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Tel Aviv Stock Exchange Ltd. Investor Presentation 2023
7071_rns_2023-03-28_75456d37-1565-4f20-a735-bb04daf96420.pdf
Investor Presentation
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Tel-Aviv Stock Exchange (TASE) Investors Presentation
Year ended December 31, 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 / 2022 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)
The results for 2022
NIS, in thousands
| Year Ended | Revenue | 323.7 | |||
|---|---|---|---|---|---|
| IFRS (GAAP) | December 31, 2022 |
December 31, 2021 |
Difference -% |
(NIS Millions) | |
| Revenue from services | 361,011 | 323,657 | 12% | 12 % |
|
| Expenses | 277,813 | 269,236 | 3% | Y-o-Y Growth | |
| Profit before financing income, net | 83,198 | 54,421 | 53% | 2021 | |
| Financing income (expenses) | )13,225( | 4,540 | - | Adjusted EBITDA | |
| Taxes on income | 19,137 | 13,491 | 42% | (NIS Millions) | 103.0 |
| Profit for the quarter | 50,836 | 45,470 | 12% | 31 % |
|
| Diluted EPS (in NIS) |
0.492 | 0.436 | 13% | Y-o-Y Growth | |
| Non GAAP | 2021 | ||||
| Adjusted EBITDA(1) | 135,194 | 103,040 | 31% | Adjusted net profit | |
| % EBITDA Adjusted margin |
37.4% | 31.8% | (NIS Millions) | 46.2 | |
| Adjusted net profit(1) | 51,366 | 46,209 | 11% | 11% | |
| % Adjusted net profit margin | 14.2% | 14.3% | Y-o-Y Growth | 2021 |
Adjusted Net Profit and Adjusted EBITDA Reconciliation
NIS in Thousands
Revenue 2022
NIS, in thousands
40% 23% 20% 16% 1% Trading and clearing commissions Listing fees and levies Clearing House services Data distribution and connectivity services Other revenue 2022 Revenue 361 NIS Millions
40% transactional
60% non-transactional
2022 Revenue Composition
Adjusted Expenses(*) 2022
NIS, in thousands
| Year Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2022 |
% of the Company's total Expenses |
December 31, 2021 |
% of the Company's total Expenses |
Difference -% |
||
| Compensation | 147,905 | 53% | 148,395 | 55% | )1%( | |
| Computer and Communications |
29,953 | 11% | 27,823 | 10% | 8% | |
| Property Taxes and Building Maintenance |
13,798 | 5% | 13,190 | 5% | 5% | |
| Marketing | 13,171 | 5% | 11,203 | 4% | 18% | |
| Fee to the Israel Securities Authority |
9,341 | 3% | 9,123 | 4% | 2% | |
| General and Administrative | 11,648 | 4% | 10,883 | 4% | 7% | |
| Depreciation & amortization | 51,335 | 19% | 47,618 | 18% | 8% | |
| Other | 132 | 0% | 262 | 0% | )50%( | |
| Total Expenses | 277,283 | 100% | 268,497 | 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
2022 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)
General and Administrative
professional services, overhead, supplies, utilities, and insurance
▪ 2022: NIS 147.9M
▪ Costs associated with
▪ Expenses associated with maintenance, support, and software licenses
Computer and Communications
▪ 2022: NIS 30.0M
Property Taxes and Building Maintenance
- Expenses associated with owning the TASE headquarters
- 2022: NIS 13.8M
Marketing
- General marketing expenses including marketing to increase listings and capital raises
- 2022: NIS 13.2 M
Fee to the Israel Securities Authority
- Annual fee to the Company's primary regulator
- 2022: NIS 9.3M
Depreciation & Other
▪ Q4'22: NIS 51.5M
▪ 2022: NIS 11.6M
The results for Q4'22
NIS, in thousands
| Quarter Ended | ||||
|---|---|---|---|---|
| IFRS (GAAP) | December 31, 2022 |
December 31, 2021 |
Difference -% |
(NIS Millions) |
| Revenue from services | 86,325 | 85,727 | 1% | 1 |
| Expenses | 67,468 | 68,707 | )2%( | Y-o-Y Growth |
| Profit before financing income, net | 18,857 | 17,020 | 11% | |
| Financing income (expenses) | )474( | 1,270 | - | Adjusted EBITDA |
| Taxes on income | 5,178 | 4,189 | 24% | (NIS Millions) |
| Profit for the quarter | 13,205 | 14,101 | )6%( | 9 % |
| Diluted EPS (in NIS) |
0.129 | 0.136 | )5%( | Y-o-Y Growth |
| Non GAAP | ||||
| Adjusted EBITDA(1) | 32,076 | 29,502 | 9% | Adjusted net profit (NIS Millions) |
| % EBITDA Adjusted margin |
37.2% | 34.4% | ||
| Adjusted net profit (1) |
13,339 | 14,235 | )6%( | 6% |
| % Adjusted net profit margin | 15.5% | 16.6% | Y-o-Y Reduction |
Adjusted Net Profit and Adjusted EBITDA Reconciliation
NIS in Thousands
| Quarter ended | ||||
|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | |||
| Profit for the year | 13,205 | 14,101 | ||
| Adjusted Net Profit Reconciliation |
(+) Expenses in respect to share-based payments | 134 | 134 | |
| Adjusted Net Profit | 13,339 | 14,235 | ||
| Quarter ended | ||||
| December 31, 2022 | December 31, 2021 | |||
| Profit before financing income, net | 18,857 | 17,020 | ||
| (+) Expenses in respect to share-based payments | 134 | 134 | ||
| Adjusted EBITDA Reconciliation |
(+) Depreciation and amortization expenses | 13,061 | 12,193 | |
| (+) Loss from disposal of property and equipment and intangible assets |
24 | 155 | ||
| Adjusted EBITDA | 32,076 | 29,502 | ||
Revenue Q4'22
NIS, in thousands
Q4'22 Revenue Composition
Adjusted Expenses(*) Q4'22
NIS, in thousands
| Quarter Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2022 |
% of the Company's total Expenses |
December 31, 2021 |
% of the Company's total Expenses |
Difference -% |
||
| Compensation | 35,131 | 52% | 37,666 | 55% | )7%( | |
| Computer and Communications |
8,430 | 13% | 7,400 | 11% | 14% | |
| Property Taxes and Building Maintenance |
3,486 | 5% | 3,458 | 5% | 1% | |
| Marketing | 1,545 | 2% | 2,176 | 3% | )29%( | |
| Fee to the Israel Securities Authority |
2,335 | 4% | 2,281 | 3% | 2% | |
| General and Administrative | 3,340 | 5% | 3,244 | 5% | 3% | |
| Depreciation & amortization | 13,061 | 19% | 12,193 | 18% | 7% | |
| Other | 6 | 0% | 155 | 0% | )96%( | |
| Total Expenses | 67,334 | 100% | 68,573 | 100% | )2%( |
- Compensation
- Computer and communication
- Property taxes and building maintenance
- Marketing
- Fee to the Israeli Securities Authority
- General and administrative
- Depreciation and amortization
- Other
Q4'22 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)
▪ Q4'22: NIS 35.1M
Computer and Communications
- Expenses associated with maintenance, support, and software licenses
- Q4'22: NIS 8.4M
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
▪ Q4'22: NIS 2.3M
▪ Q4'22: NIS 3.5M
General and Administrative
- Costs associated with professional services, overhead, supplies, utilities, and insurance
- Q4'22: NIS 3.3M
Marketing
- General marketing expenses including marketing to increase listings and capital raises
- Q4'22: NIS 1.6 M
Depreciation & Other
▪ Q4'22: NIS 0.9M
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.
Balance Sheet and Liquidity Position
as of December 31st 2022 | NIS Thousands
| Assets: | |
|---|---|
| Current assets | |
| Cash and cash equivalents | 192,416 |
| Financial assets at fair value through profit or loss | 196,211 |
| Trade receivables | 16,021 |
| Other receivables | 7,570 |
| Total(1) | 412,218 |
| Assets derived from clearing operations in respect of open derivative positions |
937,259 |
| Total current assets | 1,349,477 |
| Non-current assets | |
| Cash restricted as to use | 720 |
| Deferred tax assets | 5,586 |
| Property and equipment, net | 315,598 |
| Intangible assets, net | 140,064 |
| Other long-term receivables | 685 |
| Total non-current assets | 462,653 |
| Total assets | 1,812,130 |
| Liabilities and Equity: | |
| Current liabilities | |
| Current maturities of lease liabilities | 8,473 |
| Trade payables | 13,864 |
| Other payables | 3,036 |
| Deferred income in respect of listing fees and levies | 28,412 |
| Current tax liabilities | 4,743 |
| Short-term liabilities for employee benefits | 37,564 |
| Total )1( | 96,092 |
| Liabilities derived from clearing operations in respect of open derivative positions |
937,259 |
| Total current liabilities | 1,033,351 |
| Non-current liabilities: | |
| Lease liabilities | 6,572 |
| Deferred income in respect of listing fees and levies | 78,459 |
| Non-current liabilities for employee benefits | 6,580 |
| Other liabilities | 720 |
| Total non-current liabilities | 92,331 |
| Total equity | 686,448 |
| Total liabilities and equity | 1,812,130 |
| Equity Ratio | 78% |
| Capital requirements in respect of the risk components: | |
|---|---|
| Credit risk | 5,050 |
| Market risk | 4,992 |
| Legal and operational risk (1) | 49,254 |
| Business continuity and reorganization (2) | 68,139 |
| Contribution against default waterfall | 28,182 |
| Total capital requirements in respect of the risk components |
155,617 |
| Capital base components: | |
| Total equity | 686,448 |
| Adjustments | |
| Deferred income in respect of listing fees less deferred tax | 81,879 |
| Total qualifying capital base | 768,327 |
| Capital surplus (qualifying capital base, less requirements) | 612,710 |
| Liquidity requirements in respect to the risk components | |
| Business continuity and reorganization | 68,139 |
| Projected cash flow, net | 21,451 |
| Contribution against default waterfall | 28,182 |
| Total requirements for liquid assets | 117,772 |
| Cash and cash equivalents | 192,416 |
| Securities portfolio at fair value | 196,211 |
| Less – amortization coefficients on the assets |
)9,378( |
| Less – current liabilities |
)4,931( |
| Net liquid assets | 374,318 |
| Liquidity surplus (net liquid assets, less requirements) | 256,546 |
613 NIS in Millions Excess Capital*
257
NIS in Millions Excess Liquidity*
Cash Flow NIS in Millions
| סעיף | Q1'22 | Q2'22 | Q3'22 | Q4'22 | 2022 | Q1'21 | Q2'21 | Q3'21 | Q4'21 | 2021 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities |
Adjusted EBITDA(1) | 36,849 | 35,755 | 30,514 | 32,076 | 135,194 | 24,556 | 26,227 | 22,755 | 29,502 | 103,040 |
| Changes in working capital | 13,095 | )11,943( | )6,603( | )1,543( | )6,994( | 18,460 | )7,339( | )8,436( | 11,076 | 13,761 | |
| Financing and tax | )2,572( | )3,505( | )1,699( | )842( | )8,618( | )1,230( | )1,589( | )3,560( | )4,040( | )10,419( | |
| Total | 47,372 | 20,307 | 22,212 | 29,691 | 119,582 | 41,786 | 17,299 | 10,759 | 36,538 | 106,382 | |
| Investing Activities |
Investments in property and equipment and in intangible assets and capitalized payroll costs |
)15,553( | )13,875( | )10,436( | )8,394( | )48,258( | )13,267( | )9,621( | )6,568( | )6,177( | )35,633( |
| Acquisition of financial assets at fair value | 34 | 3,129 | 374 | )8,169( | )4,632( | )1,418( | )2,318( | 679 | )1,534( | )4,591( | |
| Total | )15,519( | )10,746( | )10,062( | )16,563( | )52,890( | )14,685( | )11,939( | )5,889( | )7,711( | )40,224( | |
| Financing Activities |
Lease payments | )2,248( | )2,216( | )2,201( | )2,150( | )8,815( | )2,319( | )2,266( | )2,274( | )2,266( | )9,125( |
| Payments for the acquisition of treasury shares | - | )9,925( | )20,454( | )939( | )31,318( | - | - | - | - | - | |
| Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net |
3,793 | 4,427 | - | - | 8,220 | - | - | - | )800( | )800( | |
| Dividend payment |
- | )22,735( | - | - | )22,735( | - | )18,450( | - | - | )18,450( | |
| Total | 1,545 | )30,449( | )22,655( | )3,089( | )54,648( | )2,319( | )20,716( | )2,274( | )3,066( | )28,375( | |
| Total increase in cash and cash equivalents | 33,398 | )20,888( | )10,505( | 10,039 | 12,044 | 24,782 | )15,356( | 2,596 | 25,761 | 37,783 | |
| Opening balance | 179,768 | 213,259 | 193,868 | 182,884 | 179,768 | 142,154 | 166,996 | 151,612 | 154,140 | 142,154 | |
| Effect of changes in exchange rates on cash balances held in foreign currency |
93 | 342 | 170 | - | 604 | 60 | )28( | )68( | )133( | )169( | |
| Closing balance | 213,259 | 193,868 | 182,884 | 192,416 | 192,416 | 166,996 | 151,612 | 154,140 | 179,768 | 179,768 | |
| Free Cash Flow(2) | 29,571 | 4,216 | 9,575 | 19,147 | 62,509 | 26,200 | 5,412 | 1,917 | 28,095 | 61,624 |
(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
ADDITIONAL INFORMATION
18
Revenue Trends
NIS in Millions
.
Adjusted Operating Expenses(1) Trends
NIS in Millions
Annual Expenses(1)
Profitability Trends
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
NIS in Millions
Adjusted Net Profit & Margin (1)
Issuance Volume
(2) Excludes Private Placements. Includes TASE-UP
22
APPENDIX
23
Revenue Drill Down | Transactional - Shares
2019 2020 2021 2022 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
Revenue Drill Down | Transactional - Bonds
Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs.
Revenue Drill Down | Transactional - Mutual Funds
0.89 0.99
1.69
0.86 0.77
1.06
0.88
0.88 0.94 0.86 0.79
0.95 0.94 0.87 0.92
1.23
Revenue Drill Down | Transactional – Derivatives
Daily Contracts (thousands)
Average Daily Turnover (in '000 units)
Revenue Capture % Commission / Contract
Revenue (NIS millions)
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 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.
2019 2020 2021 2022 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
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).
Transactional Metrics
| Year ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.22 | 30.09.22 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.22 | 31.12.21 | 31.12.20 | 31.12.19 | |
| Number of trading days | 58 | 61 | 61 | 64 | 65 | 56 | 61 | 62 | 244 | 244 | 248 | 244 |
| SHARES | ||||||||||||
| Market cap of Shares (ex. ETFs) | 949 | 1,007 | 1,008 | 1,135 | 1,125 | 1,015 | 958 | 877 | 949 | 1,125 | 842 | 820 |
| Market cap of ETFs on share indices | 71 | 71 | 70 | 76 | 75 | 68 | 70 | 66 | 71 | 75 | 61 | 64 |
| Total market cap (in NIS billions) | 1,020 | 1,078 | 1,078 | 1,211 | 1,200 | 1,083 | 1,028 | 943 | 1,020 | 1,200 | 903 | 884 |
| Shares ADV (ex. ETFs) | 1,635 | 1,804 | 1,942 | 2,093 | 1,596 | 1,424 | 1,594 | 1,545 | 1,874 | 1,543 | 1,465 | 1,081 |
| ETFs on share indices ADV | 355 | 368 | 448 | 504 | 373 | 362 | 289 | 315 | 421 | 335 | 393 | 219 |
| Total average daily volume (in NIS millions) | 1,990 | 2,172 | 2,391 | 2,597 | 1,969 | 1,786 | 1,883 | 1,859 | 2,295 | 1,878 | 1,858 | 1,300 |
| Average commissions | 0.01083% | 0.01055% | 0.01004% | 0.01043% | 0.01090% | 0.01098% | 0.01045% | 0.01091% | 0.01044% | 0.01081% | 0.01067% | 0.01022% |
| Revenue (in NIS thousands) | 12,496 | 13,991 | 14,642 | 17,340 | 13,956 | 10,997 | 12,007 | 12,578 | 58,469 | 49,538 | 49,150 | 32,434 |
| BONDS | ||||||||||||
| Market cap of government bonds -unlinked | 287 | 299 | 322 | 331 | 364 | 369 | 367 | 361 | 287 | 364 | 351 | 275 |
| Market cap of government bonds -linked | 300 | 299 | 321 | 334 | 341 | 300 | 306 | 293 | 300 | 341 | 280 | 257 |
| Market cap of corporate bonds | 409 | 419 | 415 | 422 | 426 | 403 | 393 | 389 | 409 | 426 | 388 | 411 |
| Market cap of bonds (ex.ETFs) | 996 | 1,017 | 1,058 | 1,087 | 1,131 | 1,072 | 1,066 | 1,043 | 996 | 1,131 | 1,019 | 943 |
| Market cap of ETFs on bond indices | 27 | 28 | 28 | 30 | 32 | 32 | 31 | 31 | 27 | 32 | 31 | 29 |
| Total market cap (in NIS billions) | 1,023 | 1,045 | 1,086 | 1,117 | 1,163 | 1,104 | 1,097 | 1,074 | 1,023 | 1,163 | 1,050 | 972 |
| Government bonds - unlinked ADV (in NIS millions) |
1,569 | 1,304 | 1,324 | 1,702 | 1,962 | 1,521 | 1,595 | 2,354 | 1,476 | 1,868 | 1,959 | 1,722 |
| Government bonds - linked ADV (in NIS millions) |
825 | 969 | 984 | 1,030 | 1,011 | 994 | 1,260 | 1,346 | 955 | 1,155 | 1,100 | 897 |
| Corporate bonds ADV excluding ETFs (in NIS millions) | 903 | 799 | 1,144 | 820 | 855 | 763 | 804 | 696 | 916 | 781 | 928 | 798 |
| ETFs on bond indices ADV | 109 | 112 | 144 | 152 | 132 | 115 | 117 | 135 | 130 | 125 | 148 | 95 |
| Total average daily volume (in NIS millions) | 3,406 | 3,184 | 3,596 | 3,704 | 3,960 | 3,393 | 3,776 | 4,531 | 3,477 | 3,929 | 4,135 | 3,512 |
| Government bonds unlinked - average commissions |
0.00198% | 0.00199% | 0.00195% | 0.00188% | 0.00194% | 0.00195% | 0.00191% | 0.00193% | 0.00195% | 0.00193% | 0.00188% | 0.00192% |
| Government bonds linked - average commissions |
0.00297% | 0.00290% | 0.00292% | 0.00283% | 0.00297% | 0.00288% | 0.00288% | 0.00270% | 0.00290% | 0.00285% | 0.00294% | 0.00291% |
| Corporate bonds - average commissions |
0.00707% | 0.00735% | 0.00699% | 0.00693% | 0.00726% | 0.00701% | 0.00695% | 0.00712% | 0.00707% | 0.00709% | 0.00696% | 0.00694% |
| Government bonds - unlinked (in NIS thousands) |
1,804 | 1,582 | 1,571 | 2,053 | 2,478 | 1,665 | 1,854 | 2,820 | 7,010 | 8,817 | 9,116 | 8,052 |
| Government bonds - linked (in NIS thousands) |
1,421 | 1,716 | 1,754 | 1,869 | 1,950 | 1,606 | 2,212 | 2,254 | 6,760 | 8,022 | 8,022 | 6,367 |
| Corporate bonds (in NIS thousands) | 4,150 | 4,086 | 5,491 | 4,309 | 4,657 | 3,446 | 3,905 | 3,666 | 18,036 | 15,674 | 18,573 | 15,116 |
| Other (MTS) (in NIS thousands) | 37 | 36 | 32 | 103 | 95 | 54 | 77 | 73 | 208 | 299 | 135 | 187 |
| Revenue (in NIS thousands) | 7,412 | 7,420 | 8,848 | 8,334 | 9,180 | 6,771 | 8,048 | 8,813 | 32,014 | 32,812 | 35,846 | 29,722 |
נתונים ומידע על הכנסות מפעילות מסחר | המשך
| Year ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.22 | 30.09.22 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.22 | 31.12.21 | 31.12.20 | 31.12.19 | |
| Number of trading days | 58 | 61 | 61 | 64 | 65 | 56 | 61 | 62 | 244 | 244 | 248 | 244 |
| TREASURY BILLS | ||||||||||||
| Market cap (in NIS billions) | 209 | 144 | 134 | 126 | 115 | 105 | 101 | 91 | 209 | 115 | 87 | 120 |
| Treasury bills ADV (in NIS millions) | 1,194 | 702 | 803 | 470 | 367 | 222 | 228 | 449 | 783 | 320 | 579 | 413 |
| Average commissions | 0.00463% | 0.00284% | 0.00236% | 0.00265% | 0.00273% | 0.00287% | 0.00307% | 0.00240% | 0.00334% | 0.00269% | 0.00203% | 0.00256% |
| Revenue (in NIS thousands) | 3,205 | 1,218 | 1,155 | 797 | 652 | 357 | 427 | 668 | 6,375 | 2,104 | 2,920 | 2,581 |
| MUTUAL FUNDS | ||||||||||||
| Market cap (in NIS billions) | 272 | 267 | 262 | 284 | 292 | 279 | 272 | 255 | 272 | 292 | 239 | 259 |
| Average daily value of creation / redemptions (in NIS millions) |
1,232 | 915 | 874 | 940 | 952 | 788 | 864 | 942 | 987 | 890 | 1,055 | 883 |
| Average commissions | 0.00838% | 0.01065% | 0.01121% | 0.01134% | 0.01134% | 0.01297% | 0.01240% | 0.01160% | 0.01027% | 0.01200% | 0.01016% | 0.01100% |
| Revenue (in NIS thousands) | 5,992 | 5,945 | 5,977 | 6,818 | 7,015 | 5,726 | 6,537 | 6,776 | 24,732 | 26,054 | 26,594 | 23,716 |
| DERIVATIVES | ||||||||||||
| Derivatives on indices (1) | 107.4 | 106.4 | 118.5 | 125.3 | 120.8 | 109.1 | 90.7 | 104.1 | 114.6 | 106.4 | 112.1 | 96.6 |
| Derivatives on foreign currency | 39.3 | 39.6 | 39.0 | 43.3 | 43.8 | 44.0 | 49.5 | 54.3 | 40.3 | 47.9 | 55.0 | 45.4 |
| Derivatives on individual shares | 3.5 | 2.9 | 3.1 | 7.5 | 3.4 | 7.3 | 5.1 | 4.6 | 4.3 | 5.0 | 3.0 | 3.1 |
| Total derivative contracts (in '000 units) | 150.2 | 148.9 | 160.6 | 176.1 | 168.0 | 160.4 | 145.3 | 163.0 | 159.2 | 159.3 | 170.1 | 145.1 |
| Average commissions | 0.534 | 0.533 | 0.536 | 0.546 | 0.533 | 0.543 | 0.522 | 0.522 | 0.538 | 0.530 | 0.520 | 0.524 |
| Revenue (in NIS thousands) | 4,656 | 4,838 | 5,250 | 6,156 | 5,822 | 4,876 | 4,630 | 5,280 | 20,900 | 20,608 | 21,941 | 18,547 |
| Total revenue from trading and clearing commissions |
33,761 | 33,412 | 35,872 | 39,445 | 36,625 | 28,727 | 31,649 | 34,115 | 142,490 | 131,116 | 136,451 | 107,000 |
Non-Transactional Metrics
| Quarter Ended | Year ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.22 | 30.09.22 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.22 | 31.12.21 | 31.12.20 | 31.12.19 | |||
| CLEARING HOUSE SERVICES | ||||||||||||||
| Average Monthly Market value of assets (in NIS billions)* |
2,865 | 2,946 | 3,004 | 3,116 | 3,131 | 3,034 | 2,958 | 2,776 | 2,983 | 2,975 | 2,491 | 2,639 | ||
| Avg. commissions from Custodian Fees | 0.00109% | 0.00109% | 0.00109% | 0.00108% | 0.00109% | 0.00108% | 0.00108% | 0.00108% | 0.00109% | 0.00108% | 0.00107% | 0.00105% | ||
| Revenue from: (in NIS thousands) | ||||||||||||||
| Custodian Fees | 7,841 | 8,015 | 8,160 | 8,444 | 8,500 | 8,219 | 8,007 | 7,495 | 32,460 | 32,221 | 26,676 | 26,534 | ||
| Clearing House services for members / company events |
8,798 | 8,075 | 8,866 | 7,609 | 7,803 | 6,485 | 7,646 | 6,229 | 33,348 | 28,163 | 25,805 | 21,160 | ||
| Other | 1,232 | 1,250 | 1,319 | 1,299 | 1,275 | 1,227 | 1,292 | 1,327 | 5,100 | 5,121 | 4,972 | 4,637 | ||
| Total revenue from Clearing House services | 17,871 | 17,340 | 18,345 | 17,352 | 17,578 | 15,931 | 16,945 | 15,051 | 70,908 | 65,505 | 57,453 | 52,331 | ||
| Quarter Ended | Year ended | |||||||||||||
| 31.12.22 | 30.09.22 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.22 | 31.12.21 | 31.12.20 | 31.12.19 | |||
| LISTING FEES AND LEVIES | ||||||||||||||
| Weighted avg. number of companies / funds | ||||||||||||||
| Companies | 608 | 612 | 615 | 617 | 530 | 531 | 536 | 545 | 612 | 535 | 527 | 541 | ||
| Mutual funds and ETFs | 2,345 | 2,339 | 2,310 | 2,270 | 2,208 | 2,217 | 2,226 | 2,182 | 2,314 | 2,210 | 2,142 | 2,132 | ||
| Avg. revenue from levies (in NIS thousands) | ||||||||||||||
| Companies | 5.7 | 5.7 | 5.7 | 5.7 | 5.4 | 5.4 | 5.4 | 5.4 | 22.8 | 21.6 | 20.9 | 18.9 | ||
| Mutual funds and ETFs | 1.9 | 1.9 | 1.9 | 1.9 | 1.8 | 1.8 | 1.8 | 1.9 | 7.6 | 7.4 | 7.6 | 7.2 | ||
| Revenue from Annual Levies from: (in NIS thousands) |
||||||||||||||
| Companies | 3,479 | 3,484 | 3,488 | 3,515 | 2,859 | 2,869 | 2,881 | 2,938 | 13,966 | 11,547 | 11,039 | 10,198 | ||
| Mutual funds and ETFs | 4,541 | 4,467 | 4,420 | 4,350 | 4,067 | 4,059 | 4,113 | 4,096 | 17,778 | 16,335 | 16,225 | 15,339 | ||
| Nominee Company and others | 1,621 | 1,610 | 1,586 | 1,564 | 1,339 | 1,320 | 1,263 | 1,256 | 6,381 | 5,178 | 3,067 | 2,530 | ||
| Total revenue from Annual levies | 9,641 | 9,561 | 9,494 | 9,429 | 8,265 | 8,248 | 8,257 | 8,290 | 38,125 | 33,060 | 30,331 | 28,067 |
32 *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
| Quarter Ended | Year ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.22 | 30.09.22 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.22 | 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) | |||||||||||||
| Companies – Shares, Bonds and ETFs(1) |
29,659 | 38,383 | 32,281 | 43,409 | 50,434 | 35,071 | 43,388 | 54,073 | 143,732 | 182,966 | 118,413 | 91,415 | |
| Government bonds (including swap transactions)(2) | 9,338 | 6,856 | 9,889 | 15,418 | 55,418 | 17,434 | 35,471 | 49,633 | 41,501 | 157,956 | 164,779 | 86,115 | |
| Treasury-bills | 106,376 | 44,202 | 39,651 | 40,929 | 36,992 | 30,985 | 30,953 | 31,996 | 231,158 | 130,926 | 100,924 | 131,684 | |
| Number of issuances | |||||||||||||
| Number of public offerings of shares on TASE (including on TASE-UP) | 16 | 21 | 12 | 29 | 31 | 36 | 46 | 57 | 78 | 170 | 115 | 60 | |
| Number of new issuers of shares | 0 | 4 | 1 | 8 | 10 | 21 | 30 | 33 | 13 | 94 | 27 | 7 | |
| Number of new (dual-listed) companies | 1 | - | - | 1 | - | - | 1 | 1 | 2 | 2 | 3 | 3 | |
| Number of Offerings and Volumes Raised | |||||||||||||
| Amount raised in share IPOs of new issuers (in NIS millions) | 0 | 926 | 25 | 1,391 | 656 | 2,037 | 4,696 | 3,101 | 2,342 | 10,490 | 4,616 | 3,206 | |
| Amount raised in bond offerings by new issuers (in NIS millions) | 231 | 366 | 98 | 272 | 105 | - | 140 | 119 | 967 | 364 | 100 | 1,728 | |
| Number of corporate bond offerings to the public | 25 | 55 | 34 | 51 | 57 | 42 | 44 | 34 | 165 | 177 | 145 | 160 | |
| Number of corporate bond offerings to the public by new companies | 2 | 3 | 1 | 2 | 1 | - | 2 | 2 | 8 | 5 | 1 | 4 | |
| Average revenue from Examination and Listing Fees(3) | |||||||||||||
| Companies – Shares, Bonds and ETFs |
0.0167% | 0.0177% | 0.0176% | 0.0178% | 0.0184% | 0.0194% | 0.0160% | 0.0154% | 0.0175% | 0.0172% | 0.0182% | 0.023% | |
| Revenue from Examination and Listing Fees (in NIS thousands) | |||||||||||||
| Examination fees | 1,661 | 2,135 | 2,129 | 2,320 | 2,223 | 1,866 | 2,565 | 2,332 | 8,245 | 8,986 | 6,843 | 5,416 | |
| Receipts from listing fees | |||||||||||||
| Listing fees – shares, bonds & ETF's |
4,941 | 6,813 | 5,688 | 7,741 | 9,295 | 6,815 | 6,949 | 8,329 | 25,183 | 31,388 | 21,570 | 20,958 | |
| Listing fees - government bonds |
1,488 | 1,488 | 1,488 | 1,488 | 1,453 | 1,453 | 1,157 | 1,749 | 5,952 | 5,812 | 5,881 | 3,045 | |
| Listing of T-bills | 745 | 496 | 90 | 287 | 259 | 217 | 216 | 224 | 1,618 | 916 | 707 | 922 | |
| Levies and examination fees from members | 0 | 54 | 638 | 158 | 131 | 53 | 53 | 53 | 850 | 290 | 133 | 1,208 | |
| Other | 106 | 48 | 29 | 53 | 18 | 49 | 90 | 5 | 236 | 162 | 218 | 746 | |
| Total receipts | 7,280 | 8,899 | 7,933 | 9,727 | 11,156 | 8,587 | 8,465 | 10,360 | 33,839 | 38,568 | 28,439 | 26,879 | |
| Accounting adjustments to revenue recognition | 935 | )668( | 700 | 3,313 | (4,204) | )1,834( | )940( | )4,580( | 4,280 | )11,558( | (5,796( | (5,684) | |
| Total revenue from listing fees | 8,215 | 8,231 | 8,633 | 13,040 | 6,952 | 6,753 | 7,525 | 5,780 | 38,119 | 27,010 | 22,643 | 21,195 | |
| Total revenue from examination and listing fees (in NIS thousands) | 9,876 | 10,366 | 10,762 | 15,360 | 9,175 | 8,619 | 10,090 | 8,112 | 46,364 | 35,996 | 29,556 | 26,611 | |
| Total revenue from listing fees and levies | 19,517 | 19,927 | 20,256 | 24,789 | 17,440 | 16,867 | 18,347 | 16,402 | 84,489 | 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
| Quarter Ended | Year ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31.12.22 | 30.09.22 | 30.06.22 | 31.03.22 | 31.12.21 | 30.09.21 | 30.06.21 | 31.03.21 | 31.12.22 | 31.12.21 | 31.12.20 | 31.12.19 | |
| DATA DISTRIBUTION AND CONNECTIVITY SERVICES | ||||||||||||
| Average number of data terminals | ||||||||||||
| Domestic business clients(1) | 7,221 | 7,279 | 7,459 | 7,718 | 7,658 | 7,178 | 7,584 | 7,785 | 7,419 | 7,551 | 7,559 | 7,274 |
| Overseas business clients(1) | 5,514 | 5,580 | 5,214 | 5,480 | 5,053 | 4,955 | 4,850 | 4,852 | 5,447 | 4,927 | 4,496 | 4,886 |
| Non-display data(2) | 284 | 254 | 297 | 318 | 267 | 276 | 326 | 273 | 288 | 286 | 285 | 245 |
| Revenue from data distribution and connectivity services (in NIS thousands) | ||||||||||||
| Domestic business clients(3) | 4,082 | 4,117 | 4,179 | 4,315 | 4,192 | 3,928 | 4,137 | 4,259 | 16,693 | 16,516 | 16,936 | 15,815 |
| Overseas business clients | 2,444 | 2,422 | 2,277 | 2,108 | 1,910 | 1,924 | 1,901 | 1,425 | 9,251 | 7,160 | 5,555 | 6,255 |
| Private clients | 1,798 | 1,995 | 2,176 | 2,285 | 2,228 | 1,977 | 2,050 | 2,322 | 8,254 | 8,577 | 7,975 | 5,474 |
| Derivative data and non-display data(4) | 1,137 | 1,253 | 1,380 | 1,005 | 1,014 | 1,019 | 1,093 | 828 | 4,775 | 3,954 | 3,172 | 1,582 |
| Data files and other data | 1,093 | 1,053 | 1,019 | 982 | 909 | 815 | 810 | 847 | 4,147 | 3,381 | 2,803 | 2,620 |
| Authorization for indices usage | 763 | 769 | 768 | 902 | 742 | 742 | 765 | 844 | 3,202 | 3,093 | 3,189 | 3,019 |
| Connectivity services | 2,961 | 2,798 | 3,277 | 2,702 | 2,521 | 2,522 | 2,439 | 2,105 | 11,738 | 9,587 | 8,778 | 7,654 |
| Total revenue from data distribution and connectivity services |
14,278 | 14,407 | 15,076 | 14,299 | 13,516 | 12,927 | 13,195 | 12,630 | 58,060 | 52,268 | 48,408 | 42,419 |
(1) 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 revenue from data distribution to a business client include differently priced data packages.
(4) 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 Ben Ezra EVP CFO
Email: [email protected]
Tel: +972-76-8160442
Orna Goren Head of Communication & PR unit
35
Email: [email protected]
Tel: +972-76-8160405
