Table of Contents Table of Contents
Previous Page  17 / 111 Next Page
Information
Show Menu
Previous Page 17 / 111 Next Page
Page Background

17

Corporate Governance

Corporate Social Responsibility Report 2014

BME

Holdings in other companies

Since it was incorporated, BME has been involved

in developing and upgrading Latin American finan-

cial markets through shareholdings in the following

companies:

• Cámara de Riesgo Central de Contraparte de

Colombia, S.A.,

the clearing house for Colombia’s

futures and options market, with a 9.99% stake.

• Bolsa Mexicana de Valores, S.A. de Capital

Variable,

with a 0.99% stake.

In addition to these holdings in Latin American

companies, BME also has interests in other concerns:

• Operador del Mercado Ibérico de Energía – Polo

Español, S.A, (OMEL)

which oversees the financial

management of the electricity generation market,

with an indirect stake through BME Innova of 5.65%.

• OMIP Operador do Mercado Ibérico (Portugal),

SGPS, S.A.,

the holding company for the Portu-

guese electricity market, with a 5% stake.

• Sociedad Promotora Bilbao Gas Hub,

which is

concerned with the promotion of logistics, market

and financial services intended to facilitate gas

transactions, which in June 2014 was 5.13% owned

by BME.

Economic value generated, distributed and retained

(thousand euros)

2012

2013

2014

Economic value generated

298,365

310,293

344,929

Revenues

292,109

302,273

332,901

Other net gains (losses)

(1)

6,256

8,020

12,028

Economic value distributed

319,257

304,810

311,092

Operating expenses

33,854

33,035

38,012

Employee remuneration

63,400

64,316

63,668

Dividends

(2)

164,225

145,071

137,483

Income tax and other taxes

(3)

56,685

61,299

70,824

Payments to capital suppliers (financial cost)

0

0

0

Payments to public bodies, donations and other investments in the

community

1,093

1,089

1,105

Economic value retained (profit not distributed)

-20,892

5,483

33,837

Reserves

(2)

-28,752

-1,931

27,441

Amortisation and depreciation

7,860

7,414

6,396

(1) Includes work performed by the company on own assets, other operating revenue, the share of profit (loss) of

companies accounted for using the equity method and the net financial result, minus the result attributed to

external partners.

(2) Includes the payment of extraordinary dividends against unrestricted reserves for €30,980 thousand in 2012 and

€11,826 thousand in 2013.

(3) Includes only income tax expense and taxes reported in the year.

The total capitalisation (broken down by debt) and the

equity for 2012, 2013 and 2014 amounted to €412,831,

392,306 and 418,931 thousand, respectively.

CORPORATE GOVERNANCE

BME’s corporate governance structure conforms to

the highest market standards in this field. Its guiding

principles are transparency, shareholder participa-

tion and independence of the external auditor.

BME’s internal regulations are available under the

“Information for Shareholders and Investors” section

of the corporate website:

www.bolsasymercados.es

.