Euronext publishes Q3 2020 Results
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EURONEXT PUBLISHES Q3 2020
RESULTS
SOLID THIRD QUARTER 2020 DEMONSTRATING
CONTINUED BENEFITS FROM DIVERSIFICATION AND RESILIENT CORE
BUSINESS
Amsterdam, Brussels, Dublin, Lisbon, Oslo
and Paris – 5 November 2020 – 17.45 CET – Euronext, the
leading pan-European market infrastructure, today announced its
results for the third quarter of 2020.
- Q3 2020
revenue at €204.8 million (+12.7%):
- Post-trade
revenue increased to €44.6 million (+44.9%), driven by the
consolidation from 4 August 2020 of VP Securities, the Danish CSD,
contributing €10.0 million revenue, and higher clearing revenue.
Like-for-like1 at constant currencies, post-trade revenue increased
+16.0%
- Trading revenue
increased to €75.9 million (+7.3%), with €6.3 million contributed
by Nord Pool power trading offsetting lower cash and derivatives
trading volumes. Like-for-like at constant currencies, trading
revenue decreased -1.0%
- Listing revenue
increased to €35.8 million (+2.9%), driven by the strong
performance of Corporate Services at €7.8 million (+20.0%
like-for-like). Like-for-like at constant currencies, listing
revenue increased +2.6%
- Advanced data
services revenue increased to €34.5 million (+3.0%), reflecting a
solid performance of the market data and indices businesses.
Like-for-like at constant currencies, advanced data services
revenue increased +2.6%
- Nord Pool
contributed €8.6 million revenue in Q3 2020
- Group non-volume
related revenue2 accounted for 54% of Q3 2020 total revenue (vs.
52% in Q3 2019), and covered 128% of operating expenses excluding
depreciation & amortisation (vs. 129% in Q3 2019)
- Q3 2020
EBITDA at €117.8 million (+9.1%), with EBITDA margin at 57.5%
(-1.9pts); like-for-like, EBITDA margin at 59.7%
(+0.1pts):
-
Group operating costs excluding D&A were up +€13.3 million
to €87.1 million, primarily as a result of the consolidation of
costs from acquired businesses currently undergoing
integration
- Euronext confirms
its 2020 guidance for costs, excluding D&A, of mid-single
digit3 growth in 2020, compared to the H2 2019 annualised cost
base, to reflect expected costs in Q4 2020 related to the
integration of Oslo Børs VPS and implementation of the strategic
plan projects
- Q3 2020
reported net income, share of the Group, at €70.2 million (+10.6%)
and Adjusted EPS4 at €1.12 (+13.8%)
- Increased
financing costs related to foreign exchange impacts and the bond
tap issue in June 2020
- Income tax rate
at 26.4%, reflecting reduced domestic tax rates and the enlarged
Nordic footprint
Key figures - in €m, unless stated otherwise
|
Q3 2020
|
Q3 2019
|
% var
|
Organic (like-for-like, constant currencies)
|
Revenue
|
204.8
|
181.7
|
+12.7%
|
+3.4%
|
Operational expenses excluding D&A
|
-87.1
|
-73.8
|
+18.0%
|
+3.2%
|
EBITDA
|
117.8
|
108.0
|
+9.1%
|
+3.6%
|
EBITDA margin
|
57.5%
|
59.4%
|
-1.9 pts
|
+0.1 pt
|
Net income, share of the Group
|
70.2
|
63.5
|
+10.6%
|
|
EPS (non diluted, reported)
|
1.01
|
0.91
|
+10.6%
|
|
EPS (non diluted, adjusted)4
|
1.12
|
0.98
|
+13.8%
|
|
-
Contemplated acquisition of the Borsa Italiana
Group5
- Binding agreement
signed on 9 October 2020 with London Stock Exchange Group plc
(“LSEG”) and London Stock Exchange Group Holdings (Italy) Limited
to acquire 100% of the issued share capital of London Stock
Exchange Group Holdings Italia SPA, the holding company of the
Borsa Italiana Group for a cash consideration of €4,325
million6
- The combined7
revenue for the Combined Group8 amounted to €1.3 billion and EBITDA
reached €711 million for 2019. In 2019, the Borsa Italiana Group
generated €464 million of revenue and €264 million of EBITDA
- Transaction is
expected to be accretive9 to the adjusted EPS (before synergies)
immediately, to generate a total of €60 million pre-tax run-rate
synergies by year 3, and to be double digit accretive5 in year 3
after synergies
- Potential
transaction is conditional upon, amongst other things, the
divestment of the Borsa Italiana Group or a material part thereof
being a condition of the European Commission’s clearance decision
for LSEG’s proposed acquisition of Refinitiv
- An Extraordinary
General Meeting (“EGM”) of shareholders is convened on 20 November
2020 to approve the transaction, the private placement and rights
offer
- Closing is
expected in H1 2021
Stéphane Boujnah, Chief Executive Officer and
Chairman of the Managing Board of Euronext, said:
“In the third quarter of 2020, Euronext’s business
diversification initiatives continued to bolster growth, with the
first impact of the consolidation of VP Securities, while the core
business showed its resilience and translated into a double-digit
growth of revenue at €204.8 million. Combined with continued cost
control, this translated into a higher EBITDA of €117.8 million and
a double-digit increase in adjusted EPS to €1.12.
Euronext confirms the cost guidance of mid-single
digit growth in 2020 compared to the annualised second half 2019
cost base, as costs related to the Oslo Børs VPS integration and
strategic plan projects are expected to ramp up in the last quarter
of 2020.
We closed the acquisition of VP Securities in
August, pursuing our Nordic expansion and enhancing our post-trade
activities. As we celebrate the 20th anniversary of Euronext, we
also reached a turning point in the Group’s history with the
contemplated acquisition of the Borsa Italiana Group10. The
combination of Euronext and the Borsa Italiana Group delivers on
the strategic objectives set in October 2019 in our ‘Let’s Grow
Together 2022’ strategic plan to build the leading pan-European
market infrastructure, through expansion of our federal model and
accelerated diversification of Euronext’s revenue mix.”
Euronext Q3 2020 financial
performance
Revenue
In €m, unless stated otherwise
|
Q3 2020
|
Q3 2019
|
% var
|
Organic (like-for-like, constant currencies)
|
Revenue
|
204.8
|
181.7
|
+12.7%
|
+3.4%
|
Listing
|
35.8
|
34.8
|
+2.9%
|
+2.6%
|
Trading revenue
|
75.9
|
70.8
|
+7.3%
|
-1.0%
|
Cash Trading
|
53.0
|
53.4
|
-0.6%
|
-0.2%
|
Derivatives Trading
|
10.8
|
11.5
|
-6.3%
|
-6.0%
|
Spot FX Trading
|
5.8
|
6.0
|
-2.4%
|
+2.6%
|
Power trading
|
6.3
|
0.0
|
n/a
|
n/a
|
Investor Services
|
2.0
|
1.8
|
+7.9%
|
+9.6%
|
Advanced Data Services
|
34.5
|
33.5
|
+3.0%
|
+2.6%
|
Post-Trade
|
44.6
|
30.8
|
+44.9%
|
+16.0%
|
Clearing
|
14.9
|
13.3
|
+11.7%
|
+11.7%
|
Custody, Settlement and other post-trade
|
29.8
|
17.5
|
+70.3%
|
+19.5%
|
Technology Solutions & other revenue
|
11.9
|
9.9
|
+20.2%
|
+2.0%
|
Other income
|
0.0
|
0.1
|
-59.0%
|
-59.0%
|
The figures in this document have not been audited
or reviewed by our external auditor.
In the third quarter of 2020, Euronext consolidated
revenue increased to €204.8 million, up +12.7%, primarily resulting
from the consolidation of Nord Pool (from 15 January 2020) and VP
Securities (from 4 August 2020) and from a robust core business. On
a like-for-like basis (excluding the consolidation of Nord Pool,
Ticker, 3Sens, OPCVM360 and VP Securities in Q3 2020) and at
constant currencies, Euronext consolidated revenue was up +3.4% in
Q3 2020, at €185.6 million.
Non-volume related revenue accounted for 54% of
total Group revenue in Q3 2020, increasing from 52% of total Group
revenue in Q3 2019. This reflects the expanded post-trade
activities from the consolidation VP Securities in Q3 2020.
The operating cost coverage ratio was at 128% in Q3 2020,
compared to 129% in Q3 2019.
EBITDA
In €m, unless stated otherwise
|
Q3 2020
|
Q3 2019
|
% change
|
Organic (like-for-like, constant currencies)
|
Revenue
|
204.8
|
181.7
|
+12.7%
|
+3.4%
|
Operational expenses excluding D&A
|
-87.1
|
-73.8
|
+18.0%
|
+3.2%
|
Salaries and employee benefits
|
-48.3
|
-40.7
|
+18.8%
|
+3.9%
|
Other expenses
|
-38.8
|
-33.1
|
+17.0%
|
+2.3%
|
EBITDA
|
117.8
|
108.0
|
+9.1%
|
+3.6%
|
EBITDA margin
|
57.5%
|
59.4%
|
-1.9 pts
|
+0.1 pt
|
Operational expenses excluding depreciation &
amortisation increased to €87.1 million, up +18.0%, i.e. by €13.3
million, as a result of the consolidation of the costs from VP
Securities, Nord Pool, OPCVM360, Ticker and 3Sens for €12.3
million. On a like-for-like basis at constant currencies,
operational expenses excluding depreciation & amortisation
increased by +3.2% compared to Q3 2019, due to lower capitalized
costs and project costs.
Consequently, EBITDA for the quarter was €117.8
million, up +9.1%, representing a margin of 57.5%, down
-1.9 points compared to Q3 2019, due to the consolidation of
VP Securities, Nord Pool and other recently acquired companies.
In Q3 2020, VP Securities standalone EBITDA margin was
positively impacted by the one-off release of accruals on revenue
and the implementation of IFRS16. On a like-for-like basis at
constant currencies, EBITDA for Q3 2020 increased +3.6%,
to €110.9 million, and EBITDA margin was 59.7%, +0.1
point compared to the same perimeter in Q3 2019.
Net income, share of the Group
In €m, unless stated otherwise
|
Q3 2020
|
Q3 2019
|
% change
|
Organic (like-for-like, constant currencies)
|
EBITDA
|
117.8
|
108.0
|
+9.1%
|
+3.6%
|
EBITDA margin
|
57.5%
|
59.4%
|
-1.9 pts
|
+0.1 pt
|
Depreciation & amortisation
|
-15.4
|
-13.1
|
+17.8%
|
+1.1%
|
Operating profit before exceptional items
|
102.3
|
94.9
|
+7.9%
|
+4.0%
|
Exceptional items
|
-3.5
|
-0.3
|
n/a
|
|
Operating profit
|
98.8
|
94.6
|
+4.5%
|
|
Net financing income / (expense)
|
-3.4
|
-2.0
|
+68.3%
|
|
Results from equity investments
|
1.8
|
2.1
|
-14.3%
|
|
Profit before income tax
|
97.2
|
94.7
|
+2.7%
|
|
Income tax expense
|
-25.6
|
-30.4
|
-15.6%
|
|
Share of non-controlling interests
|
-1.4
|
-0.8
|
+66.1%
|
|
Net income, share of the Group
|
70.2
|
63.5
|
+10.6%
|
|
Depreciation and amortisation accounted for €15.4
million in Q3 2020, up +17.8%, resulting mainly from the
consolidation of recently acquired businesses and their respective
PPA. On a like-for-like basis at constant currencies, depreciation
& amortisation was up, +1.1%, to €12.8 million.
Operating profit before exceptional items was
€102.3 million, a +7.9% increase compared to Q3 2019. On a
like-for-like basis at constant currency, operating profit before
exceptional items was up, +4.0%, to €98.1 million.
€3.5 million of exceptional costs were booked in Q3
2020, primarily in relation with the contemplated acquisition of
the Borsa Italiana Group and restructuring costs. Q4 2020 is
expected to be impacted by exceptional costs related the
contemplated acquisition of the Borsa Italiana Group and by
provisions related to the integration of VP Securities.
Net financing expense for Q3 2020 was €3.4 million
compared to a net financing expense of €2.0 million in Q3 2019,
mainly reflecting foreign exchange impacts and interest expenses
related to the tap issue in June 2020.
Results from equity investments amounted to €1.8
million in Q3 2020, resulting from the contribution from LCH SA, in
which Euronext owns an 11.1% stake. In Q3 2019, €2.1 million in
results from equity investments was reported.
Income tax for Q3 2020 was €25.6 million,
positively impacted by reduced domestic tax rates and the enlarged
Nordic footprint. This translated into an effective tax rate of
26.4% for the quarter (Q3 2019: €30.4 million and 32.1%).
Shares of non-controlling interests mainly relating
to iBabs (60% owned), OPCVM360 (60% owned), Nord Pool (66% owned)
and VP Securities11 amounted to €1.4 million in Q3 2020.
As a result, the reported net profit share of the
Group for Q3 2020 increased by +10.6%, to €70.2 million. This
represents a reported EPS of €1.01 basic and €1.00 fully diluted in
Q3 2020, compared to €0.91 basic and €0.91 fully diluted in Q3
2019. The number of shares used for the basic calculation was
69,672,131 and for the fully diluted calculation 69,891,198.
Adjusted EPS12 is up +13.8% in Q3 2020, at €1.12,
compared to an adjusted EPS of €0.98 in Q3 2019.
In Q3 2020 Euronext generated a net cash flow from
operating activities of €71.7 million, compared to €75.9 million in
Q3 2019, impacted by changes in working capital related to Nord
Pool.
Q3 2020 business highlights
¨Listing
In €m, unless stated otherwise
|
Q3 2020
|
Q3 2019
|
% change
|
Listing revenue
|
35.8
|
34.8
|
+2.9%
|
Equity
|
|
|
|
Annual fees
|
8.8
|
8.4
|
+4.9%
|
Follow-ons
|
5.3
|
6.0
|
-11.5%
|
IPOs
|
2.7
|
2.7
|
+0.2%
|
Debts
|
8.4
|
8.4
|
-0.0%
|
ETFs, Funds & Warrants
|
2.8
|
3.0
|
-6.5%
|
Corporate Services
|
7.8
|
6.0
|
+29.5%
|
Others
|
0.0
|
0.3
|
n/a
|
Money raised
|
213,217
|
314,378
|
-32.2%
|
Listing revenue was €35.8 million in Q3 2020, an
increase of +2.9% compared to Q3 2019, driven by the strong
performance of Corporate Services.
On a like-for-like basis at constant currencies,
listing revenue increased by +2.6%.
Q3 2020 saw a record quarter in primary listing
activity reaching 21 new listings, all from SMEs. Euronext’s
initiative to attract non-domestic companies resulted in 5 new
listings from companies outside of Euronext core countries,
including 4 Spanish companies, while 2 participants from the
TechShare programme listed on Euronext markets. Q3 2020 marked a
13-years record in new listings in Oslo, accounting for 13 of the
new listings. In Q3 2020, €917 million was raised on Euronext
primary markets, compared to €221 million last year.
Secondary markets saw a usual seasonal slowdown in
activity, with a larger proportion of financing oriented towards
convertible bonds due to lower valuation and higher volatility. In
Q3 2020, €8.5 billion was raised in secondary equity issues,
compared to €6.1 billion in Q3 2019.
Debt new listings were impacted by the usual
seasonal slowdown and the impact of the Covid-19 pandemic. In Q3
2020, €203.8 billion in debt was raised on Euronext’s markets,
compared to €314.4 billion in Q3 2019.
In total, €213.2 billion in equity and debt was
raised on Euronext’s markets in Q3 2020, compared to €314.4 billion
in Q3 2019.
Corporate Services reported a strong performance,
generating €7.8 million in revenue in Q3 2020, including €0.6
million of contribution from recent acquisitions13, compared to
€6.0 million in Q3 2019, reflecting continued success of the
offering and increased demand for digital solutions during the
pandemic.
¨Trading
In €m, unless stated otherwise
|
Q3 2020
|
Q3 2019
|
% change
|
Trading revenue
|
75.9
|
70.8
|
+7.3%
|
Cash trading
|
53.0
|
53.4
|
-0.6%
|
ADV Cash market
|
7,468
|
7,926
|
-5.8%
|
Derivatives trading
|
10.8
|
11.5
|
-6.3%
|
ADV Derivatives market (in lots)
|
549,679
|
577,448
|
-4.8%
|
Number of trading days
|
66
|
66
|
|
Spot FX trading
|
5.8
|
6.0
|
-2.4%
|
ADV spot FX Market (in USDm)
|
19,322
|
19,375
|
-0.3%
|
Number of trading days
|
66
|
66
|
|
Power trading
|
6.3
|
|
n/a
|
ADV Day-ahead power market (in TWh)
|
2.19
|
|
n/a
|
ADV Intraday power market (in TWh)
|
0.07
|
|
n/a
|
Number of trading days
|
92
|
|
|
Cash trading
Cash trading revenue decreased by -0.6% in Q3 2020,
to a total of €53.0 million, reflecting lower trading volumes
offset by improved average yield. Average daily volume for cash
trading decreased to €7.5 billion in Q3 2020, down -5.8% compared
to Q3 2019. The average yield over the third quarter increased to
0.54bps, compared to 0.51bps in Q3 2019. Average market share on
cash trading reached 70.0% over the quarter, compared to 69.4% in
Q3 2019.
The average daily transaction value of ETFs on the
electronic order book was €211 million over Q3 2020, down -6.9%
compared to Q3 2019, in a less volatile trading
environment.
On a like-for-like basis at constant currencies,
revenue from cash trading was down -0.2%.
Derivatives trading
Derivatives trading revenue decreased -6.3% in Q3
2020, to €10.8 million, compared to €11.5 million in Q3 2019,
reflecting lower trading volumes. Average yield on derivatives was
slightly down as increased high-yield commodity products volumes
partially offset the dilutive impact of recently launched equity
futures products.
Average daily volume on individual equity
derivatives was up +4.4% at 286,312 contracts, resulting from
increased individual equity futures volumes, while the average
daily volume on equity index derivatives was down -18.9% to 197,820
contracts.
Commodity products recorded an increase in average
daily volumes in Q3 2020, up +14.1% to 61,648 contracts compared to
Q3 2019, related to usual seasonality impacts and increased
commercial traction of the offering.
Yield on derivatives averaged €0.30 in Q3 2020,
down -1.3% compared to Q3 2019, as increased volumes in high-yield
commodity products partially offset the dilutive impact of
significant volumes in recently launched lower-yield equity
futures. Excluding Single Stocks Futures and Single Dividend
Futures, the yield on derivatives averaged €0.33 in Q3 2020.
On a like-for-like basis at constant currencies,
revenue from derivatives trading was down -6.0%.
Spot FX trading
Spot FX trading activity on the Euronext FX spot
foreign exchange market recorded average daily volumes of $19.3
billion in Q3 2020, slightly down, -0.3%, compared to $19.4 billion
in Q3 2019, resulting from an improved market share in a less
volatile environment. As a result, spot FX trading generated €5.8
million of revenue in Q3 2020, down -2.4% compared to €6 million in
Q3 2019.
On a like-for-like basis at constant currencies,
revenue from spot FX trading was up +2.6%.
Power trading
Power trading, encompassing the trading activities
of Nord Pool, of which Euronext acquired 66% in January 2020,
reported €6.3 million revenue reflecting the usual seasonal
slowdown in the spring and summer months. Over Q3 2020, average
daily day-ahead power traded was 2.19 TWh, and average daily
intraday power traded was 0.07 TWh.
¨Investor Services
Investor Services, encompassing the activities of
Commcise and Investor Services activities from Oslo Børs VPS,
reported revenue up +7.9% to €2.0 million revenue in Q3 2020
reflecting continued commercial development.
On a like-for-like basis at constant currencies,
revenue from Investor Services was up +9.6%.
¨Advanced Data Services
Advanced Data Services reported revenue up +3.0% to
€34.5 million in Q3 2020 driven by the consolidation of acquired
businesses contributing €0.5 million and a resilient core business
with continuous traction from ESG indices and solid resilience of
market data.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +2.6% compared to
Q3 2019.
¨Post-Trade
Clearing
Clearing revenue was up in Q3 2020, at €14.9
million, +11.7% compared to Q3 2019, reflecting higher treasury
income offsetting lower derivatives trading volumes.
Custody, Settlement and other Post-Trade
Revenue from Custody, Settlement and other
Post-Trade activities, encompassing Interbolsa, VPS and VP
Securities activities, increased by +70.3% to €29.8 million in Q3
2020. This performance resulted primarily from the first
consolidation of Danish CSD VP Securities and from high settlement
activities as well as increased retail participation in the Danish
and Norwegian CSDs.
On a like-for-like basis at constant currencies,
revenue from Custody, Settlement and other Post-Trade was up
+19.5%.
¨Euronext Technology Solutions & Other
revenue
Euronext Technology Solutions & Other revenue
increased by +20.2% in Q3 2020, to €11.9 million, reflecting the
consolidation of Nord Pool, and robust core business.
On a like-for-like basis at constant currencies,
revenue was up +2.0% compared to last year.
Corporate highlights of Q3 2020, since
publication of Q2 2020 results on 29 July
2020
¨Euronext completes the acquisition of VP
Securities
On 4 august 2020, Euronext announced that it
completed the settlement of shares under its offer launched on 23
April 2020 to acquire 100% of VP Securities, the Danish Central
Securities Depository. Euronext’s offer to acquire the remaining
shares in VP Securities remained open until 31 August 2020. The
acquisition of VP Securities positions Euronext as a leading CSD
operator in Europe with three CSDs (Euronext VPS in Norway,
Interbolsa in Portugal and VP Securities in Denmark) representing
€2.2 trillion in assets under custody, 31 million settlement
instructions per year and 4.5 million accounts in 2019.
On 14 September 2020, Euronext owned 99.39% of the
shares (adjusted from treasury shares) and initiated
a compulsory redemption. (see below Corporate highlights since
30 September 2020)
¨Euronext to acquire the Borsa Italiana
Group and create the leading pan-European market
infrastructure
On 11 September 2020, Euronext announced being in
discussions with Cassa Depositi e Prestiti Equity (“CDP Equity”) to
submit an offer to London Stock Exchange Group plc (“LSEG”) for the
acquisition of the business and key operational assets of Borsa
Italiana, with the ambition to create a leading player in
continental European capital markets.
On 14 September 2020, Euronext confirmed the
submission of a non-binding offer to LSEG to acquire Borsa Italiana
partnering with CDP Equity and Intesa Sanpaolo.
On 18 September 2020, Euronext then confirmed it
had entered into exclusive talks with LSEG.
On 9 October 2020, Euronext announced that it has
entered into a binding agreement with LSEG and London Stock
Exchange Group Holdings (Italy) Limited to acquire 100% of the
entire issued share capital of London Stock Exchange Group Holdings
Italia SPA, the holding company of the Borsa Italiana Group for a
cash consideration of €4,325 million14.
The Proposed Combination15 will create a leading
European market infrastructure in the European Union, whose central
role to connect local economies to global markets is strengthened
through the creation of the number one venue for listing and
secondary markets for both debt and equity financing in Europe.
This transaction significantly enhances the scale of Euronext,
diversifies its business mix into new asset classes and strengthen
its post-trade activities. With this transaction, Euronext delivers
on its ambition to build the leading pan-European market
infrastructure.
The potential transaction is conditional upon,
amongst other things, the divestment of the Borsa Italiana Group or
a material part thereof being a condition of the European
Commission’s clearance decision for LSEG’s proposed acquisition of
Refinitiv.
Key highlights of the announcement:
- Acquisition of
100% of London Stock Exchange Group Holdings Italia S.p.A., the
holding company of the Borsa Italiana Group for a cash
consideration of €4,325 million1
- The Borsa
Italiana Group (€464 million revenue and €264 million EBITDA in
2019) to play a key role in the future operations, strategy and
governance of the Combined Group as its largest revenue
contributor
- Strong support
from Cassa Depositi e Prestiti (through CDP Equity (“CDPE”),
100%-owned) and Intesa Sanpaolo as strategic investors, with
long-term commitment to support the growth of the Borsa Italiana
Group, to attract SMEs to capital markets and to support Euronext’s
growth ambitions
- Creation of the
leading player in European capital markets infrastructure,
strengthening Euronext’s leadership in European cash equities,
while adding significant capabilities in fixed income trading and
increasing post trade activities with a fully-owned, multi-asset
clearing house and a scale CSD
- Widening of the
product offering across the value chain and deepening of the
liquidity pool to bring significant benefits for European capital
markets and the Italian financial ecosystem
- Financing of the
transaction fully secured by a bridge loan financing and long-term
financing to be implemented through a mix of (i) existing available
cash for c. €0.3bn, (ii) new debt for c. €1.8bn and (iii) new
equity in the form of a private placement to CDP Equity and Intesa
Sanpaolo and a rights offer to Euronext’s shareholders for c.
€2.4bn
- Euronext is
committed to maintaining an investment grade credit rating aligned
with its robust financial structure, with pro forma net leverage16
estimated at 3.4x at 30 June 2020 and expected to reduce below 3x
by 2022. Euronext does not expect any change in dividend
policy
- Transaction
expected to be accretive17 to the adjusted EPS (before synergies)
immediately, to generate a total of €60 million pre-tax run-rate
synergies by year 3, including €45 million of pre-tax run-rate cost
synergies and €15 million of pre-tax run-rate revenue synergies.
The transaction is expected to be double digit accretive18 in year
3 after synergies
- EGM of
shareholders to approve the transaction convened for
20 November 2020
- The Managing
Board and the Supervisory Board of Euronext have unanimously
approved the transaction as they consider it to be in the best
interests of Euronext, its shareholders and other stakeholders, and
therefore ask that shareholders vote in favour of the resolutions
tabled at the EGM
- The Reference
Shareholders support the Proposed Combination and have each signed
an irrevocable undertaking vote in favour of the resolutions tabled
at the EGM
The related press releases and documentation are
available at:
https://www.euronext.com/en/investor-relations/financial-calendar/acquisition-borsa-italiana-group
¨Convening of an EGM of Euronext
N.V.
On 9 October 2020 Euronext also announced that a
virtual EGM would take place on Friday 20 November 2020 at 10.30
CET. In light of the Dutch emergency law regarding General
Meetings, the Managing Board of Euronext N.V. has decided that
shareholders can only attend the meeting virtually via internet,
at:
https://channel.royalcast.com/euronextwebcast/#!/euronextwebcast/20201120_1
The agenda for the meeting is as follows:
- Opening
- Presentation of
the Chief Executive Officer on the acquisition of the entire issued
share capital of London Stock Exchange Group Holdings Italia S.p.A.
(“The Proposed Combination”) (discussion item)
- Resolutions in
relation to the Proposed Combination
- Approval of the
Proposed Combination pursuant to section 2:107a Dutch Civil Code
(voting item 1)
- Designation of
the Managing Board as the corporate body authorized to issue shares
and/or to grant rights to subscribe for shares and exclude or limit
related pre-emptive rights in connection with the Proposed
Combination (Private Placement) (voting item 2)
- Designation of
the Managing Board as the corporate body authorized to issue shares
and/or to grant rights to subscribe for shares and exclude or limit
related pre-emptive rights in connection with the Proposed
Combination (Rights Issue) (voting item 3)
- Close
The full documentation is available at:
https://www.euronext.com/en/investor-relations/financial-calendar/extraordinary-general-meeting-20112020
¨Volumes for Q3 2020
For the third quarter of 2020, the average daily
transaction value on the Euronext cash order book stood at €7,468
million, down -5.8% compared to the same period last year.
The average daily transaction value of ETFs on the
electronic order book was €211 million over Q3 2020, down -6.9%
compared to Q3 2019. The total number of ETFs listed on Euronext
was 1,271 at end of September 2020.
The overall average daily volume on Euronext
derivatives stood at 549,679 contracts (-4.8% compared to Q3 2019)
and the open interest was 18,472,390 contracts at the end of
September 2020 (-0.8% compared to the end of September 2019).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $19,322 million in Q3 2020, down
-0.3% compared to the same period last year.
Over Q3 2020, the average daily power volumes
traded on Nord Pool, of which Euronext acquired 66% in January
2020, for day-ahead power was 2.19 TWh, and average daily intraday
power traded was 0.07 TWh.
Corporate highlights since 30 September
2020
-
Contemplated acquisition of the Borsa Italiana Group (see
above)
- October
2020 Volumes
In October 2020, the average daily transaction
value on the Euronext cash order book stood at €7,802 million, down
-9.0% compared to the same period last year.
The average daily transaction value of ETFs on the
electronic order book was €229 million in October 2020, up +4.8%
compared to October 2019. The total number of ETFs listed on
Euronext was 1,281 at end of October 2020.
The overall average daily volume on Euronext
derivatives stood at 593,901 contracts (-1.7% compared to October
2019) and the open interest was 20,533,273 contracts at the end of
October 2020 (+0.4% compared to the end of October 2019).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $18,616 million in October 2020,
down -0.2% compared to the same period last year.
¨Market outage of 19 October
2020
On Monday 19 October 2020, due to a technical issue
impacting all Euronext cash and derivatives segments connected to
the single liquidity pool, trading was halted at 09.48 CEST on all
Euronext segments and the closing process was impacted. The root
cause was identified as a technical issue in a third-party software
and is resolved.
¨VP Securities - Settlements of the
shares
On 23 October 2020, Euronext finalized the
compulsory redemption of VP Securities shares and now owns 100% of
the shares of VP Securities.
Agenda
A conference call and a webcast will be
held tomorrow 6 November 2020, at 9.00am CEST (Paris time) / 8.00am
BST (London time):
Website : www.euronext.com/investors
To connect to the conference call, please dial:
- UK
Number:
+44 203 003 2666
- FR
Number:
+33 1 7037 7166
- NL
Number:
+31 20 794 8426
- US
Number:
+1 212 999 6659
- BE
Number:
+32 2 792 0434
- PT
Number:
+351 3 0880 2081
- IR
Number:
+353 1 436 0959
- NO
Number:
+47 2 156 3318
- IT
Number:
+39 02 36269665
Password:
Euronext
Live Webcast:
A live audio webcast and replay after the call will
be available via this link and on Euronext’s Investor Relations
website.
Contacts
Investor Relations:
Aurélie Cohen / Clément
Kubiak
+33 1 70 48 24 27; ir@euronext.com
Media:
Aurélie Cohen
+33 1 70 48 24 45; mediateam@euronext.com
About
Euronext
Euronext is the leading pan-European market
infrastructure, connecting local economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, The
Netherlands, Norway and Portugal. With close to 1,500 listed
issuers worth €3.8 trillion in market capitalisation as of end
September 2020, it has an unmatched blue chip franchise and a
strong diverse domestic and international client base. Euronext
operates regulated and transparent equity and derivatives markets
and is the largest centre for debt and funds listings in the world.
Its total product offering includes Equities, FX, Exchange Traded
Funds, Warrants & Certificates, Bonds, Derivatives, Commodities
and Indices. Euronext also leverages its expertise in running
markets by providing technology and managed services to third
parties. In addition to its main regulated market, it also operates
Euronext GrowthTM and Euronext AccessTM, simplifying access to
listing for SMEs. Euronext provides custody and settlement services
through central securities depositories in Denmark, Norway and
Portugal.
For the latest news, follow us on Twitter and
LinkedIn.
Disclaimer
This press release is for information purposes
only: it is not a recommendation to engage in investment activities
and is provided “as is”, without representation or warranty of any
kind. While all reasonable care has been taken to ensure the
accuracy of the content, Euronext does not guarantee its accuracy
or completeness. Euronext will not be held liable for any loss or
damages of any nature ensuing from using, trusting or acting on
information provided. No information set out or referred to in this
publication may be regarded as creating any right or obligation.
The creation of rights and obligations in respect of financial
products that are traded on the exchanges operated by Euronext’s
subsidiaries shall depend solely on the applicable rules of the
market operator. All proprietary rights and interest in or
connected with this publication shall vest in Euronext. This press
release speaks only as of this date. Euronext refers to Euronext
N.V. and its affiliates. Information regarding trademarks and
intellectual property rights of Euronext is available at:
www.euronext.com/terms-use. © 2020, Euronext N.V. -
All rights reserved.
The Euronext Group processes your personal data in
order to provide you with information about Euronext (the
"Purpose"). With regard to the processing of these personal data,
Euronext will comply with its obligations under the Regulation (EU)
2016/679 of the European Parliament and of the Council of 27 April
2016 (General Data Protection Regulation, “GDPR”), and any
applicable national laws, rules and regulations implementing the
GDPR as provided in its privacy statement available at:
https://www.euronext.com/privacy-policy.
In accordance with the applicable legislation you
have rights as regard to the processing of your personal data:
- for more
information on your rights, please refer to:
www.euronext.com/data_subjects_rights_request_information,
- for any request
regarding the processing of your data or if you want to unsubscribe
from this press release, please use our data subject request form
at https://connect2.euronext.com/form/data-subjects-rights-request
or email our Data Protection Officer at dpo@euronext.com.
APPENDIX
Non-IFRS financial measures
For comparative purposes, the company provides
unaudited non-IFRS measures including:
- Operational
expenses excluding depreciation and amortisation
- EBITDA, EBITDA
margin.
Non-IFRS measures are defined as follows:
- Operational
expenses excluding depreciation and amortisation as the total of
salary and employee benefits, and other operational expenses
- EBITDA as the
operating profit before exceptional items and depreciation and
amortisation
- EBITDA margin as
the operating profit before exceptional items and depreciation and
amortisation, divided by revenue.
Non-IFRS financial measures are not meant to be
considered in isolation or as a substitute for comparable IFRS
measures and should be read only in conjunction with the
consolidated financial statements.
Other Alternative Performance Measures used
in this release
- Volume related
revenue accounts for trading and clearing activities and IPOs
revenue, all other revenue are considered as non-volume
related.
- Operating cost
coverage is equal to non-volume related revenue divided by
operating expenses excluding D&A.
- ‘Organic’ and
‘Like-for-like’ refers to Euronext Group perimeter, at constant
currencies for the comparative period in the previous year,
excluding any acquired companies thereafter as well as any project
costs supported by Euronext for the integration of these
companies.
Adjusted EPS definition
In €m unless stated otherwise
|
Q3 2020
|
Q3 2019
|
Net income reported
|
70.2
|
63.5
|
EPS Reported (€ per share)
|
1.01
|
0.91
|
Intangible assets adj. related to acquisitions (PPA)
|
-
5.4
|
-
5.5
|
Exceptional items
|
-
3.5
|
-
0.3
|
Tax related to those items
|
1.4
|
1.0
|
Adj. net income
|
77.7
|
68.3
|
Adj. EPS (€ per share)
|
1.12
|
0.98
|
Consolidated income statement
Unaudited, In €m
|
Q3 2020
|
Q3 2019
|
% var
|
Organic (like for like at constant currencies)
|
Revenue
|
204.8
|
181.7
|
+12.7%
|
+3.4%
|
Listing
|
35.8
|
34.8
|
+2.9%
|
+2.6%
|
Trading revenue
|
75.9
|
70.8
|
+7.3%
|
-1.0%
|
Cash trading
|
53.0
|
53.4
|
-0.6%
|
-0.2%
|
Derivatives trading
|
10.8
|
11.5
|
-6.3%
|
-6.0%
|
Spot FX trading
|
5.8
|
6.0
|
-2.4%
|
+2.6%
|
Power trading
|
6.3
|
0.0
|
n/a
|
n/a
|
Investor Services
|
2.0
|
1.8
|
+7.9%
|
+9.6%
|
Advanced Data Services
|
34.5
|
33.5
|
+3.0%
|
+2.6%
|
Post-trade
|
44.6
|
30.8
|
+44.9%
|
+16.0%
|
Clearing
|
14.9
|
13.3
|
+11.7%
|
+11.7%
|
Custody, Settlement and other post-trade
|
29.8
|
17.5
|
+70.3%
|
+19.5%
|
Euronext Technologies & Other revenue
|
11.9
|
9.9
|
+20.2%
|
+2.0%
|
Other income
|
0.0
|
0.1
|
-59.0%
|
-59.0%
|
Operational expenses excluding D&A
|
-87.1
|
-73.8
|
+18.0%
|
+3.2%
|
Salaries and employee benefits
|
-48.3
|
-40.7
|
+18.8%
|
+3.9%
|
Other operational expenses
|
-38.8
|
-33.1
|
+17.0%
|
+2.3%
|
System & communication
|
-10.1
|
-7.6
|
+32.5%
|
+5.5%
|
Professional services
|
-12.6
|
-9.3
|
+36.4%
|
+21.1%
|
Clearing expense
|
-8.1
|
-7.2
|
+12.2%
|
+5.9%
|
Accommodation
|
-2.0
|
-1.7
|
+19.4%
|
-2.0%
|
Other operational expenses
|
-5.9
|
-7.4
|
-19.5%
|
-27.1%
|
EBITDA
|
117.8
|
108.0
|
+9.1%
|
+3.6%
|
EBITDA margin
|
57.5%
|
59.4%
|
-1.9 pts
|
+0.1 pts
|
Depreciation & amortisation
|
-15.4
|
-13.1
|
+17.8%
|
+1.1%
|
Operating profit before exceptional items
|
102.3
|
94.9
|
+7.9%
|
+4.0%
|
Exceptional items
|
-3.5
|
-0.3
|
n/a
|
|
Operating profit
|
98.8
|
94.6
|
+4.5%
|
|
Net financing income / (expense)
|
-3.4
|
-2.0
|
+68.3%
|
|
Results from equity investments
|
1.8
|
2.1
|
-14.3%
|
|
Profit before income tax
|
97.2
|
94.7
|
+2.7%
|
|
Income tax expense
|
-25.6
|
-30.4
|
-15.6%
|
|
Share of non-controlling interests
|
-1.4
|
-0.8
|
+66.1%
|
|
Net income, share of the Group
|
70.2
|
63.5
|
+10.6%
|
|
|
|
|
|
|
EPS Reported (non-diluted, in € per share)
|
€ 1.01
|
€ 0.91
|
+10.6%
|
|
EPS Adjusted (non-diluted, in € per share)
|
€ 1.12
|
€ 0.98
|
+13.8%
|
|
The figures in this document have not been audited or reviewed by
our external auditor.
Consolidated comprehensive income
statement
Unaudited, In €m
|
Q3 2020
|
Q3 2019
|
Profit for the period
|
71.6
|
64.3
|
|
|
|
Other comprehensive income
|
|
|
Items that may be reclassified to profit or loss:
|
|
|
– Exchange differences on translation of foreign operations
|
-14.9
|
-8.6
|
– Gains and losses on cash flow hedges
|
0.0
|
-0.5
|
– Income tax impact on exchange differences on translation of
foreign operations
|
1.7
|
0.0
|
|
|
|
Items that will not be reclassified to profit or loss:
|
|
|
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income
|
0.1
|
-0.8
|
– Remeasurements of post-employment benefit obligations
|
-1.4
|
-0.9
|
– Income tax impact on remeasurements of post-employment benefit
obligations
|
1.5
|
0.2
|
Other comprehensive income for the period net of
tax
|
-12.9
|
-10.4
|
Total comprehensive income for the period
|
58.7
|
53.9
|
|
|
|
Comprehensive income attributable to:
|
|
|
– Owners of the parent
|
57.4
|
54.3
|
– Non-controlling interests
|
1.3
|
-0.4
|
The figures in this document have not been audited
or reviewed by our external auditor.
Consolidated balance sheet
Unaudited, In €m
|
As at 30 Sep 2020
|
As at 30 Jun 2020
|
Non-current assets
|
|
|
Property, plant and equipment
|
55.5
|
55.7
|
Right-of-use assets
|
51.1
|
46.2
|
Goodwill and other intangible assets
|
1,515.2
|
1,439.0
|
Deferred income tax assets
|
20.3
|
19.1
|
Investments in associates and JV
|
65.3
|
71.4
|
Financial assets at fair value through OCI
|
199.6
|
199.6
|
Other non-current assets
|
4.1
|
3.8
|
Total non-current assets
|
1,911.1
|
1,834.8
|
|
|
|
Current assets
|
|
|
Trade and other receivables
|
210.8
|
197.5
|
Income tax receivable
|
3.8
|
4.6
|
Derivative financial instruments
|
24.2
|
24.2
|
Other current financial assets
|
90.2
|
37.1
|
Cash & cash equivalents
|
567.3
|
622.3
|
Total current assets
|
896.3
|
885.7
|
Assets held for sale
|
-
|
8.8
|
Total assets
|
2,807.4
|
2,729.3
|
|
|
|
Shareholders' equity
|
|
|
Shareholders' equity
|
966.2
|
906.6
|
Non-controlling interests
|
31.3
|
29.4
|
Total equity
|
997.5
|
936.0
|
|
|
|
Non-current liabilities
|
|
|
Borrowings
|
1,272.2
|
1,271.9
|
Lease liabilities
|
33.9
|
34.8
|
Deferred income tax liabilities
|
87.3
|
72.9
|
Post-employment benefits
|
25.9
|
26.0
|
Contract liabilities
|
42.4
|
44.1
|
Other provisions
|
14.2
|
14.4
|
Total non-current liabilities
|
1,476.0
|
1,464.1
|
|
|
|
Current liabilities
|
|
|
Borrowings
|
5.3
|
1.6
|
Lease liabilities
|
20.7
|
14.7
|
Other current financial liabilities
|
1.0
|
1.0
|
Income tax payable
|
31.7
|
31.0
|
Trade and other payables
|
200.3
|
190.9
|
Contract liabilities
|
73.4
|
88.1
|
Other provisions
|
1.6
|
1.7
|
Total current liabilities
|
333.9
|
329.1
|
|
|
|
Total equity and liabilities
|
2,807.4
|
2,729.3
|
Consolidated statement of cash
flows
Unaudited, In €m
|
Q3 2020
|
Q3 2019
|
Profit before tax
|
97.2
|
94.7
|
|
|
|
Adjustments for:
|
|
|
- Depreciation and amortisation
|
15.4
|
13.1
|
- Share based payments
|
2.3
|
1.8
|
- Share of profit from associates and joint ventures
|
-1.8
|
-2.1
|
- Changes in working capital
|
-14.1
|
-9.0
|
Cash flow from operating activities
|
99.0
|
98.5
|
Income tax paid
|
-27.3
|
-22.6
|
Net cash flows from operating activities
|
71.7
|
75.9
|
|
|
|
Cash flow from investing activities
|
|
|
Acquisition of subsidiaries, net of cash acquired
|
-134.5
|
-16.2
|
Proceeds from sale of assets held for sale
|
8.8
|
0.0
|
Purchase of current financial assets
|
-1.2
|
-0.8
|
Redemption of current financial assets
|
4.0
|
0.0
|
Purchase of property, plant and equipment
|
-1.2
|
-4.1
|
Purchase of intangible assets
|
-4.0
|
-3.2
|
Dividends received from associates
|
7.9
|
0.1
|
Net cash flow from investing activities
|
-120.2
|
-24.2
|
|
|
|
Cash flow from financing activities
|
|
|
Proceeds from borrowings, net of transaction fees
|
0.2
|
0.0
|
Repayment of borrowings, net of transaction fees
|
0.0
|
-45.7
|
Interest paid
|
-0.1
|
-0.1
|
Interest received
|
0.0
|
0.2
|
Payment of lease liabilities
|
-3.9
|
-2.8
|
Transaction of own shares
|
0.0
|
0.4
|
Employee Share transactions
|
0.0
|
-1.4
|
Dividends paid to non-controlling interests
|
0.0
|
-0.2
|
Net cash flow from financing activities
|
-3.9
|
-49.6
|
|
|
|
Total cash flow over the period
|
-52.3
|
2.1
|
Cash and cash equivalents - Beginning of period
|
622.3
|
324.3
|
Non cash exchange gains/(losses) on cash and cash equivalents
|
-2.7
|
-1.3
|
Cash and cash equivalents - End of period
|
567.3
|
325.1
|
The figures in this document have not been audited or reviewed by
our external auditor.
Volumes for the third quarter of
2020
Cash markets activity
|
Q3 2020
|
Q3 2019
|
|
|
|
|
|
|
|
Nb trading days
|
66
|
66
|
|
|
|
|
|
|
|
NUMBER OF TRANSACTIONS (buy and sells) (reported trades
included)
|
|
|
|
|
|
Q3 2020
|
Q3 2019
|
Change %
|
|
Total Cash Market *
|
161,424,756
|
126,296,916
|
+27.8%
|
|
ADV Cash Market *
|
2,445,830
|
1,913,590
|
+27.8%
|
|
|
|
|
|
|
TRANSACTION VALUE ( € million - Single
counted)
|
|
|
|
|
(€m)
|
Q3 2020
|
Q3 2019
|
Change %
|
|
Total Cash Market *
|
492,918.09
|
523,119.21
|
-5.8%
|
|
ADV Cash Market *
|
7,468.46
|
7,926.05
|
-5.8%
|
|
* (shares, warrants, trackers, bonds...)
|
|
|
|
|
|
|
|
|
|
LISTINGS
|
|
|
|
|
|
Sep-20
|
Sep-19
|
Change %
|
|
Number of Issuers on Equities
|
|
|
|
|
EURONEXT **
|
1,466
|
1,476
|
-0.7%
|
|
SMEs
|
1,123
|
905
|
+24.1%
|
|
Number of Listed Securities
|
|
|
|
|
Bonds
|
47,821
|
46,326
|
+3.2%
|
|
ETFs
|
1,271
|
1,226
|
+3.7%
|
|
Funds
|
4,405
|
4,684
|
-6.0%
|
|
**(Euronext, Euronext Growth and Euronext Access)
|
|
|
|
|
|
|
|
|
|
Capital raised on Equities on Primary and Secondary
Market
|
|
|
|
|
EURONEXT (Euronext, Euronext Growth)
|
|
|
|
|
(€m)
|
Q3 2020
|
Q3 2019
|
Change %
|
|
Nb New Listings **
|
21
|
12
|
|
|
Money Raised New Listings incl over allotment
|
917
|
221
|
+315.3%
|
|
of which Money Raised New Listings
|
906
|
206
|
+340.2%
|
|
Follow-ons on Equities
|
8,533
|
6,144
|
+38.9%
|
|
Bonds
|
203,767
|
308,013
|
-33.8%
|
|
Total Money Raised *
|
213,217
|
314,378
|
-32.2%
|
|
|
|
|
|
|
of which SMEs
|
|
|
|
|
(€m)
|
Q3 2020
|
Q3 2019
|
Change %
|
|
Nb New Listings **
|
21
|
10
|
|
|
Money Raised New Listings incl over allotment
|
917
|
221
|
+315.3%
|
|
of which Money Raised New Listings
|
906
|
206
|
+340.2%
|
|
Follow-ons on Equities
|
1,768
|
1,228
|
+43.9%
|
|
Bonds
|
50
|
93
|
-46.2%
|
|
Total Money Raised *
|
2,735
|
1,542
|
+77.4%
|
|
* includes New Listings including over-allotment,
follow-ons on Equities, corporate bonds on Euronext Listed
Issuers.
Following the completion of the acquisition of the
Oslo Børs VPS, Euronext 2019 trading data have been restated to
include historic data for Oslo Børs VPS.
Derivatives markets activity
|
Q3 2020
|
Q3 2019
|
|
|
|
|
|
Nb trading days
|
66
|
66
|
|
Volume (in lots)
|
|
|
|
|
Q3 2020
|
Q3 2019
|
Change %
|
Equity
|
31,952,701
|
34,203,680
|
-6.6%
|
|
|
|
|
Index
|
13,056,100
|
16,096,455
|
-18.9%
|
Futures
|
8,614,320
|
11,230,355
|
-23.3%
|
Options
|
4,441,780
|
4,866,100
|
-8.7%
|
|
|
|
|
Individual Equity
|
18,896,601
|
18,107,225
|
+4.4%
|
Futures
|
5,643,488
|
1,180,502
|
+378.1%
|
Options
|
13,253,113
|
16,926,723
|
-21.7%
|
|
|
|
|
Commodity
|
4,068,764
|
3,565,804
|
+14.1%
|
Futures
|
3,775,796
|
3,317,229
|
+13.8%
|
Options
|
292,968
|
248,575
|
+17.9%
|
|
|
|
|
Other
|
257,347
|
342,072
|
-24.8%
|
Futures
|
257,347
|
342,072
|
-24.8%
|
Options
|
0
|
0
|
|
|
|
|
|
Total Euronext
|
36,278,812
|
38,111,556
|
-4.8%
|
Total Futures
|
18,290,951
|
16,070,158
|
+13.8%
|
Total Options
|
17,987,861
|
22,041,398
|
-18.4%
|
ADV (in lots)
|
|
|
|
|
Q3 2020
|
Q3 2019
|
Change %
|
Equity
|
484,132
|
518,238
|
-6.6%
|
|
|
|
|
Index
|
197,820
|
243,886
|
-18.9%
|
Futures
|
130,520
|
170,157
|
-23.3%
|
Options
|
67,300
|
73,729
|
-8.7%
|
|
|
|
|
Individual Equity
|
286,312
|
274,352
|
+4.4%
|
Futures
|
85,507
|
17,886
|
+378.1%
|
Options
|
200,805
|
256,466
|
-21.7%
|
|
|
|
|
Commodity
|
61,648
|
54,027
|
+14.1%
|
Futures
|
57,209
|
50,261
|
+13.8%
|
Options
|
4,439
|
3,766
|
+17.9%
|
|
|
|
|
Other
|
3,899
|
5,183
|
-24.8%
|
Futures
|
3,899
|
5,183
|
-24.8%
|
Options
|
0
|
0
|
|
|
|
|
|
Total Euronext
|
549,679
|
577,448
|
-4.8%
|
Total Futures
|
277,136
|
243,487
|
+13.8%
|
Total Options
|
272,543
|
333,961
|
-18.4%
|
Open Interest
|
|
|
|
|
sept-20
|
sept-19
|
Change % YOY
|
Equity
|
17,666,762
|
17,612,800
|
+0.3%
|
|
|
|
|
Index
|
1,602,964
|
1,980,634
|
-19.1%
|
Futures
|
770,669
|
808,985
|
-4.7%
|
Options
|
832,295
|
990,317
|
-16.0%
|
|
|
|
|
Individual Equity
|
16,063,798
|
15,632,166
|
+2.8%
|
Futures
|
742,594
|
761,617
|
-2.5%
|
Options
|
15,321,204
|
14,870,549
|
+3.0%
|
|
|
|
|
Commodity R
|
832,136
|
695,794
|
+19.6%
|
Futures R
|
581,865
|
479,651
|
+21.3%
|
Options
|
250,271
|
216,143
|
+15.8%
|
|
|
|
|
Other
|
0
|
313,476
|
-22.6%
|
Futures
|
0
|
313,476
|
-22.5%
|
Options
|
0
|
0
|
|
|
|
|
|
Total Euronext R
|
18,498,898
|
18,622,070
|
-0.7%
|
Total Futures R
|
2,095,128
|
2,545,061
|
-17.7%
|
Total Options
|
16,403,770
|
16,077,009
|
+2.0%
|
R: revised
Spot FX Trading
|
Q3 2020
|
Q3 2019
|
|
Nb trading days
|
66
|
66
|
|
|
|
|
|
Spot FX VOLUME (in USD millions, single
counted)
|
|
|
Q3 2020
|
Q3 2019
|
Change %
|
Total Spot FX Market
|
1,275,229
|
1,278,752
|
-0.3%
|
ADV Spot FX Market
|
19,322
|
19,375
|
-0.3%
|
Power Trading
|
Q3 2020
|
Q3 2019
|
|
Nb trading days
|
92
|
|
|
|
|
|
|
Power VOLUME (in TWh)
|
|
|
Q3 2020
|
Q3 2019
|
Change %
|
ADV Day-ahead Power Market
|
2.19
|
|
|
ADV Intraday Power Market
|
0.07
|
|
|
*END*
Unless stated otherwise, variations refer to Q3 2020 figures
compared to Q3 2019 figures
[1] Like-for-like revenue are at constant
currencies and exclude in Q3 2020 VP Securities, Ticker, 3Sens,
OPCVM360 and Nord Pool
2 Volume-related businesses include Cash, Derivatives, Spot FX
trading, Power trading, Clearing, and IPOs
3 Based on H2 2019 reported operating costs excluding D&A,
excluding Nord Pool and VP Securities
4 Definition in Appendix
5 London Stock Exchange Group Holdings Italia S.p.A. and its
consolidated subsidiaries
6 Plus an additional amount reflecting the cash generated to
completion. Excluding cash and liquid assets (after deduction of
regulatory requirements) and borrowings, representing a total net
liability of €42m as of 30 June 2020
7 Euronext and the Borsa Italiana Group 2019 financial information
based on their respective accounting policies and not prepared on a
pro-forma basis. Euronext 2019 information including the full-year
pro forma impact of the previous acquisition of Oslo Børs VPS, Nord
Pool, VP Securities, OPCVM 360, Ticker and 3Sens
8 Euronext and its subsidiaries following completion (for the
avoidance of doubt, including the Borsa Italiana Group)
9 Based on a price per Ordinary Share of €102.5 as of 8 October
2020
10 The potential transaction is conditional upon, amongst other
things, the divestment of the Borsa Italiana Group or a material
part thereof being a condition of the European Commission’s
clearance decision for LSEG’s proposed acquisition of Refinitiv
11 VP Securities first settlement on 4 August 2020 for 85.20% of
the shares, second settlement on 14 September 2020 for 99.39% of
the shares (adjusted from treasury shares), for detail please refer
to the Corporate highlights
12 Definition in Appendix
13 Ticker and 3Sens
14 Plus an additional amount reflecting the cash
generated to completion. Excluding cash and liquid assets (after
deduction of regulatory requirements) and borrowings, representing
a total net liability of €42m as of 30 June 2020
15The proposed acquisition by Euronext of the holding company of
the Borsa Italiana Group
16 Pro forma net debt leverage is defined as net debt pro forma of
the transaction divided by the combined EBITDA of Borsa Italiana
and Euronext, including the full-year impacts of the previous
Euronext acquisitions of Oslo Børs VPS, Nord Pool, VP Securities,
OPCVM 360, Ticker and 3Sens
17 Based on a price per Ordinary Share of €102.5 as of 8 October
2020
18 Based on a price per Ordinary Share of €102.5 as of 8 October
2020
- 20201105_ENX_Q3 Results - Final
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