Slide 1: Q2/2019 Results Analyst and Investor Conference Call
Q2/2019 Results Analyst and Investor Conference Call 25 July 2019
Slide 2: Summary Q2/2019 results presentation
Q2/2019 Results 25 July 2019 Deutsche Börse Group 1 Summary Q2/2019 results presentation ▪ Net revenue increased by 6%, mainly driven by secular growth in-line with the company’s plan. ▪ Secular growth was mainly driven by Eurex (OTC clearing and product innovation) and EEX (record market share leve
Slide 3: Q2/2019 – group financials
Q2/2019 Results 25 July 2019 Deutsche Börse Group 2 Q2/2019 – group financials Net revenue, operating costs and earnings development €m Operating Revenue Net revenue EBITDA1 Net profit1 costs1 Net revenue: €724.8m (+6%) ▪ Net interest income: €66.7m (+21%) +6% 725 Costs1 687 +6% Operating costs: €26
Slide 4: Q2/2019 – Eurex (financial derivatives)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 3 Q2/2019 – Eurex (financial derivatives) Net revenue Business activity EBITDA4 €m €m +1% 240 243 OTC clearing (€tr) Other1 30 31 Notional OTC clearing2 13.6 +116% 6 10 outstanding (avg) +3% 15 15 Margin fees3 176 12 15 Notional cleared 7.0 +86% 172
Slide 5: Q2/2019 – EEX (commodities)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 4 Q2/2019 – EEX (commodities) Net revenue Business activity EBITDA2 €m €m +17% 71 61 17 Other1 17 +24% 11 Gas Volume (TWh) 681 +57% 35 8 28 Power 25 Volume (TWh) 1.385 +35% 19 derivatives 17 19 Power spot Volume (TWh) 150 +2% Q2/18 Q2/19 Q2/18 Q2/19
Slide 6: Q2/2019 – 360T (foreign exchange)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 5 Q2/2019 – 360T (foreign exchange) Net revenue Business activity EBITDA2 €m €m +18% 22 19 4 Other1 3 +12% 10 Average daily 9 18 Trading volumes (€bn) 81 +22% 16 Q2/18 Q2/19 Q2/18 Q2/19 1) Including net revenue from connectivity and member fees 2) Ad
Slide 7: Q2/2019 – Xetra (cash equities)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 6 Q2/2019 – Xetra (cash equities) Net revenue Business activity EBITDA3 €m €m -1% 56 55 10 10 Other1 4 5 Listing -2% 33 33 Order book volume (€bn)2 42 Trading and Equities 348 −10% 40 clearing ETF, ETC, ETN 35 −17% Q2/18 Q2/19 Q2/18 Q2/19 1) Includin
Slide 8: Q2/2019 – Clearstream (post-trading)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 7 Q2/2019 – Clearstream (post-trading) Net revenue Business activity EBITDA2 €m €m +8% 196 181 21 Other1 17 6 Third party 10 services Cash balances (€bn) 15.9 +19% +15% 51 NII thereof US$ 7.9 +9% 131 40 Settlement 114 18 20 Settlement transactions 13
Slide 9: Q2/2019 – IFS (investment fund services)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 8 Q2/2019 – IFS (investment fund services) Net revenue Business activity EBITDA2 €m €m +16% 44 38 13 Other1 9 +21% Settlement 21 13 Settlement transactions (m) 6.7 12% 12 17 Assets under 17 18 Custody 2.5 4% custody (€tr) Q2/18 Q2/19 Q2/18 Q2/19 1) I
Slide 10: Q2/2019 – GSF (collateral management)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 9 Q2/2019 – GSF (collateral management) Net revenue Business activity EBITDA1 €m €m -8% 21 19 10 Securities Outstandings 8 45 −21% lending (€bn) -18% 12 10 Collateral Outstandings 11 12 406 +5% management (€bn) Q2/18 Q2/19 Q2/18 Q2/19 1) Adjusted for
Slide 11: Q2/2019 – STOXX (index business)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 10 Q2/2019 – STOXX (index business) Net revenue Business activity EBITDA1 €m €m +2% 35 35 Other -7% 17 18 25 licences 23 Traded contracts 216 2% (m) 7 Exchange 8 licences ETF AuM (€bn) 11 STOXX 71 −17% 10 ETF DAX 25 −13% Q2/18 Q2/19 Q2/18 Q2/19 1) Ad
Slide 12: Q2/2019 – Data
Q2/2019 Results 25 July 2019 Deutsche Börse Group 11 Q2/2019 – Data Net revenue Business activity EBITDA2 €m €m +7% 41 38 -5% 10 Other1 29 9 27 Regulatory 4 3 services Cash and 26 27 Subscriptions (k) 339 −11% derivatives Q2/18 Q2/19 Q2/18 Q2/19 1) Including net revenue from internal and external co
Slide 13: H1/2019 – group financials
Q2/2019 Results 25 July 2019 Deutsche Börse Group 12 H1/2019 – group financials Net revenue Operating costs1 EBITDA1 Net profit1 €m €m €m €m +5% 1,446 1,379 +6% 941 889 +9% +3% 580 492 509 533 H1/18 H1/19 H1/18 H1/19 H1/18 H1/19 H1/18 H1/19 1) Adjusted for exceptional items; H1/2018 non-GAAP indicat
Slide 14: H1/2019 – secular net revenue growth in line with the company's plan
Q2/2019 Results 25 July 2019 Deutsche Börse Group 13 H1/2019 – secular net revenue growth in line with the company‘s plan Net revenue growth drivers in H1/2019 €m ▪ Secular net revenue growth of +5%, mainly driven by ~€29 million from Eurex (OTC 0% 0% Clearing, product innovation, margin fees) +5% 1
Slide 15: H1/2019 – operating cost development
Q2/2019 Results 25 July 2019 Deutsche Börse Group 14 H1/2019 – operating cost development Operating cost growth drivers in H1/20191 €m ▪ In total, operating costs in the first half 2019 509 increased as planned by ~3%1. 5 ▪ Inflationary pressures were largely off-set by 8 +3% lower provisions for va
Slide 16: Appendix
Q2/2019 Results 25 July 2019 Deutsche Börse Group 15 Appendix
Slide 17: Income statement – group level adjusted
Q2/2019 Results 25 July 2019 Deutsche Börse Group 16 Income statement – group level adjusted Quarter ended Quarter ended (in €m) 30 June 2019 30 June 2018 Sales revenue 747.7 719.5 Net interest income from banking business 66.7 55.0 Other operating income 3.0 3.3 Total revenue 817.4 777.8 Volume-rel
Slide 18: Income statement – group level reported
Q2/2019 Results 25 July 2019 Deutsche Börse Group 17 Income statement – group level reported Quarter ended Quarter ended (in €m) 30 June 2019 30 June 2018 Sales revenue 747.7 719.5 Net interest income from banking business 66.7 55.0 Other operating income 3.0 3.3 Total revenue 817.4 777.8 Volume-rel
Slide 19: Income statement – segmental level I/II
Q2/2019 Results 25 July 2019 Deutsche Börse Group 18 Income statement – segmental level I/II Eurex EEX 360T Xetra (financial derivatives) (commodities) (foreign exchange) (cash equities) (in €m) Q2/2019 Q2/2018 Q2/2019 Q2/2018 Q2/2019 Q2/2018 Q2/2019 Q2/2018 Net revenue 242.6 239.6 71.3 61.1 21.8 18
Slide 20: Income statement – segmental level II/II
Q2/2019 Results 25 July 2019 Deutsche Börse Group 19 Income statement – segmental level II/II Clearstream IFS (investment fund GSF (collateral STOXX (index) Data (post−trading) services) management) (in €m) Q2/2019 Q2/2018 Q2/2019 Q2/2018 Q2/2019 Q2/2018 Q2/2019 Q2/2018 Q2/2019 Q2/2018 Net revenue 1
Slide 21: IFRS 16 adjustments for 2018 (non-GAAP, indicative)
Q2/2019 Results 25 July 2019 Deutsche Börse Group 20 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 financial
Slide 22: Financial calendar and contact details
Q2/2019 Results 25 July 2019 Deutsche Börse Group 21 Financial calendar and contact details Financial calendar Contact details Barclays Global Financial Services Deutsche Börse AG 09 Sep 2019 Conference (New York) Goldman & Berenberg German Corporate Investor Relations 23 Sep 2019 Conference (Munich
Slide 23: Disclaimer
Q2/2019 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