Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — Investor Day (June 2011)
74 slides from Deutsche Boerse's investor day presentation, Jun 1, 2011
Slide 1: Investor Day 2011
INVESTOR DAY 2011 1 June 2011 1
Slide 2: Legal disclaimer
Legal disclaimer Safe Harbour Statement In connection with the proposed business combination transaction between NYSE Euronext and Deutsche Boerse AG, Alpha Beta Netherlands Holding N.V. (“Holding”), a newly formed holding company, has filed, and the SEC has declared effective on May 3, 2011, a Regi
Slide 3: Agenda
Agenda 13.30 Deutsche Börse: “Making Markets Work” Reto Francioni Chief Executive Officer Deutsche Börse AG Frank Gerstenschläger Member of the Executive Board Deutsche Börse AG responsible for Xetra Division Andreas Preuss Deputy Chief Executive Officer Deutsche Börse AG responsible for Derivatives
Slide 4: Making Markets Work
DEUTSCHE BORSE GROUP ~oo MAKING MARKETS WORK
Slide 5: Path to creating a global leader
Deutsche Börse “Making Markets Work” Path to creating a global leader Ø 10-year transformative journey from a German equities market to one of the world’s leading providers of derivatives, risk management and post-trade infrastructure Ø Pioneer & innovator in using technology to drive capital market
Slide 6: Evolving leadership in key segments
Deutsche Börse “Making Markets Work” Evolving leadership in key segments Transformation delivers attractive growth and margin profile 2000 revenues: €637mn¹ 2010 revenues: €2,166mn¹ IT³ Cash equities Settlement & Custody (Xetra) 18% Cash equities (Clearstream) 12% (Xetra) 38% MD&A 44% 13% Derivative
Slide 7: Shifting business mix has driven impressive growth
Deutsche Börse “Making Markets Work” Shifting business mix has driven impressive growth 10-year CAGR (%) 5-year CAGR (%) 1Q11 year-over-year growth (%) Total revenue1 +12% € 2,227 +4% € 2,227 +7% € 583 € 1,823 € 543 (mn) € 733 2000 2010 2005 2010 1Q10 1Q11 EBIT2 (mn) +18% € 1,091 +9% € 1,091 +21% €
Slide 8: Eurex – Leading provider of derivatives and risk management
Deutsche Börse “Making Markets Work” Eurex – Leading provider of derivatives and risk management Europe’s largest derivatives market Global derivatives, ADV (mn) – 2010 Ø Attractive / high growth business (2010 margin of 56%, KRX 14.9 2000-2010 EBIT CAGR of 40%) Ø Growing demand due to structural dr
Slide 9: Clearstream – Poised for growth and positively exposed to rising rates
Deutsche Börse “Making Markets Work” Clearstream – Poised for growth and positively exposed to rising rates Key highlights Development of key indicators 2005 to 2010 Ø Key piece of global financial infrastructure (110 countries, 51 2005 2010 CAGR markets) provides platform to drive penetration of ot
Slide 10: Leading European cash market and superior market data product suite
Deutsche Börse “Making Markets Work” Leading European cash market and superior market data product suite Market Data & Analytics – Xetra – Platform with strong index portfolio Leading cash business with diversified offering Issuer, mid- Xetra and back- electronic Front office Other¹ office data trad
Slide 11: Continued focus on growth and operating efficiency while maintaining strong financial position
Deutsche Börse “Making Markets Work” Continued focus on growth and operating efficiency while maintaining strong financial position Ø Expenditures for organic growth initiatives and infrastructure raised to ~€120mn in 2011 Growth Ø Initiatives include expansion of product offering and development of
Slide 12: Growth strategy defined along four dimensions
Deutsche Börse “Making Markets Work” / Growth Growth strategy defined along four dimensions Dimensions Examples Ø New trading technology (Optimise) Expand existing Ø Functional service enhancements (e.g. co-location, 1 business collateral re-use) Ø Partnerships (e.g. OTC trade repository with BME) g
Slide 13: Xetra: Volume recovery and improvement of market quality
Deutsche Börse “Making Markets Work” / Growth / XETRA Volume recovery and improvement of market quality Xetra trading volume (monthly average; €bn) Xetra DAX XLM in basis points for €25,000 volume1 204 -12% More liquid 179 14 12.6 12.9 +36% 7.7 120 6.9 6.8 103 6 88 4 2 0 2007 2008 2009 2010 1Q11 200
Slide 14: International participant network and diversified order flow
Deutsche Börse “Making Markets Work” / Growth / XETRA International participant network and diversified order flow Xetra network Ø Deutsche Börse has the largest participant network amongst European exchanges: 251 Sweden member firms and more than 4,600 traders Ø 10 new member firms have been connec
Slide 15: Floor migration to Xetra system further expands network
Deutsche Börse “Making Markets Work” / Growth / XETRA Floor migration to Xetra system further expands network Results Ø By far broadest product range and straight-through-processing distribution network in Europe: ~10.000 equities More than ~850 ETFs & ETPs ~25.000 bonds 700.000 products ~3.000 mutu
Slide 16: Highly attractive ETF product offering
Deutsche Börse “Making Markets Work” / Growth / XETRA Highly attractive ETF product offering ETFs: Assets under management (€bn) & listed products Assets under Management Listed products 759 787 Ø Europe’s first ETF segment launched in 2000; since then leading platform for ETFs 547 Ø Offering charac
Slide 17: Eurex is growing in all key dimensions
Deutsche Börse “Making Markets Work” / Growth / EUREX Eurex is growing in all key dimensions Eurex business model – Success factors Grow network Add products/markets Asia growth initiative I Distribution Products/ II Dividend products Markets Eurex Repo EEX Manage risk & settlement Offer state of th
Slide 18: Distribution: Significant growth in volumes and memberships from Asia
Deutsche Börse “Making Markets Work” / Growth / EUREX Distribution: Significant growth in volumes and memberships from Asia Achievements Ø Representative offices set up in Hong Kong (new access point will go live in June), Tokyo and a branch Infrastructure office in Singapore Ø 19 Direct memberships
Slide 19: Products: Strong growth in Eurex dividend futures
Deutsche Börse “Making Markets Work” / Growth / EUREX Products: Strong growth in Eurex EURO STOXX 50® index dividend futures, dividend product group expanding 600,000 Order book volume OTC volume Open interest 800,000 Ø In June 2008, Eurex launched its Euro STOXX 50® index dividend futures 700,000 5
Slide 20: Markets: Eurex Repo is growing in all segments
Deutsche Börse “Making Markets Work” / Growth / EUREX Markets: Eurex Repo is growing in all segments; increasing demand for secured money market products Development of outstanding volumes1 Eurex Repo Markets Ø GC Pooling & EUR Repo Market § Anonymous, quote-driven market model with CCP 2001 to 2010
Slide 21: European Energy Exchange (EEX) will be the leading European market place for energy
Deutsche Börse “Making Markets Work” / Growth / EUREX Markets: European Energy Exchange (EEX) will be the leading European market place for energy Ø Utilize the global distribution network of Eurex, Distribution Eurex/EEX will play particularly to extend the reach of EEX to the US and Asia an active
Slide 22: Technology: Major technology initiatives well under way
Deutsche Börse “Making Markets Work” / Growth / EUREX Technology: Major technology initiatives well under way New interfaces Enhanced connectivity New backends Ø New Direct Trading Interface (DTI) Ø New 10 Gigabit network Ø New trading platform being rolled 2011 and Market Data Interface (MDI) conne
Slide 23: Clearing: Eurex Clearing is enhancing risk management and growing service offering
Deutsche Börse “Making Markets Work” / Growth / EUREX Clearing: Eurex Clearing is enhancing risk management and growing service offering Market requirements Eurex Clearing services expansion Strategic objective Ø Capital efficiency Ø Effective Risk Management services - Ø Industry leader in Portfoli
Slide 24: Eurex is well positioned for future growth
Deutsche Börse “Making Markets Work” / Growth / EUREX Eurex is well positioned for future growth Eurex business model – Success factors Grow network Add products/markets Enhance global distribution I Distribution Products/ II Broaden product and service reach across geographies and Markets offerings
Slide 25: Sustainable growth delivery through content innovation
Deutsche Börse “Making Markets Work” / Growth / MD&A Sustainable growth delivery through content innovation Sales revenue and EBIT (€mn) n MD&A supplies tradable content to capital market Sales revenue: 11% CAGR stakeholders worldwide EBIT: 19% CAGR n Business is based on less volatile revenue drive
Slide 26: Trading Signals: Leading source of tradable content, globally
Deutsche Börse “Making Markets Work” / Growth / MD&A Trading Signals: Leading source of tradable content, globally Strategic Aspirations Achievements in 2010 & 1H11 Outlook 2H11 & 2012 Ø Become leading Ø Launch of AlphaFlash Asia Ø Expand connectivity to independent source of products (Events from C
Slide 27: Indices and Benchmarks: Global roll-out of STOXX indices
Deutsche Börse “Making Markets Work” / Growth / MD&A Indices and Benchmarks: Global roll-out of STOXX indices Strategic Aspirations Achievements in 2010 & 1Q11 Outlook 2011 & 2012 Ø Become recognized leader Ø Launch of the new global family Ø Migration to new index for tradable indices of STOXX in F
Slide 28: Clearstream – Poised for growth and positively exposed to rising rates
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Clearstream – Poised for growth and positively exposed to rising rates Key highlights Development of key indicators 2005 to 2010 Ø Key piece of global financial infrastructure (110 countries, 51 2005 2010 CAGR markets) provides platform to
Slide 29: Resilient revenue in core activities paired with strict cost management
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Resilient revenue in core activities paired with strict cost management as foundation of future growth Revenue and Expense development (€mn) Sales revenue less operating expenses (€mn)1 Sales revenue NII Operating expenses 266 238 219 231 2
Slide 30: Net interest income expected to benefit from growth of cash balances
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Net interest income expected to benefit from growth of cash balances and positive interest rate cycle Settlement transactions1 & cash balances Central bank rates & net interest income Net interest income in €mn Fed fund rate 3 Settlement tr
Slide 31: Clearstream operates with a conservative risk profile
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Clearstream operates with a conservative risk profile Regulatory capital requirements (€mn) Risk profile Total (Tier 1) Capital Capital Requirement Ø Risk weighted assets are driven by overnight investment of customer cash Total capital rat
Slide 32: Clearstream as a global liquidity and risk management hub
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Clearstream has developed into a global liquidity and risk management hub by expanding the GSF service offering GSF outstandings (€bn) Liquidity and risk management hub for the industry € 600 Ø By significantly expanding the service offerin
Slide 33: Clearstream seeks to establish a European funds hub
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Clearstream seeks to establish a European funds hub as part of the Investment Fund Services offering Number of Vestima+ clients Strong foundation for growth 200 Ø Through its Investment Fund Investment Fund Services 2009 2010 1Q11 Services
Slide 34: Actively positioning Clearstream in a changing environment
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Actively positioning Clearstream in a changing environment MIFID1, Code of Conduct ECB / CESR - EMIR – SLD – CSD Regulation – UCITS IV – Basel III – CRD IV ECB TARGET2-Cash External ECB TARGET2-Securities (T2S) environment Euroclear Single
Slide 35: European market infrastructure developments
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM European market infrastructure developments Competition for domestic settlements open up significant market opportunities; Clearstream positioned to succeed by building on Cross Border Services, custody excellence and the Risk Management Li
Slide 36: Clearstream's strategy will increase its coverage of the securities processing value chain
Deutsche Börse “Making Markets Work” / Growth / CLEARSTREAM Clearstream’s strategy will increase its coverage of the securities processing value chain Market infrastructure providers (CSD / ICSD) 1 1 Clearstream Euroclear ? SIS DTCC ? Banks / Global Custodians BNP Paribas Securities Services / Citib
Slide 37: Processing more volume while containing cost
Deutsche Börse “Making Markets Work” / Growth / IT Processing more volume while containing cost For the past years, Deutsche Börse IT managed higher processing volumes at stable cost Ø Deutsche Börse experienced continuous growth of transaction volume Ø With respect to the exchange systems, quote vo
Slide 38: Ever faster processing
Deutsche Börse “Making Markets Work” / Growth / IT Ever faster processing Deutsche Börse IT is continuously decreasing round-trip times while increasing system capacity Ø The global trend towards automated and algorithmic trading is driving throughput and latency requirements of trading systems Ø To
Slide 39: Software Architecture and Development Principles
Deutsche Börse “Making Markets Work” / Growth / IT Software Architecture and Development Principles Acceleration of Service Adaptation Design principles for Deutsche Börse IT's forward-looking application architecture: Ø Clear, modular concept, allowing a choice between self-developed software and t
Slide 40: Provision of Virtualization and a Private Cloud
Deutsche Börse “Making Markets Work” / Growth / IT Provision of Virtualization and a Private Cloud Making best Use of the Infrastructure Standardization of hardware inventory and basis software pushes efficiency to a new level The hardware independence of Deutsche Börse IT's platform strategy provid
Slide 41: 'More' and 'Faster': We are on track for the future
Deutsche Börse “Making Markets Work” / Growth / IT ‘More’ and ‘Faster’: We are on track for the future DBG-IT is prepared to take the challenge of maintaining and improving today's service levels while containing IT costs Deutsche Börse IT portfolio is a solid foundation for the future Service Deliv
Slide 42: Franchise supported by disciplined cost structure
Deutsche Börse “Making Markets Work” / Operating Efficiency Franchise supported by disciplined cost structure Scalable platform and disciplined cost structure Implementation of program to optimize processes (€mn)1 and costs significantly accelerated (€mn) Total revenue: % € 2,2272 2010 2011E 2012E 2
Slide 43: Guidance for 2011 operating costs reduced
Deutsche Börse “Making Markets Work” / Operating Efficiency Guidance for 2011 operating costs reduced Transition reduced 2011 cost guidance (€mn) Reduced 2011 cost guidance1 1,160- 10 Ø Operating cost guidance reduced from €925mn to €890mn 15 1,180 25 30 and volume related cost guidance changed from
Slide 44: Effective group tax rate reduced by ~10% within 5 years
Deutsche Börse “Making Markets Work” / Operating Efficiency Effective group tax rate reduced by ~10% within 5 years Tax guidance (effective Group tax rate) 2007 Effective Group tax rate 35.6%1 2008 Effective Group tax rate 28.5%, includes the 35.6%1 following effects: - German tax reform - ISE acqui
Slide 45: Maintaining strong credit and rating profile while pursuing attractive distribution policy
Deutsche Börse “Making Markets Work” / Capital Management Deutsche Börse is focused on maintaining its strong credit and rating profile while pursuing an attractive distribution policy Capital Management Policy Ø Continuing past practice, Deutsche Börse AG distributes funds not required for the Grou
Slide 46: Capital Management – Overview key metrics
Deutsche Börse “Making Markets Work” / Capital Management Capital Management – Overview key metrics Capital management metrics Minimum requirements Actuals (31 December 2010) Interest coverage (Group level) 16.0x 16.8x2 EBITDA to interest expenses from financing activities1 Tangible equity Clearstre
Slide 47: Powering the Exchanging World
POWERING THE EXCHANGING WORLD 47
Slide 48: Moving forward from a position of strength
NYSE Euronext “Powering the Exchanging World” Moving forward from a position of strength Ø Strong 1Q11 highlights strength and operating leverage of our model § Further evidence of our ongoing transformation Ø Our strategy is to build a capital markets community and drive the evolution of the exchan
Slide 49: 1Q11 financial results
NYSE Euronext “Powering the Exchanging World” 1Q11 financial results (mn, except per share data) % ∆ 1Q11 % ∆ 1Q11 4 1Q11 4Q10 vs. 4Q10 1Q10 vs. 1Q10 Total Revenue¹ $1,148 $1,045 10% $1,083 6% Transaction-based Expenses² $469 $432 9% $438 7% Total Revenues, Less Transaction-based Expenses $679 $613
Slide 50: Strong performance across the platform
NYSE Euronext “Powering the Exchanging World” Strong performance across the platform Consolidated Primary segments Cash Trading and Info. Services and Tech NYSE Euronext Derivatives Listings Solutions $ 679 $ 312 $ 310 $ 328 $ 645 $ 224 $ 236 Net $ 613 $ 188 $ 110 $ 114 $ 116 revenue1 (mn) 1Q10 4Q10
Slide 51: Strong 1Q11 powered by execution against our strategy
NYSE Euronext “Powering the Exchanging World” Strong 1Q11 powered by execution against our strategy Information Derivatives Cash Trading and Listings Services and Technology solutions NYSE NYSE NYSE NYSE NYSE NYSE Transaction Market Infra- NYSE Euronext Arca Amex Liffe Liffe U.S. Arca Amex Services
Slide 52: Benefits of diversification in uncertain environments
NYSE Euronext “Powering the Exchanging World” Benefits of diversification in uncertain environments NYSE Liffe U.S. Options ADV Contracts (000) ADV Contracts (000) 4,851 4,633 4,408 972 3,737 771 3,713 3,715 861 3,879 3,862 2,876 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 Bclear U.S. Cash European Cash ADV Share
Slide 53: Our strategy illustrated: Innovation and collaboration
NYSE Euronext “Powering the Exchanging World” Our strategy illustrated: Innovation and collaboration Value of the community Results NYSE Liffe U.S. Eurodollar Futures Open Interest Ø NYSE Liffe in Europe sponsors initiative with proprietary, proven technology 400,000 Ø Existing clients natural equit
Slide 54: Seizing the opportunity for NYSE Technologies
NYSE Euronext “Powering the Exchanging World” Our strategy illustrated: Seizing the opportunity for NYSE Technologies Structural changes in global financial markets are driving demand for infrastructure, data and transaction services Industry trends Driving new demands Opportunity Ø Execution venue
Slide 55: Track-record of cost control and enhanced balance sheet strength
NYSE Euronext “Powering the Exchanging World” Track-record of cost control and enhanced balance sheet strength Disciplined expense management Continued deleveraging Fixed operating costs and capex (mn) Debt / EBITDA1 2.4 $ 427 2.2 $ 425 1.8 $ 415 $ 93 $ 61 $ 36 1Q10 4Q10 1Q11 1Q10 4Q10 1Q11 Capital
Slide 56: Strategy enabled by productivity growth and cost control
NYSE Euronext “Powering the Exchanging World” Strategy enabled by productivity growth and cost control Productivity improvements 2010 revenue per employee by exchange Headcount and net revenue / employee (000) $ 846 € 927 $ 767 $ 1,233 $ 736 $ 683 € 879 $ 1,169 4,058 € 636 3,757 $ 846 3,367 2,968 €
Slide 57: Executing our strategy means tangible P&L results
NYSE Euronext “Powering the Exchanging World” Executing our strategy means tangible P&L results… Quarterly net revenue1 development Quarterly EPS2 development (mn) CAGR: 5.9% $ 679 CAGR: 25.8% $ 0.68 $ 0.64 $ 0.58 $ 654 $ 0.53 $ 0.54 $ 645 $ 0.51 $ 640 $ 0.46 $ 0.46 $ 0.43 $ 621 $ 612 $ 613 $ 605 $
Slide 58: Best-in-class total shareholder returns
NYSE Euronext “Powering the Exchanging World” … and best-in-class total shareholder returns 11 11 9 9 6 5 1Q11 0 Shareholder Return 1 (%) -1 DJ -6 S&P 500 Exchange 4 55 49 45 43 12 Month 30 25 24 22 Shareholder Return 2 (%) 9 DJ S&P 500 Exchange 4 101 69 66 66 1Q09 – Current 59 37 32 Shareholder 25
Slide 59: Driving Growth & Empowering Capital Markets: The Exchange Future Is Now
DRIVING GROWTH & EMPOWERING CAPITAL MARKETS: THE EXCHANGE FUTURE IS NOW 59
Slide 60: Creating the premier global exchange group
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Creating the premier global exchange group Ø Creates compelling global derivatives platform bringing together complementary products Strategically Ø Largest capital raising venue in the world Strategically compelling compel
Slide 61: Combination accelerates current strategy
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Combination accelerates current strategy Combined Group well positioned across the value chain Ø Highly complimentary assets combine to create the pre-eminent market infrastructure operator with Index Information complete p
Slide 62: Leadership in major asset classes and services
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Leadership in major asset classes and services Global derivatives, ADV (mn) – 2010 US options volume contracts, ADV (mn) – 2010 19.0 6.6 14.9 12.2 4.4 10.5 3.9 3.7 8.6 3.0 6.4 5.6 4.5 0.5 0.4 0.1 Domestic market capitalizat
Slide 63: Leading scale in the exchange industry
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Leading scale in the exchange industry Net revenue (2010, mn) € 4,115¹ $ 5,473 € 2,258 € 2,227 $ 3,004 € 1,888 $ 2,962 $ 2,511 € 1,164 € 1,144 € 865 € 810 € 734 $ 1,545 $ 1,522 € 530 € 358 $ 1,150 $ 1,075 $ 974 $ 703 $ 475
Slide 64: Globally diversified capital markets business
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Globally diversified capital markets business Pro forma NYSE Euronext / Deutsche Börse 2010 net revenue Geographic breakdown Product breakdown European Cash 2 Market Data & Technology Cash Trading 14% 12% Listings & Listing
Slide 65: Unparalleled risk management and capital raising markets
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Unparalleled risk management and capital raising markets… Derivatives Cash and Listings Ø Complementary equity index and interest rate derivatives migrated to Ø Largest and only regulated exchange Pan-EU trading platform co
Slide 66: Supported by critical global infrastructure
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” … Supported by critical global infrastructure Information Services and Technology Solutions Clearstream settlement and custody Ø Leading provider of capital markets infrastructure services to Ø Pioneer in global cross-borde
Slide 67: Combination benefits market structure
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Combination benefits market structure Ø Creates deeper, liquid and more transparent markets Investors Ø Simplifies global connectivity Ø Complementary customer solutions to provide full-service offering Ø Improved risk mana
Slide 68: Cost synergies of €400 / $580 million clearly identified
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Cost synergies of €400 / $580 million clearly identified 15 February 2011 Current Levers for additional cost synergies2 €300mn / $435mn1 €400mn / $580mn1 Technology (+ €51mn): Ø One common trading and clearing infrastructur
Slide 69: Combination has access to unique growth opportunities
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Combination has access to unique growth opportunities Expected revenue synergies of at least €150mn / $218mn1 annually, with full run-rate being achieved at end of year 3 Over 1/3 rd of revenue synergies from clearing alone
Slide 70: Integration and closing processes crossing key milestones
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Integration and closing processes crossing key milestones Regulatory process Integration planning q ü Conversations with over 100 policymakers q ü Integration teams identified and project offices q ü Meetings with key gover
Slide 71: Combination creates value for shareholders
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Combination creates value for shareholders Illustrative sensitivity analysis DB1 NYX Total Per Per Value drivers1 share share DB1 NYX @ 60% @ 40% share4 share4 Earnings power €mn €mn €mn € $ Ø Cost and revenue 2011 NYSE Eur
Slide 72: Superior cash flow generation and strong balance sheet
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Superior cash flow generation and strong balance sheet NYSE Euronext and Deutsche Börse have superior cash flow generation and strong balance sheets (mn) NYSE Euronext Deutsche Börse € 1,221 / $ 1,6241 2.2x € 838 / $ 1,114
Slide 73: Superior cash flow generation and strong balance sheet (cont'd)
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Superior cash flow generation and strong balance sheet (cont’d) A Deutsche Börse-NYSE Euronext merger will create a leader with superior cash flow generation and a strong balance sheet Ø The combined company will have super
Slide 74: The right transaction at the right time for both organizations
Deutsche Börse / NYSE Euronext “Driving Growth & Empowering Capital Markets” Ø The right transaction at the right time for both organizations Ø Deutsche Börse has transformed its business from a German equities market into a world- leader in derivatives, risk management and post-trade infrastructure