Capital Markets - Bolsa de Valores de Colombia

Transcription

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Bolsa de Valores de Colombia
Corporate Presentation 2016
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Disclaimer:
The views expressed in this presentation not necessarily reflect the institutional view of the Colombian Stock Exchange (BVC for its acronym in Spanish).
The information contained herein is only accurate as of the date thereof, may be updated, supplemented, amended or otherwise altered by subsequent
presentations, reports and/or any communication made by the BVC. Since the information is subject to change the BVC will not necessarily inform you of
such changes.
This presentation may contain forward-looking statements that involve a number of risks and uncertainties or other factors beyond BVC’s control that
could cause actual results materially differ from those projected and do not guarantee any future BVC performance. These factors include, but are not
limited to i. economic, political and market conditions and fluctuations; ii. changes in domestic and foreign regulation; and iii. adoption of government
policies related to the securities markets.
The financial statements contained in this document are for the period herein described and are provided for informational purposes. The BVC is not liable
for the use that third parties give to the information contained herein. The most recent financial statements approved by the Board of the BVC are those
published for the [II] quarter of 2016.
BVC cautions the investor that the information set forth in this communication cannot be consider as sufficient in order to make investment decisions.
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 BOLSA DE VALORES DE COLOMBIA - BVC
 Overview
 Our Business Lines:
Capital Markets
Technology Solutions & Innovation
Information Services
Post-Trading Services
 BVC Financial Highlights
4
 Overview
Capital Markets
5
We are the strategic partner of the financial and capital market sectors in
technology, information, trading and post-trading services
Our Value Proposition
Our Regional Presence
Our Strengths
Operating Revenues
Growth
Capital Markets
Z
Technology Solutions &
Innovation
Z
Information Services
• Equities
• Fixed Income
• Derivatives
• FX
• OTC
• Listing Services
12%
CAGR 08-15
50%
40%
Capital
• Trading Systems
• Electronic Access
Consultancy:
• Core Banking
• Treasury
• Market Data
• Assets Valuation
Diversified Revenues
Markets
30%
2015
Profitability
51%
ROE
ROA
22%
100%
Technology
Solutions
17%
2015
Values for Shareholders
Z
Post-Trading Services
• Clearing
• Settlement
32%
34%
23%
5.2%
Dividend Yield 2015
6
We have Adapted to the New Reality
We have diversified our revenue sources and enhanced our service offering, in line with global trends
Revenues Distribution
Main Global Exchanges
BVC Operating
Revenues Distribution
CAGR
08-15
COP$ 117
12%
1%
Others 1%
Technology
Solutions 14%
Information
Services
27%
Issuer Services 9%
COP$ 53
6%
Post-trading
17%
30%
36%
15%
15%
Recurring
Revenues
60%
CAGR 08-15: 21%
13%
9%
13%
17%
Trading
32%
64%
2015
2008
Revenues Tied to
Market Activity
40%
4%
40%
*Includes: NASDAQ, LSE, EURONEXT and ASX
*Figures in COP$ Billions
2015
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Our Business Lines
A complete service portfolio throughout the whole value chain
Capital
Markets
Growth
Drivers
Technology
Solutions &
Innovation
Information
Services
Post-Trading
Services
Turnover - Interconnected Markets - Efficiency & Market Integrity
Massification – IT & Info Services that support Automation
Regional Scope
8
Operating Revenues 2008 – 2015
We diversified our service offering, to offset market volatility and reduce dependence on transaction-driven revenues,
by incorporating value-added services that generate recurring revenues and allowed us a sustain healthy growth rate
CAGR
53
59
66
74
15
75
20
79
21
80
27
117
12%
36
36%
7
9
11
12
15
16
2
19
15%
8
11
12
18
15
15
17
15
9%
40
44
48
49
35
45
47
47
2008
2009
2010
2011
2012
2013
2014
2015
2
7
9
Listing Services
Information & Knowledge Services
• Changes in fixed income market
structure
• 32% Fee reduction on fixed income
Figures in $COP Billions
Technology Solutions & Innovation
4%
Sophos Proforma
• Integration with Icap and start-up of Infovalmer • Acquisition of
• Strengthened information services and value
Sophos
added services for issuers
Solutions
• 25% Fee reduction on equities
• Reduced
dynamic on
equities
• Inflection point for the Equity
market
• Strengthened IT capabilities
9
BVC: Subsidiaries and Long Term Investments
$34.911 3% YoY
$17.282 -3% YoY
$24.141 +67% YoY
$11.513 -0,1% YoY
$1.045
$4.981 +41% YoY
Individual
$2.477 -11% YoY
$33.765 18% YoY
$11.961 19% YoY
22,98%
$3.536 +61% YoY
$11.775
51%
$6.856 +51% YoY
$2.732 +333% YoY
32,3%
$1.280 +126% YoY
$714
$2.171 +112% YoY
+147% YoY
6% YoY
Consolidated
$73.696 33% YoY
$24.285 38% YoY
$14.619 13% YoY
100%
34,3%
$5.026 +15% YoY
$1.571 +15% YoY
$10.624 +32% YoY
50%
$980
0,07%
$5.601 +65% YoY
50%
$3.315 +45% YoY
50%
$750
-8% YoY
Subsidiaries
$16
-77% YoY
Long Term Investments
$112
-9% YoY
*Figures in COP$ Millions
*As of 2Q16
$35
+61% YoY
$-290
+17% YoY
$-300
+26% YoY
+19% YoY
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 Overview
Capital Markets
11
Capital Markets
We organize markets to ensure their eligibility
We use technology to foster growth, facilitate the execution of trading strategies, and bring access to more participants
Volume & Transaction Driven Revenue Business Line
Revenue Contribution
• FX Market:
• Fixed Income Market:
Electronic trading and OTC registration services on
public & corporate debt, money market,
primary market for corporate debt
Electronic trading, OTC registration services and
hybrid platforms (electronic/voice) on: Spot Dollar,
Next Day dollar, Forwards/Swaps and Options,
36%
YTD
2Q16
• Derivatives Market:
Electronic trading and OTC registration services on
futures (interest rates, equities, fx) and swaps
• Equity Market:
Electronic trading on cash equities, securities
lending, repos, ETFs, and foreign securities
Capital Markets Revenue
34,1
0,2
3,8
13,2
38,5
0,9
4,9
14,4
17,0
18,3
2008
2009
43,8
44,9
1,6
4,8
3,2
4,1
20,8
23,4
47,2
2,9
4,9
49,6
3,0
13,1
47,5
48,5
3,5
3,6
14,4
17,8
14,2
18,8
19,2
15,5
17,9
16,2
48,5
50,3
3,8
3,6
26,6
22,4
16,5
14,2
12,8
11,0
10,4
11,5
11,0
11,6
2010
2011
2012
2013
2014
2015
LTM 2015
LTM 2016
Renta
FixedFija
Income
*As of 2Q16
Renta
Variable
Equities
Divisas
FX
Derivados
Derivatives
Revenue growth
CAGR 08-15
Capital Markets:
• Derivatives:
• FX:
• Equity Market:
• Fixed income:
4%
19%
20%
2%
-4%
12
Capital Markets
We organize markets to ensure their eligibility
We use technology to foster growth, facilitate the execution of trading strategies, and bring access to more participants
Equity Market
Fixed Income
27
208
485
638
315
326
381
429
0,1
CAGR 08-15: -0.2%
25
0,1
0,5
8
8
16
716
733
722
739
491
659
815
1.108
0,1
788
553
161
CAGR 08-15: -4%
2008 2009 2010 2011 2012 2013 2014 2015 2016*
15
13
25
28
Our Results
Equity Market
Fixed Income Market
0,5
7
41
37
46
41
40
0,6
4
32
24
2008 2009 2010 2011 2012 2013 2014 2015 2016*
100% market share
100% corp debt market share
52% Gov debt market share
32% volume traded by
Derivatives Market
FX Market
13% market share (futures)
38% traded by 3 parties
72% market share
100% share of electronic
rd
foreigners
trading
Electronic
OTC
Cash Equity
FX (USD Billions)
Repos
Securities Lendings
Futures
CAGR 08-15: +2%
Capital Markets Strategy:
CAGR 08-15: +21%
1.048
234
247
257
262
257
270
276
942
275
121
795
631
194
84
287
• Foster turnover liquidity
885
• Automate order management + interconnect markets
685
95
94
84
65
• Improve markets structure and quality
45
31
1
2008 2009 2010 2011 2012 2013 2014 2015 2016*
15
• Stimulate multi-market strategies
• Reach more investors
25
2008 2009 2010 2011 2012 2013 2014 2015 2016*
Volume
Traded Volume in COP$ Trillions. As of Aug 2016
Since 2015 Fixed income market includes Set- ICAP Securities
Thousands of Contracts
Futures: Included NDFs of USD in 2008 and 2009
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Issuer Services
The Colombian Capital Market is a strong financing alternative for companies
Recurring Revenue Business Line:
• Securities listing:
Fixed income: Listing and annual maintenance fees vary for type of security and
sector. Financial institutions (fixed fee) and real sector (% of the amount issued
or in stock)
Equities: Listing and annual maintenance fees are priced according to
shareholder´s equity as of Dec 31 of each year
The BVC promotes among listed
companies the adoption of best
practices on disclosure and
investor relations (IR).
• Issuances and public offerings: IPOs, Follow-Ons, Fixed income issuances, Tender
Offers
• Training & Events
IR Recognition is the guidance
for the Colombian securities
market adopted voluntarily by
the BVC issuers.
YTD
2Q16
14%
Listing and Issuer Services Revenue
8,9
10,9
12,1
18,2
15,0
14,9
17,3
15,2
15,0
18,3
Revenues growth
9%
7,8
1,8
3,5
2,4
4,8
3,4
6,3
CAGR 08 - 15
Listing services
revenues
2008-2015
2,6
2x
2,5
1,7
7,1
2008
11,6
12,5
11,8
12,4
9,7
10,4
12,5
11,9
9,0
2009
2010
2011
2012
2013
2014
2015
LTM 2015
LTM 2016
Cargo
Anual
Listing
Feesde Sostenimiento
*As of 2Q16
Servicio
Emisión
Issuer de
Services
14
Issuer Services
The Colombian Capital Market is a strong financing alternative for companies
Issuances Listings
Our Results
IR Recognition 2015
Issuances
31 issuers
26 reporting
103 trillion
COP$
2008-2015
sustainability on GRI4
Innovators
Development of electronic systems that promote and
guarantee transparency (book administration, Dutch
auctions and other mechanisms for asset allocation)
Issuer Services Strategy:
# of Issuers Listed
Total Amount Issued (COP Trillions)
• Specific financing needs / liquidity on equities and
fixed income
0,4
13
0,5
2009
89
6,6
2,3
2,7
9
10
9
10
2011
2012
2013
2014
0,3
14
6
2008
13,1
2010
Fixed Income
6
142
*As of Aug 2016
152
86
83
82
78
74
73
71
143
134
130
124
137
131
131
6
2015 2016*
Equity Market
87
2008 2009 2010 2011 2012 2013 2014 2015 2016*
Bonds
Equity
• Marketplace lending + equity for SMEs
• Innovation
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 Overview
Capital Markets
16
¿What are
we doing?
We enable financial industry capabilities
We deliver innovation in IT and digital solution to financial and capital markets
Enable market
platforms:
Enable electronic
market access:
Trading and
post-trading
Interconnected
Markets
Explore and
appropriate new
technologies:
Expand the IT
solutions offering for
the financial market
YTD
2Q16
Digital channels, cloud
services, algo-trading
and analytics
32%
In 2017 Migrating to:
¿Where are
we going?
Growth
Drivers
Turnover - Interconnected Markets - Efficiency & Market Integrity - Massification
Shared Services:
Broker-as-a-Service:
Fintech:
Integrated Services
BVC + Sophos:
Modernization
and IT
consolidation for
Infrastructure
providers
Back Office, Master
Trader and digital
services
Investment and
financing
technologies,
Blockchain
IT solutions for
Capital Markets
Nasdaq X-stream INET
New Features:
• Single trading platform for
equities, derivatives, fixed
income and MILA
• Pre-trade risk
management
• Market monitoring
capabilities
• Algorithmic and HFT
protocols
17
Sophos Leverages our IT Strategy
A regional player specialized in IT services for banking,
capital markets and digital channels
Recurring Revenue Business Line
Regional experience and in
depth knowledge of our
clients’ business
• 15 years experience
• 20 clients in Colombia and
8 clients in Latin America
• ISO 9001 & CMMI
• Regulatory and industry expertise
Specialized implementation
and integration services
Partner of the leading
worldwide providers
• Core banking solutions
• Treasury solutions
• Credit & debit cards processing
solutions
• Digital channels
• Design, development and testing
YTD
2Q16
32%
Sophos Revenue
1,9
2,5
15,0
7,5
20,3
21,4
26,6
35,7
31,5
45,3
Acquisition: 51%
Closed: June 2015
5x EBITDA
COP$ 19 billion
in cash / no debt
Revenue growth
2,4
3,1
2,9
1,0
1,0
EBITDA growth
1,4
39,8
15,0
1,9
2,5
2008
2009
20,3
21,4
2012
2013
31,8
25,2
2011
Colombia
*As of 2Q16
Mexico
103%
CAGR 08-15
30,5
Profitability
7,5
2010
52%
CAGR 08-15
2014
2015
Chile
LTM 2015
LTM 2016
35%
EBITDA margin 2015
18
18
Sophos Leverages our IT Strategy
A regional player specialized in IT services for banking,
capital markets and digital channels
EBITDA
Net Profit
35%
21%
32%
30%
31%
21%
19%
14%
21%
17%
13%
11%
14
13
8
10
4
3
6
1
2010 2011 2012 2013 2014 2015
EBITDA
EBITDA Margin
LTM
15
LTM
16
2
7
2010
2011
6
7
2012
Assets
2013
Liabilities
of the Top 15
Colombian banks
New Clients in 2016
International Expansion
$4M
2010 2011 2012 2013 2014 2015
Net Profit
Net Margin
LTM
15
LTM
16
69%
75%
78%
77%
72%
8
6
2
1
2
10
USD
82%
3
3
4 Countries
Contracts in Mexico and
Panama in 2016
RoE - RoA
11
2
2
4
Offices in
8
4
3
Balance Sheet
5
3
7
5
8
2
Partner of
17%
26%
Our Results
23%
22%
43%
19
38%
44%
2014
2015
*As of 2Q16
2010
2011
2012
RoE
49%
2013
• IT solutions to capital markets
• Deepen our presence in Colombia and increase our
regional presence
42%
42%
2014
2015
• Strengthen our service offering and enhance our
digital capabilities
13
Equity
Sophos Strategy:
RoA
19
 Overview
Capital Markets
20
Information and knowledge at the service of financial and capital markets
We use technology, analytics and digital marketing to grow our business and provide broader access
Fee-Based & Subscription Revenue Business Line
• Terminals: market screens
Knowledge services:
• Intermediary Access: electronic
Products:
• Valuation of market securities and
other non-liquid assets
• Risk and portfolio management tools
• Indices
• Mutual funds data
• Market Data: real-time
information for vendors,
development & licensing of indices,
e-BVC (web & app)
16%
• Academic Line: market training,
Main securities pricing vendor in
Colombia
access service for trading, back office,
custodians, and infrastructure
providers
virtual courses, academic program for
retail investors,
certifications
YTD
2Q16
• Contests and simulators:
universities & schools
• Digital strategy: websites and
social media
Information Services Revenue
6,9
6,8
10,5
8,6
11,8
13,9
15,2
16,9
17,5
21,6
1,3
0,9
1,5
1,9
1,3
1,5
1,6
1,7
4,1
3,4
1,2
1,6
1,8
0,5
3,6
2008
2009
2010
3,0
1,1
3,0
Terminales
Terminals
2011
1,4
2,2
1,1
4,9
4,2
7,3
7,5
6,2
4,1
Information Services:
15%
• Market Data:
26%
• Infovalmer:
20%
9,8
3,5
4,9
5,8
1,5
1,4
2,8
1,6
1,7
2,6
1,6
2,6
1,6
3,2
2,6
2,6
2012
2013
2014
2015
LTM 2015
LTM 2016
Acceso
Intermediarios
Intermediary
Access
*As of 2Q16
4,0
1,1
1,2
Revenue growth
CAGR 08-15
Infovalmer
Información
de Mercado
Market Data
Price Vendor
Infovalmer
(Infovalmer)
Educación
Education
31%
EBITDA margin 2015
21
Information and knowledge at the service of financial and capital markets
We use technology, analytics and digital marketing to grow our business and provide broader access
% Electronic orders SAE
# of Vendors
CAGR 09-15: +20%
8%
Our Results
8%
7%
36%
74%
16
7
8
2009
2010
2011
20
2012
24
2013
30
27
72%
Daily Electronic
orders through SAE
74%
34
92%
92%
2014
2015 2016*
28%
26%
2010
2011
2012
+10 intl.
indices
2013
SAE
AUM ETF iCOLCAP (COP Trillions)
2014
2015
2016*
Terminals
# of Participants in BVC courses
CAGR 09-15: +36%
54,5
2,1
Alliance BlackRock
200.000
Participants
educated at the BVC
2008 - 2015
42,6
• Analytics and
second-generation services
1,5
1,4
13,4
13,8
15,7
17,7
16,4
8,0
2011
Assets valuated
• Financial information Hub
67,9
2,7
2,5
+44.000
Information Services Strategy:
(thousands)
3,0
Infovalmer
93%
64%
26%
92 %
2012
2013
2014
2015
2016*
*As of Aug 2016
2008 2009 2010 2011 2012 2013 2014 2015 2016*
• Real time data for risk management and
automated trading
• Massification through education and digital
channels
22
 Overview
Capital Markets
23
¿What are
we doing?
We are consolidating the Colombian capital markets value chain
Interconnect C&S
participants:
All market participants
connected to BVC
Reliable and efficient
C&S processes:
Process optimization,
custodians management,
settlement by cycles, SAE
Promote infrastructure
development:
Developed the existing
CCPs: CRCC and CCDC
Our Results
+1,5 million
Transactions cleared and
settled per year
Largest individual
¿Where are
we going?
Growth
Drivers
Turnover - Interconnected Markets - Efficiency & Market Integrity - Massification
Automate C&S
processes:
Organize new C&S
framework:
C&S complete cycle Straight-ThroughProcessing, BaaS
CCP for equities,
multilateral settlement
for fixed income
Facilitate C&S
Cross-border
mechanisms
shareholder of the
entities in the capital
markets value chain
Shareholding:
Deceval: 23%
CRCC: 32%
CCDC: 34%
24
We are consolidating the Colombian capital markets value chain
CRCC
CCDC
DECEVAL
Company
Central counterparty for the Colombian
capital market; provides C&S services for
derivatives and money market
C&S services provider for the
foreign currency market in
Colombia
Responsible for custody,
administration, clearing and settlement
of securities on deposit in Colombia
Recent
Transactions
• Shareholding Increase: 4.7%
from 27.6% to 32.3%
• Closed: June 2016
• Shareholding Increase: 4.6%
from 29.7% to 34.3%
• Closed: June 2016
• Corporate Integration
current shareholding: 23%
• Expected Closing: 1Q17
Revenues by
% Dividend
• CRCC continued reducing its loses in the
results from prior period with the profits
after reserves of 2015 (COP$2.406 million)
• COP$357 million
• Payment date: March 31
• COP$4.542 million,
• Payment dates: Apr 29 and Oct 31
Deceval
Transaction aligned with
our core business
• Transaction driven
revenues + recurring
• Adds scale
• Margin accretive
Objectives:
COP$ 209
LTM 2016
BVC
Deceval
Proforma
Combined
Total Revenue
EBITDA
Net Profit
Assets
Liabilities
Equity
EBITDA Margin
Net Margin
RoE
RoA
140
46
30
171
55
116
34%
21%
26%
17%
69
35
21
94
30
64
52%
31%
33%
23%
209
81
51
265
85
180
39%
24%
28%
19%
IT Solutions 22%
Information 11%
COP$ 140
IT Solutions 33%
Post-trading
34%
Information 16%
Issuer Services 13%
Trading 37%
2015
LTM
2016
*As of 2Q16
Issuer Services 9%
Trading 25%
2015
ProformaCombined
LTM 2016
Proforma
• Market wide strategy
• Market infrastructure
efficiency
• Cost rationalization
• Process streamlining
Transaction Advisors:
• Valuation: Inverlink
• Fairness Opinion:
BNP Paribas
• Legal: Brigard & Urrutia
25
 Overview
Capital Markets
26
BVC Financial Highlights
Total Revenue
Revenues Breakdown 2Q16
140
0%
122
CAGR 08-15: +10%
2%
Capital Markets
98
88
61
69
74
82
83
36%
32%
86
Total Revenue
COP$ 74 Billion
Listing Services
Information & Knowledge Services
Other Revenues
16%
2008
2009
2010
2011
2012
2013
2014
2015
LTM
2015
Total Expenses
14%
Other Gains
LTM
2016
Expenses Breakdown 2Q16
98
84
CAGR 08-15: +9%
0%
64
47
40
46
47
53
Employee Benefit Expenses
30%
50
Expenses
COP$ 52
Billion
37
7%
Depreciation & Amortization Expenses
63%
Other Ordinary Expenses
Non-Ordinary Activity Expenses
2008
2009
2010
2011
2012
2013
2014
*As of 2Q16
2015
LTM
2015
LTM
2016
27
Net Profit
EBITDA
51%
49%
46%
44%
CAGR 08-15: +16%
36%
36%
31%
43%
40%
30%
32%
37%
34%
42
21
38%
CAGR 08-15: +9%
27
32
32
31
39
34
36%
23%
34%
46
26%
19%
21%
33
18
24
28
30
2011
2012
25
28
28
26
2013
2014
2015
LTM
2015
30
10
2008
2009
2010
2011
2012
2013
EBITDA
2014
2015
EBITDA Margin
LTM
2015
LTM
2016
2008
2009
2010
Net Profit
RoE vs RoA
Balance Sheet
124
98
103
21
22
96
119
2008
2009
83
13
112
110
110
110
26
26
28
26
125
139
136
139
136
2010
2011
2012
2013
2014
Assets
Liabilities
Net Margin
LTM
2016
42
23%
116
55
27%
25%
23%
19%
12%
20%
22%
18%
2015
152
171
LTM 2015 LTM 2016
17%
17%
17%
2015
LTM
2015
LTM
2016
10%
2008
2009
2010
2011
2012
2013
2014
Shareholder's Equity
RoA
*As of 2Q16
24%
20%
15%
166
26%
22%
19%
109
43
25%
RoE
28
Dividend Yield 2015
Cash Flow
24
7
2008
4,4%
2,5%
11
9
9
6
2009
2010
1,1%
2011
2012
2013
2014
2015
1,52
CAGR 08-15: +3%
0,83
1,3%
33,8
1,42
1,8%
1,5%
2Q16
EPS
0,72
4,7%
20
CAGR 08-15: +19%
11
5,2%
25
Ratios
33,5
29,9
1,42
24,8
0,93
0,89
0,89
20,5
17,7
15,6
15,7
18,7
16,5
13,5
13,2
7,8
4,0
2008
2009
2010
2011
2012
2013
2014
2015
66%
84%
72%
100%
100%
127%
67%
71%
Dividends (Payout ratio %)
Consolidated Figures in $COP Billions
2008
5,6
2009
5,0
4,5
2010
2011
P/E
2012
EV / EBITDA
3,8
2013
P / BV
14,1
11,4
11,4
8,1
3,6
2014
2,6
2015
29
BVC Ownership Structure
Shareholders Distribution
Universities 7%
Shareholder's Distribution
Retail Investors 6%
Local Investment Funds
1%
Pension Funds
16%
Real Sector 16%
Less Than 1%
Between 1% - 5%
1.279
13
Shareholders
29% Ownership
Brokerage Firms 15%
Foreign Investment
Funds 39%
BVC Stock:






Listed since June 2007.
Free Float: 89%
Stock type: Common voting shares
Shares outstanding: 18.672.822.217
Ownership Restriction: 10% shareholding
restriction of the BVC according to
Colombian law 510 of 1999.
All brokers must have 91 million shares
(0,48%) to trade at the Colombian market.
*As of Sep 2016
6
13
Members
7
29% Ownership
Between 5% - 10%
Total
5
1.297
Shareholders
42% Ownership
Board of Directors
Shareholders
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Shareholders
Aug 2016
TOP 20 SHAREHOLDERS
BANCARD INTERNATIONAL INVESTMENT INC
BM&BOVESPA SA BOLSA DE VALORES MERCADORIAS E FUTUR
FONDO DE PENSIONES OBLIGATORIAS PORVENIR MODERADO
UNIVERSIDAD DE MEDELLIN
BMO INVESTMENTS II (IRELAND) PCL
INVERSIONES CFNS S.A.S.
FONDO DE PENSIONES OBLIGATORIAS COLFONDOS MODERADO
CORPORACION FINANCIERA COLOMBIANA S.A.
VALORES BANCOLOMBIA S.A. COMISIONISTA DE BOLSA S A
GLOBAL X/INTERBOLSA FTSE COLOMBIA 20 ETF
FDO DE PENSIONES OBLIGATORIAS PROTECCION MODERADO
BANCA DE INVERSION BANCOLOMBIA S.A CORP FINANCIERA
FUNDACION PARA EL DESARROLLO INTEGRAL DEL PACIFICO
KAPITALFORENINGEN EMERGING MARKETS LONG-TERM ECONO
LONDOÑO Y RESTREPO S.A.
FONDO BURSATIL ISHARES COLCAP
BBVA VALORES COLOMBIA S.A. COMISIONISTA DE BOLSA
GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND
SERVIVALORES GNB SUDAMERIS S.A.
PA CORREVAL FIDUCIARIA FI ACCIONES BVC CVAL PANAMA
% SHARE
9,9393%
9,9000%
9,4825%
6,7084%
5,8322%
4,3200%
3,3957%
3,3634%
2,9091%
2,0627%
1,7941%
1,7793%
1,7219%
1,7078%
1,6824%
1,6370%
1,4143%
1,3371%
0,9830%
0,9411%
30
Thank You
For further information please contact:
Carlos Barrios
Director of Investor Relations Office &
Corporate Social Responsibility
Tel. (+57 1) 3139800 Ext. 1167
Email: cbarrios@bvc.com.co
31
Colombian Macroeconomic Indicators
Investment
Grade Since
4
2011
th Largest economy in Latin America
with 48 million people and 7 cities
with population over 1 million
Colombia is the
5
6
th
Largest Fixed Income Market in the World
ADTV in BVC as of Mar 2016: USD1.3 billion
Market
Capitalization
CAGR 05-15:
th
most business-friendly
country according to the Ease
of Doing Business Ranking
GDP
CAGR 05-14:
6%
Derivatives Market
CAGR 05-15: 36%
Derivatives market
Equities Market
CAGR 05-15:
9%
3rd
ONE DIGIT INFLATION
since 1999
Inflation Rate as of Aug-16 is : 5,31%.
*Source: WFE, World Bank, BVC, Colombian Central Bank, DANE
in Latin America
FX Market
Unemployment
Rate
as of Aug-16 is : 8,99%
Sustained growth of the
Colombian Pension Funds
CAGR 05-15:
9%
CAGR 05-15:
19%
Portfolio Foreign
Investment
CAGR 10-15:
13%
9%
32
GDP Growth
6,7% 6,9%
Inflation (%)
7,7%
6,6%
6,8%
4,7%
4,0% 4,3%
4,0%
3,5%
5,7%
4,6%
4,9%
3,1%
2006
2007
2008
2009
3,2%
2,0%
1,7%
2005
5,3%
4,5%
2010
2011
2012
2013
2014
2015
2016*
2005
2006
2007
2008
2009
2010
3.600
7,50%
7,75%
5,75%
3,00%
2013
2014
2015
2016*
Rate
3.400
YoY
YTD
MoM
3.200
-7,8%
-8,6%
-1,8%
2.800
3,25%
3,50%
2012
3.000
4,50%
4,25%
2011
1,9%
FX Rate
9,50% 9,50%
4,75%
3,7%
2,4%
2,0%
Central Bank Intervention Rate (%)
6,00%
3,7%
2.879,95
Sep-16
2.600
2.400
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
2016*
Nov-15
*As of Aug 2016. Source: WFE, World Bank, BVC, Colombian Central Bank, DANE
2015
Oct-15
2014
Sep-15
2013
Aug-15
2012
Jul-15
2011
Jun-15
2010
May-15
2009
Apr-15
2008
Mar-15
2007
Feb-15
2006
Jan-15
2.200
2005
33
AUM Distribution (%)
AUM Pension Funds (COP Trillions)
250
Cash and
Derivatives
3%
213
CAGR 05-15*: 19%
200
195
181
149
150
164
Foreign Equity
Market
25%
128
103
100
80
59
51
Foreign Fixed
Income
4%
50
Local Fixed
Income
50%
 Multi-fund Scheme
since 2010.
 More than 12 Million
affiliates.
Local Equity
Market
18%
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016*
COLOMBIA RATING EVOLUTION
MOODY'S
S&P
Foreign Investment (USD Billions)
FITCH
RATING
DATE
RATING
DATE
RATING
DATE
Ba2 (Negative)
27-Mar-02
BB (Negative)
24-May-00
BB (Stable)
10-Jan-02
Ba2 (Stable)
9-Mar-06
BB (Stable)
14-Jul-03
BB (Negative)
29-Aug-02
Ba2 (Positive)
25-Jun-07
BB (Positive)
22-Feb-06
BB (Stable)
3-May-04
Ba1 (Stable)
19-Jun-08
BB+ (Stable)
5-Mar-07
BB (Positive)
5-Jun-06
Ba1 (Positive)
9-Sep-10
BB+ (Positive)
7-Jul-10
BB+ (Stable)
21-Jun-07
Baa3 (Stable)
31-May-11
BBB- (Stable)
16-Mar-11
BB+ (Positive)
14-Oct-10
Baa3 (Positive)
8-Jul-13
BBB- (Positive)
15-Aug-12
BBB- (Stable)
6-Mar-13
Baa2 (Stable)
28-jul-14
BBB
24-Apr-13
BBB (Stable)
10-Dec-13
BBB (Stable)
Jan-Aug-Nov 14
BBB (Stable)
May-Dec 15
*As of Aug 2016
*Pension funds´ information: Jul 2016
*Source: Colombian Financial Supervisor, and Colombian Central Bank
CAGR 10-15: 13%
CAGR 10-15: 4%
2,6
2,3
9,5
2010
15,0
2011
4,7
3,3
12,4
4,4
16,8
16,7
2012
2013
FDI
15,1
2014
PORTFOLIO
11,4
2015
3,4
6,2
2016*

Capital Markets - Bolsa de Valores de Colombia

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