Q2/2022
Financial results
Analyst and Investor Conference Call
27 July 2022
Strong organic growth performance in H1/2022 due to continued secular growth and cyclical tailwinds
Organic net revenue grow th | M&A contribution Operating costs |
H1/2022
+16%
+8% secular+8% cyclical
+3% net revenue growth from M&A
Organic operating costs in-line with expectations
Net revenue
€2,079m
+20%
EBITDA
€1,272m
+22%
- Continued strong secular net revenue growth, above expectations
- Key contributors were: financial derivatives (OTC clearing, product innovation), ESG products in Data & Analytics and market share in commodities
- After a very strong first quarter, cyclical tailwinds continued in the second quarter
- Main drivers were higher volatility and increased client hedging needs in almost all asset classes because of inflation and higher interest rates
- M&A contribution mainly from ISS (Jan-Feb 2022)
- Further contribution from Discovery Data, Crypto Finance and Kneip
- Constant currency organic operating cost increase of 6% in H1/22
- Rise mainly driven by some inflationary effects and provisions for variable/share-based compensation
- Investments in growth and infrastructure on previous year's level
Note: Numbers may not add up due to rounding
Deutsche Börse Group │ 27 July 2022 | 1 |
Group financials
H1/2022
Net revenue | € m | EBITDA | € m | Cash EPS 1 | € | ||
+ 2 0 % | + 2 2 % | + 2 2 % |
Note
+ 1 6 % ( o r g a n i c ) | + 2 1 % ( o r g a n i c ) | + 2 0 % ( o r g a n i c ) |
2,079 | 4.38 | |
1,737 | 3.60 | |
1,272 | ||
1,039 | ||
H1/21 H1/22 | H1/21 H1/22 | H1/21 H1/22 |
Net interest income
Operating cost
Financial investments
Depreciation2
Financial result
Net profit
EPS
€139m +106%
€839m +15%
+6% (organic w/o FX)
€32m
€166m
€−35m
€762m +21%
€4.15
Deutsche Börse Group │ 27 July 2022 | 2 |
Note: Organic growth incl. ISS (incl. Discovery Data), Crypto Finance, REGIS-TR and Kneip like-for-like
- EPS before purchase price allocation (ppa)
- Incl. ~€57m ppa effects and ~€6m one-off impairments (Q1/22)
Operating cost development | |||||||
H1/2022 │ €m | |||||||
M&A | FX effect | Organic ( w / o | F X ) | N o t e | |||
+ 6 % | + 2 % | +6% | M&A effects (+6%) mainly driven by | ||||
+ 1 5 % | | ||||||
ISS as well as Discovery Data, Crypto | |||||||
839 | Finance and Kneip | ||||||
21 | |||||||
26 | | Stronger US-Dollar resulted in | |||||
operating cost increase (but also | |||||||
18 | beneficial to revenue development) | ||||||
730 | 45 | | Unprecedented environment resulted | ||||
in slightly higher inflationary effects: | |||||||
building operations, general | |||||||
purchasing and higher staff costs | |||||||
| Favourable financial development and | ||||||
share price performance resulted in | |||||||
higher provisions for variable/share- | |||||||
based compensation | |||||||
H1/21 | Inflation | Compensation | H1/22 | ||||
Note: Numbers may not add up due to rounding | |||||||
Deutsche Börse Group │ 27 July 2022 | 3 |
Group financials
Q2/2022
Net revenue | € m | EBITDA | € m | Cash EPS 1 | € | ||
+ 1 5 % | + 1 3 % | + 11 % |
1.98 | |||
1.79 | |||
1,018 | |||
882 | |||
518 | 585 | ||
Q2/21 Q2/22 | Q2/21 Q2/22 | Q2/21 Q2/22 |
Deutsche Börse Group │ 27 July 2022 | 4 |
Detailed income statement
Note
- Continued strong net revenue growth: 8% secular + 6% cyclical + 1% M&A
- Q2/21 numbers included book gain of €40 million due to the full purchase of Fund Centre
- Constant currency organic operating cost increased 6%, mainly driven by some inflationary pressure and variable/share-based compensation
- Result from financial investments includes partial reversal of fair value gain on FairX disposal (€−6 million)
- Financial result includes €−6 million interest on tax provisions
- EPS before purchase price allocation (ppa)
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Deutsche Börse AG published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 17:19:01 UTC.