Slide 1: Q1/2019 Results Analyst and Investor Conference Call
Q1/2019 Results Analyst and Investor Conference Call 30 April 2019
Slide 2: Summary Q1/2019 results
Q1/2019 Results 30 April 2019 Deutsche Börse Group 1 Summary Q1/2019 results ▪ Net revenue in Q1/2019 increased by 4% to €721 million; as part of this, secular net revenue grew as planned by ~5%, while the weaker equity market environment resulted in a small decline of cyclical net revenue (−1%). ▪
Slide 3: Q1/2019 – group financials
Q1/2019 Results 30 April 2019 Deutsche Börse Group 2 Q1/2019 – group financials Net revenue, operating costs and earnings development €m Revenue Net revenue Operating EBITDA1,2 Net profit1,3 Net revenue: €720.8m (+4%) Costs1,2 ▪ Net interest income: €62.0m (+52%) +4% Costs 721 Operating costs1: €248
Slide 4: Q1/2019 – Eurex (financial derivatives)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 3 Q1/2019 – Eurex (financial derivatives) Net revenue Business activity EBITDA4,5 €m €m 0% 237 238 OTC clearing (€tr) Other1 31 28 Notional OTC clearing2 11.8 +231% 8 5 9 outstanding (avg) +4% 11 12 Margin fees3 176 14 Notional cleared 8.1 +148% 169
Slide 5: Q1/2019 – EEX (commodities)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 4 Q1/2019 – EEX (commodities) Net revenue Business activity EBITDA2,3 €m €m +19% 74 62 18 Other1 +22% 16 12 Gas Volume (TWh) 584 +11% 37 11 31 Power Volume (TWh) 1.436 +46% 27 derivatives 18 17 17 Power spot Volume (TWh) 153 +8% Q1/18 Q1/19 Q1/18 Q1
Slide 6: Q1/2019 – 360T (foreign exchange)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 5 Q1/2019 – 360T (foreign exchange) Net revenue Business activity EBITDA2,3 €m €m +22% 21 4 Other1 18 3 +26% 10 Average daily 76 +21% 8 18 Trading volumes (€bn) 15 Q1/18 Q1/19 Q1/18 Q1/19 1) Including net revenue from connectivity and member fees 2)
Slide 7: Q1/2019 – Xetra (cash equities)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 6 Q1/2019 – Xetra (cash equities) Net revenue Business activity EBITDA3,4 €m €m -5% 62 59 10 4 15 Other1 -7% 40 4 Listing 38 Order book volume (€bn)2 48 Equities 336 −22% Trading and 39 clearing ETF, ETC, ETN 34 −33% Q1/18 Q1/19 Q1/18 Q1/19 1) Inclu
Slide 8: Q1/2019 – Clearstream (post-trading)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 7 Q1/2019 – Clearstream (post-trading) Net revenue Business activity EBITDA2,3 €m €m +6% 189 179 Other1 18 19 8 Third party 9 services Cash balances (€bn) 15.2 +19% thereof US$ 7.4 +4% +5% 49 NII 127 34 121 Settlement 21 20 Settlement transactions 1
Slide 9: Q1/2019 – IFS (investment fund services)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 8 Q1/2019 – IFS (investment fund services) Net revenue Business activity EBITDA2,3 €m €m +6% 42 39 10 12 Other1 +6% Settlement 21 13 12 Settlement 6.4 −4% 20 transactions (m) Assets under 16 17 Custody 2.4 0% custody (€tr) Q1/18 Q1/19 Q1/18 Q1/19 1)
Slide 10: Q1/2019 – GSF (collateral management)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 9 Q1/2019 – GSF (collateral management) Net revenue Business activity EBITDA1,2 €m €m +2% 19 19 Securities Outstandings +12% 9 8 45 −23% lending (€bn) 12 11 Collateral Outstandings 11 11 391 +7% management (€bn) Q1/18 Q1/19 Q1/18 Q1/19 1) Adjusted f
Slide 11: Q1/2019 – STOXX (index business)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 10 Q1/2019 – STOXX (index business) Net revenue Business activity EBITDA1,2 €m €m +3% 34 35 0% 14 Other 18 24 24 licences Traded contracts 221 −6% 9 (m) Exchange 8 licences ETF AuM (€bn) 11 STOXX 71 −19% 9 ETF DAX 25 −15% Q1/18 Q1/19 Q1/18 Q1/19 1)
Slide 12: Q1/2019 – Data
Q1/2019 Results 30 April 2019 Deutsche Börse Group 11 Q1/2019 – Data Net revenue Business activity EBITDA2,3 €m €m +4% 44 43 +14% 9 13 Other1 31 27 5 Regulatory 4 services 29 Cash and 27 Subscriptions (k) 349 −17% derivatives Q1/18 Q1/19 Q1/18 Q1/19 1) Including net revenue from internal and externa
Slide 13: Q1/2019 – solid net revenue growth despite strong Q1/18, operating costs slightly above previous year
Q1/2019 Results 30 April 2019 Deutsche Börse Group 12 Q1/2019 – solid net revenue growth despite strong Q1/18, operating costs slightly above previous year due to higher investments Net revenue growth drivers Adjusted operating costs growth drivers ▪ Total net revenue increased by 4% to €721 million
Slide 14: Capital management – new Deutsche Börse credit rating indicators
Q1/2019 Results 30 April 2019 Deutsche Börse Group 13 Capital management – new Deutsche Börse credit rating indicators based on change of S&P methodology Credit rating metrics ▪ Deutsche Börse’s clients generally expect Key rating indicators1 Target conservative interest coverage and leverage ratios
Slide 15: Appendix
Q1/2019 Results 30 April 2019 Deutsche Börse Group 14 Appendix
Slide 16: Income statement – group level adjusted
Q1/2019 Results 30 April 2019 Deutsche Börse Group 15 Income statement – group level adjusted Quarter ended Quarter ended (in €m) 31 March 2019 31 March 2018 Sales revenue 747.0 733.2 Net interest income from banking business 62.0 40.9 Other operating income 3.2 5.0 Total revenue 812.2 779.1 Volume-
Slide 17: Income statement – group level reported
Q1/2019 Results 30 April 2019 Deutsche Börse Group 16 Income statement – group level reported Quarter ended Quarter ended (in €m) 31 March 2019 31 March 2018 Sales revenue 747.0 733.2 Net interest income from banking business 62.0 40.9 Other operating income 3.2 5.0 Total revenue 812.2 779.1 Volume−
Slide 18: Income statement – segmental level I/II
Q1/2019 Results 30 April 2019 Deutsche Börse Group 17 Income statement – segmental level I/II Eurex EEX 360T Xetra (financial derivatives) (commodities) (foreign exchange) (cash equities) (in €m) Q1/2019 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018 Net revenue 237.6 237.0 73.6 61.8 21.4 1
Slide 19: Income statement – segmental level II/II
Q1/2019 Results 30 April 2019 Deutsche Börse Group 18 Income statement – segmental level II/II Clearstream IFS (investment fund GSF (collateral STOXX (index) Data (post−trading) services) management) (in €m) Q1/2019 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018 Net revenue
Slide 20: IFRS 16 adjustments for 2018 (non-GAAP, indicative)
Q1/2019 Results 30 April 2019 Deutsche Börse Group 19 IFRS 16 adjustments for 2018 (non-GAAP, indicative) 2018 Q1 Q2 Q3 Q4 Full year €m €m €m €m €m Group Reduction of operating costs 12.5 12.6 12.5 12.7 50.3 Increase of depreciation and amortisation 11.8 11.8 11.8 11.8 47.2 Reduction of the financia
Slide 21: Financial calendar and contact details
Q1/2019 Results 30 April 2019 Deutsche Börse Group 20 Financial calendar and contact details Financial calendar Contact details 08 May 2019 Annual General Meeting Deutsche Börse AG 22 May 2019 Investor Day 2019 (London) Investor Relations Mergenthalerallee 61 29 May 2019 UBS (New York) 65760 Eschbor
Slide 22: Disclaimer
Q1/2019 Results Disclaimer Cautionary note with regard to forward-looking statements: This document contains forward-looking statements and statements of future expectations that reflect management's current views and assumptions with respect to future events. Such statements are subject to known an