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Strong performance driven by growth in non-volume related business and in trading activities, cost control and integration of the
- Q1 2022 revenue and income up +6.0% pro forma1 to €395.7 million (+58.8% reported, +€146.6 million) driven by non-volume related and trading activities growth:
- Non-volume related revenue accounted for 55% of Q1 2022 total revenue (vs. 58% pro forma in Q1 2021) and covered 151% of underlying operating expenses, excluding D&A (vs. 147% pro forma in Q1 2021).
- Contribution of the
Borsa Italiana Group was €129.4 million. - Trading revenue grew to €150.8 million (+9.9% pro forma, +57.2% reported), resulting from strong trading activities across all asset classes with cash trading revenue at €94.0 million and fixed income trading revenue at €24.4 million.
- Post-trade revenue grew to €95.8 million (+3.1% pro forma, +51.7% reported), due to continued strong activity. Clearing revenue increased to €31.9 million (+11.2% pro forma, +87.2% reported) as a result of a highly volatile environment and net treasury income of
Euronext Clearing was €13.4 million. Custody and Settlement revenue were €63.9 million (stable pro forma, +38.6% reported) driven organically by an increased number of accounts inEuronext Securities Oslo andEuronext Securities Copenhagen. - Advanced Data Services revenue grew to €52.6 million (+3.4% pro forma, +43.9% reported) due to a solid core data business performance.
Euronext remained the leading venue for equity and ETF listing inEurope and for debt listing worldwide. Listing revenue grew to €55.4 million (+12.4% pro forma, +42.9% reported), resulting from resilient listing activity with 22 new listings.
- Adjusted EBITDA2 up +11.4% pro forma to €252.2 million (+66.8% reported, +€101.0 million) thanks to continued costs discipline and successful ongoing integration. Adjusted EBITDA margin at 63.7% (+3.1pts):
- Underlying operating expenses, excluding D&A, were €143.6 million (-2.2% pro forma, +46.5% reported), down organically thanks to continued cost discipline and delivery of planned synergies.
- Reported net income, share of the parent company shareholders, up +10.9% pro forma (+46.5% reported) to €143.8 million (+45.6 million):
- Net financing expenses were at €9.9 million and results from equity investments amounted to €3.1 million. Income tax rate was 26.1%.
- Adjusted EPS3 up +7.3% to €1.544, based on 106,576,290 shares in Q1 2022.
- Key figures
In €m, unless stated otherwise | Q1 2022 | Q1 2021 | % var | % var l-f-l5 | % var pro forma |
Revenue and income | 395.7 | 249.2 | +58.8% | +6.9% | +6.0% |
Underlying operational expenses excluding D&A | (143.6) | (98.0) | +46.5% | -1.1% | -2.2% |
Adjusted EBITDA | 252.2 | 151.2 | +66.8% | +12.0% | +11.4% |
Adjusted EBITDA margin | 63.7% | 60.7% | +3.1pts | +2.9pts | +3.1pts |
Net income, share of the parent company shareholders | 143.8 | 98.2 | +46.5% | +10.9% | |
Adjusted Net income, share of the parent company shareholders | 164.4 | 109.4 | +50.3% | ||
Adjusted EPS (basic, in€) | 1.54 | 1.44 | +7.3% | ||
Reported EPS (basic, in€) | 1.35 | 1.29 | +4.6% | ||
Adjusted EPS (diluted, in€) | 1.54 | 1.43 | +7.4% | ||
Reported EPS (diluted, in€) | 1.35 | 1.29 | +4.7% |
- Net debt to reported EBITDA6 at 2.3x at the end of March 2022,
Euronext outlook revised to ‘Positive’ from ‘Neutral’ by S&P and ‘BBB’ rating affirmed. - Progress on the pillars of the “Fit for 1.5°” commitment with the launch of the AEX® ESG index in
the Netherlands and the OBX® ESG index inNorway , new sustainability-linked bonds and the publication of the “Euronext Guide for ESG reporting - Target 1.5°C”. - Continued progress on the delivery of targeted synergies, in relation to the
Borsa Italiana Group acquisition:- €15.2 million cumulated run-rate annual synergies achieved at the end of Q1 2022.
- €31.4 million of cumulated implementation costs incurred at the end of Q1 2022.
- Confirmation of the delivery of a key milestone on the integration of the Borsa Italiana Group with the go-live of
Euronext newCore Data Centre on6 June 2022 7, unlocking the first business development synergies. Successful roll-out of the client installation at Euronext’s newCore Data Centre inBergamo, Italy . Connectivity tests with clients confirmed thatEuronext is on track to go live with the migration as planned. - Upgrade of the 2022 underlying cost guidance and of 2024 cumulated implementation costs, thanks to continued cost discipline and efficient integration:
- €612 million underlying costs are expected in 2022 (-€10 million vs. €622 million from
February 2022 guidance8). - €150 million of cumulated implementation costs are expected by 2024 (-€10 million vs. €160 million from
November 2021 guidance9).
- €612 million underlying costs are expected in 2022 (-€10 million vs. €622 million from
Stéphane Boujnah , Chief Executive Officer and Chairman of the Managing Board ofEuronext , said:
“During this first quarter of 2022, which was marked in
Including the consolidation of the
As a partner of choice and trust for European issuers, we welcomed 22 new listings over the first quarter of 2022 and confirmed
We remained committed to pursuing successful integration while maintaining our continued cost discipline. By the end of
This continued cost discipline and successful ongoing integration lead us to upgrade our cost guidance by €10 million reducing 2022 expected underlying costs to €612 million, and additionally to decrease the amount of 2024 cumulated implementation costs by €10 million, to €150 million.
Our strong cash generation capabilities enabled us to significantly deleverage following the acquisition of the
In €m, unless stated otherwise The figures in this document have not been audited or reviewed by our external auditor. | Q1 2022 | Q1 2021 | % var | % var (like-for-like, constant currencies) | % var Pro forma |
Revenue and income | 395.7 | 249.2 | +58.8% | +6.9% | +6.0% |
Listing | 55.4 | 38.8 | +42.9% | +12.5% | +12.4% |
Trading revenue, of which | 150.8 | 96.0 | +57.2% | +10.1% | +9.9% |
Cash trading | 94.0 | 69.3 | +35.7% | +11.3% | +11.1% |
Derivatives trading | 16.1 | 11.7 | +37.5% | +8.3% | +9.3% |
Fixed income trading | 24.4 | 0.5 | n/a | -18.5% | +4.7% |
FX trading | 7.2 | 6.1 | +18.0% | +9.9% | +18.0% |
Power trading | 9.1 | 8.4 | +8.4% | +4.8% | +8.4% |
Investor Services | 2.2 | 2.3 | -2.4% | +7.4% | -2.4% |
Advanced Data Services | 52.6 | 36.5 | +43.9% | +4.0% | +3.4% |
Post-Trade, of which | 95.8 | 63.2 | +51.7% | +2.0% | +3.1% |
Clearing | 31.9 | 17.1 | +87.2% | +14.0% | +11.2% |
Custody and Settlement | 63.9 | 46.1 | +38.6% | -2.5% | -0.5% |
23.1 | 11.9 | +94.5% | +1.1% | -2.9% | |
NTI through CCP business | 13.4 | - | n/a | n/a | -2.4% |
Other income | 0.7 | 0.6 | +14.9% | -60.3% | -34.4% |
Transitional revenues | 1.7 | - | n/a | n/a | -17.1% |
Underlying operational expenses exc. D&A | (143.6) | (98.0) | +46.5% | -1.1% | -2.2% |
Adjusted EBITDA | 252.2 | 151.2 | +66.8% | +12.0% | +11.4% |
Adjusted EBITDA margin | 63.7% | 60.7% | +3.1pts | +2.9pts | +3.1pts |
Operating expenses exc. D&A | (149.1) | (104.0) | +43.3% | -2.5% | |
EBITDA | 246.7 | 145.2 | +69.9% | +11.9% | |
Depreciation & Amortisation | (40.2) | (16.0) | +151.4% | +6.6% | |
Total Expenses (inc. D&A) | (189.3) | (120.0) | +57.7% | -0.7% | |
Adjusted operating profit | 233.7 | 141.6 | +65.0% | +11.2% | |
Operating Profit | 206.4 | 129.2 | +59.8% | +13.0% | |
Net financing income / (expense) | (9.9) | (4.8) | +107.8% | -0.8% | |
Results from equity investments | 3.1 | 11.7 | -73.3% | -73.3% | |
Profit before income tax | 199.6 | 136.1 | +46.7% | +8.3% | |
Income tax expense | (52.0) | (37.2) | +39.6% | +1.2% | |
Share of non-controlling interests | (3.8) | (0.7) | +462.4% | +15.0% | |
Net income, share of the parent company shareholders | 143.8 | 98.2 | +46.5% | +10.9% | |
Adjusted Net income, share of the parent company shareholders | 164.4 | 109.4 | +50.3% | ||
Adjusted EPS (basic, in€) | 1.54 | 1.44 | +7.3% | ||
Reported EPS (basic, in€) | 1.35 | 1.29 | +4.6% | ||
Adjusted EPS (diluted, in€) | 1.54 | 1.43 | +7.4% | ||
Adjusted EPS (diluted, in€) | 1.35 | 1.29 | +4.7% |
Q1 2021 pro forma income statement disclosed in appendix
Q1 2022 revenue and income
In Q1 2022,
Despite strong trading revenue, non-volume related revenue accounted for 55% of total Group revenue in Q1 2022, compared to 58% pro forma in Q1 2021, reflecting the successful diversification toward non-volume related activities. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q1 2022, compared to 147% pro forma in Q1 2021.
Q1 2022 adjusted EBITDA
Underlying operational expenses excluding depreciation and amortisation increased to €143.6 million, up +46.5%, primarily as a result of the consolidation of the costs from acquisitions, partially offset by continued cost control and delivery of planned synergies. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation decreased by -1.1% compared to Q1 2021 reflecting maintained cost discipline. On a pro forma basis, underlying operational expenses excluding depreciation and amortisation decreased by -2.2% compared to Q1 2021.
Consequently, adjusted EBITDA for the quarter increased to €252.2 million, up +66.8% compared to Q1 2021. Pro forma the
Q1 2022 net income, share of the parent company shareholders
Depreciation and amortisation accounted for €40.2 million in Q1 2022, up +151.4%, resulting mainly from the consolidation of the
Adjusted operating profit was €233.7 million, a +65.0% increase compared to Q1 2021. On a like-for-like basis, adjusted operating profit was up +11.5% compared to Q1 2021, at €158.8 million. Pro forma the
€27.3 million of non-recurring expenses, including depreciation and amortisation, were reported in Q1 2022, related to the integration of the
Net financing expense for Q1 2022 was €9.9 million compared to a net financing expense of €4.8 million in Q1 2021. This increase results from the costs of the issued debt in relation to the financing of the acquisition of the
Results from equity investments amounted to €3.1 million in Q1 2022, solely reflecting the contribution from
Income tax for Q1 2022 was €52.0 million. This translated into an effective tax rate of 26.1% for the quarter (Q1 2021: €37.2 million and 27.4% respectively) due to a one-off tax credit.
Share of non-controlling interests mainly relating to the
As a result, the reported net income, share of the parent company shareholders, increased by +46.5% for Q1 2022 compared to Q1 2021, to €143.8 million. This represents a reported EPS of €1.35 basic and €1.35 fully diluted in Q1 2022, compared to €1.29 basic and €1.29 fully diluted in Q1 2021. The number of shares used was 106,576,290 for the basic calculation and 106,825,873 for the fully diluted calculation.
Adjusted net income, share of the parent company shareholders was up +50.3% to €164.4 million. Adjusted EPS (basic) was up +7.3% in Q1 2022, at €1.54 per share, compared to an adjusted EPS (basic) of €1.44 per share in Q1 2021.
In Q1 2022,
Business highlights
- Listing
in €m, unless stated otherwise | Q1 2022 | Q1 2021 | % change |
Listing revenue | 55.4 | 38.8 | +42.9% |
Equity | 27.4 | 17.3 | +58.3% |
Annual fees | 17.4 | 9.5 | +82.8% |
Follow-ons | 4.6 | 4.6 | -1.1% |
IPOs | 5.5 | 3.2 | +71.2% |
Debts | 9.0 | 9.0 | -0.2% |
ETFs, Funds & Warrants | 5.6 | 3.0 | +84.6% |
Corporate Services | 10.5 | 9.1 | +15.7% |
ELITE and Other | 3.0 | 0.4 | +672.1% |
Money raised | 325,244 | 384,448 | -15.4% |
Listing revenue was €55.4 million in Q1 2022, an increase of +42.9% compared to Q1 2021, driven by a resilient performance in equity listing and debt listing despite a highly volatile market environment. On a like-for-like basis at constant currencies, listing revenue increased by +12.5% compared to Q1 2021. Pro forma the
The first quarter of 2022 proved the resilience of Euronext’s leading primary equity listing business, counting 22 new listings despite a worldwide decline in listing activity10.
In Q1 2022, €3.0bn were raised by newly listed companies on major European stock exchanges, of which €2.2bn on
Euronext’s secondary markets reported €2.6 billion raised in secondary equity issues in Q1 2022, compared to €10.6 billion in Q1 2021.
to €366.7 billion in Q1 2021.
In total, €325.2 billion in equity and debt was raised on Euronext’s markets in Q1 2022, compared to €384.4 billion in Q1 2021.
- Trading
in €m, unless stated otherwise | Q1 2022 | Q1 2021 | % change |
Trading revenue | 150.8 | 96.0 | +57.2% |
Cash trading revenue | 94.0 | 69.3 | +35.7% |
ADV Cash market | 15,540 | 12,966 | +19.8% |
lm | |||
Derivatives trading revenue | 16.1 | 11.7 | +37.5% |
ADV Derivatives market (in lots) | 833,626 | 785,661 | +6.1% |
Fixed income trading revenue13 | 24.4 | 0.5 | n/a |
ADV MTS Cash | 22,696 | 23,055 | -1.6% |
TAADV MTS Repo | 347,913 | 278,367 | +25.0% |
ADV other fixed income | 782 | 1,106 | -29.3% |
Spot FX trading revenue | 7.2 | 6.1 | +18.0% |
ADV spot FX Market (in USDm) | 24,531 | 21,440 | +14.4% |
Power trading revenue | 9.1 | 8.4 | +8.4% |
ADV Day-ahead power market (in TWH) | 3.13 | 2.94 | +6.3% |
ADV Intraday power market (in TWH) | 0.08 | 0.06 | +25.9% |
Trading revenue on a reported basis (Q1 2021 excludes
- Cash trading
Cash trading revenue increased by +35.7% to €94.0 million in Q1 2022, resulting from the consolidation of
Over the first quarter of 2022,
On a like-for-like basis at constant currencies, cash trading revenue was up +11.3% in Q1 2022 compared to Q1 2021. Pro forma the
- Derivatives trading
Derivatives trading revenue increased by +37.5% to €16.1 million in Q1 2022 as a result of the consolidation of
During the first quarter of 2022, average daily volume on financial derivatives was 744,912 lots, up +6.1% from Q1 2021 reflecting a high volatility environment for equity derivatives and strong retail participation. Euronext’s commodities franchise reported a record quarter, with average daily volumes on commodity derivatives at 88,714 lots, up +6.1% compared to an already strong Q1 2021.
On a like-for-like basis at constant currencies, derivatives trading revenue was up +8.3% in Q1 2022 compared to Q1 2021. Pro forma the
- Fixed income trading
Fixed income trading reported revenue at €24.4 million in Q1 2022, compared to €0.5 million in Q1 2021, primarily resulting from the consolidation of MTS. MTS reported a robust performance in markets dominated by increasing interest rates. For the first quarter of 2022, MTS Cash reported €16.9 million of revenue and MTS Repo reported €5.2 million of revenue.
MTS Cash average daily volumes were down -1.6% to €22.7 billion, compared to €23.1 billion in Q1 2021. The first quarter saw strong traction in Repo trading, with term-adjusted average daily volumes up +25.0% to €347.9 billion.
On a like-for-like basis at constant currencies, fixed income trading revenue (solely
- FX trading
FX trading reported revenue at €7.2 million in Q1 2022, up +18.0% from Q1 2021. The first quarter of 2022 was the second best quarter ever for
Over the first quarter of 2022, average daily volumes of
On a like-for-like basis at constant currencies, FX trading revenue was up +9.9% in Q1 2022 compared to Q1 2021.
- Power trading
Power trading reported €9.1 million in revenue in Q1 2022, a solid growth of +8.4% compared to Q1 2021, driven by the increased footprint of
On a like-for-like basis at constant currencies, power trading revenue was up +4.8% compared to Q1 2021.
- Investor Services
Investor Services reported €2.2m revenue in Q1 2022, representing a slight decrease of -2.4% compared to a very strong Q1 2021 as a reduction of scope offset continued commercial expansion.
On a like-for-like basis at constant currencies, Investor Services revenue was up +7.4% compared to Q1 2021.
- Advanced Data Services
Advanced Data Services revenue was €52.6 million in Q1 2022, up +43.9% from Q1 2021, driven by the consolidation of
Euronext’s ESG index offering continued to grow and diversify, including with the launch of the
OBX® ESG, the fourth ESG blue-chip index launched by
On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.0% compared to Q1 2021. Pro forma the
- Post Trade
in €m, unless stated otherwise | Q1 2022 | Q1 2021 | % var |
Post-trade revenue and income | 109.2 | 63.2 | +72.9% |
Clearing | 31.9 | 17.1 | +87.2% |
Revenue from | 19.4 | 17.1 | +14.0% |
Revenue from | 12.5 | - | n/a |
Net treasury income through CCP business | 13.4 | - | n/a |
Custody, Settlement and other Post-Trade activities | 63.9 | 46.1 | +38.6% |
- Clearing
Clearing revenue was up +87.2% to €31.9 million in Q1 2022, as a result of the consolidation of
On a like-for-like basis at constant currencies, clearing revenue was up +14.0% compared to Q1 2021. Pro forma the
- Net treasury income
Net treasury income through the CCP business of
- Custody, Settlement and other Post-Trade activities
Revenue from Custody, Settlement and other Post-Trade activities, including the activities of
On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was down -2.5% compared to Q1 2021. Pro forma the
Euronext Technologies and Other revenue
On a like-for-like basis at constant currencies,
Corporate highlights since publication of the 2021 Universal Registration Document on 1 April 2022
- Convening of the Annual General Meeting of
Euronext N.V.
On
There will be a live broadcast of the AGM via:
https://channel.royalcast.com/landingpage/euronextwebcast/20220518_2/
The documentation is available at: www.euronext.com/investor-relations/shareholder-meetings
- 2022 dividend calendar
In line with the dividend distribution policy of
Payment of the annual dividend would then occur on:
- Ex-dividend date: 23 May 2022
- Record date: 24 May 2022
- Payment date: 25 May 2022
- S&P revises outlook on
Euronext to ‘Positive’, affirms 'BBB' Rating
On
- Developments of the
Ukraine crisis
The Group is closely monitoring further developments and will continuously adapt its risk assessment to the current situation.
Core Data Centre migration update
The migration is a response to multiple factors, including the dynamic created by Brexit and a strong rationale to locate the Group’s
This migration will allow
- Progress on the pillars of Euronext’s ESG commitment
In the first quarter of 2022,
As part of its ESG commitment,
With the planned migration to its new
- Strategic partnership agreement between
Euronext Securities and Spafid on issuer services
On
The acquisition is an important step to further develop local added-value services to issuers, and to deliver on
- Disposal of
Euronext Funds360
On
April 2022 Volumes
In
The overall average daily volume on
The average daily volume on
MTS Cash average daily volumes were down -2.9% to €24,476 million in
-4.1% compared to
- Appointment of
Manuel Bento as Chief Operating Officer and member of the Managing Board ofEuronext N.V.
On
Prior to
Agenda
A conference call and a webcast will be held on
Conference call:
To connect to the conference call, please dial:
+44 33 0551 0200 | NO Number: | +47 2 156 3318 | |
FR Number: | +33 1 70 37 71 66 | PT Number: | +351 3 0880 2081 |
NL Number: | +31 20 708 5073 | IR Number: | +353 1 436 0959 |
US Number: | +1 212 999 6659 | IT Number: | +39 06 83360400 |
BE Number: | +32 2 789 8603 | DE Number: | +49 30 3001 90612 |
Password:
Live webcast:
A live audio webcast and replay after the call will be available at the link below and on the
Webcast:
CONTACT ANALYSTS & INVESTORS – ir@euronext.com | ||
+33 1 70 48 24 27 | ir@euronext.com | |
+33 1 70 48 26 33 | ir@euronext.com |
CONTACTS MEDIA – mediateam@euronext.com | ||
+33 1 70 48 24 45 | parispressoffice@euronext.com | |
+31 20 721 41 33 | maalders@euronext.com | |
+32 2 620 15 50 | pbrabant@euronext.com | |
+351 210 600 614 | smachado@euronext.com | |
+39 02 72 42 62 13 | Italypressoffice@euronext.com | |
Cathrine Lorvik Segerlund ( | +47 41 69 59 10 | clsegerlund@euronext.com |
+33 1 70 48 24 45 | parispressoffice@euronext.com |
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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,
© 2022,
Appendix
Adjustments in financial disclosure
To highlight its underlying performance, starting from Q1 2022,
The €150 million of implementation costs to deliver on the ‘Growth for Impact 2024’ strategic plan targets are therefore considered as non-recurring items and will be withdrawn from Q1 2022 from underlying recurring costs.
From Q1 2022, the computation of adjusted net income and earnings per share will be adjusted accordingly. The computation of reported net income and earnings per share will not be impacted.
2024 strategic plan targets remain unchanged and are not affected by this change in reporting.
The new non-IFRS indicators are defined below.
Non-IFRS financial measures
For comparative purposes, the company provides unaudited non-IFRS measures including:
- Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation
- EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin
Non-IFRS measures are defined as follows:
- Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses
- Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs
- Adjusted operating profit as the operating profit adjusted for any non-underlying costs, including PPA of acquired businesses
- EBITDA as the operating profit before depreciation and amortisation
- Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation
- EBITDA margin as EBITDA divided by total revenue and income
- Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income
- Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact
Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.
Non-volume related revenue definition
Non-volume related revenue includes Listing excl. IPOs, Advanced Data Services, Custody Settlement and other post-trade, fixed revenue from the Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.
Adjusted EPS definition
In €m unless stated otherwise | Q1 2022 | Q1 2021 |
Net income reported | 143.8 | 98.2 |
EPS reported (basic, in € per share) | 1.35 | 1.29 |
Adjustments | ||
of which operating expenses exc. D&A | - 5.5 | - 6.0 |
of which depreciation and amortization | - 21.8 | - 6.4 |
of which net financing expense | - 0.9 | - 1.5 |
of which minority interest | 0.2 | 0.3 |
Tax related to adjustments | 7.3 | 2.5 |
Adjusted net income | 164.4 | 109.4 |
Adjusted EPS (basic, in € per share) | 1.54 | 1.44 |
The figures in this document have not been audited or reviewed by our external auditor
Consolidated income statement
Q1 2022 | Q1 2021 | |||||
in € million, unless stated otherwise | Underlying | Non-underlying | Reported | Underlying | Non-underlying | Reported |
Revenue and income | 395.7 | 395.7 | 249.2 | 249.2 | ||
Listing | 55.4 | 55.4 | 38.8 | 38.8 | ||
Trading revenue, of which | ||||||
Cash trading | 94.0 | 94.0 | 69.3 | 69.3 | ||
Derivatives trading | 16.1 | 16.1 | 11.7 | 11.7 | ||
Fixed-income trading | 24.4 | 24.4 | 0.5 | 0.5 | ||
FX trading | 7.2 | 7.2 | 6.1 | 6.1 | ||
Power Trading | 9.1 | 9.1 | 8.4 | 8.4 | ||
Investor services | 2.2 | 2.2 | 2.3 | 2.3 | ||
Advanced data services | 52.6 | 52.6 | 36.5 | 36.5 | ||
Post-trade, of which | ||||||
Clearing | 31.9 | 31.9 | 17.1 | 17.1 | ||
Custody & Settlement and other | 63.9 | 63.9 | 46.1 | 46.1 | ||
23.1 | 23.1 | 11.9 | 11.9 | |||
Net Financing Income through CCP business | 13.4 | 13.4 | - | - | ||
Other income | 0.7 | 0.7 | 0.6 | 0.6 | ||
Transitional revenues | 1.7 | 1.7 | - | - | ||
Operating expenses excluding D&A | (143.6) | (5.5) | (149.1) | (98.0) | (6.0) | (104.0) |
Salaries and employee benefits | (70.9) | (1.5) | (72.4) | (55.7) | (0.5) | (56.2) |
Other operational expenses, of which | (72.7) | (4.0) | (76.7) | (42.3) | (5.5) | (47.8) |
System & communication | (28.8) | (0.3) | (29.2) | (10.9) | - | (10.9) |
Professional services | (14.7) | (3.7) | (18.4) | (13.3) | (6.5) | (19.8) |
Clearing expense | (9.0) | - | (9.0) | (8.1) | - | (8.1) |
Accommodation | (2.9) | 0.0 | (2.9) | (1.8) | - | (1.8) |
Other operational expenses | (17.1) | (0.0) | (17.2) | (8.2) | 1.0 | (7.3) |
EBITDA | 252.2 | (5.5) | 246.7 | 151.2 | (6.0) | 145.2 |
EBITDA margin | 63.7% | 62.3% | 60.7% | 58.3% | ||
Depreciation & amortisation | (18.5) | (21.8) | (40.2) | (9.6) | (6.4) | (16.0) |
Total expenses | (162.0) | (27.3) | (189.3) | (107.6) | (12.4) | (120.0) |
Operating profit | 233.7 | (27.2) | 206.4 | 141.6 | (12.4) | 129.2 |
Net financing income / (expense) | (9.0) | (0.9) | (9.9) | (3.3) | (1.5) | (4.8) |
Results from equity investment | 3.1 | - | 3.1 | 11.7 | - | 11.7 |
Profit before income tax | 227.8 | (28.2) | 199.6 | 150.1 | (14.0) | 136.1 |
Income tax expense | (59.4) | 7.3 | (52.0) | (39.7) | 2.5 | (37.2) |
Non-controlling interests | (4.0) | 0.2 | (3.8) | (0.9) | 0.3 | (0.7) |
Net income, share of the parent company shareholders | 164.4 | (20.6) | 143.8 | 109.4 | (11.2) | 98.2 |
EPS (basic, in €) | 1.54 | 1.35 | 1.44 | 1.29 | ||
EPS (diluted, in €) | 1.54 | 1.35 | 1.43 | 1.29 |
The figures in this document have not been audited or reviewed by our external auditor
Consolidated comprehensive income statement
Q1 2022 | Q1 2021 | |
Profit for the period | 147.6 | 98.9 |
Other comprehensive income | ||
Items that may be reclassified to profit or loss: | ||
– Exchange differences on translation of foreign operations | 29.9 | 45.0 |
– Income tax impact on exchange differences on translation of foreign operations | (3.4) | (5.3) |
– Change in value of debt investments at fair value through other comprehensive income | (20.2) | - |
– Income tax impact on change in value of debt investments at fair value through other comprehensive income | 5.8 | - |
Items that will not be reclassified to profit or loss: | ||
– Change in value of equity investments at fair value through other comprehensive income | 0.0 | (0.4) |
– Income tax impact on change in value of equity investments at fair value through other comprehensive income | - | 0.2 |
Other comprehensive income for the period, net of tax | 12.1 | 39.5 |
Total comprehensive income for the period | 159.8 | 138.3 |
Comprehensive income attributable to: | ||
– Owners of the parent | 155.4 | 136.7 |
– Non-controlling interests | 4.3 | 1.6 |
The figures in this document have not been audited or reviewed by our external auditor
Consolidated balance sheet
in € million | 31 | |
Non-current assets | ||
Property, plant and equipment | 100.0 | 97.6 |
Right-of-use assets | 59.2 | 66.2 |
6,184.8 | 6,178.1 | |
Deferred income tax assets | 41.2 | 37.5 |
Investments in associates and joint ventures | 72.4 | 69.2 |
Financial assets at fair value through OCI | 257.6 | 258.1 |
Other non-current assets | 4.2 | 4.2 |
Total non-current assets | 6,719.4 | 6,710.8 |
Current assets | ||
Trade and other receivables | 607.8 | 416.6 |
Income tax receivable | 9.0 | 10.0 |
Derivative financial instruments | 2.2 | 11.9 |
CCP clearing business assets | 167,265.0 | 137,750.9 |
Other current financial assets | 168.1 | 157.6 |
Cash & cash equivalents | 1,154.8 | 804.4 |
Total current assets | 169,206.9 | 139,151.3 |
Assets from disposal groups held for sale | 5.5 | 6.4 |
Total assets | 175,931.8 | 145,868.5 |
Equity | ||
Shareholders' equity | 3,805.1 | 3,647.6 |
Non-controlling interests | 89.5 | 85.3 |
Total Equity | 3,894.7 | 3,732.9 |
Non-current liabilities | ||
Borrowings | 3,034.9 | 3,044.4 |
Lease liabilities | 40.2 | 50.7 |
Deferred income tax liabilities | 587.2 | 592.4 |
Post-employment benefits | 32.2 | 32.1 |
Contract liabilities | 68.6 | 70.3 |
Other provisions | 9.0 | 8.8 |
Total Non-current liabilities | 3,772.1 | 3,798.8 |
Current liabilities | ||
Borrowings | 24.2 | 17.4 |
Lease liabilities | 26.0 | 21.0 |
CCP clearing business liabilities | 167,267.2 | 137,732.4 |
Income tax payable | 69.5 | 42.1 |
Trade and other payables | 735.2 | 439.9 |
Contract liabilities | 140.6 | 80.5 |
Other provisions | 1.4 | 2.3 |
Total Current liabilities | 168,264.1 | 138,335.5 |
Liabilities from disposal groups held for sale | 1.1 | 1.3 |
Total equity and liabilities | 175,931.8 | 145,868.5 |
The consolidated Balance Sheet per
The figures in this document have not been audited or reviewed by our external auditor
Consolidated statement of cash flows
in € million | Q1 2022 | Q1 2021 |
Profit before tax | 199.6 | 136.1 |
Adjustments for: | ||
- Depreciation and amortisation | 40.2 | 16.0 |
- Share based payments | 2.8 | 2.4 |
- Share of profit from associates and joint ventures | (3.1) | (2.6) |
- Changes in working capital | 162.1 | 61.5 |
Cash flow from operating activities | 401.6 | 213.5 |
Income tax paid | (33.0) | (27.6) |
Net cash flows from operating activities | 368.6 | 185.9 |
Cash flow from investing activities | ||
Acquisition of subsidiaries, net of cash acquired | - | (56.1) |
Proceeds from sale of subsidiary | 0.8 | 3.3 |
Purchase of current financial assets | (11.0) | (20.2) |
Redemption of current financial assets | 2.1 | 10.6 |
Purchase of property, plant and equipment | (6.7) | (2.4) |
Purchase of intangible assets | (10.3) | (3.1) |
Proceeds from sale of property, plant, equipment and intangible assets | - | 0.1 |
Dividends received from equity investments | - | 9.2 |
Net cash flow from investing activities | (25.0) | (58.9) |
Cash flow from financing activities | ||
Interest paid | - | (0.1) |
Payment of lease liabilities | (5.8) | (2.8) |
Acquisitions of own shares | (0.7) | (0.2) |
Dividends paid to non-controlling interests | - | (3.6) |
Net cash flow from financing activities | (6.5) | (6.7) |
Total cash flow over the period | 337.1 | 120.3 |
Cash and cash equivalents - Beginning of period | 809.4 | 629.5 |
Non cash exchange gains/(losses) on cash and cash equivalents | 10.6 | 9.4 |
Cash and cash equivalents - End of period | 1,157.1 | 759.2 |
The figures in this document have not been audited or reviewed by our external auditor
Last twelves months pro forma income statement
For informative purpose only, the financial information provided below have not been audited or reviewed by our external auditor
in € million | Q1 2021 Pro forma | Q2 2021 Pro forma | Q3 2021 Reported | Q4 2021 Reported | Q1 2022 Reported | Last 12 months Pro foma |
Revenue and income | 373.2 | 371.9 | 350.6 | 370.1 | 395.7 | 1,488.3 |
Listing | 49.3 | 51.4 | 50.8 | 51.9 | 55.4 | 209.6 |
Trading Revenue | ||||||
of which Cash trading | 84.7 | 74.3 | 75.0 | 79.3 | 94.0 | 322.6 |
of which Derivatives trading | 14.7 | 13.8 | 13.5 | 14.2 | 16.1 | 57.6 |
of which Fixed income trading | 23.3 | 24.3 | 23.8 | 24.2 | 24.4 | 96.7 |
of which FX spot trading | 6.1 | 5.7 | 5.6 | 6.1 | 7.2 | 24.6 |
of which Power trading | 8.4 | 6.6 | 6.3 | 8.5 | 9.1 | 30.6 |
Investor Services | 2.3 | 2.2 | 2.1 | 2.3 | 2.2 | 8.8 |
Advanced Data Services | 50.9 | 50.8 | 49.8 | 50.7 | 52.6 | 204.0 |
Post trade | ||||||
of which Clearing | 28.7 | 29.8 | 27.5 | 30.1 | 31.9 | 119.4 |
of which Settlement & Custody | 64.2 | 62.5 | 55.6 | 60.7 | 63.9 | 242.7 |
Market solutions & other revenues | 23.8 | 26.3 | 24.4 | 26.4 | 23.1 | 100.2 |
Net treasury income through CCP Business | 13.7 | 13.7 | 12.9 | 12.9 | 13.4 | 52.9 |
Other income | 1.1 | 1.5 | 0.8 | 0.6 | 0.7 | 3.7 |
Transitional revenue | 2.1 | 9.0 | 2.3 | 2.0 | 1.7 | 15.1 |
Operating expenses excluding D&A | (152.9) | (182.2) | (149.0) | (170.6) | (149.1) | (650.8) |
Underlying operating expenses excluding D&A | (146.8) | (149.1) | (141.5) | (156.6) | (143.6) | (590.9) |
Adjusted EBITDA | 226.4 | 222.8 | 209.1 | 213.4 | 252.2 | 897.5 |
Adjusted EBITDA margin | 60.7% | 59.9% | 59.6% | 57.7% | 63.7% | 60.3% |
EBITDA | 220.4 | 189.8 | 201.6 | 199.5 | 246.7 | 837.5 |
D&A | (37.7) | (38.0) | (38.5) | (48.9) | (40.2) | (165.6) |
Total expenses | (190.6) | (220.2) | (187.5) | (219.4) | (189.3) | (816.4) |
Operating profit | 182.7 | 151.7 | 163.1 | 150.6 | 206.4 | 671.9 |
Adjusted operating profit | 210.2 | 206.3 | 191.3 | 194.1 | 233.7 | 825.4 |
Net financing income/(expense) | (10.0) | (14.6) | (7.3) | (6.7) | (9.9) | (38.5) |
Results from Equity investments | 11.7 | 2.3 | 11.8 | 7.3 | 3.1 | 24.5 |
Income tax | (51.4) | (41.9) | (48.5) | (35.7) | (52.0) | (178.1) |
Tax rate | -27.9% | -30.0% | -29.0% | -23.6% | -26.1% | -27.1% |
Minority interests | (3.3) | (2.9) | (3.2) | (2.9) | (3.8) | (12.9) |
Reported net income, share of the parent company shareholders | 129.7 | 94.6 | 115.8 | 112.7 | 143.8 | 467.0 |
Adjusted net income, share of the parent company shareholders | 154.2 | 150.2 | 137.0 | 144.6 | 164.4 | 596.1 |
Volumes for the first quarter of 2022
- Cash markets17,18
Q1 2022 | Q1 2021 | % var | |
Number of trading days | 64 | 63 | |
Number of transactions (buy and sells) (inc. reported trades) | |||
Total cash market | 282,808,278 | 252,689,890 | +11.9% |
ADV cash market | 4,418,879 | 4,010,951 | +10.2% |
Transaction value (€ million, single counted) | |||
Total cash market | 994,558 | 816,881 | +21.8% |
ADV cash market | 15,540 | 12,966 | +19.8% |
Listings | |||
Number of issuers on equities | |||
1,958 | 1,850 | +5.8% | |
o/w SMEs | 1,522 | 1,439 | +5.8% |
Number of listed securities | |||
Bonds | 52,113 | 52,437 | -0.6% |
ETFs | 3,679 | 2,803 | +31.3% |
Funds | 3,181 | 4,366 | -27.1% |
Capital raised on primary and secondary market | |||
Total | |||
Number of new equity listings | 22 | 41 | |
Money raised - New equity listings (incl over allotment) | 2,191 | 7,142 | -69.3% |
Money raised - Follow-ons on equities | 2,584 | 10,585 | -75.6% |
Money raised - Bonds | 320,469 | 366,721 | -12.6% |
Total money raised | 325,244 | 384,448 | -15.4% |
of which SMEs, in €m | |||
Number of new equity listings | 20 | 36 | |
Money Raised - New equity listings (incl over allotment) | 1,429 | 2,237 | -36.1% |
Money Raised - Follow-ons on equities | 967 | 4,398 | -78.0% |
Money Raised - Bonds | 663 | 1,121 | -40.9% |
Total Money Raised | 3,059 | 7,756 | -60.6% |
2021 data is published on a pro forma basis to include the trading activities of the
- Fixed income markets
Q1 2022 | Q1 2021 | % var | |
Transaction value (€ million, single counted) | |||
MTS | |||
ADV MTS Cash | 22,696 | 23,055 | -1.6% |
TAADV MTS Repo | 347,913 | 278,367 | +25.0% |
OTHER FIXED INCOME | |||
ADV Fixed income | 782 | 1,106 | -29.3% |
- FX markets
Q1 2022 | Q1 2021 | % var | |
Number of trading days | 64 | 63 | |
FX volume ($m, single counted) | |||
Total | 1,569,997 | 1,350,733 | +16.2% |
ADV | 24,531 | 21,440 | +14.4% |
- Power markets
Q1 2022 | Q1 2021 | % var | |
Number of trading days | 90 | 90 | |
Power volume (in TWh) | |||
ADV Day-ahead Power Market | 3.13 | 2.94 | +6.3% |
ADV Intraday Power Market | 0.08 | 0.06 | +25.9% |
- Derivatives markets19
Q1 2022 | Q1 2021 | % var | |
Number of trading days | 64 | 63 | |
Derivatives Volume (in lots) | |||
Equity | 47,674,348 | 44,230,962 | +7.8% |
Index | 16,938,333 | 14,993,569 | +13.0% |
Futures | 11,746,052 | 9,655,859 | +21.6% |
Options | 5,192,281 | 5,337,710 | -2.7% |
Individual Equity | 30,736,015 | 29,237,393 | +5.1% |
Futures | 2,058,857 | 4,194,416 | -50.9% |
Options | 28,677,158 | 25,042,977 | +14.5% |
Commodity | 5,677,724 | 5,265,652 | +7.8% |
Futures | 4,948,485 | 4,765,552 | +3.8% |
Options | 729,239 | 500,100 | +45.8% |
Total | 53,352,072 | 49,496,614 | +7.8% |
Total Futures | 18,753,394 | 18,615,827 | +0.7% |
Total Options | 34,598,678 | 30,880,787 | +12.0% |
Derivatives ADV (in lots) | |||
Equity | 744,912 | 702,079 | +6.1% |
Index | 264,661 | 237,993 | +11.2% |
Futures | 183,532 | 153,268 | +19.7% |
Options | 81,129 | 84,726 | -4.2% |
Individual Equity | 480,250 | 464,086 | +3.5% |
Futures | 32,170 | 66,578 | -51.7% |
Options | 448,081 | 397,508 | +12.7% |
Commodity | 88,714 | 83,582 | +6.1% |
Futures | 77,320 | 75,644 | +2.2% |
Options | 11,394 | 7,938 | +43.5% |
Total | 833,626 | 785,661 | +6.1% |
Total Futures | 293,022 | 295,489 | -0.8% |
Total Options | 540,604 | 490,171 | +10.3% |
2021 data is published on a pro forma basis to include the trading activities of the
- Derivatives open interest
31 Mar 2022 | 31 Mar 2021 | % var | |
Open interest (in lots) | |||
Equity | 27,168,719 | 23,096,318 | +17.6% |
Index | 1,391,668 | 1,602,163 | -13.1% |
Futures | 620,210 | 719,786 | -13.8% |
Options | 771,458 | 882,377 | -12.6% |
Individual Equity | 25,777,051 | 21,494,155 | +19.9% |
Futures | 950,017 | 1,881,577 | -49.5% |
Options | 24,827,034 | 19,612,578 | +26.6% |
Commodity | 1,035,852 | 974,441 | +6.3% |
Futures | 654,625 | 707,203 | -7.4% |
Options | 381,227 | 267,238 | +42.7% |
Total | 28,204,571 | 24,070,759 | +17.2% |
Total Futures | 2,224,852 | 3,308,566 | -32.8% |
Total Options | 25,979,719 | 20,762,193 | +25.1% |
2021 data is published on a pro forma basis to include the trading activities of the
1 The variances on pro forma basis assume that the acquisition of the
2 Definition in appendix – Adjusted for non-underlying operating expenses excluding D&A
3 Definition in appendix
4 Basic weighted average number of shares at 106,576,290 for Q1 2022, Q1 2021 basic outstanding shares at 76,113,685 shares.
5 Like-for-like revenue at constant currencies excludes in 2021 and 2022 the
6 Last twelve months EBITDA pro forma the
7 Subject to regulatory approval
8 Refer to the presentation available at https://www.euronext.com/en/investor-relations/financial-calendar/full-year-2021-results
9 Refer to the presentation available at https://www.euronext.com/en/growth-for-impact-2024
10 According to Dealogic (as of end of
11 Considered scope:
12 According to the WFE
13 Prior to the acquisition of the
14 Q1 2021 pro forma income statement disclosed in appendix
15 Source: Report 'Finance & Biodiversité: l'écosystème français', Finance for tomorrow
16 The transaction is subject to the completion of the information and union consultation procedure. The closing is expected in Q2 2022.
17 2021 data is published on a pro forma basis to include the trading activities of the
18 Cash Market includes shares, warrants, ETFs. Following the acquisition of the
19Q1 2021 data is published on a pro forma basis to include the trading activities of the
Attachment
- 20220517_Euronext_PR_Q122
© OMX, source