Moscow Exchange Financial Growth Presentation
Operating expenses in 3Q'20 (excl. provisions)
Operating expenses
RUB mln
Major expense items
General and administrative expenses
RUB mln
Personnel expenses
3Q 2019
3Q 2020
Change
YOY
Personnel expenses
1776.0
2174.1
22.4%
+11.8%
+2.0%
4,049
4,138
4,223
D&A and IT maintenance
1183.1
1238.0
4.6%
3,776
3,678
49%
49%
53%
56%
51%
Remaining administrative
expenses¹
816.7
810.5
-0.8%
Total OPEX
3775.8
4222.6
11.8%
47%
51%
51%
44%
49%
Cost / Income Ratio
35.4%
37.3%
+1.9 p.p.
3Q 2019
4Q 2019
1Q 2020
2Q 2020
3Q 2020
Headcount
+10.2%
+5.3%
1,792
1,791
1,813
1,875
1,975
3Q 2019 4Q 2019
1Q 2020
2Q 2020
3Q 2020
☑
MOSCOW
EXCHANGE
Comments
☐
OPEX for 3Q'20 added 11.8% YoY, largely due to the growth in
personnel expenses.
Personnel expenses growth of 22.4% YoY decomposes into: [1]
11.9 p.p. extra bonus accruals for 9M'20 stemming from KPIs, [2]
4.5 p.p. Marketplace-related hires, [3] 4.4 p.p. net LTIP effect, [4]
1.6 p.p. other factors.
D&A and IT maintenance added 4.6% YoY, mainly explained by
11.2% YoY increase in amortization of intangible assets.
■
CAPEX for 3Q'20 was RUB 0.80 bln and RUB 2.25 bln for 9M'20.
Updated FY'20 OPEX growth guidance: 7.5-8.5% (from 7.0-8.5%).
Updated FY'20 CAPEX guidance: RUB 2.6-2.8 bln (from 2.3-2.7 bln)
54
Source: Moscow Exchange
1
Remaining administrative expenses are calculated as General and administrative expenses less Depreciation of property and equipment, Amortisation
of intangible assets, Equipment and intangible assets maintenanceView entire presentation