Euronext publishes Q2 2023 results and announces a share repurchase
programme
Contacts
Media |
Contact Investor Relations |
Amsterdam |
+31 20 721
4133 |
Brussels |
+32 26 20 15
01 |
+33 1 70 48 24
17 |
Dublin |
+33 1 70 48 24
45 |
Lisbon |
+351 91 777 68
97 |
|
Milan |
+39 02 72 42 62
12 |
Oslo |
+47 41 69 59
10 |
|
Paris |
+33 1 70 48 24
45 |
|
|
|
Euronext publishes Q2
2023 results and announces a share
repurchase programme
Solid quarter driven
by organic growth in
non-volume-related
business and robust market share
and yield performance in cash
trading
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris – 27
July 2023
– Euronext, the leading pan-European market
infrastructure, today publishes its results for the second quarter
of 2023.
- Q2
2023 revenue and income
was €368.1
million
(-1.8%
compared to Q2
2022, -0.5% like-for-like
at constant currencies):
- Strong
performance of non-volume-related business:
- Technology Solutions reported €27.3
million of revenue (+13.2%1) thanks to the internalisation of
colocation services following the migration of the Core Data Centre
to Bergamo.
- Advanced Data Services reached
record revenue of €56.9 million (+9.4%) driven by an increased
number of clients and revenue capture, as well as a continued
strong performance of the data solutions business.
- Custody and Settlement reported
€63.7 million of revenue (+2.0%) supported by new fee schemes.
- Listing activity confirmed
Euronext’s leadership in Europe, despite a soft IPO market, with 16
new listings. More than half of new European listings and the
largest IPO in Europe took place on Euronext in Q2 2023. Listing
revenue was €55.1 million (-0.5%), negatively impacted by the NOK
depreciation over the year.
- Non-volume-related revenue
accounted for 61% of Q2 2023 revenue (vs. 59% in Q2 2022) and
covered 148% of underlying operating expenses, excluding D&A
(vs. 144% in Q2 2022).
- Fixed income trading reported
strong revenue of €25.3 million (+1.4%) driven by increasing
interest rates. Power trading revenue grew to €8.6 million (+24.7%)
resulting from strong momentum in the European intraday electricity
market and improved revenue capture.
- Cash equity market share and
revenue capture improved, partially offsetting lower volatility
environment for equity trading and clearing activities, compared to
a very dynamic Q2 2022:
- Cash trading revenue was €65.2
million (-13.3%) reflecting improved revenue capture and market
share offset by a less volatile environment. Cash revenue capture
averaged 0.53bps, reflecting the immediate benefits from the new
fee schemes implemented in Italy following the migration of Borsa
Italiana cash markets to Optiq® in March 2023. Equity market share
increased over Q2 2023 to average 65.4% during the quarter.
- Clearing revenue
was €29.4 million (-6.4%), driven by the low volatility
environment.
- Adjusted
EBITDA2 was
€216.1 million
(-2.5%)
and adjusted EBITDA
margin
was58.7%
(-0.5pts):
- Underlying operating expenses,
excluding D&A, were at €152.0 million (-0.7%), resulting from
continued cost discipline. Euronext reiterates its 2023 guidance
for underlying operating expenses excluding D&A of €630
million.
- Adjusted net
income was €142.9 million
(-0.2%) and adjusted EPS
was €1.34 (-0.3%).
- Key figures for Q2
2023:
In €m, unless stated otherwise |
Q2 2023 |
Q2 2022 |
% var |
% var
l-f-l3 |
Revenue and
income |
368.1 |
374.7 |
-1.8% |
-0.5% |
Underlying operational expenses excluding D&A2 |
(152.0) |
(153.0) |
-0.7% |
+1.9% |
Adjusted EBITDA |
216.1 |
221.7 |
-2.5% |
-2.1% |
Adjusted EBITDA margin |
58.7% |
59.2% |
-0.5pts |
-0.9pts |
Net income, share of the parent company
shareholders |
120.0 |
118.9 |
+0.9% |
|
Adjusted Net income, share of the parent company shareholders |
142.9 |
143.2 |
-0.2% |
|
Adjusted EPS (basic, in €) |
1.34 |
1.34 |
-0.3% |
|
Reported EPS (basic, in €) |
1.12 |
1.11 |
+0.8% |
|
Adjusted EPS (diluted, in €) |
1.34 |
1.34 |
-0.4% |
|
Reported EPS (diluted, in €) |
1.12 |
1.11 |
+0.7% |
|
|
-
Net debt to reported EBITDA
was at
2.6x at the end
of Q2
2023 (vs.
2.4x at end of
Q1
2023, reflecting the
payment of the 2022 financial year
dividend), and
net debt to adjusted EBITDA was
at
2.2x.
-
Euronext completed in
July 2023 the sale of its 11.1% stake in LCH SA to
LCH Group, for a cash consideration
of €111 million. As a result, in Q3 2023 Euronext
will incur a tax-exempted non-underlying capital gain of around €40
million and stop recording 11.1% of LCH SA’s net income. This
disposal does not impact the revenues nor the costs related to the
clearing agreement with LCH SA until the end of the contract
planned in Q3 2024.
-
Euronext will launch on
31 July 2023 a
share repurchase
programme of
maximum €200 million
(representing around 3% of Euronext’s outstanding
shares), for a duration of maximum 12
months. This programme is enabled by
Euronext’s strong cash generation capabilities and demonstrates
Euronext’s rigorous capital allocation strategy. This programme
does not change Euronext’s credit rating. Euronext maintains its
dividend policy of 50% of reported net income.
-
Major steps in
Q2 2023
for the Borsa
Italiana Group
integration:
-
€44.2 million of cumulated run-rate annual EBITDA synergies were
achieved since the acquisition of Borsa Italiana Group in April
2021, of which €0.4 million were delivered in Q2 2023.
-
€4.9 million of cumulated implementation costs were incurred during
Q2 2023. This brings to €90.2 million the cumulated
implementation costs incurred at the end of Q2 2023.
-
Key steps were met in the preparation for the Optiq® migration of
Borsa Italiana Group fixed income and derivatives markets planned
in Q4 2023. This migration will generate costs synergies related to
the termination of the contract with the current third-party
trading platform provider as soon as Q4 2023.
-
Key milestones were achieved to deliver the European expansion of
Euronext Clearing on time and on budget and enable to generate
targeted revenue and costs synergies as soon as Q4 2023.
-
Stéphane Boujnah, Chief Executive Officer and Chairman of
the Managing Board of Euronext, said:
“Euronext’s Q2 2023 results demonstrate the
strength of our diversification strategy towards non-volume-related
activities. Euronext’s revenue remains robust, reaching €368.1
million, and remained stable at current currencies despite a
negative volatility environment. This performance results from
strong organic growth in the advanced data services and technology
businesses. Our power and fixed income trading businesses continue
to perform extremely well, resulting from growth initiatives and
supportive tailwinds. Euronext confirms this quarter again its
position as the leading European listing venue, with 16 listings.
Combined with our continued best-in-class cost discipline, our
efforts led to an adjusted EBITDA margin of 58.7%, and reported
profit grew to €120.0 million.
Throughout the second quarter of 2023, Euronext
remains the leading trading venue in Europe, consolidating its
market share and capturing value in a low volatility environment.
Cash equity market share increased over the quarter to 65.4%, and
revenue capture reached 0.53bps. This reflects, among other
initiatives, the immediate benefits of the migration of Italian
cash markets to Optiq®.
We continue to deliver the major projects of our
“Growth for Impact 2024” strategic plan. Following the successful
migration of Italian cash equity markets to Optiq® in March 2023,
the planned migration of the remaining Italian markets is on
schedule with a first seamless rehearsal completed in early July.
This paves the way for the migrations of the remaining Italian cash
markets this year, and the migration of the Italian derivatives
markets in early 2024. These migrations will contribute materially
to the delivery of targeted synergies as soon as Q4 2023. Our teams
are also progressing well with the European expansion of Euronext
Clearing, and we have confirmed the extension of Euronext Clearing
for the clearing of our equities as of Q4 2023 and our derivatives
in Q3 2024.
We also announce today the launch of a share
repurchase programme for a maximum amount of €200 million. This
programme is enabled by our strong cash generation capabilities and
demonstrates our rigorous capital allocation strategy. This share
repurchase programme will not change our deleveraging path nor our
dividend policy, and will preserve financial flexibility to capture
market opportunities.”
Euronext Q2 2023 financial performance
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
Q2 2023 |
Q2 2022 |
% var |
% var(like-for-like, constant currencies) |
Revenue and income |
368.1 |
374.7 |
-1.8% |
-0.5% |
Listing |
55.1 |
55.4 |
-0.5% |
+2.1% |
Trading revenue, of which |
118.2 |
129.2 |
-8.5% |
-7.7% |
Cash trading |
65.2 |
75.3 |
-13.3% |
-13.3% |
Derivatives trading |
13.0 |
14.9 |
-12.6% |
-12.3% |
Fixed income trading |
25.3 |
24.9 |
+1.4% |
+1.5% |
FX trading |
6.1 |
7.3 |
-15.7% |
-13.9% |
Power trading |
8.6 |
6.9 |
+24.7% |
+45.0% |
Investor Services |
2.8 |
2.3 |
+21.5% |
+24.6% |
Advanced Data Services |
56.9 |
52.0 |
+9.4% |
+9.5% |
Post-Trade, of which |
93.1 |
93.9 |
-0.8% |
+1.8% |
Clearing |
29.4 |
31.4 |
-6.4% |
-6.4% |
Custody and Settlement |
63.7 |
62.5 |
+2.0% |
+6.1% |
Euronext Technology Solutions & Other |
27.3 |
24.1 |
+13.2% |
+11.7% |
NTI through CCP business |
13.8 |
15.7 |
-12.0% |
-12.0% |
Other income |
0.7 |
1.0 |
-31.6% |
-31.7% |
Transitional revenues |
0.0 |
0.9 |
-95.9% |
-96.0% |
Underlying operational expenses exc. D&A |
(152.0) |
(153.0) |
-0.7% |
+1.9% |
Adjusted EBITDA |
216.1 |
221.7 |
-2.5% |
-2.1% |
Adjusted EBITDA margin |
58.7% |
59.2% |
-0.5pts |
-0.9pts |
Operating expenses exc. D&A |
(160.9) |
(161.1) |
-0.1% |
+2.3% |
EBITDA |
207.2 |
213.6 |
-3.0% |
-2.5% |
Depreciation & Amortisation |
(42.2) |
(38.5) |
+9.4% |
+11.2% |
Total Expenses (inc. D&A) |
(203.0) |
(199.6) |
+1.7% |
+4.0% |
Adjusted operating profit |
197.8 |
206.9 |
-4.4% |
+0.5% |
Operating Profit |
165.0 |
175.1 |
-5.7% |
|
Net financing (expense) / income |
(1.9) |
(9.1) |
-79.5% |
|
Results from equity investments |
3.2 |
1.2 |
+157.6% |
|
Profit before income tax |
166.4 |
167.2 |
-0.5% |
|
Income tax expense |
(41.2) |
(45.2) |
-9.0% |
|
Share of non-controlling interests |
(5.2) |
(3.1) |
+68.0% |
|
Net income, share of the parent company
shareholders |
120.0 |
118.9 |
+0.9% |
|
Adjusted Net income, share of the parent company
shareholders4 |
142.9 |
143.2 |
-0.2% |
|
Adjusted EPS (basic, in €) |
1.34
|
1.34 |
-0.3% |
|
Reported EPS (basic, in €) |
1.12 |
1.11 |
+0.8% |
|
Adjusted EPS (diluted, in €) |
1.34
|
1.34 |
-0.4% |
|
Reported EPS
(diluted, in €) |
1.12
|
1.11 |
+0.7% |
|
Q2 2023 revenue and income
In Q2 2023, Euronext consolidated revenue and
income amounted to €368.1 million, down -1.8% compared to Q2 2022,
mainly due to the robust performance of non-volume-related
activities and better performance of fixed income and power trading
partially offset by the strong comparison base for equity-related
trading activities and negative FX rate variation effects.
Non-volume related revenue accounted for 61% of
underlying Group revenue in Q2 2023, compared to 59% in Q2 2022,
reflecting the successful diversification towards non-volume
related activities and strong trading activity in Q2 2022 due to
volatility spikes. The underlying operating expenses excluding
D&A coverage ratio by non-volume related revenue was at 148% in
Q2 2023, compared to 144% in Q2 2022.
On a like-for-like basis at constant currencies,
Euronext consolidated revenue and income was almost stable at
-0.5%.
Q2 2023 adjusted EBITDA
Underlying operational expenses excluding
depreciation and amortisation slightly decreased to €152.0 million,
down -0.7%, reflecting strong cost discipline in an inflationary
environment.
Consequently, adjusted EBITDA for the quarter
totalled €216.1 million, down -2.5% compared to Q2 2022. This
represents an adjusted EBITDA margin of 58.7%, down -0.5 points
compared to Q2 2022 due to the decrease in volume-related revenue,
which was partly offset by resilient non-trading related revenue
and continued cost discipline.
Q2 2023 net income, share of the parent
company shareholders
Depreciation and amortisation accounted for
€42.2 million in Q2 2023, an increase of +9.4% compared to Q2 2022,
resulting from ongoing migration projects. PPA related to acquired
businesses accounted for €20.4 million.
Adjusted operating profit was €197.8 million, a
-4.4% decrease compared to Q2 2022.
€32.7 million of non-underlying expenses,
including depreciation and amortisation, were reported in Q2 2023,
related to the ongoing clearing and Optiq® migration projects.
Net financing expense for Q2 2023 was €1.9
million compared to a net financing expense of €9.1 million in
Q2 2022. This decrease reflects higher interest income from cash
held partially offsetting the cost of issued debt.
Results from equity investments amounted to €3.2
million in Q2 2023, representing the contribution received from LCH
SA, in which Euronext owned an 11.1% stake until 6 July 2023.
Following the disposal of Euronext’s 11.1% stake in LCH SA, the
Group will not record any contribution from LCH SA from Q3 2023. In
addition, Euronext will incur a €40 million tax-exempted
non-underlying capital gain in Q3 2023 in relation to this
disposal.
Income tax for Q2 2023 was €41.2 million. This
translated into an effective tax rate of 24.8% for the quarter (Q2
2022: €45.2 million and 27.1% respectively). The reduction is
linked to higher non-taxable income received over the period.
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €5.2
million in Q2 2023.
Consequently, the reported net income, share of
the parent company shareholders, increased by +0.9% for Q2 2023
compared to Q2 2022, to €120.0 million. This represents a reported
EPS of €1.12 basic and €1.12 fully diluted in Q2 2023, compared to
€1.11 basic and €1.11 fully diluted in Q2 2022. The weighted number
of shares used over Q2 2023 was 106,741,621 for the basic
calculation and 106,989,806 for the fully diluted calculation.
Adjusted net income, share of the parent company
shareholders was almost stable, down -0.2% to €142.9 million.
Consequently, adjusted EPS (basic) was slightly down -0.3% in Q2
2023, at €1.34 per share, based on 106,741,621 shares for Q2 2023,
compared to an adjusted EPS (basic) of €1.34 per share in Q2 2022,
based on 106,616,256 shares for Q2 2022.
In Q2 2023, Euronext reported a net cash flow
from operating activities of €139.0 million, compared to €76.8
million in Q2 2022, reflecting lower income tax paid compared to Q2
2022. As a reminder, Euronext paid in May 2023 €2.22 per ordinary
share for the dividend related to the 2022 financial year.
Excluding the impact on working capital from Euronext Clearing and
Nord Pool CCP activities, net cash flow from operating activities
accounted for 73.3% of EBITDA in Q2 2023.
Business highlights
Listing revenue, in €m unless stated otherwise |
Q2 2023 |
Q2 2022 |
% change |
Listing revenue |
55.1 |
55.4 |
-0.5% |
Equity |
25.3 |
26.8 |
-5.4% |
Annual fees |
17.4 |
17.4 |
-0.2% |
Follow-ons |
4.0 |
4.6 |
-12.9% |
IPOs |
3.9 |
4.8 |
-17.3% |
Debts |
9.2 |
10.0 |
-7.8% |
ETFs, Funds & Warrants |
5.7 |
5.7 |
-0.5% |
Corporate Services |
11.8 |
10.1 |
+17.4% |
Others |
3.1 |
2.9 |
+7.6% |
Money raised |
338,160 |
253,901 |
+33.2% |
Listing revenue was €55.1 million in Q2 2023, a
slight decrease of -0.5% compared to Q2 2022, reflecting a
resilient quarter for the listing activity partially offset by the
negative impact from the depreciation of the NOK over the year. On
a like-for-like basis at constant currencies, listing revenue was
up +2.1%.
Euronext’s primary markets equity listing
business sustained its leading position in Europe with 16 new
listings in Q2 2023, representing 59% of European listing activity.
Euronext welcomed the largest IPO in Europe year to date in terms
of money raised with the listing of Lottomatica Group on Euronext
Milan, and three out of the five biggest IPOs in Europe in Q2 2023.
Euronext further demonstrated its attractiveness to international
large caps, including Ferretti, which dual-listed in Milan in
addition to Hong Kong, and the admission to trading of the Spanish
infrastructure group Ferrovial on Euronext Amsterdam, with a market
capitalisation of €21.0 billion at admission.
In Q2 2023, Euronext’s markets reported €1.1
billion raised in primary equity issues, stable compared to Q2 2022
with €1.1 billion raised.
Secondary equity issues were quieter in Q2 2023
with follow-on activity reporting €4.3 billion raised in compared
to €11.1 billion in a strong Q2 2022.
In a softer environment for ETP listings in
Europe, Euronext remained the leading exchange in Europe for the
listing of ETPs with 47 new listings.
Euronext maintained its position as the leading
listing venue for bonds worldwide in Q2 20235, growing the number
of bonds listed on its markets to over 54,000. In Q2 2023, €332.7
billion in debt was raised on Euronext markets, reflecting the
current market conditions, and compared to €241.7 billion raised in
Q2 2022. The positive momentum of Euronext’s ESG bond offering
continued in Q2 2023 and Euronext strengthened its position as the
world’s leading ESG bond venue in terms of issuance amount and
number of issuers, reaching €1.2 trillion in sustainable bonds
listed on its markets.
In total, €338.2 billion in equity and debt was
raised on Euronext’s markets in Q2 2023, up +33.2% compared to Q2
2022.
Euronext Corporate Services reported a solid
quarter in terms of revenue at €11.8 million in Q2 2023, up +17.4%
compared to Q2 2022, resulting from strong performance of the SaaS
offering.
in €m, unless stated otherwise |
Q2 2023 |
Q2 2022 |
% change |
Trading revenue |
118.2 |
129.2 |
-8.5% |
Cash trading revenue |
65.2 |
75.3 |
-13.3% |
ADV Cash market |
9,994 |
11,628 |
-14.0% |
|
|
|
|
Derivatives trading revenue |
13.0 |
14.9 |
-12.6% |
ADV Derivatives market (in lots) |
595,206 |
730,386 |
-18.5% |
|
|
|
|
Fixed income trading revenue |
25.3 |
24.9 |
+1.4% |
ADV MTS Cash |
21,632 |
22,063 |
-2.0% |
TAADV MTS
Repo |
443,680 |
347,540 |
+27.7% |
ADV other
fixed income |
1,293 |
1,015 |
+27.4% |
|
|
|
|
Spot FX trading revenue |
6.1 |
7.3 |
-15.7% |
ADV spot FX Market (in USD m) |
21,596 |
23,639 |
-8.6% |
|
|
|
|
Power trading revenue |
8.6 |
6.9 |
+24.7% |
ADV Day-ahead power market (in TWH) |
2.36 |
2.52 |
-6.3% |
ADV Intraday
power market (in TWH) |
0.18 |
0.09 |
+90.3% |
Cash trading revenue decreased by -13.3% to
€65.2 million in Q2 2023, resulting from improved market share and
revenue capture, offset by lower volumes environment and larger
average order size still negatively impacting revenue capture. In
Q2 2023, Euronext recorded average daily cash volumes of €10.0
billion, a decrease of -14.0% compared to Q2 2022, resulting from a
low-volatility environment and negative comparison base. On a
like-for-like basis at constant currencies, cash trading revenue
was down -13.3% in Q2 2023 compared to Q2 2022.
Euronext cash trading yield averaged 0.53 bps,
above Euronext’s target of at least 0.52bps following the migration
of Borsa Italiana cash markets to Optiq®. This results from the
immediate benefits of the new fee schemes implemented for Italian
markets, partially offset by higher average order size.
Cash equity market share steadily increased over
the second quarter of 2023 to average 65.4%, well above the 2023
target of at least 63%, and continuing the positive market share
dynamic since the beginning of the year. Euronext continued to
guarantee best-in-class market quality and to maintain its position
as the venue for price formation for European equity trading.
Overall, Euronext reinforced its position as the
venue for price formation following the migration of Italian cash
equity markets to Optiq at end March 2023. Euronext EBBO presence
increased from 50% in Q1 to 68% in Q2 for FTSE MIB stocks, and
decreased to less than 15% for competing MTFs.
Derivatives trading revenue decreased by -12.6%
to €13.0 million in Q2 2023, compared to a particularly volatile Q2
2022 for derivatives trading resulting from the war in Ukraine,
partially offset by strong performance from commodity derivatives.
On a like-for-like basis at constant currencies, derivatives
trading revenue was down -12.3% in Q2 2023 compared to Q2 2022.
During Q2 2023, financial derivatives trading
volumes decreased across the offering with average daily volume on
financial derivatives at 505,806 lots, down -23.2% from Q2 2022
primarily due to a decrease in equity individual derivatives
trading compared to the strong volumes supported by higher
volatility in Q2 2022, and affected by uncertainties around fiscal
treatment of dividends in France in Q2 2023.
Average daily volume on commodity derivatives
was at 89,400 lots in Q2 2023, up +25.3% compared to Q2 2022. The
Euronext commodities franchise pursued its positive dynamic with
continuing strong support from commercial clients and strong
traction from financial clients thanks to the success of a
dedicated programme.
Euronext revenue capture on derivatives trading
was €0.35 per lot for the second quarter of 2023, reflecting a
positively geared volume mix and solid revenue capture.
Fixed income trading revenue grew by +1.4% to
€25.3 million in Q2 2023, reflecting strong performance by MTS Repo
and other fixed income activities, and a solid quarter for MTS
Cash, supported by higher interest rates and market volatility. For
the second quarter of 2023, MTS Cash reported €15.5 million of
revenue and MTS Repo reported €6.3 million of revenue. On a
like-for-like basis at constant currencies, fixed income trading
revenue was up +1.5% in Q2 2023 compared to Q2 2022.
MTS Repo recorded record volumes for the second
quarter in a row, with term-adjusted average daily volumes growing
+27.7% to €444 billion, compared to €348 billion in Q2 2022. MTS
Cash average daily volumes were at €21.6 billion, down only -2.0%
compared to a strong Q2 2022. Other fixed income volumes also
reached historically high levels with ADV up +27.4% year on year at
€1.3 billion.
FX trading reported €6.1 million of revenue in
Q2 2023, down -15.7% from a strong Q2 2022 and impacted by a
negative trading flow mix. On a like-for-like basis at constant
currencies, FX trading revenue was down -13.9% in Q2 2023 compared
to Q2 2022.
Over the second quarter of 2023, average daily
volumes of USD21.6 billion were recorded, down -8.6% compared to Q2
2022 resulting from lower volatility.
Power trading revenue grew to €8.6 million in Q2
2023, up +24.7% compared to Q2 2022, driven by very strong intraday
volumes and improved revenue capture, partly offset by lower
day-ahead volumes. On a like-for-like basis at constant currencies,
power trading revenue was up +45.0% in Q2 2023 compared to Q2
2022.
Over the second quarter of 2023, average daily
day-ahead power traded was 2.36TWh, down -6.3% compared to Q2 2022,
and average daily intraday power traded was 0.18TWh, up +90.3%
compared to Q2 2022.
Investor Services reported €2.8 million revenue
in Q2 2023, representing a +21.5% increase compared to Q2 2022,
resulting from continued commercial expansion of the franchise
across the largest global investment managers.
On a like-for-like basis at constant currencies,
investor services revenue was up +24.6% compared to Q2 2022.
Advanced Data Services reached record revenue of
€56.9 million in Q2 2023, up +9.4% from Q2 2022, driven by a strong
performance of the core data business and the advanced data
solutions offering, primarily supported by strong traction from
quant research products. Euronext further innovated in the in the
index space with the launch of the Euronext® Artificial
Intelligence World Index.
On a like-for-like basis at constant currencies,
advanced data services revenue was up +9.5% compared to Q2
2022.
in €m, unless stated otherwise |
Q2 2023 |
Q2 2022 |
% var |
Post-trade revenue (exc. NTI) |
93.1 |
93.9 |
-0.8% |
Clearing |
29.4 |
31.4 |
-6.4% |
Revenue from LCH SA |
17.9 |
19.6 |
-8.5% |
Revenue from Euronext Clearing |
11.5 |
11.8 |
-2.9% |
Custody, Settlement and other Post-Trade activities |
63.7 |
62.5 |
+2.0% |
Net treasury income through CCP business |
13.8 |
15.7 |
-12.0% |
Clearing revenue was down -6.4% to €29.4 million
in Q2 2023, as a result of lower contribution from LCH SA and
weaker cash equity, equity derivatives and index derivatives
clearing activity, partly offset by stronger bond and commodity
derivatives clearing volumes. Non-volume related clearing revenue
(including membership fees, treasury income received from LCH SA)
accounted for €8.5 million of the total clearing revenue in Q2
2023.
Euronext Clearing activities reflected an uplift
in cleared volumes for bond clearing, and a decrease in equity and
derivatives clearing in line with trading volumes. In Q2 2023,
Euronext Clearing revenue included €1.3 million from derivatives
clearing, €3.6 million from equities clearing, and €3.1 million
from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was down -6.4% compared to Q2 2022.
Net treasury income amounted to €13.8 million in
Q2 2023, a decrease of -12.0% compared to Q2 2022. This results
from the disposal of the Euronext Clearing investment portfolio
completed in May 2023, offsetting higher level of cash held.
On a like-for-like basis at constant currencies,
net treasury income was down -12.0% compared to Q2 2022.
- Custody,
Settlement and other
Post-Trade
activities
Revenue from Custody, Settlement and other
Post-Trade activities was €63.7 million in Q2 2023, up +6.1%
like-for-like at constant currencies, or +2.0% compared to Q2 2022
on a reported basis. This reflects a new fee scheme and a seasonal
uplift in corporate actions partially offset by slightly lower
settlement activities.
28,787,026 settlement instructions were
processed in the second quarter of 2023 and assets under custody
grew to €6.4 trillion.
- Euronext
Technologies and Other revenue
Euronext Technologies and Other revenue grew to
€27.3 million in Q2 2023, up +13.2% from Q2 2022, reflecting a full
quarter contribution of the colocation activity following the
migration of Euronext’s Core Data Centre on 6 June 2022.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +11.7 % compared to
Q2 2022.
Q2 2023 corporate highlights since
publication of the Q1 2023 results on 16 May 2023
- LCH
SA 11.1% capital
disposal
On 26 June 2023, Euronext announced it entered
into a definitive agreement for the sale of its 11.1% stake in LCH
SA to LCH Group Holdings Limited (“LCH Group”), for an amount of
€111 million. The transaction was completed on 6 July 2023.
As a result, in Q3 2023 Euronext will incur a
non-underlying capital gain of around €40 million, which will be
exempt from tax. As a reminder, as of 31 December 2022, Euronext
accounted a carrying amount of €70.6 million for its 11.1% stake in
LCH SA.
This transaction results from the notification
by LCH Group to Euronext of the exercise of its option to buy back
Euronext’s 11.1% stake in LCH SA, following the early termination
of the existing derivatives clearing agreement between Euronext and
LCH SA announced on 16 January 2023, that will take place in Q3
2024.
The price has been defined by an independent
expert, in accordance with the pre-agreed terms for the buy
back.
Euronext and LCH SA are committed to working
together to ensure an orderly migration of clearing flows from LCH
SA to Euronext Clearing.
Corporate highlights since 30 June
2023
- Launch of a
share repurchase programme
On 27 July 2023, Euronext announced a share
repurchase programme (the ‘Programme’) for a maximum amount of €200
million.
This Programme is enabled by Euronext’s strong
cash generation capabilities and demonstrates Euronext’s rigorous
capital allocation strategy6. The Programme will not change the
deleveraging path of Euronext, nor its credit rating. The Programme
will also be compatible with preserving the Group’s financial
flexibility to capture market opportunities and its existing
dividend policy of a pay-out of 50% of reported net income.
The Programme will be implemented as
follows:
-
Purpose: the purpose of the Programme is to reduce the share
capital of Euronext. All shares repurchased as part of the
Programme will be cancelled;
-
Maximum amount allocated: €200 million;
-
Duration: the targeted period for the share repurchase programme is
from 31 July 2023 for a maximum duration of a year, to be
implemented on Euronext Paris;
-
Framework: Euronext aims to repurchase approximately 3.0% of its
ordinary shares, as authorised by the General Meeting on 17 May
2023 to a limit of 10.0%.
Euronext has entered into a non-discretionary
arrangement with a financial intermediary to conduct the
repurchase.
The Programme will be executed in compliance
with the applicable rules and regulations, including the Market
Abuse Regulation 596/2014 and the Commission Delegated Regulation
(EU) 2016/1052, and based on the authority granted by the annual
general meeting of shareholders on 17 May 2023. Euronext will
provide regular updates on the progress of the programme, in line
with applicable regulations, at:
euronext.com/en/investor-relations/capital-and-shareholding/share-buyback-program.
- Euronext enlarges its SBT
1.5°C index offering to accelerate the transition
to green finance
On 11 July 2023, Euronext announced the launch
of two new SBT indices: the Euronext Europe SBT 1.5° Index and the
Euronext Eurozone SBT 1.5° Index (gross return Bloomberg codes:
EZSBT15G and EUSBT15G). These two indices invest solely in
companies within the Europe 500 index and within the Eurozone 300
index, respectively, that have emissions reduction targets approved
by the Science Based Targets initiative (SBTi) to be in line with
the 1.5°C goal of the Paris Agreement.
Agenda
A conference call and webcast
will be held on 28 July
2023, at
09:00
CEST (Paris time) /
08:00
BST (London time):
Conference call:
To connect to the conference call, please
dial:
BE
number: |
+32 2 789
8603 |
NO
number: |
+47 2 156
3318 |
FR
number: |
+33 1 70 37 71
66 |
PT
number: |
+351 3 0880
2081 |
IR
number: |
+353 1 436
0959 |
UK
number: |
+44 330 551
0200 |
IT
number: |
+39 06
83360400 |
US
number: |
+1 786 697
3501 |
NL
number: |
+31 20
708 5073 |
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 at the webcast link and on the Euronext Investor Relations
webpage.
CONTACT ANALYSTS & INVESTORS
– ir@euronext.com |
Aurélie
Cohen |
+33 1 70 48 24
17 |
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 |
amsterdampressoffice@euronext.com |
Marianne Aalders
(Brussels) |
+31 20 721 41
33 |
brusselspressoffice@euronext.com |
Sandra Machado
(Lisbon) |
+351 91 777 68
97 |
portugalpressoffice@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 1,900 listed
equity issuers and around €6.5 trillion in market capitalisation as
of end June 2023, 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.
© 2023, 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 has published 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 in
their respective lines within Euronext operating expenses as
non-underlying items.
The €150 million of implementation costs to
deliver on the ‘Growth for Impact 2024’ strategic plan targets are
therefore considered as non-underlying items and have been
withdrawn from the 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 is 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. These items can include:
- integration or double run costs of
significant projects, restructuring costs and costs related to
acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or
losses on sale of subsidiaries and impairments of investments:
- amortisation and impairment of
intangible assets which are recognised as a result of acquisitions
and mostly comprising customer relationships, brand names and
software that were identified during purchase price allocation
(PPA);
- tax related to non-underlying
items.
-
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
(excluding 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
|
Q2 2023 |
Q2 2022 |
Net income
reported |
120.0 |
118.9 |
EPS reported |
1.12 |
1.11 |
Adjustments |
|
|
of which revenues |
0.0 |
(0.0) |
of which Operating expenses exc. D&A |
(8.9) |
(8.1) |
of which Depreciation and amortisation |
(23 .8) |
(23.7) |
of which Net financing expense |
(0.2) |
0.0 |
of which results from equity investments |
0.0 |
(1.5) |
of which Minority interest |
1.3 |
0.2 |
Tax related to adjustments |
8.7 |
8.8 |
Adjusted net
income |
142.9 |
143.2 |
Adjusted EPS |
1.34 |
1.34 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated income
statement
|
Q2
2023 |
Q2
2022 |
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
Revenue and income |
368.1 |
- |
368.1 |
374.7 |
(0.0) |
374.7 |
Listing |
55.1 |
- |
55.1 |
55.4 |
- |
55.4 |
Trading revenue, of which |
118.2 |
- |
118.2 |
129.2 |
- |
129.2 |
Cash trading |
65.2 |
- |
65.2 |
75.3 |
- |
75.3 |
Derivatives trading |
13.0 |
- |
13.0 |
14.9 |
- |
14.9 |
Fixed income trading |
25.3 |
- |
25.3 |
24.9 |
- |
24.9 |
FX trading |
6.1 |
- |
6.1 |
7.3 |
- |
7.3 |
Power trading |
8.6 |
- |
8.6 |
6.9 |
- |
6.9 |
Investor services |
2.8 |
- |
2.8 |
2.3 |
- |
2.3 |
Advanced data services |
56.9 |
- |
56.9 |
52.0 |
- |
52.0 |
Post-Trade, of which |
93.1 |
- |
93.1 |
93.9 |
- |
93.9 |
Clearing |
29.4 |
- |
29.4 |
31.4 |
- |
31.4 |
Custody & Settlement and other |
63.7 |
- |
63.7 |
62.5 |
- |
62.5 |
Euronext Technology Solutions & other revenue |
27.3 |
- |
27.3 |
24.1 |
0.0 |
24.1 |
Net Financing Income through CCP business |
13.8 |
- |
13.8 |
15.7 |
- |
15.7 |
Other income |
0.7 |
- |
0.7 |
1.0 |
- |
1.0 |
Transitional revenues |
0.0 |
- |
0.0 |
0.9 |
(0.0) |
0.9 |
Operating expenses excluding D&A |
(152.0) |
(8.9) |
(160.9) |
(153.0) |
(8.1) |
(161.1) |
Salaries and employee benefits |
(78.3) |
(2.1) |
(80.3) |
(76.8) |
(1.1) |
(77.9) |
Other operational expenses, of which |
(73.7) |
(6.8) |
(80.5) |
(76.1) |
(7.0) |
(83.2) |
System & communication |
(23.3) |
(2.4) |
(25.6) |
(29.4) |
(1.7) |
(31.0) |
Professional services |
(15.4) |
(3.3) |
(18.7) |
(14.5) |
(4.8) |
(19.4) |
Clearing expense |
(8.6) |
- |
(8.6) |
(9.0) |
- |
(9.0) |
Accommodation |
(4.8) |
(0.3) |
(5.0) |
(3.3) |
(0.0) |
(3.3) |
Other operational expenses |
(21.7) |
(0.9) |
(22.6) |
(19.9) |
(0.5) |
(20.4) |
EBITDA |
216.1 |
(8.9) |
207.2 |
221.7 |
(8.1) |
213.6 |
EBITDA margin |
58.7% |
|
56.3% |
59.2% |
|
57.0% |
Depreciation & amortisation |
(18.3) |
(23.8) |
(42.2) |
(14.8) |
(23.7) |
(38.5) |
Total expenses |
(170.3) |
(32.7) |
(203.0) |
(167.8) |
(31.8) |
(199.6) |
Operating profit |
197.8 |
(32.7) |
165.0 |
206.9 |
(31.8) |
175.1 |
Net financing income / (expense) |
(1.6) |
(0.2) |
(1.9) |
(9.1) |
0.0 |
(9.1) |
Results from equity investment |
3.2 |
- |
3.2 |
2.8 |
(1.5) |
1.2 |
Profit before
income tax |
199.3 |
(32.9) |
166.4 |
200.6 |
(33.4) |
167.2 |
Income tax expense |
(49.9) |
8.7 |
(41.2) |
(54.1) |
8.8 |
(45.2) |
Non-controlling interests |
(6.6) |
1.3 |
(5.2) |
(3.3) |
0.2 |
(3.1) |
Net income, share of the parent company
shareholders |
142.9 |
(22.9) |
120.0 |
143.2 |
(24.3) |
118.9 |
EPS (basic, in €) |
1.34 |
(0.22) |
1.12 |
1.34 |
(0.23) |
1.11 |
EPS (diluted, in €) |
1.34 |
(0.22) |
1.12 |
1.34 |
(0.23) |
1.11 |
The figures in this document have not been audited or reviewed
by our external auditor
Consolidated comprehensive income
statement
|
Q2 2023 |
Q2 2022 |
|
Profit for the period |
125.2 |
122.0 |
|
|
|
|
|
Other comprehensive
income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
(24.4) |
(41.4) |
– Income tax impact on exchange differences on translation of
foreign operations |
2.5 |
4.0 |
– Change in value of debt investments at fair value through other
comprehensive income |
0.7 |
(31.6) |
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(0.2) |
9.1 |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
11.7 |
34.8 |
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
(3.1) |
(7.7) |
– Remeasurements of post-employment benefit obligations |
0.7 |
10.9 |
– Income tax impact on remeasurements of post-employment benefit
obligations |
(0.1) |
(1.3) |
Other comprehensive income for the period, net of
tax |
(12.1) |
(23.1) |
Total comprehensive income for the period |
113.1 |
98.9 |
|
|
|
Comprehensive income
attributable to: |
|
|
– Owners of the parent |
108.4 |
96.8 |
– Non-controlling interests |
4.7 |
2.1 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated balance sheet
in €
million |
As of 30
Jun'23 |
As of 31 Mar'23 |
Non-current
assets |
|
|
Property, plant and equipment |
105.7 |
107.0 |
Right-of-use assets |
60.9 |
59.2 |
Goodwill and other intangible assets |
6,108.2 |
6,140.0 |
Deferred income tax assets |
28.6 |
26.0 |
Investments in associates and joint ventures |
1.3 |
75.4 |
Financial assets at fair value through OCI |
290.1 |
278.4 |
Other non-current assets |
9.6 |
8.6 |
Total non-current
assets |
6,604.3 |
6,694.6 |
|
|
|
Current assets |
|
|
Trade and other receivables |
364.1 |
421.0 |
Income tax receivable |
34.6 |
43.8 |
Derivative financial instruments |
(0.0) |
0.1 |
CCP clearing business assets |
189,824.1 |
177,929.0 |
Other current financial assets |
74.1 |
105.2 |
Cash & cash equivalents1) |
1,195.8 |
1,335.7 |
Total current
assets |
191,492.6 |
179,834.7 |
|
|
|
Asset held for sale2) |
69.4 |
- |
Total assets |
198,166.3 |
186,529.4 |
|
|
|
Equity |
|
|
Shareholders' equity |
3,821.6 |
3,962.9 |
Non-controlling interests |
128.6 |
130.7 |
Total Equity |
3,950.1 |
4,093.6 |
|
|
|
Non-current
liabilities |
|
|
Borrowings |
3,029.4 |
3,028.3 |
Lease liabilities |
42.1 |
37.0 |
Deferred income tax liabilities |
532.8 |
538.9 |
Post-employment benefits |
18.4 |
18.6 |
Contract liabilities |
64.7 |
59.9 |
Other provisions |
7.0 |
7.0 |
Total Non-current
liabilities |
3,694.4 |
3,689.7 |
|
|
|
Current liabilities |
|
|
Borrowings |
3.4 |
24.2 |
Lease liabilities |
23.6 |
27.3 |
CCP clearing business liabilities |
189,926.7 |
177,998.4 |
Income tax payable |
56.0 |
34.7 |
Trade and other payables |
380.5 |
505.1 |
Contract liabilities |
131.2 |
155.8 |
Other provisions |
0.4 |
0.4 |
Total Current
liabilities |
190,521.8 |
178,746.0 |
|
|
|
Total equity and
liabilities |
198,166.3 |
186,529.4 |
The consolidated Balance Sheet includes the
Euronext Clearing (CC&G) business assets and liabilities.
1) Cash and cash equivalents
include €47.3 million of cash in transit at Nord
Pool.2) Stake in LCH SA.The
figures in this document have not been audited or reviewed by our
external auditor.
Consolidated statement of cash
flows
in € million |
Q2 2023 |
Q2 2022 |
Profit before tax |
166.4 |
167.2 |
Adjustments for: |
|
|
- Depreciation and amortisation |
42.2 |
38.5 |
- Share based payments |
3.4 |
4.4 |
- Share of profit from associates and joint ventures |
(3.2) |
(1.2) |
- Changes in working capital |
(54.0) |
(50.3) |
|
|
|
Cash flow from operating activities |
154.8 |
158.7 |
Income tax paid |
(15.8) |
(81.8) |
Net cash flows from operating activities |
139.0 |
76.8 |
|
|
|
Cash flow from investing activities |
|
|
Business combinations, net of cash acquired |
- |
(11.7) |
Proceeds from sale of subsidiary |
(0.2) |
- |
Purchase of current financial assets |
3.3 |
(6.4) |
Redemption of current financial assets |
26.0 |
23.7 |
Purchase of property, plant and equipment |
(4.8) |
(8.9) |
Purchase of intangible assets |
(18.4) |
(14.9) |
Dividends received from associates |
7.8 |
6.7 |
Interest received |
4.9 |
5.7 |
Net cash flow from investing activities |
18.6 |
(5.8) |
|
|
|
Cash flow from financing activities |
|
|
Interest paid |
(27.9) |
(28.7) |
Settlement of derivatives financial instruments |
- |
(8.9) |
Payment of lease liabilities |
(6.3) |
(7.6) |
Acquisitions of own shares |
(15.0) |
0.7 |
Employee Share transactions |
(1.0) |
(3.4) |
Dividends paid to the company's shareholders |
(237.2) |
(206.0) |
Dividends paid to non-controlling interests |
(3.1) |
(3.1) |
Net cash flow from financing activities |
(290.5) |
(257.0) |
|
|
|
Total cash flow over the period |
(132.9) |
(186.0) |
Cash and cash equivalents - Beginning of period |
1,335.7 |
1,157.1 |
Non cash exchange gains/(losses) on cash and cash equivalents |
(7.1) |
(22.1) |
Cash and cash equivalents - End of period |
1,195.8 |
949.1 |
The figures in this document have not been
audited or reviewed by our external auditor.
Volumes for
second quarter
2023
|
Q2 2023 |
Q2 2022 |
%var |
Number of
trading days |
62 |
63 |
|
Number
of transactions (buy and sells, inc. reported trades) |
|
|
|
Total Cash Market |
145,707,128 |
215,415,316 |
-32.4% |
ADV Cash
Market |
2,350,115 |
3,419,291 |
-31.3% |
Transaction value ( € million, single
counted) |
|
|
|
Total Cash Market |
619,652 |
732,533 |
-15.4% |
ADV
Cash Market |
9,994 |
11,628 |
-14.0% |
|
|
|
|
Listings |
|
|
|
Number of Issuers on Equities |
|
|
|
Euronext |
1,909 |
1,949 |
-2.1% |
SMEs |
1,513 |
1,545 |
-2.1% |
Number
of Listed Securities |
|
|
|
Funds |
2,783 |
2,862 |
-2.8% |
ETFs |
3,755 |
3,767 |
-0.3% |
Bonds |
54,061 |
52,582 |
+2.8% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
16 |
19 |
|
Money Raised -
New equity listings (incl over allotment) |
1,118 |
1,082 |
+3.3% |
Money Raised -
Follow-ons on equities |
4,338 |
11,079 |
-60.8% |
Money Raised -
Bonds |
332,705 |
241,740 |
+37.6% |
Total Money
Raised |
338,160 |
253,901 |
+33.2% |
|
|
|
|
of
which SMEs |
|
|
|
Number of new
equity listings |
13 |
17 |
|
Money Raised -
New equity listings (incl over allotment) |
252 |
1,082 |
-76.7% |
Money Raised -
Follow-ons on equities |
2,322 |
2,653 |
-12.5% |
Money Raised -
Bonds |
892 |
1,264 |
-29.4% |
Total Money
Raised |
3,466 |
4,999 |
-30.7% |
|
Q2 2023 |
Q2 2022 |
%var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
21,632 |
22,063 |
-2.0% |
ADV MTS
Repo |
170,600 |
148,528 |
+14.9% |
TAADV MTS
Repo |
443,680 |
347,540 |
+27.7% |
Other fixed
income |
|
|
|
ADV Fixed
income |
1,293 |
1,015 |
+27.4% |
|
Q2 2023 |
Q2 2022 |
% var |
Number of trading
days |
65 |
65 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
1,403,735 |
1,536,514 |
-8.6% |
ADV Euronext
FX |
21,596 |
23,639 |
-8.6% |
|
|
|
|
|
Q2 2023 |
Q2 2022 |
% var |
Number of
trading days |
91 |
91 |
|
Power volume (in
TWh) |
|
|
|
ADV Day-ahead
power market |
2.36 |
2.52 |
-6.3% |
ADV Intraday
power market |
0.18 |
0.09 |
+90.3% |
|
|
|
|
Figures for money raised have been restated
|
Q2 2023 |
Q2 2022 |
% var |
Number of
trading days |
62 |
63 |
|
Derivatives Volume (in lots) |
|
|
|
Equity |
31,359,961 |
41,518,677 |
-24.5% |
Index |
12,164,085 |
15,530,437 |
-21.7% |
Futures |
8,274,465 |
11,024,029 |
-24.9% |
Options |
3,889,620 |
4,506,408 |
-13.7% |
Individual Equity |
19,195,876 |
25,988,240 |
-26.1% |
Futures |
601,529 |
5,458,194 |
-89.0% |
Options |
18,594,347 |
20,530,046 |
-9.4% |
|
|
|
|
Commodity |
5,542,821 |
4,495,621 |
+23.3% |
Futures |
4,977,372 |
3,777,378 |
+31.8% |
Options |
565,449 |
718,243 |
-21.3% |
|
|
|
|
Total Euronext |
36,902,782 |
46,014,298 |
-19.8% |
Total Futures |
13,853,366 |
20,259,601 |
-31.6% |
Total Options |
23,049,416 |
25,754,697 |
-10.5% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
Equity |
505,806 |
659,027 |
-23.2% |
Index |
196,195 |
246,515 |
-20.4% |
Futures |
133,459 |
174,985 |
-23.7% |
Options |
62,736 |
71,530 |
-12.3% |
Individual Equity |
309,611 |
412,512 |
-24.9% |
Futures |
9,702 |
86,638 |
-88.8% |
Options |
299,909 |
325,874 |
-8.0% |
|
|
|
|
Commodity |
89,400 |
71,359 |
25.3% |
Futures |
80,280 |
59,958 |
+33.9% |
Options |
9,120 |
11,401 |
-20.0% |
|
|
|
|
Total Euronext |
595,206 |
730,386 |
-18.5% |
Total Futures |
223,441 |
321,581 |
-30.8% |
Total Options |
371,765 |
408,805 |
-9.1% |
-
Derivatives open interest
|
30 June
2023 |
30 June
2022 |
% var |
Open interest (in
lots) |
|
|
|
Equity |
21,544,679 |
24,729,470 |
-12.9% |
Index |
1,138,481 |
1,352,560 |
-15.8% |
Futures |
574,205 |
651,548 |
-11.9% |
Options |
564,276 |
701,012 |
-19.5% |
Individual Equity |
20,406,198 |
23,376,910 |
-12.7% |
Futures |
254,427 |
752,598 |
-66.2% |
Options |
20,151,771 |
22,624,312 |
-10.9% |
|
|
|
|
Commodity |
951,527 |
1,107,535 |
-14.1% |
Futures |
560,929 |
651,558 |
-13.9% |
Options |
390,598 |
455,977 |
-14.3% |
|
|
|
|
Total Euronext |
22,496,206 |
25,837,005 |
-12.9% |
Total Futures |
1,389,561 |
2,055,704 |
-32.4% |
Total Options |
21,106,645 |
23,781,301 |
-11.2% |
Figures for derivatives open interest have been
restated
1 Unless specified otherwise, percentages refer to Q2 2023
compared to Q2 2022.
2 Definition in Appendix – adjusted for
non-underlying operating expenses excluding D&A 3 Like-for-like
revenue at constant currencies for 2022 excludes revenues generated
from the acquisition of technology businesses from Nexi’s capital
markets activities
4 For the total adjustments performed please
refer to the Appendix of this press release5 Source: FESE
(Federation of European Securities Exchanges).Figures for money
raised have been restatedur6 Including proceeds from potential
asset disposal
- 20230727_Euronext_PR_Q223_VF
Euronext NV (EU:ENX)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Euronext NV (EU:ENX)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024