Slide 1: Q3/2012 Results Analyst and Investor Conference
Q3/2012 Results Analyst and Investor Conference 30 October 2012
Slide 2: Overview Q3/2012 Results Conference
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Overview Q3/2012 Results Conference Net revenue of €471.0 million in the third quarter reflects weak seasonal trading environment compared to strong Q3/2011; Clearstream and MD&A continue to show resilient development Net interest income dec
Slide 3: Q3/2012 – Continued Delivery On Costs While Net Revenue Reflects Subdued Business Activity
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Q3/2012 – Continued Delivery On Costs While Net Revenue Reflects Subdued Business Activity In Q3 Net revenue (€m)1 Operating costs (€m)2 Earnings per share (€)2,3 578.6 510.1 506.9 506.7 471.0 1.33 1.01 1.01 0.91 0.87 240.8 225.7 222.8 224.0 225
Slide 4: Q3/2012 – Decrease In Net Revenue Mainly Driven By Lower Trading Activity
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Q3/2012 – Decrease In Net Revenue Mainly Driven By Lower Trading Activity In Cash And Derivatives Net revenue and EBIT (€m)1 Revenue Net revenue: €471.0m (-19% y-o-y) - Net interest income: €11.5m (-46% y-o-y) 578.6 - Volume related costs: €72
Slide 5: Xetra – Cash Market
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Xetra – Cash Market Business activity (order book volume in €bn)1 Net revenue (€m) Change vs. 76.4 Q3/12 Q2/12 Q3/11 23.0 59.4 56.8 DAX Equities 191.4 -5% -33% 53.8 52.2 5.4 16.8 16.9 16.1 16.9 Other Equities 38.8 -12% -43% 12.4 5.8 5.3 5.8 10.0
Slide 6: Eurex – Derivatives Market
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Eurex – Derivatives Market Business activity (traded contracts in million) Net revenue (€m) Change vs. 275.0 Q3/12 Q2/12 Q3/11 45.3 234.8 218.3 216.7 Index 188.8 -17% -39% 204.5 33.3 39.2 36.0 34.1 8.7 32.2 24.5 Fixed Income 116.5 -10% -31% 30.2
Slide 7: Clearstream – Custody, Settlement And Collateral Services
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Clearstream – Custody, Settlement And Collateral Services Business activity Net revenue (€m) Change vs. 176.9 173.1 173.8 165.9 163.0 Q3/12 Q2/12 Q3/11 26.9 33.7 30.0 29.0 29.0 Assets under custody €11.2tr 1% 2% 21.2 19.3 18.5 13.6 11.5 14.8 17.
Slide 8: Market Data & Analytics
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Market Data & Analytics Net revenue and EBIT (€m) Development of business activity Less volatile revenue drivers compared to the trading 58.1 57.0 businesses: Number of data packages, number of 54.1 benchmarks & underlyings, assets under manag
Slide 9: Management Focus Remains On Delivery Of Growth Projects, Cost And Capital Management
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Management Focus Remains On Delivery Of Growth Projects, Cost And Capital Management 1 Extend products and services to unregulated/unsecured markets Expand Eurex clearing/risk management capabilities Global roll-out of collateral and liquidi
Slide 10: Growth – OTC Clearing With Comprehensive Value Proposition
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Growth – OTC Clearing With Comprehensive Value Proposition For Effective Risk Management And Capital Efficiency Value Proposition Benefits One-stop-shop across listed & OTC derivatives, maximum capital & 1 Integrated cross-product and service
Slide 11: Growth – Future Collateral Management Setup Of The Liquidity Hub
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Growth – Future Collateral Management Setup Of The Liquidity Hub Headquarter: Global Liquidity and Clearstream Luxembourg Automated CCP and OTC Collateral Manager International Trade Repository Exposure Collateral (ICSD) Management Bank “A” Zuri
Slide 12: Costs – Cost Guidance Of Below €930 Million In 2012 Confirmed
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Costs – Cost Guidance Of Below €930 Million In 2012 Confirmed Track record for effective cost management Cost growth of key exchange organizations Operating costs1, €m CAGR 2007-20112, % Ø 11 -13% / -3% CAGR -3 1,025 995 1 981 936 <930 890 7 8 8
Slide 13: Capital Management – Continued Strong Cash Flow Generation
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Capital Management – Continued Strong Cash Flow Generation Allows For Strong Rating Profile And Attractive Distribution Policy Capital Management Policy Total shareholder distributions €m Share buyback Continuing past practice, Deutsche Börse
Slide 14: Capital Management – First Tranche Of Refinancing Completed
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Capital Management – First Tranche Of Refinancing Completed Already In 2012 Due To Favourable Market Environment Key terms bond issuance First tranche of refinancing completed already in Tenor 10 years 2012 due to favourable market environment
Slide 15: Capital Management – Debt Refinancing Expected To Reduce Financing Expenses
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Capital Management – Debt Refinancing Expected To Reduce Financing Expenses And Improve Interest Coverage Debt financing expenses (€m) Interest coverage ratio -24 EBITDA to interest expenses 86 from financing activities ~24x (701) €600m bond (10
Slide 16: Appendix
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Appendix 15
Slide 17: Financial Calendar And Contact Details
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Financial Calendar And Contact Details Financial Calendar Contact Details 19 Feb 2013 Publication preliminary results Deutsche Börse AG Q4/2012 and FY 2012 Investor Relations 20 Feb 2013 Analyst and investor conference Q4/2012 and FY 2012 Mergen
Slide 18: Income Statement – Group Level
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Income Statement – Group Level Quarter ended Quarter ended Nine months ended Nine months ended 30 September 2012 30 September 2011 30 September 2012 30 September 2011 Sales revenue 530.7 604.7 1,638.1 1,691.9 Net interest income from banking bus
Slide 19: Income Statement – Segmental Level
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Income Statement – Segmental Level Xetra Eurex Clearstream Market Data & Analytics Q3/2012 Q3/2011 Q3/2012 Q3/2011 Q3/2012 Q3/2011 Q3/2012 Q3/2011 Sales revenue 57.4 76.6 225.0 275.1 192.1 194.9 56.2 58.1 Internal sales 0.0 0.0 0.0 0.0 1.2 1.7 7
Slide 20: Income Statement – Sales Revenue And Net Revenue Per Product
Deutsche Börse Group, Q3/2012 Results, 30 October 2012 Income Statement – Sales Revenue And Net Revenue Per Product Sales revenue per product (€m) Xetra Eurex Clearstream Q3/2011 Q3/2012 Q3/2011 Q3/2012 Q3/2011 Q3/2012 SUM 76.6 57.4 SUM 275.1 225.0 SUM 216.1 203.6 Trading 41.5 26.2 Index 136.3 99.9
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 a