According to the preliminary 2022 results, BVB recorded revenue growth of 21% YoY, EBITDA growth of 86%, and a net profit of RON 10.4m, an increase of 97% YoY.
In 2022, the sales revenue of BVB amounted to RON 55.4m, an increase of 21% YoY. Looking at the revenues by segment, the standalone BVB op. revenue increased by 23% YoY, or RON 6.1m, which was driven by a 25% increase in trading revenues, mainly due to share public offer revenues, which increased by RON 4m YoY, and finally, a 7% increase in revenues from the shares main market-regular transactions. Central Depository op. revenues increased by 23% or RON 4.54m YoY. This came as a result of growth in revenue from both the post-trading segment as well as the registry, due to an increase in some tariffs, the avg. value of the financial instruments portfolio and the value of settled transactions.
Moving on to operating expenses, they increased by 10% YoY and amounted to RON 47.8m. This growth was under the influence of several factors. First of all, a 21% increase to RON 26.7m of consolidated personnel expenses, influenced by the impact of estimates related to annual performance bonuses, incl. the alignment of the Central Depository to the accounting policies adopted at the Group level, and the annual application of the Remuneration Policy – indexation and adjustment to the market level. Secondly, a 24% decrease in expenses with third-party services to RON 6.2m, as a result of lower consulting services recorded by CCP.RO. Thirdly, a 12% increase in other op. expenses to RON 14.9m following the increase in fixed assets depreciation and IT maintenance expenses, as well as an increase in the admin. expenses, due to rising inflation.
This resulted in an EBITDA of RON 14.25m, an increase of 86.2% YoY, mainly driven by faster revenue than op. expenses growth. Moving on, the consolidated net financial result amounted to RON 3.52m, a 5% decrease YoY. Individually, the net financial income from the Central Depository increased by 138% due to the higher interest on financial instruments. Net financial income from CCP.RO decreased by 40% YoY and amounted to RON 1.03m, due to the appreciation of RON vs EUR, and thus the adverse impact on the value of investments denominated in EUR. Finally, the net financial income of BVB standalone amounted to RON 2.9m, an increase of 41% YoY, based on the dividends income from Central Depository for 2021, in the amount of RON 1.53m. Also, the gain from unrealized FX differences was lower, as a result of the RON vs. EUR appreciation, but also due to the adverse impact of RON/USD FX fluctuation recorded during 2022 on the financial investments in USD. BVB notes that the dividend revenue from the Central Depository is eliminated during the consolidation process, and as such is not included in the consolidated financial income.
Moving on to the net profit, on the Group level it amounted to RON 10.43m, an increase of 97% YoY, being directly influenced by the positive evolution of the op. result.
BVB Group key financial results (Preliminary 2022 results vs. 2021 results, RON ‘000)
Source: BVB, InterCapital Research
Moving on to the balance sheet, the total assets increased by 5% YoY and amounted to RON 198.6m. Breaking this down further, fixed assets increased by 10% YoY and amounted to RON 77.5m, influenced by the acquisitions of financial assets with a maturity higher than one year, made during 2022. Current assets also increased to RON 121.1m, an increase of 2% YoY, based on the increase in trade receivables of the trading segment.
Moving on to the passive side, the total liabilities are mostly short-term and have remained roughly the same YoY. Equity amounted to RON 154.2m, an increase of 2% YoY, due to the share capital increase of CCP.RO performed at the end of December, through the cash contribution of RON 7m by a new shareholder, which determined the increase in minority interests and the decrease of BVB share in CCP.RO from 59.52% to 54.72%.