Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse Group — Q3 2020 Earnings Presentation
21 slides from Deutsche Boerse's earnings presentation, Oct 29, 2020
Slide 1: Q3/2020 Financial results
Q3/2020 Financial results Analyst and Investor Conference Call 29 October 2020 Deutsche Börse Group | 29 October 2020 |
Slide 2: Summary Q3/2020 results presentation
Summary Q3/2020 results presentation Net revenue decreased by −4%1 to €708 million in Q3/20, with secular net revenue growth of +4% and consolidation effects of +2% partially offsetting strong cyclical headwinds (−9%). +4% Secular net revenue growth Q3/20 Flat organic operating cost development in Q
Slide 3: Group financials Q3/2020
Group financials Q3/2020 | €m Net revenue Operating cost EBITDA Net profit Note −4% +5% −7% −11% −5% (organic) → 0% (organic) −6% (organic) −8% (organic) +4% (secular) Net interest €38m €50m income income −38% -24% 734 708 Exceptional Exceptional cost cost €42m €32m items items €62m
Slide 4: Eurex (financial derivatives)
Eurex (financial derivatives) Q3/2020 | €m Net revenue EBITDA Business activity −9% −19% Total 370m derivatives −22% 256 25 232 Index 193m 16 28 Other1 derivatives −22% 13 10 15 Eurex data 10 183 22 Margin fees2 Fixed income 124m 55 13 OTC clearing3 149 derivatives −16% 8 Equity 46 Fixed income
Slide 5: EEX (commodities)
EEX (commodities) Q3/2020 | €m Net revenue EBITDA Business activity −6% −12% Power 146 TWh spot +1% 70 66 Power 1,320 TWh 17 derivatives −8% 18 Other1 10 Gas 466 TWh 9 Gas −32% 37 32 27 23 Power derivatives 17 16 Power spot Q3/19 Q3/20 Q3/19 Q3/20 Note: EBITDA adjusted for exceptional items. 1)
Slide 6: 360T (foreign exchange)
360T (foreign exchange) Q3/2020 | €m Net revenue EBITDA Business activity −1% +3% Average daily €83bn volumes (ADV) −4% 24 24 4 5 Other1 12 12 21 19 Trading Q3/19 Q3/20 Q3/19 Q3/20 Note: EBITDA adjusted for exceptional items. 1) Including net revenue from connectivity and member fees. Deutsche B
Slide 7: Xetra (cash equities)
Xetra (cash equities) Q3/2020 | €m Net revenue EBITDA Business activity +5% +33% +4% (organic) +31% (organic) Order book volume2 €364bn Equities +8% 86 81 11 Other1 Order book volume2 €49bn 11 ETF, ETC, ETN +25% 65 28 Xetra data 28 49 5 Listing 5 43 Trading & clearing 38 EBITDA includes €12.
Slide 8: Clearstream (post-trading)
Clearstream (post-trading) Q3/2020 | €m Net revenue EBITDA Business activity −8% −11% Assets under €12.1tr custody +4% 208 20 191 Settlement 16.3m 5 Other1 22 transactions (ICSD) +13% 19 5 Third party services 18 Collateral management 46 Cash balances €12.8bn 14 Net interest income 128 total vol
Slide 9: IFS (investment fund services)
IFS (investment fund services) Q3/2020 | €m Net revenue EBITDA Business activity +14% +34% +12% (organic) +33% (organic) Assets under €2.7tr custody +8% 55 48 Settlement 9.1m 15 Other1 transactions +25% 14 32 17 Settlement 14 24 21 22 Custody Clearstream creates Fund Centre after completing
Slide 10: Qontigo (index and analytics business)
Qontigo (index and analytics business) Q3/2020 | €m Net revenue EBITDA Business activity +19% −7% − 3% (organic) → 0% (organic) ETF assets under €89bn management −4% 54 Exchange licences 180m 45 15 Analytics traded contracts −22% 6 29 22 27 24 Other licences 8 7 Exchange licences 9 9 ETF Q3/19
Slide 11: Group financials 9M/2020
Group financials 9M/2020 | €m Net revenue Operating cost EBITDA Net profit Note +10% +12% +9% + 8% + 8% (organic) + 6% (organic) +9% (organic) +10% (organic) + 6% (secular) Net interest €50m €156m €50m income income −18% -24% -24% 2,400 2,179 Exceptional Exceptional cost cost €42m
Slide 12: Secular growth trend remains intact
Secular growth trend remains intact 9M/2020 | €m Consolidation Secular growth Cyclical growth Note +2% +6% +2% +10% Consolidation effects mainly driven by Qontigo (Axioma) and a small 2,400 contribution from IFS (Ausmaq). 38 All segments with positive secular 134 growth contribution, with good
Slide 13: Operating cost development
Operating cost development 9M/2020 | €m Variable-/ share Consolidation Investments Net inflation based comp. Note +6% +6% → 0% → 0% +6% (organic) Consolidation effects mainly driven by Qontigo (Axioma) and a small 879 contribution from IFS (Ausmaq). 2 2 47 Higher investments in growth and techno
Slide 14: Outlook
Outlook FY/2020 | €m Net profit guidance Note Mid-term target Despite weaker Q3 development, +10-15% CAGR guidance for 2020 remains un- changed, subject to an increase of market activity in Q4. +10% ~1.20bn +17% 1,106 For FY/2020 Deutsche Börse 1,003 expects: 857 Continued secular net revenue growth
Slide 15: Appendix
Appendix Deutsche Börse Group | 29 October 2020 | 14
Slide 16: Income statement – group level reported
Income statement – group level reported Quarter ended Quarter ended (in €m) 30 Sep 2020 30 Sep 2019 Sales revenue 773.5 766.6 Net interest income from banking business 37.5 60.6 Other operating income 2.6 3.3 Total revenue 813.6 830.5 Volume-related costs –106.1 –96.7 Net revenue 707.5 733.8 Staff c
Slide 17: Income statement – group level adjusted
Income statement – group level adjusted Quarter ended Quarter ended (in €m) 30 Sep 2020 30 Sep 2019 Sales revenue 773.5 766.6 Net interest income from banking business 37.5 60.6 Other operating income 2.6 3.3 Total revenue 813.6 830.5 Volume-related costs –106.1 –96.7 Net revenue 707.5 733.8 Staff c
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) Q3/20 Q3/19 Q3/20 Q3/19 Q3/20 Q3/19 Q3/20 Q3/19 Net revenue 231.8 255.9 66.2 70.4 24.2 24.4 85.5 81.3 Staff costs adj. –48.0 –45.4 –21.0 –20.1 –8.8 –9.1 –22.1
Slide 19: 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) Q3/20 Q3/19 Q3/20 Q3/19 Q3/20 Q3/19 Net revenue 191.2 208.4 54.5 48.0 54.1 45.4 Staff costs adj. –54.3 –53.6 –15.4 –17.6 –20.3 –10.2 Other operating expen
Slide 20: Financial calendar and contact details
Financial calendar and contact details Financial calendar 09 Nov 2020 UBS European Virtual Conference 2020 (virtual/ London) 11 Nov 2020 Deutsche Börse AG 17 Nov 2020 Deutsches Eigenkapitalforum 2020 (virtual/ Frankfurt) Investor Relations 18 Nov 2020 Investor Day 2020 (Frankfurt & virtual) Mergenth
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