149 62,947

Transactional Metrics

Nine months ended Quarter ended Year ended
30.09.21 30.09.20 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
Number of trading days 179 182 56 61 62 66 62 57 63 248 244 245
SHARES
Market cap of Shares (ex. ETN / ETFs) 1,015 714 1,015 958 877 842 714 680 649 842 820 703
Market cap of ETN / ETFs on share indices 68 52 68 70 66 61 52 50 46 61 64 60
Total market cap (in NIS billions) 1,083 766 1,083 1028 943 903 766 730 695 903 884 763
Shares ADV (ex. ETN / ETFs) 1,524 1,503 1,424 1,594 1,545 1,363 1,357 1,484 1,663 1,465 1,081 1,124
ETN / ETFs on share indices ADV 321 423 362 289 315 307 339 401 527 393 219 470
Total average daily volume (in NIS millions) 1,845 1,926 1,786 1,883 1,859 1,670 1,696 1,885 2,190 1,858 1,300 1,594
Average commissions 0.01077% 0.01049% 0.01098% 0.01045% 0.01091% 0.01123% 0.01070% 0.01086% 0.01004% 0.01067% 0.01022% 0.00900%
Revenue (in NIS thousands) 35,582 36,776 10,997 12,007 12,578 12,373 11,259 11,668 13,849 49,150 32,434 33,976
BONDS
Market cap of government bonds -unlinked 369 328 369 367 361 351 328 307 270 351 275 248
Market cap of government bonds -linked 300 269 300 306 293 280 269 259 254 280 257 236
Market cap of corporate bonds 403 383 403 393 389 388 383 372 373 388 411 380
Market cap of bonds (ex. ETN / ETFs) 1,072 980 1,072 1,066 1,043 1,019 980 938 897 1,019 943 864
Market cap of ETN / ETFs on bond indices 32 30 32 31 31 31 30 27 26 31 29 27
Total market cap (in NIS billions) 1,104 1,010 1,104 1,097 1,074 1,050 1,010 965 923 1,050 972 891
Government bonds -
unlinked ADV (in NIS millions)		 1,835 2,059 1,521 1,595 2,354 1,682 1,568 2,116 2,492 1,959 1,722 1,741
Government bonds -
linked ADV (in NIS millions)		 1,207 1,168 994 1,260 1,346 914 1,097 1,091 1,307 1,100 897 907
Corporate bonds ADV excluding ETNs (in NIS
millions)		 754 967 763 804 696 822 794 1,071 1,043 928 798 899
ETN / ETFs on bond indices ADV 122 158 115 117 135 120 132 160 182 148 95 160
Total average daily volume (in NIS millions) 3,918 4,352 3,393 3,776 4,531 3,538 3,591 4,438 5,024 4,135 3,512 3,706
Government bonds unlinked -
average commissions		 0.00193% 0.00187% 0.00195% 0.00191% 0.00193% 0.00190% 0.00192% 0.00183% 0.00187% 0.00188% 0.00192% 0.00190%
Government bonds linked -
average commissions		 0.00281% 0.00294% 0.00288% 0.00288% 0.00270% 0.00294% 0.00291% 0.00313% 0.00281% 0.00294% 0.00291% 0.00289%
Corporate bonds -
average commissions		 0.00703% 0.00689% 0.00701% 0.00695% 0.00712% 0.00718% 0.00690% 0.00679% 0.00698% 0.00696% 0.00694% 0.00694%
Government bonds -
unlinked (in NIS thousands)		 6,339 7,008 1,665 1,854 2,820 2,108 1,866 2,210 2,932 9,116 8,052 8,106
Government bonds -
linked (in NIS thousands)		 6,072 6,246 1,606 2,212 2,254 1,776 1,982 1,950 2,314 8,022 6,367 6,431
Corporate bonds (in NIS thousands) 11,017 14,111 3,446 3,905 3,666 4,462 3,959 4,766 5,386 18,573 15,116 17,998
Other (MTS) (in NIS thousands) 204 104 54 77 73 31 29 33 42 135 187 281
Revenue (in NIS thousands) 23,632 27,469 6,771 8,048 8,813 8,377 7,836 8,958 10,674 35,846 29,722 32,816

Transactional Metrics | Continued

Nine months ended Year ended
30.09.21 30.09.20 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
Number of trading days 179 182 56 61 62 66 62 57 63 248 244 245
TREASURY BILLS
Market cap (in NIS billions) 105 91 105 101 91 87 91 93 112 87 120 108
Treasury bills ADV (in NIS millions) 303 688 222 228 449 278 482 667 911 579 413 431
Average commissions 0.00268% 0.00195% 0.00287% 0.00307% 0.00240% 0.00262% 0.00221% 0.00184% 0.00188% 0.00203% 0.00256% 0.00343%
Revenue (in NIS thousands) 1,452 2,439 357 427 668 481 660 699 1,080 2,920 2,581 3,622
MUTUAL FUNDS
Market cap (in NIS billions) 279 224 279 272 255 239 224 215 200 239 259 220
Average daily value of creation / redemptions (in NIS
millions)		 867 1,117 788 864 942 882 772 864 1,686 1,055 883 960
Average commissions 0.01227% 0.00975% 0.01297% 0.01240% 0.01160% 0.01163% 0.01249% 0.01166% 0.00763% 0.01016% 0.01100% 0.01016%
Revenue (in NIS thousands) 19,039 19,826 5,726 6,537 6,776 6,768 5,978 5,742 8,106 26,594 23,716 23,900
DERIVATIVES
Derivatives on indices (1) 101.1 114.1 109.1 90.7 104.1 106.6 110.1 111.3 120.6 112.1 96.6 134.3
Derivatives on foreign currency 49.4 56.6 44.0 49.5 54.3 50.5 53.6 57.7 58.7 55.0 45.4 58.5
Derivatives on individual shares 5.6 3.1 7.3 5.1 4.6 2.8 2.9 3.7 2.8 3.0 3.1 2.6
Total derivative contracts (in '000 units) 156.1 173.8 160.4 145.3 163.0 159.9 166.6 172.7 182.0 170.1 145.1 196.0
Average commissions 0.529 0.520 0.543 0.522 0.522 0.520 0.519 0.520 0.521 0.520 0.524 0.521
Revenue (in NIS thousands) 14,786 16,454 4,876 4,630 5,280 5,488 5,364 5,119 5,971 21,941 18,547 25,042
Total revenue from trading and clearing
commissions		 94,491 102,964 28,727 31,649 34,115 33,487 31,097 32,187 39,680 136,451 107,000 119,355

Non-Transactional Metrics

Nine months ended Quarter ended Year ended
30.09.21 30.09.20 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)* 2,923 2,464 3,034 2,958 2,776 2,602 2,467 2,390 2,505 2,491 2,639 2,310
Avg. commissions from Custodian Fees 0.00108% 0.00107% 0.00108% 0.00108% 0.00108% 0.00107% 0.00107% 0.00107% 0.00107% 0.00107% 0.00105% 0.00105%
Revenue from: (in NIS thousands)
Custodian Fees 23,721 19,693 8,219 8,007 7,495 6,983 6,625 6,397 6,671 26,676 26,534 26,435
Clearing House services for members / company events 20,360 19,072 6,485 7,646 6,229 6,733 6,024 6,534 6,514 25,805 21,160 18,907
Other 3,846 3,682 1,227 1,292 1,327 1,290 1,303 1,196 1,183 4,972 4,637 4,263
Total revenue from Clearing House services 47,927 42,447 15,931 16,945 15,051 15,006 13,952 14,127 14,368 57,453 52,331 49,605
Nine months ended Quarter ended Year ended
30.09.21 30.09.20 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies 537 528 532 536 545 524 527 529 531 527 541 563
Mutual funds and ETNs / ETFs 2,209 2,147 2,217 2,226 2,182 2,135 2,141 2,154 2,150 2,142 2,132 1,511
Avg. revenue from levies (in NIS thousands)
Companies 16.2 15.7 5.4 5.4 5.4 5.2 5.3 5.2 5.2 20.9 18.9 12.9
Mutual funds and ETNs / ETFs 5.5 5.7 1.8 1.8 1.9 1.8 1.8 1.9 2.0 7.6 7.2 7.3
Revenue from Annual Levies from: (in NIS
thousands)
Companies 8,688 8,299 2,869 2,881 2,938 2,740 2,767 2,766 2,766 11,039 10,198 7,236
Mutual funds and ETNs / ETFs 12,268 12,302 4,059 4,113 4,096 3,923 3,946 4,002 4,353 16,225 15,339 11,033
Nominee Company and others 3,839 2,273 1,320 1,263 1,256 794 772 750 751 3,067 2,530 1,883
Total revenue from Annual levies 24,795 22,874 8,248 8,257 8,290 7,457 7,486 7,518 7,870 30,331 28,067 20,152

25 *As of 2020, the value of assets in each period is calculated as the monthly average in the period. The value of assets in 2018 and 2019 is presented as the value for the end of the period

Non-Transactional Metrics | Continued

Nine months ended Quarter ended Year ended
30.09.21 30.09.20 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
LISTING FEES AND LEVIES
The value of issuance used to calculate Listing fees (in NIS millions)(1)
Shares, Bonds and ETN / ETFs(2)
Companies –		 132,532 66,425 35,071 43,388 54,073 34,905 34,583 26,126 22,796 118,413 91,415 74,661
Government bonds (including swap transactions)(3) 102,538 119,753 17,434 35,471 49,633 45,026 55,580 45,621 18,552 164,779 86,115 59,709
Treasury-bills 93,934 71,934 30,985 30,953 31,996 28,990 26,986 16,986 27,962 100,924 131,684 137,712
Number of issuances
Number of public offerings of shares on TASE 137 73 35 46 56 42 29 21 23 115 60 64
Number of new issuers of shares 84 12 21 30 33 15 6 4 2 27 7 11
Number of new (dual-listed) companies 2 2 - 1 1 1 - 1 1 3 3 3
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions) 9,834 2,136 2,037 4,696 3,101 2,480 1,136 563 437 4,616 3,206 1,844
Amount raised in bond offerings by new issuers (in NIS millions) 259 - - 140 119 100 - - - 100 1,728 7,196
Number of corporate bond offerings to the public 120 108 42 44 34 37 38 37 33 145 160 142
Number of corporate bond offerings to the public by new companies 4 - - 2 2 1 - - - 1 4 13
Average revenue from Examination and Listing Fees(3)
Companies –
Shares, Bonds and ETN / ETFs		 0.0167% 0.0228% 0.0194% 0.0160% 0.0154% 0.0185% 0.0170% 0.0198% 0.0179% 0.0182% 0.023% 0.023%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees 6,763 4,851 1,866 2,565 2,332 1,992 1,690 1,682 1,479 6,843 5,416 7,985
Listing fees -
shares & bonds		 22,093 15,127 6,815 6,949 8,329 6,443 5,870 5,171 4,086 21,570 20,958 16,922
Listing fees -
government bonds		 4,359 4,303 1,453 1,157 1,749 1,578 1,985 1,643 675 5,881 3,045 2,388
Listing of T-bills 657 504 217 216 224 203 189 119 196 707 922 964
Levies and examination fees from members 159 53 53 53 53 80 - 53 - 133 1,208 -
Other 144 124 49 90 5 94 95 29 - 218 746 774
Effect of IFRS on Listing Fees )7,354( )3,238( )1,834( )940( )4,580( (2,558( )2,459( (1,450) 671 (5,796( (5,684) (2,660)
Total revenue from Examination and Listing Fees (in NIS thousands) 26,821 21,724 8,619 10,090 8,112 7,832 7,370 7,247 7,107 29,556 26,611 26,373
Total revenue from Listing fees and levies 51,616 44,598 16,867 18,347 16,402 15,289 14,856 14,765 14,977 59,887 54,678 46,525

(1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules.

26 (2) The issuance volume in 2018 and 2019 presented as the actual issuance amount was raised. (3) Commencing in 2021, listing fees on government bonds will be charged based on a new pricelist, as signed between the Company and the Ministry of Finance, which provides for the payment of a fixed amount over the entire period set out in the agreement, rather than a percentage of the amount raised.

Non-Transactional Metrics | Continued

Nine months ended Quarter ended Year ended
30.09.21 30.09.20 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.20 31.12.19 31.12.18
DISTRIBUTION OF DATA AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients 7,515 7,588 7,184 7,584 7,785 7,471 7,504 7,652 7,607 7,559 7,274 8,073
Domestic private clients 8,259 8,720 6,298 8,012 10,467 9,106 9,097 9,298 7,766 8,816 6,489 -
Overseas 4,976 4,466 5,043 4,939 4,946 4,843 4,506 4,598 4,293 4,560 4,886 4,745
Quote generator 292 270 276 326 273 329 260 279 272 285 245 -
Revenue from data terminals and data (in NIS thousands)
Domestic business clients 12,107 12,360 3,854 4,072 4,181 4,056 4,075 4,153 4,132 16,416 15,528 17,438
Domestic private clients 2,601 2,747 661 841 1,099 956 955 977 815 3,703 2,726 -
Overseas 5,254 4,150 1,925 1,903 1,426 1,409 1,375 1,429 1,346 5,559 6,270 6,148
Quote generator 1,512 1,214 499 573 440 483 401 413 400 1,697 1,430 -
Usage based 7,861 6,252 2,724 2,602 2,535 2,814 2,132 2,438 1,682 9,066 5,793 8,342
Indices and data 2,351 2,262 742 765 844 927 623 625 1,014 3,189 3,019 3,026
connectivity services 7,066 6,551 2,522 2,439 2,105 2,227 2,177 2,148 2,226 8,778 7,654 -
Total revenue from Distribution of data
and connectivity services		 38,752 35,536 12,927 13,195 12,630 12,872 11,738 12,183 11,615 48,408 42,419 34,954

CONTACTS

Yehuda van der Walde EVP CFO

Email: [email protected]

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

Email: [email protected]

Tel: +972-76-8160405

28

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