Slide 1: Q3/2019 Results Analyst and Investor Conference Call
Q3/2019 Results Analyst and Investor Conference Call 29 October 2019
Slide 2: Summary Q3/2019 results presentation
Q3/2019 Results 29 October 2019 Deutsche Börse Group 1 Summary Q3/2019 results presentation ▪ Strong net revenue increase of 13% driven by secular growth of 6% in-line with the company’s plan, 6% cyclical growth mainly from higher volatility and 1% M&A. ▪ Secular growth mainly driven by Eurex (produ
Slide 3: Q3/2019 – group financials
Q3/2019 Results 29 October 2019 Deutsche Börse Group 2 Q3/2019 – group financials Net revenue, operating costs and earnings development €m Operating Revenue Net revenue EBITDA Net profit costs Net revenue: €733.8m (+13%) ▪ Net interest income: €60.6m (+25%) +13% 734 Costs 651 +13% Operating costs: €
Slide 4: Q3/2019 – Eurex (financial derivatives)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 3 Q3/2019 – Eurex (financial derivatives) Net revenue Business activity EBITDA €m €m +19% 242 OTC clearing (€tr) 27 Other1 Notional +25% 203 10 OTC clearing2 outstanding (avg) 12.6 +42% 13 Margin fees3 26 10 Notional cleared 5.5 +27% 172 7 Equity
Slide 5: Q3/2019 – EEX (commodities)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 4 Q3/2019 – EEX (commodities) Net revenue Business activity EBITDA €m €m +14% 70 62 17 Other1 17 +32% 10 Gas Volume (TWh) 682 +48% 37 8 28 Power 27 Volume (TWh) 1,439 +32% 20 derivatives 16 17 Power spot Volume (TWh) 145 +5% Q3/18 Q3/19 Q3/18 Q3/1
Slide 6: Q3/2019 – 360T (foreign exchange)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 5 Q3/2019 – 360T (foreign exchange) Net revenue Business activity EBITDA €m €m +17% 24 21 4 Other1 3 +30% 12 9 Average daily 21 Trading 87 +21% volumes (€bn) 18 Q3/18 Q3/19 Q3/18 Q3/19 Note: EBITDA adjusted for exceptional items; EBITDA Q3/18 non-
Slide 7: Q3/2019 – Xetra (cash equities)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 6 Q3/2019 – Xetra (cash equities) Net revenue Business activity EBITDA €m €m +2% 53 55 10 11 Other1 4 5 Listing 0% 31 31 Order book volume (€bn)2 Trading and Equities 337 −4% 40 39 clearing ETF, ETC, ETN 39 +15% Q3/18 Q3/19 Q2/18 Q2/19 Note: EBITD
Slide 8: Q3/2019 – Clearstream (post-trading)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 7 Q3/2019 – Clearstream (post-trading) Net revenue Business activity EBITDA €m €m +8% 189 175 Other1 20 18 5 Third party services Cash balances (€bn) 15.7 +25% 7 46 NII thereof US$ 8.2 +23% +3% 38 119 Settlement 115 18 21 Settlement transactions 1
Slide 9: Q3/2019 – IFS (investment fund services)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 8 Q3/2019 – IFS (investment fund services) Net revenue Business activity EBITDA €m €m +29% 48 14 Other1 37 +35% 9 24 14 Settlement Settlement 7.3 +25% transactions (m) 12 18 21 Custody Assets under 17 2.5 +5% custody (€tr) Q3/18 Q3/19 Q3/18 Q3/19
Slide 10: Q3/2019 – GSF (collateral management)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 9 Q3/2019 – GSF (collateral management) Net revenue Business activity EBITDA €m €m -10% 21 19 10 Securities 7 Outstandings lending 48 −5% -23% (€bn) 13 10 Collateral 11 12 Outstandings 408 +7% management (€bn) Q3/18 Q3/19 Q3/18 Q3/19 Note: EBITDA
Slide 11: Q3/2019 – Qontigo (index and analytics business)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 10 Q3/2019 – Qontigo (index and analytics business) Net revenue Business activity EBITDA €m €m +27% 45 +15% 36 Other 29 22 licences 26 18 6 Traded contracts Analytics 230 +23% (m) 7 Exchange 8 ETF AuM (€bn) licences STOXX 69 −16% 11 9 ETF DAX 24 −
Slide 12: Q3/2019 – Data
Q3/2019 Results 29 October 2019 Deutsche Börse Group 11 Q3/2019 – Data Net revenue Business activity EBITDA €m €m -8% 44 41 -18% 34 8 7 Other1 4 28 Regulatory 5 services 32 Cash and 29 Subscriptions (k) 327 −9% derivatives Q3/182 Q3/19 Q3/182 Q3/19 Note: EBITDA adjusted for exceptional items; EBITDA
Slide 13: Q1-3/2019 – group financials
Q3/2019 Results 29 October 2019 Deutsche Börse Group 12 Q1-3/2019 – group financials Net revenue Operating costs EBITDA Net profit €m €m €m €m +7% 2,179 +8% 2,030 1,403 1,296 +12% +6% 863 740 782 772 Q1-3/18 Q1-3/19 Q1-3/18 Q1-3/19 Q1-3/18 Q1-3/19 Q1-3/18 Q1-3/19 Note: Net revenue (Q1-3/18) and oper
Slide 14: Q1-3/2019 – secular net revenue growth in line with the company's plan
Q3/2019 Results 29 October 2019 Deutsche Börse Group 13 Q1-3/2019 – secular net revenue growth in line with the company‘s plan Net revenue growth drivers in Q1-3/2019 €m ▪ All segments, except GSF, contributed to +1% secular net revenue growth (+5%). Major contributors were Eurex (~€44m) with OTC +1
Slide 15: Q1-3/2019 – operating cost development
Q3/2019 Results 29 October 2019 Deutsche Börse Group 14 Q1-3/2019 – operating cost development Operating cost growth drivers in Q1-3/2019 €m ▪ In total, adjusted operating costs increased by ~6% in Q1-3/2019. 782 ▪ Inflationary pressures and higher share 11 based compensation were partly off-set by
Slide 16: Appendix
Q3/2019 Results 29 October 2019 Deutsche Börse Group 15 Appendix
Slide 17: Income statement – group level adjusted
Q3/2019 Results 29 October 2019 Deutsche Börse Group 16 Income statement – group level adjusted Quarter ended Quarter ended €m 30 September 2019 30 September 2018 Sales revenue 766.6 682.0 Net interest income from banking business 60.6 48.6 Other operating income 3.3 5.2 Total revenue 830.5 735.8 Vo
Slide 18: Income statement – group level reported
Q3/2019 Results 29 October 2019 Deutsche Börse Group 17 Income statement – group level reported Quarter ended Quarter ended €m 30 September 2019 30 September 2018 Sales revenue 766.6 682.0 Net interest income from banking business 60.6 48.6 Other operating income 3.3 14.5 Total revenue 830.5 745.1 V
Slide 19: Income statement – segmental level I/II
Q3/2019 Results 29 October 2019 Deutsche Börse Group 18 Income statement – segmental level I/II Eurex EEX 360T Xetra (financial derivatives) (commodities) (foreign exchange) (cash equities) €m Q3/2019 Q3/2018 Q3/2019 Q3/2018 Q3/2019 Q3/2018 Q3/2019 Q3/2018 Net revenue 242.1 202.6 70.4 61.6 24.4 20.9
Slide 20: Income statement – segmental level II/II
Q3/2019 Results 29 October 2019 Deutsche Börse Group 19 Income statement – segmental level II/II Clearstream IFS (investment GSF Qontigo (index and Data (post-trading) fund services) (collateral management) analytics business) €m Q3/2019 Q3/2018 Q3/2019 Q3/2018 Q3/2019 Q3/2018 Q3/2019 Q3/2018 Q3/201
Slide 21: IFRS 16 adjustments for 2018 (non-GAAP, indicative)
Q3/2019 Results 29 October 2019 Deutsche Börse Group 20 IFRS 16 adjustments for 2018 (non-GAAP, indicative) €m 2018 Q1 Q2 Q3 Q4 Full year Group Reduction of operating costs 12.5 12.6 12.5 12.7 50.3 Increase of depreciation and amortisation 11.8 11.8 11.8 11.8 47.2 Reduction of the financial result 0
Slide 22: Financial calendar and contact details
Q3/2019 Results 29 October 2019 Deutsche Börse Group 21 Financial calendar and contact details Financial calendar Contact details 13 Nov 2019 UBS European Conference (London) Deutsche Börse AG Investor Relations 25 Nov 2019 Deutsches Eigenkapitalforum (Frankfurt) Mergenthalerallee 61 3 Dec 2019 Bere
Slide 23: Disclaimer
Q3/2019 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