Euronext publishes Q3 2022 results
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Euronext publishes Q3
2022 results
Solid quarter
demonstrating Euronext’s
diversified business model and
continued cost discipline,
in line with 2022 cost guidance
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris
– 3 November 2022
– Euronext, the leading pan-European market
infrastructure, today publishes its results for the third quarter
2022.
-
Q3 2022
underlying revenue and income
was stable
compared to Q3
2021 underlying revenue
and income1,
at €350.3
million
(-0.1%2
reported,
-€0.3
million, reported revenue
and income at €301.4
million) illustrating
the strong performance of
non-volume related
business:
- Non-volume related
revenue accounted for 59% of Q3 2022 underlying revenue1 (vs. 57%
in Q3 2021) and covered 138% of underlying operating expenses,
excluding D&A (vs. 142% in Q3 2021).
- Trading revenue was down at €117.8
million (-6.0% like-for-like, -5.2% reported), resulting from lower
cash equity and MTS Cash volumes, partially offset by efficient
yield management and strong quarters for FX, derivatives and power
trading.
- Post-trade revenue (excluding NTI)
grew to €86.2 million (+2.2% like-for-like, +3.7% reported).
Custody and Settlement revenue was €57.1 million (+0.5%
like-for-like, +2.8% reported) thanks to the diversified Euronext
Securities business model in a normalising settlement environment.
Clearing revenue increased to €29.1 million (+5.5%
like-for-like, +5.5% reported) as a result of growing bonds and
derivatives clearing activity. Net treasury income for Euronext
Clearing was -€38.3 million, including -€49.0 million of
non-underlying pre-tax loss following the partial disposal of the
Euronext Clearing portfolio1, as announced in Euronext second
quarter 2022 results.
- Listing revenue grew to €54.0
million (+5.9% like-for-like, +6.3% reported), demonstrating the
resilience of the business in tough market conditions. Euronext
remained the leading venue for equity listing in Europe and for
debt listing worldwide. Euronext recorded 18 new equity listings in
Q3 2022. Four new companies joined the new Euronext Tech Leaders
segment following its launch in June 2022.
- Advanced Data Services revenue grew
to €53.0 million (+6.5% like-for-like, +6.3% reported), driven by a
strong performance across the offering.
-
Adjusted EBITDA3
was at
€199.9 million
(-4.4%
reported,
-€9.2
million) reflecting
continued cost discipline
in an inflationary environment.
Adjusted EBITDA margin
was at 57.1%
(-2.6pts
like-for-like,
-2.6pts
reported):
- Underlying operating expenses,
excluding D&A, were €150.4 million (+5.6% like-for-like,
+6.3% reported), in line with 2022 cost guidance of €612
million of underlying costs.
- Reported
net income, share of the parent company shareholders,
was down
-34.5%
to
€75.8
million
(-€40.0 million),
mainly due to the
non-underlying one-off
loss in net
treasury
income:
- Net financing expenses were at €4.6
million and results from equity investments amounted to
€1.7 million. Income tax rate was at 26.2%.
- Adjusted
EPS4 was down -3.2%
at
€1.215.
- Key figures
for Q3
2022:
In €m, unless stated otherwise |
Q3 2022 |
Q3 2021 |
% var |
% var
l-f-l6 |
Revenue and
income |
301.4 |
350.6 |
-14.0% |
-0.8% |
Underlying revenue and income1 |
350.3 |
350.6 |
-0.1% |
-0.8% |
Underlying operational expenses excluding D&A |
(150.4) |
(141.5) |
+6.3% |
+5.6% |
Adjusted EBITDA |
199.9 |
209.1 |
-4.4% |
-5.2% |
Adjusted EBITDA margin |
57.1% |
59.6% |
-2.6pts |
-2.6pts |
Net income, share of the parent company shareholders |
75.8 |
115.8 |
-34.5% |
|
Adjusted Net income, share of the parent company
shareholders |
129.5 |
137.0 |
-5.5% |
|
Adjusted EPS (basic, in€) (share count differs
between the two periods) |
1.21 |
1.25 |
-3.2% |
|
Reported EPS (basic, in€) (share count differs
between the two periods) |
0.71 |
1.08 |
-34.2% |
|
Adjusted EPS (diluted, in€) (share count differs between the two
periods) |
1.21 |
1.25 |
-3.2% |
|
Reported EPS (diluted, in€) (share count differs between the two
periods) |
0.71 |
1.08 |
-34.2% |
|
- Net debt
to reported EBITDA7
was at
2.3x at
the end of September
2022.
- Continued
delivery of targeted
synergies in relation to the
Borsa Italiana Group
acquisition:
-
€24.4 million
cumulated run-rate annual synergies
achieved at the end of Q3 2022. €0.3 million run-rate
annual synergies delivered in Q3 2022.
- €37.9 million of cumulated
implementation costs incurred at the end of Q3 2022, of which €1.2
million during Q3 2022.
- Continued
advancement of the integration of the
Borsa Italiana
Group:
- Euronext has successfully
introduced a new listing framework in Italy, which is harmonised
with Group and global standards. The harmonisation of the listing
framework will benefit Italian issuers and strengthen the Italian
capital market ecosystem.
- Euronext confirmed the first phase
of the migration of Borsa Italiana cash markets onto Optiq® in
March 2023. The migration to the Euronext state-of-the-art
proprietary trading platform will provide Euronext and Borsa
Italiana clients with significant benefits while retaining a strong
local footprint, as demonstrated in the two previous successful
migrations in Ireland and Norway.
- Euronext confirmed the first phase
of the expansion of Euronext Clearing with the expected launch of
the equity clearing offering by the end of 2023. This is the first
milestone in the transformation of Euronext Clearing to create the
Euronext clearing house of choice for its cash equity markets,
further ensuring strategic alignment between the Euronext markets
and its clearing house.
- Stéphane
Boujnah, Chief Executive Officer and Chairman of the Managing Board
of Euronext, said:
“This third quarter of 2022 demonstrated the
robustness of Euronext’s diversified business model in a more
challenging trading environment. We recorded strong growth in our
non-volume related activities, as well as good performance of
derivatives, FX and power trading activities. Euronext confirmed
its position as the main trading venue in Europe this quarter,
providing market participants with the highest market quality and
depth. Combined with continued cost discipline, in line with our
2022 cost guidance, this led to robust adjusted EBITDA and adjusted
net income.
We continued working on the integration of the
Borsa Italiana Group and delivery of the ‘Growth for Impact 2024’
strategic plan. €24.4 million cumulated run-rate annual synergies
in relation to the acquisition of the Borsa Italiana Group were
reached at the end of Q3 2022.
Going forward, the simplification of listing
rules in Italy announced in September will facilitate access to
financing for local and international issuers, further reinforcing
Euronext’s position as the leading listing venue in Europe.
Additional major milestones in the delivery of our ‘Growth for
Impact 2024’ strategic plan will be achieved in 2023. Italian and
European clients will soon benefit from the migration of the
Italian cash markets to the Euronext state-of-the-art proprietary
trading platform Optiq® in March 2023, joining the largest
liquidity pool in Europe. In addition, in relation to the
acquisition of the Borsa Italiana Group, Euronext Clearing will
become the Euronext clearing house of choice for equity clearing by
the end of 2023. These strategic deliveries will further unlock a
significant part of the targeted synergies. Our diversified
business model combined with continued cost discipline gives us the
confidence to face macro-economic challenges in 2023.”
Euronext Q3
2022 financial performance
In €m, unless stated otherwise The figures in this
document have not been audited or reviewed by our external
auditor. |
Q3 2022 |
Q3 2021 |
% var |
% var(like-for-like, constant currencies) |
Revenue and income |
301.4 |
350.6 |
-14.0% |
-0.8% |
Underlying revenue and income |
350.3 |
350.6 |
-0.1% |
-0.8% |
Listing |
54.0 |
50.8 |
+6.3% |
+5.9% |
Trading revenue, of which |
117.8 |
124.2 |
-5.2% |
-6.0% |
Cash trading |
67.3 |
75.0 |
-10.2% |
-10.2% |
Derivatives trading |
14.0 |
13.5 |
+3.3% |
+3.2% |
Fixed income trading |
21.4 |
23.8 |
-9.8% |
-9.8% |
FX trading |
7.3 |
5.6 |
+30.1% |
+11.2% |
Power trading |
7.8 |
6.3 |
+23.5% |
+20.2% |
Investor Services |
2.5 |
2.1 |
+16.3% |
+12.2% |
Advanced Data Services |
53.0 |
49.8 |
+6.3% |
+6.5% |
Post-Trade, of which |
86.2 |
83.1 |
+3.7% |
+2.2% |
Clearing |
29.1 |
27.5 |
+5.5% |
+5.5% |
Custody and Settlement |
57.1 |
55.6 |
+2.8% |
+0.5% |
Euronext Technology Solutions & Other |
26.0 |
24.4 |
+6.7% |
+6.5% |
NTI through CCP business |
(38.3) |
12.9 |
-395.8% |
-17.6% |
Other income |
(0.5) |
0.8 |
-161.3% |
-160.6% |
Transitional revenues |
0.6 |
2.3 |
-72.0% |
-72.0% |
Underlying operational expenses exc. D&A |
(150.4) |
(141.5) |
+6.3% |
+5.6% |
Adjusted EBITDA |
199.9 |
209.1 |
-4.4% |
-5.2% |
Adjusted EBITDA margin |
57.1% |
59.6% |
-2.6pts |
-2.6pts |
Operating expenses exc. D&A |
(153.0) |
(149.0) |
+2.7% |
+5.6% |
EBITDA |
148.3 |
201.6 |
-26.4% |
-5.2% |
Depreciation & Amortisation |
(38.8) |
(38.5) |
+0.8% |
-10.3% |
Total Expenses (inc. D&A) |
(191.9) |
(187.5) |
+2.3% |
+3.9% |
Adjusted operating profit |
183.8 |
191.3 |
-3.9% |
-4.7% |
Operating Profit |
109.5 |
163.1 |
-32.9% |
|
Net financing income / (expense) |
(4.6) |
(7.3) |
-36.6% |
|
Results from equity investments |
1.7 |
11.8 |
-85.5% |
|
Profit before income tax |
106.6 |
167.6 |
-36.4% |
|
Income tax expense |
(27.9) |
(48.5) |
-42.6% |
|
Share of non-controlling interests |
(2.9) |
(3.2) |
-10.7% |
|
Net income, share of the parent company
shareholders |
75.8 |
115.8 |
-34.5% |
|
Adjusted Net income, share of the parent company
shareholders8 |
129.5 |
137.0 |
-5.5% |
|
Adjusted EPS (basic, in€) |
1.21 |
1.25 |
-3.2% |
|
Reported EPS (basic, in€) |
0.71 |
1.08 |
-34.2% |
|
Adjusted EPS (diluted, in€) |
1.21 |
1.25 |
-3.2% |
|
Reported EPS
(diluted, in€) |
0.71 |
1.08 |
-34.2% |
|
Q3
2022 revenue and income
In Q3 2022, Euronext consolidated revenue and
income amounted to €301.4 million, down -14.0% compared to Q3 2021,
mainly due to the €49.0 million non-underlying, one-off pre-tax
loss (€35 million post-tax) related to the partial disposal of the
Euronext Clearing portfolio9, partially offset by the robust
performance of non-volume related activities and the good
performance of derivatives, FX and power trading activities.
Underlying revenue and income, excluding the non-underlying,
one-off, loss related to the partial disposal of the Euronext
Clearing portfolio, was slightly down -0.8% in Q3 2022, to €350.3
million. On a like-for-like basis and at constant currencies,
Euronext consolidated revenue and income was down -0.8% in Q3 2022,
to €349.4 million, compared to Q3 2021.
Non-volume related revenue accounted for 59% of
underlying Group revenue in Q3 2022, compared to 57% in Q3 2021,
reflecting the successful diversification towards non-volume
related activities and challenging environment for cash trading and
MTS cash trading this quarter. The underlying operating
expenses excluding D&A coverage by non-volume related revenue
ratio was at 138% in Q3 2022, compared to 142% in Q3 2021.
Q3
2022 adjusted
EBITDA
Underlying operational expenses excluding
depreciation and amortisation increased to -€150.4 million, up
+6.3%, reflecting continued cost discipline in a post-pandemic
context and higher clearing expenses, and in line with 2022
guidance of €612 million underlying costs. On a like-for-like
basis, underlying operational expenses excluding depreciation and
amortisation increased by +5.6% compared to Q3 2021 that was
positively impacted by the decrease of travel and marketing due to
the pandemic.
Consequently, adjusted EBITDA for the quarter
totalled €199.9 million, down -4.4% compared to Q3 2021. This
represents an adjusted EBITDA margin of 57.1%, down -2.6 points
compared to Q3 2021 due to the decrease in volume-related revenue,
which was partly offset by resilient non-trading related revenue
and continued cost discipline. On a like-for-like basis, adjusted
EBITDA for Q3 2022 was down -5.2%, to €199.3 million, and adjusted
EBITDA margin was 57.0%, down -2.6 points compared to the same
perimeter in Q3 2021.
Q3
2022 net income, share of the parent
company shareholders
Depreciation and amortisation accounted for
€38.8 million in Q3 2022, stable compared to Q3 2021. PPA related
to acquired businesses accounted for €20.9 million.
Adjusted operating profit was €183.8 million, a
-3.9% decrease compared to Q3 2021. On a like-for-like basis,
adjusted operating profit was down -4.7% compared to Q3 2021, at
€183.2 million.
€25.4 million of non-underlying expenses,
including depreciation and amortisation, were reported in Q3 2022,
related to the integration of the Borsa Italiana Group, the
implementation of the ‘Growth for Impact 2024’ strategic plan and
the PPA of acquired businesses.
Net financing expense for Q3 2022 was €4.6
million compared to a net financing expense of €7.3 million in
Q3 2021. This decrease results from a positive revaluation of
foreign currencies balances impact in Q3 2022.
Results from equity investments amounted to €1.7
million in Q3 2022, solely representing the contribution received
from LCH SA, in which Euronext owns an 11.1% stake. As a reminder,
in Q3 2021, Euronext reported €11.8 million of results from equity
investments, reflecting a dividend payment by Euroclear in addition
to the contribution received from LCH SA.
Income tax for Q3 2022 was €27.9 million. This
translated into an effective tax rate of 26.2% for the quarter (Q3
2021: €48.5 million and 29.0% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €2.9
million in Q3 2022.
As a result, the reported net income, share of
the parent company shareholders, decreased by -34.5% for Q3 2022
compared to Q3 2021, to €75.8 million, including the one-off loss
due to the partial disposal10 of the Euronext Clearing portfolio.
This represents a reported EPS of €0.71 basic and €0.71 fully
diluted in Q3 2022, compared to €1.08 basic and €1.08 fully diluted
in Q3 2021. The weighted number of shares used over the first nine
months of 2022 was 106,652,256 for the basic calculation and
106,857,642 for the fully diluted calculation.
Adjusted net income, share of the parent company
shareholders was down -5.5% to €129.5 million. Adjusted EPS (basic)
was down -3.2% in Q3 2022, at €1.21 per share, based on 106,652,256
shares for the first nine months of 2022, compared to an adjusted
EPS (basic) of €1.25 per share in Q3 2021, based on 92,447,841
shares for the first nine months of 2021.
In Q3 2022, Euronext reported a net cash flow
from operating activities of €318.1 million, compared to €213.5
million in Q3 2021, reflecting higher positive changes in working
capital partially offsetting the lower profit before tax. Excluding
the impact on working capital from Euronext Clearing and Nord Pool
CCP activities, net cash flow from operating activities accounted
for 179% of EBITDA in Q3 2022.
Business highlights
in €m, unless stated otherwise |
Q3
2022 |
Q3
2021 |
% change |
Listing revenue |
54.0 |
50.8 |
+6.3% |
Equity |
27.4 |
24.6 |
+11.2% |
Annual fees |
16.9 |
15.1 |
+11.8% |
Follow-ons |
5.4 |
3.8 |
+40.7% |
IPOs |
5.1 |
5.7 |
-10.2% |
Debts |
8.6 |
9.3 |
-7.1% |
ETFs, Funds & Warrants |
5.6 |
5.5 |
+1.7% |
Corporate Services |
9.4 |
9.0 |
+4.3% |
ELITE and Other |
3.0 |
2.4 |
+26.0% |
Money raised |
177,660 |
379,163 |
-53.1% |
Listing revenue was €54.0 million in Q3 2022, an
increase of +6.3% compared to Q3 2021, reflecting the resilience of
the listing offering driven by the good performance of equity
follow-ons, Corporate Services and the positive impact of equity
IPO revenue recognition over time11. On a like-for-like basis at
constant currencies, listing revenue increased by +5.9% compared to
Q3 2021.
Euronext’s primary equity listing business
sustained its leading position in Europe with 18 new listings in Q3
2022. This compared to 51 new listings in the third quarter of
2021, which was a record year for new listings. The majority of new
listings on Euronext were from Tech and innovation-driven
companies. The listing of Teract became the sixth successful
de-SPAC operation on Euronext markets in 2022, illustrating
Euronext’s attractiveness for SPAC listings. In addition, Euronext
welcomed its fourth listing from a Euronext Tech Leader company
since the inception of the new Tech Leaders programme.
In Q3 2022, Euronext’s markets reported €143.8
million raised primary equity issues. This compares to a very
strong Q3 2021 with €5.3 billion raised on Euronext primary
markets.
Euronext’s secondary markets reported €4.8
billion raised in secondary equity issues in Q3 2022, compared to
€37.7 billion in Q3 2021.
Euronext recorded another strong quarter for
ETPs remaining a leading exchange in Europe for the listing of ETPs
with 105 new listings.
Euronext sustained its position as the leading
listing venue for bonds worldwide in Q3 202212 with over 52,500
bonds listed across all Euronext markets, despite a slowdown in
global bond listing activity due to rising interest rates and
concerns over economic growth. In Q3 2022, €172.8 billion in debt
was raised on Euronext markets, reflecting the current market
conditions, and compared to €336.2 billion raised in Q3 2021.
In total, €177.7 billion in equity and debt was
raised on Euronext’s markets in Q3 2022, compared to €379.2 billion
in Q3 2021.
Euronext Corporate Services reported a solid
quarter in terms of revenue at €9.4 million in Q3 2022, up +4.3%
compared to Q3 2021, resulting from a solid performance across the
offering, despite the seasonally lower activity for events.
in €m, unless stated otherwise |
Q3
2022 |
Q3
2021 |
% change |
Trading revenue |
117.8 |
124.2 |
-5.2% |
Cash trading revenue |
67.3 |
75.0 |
-10.2% |
ADV Cash market |
9,599 |
10,861 |
-11.6% |
|
|
|
|
Derivatives trading revenue |
14.0 |
13.5 |
+3.3% |
ADV Derivatives market (in lots) |
598,237 |
666,537 |
-10.2% |
|
|
|
|
Fixed income trading
revenue |
21.4 |
23.8 |
-9.8% |
ADV MTS Cash |
15,430 |
23,388 |
-34.0% |
TAADV MTS
Repo |
323,200 |
281,898 |
+14.7% |
ADV other
fixed income |
787 |
673 |
+16.9% |
|
|
|
|
Spot FX trading revenue |
7.3 |
5.6 |
+30.1% |
ADV spot FX Market (in USD m) |
21,743 |
17,509 |
+24.2% |
|
|
|
|
Power trading revenue |
7.8 |
6.3 |
+23.5% |
ADV Day-ahead power market (in TWH) |
2.39 |
2.02 |
+18.5% |
ADV Intraday
power market (in TWH) |
0.10 |
0.06 |
+76.8% |
Trading revenue on a reported basis.
Cash trading revenue decreased by -10.2% to
€67.3 million in Q3 2022, resulting from lower volumes, which were
partially offset by improved revenue capture. Over the third
quarter of 2022, Euronext recorded cash average daily volumes of
€9.6 billion, a volume decrease of -11.6% compared to Q3 2021.
Euronext continued to be the provider of best market quality with a
sustained above-average EBBO presence across the equity markets it
operates13.
Over the third quarter of 2022, Euronext cash
trading yield was 0.53 bps, reflecting efficient yield management,
and the market share of cash trading averaged 65.9%, in line with
pre-COVID pandemic levels.
On 13 October 2022, Euronext hosted a virtual
educational session on cash equity trading. A replay of the
presentation and Q&A session is available here.
On a like-for-like basis at constant currencies,
cash trading revenue was down -10.2% in Q3 2022 compared to Q3
2021.
Derivatives trading revenue increased by +3.3%
to €14.0 million in Q3 2022 as a result of the strong traction of
index derivatives and commodity derivatives trading, combined with
enhanced revenue capture, offsetting weaker volumes in equity
derivatives trading.
During the third quarter of 2022, average daily
volume on financial derivatives was 513,781 lots, down -12.0% from
Q3 2021 due to a decrease in equity futures and options trading,
reflecting a strong comparison basis with a more dynamic
environment for corporate events than usual in Q3 2021, and some
uncertainties around derivatives transaction tax treatment in Q3
2022.
Average daily volumes on commodity derivatives
were at 84,456 lots in Q3 2022, up +1.9% compared to Q3 2021,
driven by a recovery of the high price environment at the end of
the quarter and reflecting the quality of Euronext commodities
flows from both financial and commercial players.
Euronext revenue capture on derivatives trading
was €0.35 per lot for the third quarter of 2022, reflecting a
positively geared volume mix and solid revenue capture.
On a like-for-like basis at constant currencies,
derivatives trading revenue was up +3.2% in Q3 2022 compared to Q3
2021.
Fixed income trading reported revenue was at
€21.4 million in Q3 2022, compared to €23.8 million in
Q3 2021, reflecting an economic environment in Europe
favouring money market trading volumes. MTS reported an overall
robust performance in markets dominated by increasing interest
rates. For the third quarter of 2022, MTS Cash reported €13.1
million of revenue and MTS Repo reported €5.4 million of
revenue.
The third quarter saw the strong traction in
Repo trading continue, with term-adjusted average daily volumes up
+14.7% compared to Q3 2021 to €323.2 billion. This partially offset
lower MTS Cash average daily volumes, down -34.0% to €15.4 billion,
compared to €23.4 billion in Q3 2021.
On a like-for-like basis at constant currencies,
fixed income trading revenue was down -9.8% in Q3 2022 compared to
Q3 2021.
FX trading reported revenue at €7.3 million in
Q3 2022, up +30.1% from Q3 2021. Euronext FX trading volumes and
revenue benefited from the continued positive momentum with
heightened volatility, geographic expansion and product
diversification.
Over the third quarter of 2022, average daily
volumes of USD21.7 billion were recorded, up +24.2% compared to Q3
2021.
On a like-for-like basis at constant currencies,
FX trading revenue was up +11.2% in Q3 2022 compared to Q3
2021.
Power trading reported €7.8 million in revenue
in Q3 2022, representing a strong growth of +23.5% compared to Q3
2021, driven by dynamic volumes, the increased footprint of Nord
Pool in central Europe, UK and Ireland, and a continued robust
performance in the Nordics. Over the third quarter of 2022, average
daily day-ahead power traded was 2.39TWh, up +18.5% compared to Q3
2021, and average daily intraday power traded was 0.10TWh, up
+76.8% compared to Q3 2021.
On a like-for-like basis at constant currencies,
power trading revenue was up +20.2% compared to Q3 2021.
Investor Services reported €2.5 million revenue
in Q3 2022, representing a +16.3% increase compared to a very
strong Q3 2021, resulting from continued commercial expansion
partially offset by a reduction of scope.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +12.2% compared to Q3 2021.
Advanced Data Services revenue was €53.0 million
in Q3 2022, up +6.3% from Q3 2021, driven by the strong traction of
the core data business, solid index activities and good momentum of
the advanced data solutions franchise.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +6.5% compared to Q3
2021.
in €m, unless
stated otherwise |
Q3
2022 |
Q3
2021 |
% var |
Post-trade revenue (exc.
NTI) |
86.2 |
83.1 |
+3.7% |
Clearing |
29.1 |
27.5 |
+5.5% |
Revenue from LCH SA |
18.7 |
17.1 |
+9.4% |
Revenue from Euronext Clearing |
10.4 |
10.5 |
-0.8% |
Custody, Settlement and other Post-Trade activities |
57.1 |
55.6 |
+2.8% |
Net treasury income through CCP business |
(38.3) |
12.9 |
-395.8% |
Clearing revenue was up +5.5% to €29.1 million
in Q3 2022, as a result of solid activity from Euronext Clearing
and higher revenue received from LCH SA driven by increased
derivatives and bond clearing volumes. Non-volume related clearing
revenue (including membership fees, treasury income received from
LCH SA) accounted for €9.5 million of the total clearing revenue in
Q3 2022.
Euronext Clearing activities reflected an uplift
in cleared volumes for derivatives and bond clearing. In Q3 2022,
Euronext Clearing revenue included €1.5 million from derivatives
clearing, €3.8 million from equities clearing, and €2.2 million
from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was up +5.5% compared to Q3 2021.
As announced with the Q2 2022 results, Euronext
Clearing has engaged in a partial disposal of its portfolio14.
Subsequently, a one-off pre-tax loss of €49.0 million has been
recorded in Q3 2022 as net treasury income. The post-tax impact is
a loss of €35 million. As a consequence, the net treasury income
reported a loss of €38.3 million in Q3 2022. Adjusting for the
one-off impact mentioned above, the net treasury income was at
€10.7 million, reflecting a lower spread compared to Q2 2022 on
stable level of cash held over the quarter.
As the sale of the portfolio had no negative
impact on the available capital of the Group, Euronext decided that
the dividend for the fiscal year 2022 will be adjusted to
neutralize any negative impact from this operation.
- Custody,
Settlement and other
Post-Trade
activities
Revenue from Custody, Settlement and other
Post-Trade activities, including the activities of Euronext
Securities (Copenhagen, Milan, Oslo, Porto), was €57.1 million in
Q3 2022, up +2.8% compared to Q3 2021, resulting from the
diversified business model of Euronext Securities enabling it to
capture value in a normalising settlement environment. 29,541,795
settlement instructions were processed in the third quarter of 2022
and assets under custody reached €6.1 trillion. As a reminder, the
third quarter is usually the lowest quarter in Euronext Securities
activity, reflecting several seasonal impacts.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-Trade revenue was up +0.5%
compared to Q3 2021.
- Euronext
Technologies and Other revenue
Euronext Technologies and Other revenue grew to
€26.0 million in Q3 2022, up +6.7% from Q3 2021, reflecting a whole
quarter of additional revenue generated through Euronext’s new Core
Data Centre following the migration to the new data centre on 6
June 2022.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +6.5% compared to Q3
2021.
Q3 2022
corporate highlights since publication of
the Q2 2022
results on 28 July 2022
- New
listing framework in
Italy
On 23 September 2022, Euronext announced the
simplification of the listing rules at Borsa Italiana, to the
benefit of companies aiming to raise capital on its regulated
market, Euronext Milan. Driven by the integration of Borsa Italiana
into Euronext, the changes to Euronext Milan’s listing rules align
the listing process in Italy with European and global
standards.
The amendments to the listing rules of Euronext
Milan aim to simplify the requirements for issuers preparing to go
public, thereby reducing workload and time for market
participants.
Specifically, the documentation requirements,
the extent of Borsa Italiana’s role in reviewing listings and the
Sponsor’s responsibilities have been significantly simplified.
These simplifications are in line with
Euronext’s commitment to facilitating access to financing on its
venues, for both local and international issuers.
The migration of Borsa Italiana markets to
Euronext’s state-of-the-art Optiq® technology and single order
book, planned for 202315, will bring further benefits to Italian
capital markets, increasing the liquidity and visibility of Italian
issuers.
The amendments to the Borsa Italiana listing
rules came into force on 3 October 2022.
- ESG
innovation across the Group
Euronext has introduced a new section for ESG
bonds from companies with the most ambitious climate targets,
aligned with the aim to limit the global temperature increase to
1.5°C. To be included in this section, issuers of ESG bonds must
have committed to science-based climate targets for a 1.5° pathway,
validated by the SBTi.
Euronext ESG Funds are now available to
investors via a trading platform for open-ended investment funds.
It gives investors access to a broad range of ESG funds available
from leading asset managers within a safe and secure trading
infrastructure. ESG funds available on Euronext are classified as
Article 8 funds (light green) or Article 9 funds (dark green) in
line with the product classifications in the SFDR.
- New family
of crypto indices
In August 2022, Euronext introduced a family of
indices which provide institutional investors with independent and
robust cryptocurrency reference prices, to meet their growing need
for diversification. This initiative is part of Euronext’s strategy
aiming to offer its clients indirect exposure to crypto assets
through a diversified product set.
Based on a resilient methodology developed by
Compass Financial Technologies, Euronext Crypto Indices serve as
independent and transparent prices to value cryptocurrency
portfolios, or as benchmarks for investors wishing to issue
investment products tracking cryptocurrency prices.
Euronext Crypto Indices are calculated based on
the collection of all observable rates for one specific
cryptocurrency on different selected cyptocurrency exchanges16,
following a methodology designed by Compass Financial Technologies,
the BMR Index Administrator and Calculation Agent. To be considered
as eligible, exchanges need to meet strict criteria in terms of
compliance and regulation, transparency, reliability, continuity
and IT robustness.
Corporate highlights since
30 September
2022
- Maturities
on the Total Return Future on the CAC 40® Index
extended to ten
years
Euronext announced the extension of the
maturities available on the Total Return Future on the CAC 40®
Index17. By making additional maturities up to ten years available
on this contract, Euronext further meets the needs of its long-term
investors for more capital efficiency.
- Euronext
2023 financial calendar
- Full-year 2022
results:
- Release on Thursday 9 February 2023, after market
closing
- Analysts conference on Friday 10 February 2023, at 9.00am
(CET)
- Quiet period from 20 January to 9 February 2023
- Q1 2023
results:
- Release on Tuesday 16 May 2023, after market closing
- Analysts conference on Wednesday 17 May 2023, at 9.00am
(CEST)
- Quiet period from 26 April to 16 May 2023
- Annual General
Meeting of Shareholders: Wednesday 17 May 2023, at 10.30am
(CEST)
- Q2 2023
results:
- Release on Thursday 27 July 2023, after market
closing
- Analysts conference on Friday 28 July 2023, at 9.00am
(CEST)
- Quiet period from 10 July to 27 July 2023
- Q3 2023
results:
- Release on Wednesday 8 November 2023, after market
closing
- Analysts conference on Thursday 9 November 2023, at 9.00am
(CET)
- Quiet period from 19 October to 8 November 2023
Agenda
A conference call and a webcast will
be held on 4 November 2022, at 09.00am CET (Paris time) / 08.00am
GMT (London time):
Conference call:
To connect to the conference call, please
dial:
UK
Number: |
+44 33 0551
0200 |
NO
Number: |
+47 2 156
3318 |
FR
Number: |
+33 1 70 37 71
66 |
PT
Number: |
+351 3 0880
2081 |
NL
Number: |
+31 20 708
5073 |
IR
Number: |
+353 1 436
0959 |
US
Number: |
+1 212 999
6659 |
IT Number: |
+39 06 8336
0400 |
BE
Number: |
+32 2 789
8603 |
DE Number: |
+49 30 3001
90612 |
Password:
Euronext
Live webcast:
For the live audio webcast go to:
Euronext Results webcast
The webcast will be available for replay after
the call will be available at the webcast link and on the Euronext
Investor Relations webpage.
CONTACT ANALYSTS & INVESTORS
– ir@euronext.com |
Aurélie
Cohen |
+33 1 70 48 24
27 |
ir@euronext.com |
Clément
Kubiak |
+33 1 70 48 26
33 |
ir@euronext.com |
CONTACTS MEDIA –
mediateam@euronext.com |
Aurélie Cohen
(Europe) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
Marianne Aalders
(Amsterdam) |
+31 20 721 41
33 |
maalders@euronext.com |
Pascal Brabant
(Brussels) |
+32 2 620 15
50 |
pbrabant@euronext.com |
Sandra Machado
(Lisbon) |
+351 210 600
614 |
smachado@euronext.com |
Andrea Monzani
(Europe/Milan/Rome) |
+39 02 72 42 62
13 |
Italypressoffice@euronext.com |
Cathrine Lorvik
Segerlund (Oslo) |
+47 41 69 59
10 |
clsegerlund@euronext.com |
Sarah Mound
(Paris/Dublin) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
About Euronext
Euronext is the leading pan-European market
infrastructure, connecting European economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, Italy,
the Netherlands, Norway and Portugal. With close to 2,000 listed
issuers and around €5.7 trillion in market capitalisation as of end
September 2022, 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,
one of Europe’s leading electronic fixed income trading 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. The Group provides a multi-asset clearing house
through Euronext Clearing, and custody and settlement services
through Euronext Securities central securities depositories in
Denmark, Italy, Norway and Portugal. 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 a number of junior markets, simplifying
access to listing for SMEs.
For the latest news, go to euronext.com or
follow us on Twitter (twitter.com/euronext) and LinkedIn
(linkedin.com/euronext).
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.
© 2022, 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 this personal data,
Euronext will comply with its obligations under Regulation (EU)
2016/679 of the European Parliament and 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:
www.euronext.com/privacy-policy. In accordance with the applicable
legislation you have rights with 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. To
make a request regarding the processing of your data or to
unsubscribe from this press release service, please use our data
subject request form at
connect2.euronext.com/form/data-subjects-rights-request or email
our Data Protection Officer at dpo@euronext.com.
Appendix
Adjustments in financial
disclosure
To highlight its underlying performance, since
Q1 2022, Euronext is publishing underlying recurring costs,
adjusted EBITDA and non-recurring costs.
Euronext has removed the exceptional items line
from its financial statements. Consequently, costs previously
reported as exceptional items have from Q1 2022 been included into
their respective lines within Euronext operating expenses as
non-recurring items.
The €150 million of implementation costs to
deliver on the ‘Growth for Impact 2024’ strategic plan targets are
therefore considered as non-recurring items and will be withdrawn
from Q1 2022 from underlying recurring costs.
The computation of adjusted net income and
earnings per share has been adjusted accordingly. The computation
of reported net income and earnings per share are not impacted.
2024 strategic plan targets remain unchanged and
are not affected by this change in reporting.
The new non-IFRS indicators are defined
below.
Non-IFRS financial measures
For comparative purposes, the company provides
unaudited non-IFRS measures including:
-
Operational expenses excluding depreciation and amortisation,
underlying operational expenses excluding depreciation and
amortisation;
-
EBITDA, EBITDA margin, adjusted EBITDA, adjusted 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;
-
Underlying operational expenses excluding depreciation and
amortisation as the total of salary and employee benefits, and
other operational expenses, excluding non-recurring costs;
-
Underlying revenue and income as the total of revenue and income,
excluding non-recurring revenue and income;
-
Non-underlying items as items of revenue, income and expense that
are material by their size and/or that are infrequent and unusual
by their nature or incidence are not considered to be recurring in
the normal course of business and are classified as non-underlying
items on the face of the income statement within their relevant
category in order to provide further understanding of the ongoing
sustainable performance of the Group;
-
Adjusted operating profit as the operating profit adjusted for any
non-underlying revenue and income and non-underlying costs,
including PPA of acquired businesses;
-
EBITDA as the operating profit before depreciation and
amortisation;
-
Adjusted EBITDA as the adjusted operating profit before
depreciation and amortisation adjusted for any non-underlying
operational expenses excluding depreciation and amortisation;
-
EBITDA margin as EBITDA divided by total revenue and income;
-
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue
and income;
-
Adjusted net income, as the net income, share of the parent company
shareholders, adjusted for any non-underlying items and related tax
impact.
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.
Non-volume related revenue
definition
Non-volume related revenue includes Listing
excl. IPOs, Advanced Data Services, Custody Settlement and other
post-trade, fixed revenue from the Clearing activities (including
for instance NTI and membership fees), Investor Services,
Technology Solutions, Other Income and Transitional Revenue.
Adjusted EPS definition
in €m unless stated otherwise |
Q3 2022 |
Q3 2021 |
Net income
reported |
75.8 |
115.8 |
EPS reported (€
per share) |
0.71 |
1.08 |
Adjustments |
|
|
of which
Revenues and income |
(48.9) |
- |
of which
Operating expenses excluding D&A |
(2.6) |
(7.5) |
of which
Depreciation and amortisation |
(22.7) |
(20.7) |
of which Net
financing expense |
0.1 |
- |
of which
Results from equity investments |
(0.0) |
- |
of which Non-controlling interest |
0.2 |
0.1 |
Tax related to those items |
20.3 |
7.0 |
Net income
adjusted |
129.5 |
137.0 |
EPS adjusted (€
per share) |
1.21 |
1.25 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated income
statement
|
Q3 2022 |
Q3 2021 |
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
Revenue and
income |
350.3 |
(48.9) |
301.4 |
350.6 |
- |
350.6 |
Listing |
54.0 |
- |
54.0 |
50.8 |
- |
50.8 |
Trading revenue, of which |
117.8 |
- |
117.8 |
124.2 |
- |
124.2 |
Cash trading |
67.3 |
- |
67.3 |
75.0 |
- |
75.0 |
Derivatives trading |
14.0 |
- |
14.0 |
13.5 |
- |
13.5 |
Fixed income trading |
21.4 |
- |
21.4 |
23.8 |
- |
23.8 |
FX trading |
7.3 |
- |
7.3 |
5.6 |
- |
5.6 |
Power Trading |
7.8 |
- |
7.8 |
6.3 |
- |
6.3 |
Investor services |
2.5 |
- |
2.5 |
2.1 |
- |
2.1 |
Advanced data services |
53.0 |
- |
53.0 |
49.8 |
- |
49.8 |
Post-trade, of which |
86.2 |
- |
86.2 |
83.1 |
- |
83.1 |
Clearing |
29.1 |
- |
29.1 |
27.5 |
- |
27.5 |
Custody & Settlement and other |
57.1 |
- |
57.1 |
55.6 |
- |
55.6 |
Euronext Technology Solutions & other revenue |
26.0 |
(0.0) |
26.0 |
24.4 |
- |
24.4 |
Net Financing Income through CCP business |
10.7 |
(49.0) |
(38.3) |
12.9 |
- |
12.9 |
Other income |
(0.5) |
- |
(0.5) |
0.8 |
- |
0.8 |
Transitional revenues |
0.6 |
- |
0.6 |
2.3 |
- |
2.3 |
Operating expenses excluding D&A |
(150.4) |
(2.6) |
(153.0) |
(141.5) |
(7.5) |
(149.0) |
Salaries and employee benefits |
(75.4) |
(1.7) |
(77.0) |
(72.9) |
(0.1) |
(73.0) |
Other operational expenses, of which |
(75.0) |
(1.0) |
(76.0) |
(68.6) |
(7.4) |
(76.0) |
System & communication |
(29.9) |
(1.5) |
(31.4) |
(25.6) |
(0.3) |
(25.9) |
Professional services |
(13.4) |
0.6 |
(12.8) |
(16.5) |
(6.7) |
(23.2) |
Clearing expense |
(8.8) |
- |
(8.8) |
(8.2) |
- |
(8.2) |
Accommodation |
(3.4) |
(0.0) |
(3.4) |
(2.6) |
(0.0) |
(2.6) |
Other operational expenses |
(19.5) |
(0.0) |
(19.5) |
(15.6) |
(0.4) |
(16.1) |
EBITDA |
199.9 |
(51.7) |
148.3 |
209.1 |
(7.5) |
201.6 |
EBITDA margin |
57.1% |
|
49.2% |
59.6% |
|
57.5% |
Depreciation & amortisation |
(16.1) |
(22.7) |
(38.8) |
(17.8) |
(20.7) |
(38.5) |
Total expenses |
(166.5) |
(25.4) |
(191.9) |
(159.3) |
(28.2) |
(187.5) |
Operating profit |
183.8 |
(74.3) |
109.5 |
191.3 |
(28.2) |
163.1 |
Net financing income / (expense) |
(4.7) |
0.1 |
(4.6) |
(7.3) |
- |
(7.3) |
Results from equity investment |
1.7 |
(0.0) |
1.7 |
11.8 |
- |
11.8 |
Profit before
income tax |
180.8 |
(74.2) |
106.6 |
195.8 |
(28.2) |
167.6 |
Income tax expense |
(48.2) |
20.3 |
(27.9) |
(55.5) |
7.0 |
(48.5) |
Non-controlling interests |
(3.1) |
0.2 |
(2.9) |
(3.3) |
0.1 |
(3.2) |
Net income, share of the parent company
shareholders |
129.5 |
(53.6) |
75.8 |
137.0 |
(21.1) |
115.8 |
EPS (basic, in €) |
1.21 |
|
0.71 |
1.25 |
|
1.08 |
EPS (diluted, in €) |
1.21 |
|
0.71 |
1.25 |
|
1.08 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated comprehensive income
statement
|
Q3 2022 |
Q3 2021 |
Profit for the period |
78.7 |
119.0 |
|
|
|
Other comprehensive
income |
|
|
Items that may be reclassified to profit or loss: |
|
|
– Exchange differences on translation of foreign operations |
(14.8) |
10.2 |
– Income tax impact on exchange differences on translation of
foreign operations |
1.4 |
(1.2) |
– Change in value of debt investments at fair value through other
comprehensive income |
(10.0) |
(2.2) |
– Realisation of fair value changes upon disposal of debt
investments |
49.0 |
- |
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(11.2) |
0.6 |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
- |
0.0 |
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
- |
(0.0) |
– Income tax impact on remeasurements of post-employment benefit
obligations |
- |
0.0 |
Other comprehensive income for the period, net of tax |
14.3 |
7.5 |
Total comprehensive income for the period |
93.0 |
126.6 |
|
|
|
Comprehensive income
attributable to: |
|
|
– Owners of the parent |
90.0 |
123.2 |
– Non-controlling interests |
3.0 |
3.4 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated balance sheet
in €
million |
30 September
2022 |
30 June 2022 |
Non-current
assets |
|
|
Property, plant and equipment |
103.5 |
103.8 |
Right-of-use assets |
48.0 |
53.2 |
Goodwill and other intangible assets |
6,125.0 |
6,145.1 |
Deferred income tax assets |
38.5 |
49.8 |
Investments in associates and joint ventures |
68.6 |
67.0 |
Financial assets at fair value through OCI |
290.8 |
291.6 |
Other non-current assets |
8.4 |
9.3 |
Total non-current
assets |
6,682.8 |
6,719.7 |
|
|
|
Current assets |
|
|
Trade and other receivables |
415.9 |
583.7 |
Income tax receivable |
15.4 |
15.6 |
Derivative financial instruments |
0.2 |
0.1 |
CCP clearing business assets |
157,608.6 |
168,663.0 |
Other current financial assets |
139.3 |
142.6 |
Cash & cash equivalents |
1,212.9 |
946.6 |
Total current
assets |
159,392.4 |
170,351.6 |
|
|
|
Assets from disposal groups held for sale |
4.9 |
4.7 |
Total assets |
166,080.1 |
177,076.0 |
|
|
|
Equity |
|
|
Shareholders' equity |
3,789.1 |
3,697.6 |
Non-controlling interests |
85.7 |
82.9 |
Total Equity |
3,874.8 |
3,780.6 |
|
|
|
Non-current
liabilities |
|
|
Borrowings |
3,026.0 |
3,024.9 |
Lease liabilities |
27.5 |
33.4 |
Deferred income tax liabilities |
577.2 |
584.6 |
Post-employment benefits |
21.1 |
20.7 |
Contract liabilities |
66.7 |
68.9 |
Other provisions |
7.8 |
7.8 |
Total Non-current
liabilities |
3,726.3 |
3,740.2 |
|
|
|
Current liabilities |
|
|
Borrowings |
10.4 |
3.4 |
Lease liabilities |
25.1 |
24.5 |
CCP clearing business liabilities |
157,570.7 |
168,696.5 |
Income tax payable |
45.5 |
41.9 |
Trade and other payables |
728.8 |
675.1 |
Contract liabilities |
97.2 |
112.0 |
Other provisions |
0.4 |
1.0 |
Total Current
liabilities |
158,478.1 |
169,554.5 |
|
|
|
Liabilities from disposal groups held for sale |
0.9 |
0.7 |
Total equity and
liabilities |
166,080.1 |
177,076.0 |
The consolidated Balance Sheet includes the
Euronext Clearing (CC&G) business assets and liabilities
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated statement of cash
flows
in €
million |
Q3 2022 |
Q3 2021 |
Profit before
tax |
106.6 |
167.6 |
Adjustments for: |
|
|
- Depreciation and amortisation |
38.8 |
38.5 |
- Share based payments |
2.6 |
2.5 |
- Share of profit from associates and joint ventures |
(1.7) |
(2.6) |
- Changes in working capital |
200.6 |
34.4 |
|
|
|
Cash flow from operating activities |
346.9 |
240.4 |
Income tax paid |
(28.8) |
(26.9) |
Net cash flows from operating activities |
318.1 |
213.5 |
|
|
|
Cash flow from investing activities |
|
|
Acquisition of subsidiaries, net of cash acquired |
(0.0) |
(12.6) |
Proceeds from sale of subsidiary |
0.1 |
- |
Purchase of current financial assets |
(15.0) |
(2.2) |
Redemption of current financial assets |
16.5 |
0.1 |
Purchase of property, plant and equipment |
(5.5) |
(13.6) |
Purchase of intangible assets |
(22.5) |
(8.1) |
Proceeds from sale of property, plant, equipment and intangible
assets |
- |
0.0 |
Dividends received from equity investments |
- |
9.2 |
Dividends received from associates |
0.0 |
6.7 |
Net cash flow from investing activities |
(26.3) |
(20.7) |
|
|
|
Cash flow from financing activities |
|
|
Proceeds from borrowings, net of transaction fees |
- |
(1.1) |
Interest paid |
(0.6) |
(0.4) |
Interest received |
0.2 |
- |
Issuance new shares, net of transaction fees |
- |
(0.4) |
Payment of lease liabilities |
(5.5) |
(7.6) |
Acquisitions of own shares |
(1.0) |
(0.1) |
Employee Share transactions |
(0.1) |
0.0 |
Dividends paid to the company’s shareholders |
0.0 |
- |
Dividends paid to non-controlling interests |
(2.4) |
(4.3) |
Net cash flow from financing activities |
(9.3) |
(13.8) |
|
|
|
Total cash flow over the period |
282.5 |
179.0 |
Cash and cash equivalents - Beginning of period |
949.1 |
620.5 |
Non cash exchange gains/(losses) on cash and cash equivalents |
(16.6) |
3.0 |
Cash and cash equivalents - End of period |
1,215.0 |
802.5 |
Cash and cash equivalents – End of period also
include the cash included in the assets hald for sale in the
balance sheet
The figures in this document have not been
audited or reviewed by our external auditor
Last twelve months income
statement
For informative purpose only, the financial
information provided below have not been audited or reviewed by our
external auditor
in €
million |
Q4 2021 Reported |
Q1 2022 Reported |
Q2 2022 Reported |
Q3 2022
Reported |
Last 12 months |
Revenue and income |
370.1 |
395.7 |
374.7 |
301.4 |
1,441.9 |
Listing |
51.9 |
55.4 |
55.4 |
54.0 |
216.8 |
Trading Revenue |
|
|
|
|
|
of which Cash trading |
79.3 |
94.0 |
75.3 |
67.3 |
315.9 |
of which Derivatives trading |
14.2 |
16.1 |
14.9 |
14.0 |
59.2 |
of which Fixed income trading |
24.2 |
24.4 |
24.9 |
21.4 |
95.0 |
of which FX spot trading |
6.1 |
7.2 |
7.3 |
7.3 |
27.8 |
of which Power trading |
8.5 |
9.1 |
6.9 |
7.8 |
32.3 |
Investor Services |
2.3 |
2.2 |
2.3 |
2.5 |
9.3 |
Advanced Data Services |
50.7 |
52.6 |
52.0 |
53.0 |
208.3 |
Post trade |
|
|
|
|
|
of which Clearing |
30.1 |
31.9 |
31.4 |
29.1 |
122.6 |
of which Settlement & Custody |
60.7 |
63.9 |
62.5 |
57.1 |
244.3 |
Market solutions & other revenues |
26.4 |
23.1 |
24.1 |
26.0 |
99.6 |
Net treasury income through CCP Business |
12.9 |
13.4 |
15.7 |
(38.3) |
3.7 |
Other income |
0.6 |
0.7 |
1.0 |
(0.5) |
1.9 |
Transitional revenue |
2.0 |
1.7 |
0.9 |
0.6 |
5.3 |
Operating expenses excluding D&A |
(170.6) |
(149.1) |
(161.1) |
(153.0) |
(633.8) |
Underlying operating expenses excluding
D&A |
(156.6) |
(143.6) |
(153.0) |
(150.4) |
(603.6) |
Adjusted EBITDA |
213.4 |
252.2 |
221.7 |
199.9 |
887.2
|
Adjusted EBITDA margin |
57.7% |
63.7% |
59.2% |
57.1% |
59.4% |
EBITDA |
199.5 |
246.7 |
213.6 |
148.3 |
808.1 |
D&A |
(48.9) |
(40.2) |
(38.5) |
(38.8) |
(166.4) |
Total expenses |
(219.4) |
(189.3) |
(199.6) |
(191.9) |
(800.2) |
Operating profit |
150.6 |
206.4 |
175.1 |
109.5 |
641.7 |
Adjusted operating profit |
194.1 |
233.7 |
206.9 |
183.8 |
818.5
|
Net financing income/(expense) |
(6.7) |
(9.9) |
(9.1) |
(4.6) |
(30.3) |
Results from Equity investments |
7.3 |
3.1 |
1.2 |
1.7 |
13.4 |
Income tax |
(35.7) |
(52.0) |
(45.2) |
(27.9) |
(160.8) |
Tax rate |
23.6% |
26.1% |
27.1% |
26.2% |
25.7% |
Non-controlling interests |
(2.9) |
(3.8) |
(3.1) |
(2.9) |
(12.7) |
Reported net income, share of the parent company
shareholders |
112.7 |
143.8 |
118.9 |
75.8 |
451.2 |
Adjusted net income, share of the parent company
shareholders |
144.6 |
164.4 |
143.2 |
129.5 |
581.7 |
Volumes for the
second quarter of 2022
|
Q3 2022 |
Q3 2021 |
%var |
Number of trading
days |
66 |
66 |
|
Number of transactions (buy and sells, inc. reported
trades) |
Total Cash Market |
189,358,000 |
210,289,226 |
-10.0% |
ADV Cash
Market |
2,869,061 |
3,186,200 |
-10.0% |
Transaction value ( €
million, single counted) |
|
|
|
Total Cash Market |
633,536 |
716,794 |
-11.6% |
ADV Cash
Market |
9,599 |
10,861 |
-11.6% |
|
|
|
|
Listings |
|
|
|
Number of Issuers on Equities |
|
|
|
Euronext |
1,943 |
1,918 |
+1.3% |
SMEs |
1,561 |
1,488 |
+4.9% |
Number of
Listed Securities |
|
|
|
Funds |
2,847 |
3,116 |
-8.6% |
ETFs |
3,759 |
3,260 |
+15.3% |
Bonds |
52,712 |
52,180 |
+1.0% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
18 |
51 |
|
Money Raised -
New equity listings (incl over allotment) |
144 |
5,286 |
-97.3% |
Money Raised -
Follow-ons on equities |
4,766 |
37,723 |
-87.4% |
Money Raised -
Bonds |
172,750 |
336,154 |
-48.6% |
Total Money
Raised |
177,660 |
379,163 |
-53.1% |
|
|
|
|
of
which SMEs |
|
|
|
Number of new
equity listings |
17 |
46 |
|
Money Raised -
New equity listings (incl over allotment) |
144 |
1,757 |
-91.8% |
Money Raised -
Follow-ons on equities |
1,879 |
2,102 |
-10.6% |
Money Raised -
Bonds |
169 |
691 |
-75.5% |
Total Money
Raised |
2,192 |
4,550 |
-51.8% |
|
Q3
2022 |
Q3
2021 |
% var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
15,430 |
23,388 |
-34.0% |
TAADV MTS
Repo |
323,200 |
281,898 |
+14.7% |
Other fixed
income |
|
|
|
ADV Fixed
income |
787 |
673 |
+16.9% |
|
Q3 2022 |
Q3 2021 |
% var |
Number of
trading days |
66 |
66 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
1,435,005 |
1,155,586 |
+24.2% |
ADV Euronext
FX |
21,743 |
17,509 |
+24.2% |
|
Q3 2022 |
Q3 2021 |
% var |
Number of
trading days |
92 |
92 |
|
Power volume (in TWh) |
|
|
|
ADV Day-ahead
Power Market |
2.39 |
2.02 |
+18.5% |
ADV Intraday
Power Market |
0.10 |
0.06 |
+76.8% |
|
Q3
2022 |
Q3
2021 |
%
var |
Number of
trading days |
66 |
66 |
|
Derivatives Volume (in lots) |
|
|
|
|
|
|
|
Equity |
33,909,567 |
38,523,610 |
-12.0% |
Index |
15,839,216 |
14,597,938 |
+8.5% |
Futures |
10,352,237 |
9,865,105 |
+4.9% |
Options |
5,486,979 |
4,732,833 |
+15.9% |
Individual Equity |
18,070,351 |
23,925,672 |
-24.5% |
Futures |
843,039 |
4,344,430 |
-80.6% |
Options |
17,227,312 |
19,581,242 |
-12.0% |
|
|
|
|
Commodity |
5,574,098 |
5,467,861 |
+1.9% |
Futures |
4,883,356 |
4,848,475 |
+0.7% |
Options |
690,742 |
619,386 |
+11.5% |
|
|
|
|
Total Euronext |
39,483,665 |
43,991,471 |
-10.2% |
Total Futures |
16,078,632 |
19,058,010 |
-15.6% |
Total Options |
23,405,033 |
24,933,461 |
-6.1% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
Equity |
513,781 |
583,691 |
-12.0% |
Index |
239,988 |
221,181 |
+8.5% |
Futures |
156,852 |
149,471 |
+4.9% |
Options |
83,136 |
71,710 |
+15.9% |
Individual Equity |
273,793 |
362,510 |
-24.5% |
Futures |
12,773 |
65,825 |
-80.6% |
Options |
261,020 |
296,685 |
-12.0% |
|
|
|
|
Commodity |
84,456 |
82,846 |
1.9% |
Futures |
73,990 |
73,462 |
+0.7% |
Options |
10,466 |
9,385 |
+11.5% |
|
|
|
|
Total Euronext |
598,237 |
666,537 |
-2.6% |
Total Futures |
243,616 |
288,758 |
-9.6% |
Total Options |
354,622 |
377,780 |
+2.7% |
-
Derivatives open interest
|
30 September
2022 |
30 September
2021 |
% var |
Open interest (in
lots) |
|
|
|
|
|
|
|
Equity |
26,554,341 |
23,391,581 |
13.5% |
Index |
1,460,076 |
1,692,347 |
-13.72% |
Futures |
640,765 |
785,129 |
-18.39% |
Options |
819,311 |
907,218 |
-9.69% |
Individual Equity |
25,094,265 |
21,699,234 |
15.65% |
Futures |
581,797 |
1,915,961 |
-69.63% |
Options |
24,512,468 |
19,783,273 |
23.91% |
|
|
|
|
Commodity |
1,130,938 |
1,112,965 |
1.61% |
Futures |
665,792 |
717,774 |
-7.24% |
Options |
465,146 |
395,191 |
17.70% |
|
|
|
|
Total Euronext |
27,685,279 |
24,504,546 |
12.98% |
Total Futures |
1,888,354 |
3,418,864 |
-44.77% |
Total Options |
25,796,925 |
21,085,682 |
22.34% |
1 Underlying revenue excludes €49.0 million non-underlying,
one-off loss (€35 million post tax) related to the partial disposal
of the Euronext Clearing portfolio. Please refer to the section on
net treasury income section and
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.2 Unless specified otherwise, percentages refer to
Q3 2022 compared to Q3 2021.3 Definition in appendix – Adjusted for
non-underlying operating expenses excluding D&A and
non-underlying revenue and income.4 Definition in appendix.5 Basic
weighted average number of shares at 106,652,256 for 9M 2022, 9M
2021 basic outstanding shares at 92,447,841 shares.6 Like-for-like
revenue at constant currencies for 2021 and 2022 excludes Euronext
Funds360 and the activities acquired from Spafid by Euronext
Securities, as well as related costs. 7 Last twelve months reported
EBITDA, including costs previously reported as exceptional items8
For the total adjustments performed please refer to the appendix of
this press release9 For more details on the partial disposal of the
portfolio, see Net treasury income section of this press release
and the announcement of the portfolio re-allocation in the Q2 2022
results press release:
https://www.euronext.com/en/investor-relations/financial-information/regulated-information-and-investor-news/euronext-212.10
Please refer to the Net treasury income section and
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.
11 Admission fees are recognised over a period of 3-5 years
according to the principles of IFRS 15. 12 According to FESE
(Federation of European Securities Exchanges). Figures
for money raised figures have been restated1 Source of the EBBO
presence: BMLL
14 In July 2022, Euronext Clearing reduced its
investment portfolio with the aim of strengthening and preserving
its available regulatory capital and aligning the investment
strategy to the current level of market volatility and uncertainty.
Euronext Clearing disposed of its portfolio maturing after 1st May
2023 and retained its short-term portfolio maturing through April
2023 and hold these to maturity. At the beginning of Q2 2023,
Euronext Clearing will no longer hold an outright portfolio. Please
refer to
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.
15 Pending regulatory approval16 Exchanges
currently include Bitstamp, Bitfinex, BitFlyer, Bittrex, BinanceUS,
Coinbase, Gemini, ItBit, Kraken, Lmax and Okcoin17
www.euronext.com/for-investors/financial-derivatives/total-return-futures
- 20221103_Euronext_PR_Q322_VF
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