Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse Group — Q1 2020 Earnings Presentation
22 slides from Deutsche Boerse's earnings presentation, Apr 30, 2020
Slide 1: Q1/2020 Financial results
Q1/2020 Financial results Analyst and Investor Conference Call 30 April 2020 Deutsche Börse Group 30 April 2020
Slide 2: Summary Q1/2020 financial results
Summary Q1/2020 financial results Strong net revenue growth in Q1/2020 to €915 million (+27%) mainly driven by exceptionally high volatility; secular growth initiatives continued positive contribution as planned (+8%). 27% net revenue growth Adjusted net profit increased by 33% to €387 million and t
Slide 3: Group financials
Group financials Q1/2020 (€m) Net revenue Operating cost EBITDA Net profit Note +27% +17% +30% +33% +24% (organic) +10% (organic) +29% (organic) +36% (organic) + 8% (secular) Net interest €68m income +9% 915 Exceptional cost €27m items 721 620 €62m Depreciation (adj.) +17% 476 Fina
Slide 4: New segment reporting as of Q1/2020
New segment reporting as of Q1/2020 Old segment New segment Major reporting reporting secular drivers Note Qontigo ▪ Trend towards passive Pre-trading Qontigo New segment reporting further (index and analytics) ▪ Demand for analytics increases focus on segments with greatest secular growth opportuni
Slide 5: Eurex (financial derivatives)
Eurex (financial derivatives) Q1/2020 (€m) Net revenue EBITDA Business activity +38% +42% Total derivatives 631m 346 contracts +28% 30 Other1 15 Eurex data Index derivatives 381m 18 Margin fees2 contracts +58% 13 263 OTC clearing3 250 15 Equity Interest rate 161m 26 15 62 Fixed income derivative
Slide 6: EEX (commodities)
EEX (commodities) Q1/2020 (€m) Net revenue EBITDA Business activity +11% +20% Power 161 TWh 82 spot +5% 74 19 Other1 Power 1,804 TWh derivatives +26% 18 12 Gas 761 TWh Gas +30% 12 45 37 33 Power derivatives 27 17 19 Power spot Q1/19 Q1/20 Q1/19 Q1/20 Note: EBITDA adjusted for exceptional items.
Slide 7: 360T (foreign exchange)
360T (foreign exchange) Q1/2020 (€m) Net revenue EBITDA Business activity +29% +31% Average daily €95bn 28 volumes +25% 5 Other1 21 4 13 23 Trading 10 18 Q1/19 Q1/20 Q1/19 Q1/20 Note: EBITDA adjusted for exceptional items. 1) Including net revenue from connectivity and member fees. Deutsche Börs
Slide 8: Xetra (cash equities)
Xetra (cash equities) Q1/2020 (€m) Net revenue EBITDA Business activity +17% +25% Order book volume2 €551bn 101 Equities +64% 11 Other1 87 Order book volume2 €78bn ETF, ETC, ETN +130% 15 25 Xetra data 70 5 Listing 29 56 4 61 Trading & clearing 38 Q1/19 Q1/20 Q1/19 Q1/20 Note: EBITDA adjusted for
Slide 9: Clearstream (post-trading)
Clearstream (post-trading) Q1/2020 (€m) Net revenue EBITDA Business activity +13% +16% Assets under €11.8tr 236 custody +4% 23 Other1 209 Settlement 18.3m 8 Third party services 18 20 transactions (ICSD) +37% Collateral management 8 19 162 48 Net interest income Cash balances €19.4bn 139 total v
Slide 10: IFS (investment fund services)
IFS (investment fund services) Q1/2020 (€m) Net revenue EBITDA Business activity +33% +56% +28% (organic) +54% (organic) Assets under €2.7tr 56 custody +12% Settlement 10.8m 17 Other1 transactions +69% 42 12 33 18 Settlement 12 21 21 Custody 17 Q1/19 Q1/20 Q1/19 Q1/20 Note: EBITDA adjusted f
Slide 11: Qontigo (index and analytics business)
Qontigo (index and analytics business) Q1/2020 (€m) Net revenue EBITDA Business activity +73% +23% +20% (organic) +13% (organic) ETF assets under €87bn management −10% 66 Exchange licenses 354m traded contracts +60% 21 Analytics 38 34 25 Other licences 27 22 13 Exchange licences 8 9 8 ETF Q1
Slide 12: Secular growth trend remained intact
Secular growth trend remained intact Q1/2020 (€m) Consolidation Secular growth Cyclical growth Note +3% +8% +16% Consolidation effects mainly driven +24% (organic) by Qontigo (Axioma) and a small 915 contribution from IFS (Ausmaq). All segments with positive secular 114 growth contribution; ve
Slide 13: Operating cost development
Operating cost development Q1/2020 (€m) Consolidation Investments Net inflation Note +7% +10% → 0% Consolidation effects mainly driven +10% (organic) by Qontigo (Axioma) and a small 291 contribution from IFS (Ausmaq). 0 Higher investments in growth and 25 technology, increase in personnel, as we
Slide 14: Dividend per share and pay-out
Dividend per share and pay-out FY/2019 Pay-out ratio (%) Note 55 54 53 49 48 Virtual AGM will take place on +7% 19 May 2020 – dividend of €2.90 proposed. €2.90 €2.70 Deutsche Börse generally aims to €2.45 distribute 40-60% of adjusted €2.35 €2.25 annual net profit to shareholders in form of the regu
Slide 15: Outlook
Outlook FY/2020 (€m) Net profit guidance Note Guidance for 2020 remains Mid-term target unchanged; strong start to the year +10-15% CAGR expected to be off-set by cyclical headwinds in Q2-4/20 (e.g. NII). +10% ~1.20bn +17% 1,106 For FY/2020 Deutsche Börse expects: 1,003 857 Continued secular net rev
Slide 16: Appendix
Appendix Deutsche Börse Group 15 30 April 2020
Slide 17: Income statement – group level adjusted
Income statement – group level adjusted Quarter ended Quarter ended (in €m) 31 March 2020 31 March 2019 Sales revenue 959.2 748.5 Net interest income from banking business 67.6 62.0 Other operating income 3.6 1.7 Total revenue 1,030.4 812.2 Volume-related costs -115.6 -91.4 Net revenue 914.8 720.8 S
Slide 18: Income statement – group level reported
Income statement – group level reported Quarter ended Quarter ended (in €m) 31 March 2020 31 March 2019 Sales revenue 959.2 748.5 Net interest income from banking business 67.6 62.0 Other operating income 3.6 1.7 Total revenue 1,030.4 812.2 Volume-related costs -115.6 -91.4 Net revenue 914.8 720.8 S
Slide 19: Income statement – segmental level I/II
Income statement – segmental level I/II Eurex EEX 360T Xetra (financial derivatives) (commodities) (foreign exchange) (cash equities) (in €m) Q1/20 Q1/19 Q1/20 Q1/19 Q1/20 Q1/19 Q1/20 Q1/19 Net revenue 346.3 250.3 81.8 73.6 27.6 21.4 101.4 86.8 Staff costs adj. -46.0 -40.9 -23.2 -20.1 -10.5 -7.9 -21
Slide 20: Income statement – segmental level II/II
Income statement – segmental level II/II Clearstream IFS Qontigo (post-trading) (investment fund services) (index and analytics business) (in €m) Q1/20 Q1/19 Q1/20 Q1/19 Q1/20 Q1/19 Net revenue 235.7 208.7 55.6 41.7 66.4 38.3 Staff costs adj. -51.0 -51.2 -16.8 -15.5 -22.3 -6.8 Other operating expens
Slide 21: Financial calendar and contact details
Financial calendar and contact details Financial calendar 19 May 2020 Annual General Meeting (Frankfurt) Deutsche Börse AG 26 May 2020 Deutsche Bank's 10th Annual Global Financial Services Conference Investor Relations 27 May 2020 UBS Best of Europe 1on1 Conference Mergenthalerallee 61 29 May 2020 J
Slide 22: Disclaimer
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 and unknown risks