Slide 1: Q2/2014 Results Analyst and Investor Conference Call
Q2/2014 Results Analyst and Investor Conference Call 25 July 2014
Slide 2: Highlights Q2/2014 Results Presentation
Q2/2014 Results 25 July 2014 Deutsche Börse Group 1 Highlights Q2/2014 Results Presentation Low equity volatility and interest rates weighed on derivatives/ cash activity in Q2/2014, but could partly be compensated by record custody volumes in Clearstream and positive MD+S development Net revenu
Slide 3: H1/2014 – Development Of Group And Segmental Financials
Q2/2014 Results 25 July 2014 Deutsche Börse Group 2 H1/2014 – Development Of Group And Segmental Financials Group Segments Net revenue Eurex Xetra Clearstream MD+S €1,002.6 million (+2%) Net rev. Net interest income -2% €18.8 million (-3%) Net rev. 400 +6% 390 Operating costs1 343 €492.7 million (+6
Slide 4: Q2/2014 – Development Of Group Financials
Q2/2014 Results 25 July 2014 Deutsche Börse Group 3 Q2/2014 – Development Of Group Financials Net revenue Operating costs Earnings per share €m €m1 €1 514 1.00 497 488 0.97 473 0.90 458 0.83 0.74 268 234 236 243 249 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q2/13 Q3/13 Q4/13 Q1/14
Slide 5: Q2/2014 – Eurex
Q2/2014 Results 25 July 2014 Deutsche Börse Group 4 Q2/2014 – Eurex Business activity Q2/2014 y-o-y Net revenue Financial derivatives (traded contracts in m) €m -10% US Options 142.0 -18% 202 207 Equity 111.7 -27% 19 18 183 Fixed income 113.6 -20% 172 11 8 169 18 Others2 15 Index 146.7 -16% 26 13 17
Slide 6: Q2/2014 – Xetra
Q2/2014 Results 25 July 2014 Deutsche Börse Group 5 Q2/2014 – Xetra Business activity Q2/2014 y-o-y Net revenue Order book volume in €bn1 €m -1% -9% 44 315 40 286 38 38 7 37 6 9 9 8 8 Others2 8 8 6 7 CCP 28 24 23 24 23 Trading Q2/13 Q2/14 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 1) Xetra, Börse Frankfurt and T
Slide 7: Q2/2014 – Clearstream
Q2/2014 Results 25 July 2014 Deutsche Börse Group 6 Q2/2014 – Clearstream Business activity Q2/2014 y-o-y Net revenue €m +4% Assets under 170 170 173 €12.2tr 5% 166 custody 160 30 29 30 Others2 29 25 Settlement 8 8 10 NII 30.3m -4% 11 8 transactions 15 16 16 GSF 14 15 GSF 28 29 29 33 30 Settlement €
Slide 8: Q2/2014 – Market Data + Services
Q2/2014 Results 25 July 2014 Deutsche Börse Group 7 Q2/2014 – Market Data + Services Business activity Q2/2014 y-o-y Net revenue Information €m +4% Derivatives/ cash market data, indicators, news 94 94 95 Data subscriptions 411,055 1% 92 89 Market 8 9 11 12 7 Solutions Index 27 29 27 27 Tools Ca
Slide 9: Q2/2014 – Selected Areas Of The Group Continue To Show Significant Growth
Q2/2014 Results 25 July 2014 Deutsche Börse Group 8 Q2/2014 – Selected Areas Of The Group Continue To Show Significant Growth Eurex – Kospi, volatility, dividend, OAT, BTP Eurex – EEX power & gas m1 18.3 TWh2 409 BTP & OAT 14.9 22% Gas +39% 295 127 Dividend 9.3 Power Volatility 6.6 46 Kospi 1.5 2.3
Slide 10: Management Is Firmly Focused On Growing The Business, Effective Cost Management, And Attractive Capital Management
Q2/2014 Results 25 July 2014 Deutsche Börse Group 9 Management Is Firmly Focused On Growing The Business, Effective Cost Management, And Attractive Capital Management Ambitious growth targets 20-40% net revenue growth target 2013-2017 Primarily organic growth, but also partnerships and complemen
Slide 11: Growth – EurexOTC Clear Service Offering Addresses Client Needs In New Regulatory Environment
Q2/2014 Results 25 July 2014 Deutsche Börse Group 10 Growth – EurexOTC Clear Service Offering Addresses Client Needs In New Regulatory Environment Value proposition Description 1 Only fully integrated cross-asset class clearing house in Unique position to be Integrated full asset Europe: market lead
Slide 12: Growth – Expansion Of Successful Collateral Management Services Under Global Liquidity Hub Initiatives
Q2/2014 Results 25 July 2014 Deutsche Börse Group 11 Growth – Expansion Of Successful Collateral Management Services Under Global Liquidity Hub Initiatives Global infrastructure provider Value proposition: Brazil (live) Australia (2013) Exposure Global Liquidity Hub Liquidity Hub GO locations initia
Slide 13: Growth – TARGET2-Securities, A Unique Opportunity For Clearstream
Q2/2014 Results 25 July 2014 Deutsche Börse Group 12 Growth – TARGET2-Securities, A Unique Opportunity For Clearstream T2S will change the post-trade landscape … … bringing benefits to customers Cash pooling: central funding account for all T2S Bank/ Global Custodian settlement enables settlement
Slide 14: Growth – Deutsche Börse Group’s Asian Growth Initiatives Are Based On Successful Expansion Of Business
Q2/2014 Results 25 July 2014 Deutsche Börse Group 13 Growth – Deutsche Börse Group’s Asian Growth Initiatives Are Based On Successful Expansion Of Business 2007 2013 Current initiatives Build-up of clearing house for Sales revenue <€50 million >€100 million derivatives in Singapore Strategic coo
Slide 15: Growth – Substantial Incremental Revenue From Structural And Cyclical Drivers Expected
Q2/2014 Results 25 July 2014 Deutsche Börse Group 14 Growth – Substantial Incremental Revenue From Structural And Cyclical Drivers Expected Illustration of mid- to long-term net revenue opportunities €m Product Structural opportunities Cyclical opportunities innovation ~2,300- ~100-300 2,700 ~100 ~1
Slide 16: Capital Management – Strong Cash Flow Generation Allows For Strong Rating Profile And Attractive Distribution Policy
Q2/2014 Results 25 July 2014 Deutsche Börse Group 15 Capital Management – Strong Cash Flow Generation Allows For Strong Rating Profile And Attractive Distribution Policy Strong cash flow, balance sheet and rating Attractive dividend distribution Pay-out ratio (%)2 Strong balance sheet 49 50 51 38 56
Slide 17: Appendix
Q2/2014 Results 25 July 2014 Deutsche Börse Group 16 Appendix
Slide 18: Income Statement – Group Level Adjusted
Q2/2014 Results 25 July 2014 Deutsche Börse Group 17 Income Statement – Group Level Adjusted Quarter ended Quarter ended 30 June 2014 30 June 2013 Sales revenue 560.4 561.8 Net interest income from banking business 10.4 11.2 Other operating income 2.8 1.7 Total revenue 573.6 574.7 Volume-related cos
Slide 19: Income Statement – Segmental Level Adjusted
Q2/2014 Results 25 July 2014 Deutsche Börse Group 18 Income Statement – Segmental Level Adjusted Eurex Xetra Clearstream Market Data + Services Q1/2014 Q1/2013 Q1/2014 Q1/2013 Q1/2014 Q1/2013 Q1/2014 Q1/2013 Sales revenue1 215.7 232.8 42.5 42.8 206.4 195.1 104.6 99.6 Net interest income from banking
Slide 20: Financial Calendar And Contact Details
Q2/2014 Results 25 July 2014 Deutsche Börse Group 19 Financial Calendar And Contact Details Financial calendar Contact details 27 Oct 2014 Interim report Q3/2014 Deutsche Börse AG 28 Oct 2014 Conference call Q3/2014 Investor Relations Mergenthalerallee 61 65760 Eschborn Germany Phone: +49-(0) 69-2 1
Slide 21: Disclaimer
Q2/2014 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