Moscow Exchange Financial Growth Presentation
CAPEX and OPEX: 2019-2020
Capital expenditures
RUB bln
5.4%
Capex % of operating income
8.2%
5.0%
5.0%
5.1%
2.6%
+42%
-46%
+219%
3.6
2.5
0.8
+4%
+9%
2.2
1.9
2.0
2014
2015
2016
2017
2018
2019
Operating expenses (excluding provisions)
RUB bln
CPI inflation
4.3%
2.5%
3.0%
11.4%
12.9%
5.4%
+8%
+10%
+7%
+9%
+9%
14.5
13.4
12.3
11.3
15.4
10.4
2014
2015
2016
2017
2018
2019
☑
MOSCOW
Source: Moscow Exchange, gks.ru
EXCHANGE
■CAPEX was RUB 2.2 bln, which is at the middle of our guidance range of
RUB 2.0-2.5 bln for 2019.
■ In 2020, the updated CAPEX guidance range is RUB 2.6-2.8 bln.
■ The 2020 split between maintenance and development CAPEX is
expected to be roughly equal (46% maintenance / 54% development).
■ Top-5 projects account for 24% of CAPEX, with the Marketplace
consuming RUB 0.4 bln.
■ The actual growth of OPEX in 2019 was 6.8%, below the floor of the
revised guidance range of 8-10%.
■ Net of pass-through grain costs, the 2019 OPEX growth was 8.0% YoY.
■The main driver of OPEX growth in 2019 was personnel expense, which
increased 9.2% on the back of a 4.7% headcount growth.
■ The 2020 OPEX growth guidance range is 7.5-8.5%. It's viable to
achieve positive operating jaws between F&C and OPEX in 2020.
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