Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — FY2020 Earnings Presentation
23 slides from Deutsche Boerse's earnings presentation, Feb 11, 2021
Slide 1: Q4 and FY/2020 Preliminary financial results
Q4 and FY/2020 Preliminary financial results Analyst and Investor Conference Call 11 February 2021
Slide 2: Summary Q4 and FY/2020 preliminary results presentation
Summary Q4 and FY/2020 preliminary results presentation + 9% Net revenue increased 9% to €3,214 million; secular growth of 5% as planned. + 10% p.a. Compass 2023 targets continued secular growth and increasing M&A contribution. Net revenue Net revenue and growth 2020 earnings growth target 2023 € 1.
Slide 3: Preliminary group financials Q4/2020
Preliminary group financials Q4/2020 | €m Net revenue Operating cost EBITDA Net profit Note +8% −4% +19% +14% +6% (organic) −5% (organic) +17% (organic) +12% (organic) Net interest €36m income −38% 814 Exceptional cost €46m 757 items Depreciation €73m 490 411 Financial result €−26m 3
Slide 4: Eurex (financial derivatives)
Eurex (financial derivatives) Q4/2020 | €m Net revenue EBITDA Business activity +5% +13% +5% (organic) +13% (organic) Total 424m derivatives −8% 261 Index 229m 248 derivatives 0% 35 Other1 29 15 Eurex data 15 Fixed income 127m 19 Margin fees2 12 derivatives +2% 13 15 OTC clearing3 13 170 14
Slide 5: EEX (commodities)
EEX (commodities) Q4/2020 | €m Net revenue EBITDA Business activity +12% +37% Power 162 TWh spot +8% 83 Power 1,673 TWh derivatives +7% 74 20 Other1 Gas 594 TWh 18 −1% 13 Gas 11 40 31 Power derivatives 27 30 19 20 Power spot Q4/19 Q4/20 Q4/19 Q4/20 Note: EBITDA adjusted for exceptional items. 1)
Slide 6: 360T (foreign exchange)
360T (foreign exchange) Q4/2020 | €m Net revenue EBITDA Business activity +7% +19% Average daily €88bn volumes (ADV) +3% 26 25 6 Other1 4 12 10 20 20 Trading Q4/19 Q4/20 Q4/19 Q4/20 Note: EBITDA adjusted for exceptional items. 1) Including net revenue from connectivity and member fees. Deutsche
Slide 7: Xetra (cash equities)
Xetra (cash equities) Q4/2020 | €m Net revenue EBITDA Business activity +35% +76% +34% (organic) +75% (organic) Order book volume2 €424bn Equities +27% 110 Order book volume2 €60bn 11 Other1 ETF, ETC, ETN +61% 82 81 10 47 Xetra data 28 Xetra data with proceeds of 6 Listing 46 ~€20m due to
Slide 8: Clearstream (post-trading)
Clearstream (post-trading) Q4/2020 | €m Net revenue EBITDA Business activity −11% −12% Assets under €12.2tr custody +3% 211 Settlement 17.9m 20 transactions (ICSD) +25% 188 5 20 24 Other1 Cash balances €13.7bn −14% 5 Third party services total volume 19 Collateral management 42 13 Net interest i
Slide 9: IFS (investment fund services)
IFS (investment fund services) Q4/2020 | €m Net revenue EBITDA Business activity +44% +99% +17% (organic) +42% (organic) Assets under €2.9tr custody +11% 72 Settlement 10.8m transactions +44% 13 Other1 50 14 Fund distribution 44 14 20 Settlement 15 22 Clearstream creates Fund Centre 22 24
Slide 10: Qontigo (index and analytics business)
Qontigo (index and analytics business) Q4/2020 | €m Net revenue EBITDA Business activity +9% +13% ETF assets under €94bn management −4% 74 Exchange licences 214m 68 traded contracts +1% 23 Analytics 20 43 38 29 32 Other licences 8 9 Exchange licences 11 10 ETF Q4/19 Q4/20 Q4/19 Q4/20 Note: EBITD
Slide 11: Preliminary group financials FY/2020
Preliminary group financials FY/2020 | €m Net revenue Operating cost EBITDA Net profit Note +9% +7% +12% +9% +7% (organic) +3% (organic) +11% (organic) +11% (organic) Net interest €197m income −21% 3,214 Exceptional cost €147m 2,936 items Depreciation €259m 2,025 1,813 Financial resu
Slide 12: Secular growth trend remains intact
Secular growth trend remains intact FY/2020 | €m Consolidation Secular growth Cyclical growth Note +2% +5% +2% Consolidation effects mainly driven by Axioma (Qontigo) and UBS Fondcenter (IFS) as well as +9% small impacts from Ausmaq (IFS), 3,214 Börse Berlin (Xetra) and 51 Quantitative Broke
Slide 13: Operating cost development
Operating cost development FY/2020 | €m Variable-/ share Note Consolidation Investments Net Inflation based comp. +5% +2% 0% 0% Consolidation effects mainly driven by Axioma (Qontigo) and UBS Fundcenter (IFS). +3% (organic) Higher investments in growth and 1,213 technology and increase i
Slide 14: Dividend per share and pay-out
Dividend per share and pay-out FY/2020 | € Pay-out ratio (in % of adjusted net profit) Note 49 48 46 Deutsche Börse aims to distribute 40%-60% of annual net profit to shareholders in form of the regular dividend. +3% 2.90 3.00 Within this range, pay-out mainly 2.70 depends on the business develo
Slide 15: KPIs going forward will be based on reported income statement
KPIs going forward will be based on reported income statement Income statement reconciliation 2020 (€m) Note Going forward, income statement will be published on reported basis Adjusted Exceptionals Reported only. Net revenue 3,214 3,214 Operating costs −1,213 −147 −1,361 EBITDA 2,025 −147 1,877 E
Slide 16: Outlook
Outlook FY/2021 | €m Net revenue guidance EBITDA (reported) guidance Note Compass 2023 mid-term plan targets 10% net revenue growth CAGR (5% secular + 5% M&A) Compass 2023 and 10% EBITDA (reported) target: 10% CAGR growth CAGR. ~4.3bn 2021 target: For 2021 Deutsche Börse ~3.5bn Compass 2023 expe
Slide 17: Appendix
Appendix Deutsche Börse Group │ 11 February 2021 16
Slide 18: Income statement – group level reported
Income statement – group level reported Quarter ended Quarter ended (in €m) 31 Dec 2020 31 Dec 2019 Sales revenue 948.8 791.4 Net interest income from banking business 36.3 58.5 Other operating income 34.4 5.4 Total revenue 1,019.5 855.3 Volume-related costs –205.5 –98.7 Net revenue 814.0 756.6 Staf
Slide 19: Income statement – group level adjusted
Income statement – group level adjusted Quarter ended Quarter ended (in €m) 31 Dec 2020 31 Dec 2019 Sales revenue 948.8 791.4 Net interest income from banking business 36.3 58.5 Other operating income 34.4 5.4 Total revenue 1,019.5 855.3 Volume-related costs –205.5 –98.7 Net revenue 814.0 756.6 Staf
Slide 20: 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) Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Net revenue 260.7 247.8 83.0 74.0 26.1 24.5 110.4 81.9 Staff costs adj. –48.4 –45.6 –24.6 –24.2 –10.3 –9.8 –23
Slide 21: 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) Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Net revenue 187.7 210.8 71.9 49.8 74.2 67.8 Staff costs adj. –57.4 –53.3 –18.8 –17.4 –23.2 –21.4 Other operating expen
Slide 22: Financial calendar and contact details
Financial calendar and contact details Financial calendar 24 Feb. 2021 Credit Suisse Annual Financial Services Forum (virtual/Miami) 09 Mar. 2021 RBC Capital Markets Global Financial Institutions Conference (virtual/New York) Deutsche Börse AG Investor Relations 16-18 Mar. 2021 Morgan Stanley Virtua
Slide 23: 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