Euronext publishes Q1 2022 results
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Euronext publishes Q1 2022 results
Strong
performance driven by
growth in non-volume related
business and in
trading
activities,
cost control and integration of the Borsa
Italiana Group. 2022
cost guidance
upgraded.
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris – 17
May 2022
– Euronext, the leading pan-European market
infrastructure, today publishes its results for the first quarter
2022.
- Q1 2022
revenue and income up
+6.0% pro
forma1 to
€395.7 million
(+58.8% reported,
+€146.6
million) driven
by non-volume related and
trading activities
growth:
- Non-volume related revenue
accounted for 55% of Q1 2022 total revenue (vs. 58% pro forma in Q1
2021) and covered 151% of underlying operating expenses, excluding
D&A (vs. 147% pro forma in Q1 2021).
- Contribution of the Borsa Italiana
Group was €129.4 million.
- Trading revenue grew to €150.8
million (+9.9% pro forma, +57.2% reported), resulting from strong
trading activities across all asset classes with cash trading
revenue at €94.0 million and fixed income trading revenue at €24.4
million.
- Post-trade revenue grew to €95.8
million (+3.1% pro forma, +51.7% reported), due to continued strong
activity. Clearing revenue increased to €31.9 million (+11.2%
pro forma, +87.2% reported) as a result of a highly volatile
environment and net treasury income of Euronext Clearing was €13.4
million. Custody and Settlement revenue were €63.9 million (stable
pro forma, +38.6% reported) driven organically by an increased
number of accounts in Euronext Securities Oslo and Euronext
Securities Copenhagen.
- Advanced Data Services revenue grew
to €52.6 million (+3.4% pro forma, +43.9% reported) due to a solid
core data business performance.
- Euronext remained the leading venue
for equity and ETF listing in Europe and for debt listing
worldwide. Listing revenue grew to €55.4 million (+12.4% pro forma,
+42.9% reported), resulting from resilient listing activity with 22
new listings.
- Adjusted
EBITDA2 up
+11.4% pro forma
to
€252.2
million (+66.8% reported,
+€101.0
million) thanks to continued costs
discipline and successful ongoing
integration. Adjusted
EBITDA margin at
63.7%
(+3.1pts):
- Underlying operating expenses,
excluding D&A, were €143.6 million (-2.2% pro forma, +46.5%
reported), down organically thanks to continued cost discipline and
delivery of planned synergies.
- Reported net income, share
of the parent company shareholders, up
+10.9% pro
forma
(+46.5%
reported) to
€143.8 million
(+45.6 million):
- Net financing expenses were at €9.9
million and results from equity investments amounted to €3.1
million. Income tax rate was 26.1%.
- Adjusted EPS3
up +7.3%
to €1.544, based
on 106,576,290 shares in Q1 2022.
- Key figures
In €m, unless stated otherwise |
Q1 2022 |
Q1 2021 |
% var |
% var
l-f-l5 |
% var pro forma |
Revenue and income |
395.7 |
249.2 |
+58.8% |
+6.9% |
+6.0% |
Underlying operational expenses excluding D&A |
(143.6) |
(98.0) |
+46.5% |
-1.1% |
-2.2% |
Adjusted EBITDA |
252.2 |
151.2 |
+66.8% |
+12.0% |
+11.4% |
Adjusted EBITDA margin |
63.7% |
60.7% |
+3.1pts |
+2.9pts |
+3.1pts |
Net income, share of the parent company shareholders |
143.8 |
98.2 |
+46.5% |
|
+10.9% |
Adjusted Net income, share of the parent company
shareholders |
164.4 |
109.4 |
+50.3% |
|
|
Adjusted EPS (basic, in€) |
1.54 |
1.44 |
+7.3% |
|
|
Reported EPS (basic, in€) |
1.35 |
1.29 |
+4.6% |
|
|
Adjusted EPS (diluted, in€) |
1.54 |
1.43 |
+7.4% |
|
|
Reported EPS (diluted, in€) |
1.35 |
1.29 |
+4.7% |
|
|
- Net debt
to reported EBITDA6
at 2.3x
at the end of March
2022, Euronext
outlook revised to ‘Positive’ from ‘Neutral’ by S&P and
‘BBB’ rating affirmed.
-
Progress on the
pillars of the “Fit for
1.5°” commitment with the launch of the
AEX® ESG index in the Netherlands and the OBX® ESG index in Norway,
new sustainability-linked bonds and the publication of the
“Euronext Guide for ESG reporting - Target 1.5°C”.
- Continued
progress on the delivery of targeted synergies, in
relation to the Borsa Italiana Group
acquisition:
- €15.2 million
cumulated run-rate annual synergies
achieved at the end of Q1 2022.
- €31.4 million of cumulated
implementation costs incurred at the end of Q1 2022.
-
Confirmation of the delivery of a key milestone on the
integration of the Borsa Italiana
Group with the go-live of
Euronext new Core Data Centre on 6 June
20227, unlocking the
first business development
synergies. Successful roll-out of the
client installation at Euronext’s new Core Data Centre in Bergamo,
Italy. Connectivity tests with clients confirmed that Euronext is
on track to go live with the migration as planned.
- Upgrade
of the 2022 underlying cost guidance and of 2024
cumulated implementation costs,
thanks to
continued cost discipline
and efficient integration:
-
€612
million underlying costs are
expected in 2022 (-€10 million vs. €622 million
from February 2022 guidance8).
- €150 million of
cumulated implementation costs
are expected by
2024 (-€10 million vs. €160 million from November
2021 guidance9).
- Stéphane
Boujnah, Chief Executive Officer and Chairman of the Managing Board
of Euronext, said:
“During this first quarter of 2022, which was
marked in Europe by the Russian invasion of Ukraine, Euronext’s
business model remained resilient. Euronext delivered double-digit
adjusted EBITDA pro forma growth at +11.4%, thanks to growth in
trading and non-trading activities, combined with continued cost
discipline and synergies related to the Borsa Italiana Group
acquisition.
Including the consolidation of the Borsa
Italiana Group, Euronext delivered more than 50% growth year on
year in reported revenue, adjusted EBITDA and adjusted net
income.
As a partner of choice and trust for European
issuers, we welcomed 22 new listings over the first quarter of 2022
and confirmed Euronext’s position as the leading listing venue in
Europe. We continued to deploy our ESG products suite to drive
investment towards sustainable projects and we made significant
progress on building our Fit for 1.5° ESG targets that will be
announced in June.
We remained committed to pursuing successful
integration while maintaining our continued cost discipline. By the
end of March 2022, we had reached €15.2 million of cumulated
run-rate synergies in relation to the acquisition of the Borsa
Italiana Group. We are on track for the migration to our new green
Core Data Centre in Bergamo in June 2022, which will be the first
key milestone generating business synergies of the strategic
plan.
This continued cost discipline and successful
ongoing integration lead us to upgrade our cost guidance by €10
million reducing 2022 expected underlying costs to €612 million,
and additionally to decrease the amount of 2024 cumulated
implementation costs by €10 million, to €150 million.
Our strong cash generation capabilities enabled
us to significantly deleverage following the acquisition of the
Borsa Italiana Group, as recently recognized by S&P. Our
leverage position now enables additional strategic flexibility to
deliver value to our shareholders.”
Euronext Q1 2022
financial performance
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
Q1 2022 |
Q1 2021 |
% var |
% var(like-for-like, constant currencies) |
% varPro forma |
Revenue and income |
395.7 |
249.2 |
+58.8% |
+6.9% |
+6.0% |
Listing |
55.4 |
38.8 |
+42.9% |
+12.5% |
+12.4% |
Trading revenue, of which |
150.8 |
96.0 |
+57.2% |
+10.1% |
+9.9% |
Cash trading |
94.0 |
69.3 |
+35.7% |
+11.3% |
+11.1% |
Derivatives trading |
16.1 |
11.7 |
+37.5% |
+8.3% |
+9.3% |
Fixed income trading |
24.4 |
0.5 |
n/a |
-18.5% |
+4.7% |
FX trading |
7.2 |
6.1 |
+18.0% |
+9.9% |
+18.0% |
Power trading |
9.1 |
8.4 |
+8.4% |
+4.8% |
+8.4% |
Investor Services |
2.2 |
2.3 |
-2.4% |
+7.4% |
-2.4% |
Advanced Data Services |
52.6 |
36.5 |
+43.9% |
+4.0% |
+3.4% |
Post-Trade, of which |
95.8 |
63.2 |
+51.7% |
+2.0% |
+3.1% |
Clearing |
31.9 |
17.1 |
+87.2% |
+14.0% |
+11.2% |
Custody and Settlement |
63.9 |
46.1 |
+38.6% |
-2.5% |
-0.5% |
Euronext Technology Solutions & Other |
23.1 |
11.9 |
+94.5% |
+1.1% |
-2.9% |
NTI through CCP business |
13.4 |
- |
n/a |
n/a |
-2.4% |
Other income |
0.7 |
0.6 |
+14.9% |
-60.3% |
-34.4% |
Transitional revenues |
1.7 |
- |
n/a |
n/a |
-17.1% |
Underlying operational expenses exc. D&A |
(143.6) |
(98.0) |
+46.5% |
-1.1% |
-2.2% |
Adjusted EBITDA |
252.2 |
151.2 |
+66.8% |
+12.0% |
+11.4% |
Adjusted EBITDA margin |
63.7% |
60.7% |
+3.1pts |
+2.9pts |
+3.1pts |
Operating expenses exc. D&A |
(149.1) |
(104.0) |
+43.3% |
|
-2.5% |
EBITDA |
246.7 |
145.2 |
+69.9% |
|
+11.9% |
Depreciation & Amortisation |
(40.2) |
(16.0) |
+151.4% |
|
+6.6% |
Total Expenses (inc. D&A) |
(189.3) |
(120.0) |
+57.7% |
|
-0.7% |
Adjusted operating profit |
233.7 |
141.6 |
+65.0% |
|
+11.2% |
Operating Profit |
206.4 |
129.2 |
+59.8% |
|
+13.0% |
Net financing income / (expense) |
(9.9) |
(4.8) |
+107.8% |
|
-0.8% |
Results from equity investments |
3.1 |
11.7 |
-73.3% |
|
-73.3% |
Profit before income tax |
199.6 |
136.1 |
+46.7% |
|
+8.3% |
Income tax expense |
(52.0) |
(37.2) |
+39.6% |
|
+1.2% |
Share of non-controlling interests |
(3.8) |
(0.7) |
+462.4% |
|
+15.0% |
Net income, share of the parent company
shareholders |
143.8 |
98.2 |
+46.5% |
|
+10.9% |
Adjusted Net income, share of the parent company
shareholders |
164.4 |
109.4 |
+50.3% |
|
|
Adjusted EPS (basic, in€) |
1.54 |
1.44 |
+7.3% |
|
|
Reported EPS (basic, in€) |
1.35 |
1.29 |
+4.6% |
|
|
Adjusted EPS (diluted, in€) |
1.54 |
1.43 |
+7.4% |
|
|
Adjusted EPS
(diluted, in€) |
1.35 |
1.29 |
+4.7% |
|
|
Q1 2021 pro forma income statement disclosed in
appendix
Q1 2022 revenue and
income
In Q1 2022, Euronext consolidated revenue and
income increased to €395.7 million, up +58.8%, resulting primarily
from the consolidation of the Borsa Italiana Group, record trading
activity supported by highly volatile market conditions and the
strong performance of non-volume related businesses. On a
like-for-like basis and at constant currencies, Euronext
consolidated revenue and income grew +6.9% in Q1 2022, to €266.3
million, compared to Q1 2021. Pro forma the Borsa Italiana Group
acquisition on 29 April 2021, Q1 2022 revenue grew +6.0%,
demonstrating the relevance and resilience of Euronext’s business
model in a volatile environment.
Despite strong trading revenue, non-volume
related revenue accounted for 55% of total Group revenue in Q1
2022, compared to 58% pro forma in Q1 2021, reflecting the
successful diversification toward non-volume related activities.
The underlying operating expenses excluding D&A coverage
by non-volume related revenue ratio was at 151% in Q1 2022,
compared to 147% pro forma in Q1 2021.
Q1 2022
adjusted EBITDA
Underlying operational expenses excluding
depreciation and amortisation increased to €143.6 million, up
+46.5%, primarily as a result of the consolidation of the costs
from acquisitions, partially offset by continued cost control and
delivery of planned synergies. On a like-for-like basis, underlying
operational expenses excluding depreciation and amortisation
decreased by -1.1% compared to Q1 2021 reflecting maintained cost
discipline. On a pro forma basis, underlying operational expenses
excluding depreciation and amortisation decreased by -2.2% compared
to Q1 2021.
Consequently, adjusted EBITDA for the quarter
increased to €252.2 million, up +66.8% compared to Q1 2021. Pro
forma the Borsa Italiana Group acquisition, Q1 2022 adjusted EBITDA
grew +11.4% year on year. This represents an adjusted EBITDA margin
of 63.7%, up +3.1 points compared to Q1 2021. On a like-for-like
basis, adjusted EBITDA for Q1 2022 was up +12.0%, to €170.5
million, and adjusted EBITDA margin was 64.0%, up +2.9 points
compared to the same perimeter in Q1 2021.
Q1 2022 net income,
share of the parent company shareholders
Depreciation and amortisation accounted for
€40.2 million in Q1 2022, up +151.4%, resulting mainly from the
consolidation of the Borsa Italiana Group. PPA related to acquired
businesses accounted for €21.0 million.
Adjusted operating profit was €233.7 million, a
+65.0% increase compared to Q1 2021. On a like-for-like basis,
adjusted operating profit was up +11.5% compared to Q1 2021, at
€158.8 million. Pro forma the Borsa Italiana Group acquisition,
adjusted operating profit grew +11.2% year on year.
€27.3 million of non-recurring expenses,
including depreciation and amortisation, were reported in Q1 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 Q1 2022 was €9.9
million compared to a net financing expense of €4.8 million in
Q1 2021. This increase results from the costs of the issued debt in
relation to the financing of the acquisition of the Borsa Italiana
Group.
Results from equity investments amounted to €3.1
million in Q1 2022, solely reflecting the contribution from LCH SA,
in which Euronext owns an 11.1% stake. As a reminder, in Q1 2021,
Euronext reported €11.7 million of results from equity investments,
resulting from an interim dividend received from Euroclear in
addition to the contribution from LCH SA.
Income tax for Q1 2022 was €52.0 million. This
translated into an effective tax rate of 26.1% for the quarter (Q1
2021: €37.2 million and 27.4% respectively) due to a one-off tax
credit.
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €3.8
million in Q1 2022.
As a result, the reported net income, share of
the parent company shareholders, increased by +46.5% for Q1 2022
compared to Q1 2021, to €143.8 million. This represents a reported
EPS of €1.35 basic and €1.35 fully diluted in Q1 2022, compared to
€1.29 basic and €1.29 fully diluted in Q1 2021. The number of
shares used was 106,576,290 for the basic calculation and
106,825,873 for the fully diluted calculation.
Adjusted net income, share of the parent company
shareholders was up +50.3% to €164.4 million. Adjusted EPS (basic)
was up +7.3% in Q1 2022, at €1.54 per share, compared to an
adjusted EPS (basic) of €1.44 per share in Q1 2021.
In Q1 2022, Euronext reported a net cash flow
from operating activities of €368.6 million, compared to €185.9
million in Q1 2021, reflecting higher positive changes in working
capital and the consolidation of the Borsa Italiana Group.
Excluding the impact on working capital from Euronext Clearing
(formerly CC&G) and Nord Pool CCP activities, net cash flow
from operating activities accounted for 84% of adjusted EBITDA in
Q1 2022.
Business highlights
in €m, unless stated otherwise |
Q1
2022 |
Q1 2021 |
% change |
Listing revenue |
55.4 |
38.8 |
+42.9% |
Equity |
27.4 |
17.3 |
+58.3% |
Annual fees |
17.4 |
9.5 |
+82.8% |
Follow-ons |
4.6 |
4.6 |
-1.1% |
IPOs |
5.5 |
3.2 |
+71.2% |
Debts |
9.0 |
9.0 |
-0.2% |
ETFs, Funds & Warrants |
5.6 |
3.0 |
+84.6% |
Corporate Services |
10.5 |
9.1 |
+15.7% |
ELITE and Other |
3.0 |
0.4 |
+672.1% |
Money raised |
325,244 |
384,448 |
-15.4% |
Listing revenue was €55.4 million in Q1 2022, an
increase of +42.9% compared to Q1 2021, driven by a resilient
performance in equity listing and debt listing despite a highly
volatile market environment. On a like-for-like basis at constant
currencies, listing revenue increased by +12.5% compared to Q1
2021. Pro forma the Borsa Italiana Group acquisition, listing
revenue increased by +12.4% year on year.
The first quarter of 2022 proved the resilience
of Euronext’s leading primary equity listing business, counting 22
new listings despite a worldwide decline in listing activity10.
Euronext recorded the three most important listings of the first
quarter in Europe in terms of deal size, namely: Vår Energi,
Technoprobe and Cool Company. Two successful de-SPACs and the
listing of UK-sponsored SPAC GP Bullhound Acquisitions confirmed
Euronext’s position as the listing venue of choice for SPACs in
Europe. Euronext continued to demonstrate the attractiveness of its
value proposition for Tech companies with most capital raising
deals being by Tech and innovative-driven companies. In Q1 2022,
€2.2 billion was raised on Euronext primary markets, compared to
€7.1 billion in Q1 2021.
In Q1 2022, €3.0bn were raised by newly listed
companies on major European stock exchanges, of which €2.2bn on
Euronext, representing 73% of total money raised at listing in
Europe11.
Euronext’s secondary markets reported €2.6
billion raised in secondary equity issues in Q1 2022, compared to
€10.6 billion in Q1 2021.
Euronext remained the leading exchange in Europe
for the listing of ETFs with 3,679 listed ETFs at the end of March
2022.
Euronext reinforced its position as the leading
listing venue for bonds worldwide in Q1 202212 with over 52,000
bonds listed across all Euronext markets, and continued the growth
of its ESG bond listing franchise. In Q1 2022, €320.5 billion in
debt was raised on Euronext’s markets, compared to €366.7 billion
in Q1 2021.
In total, €325.2 billion in equity and debt was
raised on Euronext’s markets in Q1 2022, compared to €384.4 billion
in Q1 2021.
Euronext Corporate Services reported a record
quarter in terms of revenue at €10.5 million in Q1 2022, up +15.7%,
with a strong performance across services and increasing commercial
traction in Italy.
in €m, unless stated otherwise |
Q1
2022 |
Q1
2021 |
% change |
Trading revenue |
150.8 |
96.0 |
+57.2% |
Cash trading revenue |
94.0 |
69.3 |
+35.7% |
ADV Cash market |
15,540 |
12,966 |
+19.8% |
lm |
|
|
|
Derivatives trading revenue |
16.1 |
11.7 |
+37.5% |
ADV Derivatives market (in lots) |
833,626 |
785,661 |
+6.1% |
|
|
|
|
|
|
|
|
Fixed income trading revenue13 |
24.4 |
0.5 |
n/a |
ADV MTS Cash |
22,696 |
23,055 |
-1.6% |
TAADV MTS
Repo |
347,913 |
278,367 |
+25.0% |
ADV other
fixed income |
782 |
1,106 |
-29.3% |
|
|
|
|
Spot FX trading revenue |
7.2 |
6.1 |
+18.0% |
ADV spot FX Market (in USDm) |
24,531 |
21,440 |
+14.4% |
|
|
|
|
Power trading revenue |
9.1 |
8.4 |
+8.4% |
ADV Day-ahead power market (in TWH) |
3.13 |
2.94 |
+6.3% |
ADV Intraday
power market (in TWH) |
0.08 |
0.06 |
+25.9% |
Trading revenue on a reported basis (Q1 2021 excludes Borsa
Italiana Group revenue). All trading volumes data on a pro forma
basis to include the Borsa Italiana Group trading activities. 2021
data has been restated accordingly.
Cash trading revenue increased by +35.7% to
€94.0 million in Q1 2022, resulting from the consolidation of Borsa
Italiana capital markets and an extremely volatile market
environment. Pro forma, Q1 2022 saw the second highest volumes
recorded after Q1 2020. Over the first quarter of 2022, Euronext
recorded cash average daily volumes of €15.5 billion, a result of
the high volatility environment leading to a volume increase of
+19.8% on a pro forma basis compared to Q1 2021.
Over the first quarter of 2022, Euronext cash
trading yield averaged 0.47 bps, reflecting the high volatility and
the consolidation of Borsa Italiana capital markets, and the market
share of cash trading averaged 68.1%.
On a like-for-like basis at constant currencies,
cash trading revenue was up +11.3% in Q1 2022 compared to Q1 2021.
Pro forma the Borsa Italiana Group acquisition, cash trading
revenue increased by +11.1% compared to Q1 2021.
Derivatives trading revenue increased by +37.5%
to €16.1 million in Q1 2022 as a result of the consolidation of
Borsa Italiana capital markets, a high volatility environment and
strong traction in commodity derivatives.
During the first quarter of 2022, average daily
volume on financial derivatives was 744,912 lots, up +6.1% from Q1
2021 reflecting a high volatility environment for equity
derivatives and strong retail participation. Euronext’s commodities
franchise reported a record quarter, with average daily volumes on
commodity derivatives at 88,714 lots, up +6.1% compared to an
already strong Q1 2021.
Euronext revenue capture on derivatives trading
was €0.30 per lot for the first quarter of 2022, reflecting a
positive product mix.
On a like-for-like basis at constant currencies,
derivatives trading revenue was up +8.3% in Q1 2022 compared to Q1
2021. Pro forma the Borsa Italiana Group acquisition, derivatives
trading revenue was up +9.3% year on year.
Fixed income trading reported revenue at €24.4
million in Q1 2022, compared to €0.5 million in Q1 2021,
primarily resulting from the consolidation of MTS. MTS reported a
robust performance in markets dominated by increasing interest
rates. For the first quarter of 2022, MTS Cash reported €16.9
million of revenue and MTS Repo reported €5.2 million of
revenue.
MTS Cash average daily volumes were down -1.6%
to €22.7 billion, compared to €23.1 billion in Q1 2021. The first
quarter saw strong traction in Repo trading, with term-adjusted
average daily volumes up +25.0% to €347.9 billion.
On a like-for-like basis at constant currencies,
fixed income trading revenue (solely Euronext perimeter) was down
-18.5% in Q1 2022 compared to Q1 2021. Pro forma the Borsa Italiana
Group acquisition, fixed income trading revenue increased by +4.7%
compared to Q1 2021.
FX trading reported revenue at €7.2 million in
Q1 2022, up +18.0% from Q1 2021. The first quarter of 2022 was the
second best quarter ever for Euronext FX (after Q1 2020) in terms
of both revenue and average daily volumes, due to the positive
impact of heightened overall volatility.
Over the first quarter of 2022, average daily
volumes of US$24.5 billion were recorded, up +14.4% compared
to Q1 2021.
On a like-for-like basis at constant currencies,
FX trading revenue was up +9.9% in Q1 2022 compared to Q1 2021.
Power trading reported €9.1 million in revenue
in Q1 2022, a solid growth of +8.4% compared to Q1 2021, driven by
the increased footprint of Nord Pool in central Europe and a solid
performance in the United Kingdom and the Nordics. Over the first
quarter of 2022, average daily day-ahead power traded was 3.13TWh,
up +6.3% compared to Q1 2021, and average daily intraday power
traded was 0.08TWh, up +25.9% compared to Q1 2021.
On a like-for-like basis at constant currencies,
power trading revenue was up +4.8% compared to Q1 2021.
Investor Services reported €2.2m revenue in Q1
2022, representing a slight decrease of -2.4% compared to a very
strong Q1 2021 as a reduction of scope offset continued commercial
expansion.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +7.4% compared to Q1 2021.
Advanced Data Services revenue was €52.6 million
in Q1 2022, up +43.9% from Q1 2021, driven by the consolidation of
Borsa Italiana Group data activities and the strong performance of
the market data business resulting from a growing number of users
and sustained growth of the data solutions offering.
Euronext’s ESG index offering continued to grow
and diversify, including with the launch of the OBX® ESG, the
fourth ESG blue-chip index launched by Euronext, and the
introduction of new biodiversity, climate and social indices.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +4.0% compared to Q1 2021.
Pro forma the Borsa Italiana Group acquisition, Advanced Data
Services revenue increased by +3.4% compared to Q1 2021.
in €m, unless
stated otherwise |
Q1
2022 |
Q1
2021 |
% var |
Post-trade revenue and income |
109.2 |
63.2 |
+72.9% |
Clearing |
31.9 |
17.1 |
+87.2% |
Revenue from LCH SA |
19.4 |
17.1 |
+14.0% |
Revenue from Euronext Clearing |
12.5 |
- |
n/a |
Net treasury
income through CCP business |
13.4 |
- |
n/a |
Custody,
Settlement and other Post-Trade activities |
63.9 |
46.1 |
+38.6% |
Clearing revenue was up +87.2% to €31.9 million
in Q1 2022, as a result of the consolidation of Euronext Clearing
(formerly CC&G) activities and higher revenue from LCH SA
driven by increased derivatives volumes. Non-volume related
clearing revenue (including membership fees, treasury income
received from LCH SA) accounted for €9.4 million out of the total
clearing revenue in Q1 2022.
Euronext clearing activities reflected an uplift
in cleared volumes across most asset classes in a volatile market
environment. In Q1 2022, Euronext Clearing revenues included €2.0
million from derivatives clearing, €4.9 million from equities
clearing, and €2.3 million from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was up +14.0% compared to Q1 2021. Pro forma the
Borsa Italiana Group acquisition, clearing revenue increased by
+11.2% compared to Q1 2021.
Net treasury income through the CCP business of
Euronext Clearing (formerly CC&G) was €13.4 million in Q1 2022,
primarily reflecting lower total spread on cash invested. Pro forma
the Borsa Italiana Group acquisition, net treasury income decreased
-2.4% compared to Q1 202114.
- 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 €63.9 million in
Q1 2022, up +38.6% compared to Q1 2021, primarily resulting from
the consolidation of Euronext Securities Milan and a greater number
of accounts at Euronext Securities Oslo and Euronext Securities
Copenhagen. 37,262,448 settlement instructions were processed in
the first quarter of 2022 and assets under custody reached €6.4
trillion.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-Trade revenue was down -2.5%
compared to Q1 2021. Pro forma the Borsa Italiana Group
acquisition, Custody, Settlement and other post trade revenue was
stable compared to Q1 2021.
- Euronext
Technologies and Other revenue
Euronext Technologies and Other revenue was
€23.1 million in Q1 2022, up +94.5% from Q1 2021 as a result of the
consolidation of Borsa Italiana Group technology businesses.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +1.1% compared to Q1
2021. Pro forma the Borsa Italiana Group acquisition, Euronext
Technologies and Other revenue decreased by -2.9% compared to Q1
2021.
Corporate highlights since publication of the
2021 Universal Registration Document on 1
April 2022
- Convening
of the Annual General Meeting of Euronext N.V.
On 5 April 2022, Euronext announced that the
Annual General Meeting (“AGM”) will take place on Wednesday 18 May
2022 at 10:30 CEST at Euronext Amsterdam, Beursplein 5, 1012 JW
Amsterdam, The Netherlands.
There will be a live broadcast of the AGM
via:https://channel.royalcast.com/landingpage/euronextwebcast/20220518_2/
The documentation is available at:
www.euronext.com/investor-relations/shareholder-meetings
In line with the dividend distribution policy of
Euronext, it is proposed to distribute 50% of 2021 reported net
profit. As a consequence and subject to the approval of
shareholders at the Company’s Annual General Meeting to be held on
18 May 2022, the annual gross dividend on the 2021 results to be
paid in 2022 amounts to €206.7 million, corresponding to a dividend
per share of €1.93.
Payment of the annual dividend would then occur
on:
- Ex-dividend date:
23 May 2022
- Record date:
24 May 2022
- Payment date:
25 May 2022
- S&P
revises outlook on Euronext to ‘Positive’, affirms 'BBB'
Rating
On 17 May 2022, S&P Global Ratings revised
its outlook on Euronext to ‘Positive’ from ‘Stable’ and affirmed
their 'BBB/A-2' ratings on Euronext.
-
Developments of the
Ukraine crisis
Euronext does not own any entities in Russia,
Belarus or Ukraine and the Group has a limited activity with
clients and/or entities based in those countries. Similarly, the
Group does not have critical vendors that are linked to Russia,
Belarus or Ukraine. The impact of the crisis on business and vendor
support is limited.
The Group is closely monitoring further
developments and will continuously adapt its risk assessment to the
current situation.
- Core Data
Centre migration update
Euronext announced in April 2021 the strategic
decision to migrate its Core Data Centre from Basildon, in the
United Kingdom, to Bergamo, in Italy.
The migration is a response to multiple factors,
including the dynamic created by Brexit and a strong rationale to
locate the Group’s Core Data Centre in a European Union country
where Euronext operates a large business. This transformative move,
managed in collaboration with clients, marks a milestone in
bringing back to the European Union the data centre that handles
25% of European trading volumes.
This migration will allow Euronext to fully
control and directly manage its core IT infrastructure, and provide
clients with a key service that was previously outsourced. This
will also allow the generation of colocation revenues, embedded in
the upgraded synergies. Clients will benefit from a
state-of-the-art colocation facility, and since this data centre is
100% powered by renewable energy sources, clients will see their
own carbon footprints reduced. The date targeted for the first part
of the Group Core Data Centre migration, as announced in November
2021, is 6 June 2022. The Core Data Centre migration has been timed
in order to pave the way for the migration of the Borsa Italiana
equity and derivatives markets onto Euronext Optiq® trading
technology by mid-2023.
Euronext has successfully finalised the build
phase of the Core Data Centre, which focused on setting up the
production infrastructure (servers and networks) and the colocation
room (client racks). Client connectivity has been implemented and
is now operational. Optiq®, Euronext’s proprietary state-of-the-art
technology, has also been successfully installed in Bergamo. The
colocation and connectivity offerings have been designed and shared
with clients. Euronext has rolled-out the client installation
(equipment shipping, installation, and testing), which is almost
finalised. The first successful tests connecting clients to the
production environment in Bergamo confirmed the readiness for the
upcoming migration in June 2022.
-
Progress on the
pillars of Euronext’s ESG
commitment
Euronext has advanced its “Fit for 1.5°” climate
commitment with the launch of the OBX® ESG index in Norway and the
AEX® ESG index in the Netherlands in May 2022, joining Euronext’s
growing franchise of national blue-chip ESG indices. Beyond
blue-chip ESG indices, Euronext has introduced a number of products
tailored towards evolving business challenges, such as the Euronext
French Employment 40 EW Index. The relevance of Euronext’s ESG
index franchise has been recognised by Finance for Tomorrow, which
identified Euronext as a leading contributor to the protection of
biodiversity15 thanks to its biodiversity index solutions, such as
the Euronext ESG Biodiversity Screened World Index.
In the first quarter of 2022, Euronext welcomed
four new sustainability-linked bonds (SLBs) to its markets.
L’Oréal, Carrefour, Sanofi and Pernod Ricard listed SLBs on
Euronext Paris, which link coupon payments to the achievement of
sustainability objectives.
As part of its ESG commitment, Euronext
recognises the impact it can have on its partners and society at
large. Euronext has therefore become a founding member of
Sustainable Trading, a non-profit membership network that aims to
drive the ESG transition across financial markets.
Furthermore, Euronext published the “Euronext Guide for ESG
reporting - Target 1.5°C”. This guide aims to help companies engage
in climate change mitigation policies with the support of their
investors.
Euronext has also joined forces with Climate
Fresk to train its employees through climate workshops aimed at
developing awareness and the ability to act at individual and
company level. Euronext has already trained 200 employees across
all European locations and is now rolling out the second phase of
the project with the ambition to train 30% of its staff by the end
of June 2022.
With the planned migration to its new Core Data
Centre powered by renewable energy, much of which is self-produced,
on 6 June 2022, Euronext expects to reach the next significant
milestone of its ESG commitment in Q2 2022. Euronext will disclose
its SBTi (Science-Based Targets initiative) targets in June
2022.
- Strategic
partnership agreement between Euronext Securities and
Spafid on issuer
services
On 3 March 2022, Euronext Securities Milan and
Spafid announced the agreement of a strategic partnership whereby
Euronext Securities Milan will acquire the General Meetings,
Designated Representative, and Shareholder’s Register activities of
Spafid, and Euronext Securities Milan and Spafid will establish a
closer cooperation aimed at mutually supporting the development of
their respective core businesses16.
The acquisition is an important step to further
develop local added-value services to issuers, and to deliver on
Euronext Securities’ ambition to converge issuers services across
all its locations (Denmark, Norway, Portugal and Italy).
Euronext Securities is already providing similar
services in Denmark and Norway, and this acquisition marks an
important milestone of the Euronext ‘Growth for Impact 2024’
strategic plan, to pan-Europeanise and scale up Euronext
Securities, and specifically to expand added-value services for
financial institutions and issuers across all its locations. In
Italy, the integration of these activities into Euronext Securities
Milan allows clients to benefit from the comprehensive and
end-to-end management of the entire shareholder process.
- Disposal
of Euronext Funds360
On 30 March 2022, Euronext completed the sale of
Euronext Funds360 to FE fundinfo, a global provider of data and
tools management for the funds industry. The disposal of Euronext
Funds360 is not expected to have a material impact on Euronext
revenue.
In April 2022, the average daily transaction
value on the Euronext cash order book stood at €11,900 million, up
+5.7% compared to the same period last year.
The overall average daily volume on Euronext
derivatives stood at 759,707 contracts (-1.7% compared to April
2021) and the open interest was 30,335,960 contracts at the end of
April 2022 (+12.3% compared to the end of April 2021).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $24,633 million in April 2022, up
+38.0% compared to the same period last year.
MTS Cash average daily volumes were down -2.9%
to €24,476 million in April 2022, MTS Repo term adjusted average
daily volume stood at €349,885 million, up +29.4% compared to the
same period last year.
Euronext Clearing cleared 6,522,270 shares in
April 2022, -6.1% compared to April 2021. €1,890 billion of
wholesale bonds were cleared in April 2022 (double counted), +20.5%
compared to the same period in 2021. 549,208 bond retail contracts
were cleared in April 2022 (double counted),-4.1% compared to April
2021. The number of derivatives contracts cleared was down -3.4%
compared to April 2021, at 1,634,300 contracts (single
counted).
Euronext Securities reported 8,839,804
settlement instructions in April 2022, -19.0% compared to the same
period last year. The total Assets Under Custody amount to €6.4
trillion in April 2022, up +3.6% compared to April 2021.
-
Appointment of Manuel
Bento as Chief Operating Officer and member of the Managing Board
of Euronext N.V.
On 17 May 2022, Euronext announced that Manuel
Bento has been nominated as Chief Operating Officer and member of
the Managing Board of Euronext N.V. by the Supervisory Board of
Euronext N.V., following Georges Lauchard’s decision to resign from
his position of COO and member of the Managing Board of Euronext
N.V. as per 1 July, to return to London to pursue other personal
and professional projects. The Managing Board of Euronext N.V.
thanks Georges Lauchard for his significant contribution in leading
critical projects to transform Euronext over the past two years, in
particular to improve and scale operating performance standards and
practices across the Group. The nomination of Manuel Bento will be
effective on 10 June 2022 to ensure a smooth and orderly transition
with Georges Lauchard until his departure.
Manuel Bento is currently CEO of Euronext
Technologies in Porto and CTO IT Transversal. In the last six
years, he held various technology and operations positions, and led
major transformation programmes within Euronext since joining in
2016. He has been responsible for delivering several critical
projects such as the set up of Porto technology centre, the
development of Euronext cyber security platform, the integration of
new capital markets and companies into Euronext group, including
the migration of the Norwegian markets onto the Optiq® platform. As
COO of Euronext N.V., Manuel Bento will oversee operational
strategy, policies, and execution in support of Euronext’s ambition
to build the leading market infrastructure in Europe. He will
assure continuity in the smooth and timely delivery of the key
technology projects of Euronext, including the Core Data Centre
migration to Bergamo, Italy, and the migration of Borsa Italiana
capital markets to Optiq®.
Prior to Euronext, Manuel was head of IT Group
at SIBS Forward Payment Systems, in charge of the overall
technology practice. The appointment of Manuel Bento as member of
the Managing Board of Euronext N.V. is subject to regulatory and
shareholders approvals.
Agenda
A conference call and a webcast will
be held on 18 May 2022, at 09.00am CEST (Paris time) / 08.00am BST
(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
83360400 |
BE
Number: |
+32 2 789
8603 |
DE
Number: |
+49 30 3001
90612 |
Password:
Euronext
Live webcast:
A live audio webcast and replay after the call
will be available at the link below and on the Euronext Investor
Relations webpage
Webcast: Euronext Results
webcast
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 €6.6 trillion in market capitalisation as of end
March 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,
starting from Q1 2022, Euronext will publish underlying recurring
costs, adjusted EBITDA and non-recurring costs.
Euronext will then remove the exceptional items
line from its financial statements. Consequently, costs previously
reported as exceptional items will from Q1 2022 be 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.
From Q1 2022, the computation of adjusted net
income and earnings per share will be adjusted accordingly. The
computation of reported net income and earnings per share will not
be 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
-
Adjusted operating profit as the operating profit adjusted for any
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 |
Q1 2022 |
Q1 2021 |
Net income reported |
143.8 |
98.2 |
EPS reported (basic, in €
per share) |
1.35 |
1.29 |
Adjustments |
|
|
of which operating expenses exc. D&A |
- 5.5 |
- 6.0 |
of which depreciation and amortization |
- 21.8 |
- 6.4 |
of which net financing expense |
- 0.9 |
- 1.5 |
of which minority interest |
0.2 |
0.3 |
Tax related to adjustments |
7.3 |
2.5 |
Adjusted net income |
164.4 |
109.4 |
Adjusted EPS (basic, in €
per share) |
1.54 |
1.44 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated income
statement
|
Q1 2022 |
Q1 2021 |
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
Revenue and income |
395.7 |
|
395.7 |
249.2 |
|
249.2 |
Listing |
55.4 |
|
55.4 |
38.8 |
|
38.8 |
Trading revenue, of which |
|
|
|
|
|
|
Cash trading |
94.0 |
|
94.0 |
69.3 |
|
69.3 |
Derivatives trading |
16.1 |
|
16.1 |
11.7 |
|
11.7 |
Fixed-income trading |
24.4 |
|
24.4 |
0.5 |
|
0.5 |
FX trading |
7.2 |
|
7.2 |
6.1 |
|
6.1 |
Power Trading |
9.1 |
|
9.1 |
8.4 |
|
8.4 |
Investor services |
2.2 |
|
2.2 |
2.3 |
|
2.3 |
Advanced data services |
52.6 |
|
52.6 |
36.5 |
|
36.5 |
Post-trade, of which |
|
|
|
|
|
|
Clearing |
31.9 |
|
31.9 |
17.1 |
|
17.1 |
Custody & Settlement and other |
63.9 |
|
63.9 |
46.1 |
|
46.1 |
Euronext Technology Solutions & other revenue |
23.1 |
|
23.1 |
11.9 |
|
11.9 |
Net Financing Income through CCP business |
13.4 |
|
13.4 |
- |
|
- |
Other income |
0.7 |
|
0.7 |
0.6 |
|
0.6 |
Transitional revenues |
1.7 |
|
1.7 |
- |
|
- |
Operating expenses excluding D&A |
(143.6) |
(5.5) |
(149.1) |
(98.0) |
(6.0) |
(104.0) |
Salaries and employee benefits |
(70.9) |
(1.5) |
(72.4) |
(55.7) |
(0.5) |
(56.2) |
Other operational expenses, of which |
(72.7) |
(4.0) |
(76.7) |
(42.3) |
(5.5) |
(47.8) |
System & communication |
(28.8) |
(0.3) |
(29.2) |
(10.9) |
- |
(10.9) |
Professional services |
(14.7) |
(3.7) |
(18.4) |
(13.3) |
(6.5) |
(19.8) |
Clearing expense |
(9.0) |
- |
(9.0) |
(8.1) |
- |
(8.1) |
Accommodation |
(2.9) |
0.0 |
(2.9) |
(1.8) |
- |
(1.8) |
Other operational expenses |
(17.1) |
(0.0) |
(17.2) |
(8.2) |
1.0 |
(7.3) |
EBITDA |
252.2 |
(5.5) |
246.7 |
151.2 |
(6.0) |
145.2 |
EBITDA margin |
63.7% |
|
62.3% |
60.7% |
|
58.3% |
Depreciation & amortisation |
(18.5) |
(21.8) |
(40.2) |
(9.6) |
(6.4) |
(16.0) |
Total expenses |
(162.0) |
(27.3) |
(189.3) |
(107.6) |
(12.4) |
(120.0) |
Operating profit |
233.7 |
(27.2) |
206.4 |
141.6 |
(12.4) |
129.2 |
Net financing income / (expense) |
(9.0) |
(0.9) |
(9.9) |
(3.3) |
(1.5) |
(4.8) |
Results from equity investment |
3.1 |
- |
3.1 |
11.7 |
- |
11.7 |
Profit before income tax |
227.8 |
(28.2) |
199.6 |
150.1 |
(14.0) |
136.1 |
Income tax expense |
(59.4) |
7.3 |
(52.0) |
(39.7) |
2.5 |
(37.2) |
Non-controlling interests |
(4.0) |
0.2 |
(3.8) |
(0.9) |
0.3 |
(0.7) |
Net income, share of the parent company
shareholders |
164.4 |
(20.6) |
143.8 |
109.4 |
(11.2) |
98.2 |
EPS (basic, in €) |
1.54 |
|
1.35 |
1.44 |
|
1.29 |
EPS (diluted, in €) |
1.54 |
|
1.35 |
1.43 |
|
1.29 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated comprehensive income
statement
|
Q1 2022 |
Q1 2021 |
Profit for the period |
147.6 |
98.9 |
|
|
|
Other comprehensive income |
|
|
Items that may be reclassified to profit or loss: |
|
|
– Exchange differences on translation of foreign operations |
29.9 |
45.0 |
– Income tax impact on exchange differences on translation of
foreign operations |
(3.4) |
(5.3) |
– Change in value of debt investments at fair value through other
comprehensive income |
(20.2) |
- |
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
5.8 |
- |
|
|
|
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 |
(0.4) |
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
- |
0.2 |
Other comprehensive income for the period, net of tax |
12.1 |
39.5 |
Total comprehensive income for the period |
159.8 |
138.3 |
|
|
|
Comprehensive income attributable to: |
|
|
– Owners of the parent |
155.4 |
136.7 |
– Non-controlling interests |
4.3 |
1.6 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated balance sheet
in €
million |
31 March 2022 |
31 December 2021 |
Non-current assets |
|
|
Property, plant and equipment |
100.0 |
97.6 |
Right-of-use assets |
59.2 |
66.2 |
Goodwill and other intangible assets |
6,184.8 |
6,178.1 |
Deferred income tax assets |
41.2 |
37.5 |
Investments in associates and joint ventures |
72.4 |
69.2 |
Financial assets at fair value through OCI |
257.6 |
258.1 |
Other non-current assets |
4.2 |
4.2 |
Total non-current assets |
6,719.4 |
6,710.8 |
|
|
|
Current assets |
|
|
Trade and other receivables |
607.8 |
416.6 |
Income tax receivable |
9.0 |
10.0 |
Derivative financial instruments |
2.2 |
11.9 |
CCP clearing business assets |
167,265.0 |
137,750.9 |
Other current financial assets |
168.1 |
157.6 |
Cash & cash equivalents |
1,154.8 |
804.4 |
Total current assets |
169,206.9 |
139,151.3 |
|
|
|
Assets from disposal groups held for sale |
5.5 |
6.4 |
Total assets |
175,931.8 |
145,868.5 |
|
|
|
Equity |
|
|
Shareholders' equity |
3,805.1 |
3,647.6 |
Non-controlling interests |
89.5 |
85.3 |
Total Equity |
3,894.7 |
3,732.9 |
|
|
|
Non-current liabilities |
|
|
Borrowings |
3,034.9 |
3,044.4 |
Lease liabilities |
40.2 |
50.7 |
Deferred income tax liabilities |
587.2 |
592.4 |
Post-employment benefits |
32.2 |
32.1 |
Contract liabilities |
68.6 |
70.3 |
Other provisions |
9.0 |
8.8 |
Total Non-current liabilities |
3,772.1 |
3,798.8 |
|
|
|
Current liabilities |
|
|
Borrowings |
24.2 |
17.4 |
Lease liabilities |
26.0 |
21.0 |
CCP clearing business liabilities |
167,267.2 |
137,732.4 |
Income tax payable |
69.5 |
42.1 |
Trade and other payables |
735.2 |
439.9 |
Contract liabilities |
140.6 |
80.5 |
Other provisions |
1.4 |
2.3 |
Total Current liabilities |
168,264.1 |
138,335.5 |
|
|
|
Liabilities from disposal groups held for sale |
1.1 |
1.3 |
Total equity and liabilities |
175,931.8 |
145,868.5 |
The consolidated Balance Sheet per 31 March 2022
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 |
Q1 2022 |
Q1 2021 |
Profit before tax |
199.6 |
136.1 |
Adjustments for: |
|
|
- Depreciation and amortisation |
40.2 |
16.0 |
- Share based payments |
2.8 |
2.4 |
- Share of profit from associates and joint ventures |
(3.1) |
(2.6) |
- Changes in working capital |
162.1 |
61.5 |
|
|
|
Cash flow from operating activities |
401.6 |
213.5 |
Income tax paid |
(33.0) |
(27.6) |
Net cash flows from operating activities |
368.6 |
185.9 |
|
|
|
Cash flow from investing activities |
|
|
Acquisition of subsidiaries, net of cash acquired |
- |
(56.1) |
Proceeds from sale of subsidiary |
0.8 |
3.3 |
Purchase of current financial assets |
(11.0) |
(20.2) |
Redemption of current financial assets |
2.1 |
10.6 |
Purchase of property, plant and equipment |
(6.7) |
(2.4) |
Purchase of intangible assets |
(10.3) |
(3.1) |
Proceeds from sale of property, plant, equipment and intangible
assets |
- |
0.1 |
Dividends received from equity investments |
- |
9.2 |
Net cash flow from investing activities |
(25.0) |
(58.9) |
|
|
|
Cash flow from financing activities |
|
|
Interest paid |
- |
(0.1) |
Payment of lease liabilities |
(5.8) |
(2.8) |
Acquisitions of own shares |
(0.7) |
(0.2) |
Dividends paid to non-controlling interests |
- |
(3.6) |
Net cash flow from financing activities |
(6.5) |
(6.7) |
|
|
|
Total cash flow over the period |
337.1 |
120.3 |
Cash and cash equivalents - Beginning of period |
809.4 |
629.5 |
Non cash exchange gains/(losses) on cash and cash equivalents |
10.6 |
9.4 |
Cash and cash equivalents - End of period |
1,157.1 |
759.2 |
The figures in this document have not been
audited or reviewed by our external auditor
Last twelves months pro forma income
statement
For informative purpose only, the financial
information provided below have not been audited or reviewed by our
external auditor
in €
million |
Q1 2021 Pro forma |
Q2 2021 Pro forma |
Q3 2021 Reported |
Q4 2021 Reported |
Q1 2022 Reported |
Last 12 months Pro foma |
Revenue and income |
373.2 |
371.9 |
350.6 |
370.1 |
395.7 |
1,488.3 |
Listing |
49.3 |
51.4 |
50.8 |
51.9 |
55.4 |
209.6 |
Trading Revenue |
|
|
|
|
|
|
of which Cash trading |
84.7 |
74.3 |
75.0 |
79.3 |
94.0 |
322.6 |
of which Derivatives trading |
14.7 |
13.8 |
13.5 |
14.2 |
16.1 |
57.6 |
of which Fixed income trading |
23.3 |
24.3 |
23.8 |
24.2 |
24.4 |
96.7 |
of which FX spot trading |
6.1 |
5.7 |
5.6 |
6.1 |
7.2 |
24.6 |
of which Power trading |
8.4 |
6.6 |
6.3 |
8.5 |
9.1 |
30.6 |
Investor Services |
2.3 |
2.2 |
2.1 |
2.3 |
2.2 |
8.8 |
Advanced Data Services |
50.9 |
50.8 |
49.8 |
50.7 |
52.6 |
204.0 |
Post trade |
|
|
|
|
|
|
of which Clearing |
28.7 |
29.8 |
27.5 |
30.1 |
31.9 |
119.4 |
of which Settlement & Custody |
64.2 |
62.5 |
55.6 |
60.7 |
63.9 |
242.7 |
Market solutions & other revenues |
23.8 |
26.3 |
24.4 |
26.4 |
23.1 |
100.2 |
Net treasury income through CCP Business |
13.7 |
13.7 |
12.9 |
12.9 |
13.4 |
52.9 |
Other income |
1.1 |
1.5 |
0.8 |
0.6 |
0.7 |
3.7 |
Transitional revenue |
2.1 |
9.0 |
2.3 |
2.0 |
1.7 |
15.1 |
Operating expenses excluding D&A |
(152.9) |
(182.2) |
(149.0) |
(170.6) |
(149.1) |
(650.8) |
Underlying operating expenses excluding
D&A |
(146.8) |
(149.1) |
(141.5) |
(156.6) |
(143.6) |
(590.9) |
Adjusted EBITDA |
226.4 |
222.8 |
209.1 |
213.4 |
252.2 |
897.5 |
Adjusted EBITDA margin |
60.7% |
59.9% |
59.6% |
57.7% |
63.7% |
60.3% |
EBITDA |
220.4 |
189.8 |
201.6 |
199.5 |
246.7 |
837.5 |
D&A |
(37.7) |
(38.0) |
(38.5) |
(48.9) |
(40.2) |
(165.6) |
Total expenses |
(190.6) |
(220.2) |
(187.5) |
(219.4) |
(189.3) |
(816.4) |
Operating profit |
182.7 |
151.7 |
163.1 |
150.6 |
206.4 |
671.9 |
Adjusted operating profit |
210.2 |
206.3 |
191.3 |
194.1 |
233.7 |
825.4 |
Net financing income/(expense) |
(10.0) |
(14.6) |
(7.3) |
(6.7) |
(9.9) |
(38.5) |
Results from Equity investments |
11.7 |
2.3 |
11.8 |
7.3 |
3.1 |
24.5 |
Income tax |
(51.4) |
(41.9) |
(48.5) |
(35.7) |
(52.0) |
(178.1) |
Tax rate |
-27.9% |
-30.0% |
-29.0% |
-23.6% |
-26.1% |
-27.1% |
Minority interests |
(3.3) |
(2.9) |
(3.2) |
(2.9) |
(3.8) |
(12.9) |
Reported net income, share of the parent company
shareholders |
129.7 |
94.6 |
115.8 |
112.7 |
143.8 |
467.0 |
Adjusted net income, share of the parent company
shareholders |
154.2 |
150.2 |
137.0 |
144.6 |
164.4 |
596.1 |
Volumes for the
first quarter of
2022
|
Q1 2022 |
Q1 2021 |
% var |
Number of trading
days |
64 |
63 |
|
Number of transactions (buy and sells) (inc. reported
trades) |
Total cash market |
282,808,278 |
252,689,890 |
+11.9% |
ADV cash
market |
4,418,879 |
4,010,951 |
+10.2% |
Transaction value (€ million, single counted) |
|
|
|
Total cash market |
994,558 |
816,881 |
+21.8% |
ADV cash
market |
15,540 |
12,966 |
+19.8% |
|
|
|
|
Listings |
|
|
|
Number of issuers on equities |
|
|
|
Euronext |
1,958 |
1,850 |
+5.8% |
o/w SMEs |
1,522 |
1,439 |
+5.8% |
Number of listed
securities |
|
|
|
Bonds |
52,113 |
52,437 |
-0.6% |
ETFs |
3,679 |
2,803 |
+31.3% |
Funds |
3,181 |
4,366 |
-27.1% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
22 |
41 |
|
Money raised -
New equity listings (incl over allotment) |
2,191 |
7,142 |
-69.3% |
Money raised -
Follow-ons on equities |
2,584 |
10,585 |
-75.6% |
Money raised -
Bonds |
320,469 |
366,721 |
-12.6% |
Total money
raised |
325,244 |
384,448 |
-15.4% |
|
|
|
|
of which
SMEs, in €m |
|
|
|
Number of new
equity listings |
20 |
36 |
|
Money Raised -
New equity listings (incl over allotment) |
1,429 |
2,237 |
-36.1% |
Money Raised -
Follow-ons on equities |
967 |
4,398 |
-78.0% |
Money Raised -
Bonds |
663 |
1,121 |
-40.9% |
Total Money
Raised |
3,059 |
7,756 |
-60.6% |
2021 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2021
data has been restated accordingly.
|
Q1
2022 |
Q1
2021 |
% var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
22,696 |
23,055 |
-1.6% |
TAADV MTS
Repo |
347,913 |
278,367 |
+25.0% |
OTHER
FIXED INCOME |
|
|
|
ADV Fixed
income |
782 |
1,106 |
-29.3% |
|
Q1 2022 |
Q1 2021 |
% var |
Number of
trading days |
64 |
63 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
1,569,997 |
1,350,733 |
+16.2% |
ADV Euronext
FX |
24,531 |
21,440 |
+14.4% |
|
Q1 2022 |
Q1 2021 |
% var |
Number of
trading days |
90 |
90 |
|
Power volume (in TWh) |
|
|
|
ADV Day-ahead
Power Market |
3.13 |
2.94 |
+6.3% |
ADV Intraday
Power Market |
0.08 |
0.06 |
+25.9% |
|
Q1
2022 |
Q1
2021 |
%
var |
Number of
trading days |
64 |
63 |
|
Derivatives Volume (in lots) |
|
|
|
|
|
|
|
Equity |
47,674,348 |
44,230,962 |
+7.8% |
Index |
16,938,333 |
14,993,569 |
+13.0% |
Futures |
11,746,052 |
9,655,859 |
+21.6% |
Options |
5,192,281 |
5,337,710 |
-2.7% |
Individual Equity |
30,736,015 |
29,237,393 |
+5.1% |
Futures |
2,058,857 |
4,194,416 |
-50.9% |
Options |
28,677,158 |
25,042,977 |
+14.5% |
|
|
|
|
Commodity |
5,677,724 |
5,265,652 |
+7.8% |
Futures |
4,948,485 |
4,765,552 |
+3.8% |
Options |
729,239 |
500,100 |
+45.8% |
|
|
|
|
Total Euronext |
53,352,072 |
49,496,614 |
+7.8% |
Total Futures |
18,753,394 |
18,615,827 |
+0.7% |
Total Options |
34,598,678 |
30,880,787 |
+12.0% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
Equity |
744,912 |
702,079 |
+6.1% |
Index |
264,661 |
237,993 |
+11.2% |
Futures |
183,532 |
153,268 |
+19.7% |
Options |
81,129 |
84,726 |
-4.2% |
Individual Equity |
480,250 |
464,086 |
+3.5% |
Futures |
32,170 |
66,578 |
-51.7% |
Options |
448,081 |
397,508 |
+12.7% |
|
|
|
|
Commodity |
88,714 |
83,582 |
+6.1% |
Futures |
77,320 |
75,644 |
+2.2% |
Options |
11,394 |
7,938 |
+43.5% |
|
|
|
|
Total Euronext |
833,626 |
785,661 |
+6.1% |
Total Futures |
293,022 |
295,489 |
-0.8% |
Total Options |
540,604 |
490,171 |
+10.3% |
2021 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2021
data has been restated accordingly.
-
Derivatives open interest
|
31 Mar
2022 |
31 Mar
2021 |
% var |
Open interest (in lots) |
|
|
|
|
|
|
|
Equity |
27,168,719 |
23,096,318 |
+17.6% |
Index |
1,391,668 |
1,602,163 |
-13.1% |
Futures |
620,210 |
719,786 |
-13.8% |
Options |
771,458 |
882,377 |
-12.6% |
Individual Equity |
25,777,051 |
21,494,155 |
+19.9% |
Futures |
950,017 |
1,881,577 |
-49.5% |
Options |
24,827,034 |
19,612,578 |
+26.6% |
|
|
|
|
Commodity |
1,035,852 |
974,441 |
+6.3% |
Futures |
654,625 |
707,203 |
-7.4% |
Options |
381,227 |
267,238 |
+42.7% |
|
|
|
|
Total Euronext |
28,204,571 |
24,070,759 |
+17.2% |
Total Futures |
2,224,852 |
3,308,566 |
-32.8% |
Total Options |
25,979,719 |
20,762,193 |
+25.1% |
2021 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2021
data has been restated accordingly.
1 The variances on pro forma basis assume that the acquisition
of the Borsa Italiana Group took place on 1 January 2021 and
therefore include the Borsa Italiana Group financial performance
for the entire comparative period.2 Definition in appendix –
Adjusted for non-underlying operating expenses excluding D&A3
Definition in appendix4 Basic weighted average number of shares at
106,576,290 for Q1 2022, Q1 2021 basic outstanding shares at
76,113,685 shares.5 Like-for-like revenue at constant currencies
excludes in 2021 and 2022 the Borsa Italiana Group, Centevo and OMS
as well as related integration costs. 6 Last twelve months EBITDA
pro forma the Borsa Italiana Group, reported EBITDA including costs
previously reported as exceptional items7 Subject to regulatory
approval8 Refer to the presentation available at
https://www.euronext.com/en/investor-relations/financial-calendar/full-year-2021-results 9
Refer to the presentation available at
https://www.euronext.com/en/growth-for-impact-202410 According to
Dealogic (as of end of March 2022)11 Considered scope: Euronext,
LSE, Nasdaq Nordic, Deutsche Börse, SIX & BME. Sources:
Internal data for Euronext, Dealogic for others12 According to the
WFE13 Prior to the acquisition of the Borsa Italiana Group,
Euronext fixed income trading revenue was included in cash trading
revenue. Data for Q1 2021 has been restated accordingly.14 Q1 2021
pro forma income statement disclosed in appendix15 Source: Report
'Finance & Biodiversité: l'écosystème français', Finance for
tomorrow16 The transaction is subject to the completion of the
information and union consultation procedure. The closing is
expected in Q2 2022.17 2021 data is published on a pro forma basis
to include the trading activities of the Borsa Italiana Group. 2021
data has been restated accordingly.18 Cash Market includes shares,
warrants, ETFs. Following the acquisition of the Borsa Italiana
Group, Euronext fixed income trading activity is now reported under
Fixed income markets. 2021 data has been restated accordingly19Q1
2021 data is published on a pro forma basis to include the trading
activities of the Borsa Italiana Group.
- 20220517_Euronext_PR_Q122
Euronext NV (EU:ENX)
Graphique Historique de l'Action
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