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Tel Aviv Stock Exchange Ltd. Investor Presentation 2022
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Investor Presentation
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Tel-Aviv Stock Exchange (TASE) Investors Presentation
Second quarter 2022
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 / Q2'22 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 Q2'22
NIS, in thousands
| Quarter Ended | ||||||
|---|---|---|---|---|---|---|
| IFRS (GAAP) | June 30, 2022 |
June 30, 2021 |
Difference -% |
|||
| Revenue from services | 90,986 | 84,592 | 8% | |||
| Expenses | 68,145 | 70,422 | )3%( | |||
| Profit before financing income, net | 22,841 | 14,170 | 61% | |||
| Financing income (expenses) | )3,416( | 1,338 | - | |||
| Taxes on income | 5,220 | 3,435 | 52% | |||
| Profit for the quarter | 14,205 | 12,073 | 18% | |||
| Diluted EPS (in NIS) |
0.136 | 0.115 | 18% | |||
| Non GAAP | ||||||
| Adjusted EBITDA(1) | 35,755 | 26,227 | 36% | |||
| % EBITDA Adjusted margin |
39% | 31% | ||||
| Adjusted net profit(1) | 14,337 | 12,309 | 16% | |||
| % Adjusted net profit margin | 16% | 15% |
(1) Adjusted EBITDA and Adjusted Net Profit exclude expenses in respect to share-payments.
Revenue Q2'22
NIS, in thousands
39% transactional
39% 22% 20% Q2'22 Revenue 91.0 NIS Millions
Trading and clearing commissions Listing fees and levies Clearing House services
Data distribution and connectivity services
Other revenue
The revenue includes NIS 0.5 million from the sale of technological consulting services, revenue of NIS 0.5 million from the Conference Center and trade openings, and revenue of NIS 0.3 million from the rent of an office floor. The reduction in revenue is due to the effect of an agreement signed between TASE the Ministry of Finance in May 2021, which provides for the payment to the
6% of the increase in revenue is due to an increase in revenue from Clearing House services to members. In addition, 1% of the increase in revenue is due to the rise in revenue from custodian and an increase of 1% in revenue from
7% of the increase in revenue is due to a rise in revenue from connectivity services (of which 3% with respect to prior periods) and 4% of the increase is due to an increase in revenue from the distribution of trading data and derivative data to overseas business customers. In addition, 2% of the increase in revenue is due to an increase in revenue from the sale of information through TASE's API service.
18% of the increase in is due to an increase in the trading volumes between the periods, particularly with respect to shares (10% increase in revenue) and corporate bonds (5% increase in revenue). In opposition, a reduction in the effective commission rate, primarily in shares and mutual funds (mainly as a result of the increase in the volume of transactions that are affected by the existence of a
7% of the increase in revenue is due to an increase in revenue from annual levies, mainly as a result of an increase in the number of companies and funds that pay an annual levy compared to the corresponding period last year, as well as an increase of 5% in revenue from listing fees. In opposition, revenue from
maximum commission), deducted 5% from the increase in revenue.
Company of a settlement amount of NIS 3.8 million.
Clearing House services to companies.
examination fees decreased by 2%.
| Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2022 |
% of the Company's total revenues |
June 30, 2021 |
% of the Company's total revenues |
Difference -% |
|||||
| Trading and clearing commissions |
35,872 | 39% | 31,649 | 37% | 13% | ||||
| Listing fees and levies |
20,256 | 22% | 18,347 | 22% | 10% | ||||
| Clearing House services |
18,345 | 20% | 16,945 | 20% | 8% | ||||
| Data distribution and Connectivity services |
15,076 | 17% | 13,195 | 16% | 14% | ||||
| Other revenue | 1,437 | 2% | 4,456 | 5% | )68%( | ||||
| Total revenue |
90,986 | 100% | 84,592 | 100% | 8% |
Adjusted Expenses(*) Q2'22
NIS, in thousands
| Quarter Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2022 |
% of the Company's total Expenses |
June 30, 2021 |
% of the Company's total Expenses |
Difference -% |
||||
| Compensation | 38,333 | 57% | 37,910 | 54% | 1% | |||
| Computer and Communications |
7,362 | 11% | 7,325 | 10% | 1% | |||
| Property Taxes and Building Maintenance |
3,347 | 5% | 3,202 | 5% | 5% | |||
| Marketing | 1,583 | 2% | 5,585 | 8% | )72%( | |||
| Fee to the Israel Securities Authority |
2,307 | 3% | 2,309 | 3% | )0%( | |||
| General and Administrative | 2,299 | 3% | 2,034 | 3% | 13% | |||
| Depreciation & amortization | 12,736 | 19% | 11,777 | 17% | 8% | |||
| Other | 46 | 0% | 44 | 0% | 5% | |||
| Total Expenses | 68,013 | 100% | 70,186 | 100% | )3%( |
- 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 June 30st 2022 | NIS Thousands
| Assets: | |
|---|---|
| Current assets | |
| Cash and cash equivalents | 193,868 |
| Financial assets at fair value through profit or loss | 196,795 |
| Trade receivables | 14,886 |
| Other receivables | 14,887 |
| Total(1) | 420,436 |
| Assets derived from clearing operations in respect of open derivative positions |
553,924 |
| Total current assets | 974,360 |
| Non-current assets | |
| Cash restricted as to use | 720 |
| Deferred tax assets | 10,806 |
| Property and equipment, net | 327,064 |
| Intangible assets, net | 133,942 |
| Other long-term receivables | 1,717 |
| Total non-current assets | 474,249 |
| Total assets | 1,448,609 |
| Liabilities and Equity: | |
| Current liabilities | |
| Current maturities of lease liabilities | 8,507 |
| Trade payables | 8,644 |
| Other payables | 5,682 |
| Income received in advance with respect to annual levies | 19,589 |
| Deferred income in respect of listing fees and levies | 28,722 |
| Current tax liabilities | 3,884 |
| Short-term liabilities for employee benefits | 32,137 |
| Total )1( | 107,165 |
| Liabilities derived from clearing operations in respect of open derivative positions |
553,924 |
| Total current liabilities | 661,089 |
| Non-current liabilities: | |
| Lease liabilities | 10,437 |
| Deferred income in respect of listing fees and levies | 78,003 |
| Non-current liabilities for employee benefits | 21,587 |
| Other liabilities | 720 |
| Total non-current liabilities | 110,747 |
| Total equity | 676,773 |
| Total liabilities and equity | 1,448,609 |
| Equity Ratio | 47% |
| Capital requirements in respect of the risk components: | |
|---|---|
| Credit risk | 36,509 |
| Market risk | 4,946 |
| Legal and operational risk (1) | 47,260 |
| Business continuity and reorganization (2) | 121,325 |
| Contribution against default waterfall | 27,969 |
| Total capital requirements in respect of the risk components |
238,009 |
| Capital base components: | |
| Total equity | 676,773 |
| Less: | |
| Intangible assets | )121,280( |
| Total qualifying capital base | 555,493 |
| Capital surplus (qualifying capital base, less requirements) | 317,484 |
| Liquidity requirements in respect to the risk components | |
| Business continuity and reorganization | 121,325 |
| Contribution against default waterfall | 27,969 |
| Total requirements for liquid assets | 149,294 |
| Cash and cash equivalents | 193,868 |
| Securities portfolio at fair value | 196,795 |
| Less – amortization coefficients on the assets |
)9,416( |
| Less – current liabilities |
)78,143( |
| Net liquid assets | 303,104 |
317 NIS in Millions Excess Capital
154 NIS in Millions Excess Liquidity
7
Cash Flow
NIS in Millions
| Item | H1'22 | Q2'22 | Q1'22 | 2021 | Q4'21 | Q3'21 | Q2'21 | Q1'21 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating Activities |
Adjusted EBITDA(1) | 72.6 | 35.7 | 36.8 | 103.0 | 29.5 | 22.8 | 26.2 | 24.6 |
| Changes in working capital | 1.2 | )11.9( | 13.1 | 13.8 | 11.1 | )8.4( | )7.3( | 18.4 | |
| Financing and tax | )6.1( | )3.5( | )2.6( | )10.4( | )4.0) | )3.6( | )1.6( | )1.2( | |
| Total | 67.7 | 20.3 | 47.3 | 106.4 | 36.5 | 10.8 | 17.3 | 41.8 | |
| Investments in property and equipment and in intangible assets and capitalized payroll costs |
)29.4( | )13.9( | )15.5( | )35.6( | )6.2( | )6.6( | )9.6( | )13.3( | |
| Investing Activities |
Acquisition of financial assets at fair value | 3.1 | 3.1 | - | )4.6( | )1.5( | 0.7 | )2.3( | )1.4( |
| Total | )26.3( | )10.8( | )15.5( | )40.2( | )7.7( | )5.9( | )11.9( | )14.7( | |
| Financing Activities |
Lease payments | )4.5( | (2.2) | )2.2( | )9.1( | )2.3( | )2.3( | )2.3( | )2.3( |
| Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net |
8.2 | 4.4 | 3.8 | )0.8( | )0.8( | - | - | - | |
| Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net |
)9.9( | )9.9( | - | - | - | - | - | - | |
| Short-term credit | 1.2 | 1.2 | - | - | - | - | - | - | |
| Dividend payment |
)22.7( | )22.7( | - | )18.5( | - | - | )18.5( | - | |
| Total | )27.7( | )29.2( | 1.6 | (28.4) | (3.1) | )2.3( | )20.8( | )2.3( | |
| Total increase in cash and cash equivalents | 13.7 | )19.7( | 33.4 | 37.8 | 25.8 | 2.6 | )15.4( | 24.8 | |
| Free Cash Flow (2) |
33.8 | 4.2 | 29.6 | 61.7 | 28.1 | 1.9 | 5.4 | 26.2 | |
(1) Exclude expenses in respect to share-payments
(3) .
(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
Profitability Trends
NIS in Millions
16%
20.0
18%
21.4 8% 4% 6% 8% 10% 12% 14% 16% 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Adjusted Net Profit & Margin (1)
0.0
18% 20%
90.0 100.0
0% 2% 14.2 14.9 14.3
15%
16%
17%
Issuance Volume
(2) Excludes Private Placements. Includes TASE-UP
APPENDIX
13
Q2'22 Revenue Composition
Revenue Drill Down | Transactional - Shares
Average Daily Turnover (NIS billions)
Velocity
Revenue Capture %
0.0112%
0.0102% 0.0107% 0.0108% 0.0103% 0.0100% 0.0109% 0.0107% 0.0109% 0.0105% 0.0110% 0.0109% 0.0104% 0.0100% 2019 2020 2021 H1'22 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 32.4 49.2 49.5 32.0 13.8 11.7 11.3 12.4 12.6 12.0 11.0 14.0 17.3 14.6 2019 2020 2021 H1'22 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22
Revenue (NIS millions)
Revenue Drill Down | Transactional - Bonds
Revenue Drill Down | Transactional - Mutual Funds
1.69
0.88
Revenue Capture %
Revenue (NIS millions)
Revenue Drill Down | Transactional – Derivatives
Daily Contracts (thousands)
Revenue Drill Down | Non-transactional
NIS in Millions Unless Otherwise Noted
millions)**
Yield
* As of 2020, the value of assets in each period is calculated as the monthly average in the period. The value of assets in 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.
19
Revenue Drill Down | Non-transactional
NIS in Millions Unless Otherwise Noted
• In the first quarter of 2022, an update was made to the period of revenue recognition from listing fees on shares and ETFs pursuant to International Financial Reporting Standard, "Revenue from Contracts with Customers" (IFRS 15).
Q2'22 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)
▪ Q2'22: NIS 38.3M
General and Administrative
- Costs associated with professional services, overhead, supplies, utilities, and insurance
- Q2'22: NIS 2.3M
Computer and Communications
- Expenses associated with maintenance, support, and software licenses
- Q2'22: NIS 7.4M
Property Taxes and Building Maintenance
▪ Expenses associated with owning the TASE headquarters
Fee to the Israel Securities Authority
▪ Annual fee to the Company's
primary regulator
▪ Q2'22: NIS 2.3M
▪ Q2'22: NIS 3.3M
Marketing
- General marketing expenses including marketing to increase listings and capital raises
- Q2'22: NIS 1.6 M
Depreciation & Other
▪ Q2'22: NIS 12.8M
Note: Expenses exclude expenses to share-based payments. (1) The Chairman of the Board, CEO and Vice Presidents have individual employment contracts, not subject to the 2017 Collective Agreement.
Adjusted Net Profit and Adjusted EBITDA Reconciliation
NIS in Thousands
| Quarter Ended | Six months ended | Year ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
2021 | 2020 | ||||
| Adjusted Net Profit Reconciliation |
Profit for the year | 14,205 | 12,073 | 28,924 | 21,734 | 45,470 | 36,904 | ||
| (+) Expenses in respect to share-based payments | 132 | 236 | 263 | 469 | 739 | 1,280 | |||
| Adjusted Net Profit | 14,337 | 12,309 | 29,187 | 22,203 | 46,209 | 38,184 | |||
| Quarter Ended | Six months ended | Year ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
2021 | 2020 | ||||
| Adjusted EBITDA Reconciliation |
Profit before financing income, net | 22,841 | 14,170 | 47,111 | 26,866 | 54,421 | 48,772 | ||
| (+) Expenses in respect to share-based payments | 132 | 236 | 263 | 469 | 739 | 1,280 | |||
| (+) Depreciation and amortization expenses | 12,736 | 11,777 | 25,184 | 23,349 | 47,618 | 44,510 | |||
| (+) Loss from disposal of property and equipment and intangible assets |
46 | 44 | 46 | 99 | 262 | 587 | |||
| Adjusted EBITDA | 35,755 | 26,227 | 72,604 | 50,783 | 103,040 | 95,149 |
Transactional Metrics
| Six months ended | Quarter Ended Year ended |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30.06.22 | 30.06.21 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.21 | 31.12.20 | 31.12.19 | |
| Number of trading days | 125 | 123 | 61 | 64 | 65 | 56 | 61 | 62 | 244 | 248 | 244 |
| SHARES | |||||||||||
| Market cap of Shares (ex. ETFs) | 1,008 | 958 | 1,008 | 1,135 | 1,125 | 1,015 | 958 | 877 | 1,125 | 842 | 820 |
| Market cap of ETFs on share indices | 70 | 70 | 70 | 76 | 75 | 68 | 70 | 66 | 75 | 61 | 64 |
| Total market cap (in NIS billions) | 1,078 | 1,028 | 1,078 | 1,211 | 1,200 | 1,083 | 1,028 | 943 | 1,200 | 903 | 884 |
| Shares ADV (ex. ETFs) | 2,019 | 1,569 | 1,942 | 2,093 | 1,596 | 1,424 | 1,594 | 1,545 | 1,543 | 1,465 | 1,081 |
| ETFs on share indices ADV | 477 | 302 | 448 | 504 | 373 | 362 | 289 | 315 | 335 | 393 | 219 |
| Total average daily volume (in NIS millions) | 2,496 | 1,871 | 2,391 | 2,597 | 1,969 | 1,786 | 1,883 | 1,859 | 1,878 | 1,858 | 1,300 |
| Average commissions | 0.01025% | 0.01068% | 0.01004% | 0.01043% | 0.01090% | 0.01098% | 0.01045% | 0.01091% | 0.01081% | 0.01067% | 0.01022% |
| Revenue (in NIS thousands) | 31,982 | 24,585 | 14,642 | 17,340 | 13,956 | 10,997 | 12,007 | 12,578 | 49,538 | 49,150 | 32,434 |
| BONDS | |||||||||||
| Market cap of government bonds -unlinked | 322 | 367 | 322 | 331 | 364 | 369 | 367 | 361 | 364 | 351 | 275 |
| Market cap of government bonds -linked | 321 | 306 | 321 | 334 | 341 | 300 | 306 | 293 | 341 | 280 | 257 |
| Market cap of corporate bonds | 415 | 393 | 415 | 422 | 426 | 403 | 393 | 389 | 426 | 388 | 411 |
| Market cap of bonds (ex.ETFs) | 1,058 | 1,066 | 1,058 | 1,087 | 1,131 | 1,072 | 1,066 | 1,043 | 1,131 | 1,019 | 943 |
| Market cap of ETFs on bond indices | 28 | 31 | 28 | 30 | 32 | 32 | 31 | 31 | 32 | 31 | 29 |
| Total market cap (in NIS billions) | 1,086 | 1,097 | 1,086 | 1,117 | 1,163 | 1,104 | 1,097 | 1,074 | 1,163 | 1,050 | 972 |
| Government bonds - unlinked ADV (in NIS millions) |
1,517 | 1,977 | 1,324 | 1,702 | 1,962 | 1,521 | 1,595 | 2,354 | 1,868 | 1,959 | 1,722 |
| Government bonds - linked ADV (in NIS millions) |
1,008 | 1,304 | 984 | 1,030 | 1,011 | 994 | 1,260 | 1,346 | 1,155 | 1,100 | 897 |
| Corporate bonds ADV excluding ETFs (in NIS millions) | 978 | 750 | 1,144 | 820 | 855 | 763 | 804 | 696 | 781 | 928 | 798 |
| ETFs on bond indices ADV | 148 | 126 | 144 | 152 | 132 | 115 | 117 | 135 | 125 | 148 | 95 |
| Total average daily volume (in NIS millions) | 3,651 | 4,157 | 3,596 | 3,704 | 3,960 | 3,393 | 3,776 | 4,531 | 3,929 | 4,135 | 3,512 |
| Government bonds unlinked - average commissions |
0.00191% | 0.00192% | 0.00195% | 0.00188% | 0.00194% | 0.00195% | 0.00191% | 0.00193% | 0.00193% | 0.00188% | 0.00192% |
| Government bonds linked - average commissions |
0.00288% | 0.00278% | 0.00292% | 0.00283% | 0.00297% | 0.00288% | 0.00288% | 0.00270% | 0.00285% | 0.00294% | 0.00291% |
| Corporate bonds - average commissions |
0.00696% | 0.00703% | 0.00699% | 0.00693% | 0.00726% | 0.00701% | 0.00695% | 0.00712% | 0.00709% | 0.00696% | 0.00694% |
| Government bonds - unlinked (in NIS thousands) |
3,624 | 4,674 | 1,571 | 2,053 | 2,478 | 1,665 | 1,854 | 2,820 | 8,817 | 9,116 | 8,052 |
| Government bonds - linked (in NIS thousands) |
3,623 | 4,466 | 1,754 | 1,869 | 1,950 | 1,606 | 2,212 | 2,254 | 8,022 | 8,022 | 6,367 |
| Corporate bonds (in NIS thousands) | 9,800 | 7,571 | 5,491 | 4,309 | 4,657 | 3,446 | 3,905 | 3,666 | 15,674 | 18,573 | 15,116 |
| Other (MTS) (in NIS thousands) | 135 | 150 | 32 | 103 | 95 | 54 | 77 | 73 | 299 | 135 | 187 |
| Revenue (in NIS thousands) | 17,182 | 16,861 | 8,848 | 8,334 | 9,180 | 6,771 | 8,048 | 8,813 | 32,812 | 35,846 | 29,722 |
Transactional Metrics | Continued
| Six months ended | Year ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30.06.22 | 30.06.21 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.21 | 31.12.20 | 31.12.19 | |
| Number of trading days | 125 | 123 | 61 | 64 | 65 | 56 | 61 | 62 | 244 | 248 | 244 |
| TREASURY BILLS | |||||||||||
| Market cap (in NIS billions) | 134 | 101 | 134 | 126 | 115 | 105 | 101 | 91 | 115 | 87 | 120 |
| Treasury bills ADV (in NIS millions) | 632 | 339 | 803 | 470 | 367 | 222 | 228 | 449 | 320 | 579 | 413 |
| Average commissions | 0.00247% | 0.00263% | 0.00236% | 0.00265% | 0.00273% | 0.00287% | 0.00307% | 0.00240% | 0.00269% | 0.00203% | 0.00256% |
| Revenue (in NIS thousands) | 1,952 | 1,095 | 1,155 | 797 | 652 | 357 | 427 | 668 | 2,104 | 2,920 | 2,581 |
| MUTUAL FUNDS | |||||||||||
| Market cap (in NIS billions) | 262 | 272 | 262 | 284 | 292 | 279 | 272 | 255 | 292 | 239 | 259 |
| Average daily value of creation / redemptions (in NIS millions) |
908 | 903 | 874 | 940 | 952 | 788 | 864 | 942 | 890 | 1,055 | 883 |
| Average commissions | 0.01127% | 0.01199% | 0.01121% | 0.01134% | 0.01134% | 0.01297% | 0.01240% | 0.01160% | 0.01200% | 0.01016% | 0.01100% |
| Revenue (in NIS thousands) | 12,795 | 13,313 | 5,977 | 6,818 | 7,015 | 5,726 | 6,537 | 6,776 | 26,054 | 26,594 | 23,716 |
| DERIVATIVES | |||||||||||
| Derivatives on indices (1) | 122.0 | 97.5 | 118.5 | 125.3 | 120.8 | 109.1 | 90.7 | 104.1 | 106.4 | 112.1 | 96.6 |
| Derivatives on foreign currency | 41.2 | 51.9 | 39.0 | 43.3 | 43.8 | 44.0 | 49.5 | 54.3 | 47.9 | 55.0 | 45.4 |
| Derivatives on individual shares | 5.3 | 4.8 | 3.1 | 7.5 | 3.4 | 7.3 | 5.1 | 4.6 | 5.0 | 3.0 | 3.1 |
| Total derivative contracts (in '000 units) | 168.5 | 154.2 | 160.6 | 176.1 | 168.0 | 160.4 | 145.3 | 163.0 | 159.3 | 170.1 | 145.1 |
| Average commissions | 0.542 | 0.523 | 0.536 | 0.546 | 0.533 | 0.543 | 0.522 | 0.522 | 0.530 | 0.520 | 0.524 |
| Revenue (in NIS thousands) | 11,406 | 9,910 | 5,250 | 6,156 | 5,822 | 4,876 | 4,630 | 5,280 | 20,608 | 21,941 | 18,547 |
| Total revenue from trading and clearing commissions |
75,317 | 65,764 | 35,872 | 39,445 | 36,625 | 28,727 | 31,649 | 34,115 | 131,116 | 136,451 | 107,000 |
Non-Transactional Metrics
| Six months ended | Year ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30.06.22 | 30.06.21 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.21 | 31.12.20 | 31.12.19 | |||
| CLEARING HOUSE SERVICES | |||||||||||||
| Average Monthly Market value of assets (in NIS billions)* | 3,060 | 2,867 | 3,004 | 3,116 | 3,131 | 3,034 | 2,958 | 2,776 | 2,975 | 2,491 | 2,639 | ||
| Avg. commissions from Custodian Fees | 0.00109% | 0.00108% | 0.00109% | 0.00108% | 0.00109% | 0.00108% | 0.00108% | 0.00108% | 0.00108% | 0.00107% | 0.00105% | ||
| Revenue from: (in NIS thousands) | |||||||||||||
| Custodian Fees | 16,604 | 15,502 | 8,160 | 8,444 | 8,500 | 8,219 | 8,007 | 7,495 | 32,221 | 26,676 | 26,534 | ||
| Clearing House services for members / company events | 16,475 | 13,875 | 8,866 | 7,609 | 7,803 | 6,485 | 7,646 | 6,229 | 28,163 | 25,805 | 21,160 | ||
| Other | 2,618 | 2,619 | 1,319 | 1,299 | 1,275 | 1,227 | 1,292 | 1,327 | 5,121 | 4,972 | 4,637 | ||
| Total revenue from Clearing House services | 35,697 | 31,996 | 18,345 | 17,352 | 17,578 | 15,931 | 16,945 | 15,051 | 65,505 | 57,453 | 52,331 | ||
| Six months ended | Quarter Ended | Year ended | |||||||||||
| 30.06.22 | 30.06.21 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.21 | 31.12.20 | 31.12.19 | |||
| LISTING FEES AND LEVIES | |||||||||||||
| Weighted avg. number of companies / funds | |||||||||||||
| Companies | 615 | 539 | 615 | 617 | 530 | 532 | 536 | 545 | 535 | 527 | 541 | ||
| Mutual funds and ETFs | 2,290 | 2,204 | 2,310 | 2,270 | 2,208 | 2,217 | 2,226 | 2,182 | 2,210 | 2,142 | 2,132 | ||
| Avg. revenue from levies (in NIS thousands) | |||||||||||||
| Companies | 11.4 | 10.8 | 5.7 | 5.7 | 5.4 | 5.4 | 5.4 | 5.4 | 21.6 | 20.9 | 18.9 | ||
| Mutual funds and ETFs | 3.8 | 3.7 | 1.9 | 1.9 | 1.8 | 1.8 | 1.8 | 1.9 | 7.4 | 7.6 | 7.2 | ||
| Revenue from Annual Levies from: (in NIS thousands) |
|||||||||||||
| Companies | 7,003 | 5,819 | 3,488 | 3,515 | 2,859 | 2,869 | 2,881 | 2,938 | 11,547 | 11,039 | 10,198 | ||
| Mutual funds and ETFs | 8,770 | 8,209 | 4,420 | 4,350 | 4,067 | 4,059 | 4,113 | 4,096 | 16,335 | 16,225 | 15,339 | ||
| Nominee Company and others | 3,150 | 2,519 | 1,586 | 1,564 | 1,339 | 1,320 | 1,263 | 1,256 | 5,178 | 3,067 | 2,530 | ||
| Total revenue from Annual levies | 18,923 | 16,547 | 9,494 | 9,429 | 8,265 | 8,248 | 8,257 | 8,290 | 33,060 | 30,331 | 28,067 |
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 2019 is presented as the value for the end of the period
Non-Transactional Metrics | Continued
| Six months ended | Quarter Ended | Year ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30.06.22 | 30.06.21 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.21 | 31.12.20 | 31.12.19 | |
| LISTING FEES AND LEVIES | |||||||||||
| The value of issuance used to calculate Listing fees (in NIS millions) | |||||||||||
| Shares, Bonds and ETFs(1) Companies – |
75,690 | 97,461 | 32,281 | 43,409 | 50,434 | 35,071 | 43,388 | 54,073 | 182,966 | 118,413 | 91,415 |
| Government bonds (including swap transactions)(2) | 25,307 | 85,104 | 9,889 | 15,418 | 55,418 | 17,434 | 35,471 | 49,633 | 157,956 | 164,779 | 86,115 |
| Treasury-bills | 80,580 | 62,949 | 39,651 | 40,929 | 36,992 | 30,985 | 30,953 | 31,996 | 130,926 | 100,924 | 131,684 |
| Number of issuances | |||||||||||
| Number of public offerings of shares on TASE (including on TASE-UP) | 41 | 102 | 12 | 29 | 31 | 36 | 46 | 57 | 170 | 115 | 60 |
| Number of new issuers of shares | 9 | 63 | 1 | 8 | 10 | 21 | 30 | 33 | 94 | 27 | 7 |
| Number of new (dual-listed) companies | 1 | 2 | 0 | 1 | - | - | 1 | 1 | 2 | 3 | 3 |
| Number of Offerings and Volumes Raised | |||||||||||
| Amount raised in share IPOs of new issuers (in NIS millions) | 1,416 | 7,797 | 25 | 1,391 | 656 | 2,037 | 4,696 | 3,101 | 10,490 | 4,616 | 3,206 |
| Amount raised in bond offerings by new issuers (in NIS millions) | 370 | 259 | 98 | 272 | 105 | - | 140 | 119 | 364 | 100 | 1,728 |
| Number of corporate bond offerings to the public | 85 | 78 | 34 | 51 | 57 | 42 | 44 | 34 | 177 | 145 | 160 |
| Number of corporate bond offerings to the public by new companies | 3 | 4 | 1 | 2 | 1 | - | 2 | 2 | 5 | 1 | 4 |
| Average revenue from Examination and Listing Fees(3) | |||||||||||
| Companies – Shares, Bonds and ETFs |
0.0177% | 0.0157% | 0.0176% | 0.0178% | 0.0184% | 0.0194% | 0.0160% | 0.0154% | 0.0172% | 0.0182% | 0.023% |
| Revenue from Examination and Listing Fees (in NIS thousands) | |||||||||||
| Examination fees | 4,449 | 4,897 | 2,129 | 2,320 | 2,223 | 1,866 | 2,565 | 2,332 | 8,986 | 6,843 | 5,416 |
| Receipts from listing fees | |||||||||||
| Listing fees – shares, bonds & ETF's |
13,429 | 15,278 | 5,688 | 7,741 | 9,295 | 6,815 | 6,949 | 8,329 | 31,388 | 21,570 | 20,958 |
| Listing fees - government bonds |
2,976 | 2,906 | 1,488 | 1,488 | 1,453 | 1,453 | 1,157 | 1,749 | 5,812 | 5,881 | 3,045 |
| Listing of T-bills | 377 | 440 | 90 | 287 | 259 | 217 | 216 | 224 | 916 | 707 | 922 |
| Levies and examination fees from members | 796 | 106 | 638 | 158 | 131 | 53 | 53 | 53 | 290 | 133 | 1,208 |
| Other | 82 | 95 | 29 | 53 | 18 | 49 | 90 | 5 | 162 | 218 | 746 |
| Total receipts | 17,660 | 18,825 | 7,933 | 9,727 | 11,156 | 8,587 | 8,465 | 10,360 | 38,568 | 28,439 | 26,879 |
| Accounting adjustments to revenue recognition | 4,013 | )5,520( | 700 | 3,313 | (4,204) | )1,834( | )940( | )4,580( | )11,558( | (5,796( | (5,684) |
| Total revenue from listing fees | 21,673 | 13,305 | 8,633 | 13,040 | 6,952 | 6,753 | 7,525 | 5,780 | 27,010 | 22,643 | 21,195 |
| Total revenue from examination and listing fees (in NIS thousands) | 26,122 | 18,202 | 10,762 | 15,360 | 9,175 | 8,619 | 10,090 | 8,112 | 35,996 | 29,556 | 26,611 |
| Total revenue from listing fees and levies | 45,045 | 34,749 | 20,256 | 24,789 | 17,440 | 16,867 | 18,347 | 16,402 | 69,056 | 59,887 | 54,678 |
(1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules. The issuance volume in 2019 presented as the actual issuance amount was raised.
(2) Commencing in 2021, listing fees on government bonds will be charged according to a fixed amount over the entire period set out in the agreement between the Company and the Ministry of Finance, rather than a percentage of the amount raised. (3) In the first quarter of 2022, the Company examined the estimation of the period for recognition of revenue from listing fees on shares (in IPOs and secondary offerings) and on ETFs in accordance with International Financial Reporting Standard, "Revenue from Contracts with Customers" (IFRS 15)
Non-Transactional Metrics | Continued
| Six months ended | Quarter Ended | Year ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30.06.22 | 30.06.21 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.21 | 31.12.20 | 31.12.19 | |
| DATA DISTRIBUTION AND CONNECTIVITY SERVICES | |||||||||||
| Average number of data terminals | |||||||||||
| Domestic business clients(1) | 7,589 | 7,685 | 7,459 | 7,718 | 7,658 | 7,178 | 7,584 | 7,785 | 7,551 | 7,559 | 7,274 |
| Overseas business clients | 5,347 | 4,851 | 5,214 | 5,480 | 5,053 | 4,955 | 4,850 | 4,852 | 4,927 | 4,496 | 4,886 |
| Non-display data(2) | 308 | 300 | 297 | 318 | 267 | 276 | 326 | 273 | 286 | 285 | 245 |
| Revenue from data distribution and connectivity services (in NIS thousands) | |||||||||||
| Domestic business clients(1 | 8,494 | 8,396 | 4,179 | 4,315 | 4,192 | 3,928 | 4,137 | 4,259 | 16,516 | 16,936 | 15,815 |
| Overseas business clients | 4,385 | 3,326 | 2,277 | 2,108 | 1,910 | 1,924 | 1,901 | 1,425 | 7,160 | 5,555 | 6,255 |
| Private clients | 4,461 | 4,372 | 2,176 | 2,285 | 2,228 | 1,977 | 2,050 | 2,322 | 8,577 | 7,975 | 5,474 |
| Derivative data and non-display data(3) | 2,385 | 1,921 | 1,380 | 1,005 | 1,014 | 1,019 | 1,093 | 828 | 3,954 | 3,172 | 1,582 |
| Data files and other data | 2,001 | 1,657 | 1,019 | 982 | 909 | 815 | 810 | 847 | 3,381 | 2,803 | 2,620 |
| Authorization for indices usage | 1,670 | 1,609 | 768 | 902 | 742 | 742 | 765 | 844 | 3,093 | 3,189 | 3,019 |
| Connectivity services | 5,979 | 4,544 | 3,277 | 2,702 | 2,521 | 2,522 | 2,439 | 2,105 | 9,587 | 8,778 | 7,654 |
| Total revenue from data distribution and connectivity services |
29,375 | 25,825 | 15,076 | 14,299 | 13,516 | 12,927 | 13.195 | 12,630 | 52,268 | 48,408 | 42,419 |
(1) The revenue from data distribution to a business client include differently priced data packages. The number of terminals for business clients includes only the data packages that contain all data groups. (2) The number of terminals attributed to quote generators.
(3) The revenues from non-display data packages include data packages that are differently priced for domestic clients and overseas clients, including quote generators.
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
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