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The BVB group announces a consolidated net profit  going up with 36% at almost 7 million lei, in Q1

The Stock  Exchange Bucuresti group (BVB)  announces for Q1 of 2018 a consolidated net profit of 6.99 million lei,  up by 36% against the net result obtained during the same period of 2017,5.15 million lei with a net margin of 33% according to the quarterly report of BVB given on Friday to publication.

According to the IFRS  consolidated results, the result was obtained as 85% from the trading sector of the group.

The consolidated  operational profit of the BVB group reached 6.81 million lei,up by 14% against the similar quarter of 2017 when it was 5,98 million lei, as a result of the combined effect of the growth with 5% of the operational income and the advance with 1% of the operational  income.

The net consolidated financial result of 1.86 million lei(Q1 2017: 0.1 million lei)had an important contribution to the result of the group in Q1 of 2018. The financial income of 1.45 million  lei were represented mainly by the interest belonging to the placements in lei and foreign currency, bonds and banking deposits of the entities in the group.The differences of foreign currency belonging to placements in foreign currency generated a gain of 0.41 million lei, while during the similar period of 2017 they meant a loss of 1.1million lei.

The consolidated net profit of the period increased by 36% up to the level of 6.99 million lei (Q1 2017:5.15 million lei) out of which 7.22 million lei being allocated to the net profit belonging to continuous activity, and a loss of 0.23  million lei being allocated to the interrupted activity.The profit which belongs to the shareholders of the parent company of 6.74 million lei up by the one belonging to Q1 2017 of 4.76 million lei.


The operational income of the BVB group  registered a level of 21.30 million lei in the first half of the year up by 5% against the similar period of last year as the trading activity of BVB increased, as well as the income in the activity of compensation-payment,  as well as of the activity of registrar of the Central Depository.


The income generated by BVB representing the sector of trading of the group in Q1 of 2018 was 13.18 million lei (excluding the intra-group tradings) up by 2% against the first quarter of 2017 when it was 12.96 million lei.

The income in the sector of post-trading developed by the Central Depository in Q1 of 2018 was 4.99 million lei up by 5% against the same period of 2017 mainly as the value of the portfolio administered by the custodians.

The growth  with only 1% of  the operational expenses in Q1 of 2018  up to the value of 14.49 million lei allowed an advance of 14% of the consolidated operational profit of the group BVB reaching a level of 6.81 million lei against 5,98 million lei in the similar period of the previous year.

The net financial income of the first part of 2018  of 1.86 million lei obtained mainly out of the interests for the financial activities placed in bonds and deposits, had an advance against the same period of the previous year (Q1 2017: 0.1 million lei) being favourably influenced by the non-achieved differences of foreign currency exchange by the re-evaluation of the financial instruments in foreign currency, which generated a gain of 0.41 million lei against the same period of 2017 when there was a loss of 1.10 million lei.

As regards the operational  expenses they cumulated 14.49 million lei for the BVB group up by 1% against the ones registered  in the first six months of last year, the expenses for the personnel of the group registering a growth of 4% in line with the budget of 2018 mainly as a result of applying in 2018 a new policy of monthly acknowledgement of the estimated expenses regarding the benefits offered to the Council  of the Stock Exchange, the management and the employees main in shares, against Q12017 when only partially such expenses were estimated.

During the period of reporting were transferred for free a number of 15,031 shares with a market value at  the moment of offer of0.42 million lei to 9 members of the Council of the Stock Exchage/the legal inheritor of one of the members, according to the plan of shares allocation approved by AGA in 2017.


In the same period there were recorded losses of 3% of the expenses with services given by thirds mainly as a result of the drop  in expenses with the commissions and bonuses as a basic result, due to the recording of a significant part of the expenses for the preparation of the fusion BVB-SIBEX in the first part of 2017.

BVB distributed starting with 11 June 2018 the dividends belonging to the net profit of 2017 worth 13.55 million lei, representing 100% of the net profit after the reserves. The gross dividend for 2017 was 1.862 lei/share.

At the end of June 2018 the total assets of the BVB group were 191.20 million lei (31 December 2017;2013.24 million lei) dropping with 6% against the beginning of the year mainly as a result of the drop in current assets. The fixed assets registered a growth of 21% against the beginning of the year, mainly due to the growth of the assets kept to maturity, while the current assets dropped with 17% down to the value of 117.33 million lei ( 31 December 2017: 142.16 million lei) as a result of the diminution of the cash and banking deposits as a result  of the acquisition of capital assets kept to maturity, the payment of dividends for 2017 to the BVB shareholders and of the payments of dividends made by the Central Depository to the shareholders of the listed companies, clients of the Central Depository.

The total debt of the group is only for short term and at the end of June 2018 it was 73.71 million lei (31 December 2017: 78.24 million lei) approximately 59% of the value representing the payments dividends owned in the name of the clients by the central Depository worth 43.08 million lei and 30% representing guarantee funds, compensation and margin for the payment of the tradings worth 21.80 million lei.

The drop of the debts against the beginning of the year is due mainly to the diminution of the debts which represent funds belonging to the dividends payments which the Central Depository has to distribute to the shareholders of the listed companies, their clients. The rest of the debts include the sums representing payment dividends to BVB shareholders,  debts to different suppliers, other obligations to the state budget and the budget of social security, non-eligible at the end of the analysed period.

Own capitals  got to 118.49 million lei, dropping with 5% against the level at the beginning of the year, as a result of the distribution of dividends from the result reported  for 2017.



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