Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — Q1 2021 Earnings Presentation
21 slides from Deutsche Boerse's earnings presentation, Apr 22, 2021
Slide 1: Q1/2021 Financial results Analyst and Investor Conference Call
Q1/2021 Financial results Analyst and Investor Conference Call 22 April 2021
Slide 2: Summary Q1/2021 results presentation
Summary Q1/2021 results presentation – 7% As expected, net revenue declined against strong y-o-y comparables due to COVID-19. ISS Transaction successfully closed on 25 Feb; €1bn debt issued in Feb with 0% avg. yield. Net revenue Acquisition growth Q1/21 On + 1% Prudent management of organic operatin
Slide 3: Group financials Q1/2021
Group financials Q1/2021 Net revenue | €m EBITDA | €m Cash EPS1 | € Note −7% −12% −12% −10% (organic) −14% (organic) −13% (organic) Net interest €35m income −49% 915 €347m 855 Operating cost +9% Depreciation2 €62m 593 521 Financial result €−14m 2.05 1.81 €317m Net profit −14% EPS €1.73 Q
Slide 4: Progress on Compass 2023 targets
Progress on Compass 2023 targets Net revenue | €m EBITDA | €m Note +9% +8% Compass 2023 mid-term plan CAGR CAGR targets 10% net revenue growth (Q1/21 vs. Q1/19) (Q1/21 vs. Q1/19) CAGR (5% secular + 5% M&A) and 10% EBITDA growth CAGR. Results in Q1/20 driven by Ø 734 Ø 803 Ø 420 Ø 467 exceptional
Slide 5: Compass 2023 net revenue development
Compass 2023 net revenue development Q1/2021 | €m Consolidation Secular growth Cyclical growth Note +4% CAGR +6% CAGR –1% CAGR Q1/21 net revenue growth rate compared to 2019 (Compass 2023 +9% base year) fully in-line with expected CAGR growth trajectory. 855 -6 Consolidation effects vs. Q1
Slide 6: Operating cost development
Operating cost development Q1/2021 | €m Consolidation Organic Note +8% +1% Consolidation effects driven by ISS, Quantitative Brokers (Eurex) and Fondcenter (IFS). 347 Generally, prudent management of 344 3 operating costs due to cyclical headwinds. 26 Slightly higher investments in growth
Slide 7: Eurex (financial derivatives)
Eurex (financial derivatives) Q1/2021 Net revenue | €m EBITDA | €m Business activity −24% −31% −25% (organic) −31% (organic) Total 467m derivatives −26% 346 Index 217m 30 derivatives −43% 15 18 13 262 Fixed income 165m 15 258 Other1 derivatives +2% 35 62 Eurex data 15 18 Margin fees 2 Equity
Slide 8: EEX (commodities)
EEX (commodities) Q1/2021 Net revenue | €m EBITDA | €m Business activity −3% −12% Power 163 TWh spot +1% 82 Power 1,617 TWh 80 derivatives −10% 19 19 Other1 Gas 703 TWh −8% 12 15 Gas 39 33 34 28 Power derivatives 19 18 Power spot Q1/20 Q1/21 Q1/20 Q1/21 1) Including net revenue from connectivity
Slide 9: 360T (foreign exchange)
360T (foreign exchange) Q1/2021 Net revenue | €m EBITDA | €m Business activity −4% +9% Average daily €92bn volumes (ADV) −4% 28 26 5 6 Other1 14 13 23 21 Trading Q1/20 Q1/21 Q1/20 Q1/21 1) Including net revenue from connectivity and member fees. Deutsche Börse Group │ 22 April 2021 8
Slide 10: Xetra (cash equities)
Xetra (cash equities) Q1/2021 Net revenue | €m EBITDA | €m Business activity −8% −3% Order book volume2 €483bn Equities −12% 101 Order book volume2 €73bn 11 93 ETF, ETC, ETN −7% 11 Other1 25 24 Xetra data 69 67 5 5 Listing 61 54 Trading & clearing Q1/20 Q1/21 Q1/20 Q1/21 1) Including net revenue
Slide 11: Clearstream (post-trading)
Clearstream (post-trading) Q1/2021 Net revenue | €m EBITDA | €m Business activity −4% −12% Assets under €12.6tr custody +6% 236 Settlement 23m 227 23 transactions (ICSD) +26% 8 42 Other1 20 Cash balances €15.1bn −22% 8 Third party services 19 total volume 48 Collateral management 155 13 Net inte
Slide 12: IFS (investment fund services)
IFS (investment fund services) Q1/2021 Net revenue | €m EBITDA | €m Business activity +49% +81% +23% (organic) +46% (organic) Assets under €3.1tr custody +14% 83 Settlement 11.3m transactions +5% 17 Other1 56 17 Fund distribution 53 17 23 Settlement 18 29 26 Custody 21 Q1/20 Q1/21 Q1/20 Q1/2
Slide 13: Qontigo (index and analytics business)
Qontigo (index and analytics business) Q1/2021 Net revenue | €m EBITDA | €m Business activity −5% +9% ETF assets under €103bn management +19% 66 Exchange licences 204m 63 traded contracts −42% 21 17 Analytics 33 25 28 Other licences 30 13 9 Exchange licences 8 9 ETF Q1/20 Q1/21 Q1/20 Q1/21 Deuts
Slide 14: ISS (Institutional Shareholder Services)
ISS (Institutional Shareholder Services) Q1/2021 Initial consolidation on 25 February 2021 | €m Note Financing of ISS completed on 15 February, by issuing two senior Q1/21 bonds: ‒ 5 year at a yield of –19bp and a coupon of 0%. Net revenue 21 ‒ 10 year at a yield of 19bp and a coupon of 0.125%.
Slide 15: Outlook FY/2021
Outlook FY/2021 Net revenue guidance | €m EBITDA guidance | €m Note +10% CAGR Compass 2023 mid-term plan targets 10% net revenue growth Compass 2023 target CAGR (5% secular + 5% M&A) and 10% EBITDA growth CAGR. ~4.3bn +10% CAGR For 2021 Deutsche Börse expects: 2021 target: Compass 2023 target −
Slide 16: Appendix
Appendix Deutsche Börse Group │ 22 April 2021 15
Slide 17: Income statement – group level
Income statement – group level Quarter ended Quarter ended (in €m) 31 Mar 2021 31 Mar 2020 Sales revenue 1,023.8 959.2 Treasury result from banking business 34.6 67.8 Other operating income 19.3 3.4 Total revenue 1,077.7 1,030.4 Volume-related costs –222.6 –115.6 Net revenue 855.1 914.8 Staff costs
Slide 18: 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) Q1/21 Q1/20 Q1/21 Q1/20 Q1/21 Q1/20 Q1/21 Q1/20 Net revenue 262.0 346.3 79.5 81.8 26.4 27.6 93.2 101.4 Staff costs –54.5 –46.1 –26.1 –23.5 –9.1 –10.6 –22.9 –2
Slide 19: Income statement – segmental level II/II
Income statement – segmental level II/II Clearstream IFS Qontigo ISS (post-trading) (investment fund services) (index and analytics business) (Institutional Shareholder Services) (in €m) Q1/21 Q1/20 Q1/21 Q1/20 Q1/21 Q1/20 Q1/21 Q1/20 Net revenue 226.8 235.7 82.7 55.6 63.2 66.4 21.3 Staff costs –59.
Slide 20: Financial calendar and contact details
Financial calendar and contact details Financial calendar 19 May 2021 Annual General Meeting 20 May 2021 Berenberg Conference USA 2021 (virtual/ New York) Deutsche Börse AG Investor Relations 26-27 May 2021 UBS Best of Europe Virtual 1on1 Conference (virtual/ New York) Mergenthalerallee 61 01-02 Jun
Slide 21: 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