Euronext publishes Q3 2023 results
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Euronext publishes Q3 2023 results
Strong quarter driven by organic growth
in non-volume-related business and continued cost discipline. Q3
2023 costs positively impacted by FX rate. Full-year 2023 costs
expected to be lower than guidance.
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris – 8 November 2023 – Euronext,
the leading pan-European market infrastructure, today
publishes its results for the third quarter of 2023.
- Q3 2023
revenue and income was €360.2 million, up +2.8% compared to Q3 2022
underlying revenue and income (+19.5% compared to Q3 2022 total
revenue and income):
-
Strong performance of non-volume-related business:
- Technology Solutions reported €27.4
million of revenue (+5.5%1), thanks to the continued benefits from
the internalisation of colocation services following the migration
of the Core Data Centre to Bergamo and the good performance of Nord
Pool technology activities.
- Advanced Data Services reported
€55.5 million of revenue (+4.7%), reflecting growth in market data
and continued strong performance of the advanced data solutions
business.
- Custody and Settlement reported
€58.9 million of revenue (+3.1%) as new services and growing assets
under custody offset lower settlement activity and the negative
impact of the NOK2 depreciation. Like-for-like at constant
currencies, revenue was up +6.5%.
- Listing reported €54.6 million of
revenue (+1.1%), resulting from Corporate Services activities and
sustained leadership position for listing in Europe, partially
offset by the NOK depreciation. Euronext welcomed 23 new listings,
representing 72% of the new listings in Europe in Q3 2023.
Like-for-like at constant currencies, revenue was up +3.4%.
- Non-volume-related revenue
accounted for 60% of Q3 2023 revenue (vs. 53% in Q3 2022) and
covered 148% of underlying operating expenses, excluding D&A
(vs. 106% in Q3 2022).
- Clearing revenue was €29.5 million
(+1.6%), reflecting dynamic bond clearing activities and solid
derivatives clearing activities offsetting softer equities clearing
volumes, and NTI were at €13.7 million.
- Trading revenue was solid, at
€118.3 million (+0.4%), resulting from Euronext’s diversified
trading activities and strengthened leadership in cash trading in a
low volatility environment for equities trading. Strong organic
growth was recorded in fixed income trading (€25.4 million, up
+18.7%) and power trading (€8.6 million, up +10.0%), more than
offsetting lower cash trading revenue (€64.4 million, -4.4%). Cash
equity market share averaged 66.5% in Q3 2023 and revenue capture
averaged 0.54 bps, above indicated floors.
- Adjusted
EBITDA3 was €213.7 million
(+6.9%) and adjusted EBITDA margin reached 59.3%
(+2.3pts):
- Underlying operating expenses,
excluding D&A, were at €146.5 million (-2.6%), primarily
resulting from continued cost discipline and the positive impact of
foreign exchanges rates.
- Considering the current foreign
exchange rate of the NOK, Euronext expects a full-year positive
impact of €12 million from the NOK depreciation on the cost base.
Consequently, Euronext expects its underlying costs excluding
D&A to be lower than its 2023 underlying costs excluding
D&A guidance of €630 million.
- Adjusted
net income was €146.5 million (+13.2%) and adjusted EPS was €1.38
(+13.7%).
- Reported
net income was €166.5 million (+119.6%), reflecting the
€41.6 million capital gain following the disposal of Euronext 11.1%
stake in LCH SA, the positive comparison base from the
non-underlying one-off loss in net treasury income in Q3 2022
related to the partial disposal of the Euronext Clearing investment
portfolio4 and positive net financing income.
- Key figures
for Q3 2023:
In €m, unless stated otherwise |
Q3 2023 |
Q3 2022 |
% var |
% var
l-f-l5 |
Revenue and income |
360.2 |
301.4 |
+19.5% |
+21.3% |
Underlying revenue and income |
360.2 |
350.3 |
+2.8% |
+4.1% |
Underlying operational expenses excluding D&A2 |
(146.5) |
(150.4) |
-2.6% |
+0.1% |
Adjusted EBITDA |
213.7 |
199.9 |
+6.9% |
+7.0% |
Adjusted EBITDA margin |
59.3% |
57.1% |
+2.3pts |
+1.6pts |
Net income, share of the parent company
shareholders |
166.5 |
75.8 |
+119.6% |
|
Adjusted Net income, share of the parent company shareholders |
146.5 |
129.5 |
+13.2% |
|
Adjusted EPS (basic, in €) |
1.38 |
1.21 |
+13.7% |
|
Reported EPS (basic, in €) |
1.57 |
0.71 |
+120.5% |
|
Adjusted EPS (diluted, in €) |
1.38 |
1.21 |
+13.6% |
|
Reported EPS (diluted, in €) |
1.56 |
0.71 |
+120.4% |
|
|
- Net debt to
reported EBITDA was at 2.2x at the end of Q3 2023 (vs. 2.6x at end
of Q2 2023), and net debt to adjusted EBITDA was at
2.0x.
-
Major achievements in Q3 2023 for the Borsa Italiana Group
integration, delivering synergies in line with announced
schedule:
- €47.6 million of
cumulated run-rate annual EBITDA synergies were achieved since the
acquisition of Borsa Italiana Group in April 2021, of which €3.4
million were delivered in Q3 2023.
- €4.9 million of
implementation costs were incurred during Q3 2023. This brings to
€95.1 million the cumulated implementation costs incurred
since the beginning of the acquisition of the Borsa Italiana
Group.
- The migration of
Italian cash markets to Euronext’s Optiq® trading platform was
completed by the migration of Borsa Italiana Fixed Income, Warrants
and Certificates markets on 11 September 2023. This trading
platform migration was the second milestone in the three phases of
the major Borsa Italiana markets migration to the Optiq trading
platform. Cash markets in all seven Euronext countries are now
integrated on the same trading platform, allowing for the
decommissioning of Borsa Italiana’s third-party-provided cash
trading platform in Q4 2023. The third phase will see the migration
of derivatives instruments to the Optiq trading platform, targeted
for the first quarter of 2024.
- A new VaR-based
margin methodology for Euronext Clearing was introduced on the
Euronext Milan equities, ETF and financial derivatives markets on
16 October 20236. In addition, the first phase of the European
expansion of Euronext Clearing was successfully delivered with
Euronext Clearing positioned as the default CCP for the Euronext
Brussels cash markets since 6 November 2023. Together with the
second phase of the European expansion of Euronext Clearing with
the cash equity clearing operation extended to other Euronext cash
equity markets7 clearing flows in Q4 2023 as expected, this new
activity will significantly contribute to the 2023 run-rate
cumulative synergies target of €70 million.
-
Continued delivery of new innovative trading solutions for
clients:
-
Euronext will expand its Global Equity Market (GEM) retail offering
for pan-European and US stocks on 13 November 2023. Retail brokers
and investors trading from Euronext’s markets in Europe and beyond
will then have access to trade 350+ pan-European and US securities,
in addition to the 1,900 listed stocks already available on
Euronext. Euronext GEM benefits from a smooth and efficient
post-trade set-up through Euronext Clearing and Euronext
Securities.
-
Euronext announces that the European Union has nominated MTS as a
recognized interdealer platform for the implementation of
electronic market making on European Union issued debt instruments.
This new market was launched very successfully early November, and
traded volumes and dealer participation have been very
dynamic.
-
Stéphane Boujnah, Chief Executive Officer and Chairman of
the Managing Board of Euronext, said:
“Euronext’s Q3 2023 results demonstrate the
success of our diversification strategy. Q3 2023 underlying
revenues grew by +2.8% to €360.2 million. Robust organic growth
across our non-volume related businesses and double-digit growth in
our power and fixed income activities more than offset negative FX
impacts and softer cash trading activities. Euronext’s adjusted
EBITDA grew by +6.9% in Q3 2023 to €213.7 million, resulting from
this solid operating performance, combined with our best-in-class
cost discipline as well as positive FX impacts on our costs.
Considering the current foreign exchange rate dynamics, we also
expect our underlying costs for the full year to be lower than
guided at the beginning of the year. As a result of this strong
performance and thanks to the €41.6 million capital gain realised
through the disposal of Euronext’s 11.1% stake in LCH SA, our
reported EPS more than doubled in Q3 20231, to €1.57.
Euronext strengthened its position as the
leading venue for equity listing and trading in Europe. We welcomed
72% of the new equity listings in Europe this quarter. Notably, the
US-based beauty company Coty dual-listed on Euronext Paris to
expand its exposure to European investors. In a softer environment
in equity trading, we remained the go-to trading venue in Europe,
providing best-in-class liquidity, with a market share averaging
66.5% over the quarter and an increased revenue capture. Our
leadership in cash trading has been achieved thanks to the
excellent work of our cash team led by Simon Gallagher. I am
thrilled to announce that Simon Gallagher will continue to drive
client centricity in the City and across Europe as newly appointed
Head of Global Sales for Euronext and CEO of Euronext London.
We delivered several milestones in our ‘Growth
for Impact 2024’ strategic plan in Q3 2023. We completed the second
phase of the trading migration of Italian markets to our
proprietary trading platform Optiq. Cash markets from all of our
seven exchanges in Europe are now integrated on the same trading
platform. I am also proud today to announce the completion of the
first step in the expansion of Euronext Clearing to all our
markets. Since 6 November, Euronext Clearing is the default
clearing house for equity trading in Brussels, and the remaining
markets will follow later this month. This strategic milestone will
significantly contribute to the targeted delivery of €70 million of
cumulated run-rate pre-tax synergies by year end. In addition, our
European cross-selling efforts continue to yield with the launch of
MTS EU on 1 November 2023, which has shown very dynamic initial
activity both in terms of traded volumes and participants.”
■ Euronext
Q3 2023 financial performance
In €m, unless stated otherwise The figures in this
document have not been audited or reviewed by our external
auditor. |
Q3 2023 |
Q3 2022 |
% var |
% var(like-for-like, constant currencies) |
Revenue and income |
360.2 |
301.4 |
+19.5% |
+21.3% |
Underlying revenue and income |
360.2 |
350.3 |
+2.8% |
+4.1% |
Listing |
54.6 |
54.0 |
+1.1% |
+3.4% |
Trading revenue, of which |
118.3 |
117.8 |
+0.4% |
+1.7% |
Cash trading |
64.4 |
67.3 |
-4.4% |
-4.4% |
Derivatives trading |
13.4 |
14.0 |
-3.9% |
-3.6% |
Fixed income trading |
25.4 |
21.4 |
+18.7% |
+18.7% |
FX trading |
6.4 |
7.3 |
-11.4% |
-4.4% |
Power trading |
8.6 |
7.8 |
+10.0% |
+24.8% |
Investor Services |
3.0 |
2.5 |
+20.4% |
+22.6% |
Advanced Data Services |
55.5 |
53.0 |
+4.7% |
+4.9% |
Post-Trade, of which |
88.4 |
86.2 |
+2.6% |
+4.7% |
Clearing |
29.5 |
29.1 |
+1.6% |
+1.6% |
Custody and Settlement |
58.9 |
57.1 |
+3.1% |
+6.5% |
Euronext Technology Solutions & Other |
27.4 |
26.0 |
+5.5% |
+4.7% |
NTI through CCP business |
13.7 |
(38.3) |
+135.8% |
+135.8% |
Other income |
(0.0) |
(0.5) |
+97.2% |
+97.2% |
Transitional revenues |
(0.8) |
0.6 |
-220.0% |
-220.0% |
Underlying operational expenses exc. D&A |
(146.5) |
(150.4) |
-2.6% |
+0.1% |
Adjusted EBITDA |
213.7 |
199.9 |
+6.9% |
+7.0% |
Adjusted EBITDA margin |
59.3% |
57.1% |
+2.3pts |
+1.6pts |
Operating expenses exc. D&A |
(153.6) |
(153.0) |
+0.4% |
+3.2% |
EBITDA |
206.6 |
148.3 |
+39.3% |
+38.8% |
Depreciation & Amortisation |
(41.9) |
(38.8) |
+7.8% |
+9.8% |
Total Expenses (inc. D&A) |
(195.5) |
(191.9) |
+1.9% |
+4.6% |
Adjusted operating profit |
195.4 |
183.8 |
+6.3% |
+6.3% |
Operating Profit |
164.7 |
109.5 |
+50.4% |
|
Net financing (expense) / income |
1.5 |
(4.6) |
+131.7% |
|
Results from equity investments |
54.4 |
1.7 |
+3088.5% |
|
Profit before income tax |
220.6 |
106.6 |
+106.9% |
|
Income tax expense |
(48.4) |
(27.9) |
+73.7% |
|
Share of non-controlling interests |
(5.6) |
(2.9) |
+95.1% |
|
Net income, share of the parent company
shareholders |
166.5 |
75.8 |
+119.6% |
|
Adjusted Net income, share of the parent company
shareholders8 |
146.5 |
129.5 |
+13.2% |
|
Adjusted EPS (basic, in €) |
1.38 |
1.21 |
+13.7% |
|
Reported EPS (basic, in €) |
1.57 |
0.71 |
+120.5% |
|
Adjusted EPS (diluted, in €) |
1.38 |
1.21 |
+13.6% |
|
Reported EPS
(diluted, in €) |
1.56 |
0.71 |
+120.4% |
|
Q3 2023 revenue and income
In Q3 2023, Euronext underlying consolidated
revenue and income amounted to €360.2 million, up +2.8% compared to
Q3 2022, driven by the robust performance of non-volume-related
activities and solid trading revenue driven by strong performances
of fixed income and power trading, more than offsetting a low
volatility environment for cash and derivatives trading, and
negative FX rate variation impacts. In addition, transitional
revenue was negatively impacted by a non-recurring credit note.
On a reported basis, total revenue and income
was up +19.5%, reflecting notably the positive comparison base of
the non-underlying one-off loss of €49.0 million in net treasury
income in Q3 2022 related to the partial disposal of the Euronext
Clearing investment portfolio9.
Non-volume related revenue accounted for 60% of
Group revenue in Q3 2023, compared to 53% in Q3 2022, reflecting
the successful diversification towards non-volume related
activities and low volatility environment for cash trading.
The underlying operating expenses excluding D&A coverage
ratio by non-volume related revenue was at 148% in Q3 2023,
compared to 106% in Q3 2022.
On a like-for-like basis at constant currencies,
Euronext consolidated revenue and income was up +21.3%.
Q3 2023 adjusted EBITDA
Underlying operational expenses excluding
depreciation and amortisation decreased to €146.5 million, down
-2.6%, reflecting strong cost discipline in an inflationary
environment and positive FX impact from the depreciation of the NOK
over the year.
Consequently, adjusted EBITDA for the quarter
totalled €213.7 million, up +6.9% compared to Q3 2022, resulting
from the solid quarter for non-volume related activities, fixed
income and power trading, and post-trade revenue combined with
Euronext’s continued cost discipline. As a result, adjusted EBITDA
margin reached 59.3%, up +2.3 points compared to Q3 2022.
The reported EBITDA was at €206.6 million, up
+39.3% compared to Q3 2022, reflecting the strong performance in Q3
2023 and the non-underlying one-off loss of €49.0 million in net
treasury income in Q3 2022. The reported EBITDA margin grew to
57.3%, up +8.1 points year on year.
Q3 2023 net income, share of the parent
company shareholders
Depreciation and amortisation amounted to €41.9
million in Q3 2023, an increase of +7.8% compared to Q3 2022,
resulting from ongoing migration projects. PPA related to acquired
businesses accounted for €20.5 million.
Adjusted operating profit was €195.4 million, a
+6.3% increase compared to Q3 2022.
€30.7 million of non-underlying expenses,
including depreciation and amortisation, were reported in Q3 2023,
related to the ongoing migration projects and PPA.
Net financing income for Q3 2023 was €1.5
million, compared to a net financing expense of €4.6 million
in Q3 2022. This decrease reflects higher interest income from cash
held offsetting the cost of issued debt.
Results from equity investments amounted to
€54.4 million in Q3 2023, resulting from a dividend received from
Euroclear and from a €41.6 million tax-exempted non-underlying
capital gain in relation to the disposal of Euronext’s 11.1% stake
in LCH SA. As a reminder, following this disposal the Group will
not record any contribution from LCH SA from Q3 2023 in results
from equity investments.
Income tax for Q3 2023 was €48.4 million. This
translated into an effective tax rate of 22.0% for the quarter,
primarily reflecting the positive impact of the tax-exempted
one-off capital gain from the disposal of the LCH SA stake (Q3
2022: €27.9 million and 26.2% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to
-€5.6 million in Q3 2023.
Consequently, the reported net income, share of
the parent company shareholders, increased by +119.6% for Q3 2023
compared to Q3 2022, to €166.5 million. This represents a reported
EPS of €1.57 basic and €1.56 fully diluted in Q3 2023, compared to
€0.71 basic and €0.71 fully diluted in Q3 2022.
Adjusted net income, share of the parent company
shareholders was up +13.2% to €146.5 million. Consequently,
adjusted EPS (basic) was up +13.7% in Q3 2023, at €1.38 per share,
compared to an adjusted EPS (basic) of €1.21 per share in Q3
2022.
The weighted number of shares over the first
nine months of 2023 used for EPS computation was 106,563,821 for
the basic calculation and 106,844,622 for the fully diluted
calculation, slightly decreasing from the first nine months of 2022
as a result of the ongoing share repurchase programme.
In Q3 2023, Euronext reported a net cash flow
from operating activities of €174.5 million, compared to €318.1
million in Q3 2022, reflecting lower change in working capital.
Excluding the impact on working capital from Euronext Clearing and
Nord Pool CCP activities, net cash flow from operating activities
accounted for 100.7% of EBITDA in Q3 2023.
Business highlights
Listing revenue, in €m unless stated otherwise |
Q3 2023 |
Q3 2022 |
% change |
Listing revenue |
54.6 |
54.0 |
+1.1% |
Equity |
26.8 |
27.4 |
-0.7% |
Annual fees |
17.2 |
16.9 |
+1.6% |
Follow-ons |
5.8 |
5.4 |
+9.1% |
IPOs |
3.8 |
5.1 |
-26.0% |
Debts |
8.5 |
8.6 |
-1.6% |
ETFs, Funds & Warrants |
5.8 |
5.6 |
+3.1% |
Corporate Services |
10.6 |
9.4 |
+12.5% |
Others |
3.0 |
3.0 |
-1.7% |
Money raised |
267,412 |
177,660 |
+50.5% |
Listing revenue was €54.6 million in Q3 2023, up
+1.1% compared to Q3 2022, reflecting a resilient quarter for
listing and follow-on activity and strong traction of the SaaS
Corporate Services offering, absorbing the negative impact of the
NOK.
Euronext’s primary equity listing business
sustained its leading position in Europe with 23 new listings in Q3
2023, out of 32 new listings, representing 72% of the listing
activity in Europe. Notably, the US beauty company Coty dual-listed
on Euronext Paris to expand its exposure to European investors.
In Q3 2023, Euronext’s markets reported €417
million raised in primary equity issues, an increase of +189.2%
compared to Q3 2022 with €144 million raised.
Secondary equity issues were up +22.4% in Q3
2023 with follow-on activity reporting €5.8 billion raised in
compared to €4.8 billion in Q3 2022.
In a softer environment for ETP listings in
Europe, Euronext remained a leading exchange in Europe for the
listing of ETPs with 124 new listings.
Euronext maintained its position as the leading
listing venue for bonds worldwide in Q3 202310, growing the number
of bonds listed on its markets to over 54,300. In Q3 2023, €261.2
billion in debt was raised on Euronext markets despite an overall
subdued bond issuance market globally. This represents a +51.2%
increase compared to €172.8 billion raised in Q3 2022. The positive
momentum of Euronext’s ESG bond offering continued in Q3 2023 and
Euronext strengthened its position as the world’s leading ESG bond
venue, reaching €1.2 trillion in sustainable bonds listed on its
markets from over 450 issuers.
In total, €267.4 billion in equity and debt was
raised on Euronext’s markets in Q3 2023, up +50.5% compared to Q3
2022.
Euronext Corporate Services reported a solid
quarter in terms of revenue at €10.6 million in Q3 2023, up +12.5%
compared to Q3 2022, resulting from strong performance of the SaaS
offering.
Like-for-like at constant currencies, listing
revenue was up +3.4%.
Trading revenue reached €118.3 million, up +0.4%
compared to Q3 2022. This demonstrates the benefits of Euronext’s
diversified trading activities across several asset classes. In Q3
2023, double-digit growth in fixed income trading and power trading
more than offset the lower volume environment in cash trading and
financial derivatives trading.
Like-for-like at constant currencies, trading
revenue was up +1.7%.
in €m, unless stated otherwise |
Q3 2023 |
Q3 2022 |
% change |
Trading revenue |
118.3 |
117.8 |
+0.4% |
Cash trading revenue |
64.4 |
67.3 |
-4.4% |
ADV Cash market |
9,175 |
9,599 |
-4.4% |
|
|
|
|
Derivatives trading revenue |
13.4 |
14.0 |
-3.9% |
ADV Derivatives market (in lots) |
600,408 |
598,237 |
+0.4% |
|
|
|
|
Fixed income trading revenue |
25.4 |
21.4 |
+18.7% |
ADV MTS Cash |
21,302 |
15,430 |
+38.1% |
TAADV MTS
Repo |
410,173 |
323,200 |
+26.9% |
ADV other
fixed income |
943 |
787 |
+19.7% |
|
|
|
|
Spot FX trading revenue |
6.4 |
7.3 |
-11.4% |
ADV spot FX Market (in USD m) |
23,274 |
21,743 |
+7.0% |
|
|
|
|
Power trading revenue |
8.6 |
7.8 |
+10.0% |
ADV Day-ahead power market (in TWH) |
2.31 |
2.39 |
-3.6% |
ADV Intraday
power market (in TWH) |
0.21 |
0.10 |
+96.6% |
Cash trading revenue decreased by -4.4% to €64.4
million in Q3 2023, as lower volumes were partly offset by improved
market share and revenue capture. In Q3 2023, Euronext recorded
average daily cash volumes of €9.2 billion.
Euronext cash trading yield averaged 0.54 bps,
above Euronext’s floor of at least 0.52 bps, supported by the
completion of the trading migration of Italian cash markets to
Optiq®, and despite continued high order sizes.
Euronext continued to reinforce its position as
the venue for price formation following the migration of Italian
cash equity markets to Optiq. Cash equity market share steadily
increased over the third quarter of 2023 to average 66.5%,
outperforming the 2023 floor of at least 63%. Euronext continued to
guarantee best-in-class market quality and to maintain its position
as the venue for price formation for European equity trading.
Like-for-like at constant currencies, cash
trading revenue was down -4.4%.
Derivatives trading revenue decreased by -3.9%
to €13.4 million in Q3 2023, as equity and index futures were down
compared to a particularly volatile Q3 2022, partially offset by
the continued strong performance of Euronext commodity derivatives
supporting good revenue capture.
During Q3 2023, financial derivatives trading
volumes decreased across the offering with average daily volume on
financial derivatives at 503,540 lots, down -2.0% from Q3 2022,
primarily due to a decrease in index futures and individual equity
futures.
Average daily volume on commodity derivatives
was at 96,868 lots in Q3 2023, up +14.7% compared to Q3 2022 and
reaching in July 2023 the highest monthly ADV since January 2021.
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 the
dedicated programme.
Euronext revenue capture on derivatives trading
was €0.34 per lot for the third quarter of 2023, reflecting a
positively geared volume mix and solid revenue capture.
Like-for-like at constant currencies, derivatives trading revenue
was down -3.6%.
Fixed income trading activities continued to be
driven by higher interest rates and supportive market volatility.
Revenue was up +18.7% to €25.4 million in Q3 2023, reflecting
strong performance across the offering. For the third quarter of
2023, MTS Cash reported €15.9 million of revenue and MTS Repo
reported €6.3 million of revenue.
MTS Repo term-adjusted average daily volumes
grew +26.9% to €410.2 billion, compared to €323.2 billion in Q3
2022. MTS Cash average daily volumes were at €21.3 billion,
strongly up +38.1% compared to Q3 2022. Other fixed income volumes
ADV were up +19.7% year on year at €1.0 billion.
On a like-for-like basis at constant currencies,
fixed income trading revenue was up +18.7% in Q3 2023 compared to
Q3 2022.
FX trading reported €6.4 million of revenue in
Q3 2023, down -11.4% reflecting negative volume mix impacts and the
year-on-year depreciation of the USD, which offset higher
volumes.
Over the third quarter of 2023, average daily
volumes of USD23.2 billion were recorded, up +7.0% compared to Q3
2022, resulting from an uptick in volatility.
On a like-for-like basis at constant currencies,
FX trading revenue was down -4.4% in Q3 2023 compared to Q3
2022.
Power trading revenue grew to €8.6 million in Q3
2023, up +10.0% compared to Q3 2022, driven by very strong intraday
volumes and improved revenue capture, partly offset by FX effects
and lower day-ahead volumes.
Over the third quarter of 2023, average daily
day-ahead power traded was 2.31TWh, down -3.6% compared to Q3 2022,
and average daily intraday power traded was 0.21TWh, up +96.6%
compared to Q3 2022.
On a like-for-like basis at constant currencies,
power trading revenue was up +24.8% in Q3 2023 compared to Q3
2022.
Investor Services reported €3.0 million revenue
in Q3 2023, representing a +20.4% increase compared to Q3 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 +22.6% compared to Q3 2022.
Advanced Data Services reached revenue of €55.5
million in Q3 2023, up +4.7% from Q3 2022, driven by a strong
performance of the core data business, supported by enhanced
revenue capture, and the dynamic advanced data solutions offering.
These drivers were partly offset by the seasonal softer summer
period for non-professional users and some one-off user corrections
following the completion of Borsa Italiana trading platform
migrations.
On a like-for-like basis at constant currencies,
advanced data services revenue was up +4.9% compared to Q3
2022.
in €m, unless stated otherwise |
Q3 2023 |
Q3 2022 |
% var |
Post-trade revenue (exc. NTI) |
88.4 |
86.2 |
+2.6% |
Clearing |
29.5 |
29.1 |
+1.6% |
Revenue from LCH SA |
18.2 |
18.7 |
-2.4% |
Revenue from Euronext Clearing |
11.3 |
10.4 |
+8.8% |
Custody, Settlement and other Post-Trade activities |
58.9 |
57.1 |
+3.1% |
Net treasury income through CCP business |
13.7 |
(38.3) |
+135.8% |
Clearing revenue was up +1.6% to €29.5 million
in Q3 2023, profiting from the stronger bond and commodities
clearing activity, compensating for the softer equity clearing
environment and lower NTI contribution from LCH SA. Non-volume
related clearing revenue (including membership fees, treasury
income received from LCH SA) accounted for €8.0 million of the
total clearing revenue in Q3 2023.
Euronext Clearing activities reflected an uplift
in cleared volumes for fixed income securities and robust
derivatives clearing flows offsetting a decrease in equity clearing
in line with trading volumes. In Q3 2023, Euronext Clearing revenue
included €1.3 million from derivatives clearing, €3.6 million from
equities clearing, and €3.2 million from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was up +1.6% compared to Q3 2022.
Net treasury income amounted to €13.7 million in
Q3 2023, an increase of +135.8% compared to Q3 2022. This results
from the positive comparison base linked to the disposal of the
Euronext Clearing investment portfolio, which led to a
non-underlying loss of €49.0 million in NTI in Q3 2022.
On a like-for-like basis at constant currencies,
net treasury income was up +135.8% compared to Q3 2022.
- Custody,
Settlement and other Post-Trade activities
Revenue from Custody, Settlement and other
Post-Trade activities was €58.9 million in Q3 2023, up +6.5%
like-for-like at constant currencies, or +3.1% compared to Q3 2022
on a reported basis. This reflects an increased revenue capture,
new services and higher assets under custody, partially offset by
slightly lower settlement activities and the impact of the
depreciation of the NOK.
28,875,807 settlement instructions were
processed in the third quarter of 2023 and assets under custody
grew €6.5 trillion (29,541,795 settlement instructions and €6.1
trillion assets under custody in Q3 2022).
- Technology
Solutions and Other revenue
Technology Solutions and Other revenue grew to
€27.4 million in Q3 2023, up +5.5% from Q3 2022, reflecting the
continued benefits of the internalisation of the colocation
activity following the migration of Euronext’s Core Data Centre to
Bergamo and good performance of Nord Pool’s technology
activities.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +4.7% compared to Q3
2022.
Q3 2023 corporate highlights since
publication of the Q2 2023 results on 28 July 2023
- Optiq®
migration: successful completion of Phase 2 for Borsa Italiana
markets
Borsa Italiana Fixed Income, Warrants and
Certificates markets opened for trading on the Euronext Optiq®
trading platform for the first time on 11 September 2023, with over
32,500 Italian fixed income, warrants and certificates available
for trading on the Optiq trading platform. This marks a major
milestone in the journey to integrating all Borsa Italiana markets
into the Euronext Optiq platform, as the Italian cash markets are
all now live. This phase of the trading migration brought across
Borsa Italiana’s three fixed income markets: MOT, the regulated
market designed to facilitate access to the bond market for private
investors; Euronext Access Milan (formerly ExtraMOT), a
multilateral trading facility (MTF) for professional investors that
offers trading in bonds listed in other EU markets as well as
Italian bonds, particularly those issued by SMEs; and EuroTLX, an
MTF targeted specifically to non-professional and professional
investors trading in retail-size fixed income securities. Also
included in the scope was the Borsa Italiana SeDeX market, for
retail investors trading certificates and covered warrants,
collectively known as securitised derivatives products. Migrating
the Borsa Italiana markets onto one platform gives investors in
Italy the opportunity to trade a much wider range of products,
while issuers of financial instruments gain access to a broad
investor base across Europe and internationally, through all seven
Euronext marketplaces. Likewise, European investors can benefit
from trading Italian products through the Euronext platform.
This successful migration means that two of the
three phases in the major Borsa Italiana markets migration to the
Optiq platform are complete, and the cash markets in all seven
Euronext countries are now integrated on the same trading platform.
The third phase will see the migration of derivatives instruments,
and is targeted for the first quarter of 2024.
Corporate highlights since 30 September
2023
- Euronext
Clearing introduces innovative VaR-based margin methodology for
Italian equities, ETF and financial derivatives
markets
Euronext Clearing announced on 23 October 2023
the introduction of the new VaR-based margin methodology on the
Euronext Milan equities, ETF and financial derivatives markets. VaR
had already been made available in 2022 for Italian, Portuguese,
Spanish, and Irish government bonds on MTS and BrokerTec cash and
repo platforms.
- European
expansion of Euronext Clearing
On 6 November 2023, the first phase of the
European expansion of Euronext Clearing was successfully delivered
with Euronext Clearing positioned as the default CCP for the
Euronext Brussels cash markets clearing activities. The second
phase of the European expansion of Euronext Clearing will be
delivered with the cash equity clearing operation extended to other
Euronext cash equity markets clearing flows, as expected, in Q4
2023.
Euronext announces that the European Union has
nominated MTS as a recognized interdealer platform for the
implementation of electronic market making on European Union issued
debt instruments. This new market was launched very successfully
early November, and traded volumes and dealer participation have
been very dynamic.
- Euronext
Global Equity Market – GEM
Euronext will expand its Global Equity Market
(GEM) retail offering for pan-European and US stocks on 13 November
2023. Retail brokers and investors trading from Euronext’s markets
in Europe and beyond will then have access to trade 350+
pan-European and US securities, in addition to the 1,900 listed
stocks already available on Euronext. Euronext GEM benefits from a
smooth and efficient post-trade set-up through Euronext Clearing
and Euronext Securities.
- Update on
share repurchase programme
Euronext announced on 27 July 2023 a share
repurchase programme (the ‘Programme’) for a maximum amount of €200
million11. As of 3 November 2023, Euronext had completed 59.21% of
the Programme. This represents 1,784,064 shares bought back by
Euronext since the beginning of the Programme on 31 July 2023, at
an average price per share of €66.37.
- Appointment
of Simon Gallagher as Head of Global Sales and member of the
Managing Board of Euronext N.V.
Euronext today announces that Simon Gallagher
has been nominated by the Supervisory Board of Euronext N.V. as
Head of Global Sales and member of the Managing Board, subject to
regulatory and shareholder approvals, starting from 8 November
2023, replacing of Chris Topple. Simon Gallagher has also been
appointed as CEO of Euronext London.
After 5 years with Euronext during which he
successfully contributed to the transformation of the Group, Chris
Topple left the company to pursue other projects with effect from 1
November 2023. Euronext would like to thank Chris for his
contribution to Euronext in the last few years and wishes him the
very best in his future endeavors.
Simon Gallagher, until this nomination, was Head
of Cash and Derivatives with overall P&L responsibility for
these activities, including the product offer, market model,
strategy, pricing and liquidity programmes. Prior to this role, he
held several positions within Euronext in Corporate Finance and
Strategy, and occupied various roles in the oil and gas sector. He
is a CFA charter-holder, holds an MBA and a Masters in Philosophy
from the University of Birmingham and has degrees in Economics from
the University of Surrey and in Psychology from the Open
University. Simon Gallagher is a member of the boards of Oslo Børs
and Euronext Clearing.
- Euronext
2024 financial calendar
- Full-year 2023
results:
- Release on Thursday 15 February 2024, after market
closing
- Analysts conference on Friday 16 February 2024, at 09:00
CET
- Quiet period from 26 January to 16 February 2024
- Q1 2024
results:
- Release on Tuesday 14 May 2024, after market closing
- Analysts conference on Wednesday 15 May 2024, at 09:00
CEST
- Quiet period from 27 April to 14 May 2024
- Annual General
Meeting: Wednesday 15 May 2024, at 10:30 CEST
- Q2 2024
results:
- Release on Thursday 25 July 2024, after market
closing
- Analysts conference on Friday 26 July 2024, at 09:00
CEST
- Quiet period from 8 July to 25 July 2024
- Q3 2024
results:
- Release on Thursday 7 November 2024, after market
closing
- Analysts conference on Friday 8 November 2024, at 09:00
CET
- Quiet period from 18 October to 7 November 2024
Agenda
A conference call and webcast will be
held on 9 November 2023, at 09:00am CET (Paris time) / 08:00am GMT
(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 |
mediateam@euronext.com |
Andrea Monzani
(Europe) |
+39 02 72 42 62
13 |
mediateam@euronext.com |
Ester Russom
(Milan/Rome) |
+39 02 72 42 67
56 |
italypressoffice@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 |
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 |
Coralie Patri
(Corporate Services) |
+33 7 88 34 27
44 |
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 €6.2 trillion in market capitalisation as
of end September 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
Q2 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 Q2 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 related 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
|
Q3 2023 |
Q3 2022 |
Net income reported |
166.5 |
75.8 |
EPS
reported |
1.57 |
0.71 |
Adjustments |
|
|
of which revenues |
0.0 |
(48.9) |
of which Operating expenses exc. D&A |
(7.1) |
(2.6) |
of which Depreciation and amortisation |
(23.6) |
(22.7) |
of which Net financing expense |
(0.0) |
0.1 |
of which results from equity investments |
41.6 |
- |
of which Minority interest |
0.8 |
0.2 |
Tax related to adjustments |
8.3 |
20.3 |
Adjusted net income |
146.5 |
129.5 |
Adjusted EPS |
1.38 |
1.21 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated income
statement
|
Q3 2023 |
Q3 2022 |
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
Revenue and income |
360.2 |
0.0 |
360.2 |
350.3 |
(48.9) |
301.4 |
Listing |
54.6 |
- |
54.6 |
54.0 |
- |
54.0 |
Trading revenue, of which |
118.3 |
- |
118.3 |
117.8 |
- |
117.8 |
Cash trading |
64.4 |
- |
64.4 |
67.3 |
- |
67.3 |
Derivatives trading |
13.4 |
- |
13.4 |
14.0 |
- |
14.0 |
Fixed income trading |
25.4 |
- |
25.4 |
21.4 |
- |
21.4 |
FX trading |
6.4 |
- |
6.4 |
7.3 |
- |
7.3 |
Power trading |
8.6 |
- |
8.6 |
7.8 |
- |
7.8 |
Investor services |
3.0 |
- |
3.0 |
2.5 |
- |
2.5 |
Advanced data services |
55.5 |
- |
55.5 |
53.0 |
- |
53.0 |
Post-Trade, of which |
88.4 |
- |
88.4 |
86.2 |
- |
86.2 |
Clearing |
29.5 |
- |
29.5 |
29.1 |
- |
29.1 |
Custody & Settlement and other |
58.9 |
- |
58.9 |
57.1 |
- |
57.1 |
Euronext Technology Solutions & other revenue |
27.4 |
0.0 |
27.4 |
26.0 |
(0.0) |
26.0 |
Net Financing Income through CCP business |
13.7 |
- |
13.7 |
10.7 |
(49.0) |
(38.3) |
Other income |
(0.0) |
- |
(0.0) |
(0.5) |
0.0 |
(0.5) |
Transitional revenues |
(0.8) |
- |
(0.8) |
0.6 |
0.0 |
0.6 |
Operating expenses excluding D&A |
(146.5) |
(7.1) |
(153.6) |
(150.4) |
(2.6) |
(153.0) |
Salaries and employee benefits |
(76.0) |
(1.8) |
(77.8) |
(75.4) |
(1.7) |
(77.0) |
Other operational expenses, of which |
(70.5) |
(5.3) |
(75.8) |
(75.0) |
(1.0) |
(76.0) |
System & communication |
(24.5) |
(1.7) |
(26.2) |
(29.9) |
(1.5) |
(31.4) |
Professional services |
(13.5) |
(3.1) |
(16.6) |
(13.4) |
0.6 |
(12.8) |
Clearing expense |
(8.6) |
- |
(8.6) |
(8.8) |
- |
(8.8) |
Accommodation |
(3.7) |
(0.3) |
(3.9) |
(3.4) |
(0.0) |
(3.4) |
Other operational expenses |
(20.3) |
(0.1) |
(20.5) |
(19.5) |
(0.0) |
(19.5) |
EBITDA |
213.7 |
(7.1) |
206.6 |
199.9 |
(51.6) |
148.3 |
EBITDA margin |
59.3% |
|
57.3% |
57.1% |
|
49.2% |
Depreciation & amortisation |
(18.3) |
(23.6) |
(41.9) |
(16.1) |
(22.7) |
(38.8) |
Total expenses |
(164.8) |
(30.7) |
(195.5) |
(166.5) |
(25.4) |
(191.9) |
Operating profit |
195.4 |
(30.7) |
164.7 |
183.8 |
(74.3) |
109.5 |
Net financing income / (expense) |
1.5 |
(0.0) |
1.5 |
(4.7) |
0.1 |
(4.6) |
Results from equity investment |
12.8 |
41.6 |
54.4 |
1.7 |
(0.0) |
1.7 |
Profit before income tax |
209.7 |
10.9 |
220.6 |
180.8 |
(74.2) |
106.6 |
Income tax expense |
(56.8) |
8.3 |
(48.4) |
(48.2) |
20.3 |
(27.9) |
Non-controlling interests |
(6.4) |
0.8 |
(5.6) |
(3.1) |
0.2 |
(2.9) |
Net income, share of the parent company
shareholders |
146.5 |
20.0 |
166.5 |
129.5 |
(53.6) |
75.8 |
EPS (basic, in €) |
1.38 |
|
1.57 |
1.21 |
|
0.71 |
EPS (diluted, in €) |
1.38 |
|
1.56 |
1.21 |
|
0.71 |
The figures in this document have not been audited or reviewed
by our external auditor
Consolidated comprehensive income
statement
|
Q3 2023 |
Q3 2022 |
|
Profit for the period |
172.2 |
78.7 |
|
|
|
|
|
Other comprehensive income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
31.4 |
(14.8) |
– Income tax impact on exchange differences on translation of
foreign operations |
(3.5) |
1.4 |
– Change in value of debt investments at fair value through other
comprehensive income |
0.5 |
(10.0) |
– Realisation of fair value of debt investments as fair value
through other comprehensive income |
- |
49.0 |
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(0.1) |
(11.2) |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
0.1 |
- |
– Remeasurements of post-employment benefit obligations |
2.2 |
|
– Income tax impact on remeasurements of post-employment benefit
obligations |
(0.3) |
- |
Other comprehensive income for the period, net of
tax |
30.3 |
14.3 |
Total comprehensive income for the period |
202.4 |
93.0 |
|
|
|
Comprehensive income attributable to: |
|
|
– Owners of the parent |
196.3 |
90.0 |
– Non-controlling interests |
6.2 |
3.0 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated balance sheet
in €
million |
As of 30 September 23 |
As of 30 June 23 |
Non-current assets |
|
|
Property, plant and equipment |
108.4 |
105.7 |
Right-of-use assets |
56.9 |
60.9 |
Goodwill and other intangible assets |
6,123.8 |
6,108.2 |
Deferred income tax assets |
29.0 |
28.6 |
Investments in associates and joint ventures |
1.3 |
1.3 |
Financial assets at fair value through OCI |
262.7 |
290.1 |
Other non-current assets |
9.5 |
9.6 |
Total non-current assets |
6,591.6 |
6,604.3 |
|
|
|
Current assets |
|
|
Trade and other receivables |
318.4 |
364.1 |
Income tax receivable |
38.0 |
34.6 |
Derivative financial instruments |
(0.0) |
(0.0) |
CCP clearing business assets |
183,599.4 |
189,824.1 |
Other current financial assets |
170.6 |
74.1 |
Cash & cash equivalents1) |
1,336.5 |
1,195.8 |
Total current assets |
185,462.9 |
191,492.6 |
|
|
|
Asset held for sale2) |
- |
69.4 |
Total assets |
192,054.5 |
198,166.3 |
|
|
|
Equity |
|
|
Shareholders' equity |
3,955.1 |
3,821.6 |
Non-controlling interests |
134.7 |
128.6 |
Total Equity |
4,089.9 |
3,950.1 |
|
|
|
Non-current liabilities |
|
|
Borrowings |
3,030.5 |
3,029.4 |
Lease liabilities |
39.3 |
42.1 |
Deferred income tax liabilities |
537.7 |
532.8 |
Post-employment benefits |
17.2 |
18.4 |
Contract liabilities |
61.1 |
64.7 |
Other provisions |
6.8 |
7.0 |
Total Non-current liabilities |
3,692.6 |
3,694.4 |
|
|
|
Current liabilities |
|
|
Borrowings |
10.3 |
3.4 |
Lease liabilities |
22.0 |
23.6 |
CCP clearing business liabilities |
183,709.4 |
189,926.7 |
Income tax payable |
80.7 |
56.0 |
Trade and other payables |
346.1 |
380.5 |
Contract liabilities |
103.2 |
131.2 |
Other provisions |
0.4 |
0.4 |
Total Current liabilities |
184,272.0 |
190,521.8 |
|
|
|
Total equity and liabilities |
192,054.5 |
198,166.3 |
The consolidated Balance Sheet includes the
Euronext Clearing (CC&G) business assets and liabilities.
1) Cash and cash equivalents
include €18.5 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 |
Q3 2023 |
Q3 2022 |
Profit before tax |
220.6 |
106.6 |
Adjustments for: |
|
|
- Depreciation and amortisation |
41.9 |
38.8 |
- Share based payments |
3.5 |
2.6 |
- Gain on sale of associates |
(41.6) |
- |
- Share of profit from associates and joint ventures |
- |
(1.7) |
- Changes in working capital |
(21.3) |
200.7 |
|
|
|
Cash flow from operating activities |
203.1 |
346.9 |
Income tax paid |
(28.6) |
(28.8) |
Net cash flows from operating activities |
174.5 |
318.1 |
|
|
|
Cash flow from investing activities |
|
|
Business combinations, net of cash acquired |
- |
(0.0) |
Proceeds from sale of subsidiary |
- |
0.1 |
Purchase of financial assets at FVOCI |
(1.3) |
- |
Proceeds from sale of associate |
111.0 |
- |
Proceeds from disposal of FVOCI financial assets |
0.1 |
- |
Purchase of current financial assets |
(68.6) |
(15.0) |
Redemption of current financial assets |
1.5 |
16.5 |
Purchase of property, plant and equipment |
(7.2) |
(5.5) |
Purchase of intangible assets |
(19.2) |
(22.5) |
Interest received |
5.0 |
0.2 |
Dividends received from equity investments |
12.8 |
- |
Dividends received from associates and joint ventures |
- |
0.0 |
Net cash flow from investing activities |
34.2 |
(26.1) |
|
|
|
Cash flow from financing activities |
|
|
Interest paid |
(0.4) |
(0.6) |
Settlement of derivatives financial instruments |
- |
- |
Payment of lease liabilities |
(8.2) |
(5.5) |
Acquisitions of own shares |
(66.2) |
(1.0) |
Employee Share transactions |
- |
(0.1) |
Dividends paid to the company's shareholders |
- |
- |
Dividends paid to non-controlling interests |
(0.8) |
(2.4) |
Net cash flow from financing activities |
(75.5) |
(9.5) |
|
|
|
Total cash flow over the period |
133.1 |
282.5 |
Cash and cash equivalents - Beginning of period |
1,195.8 |
949.1 |
Non cash exchange gains/(losses) on cash and cash equivalents |
7.5 |
(16.6) |
Cash and cash equivalents - End of period |
1,336.5 |
1,215.0 |
The figures in this document have not been
audited or reviewed by our external auditor.
Volumes for third quarter
2023
|
Q3 2023 |
Q3 2022 |
%var |
Number of
trading days |
65 |
66 |
|
Number
of transactions (buy and sells, inc. reported trades) |
|
|
|
Total Cash Market |
145,373,630 |
189,358,000 |
-23.2% |
ADV Cash
Market |
2,236,517 |
2,869,061 |
-22.0% |
Transaction value ( € million, single
counted) |
|
|
|
Total Cash Market |
596,350 |
633,536 |
-5.9% |
ADV
Cash Market |
9,175 |
9,599 |
-4.4% |
|
|
|
|
Listings |
|
|
|
Number of Issuers on Equities |
|
|
|
Euronext |
1,905 |
1,943 |
-2.0% |
SMEs |
1,521 |
1,561 |
-2.6% |
Number
of Listed Securities |
|
|
|
Funds |
2,475 |
2,847 |
-13.1% |
ETFs |
3,814 |
3,759 |
+1.5% |
Bonds |
54,378 |
52,712 |
+3.2% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
23 |
18 |
+27.8% |
Money Raised -
New equity listings (incl over allotment) |
416.6 |
144 |
+189.2% |
Money Raised -
Follow-ons on equities |
5,834 |
4,766 |
+22.4% |
Money Raised -
Bonds |
261,162 |
172,750 |
+51.2% |
Total Money
Raised |
267,412 |
177,660 |
+50.5% |
|
|
|
|
of
which SMEs |
|
|
|
Number of new
equity listings |
22 |
17 |
+29.4% |
Money Raised -
New equity listings (incl over allotment) |
77 |
144 |
-46.3% |
Money Raised -
Follow-ons on equities |
1,406 |
1,879 |
-25.2% |
Money Raised -
Bonds |
370 |
169 |
+118.9% |
Total Money
Raised |
1,853 |
2,192 |
-15.5% |
|
Q3 2023 |
Q3 2022 |
%var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
21,302 |
15,430 |
+38.1% |
ADV MTS
Repo |
165,558 |
152,676 |
+8.4% |
TAADV MTS
Repo |
410,173 |
323,200 |
+26.9% |
Other
fixed income |
|
|
|
ADV Fixed
income |
943 |
787 |
+19.7% |
|
Q3 2023 |
Q3 2022 |
% var |
Number of trading
days |
65 |
66 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
1,512,808 |
1,435,005 |
+5.4% |
ADV Euronext
FX |
23,274 |
21,743 |
+7.0% |
|
|
|
|
|
Q3 2023 |
Q3 2022 |
% var |
Number of
trading days |
92 |
92 |
|
Power volume (in TWh) |
|
|
|
ADV Day-ahead
power market |
2.31 |
2.39 |
-3.6% |
ADV Intraday
power market |
0.21 |
0.10 |
+96.6% |
|
|
|
|
Figures for money raised have been restated
|
Q3 2023 |
Q3 2022 |
% var |
Number of
trading days |
65 |
66 |
|
Derivatives Volume (in lots) |
|
|
|
Equity |
32,730,102 |
33,909,567 |
-3.5% |
Index |
14,510,094 |
15,839,216 |
-8.4% |
Futures |
8,291,348 |
10,352,237 |
-19.9% |
Options |
6,218,746 |
5,486,979 |
+13.3% |
Individual Equity |
18,220,008 |
18,070,351 |
+0.8% |
Futures |
380,483 |
843,039 |
-54.9% |
Options |
17,839,525 |
17,227,312 |
+3.6% |
|
|
|
|
Commodity |
6,296,431 |
5,574,098 |
+13.0% |
Futures |
5,811,594 |
4,883,356 |
+19.0% |
Options |
484,837 |
690,742 |
-29.8% |
|
|
|
|
Total Euronext |
39,026,533 |
39,483,665 |
-1.2% |
Total Futures |
14,483,425 |
16,078,632 |
-9.9% |
Total Options |
24,543,108 |
23,405,033 |
+4.9% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
Equity |
503,540 |
513,781 |
-2.0% |
Index |
223,232 |
239,988 |
-7.0% |
Futures |
127,559 |
156,852 |
-18.7% |
Options |
95,673 |
83,136 |
+15.1% |
Individual Equity |
280,308 |
273,793 |
+2.4% |
Futures |
5,854 |
12,773 |
-54.2% |
Options |
274,454 |
261,020 |
+5.1% |
|
|
|
|
Commodity |
96,868 |
84,456 |
+14.7% |
Futures |
89,409 |
73,990 |
+20.8% |
Options |
7,459 |
10,466 |
-28.7% |
|
|
|
|
Total Euronext |
600,408 |
598,237 |
+0.4% |
Total Futures |
222,822 |
243,616 |
-8.5% |
Total Options |
377,586 |
354,622 |
+6.5% |
-
Derivatives open interest
|
30 Sept 2023 |
30 Sept 2022 |
% var |
Open interest (in lots) |
|
|
|
Equity |
23,028,421 |
26,554,341 |
-13.3% |
Index |
1,283,695 |
1,460,076 |
-12.1% |
Futures |
565,311 |
640,765 |
-11.8% |
Options |
718,384 |
819,311 |
-12.3% |
Individual Equity |
21,744,726 |
25,094,265 |
-13.3% |
Futures |
154,228 |
581,797 |
-73.5% |
Options |
21,590,498 |
24,512,468 |
-11.9% |
|
|
|
|
Commodity |
981,090 |
1,130,938 |
-13.2% |
Futures |
641,969 |
665,792 |
-3.6% |
Options |
339,121 |
465,146 |
-27.1% |
|
|
|
|
Total Euronext |
24,009,511 |
27,685,279 |
-13.3% |
Total Futures |
1,361,508 |
1,888,354 |
-27.9% |
Total Options |
22,648,003 |
25,796,925 |
-12.2% |
Figures for derivatives open interest have been
restated
1 Unless specified otherwise, percentages refer to Q3 2023
compared to Q3 2022.2 Norwegian Kroner
3 Definition in Appendix – adjusted for
non-underlying operating expenses excluding D&A 4 More
information on https://www.euronext.com/en/investor-relations5
Like-for-like revenue at constant currencies for 2022 excludes
revenues generated from the acquisition of technology businesses
from Nexi’s capital markets activities 6
www.euronext.com/en/about/media/euronext-press-releases/euronext-clearing-introduces-innovative-var-based-margin7
Excluding Oslo Børs
8 For the total adjustments performed please
refer to the Appendix of this press release9 Underlying revenue
excludes €49.0 million non-underlying, one-off loss (€35 million
post tax) related to the partial disposal of the Euronext Clearing
investment portfolio. Please refer to the section on net treasury
income section and
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.10 Source: FESE (Federation of European Securities
Exchanges).Figures for money raised have been restatedur11
www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-launch-share-repurchase-programme
- 20231108_Euronext_PR_Q323_VFinale
Euronext NV (EU:ENX)
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