Euronext publishes Q4 and full year 2021 results
Euronext publishes Q4 and full
year 2021
results
Strong revenue
growth, driven by
solid organic performance
of non-volume related activities and
significant contribution
from acquisitions. 2021
costs guidance over- achieved and
first delivery of
synergies from the Borsa
Italiana Group
integration.
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris –
10 February
2022 – Euronext, the leading
pan-European market infrastructure, today publishes its results for
the fourth quarter and full year 2021.
-
2021 revenue
and income at
€1,298.7 million
(+€414.3
million,
+46.9%,
+3.3%
like-for-like1):
- Borsa Italiana Group contributed
€337.7 million to the full year revenue for eight months of
consolidation.
- Non-volume related revenue
accounted for 55% of 2021 total revenue (vs. 50% in 2020) and
covered 131% of operating expenses, excluding D&A (vs. 121% in
2020).
- Post-trade revenue grew to €320.6
million (+80.9%), mainly due to the consolidation of Euronext
Securities Milan and of the clearing activities of Euronext
Clearing. Custody and Settlement revenue doubled to €219.2 million
(+99.0%). Clearing revenue increased to €101.4 million
(+51.2%) and net treasury income of Euronext Clearing was €35.4
million.
- Trading revenue grew to €465.3
million (+27.4%), primarily driven by the consolidation of Borsa
Italiana Group capital markets and efficient yield management in
cash trading partially offsetting lower volumes compared to an
exceptional year 2020 (€11.8 billion pro forma ADV in 2021). Fixed
income trading revenue increased to €65.8 million, driven by
+45.4% growth year on year in MTS cash trading activities.
- Advanced Data Services revenue grew
to €183.6 million (+32.1%) due to a robust core data business
performance, dynamic index activity, especially in ESG, and the
consolidation of the Borsa Italiana Group data activities.
- Listing revenue grew to €189.7
million (+30.4%). Euronext confirmed its European listing
leadership with 212 listings in 2021. Euronext also reinforced its
leadership for the listing of ETFs in Europe and for the listing of
debt worldwide.
- Record quarter for revenue and
income at €370.1 million in Q4 2021, up +59.5% compared to Q4 2020,
driven by strong post-trade and trading activities, especially from
MTS.
- EBITDA at
€752.8 million
(+€232.8
million,
+44.8%,
+3.7%
like-for-like), EBITDA margin at
58.0%
(-0.8pts)
due to implementation costs; EBITDA margin
like-for-like at 59.7%
(+0.2pts):
- Operating expenses, excluding
D&A, grew to €545.8 million (+49.8%) as a result of the
consolidation of costs from acquired businesses, for €163.1
million, and costs related to the integration of these
acquisitions, notably the Borsa Italiana Group.
- Operating expenses excluding
D&A and excluding the consolidation of the Borsa Italiana Group
better than 2021 costs guidance thanks to efficient costs
control.
- €10.1 million run-rate annual
synergies related to the Borsa Italiana Group achieved in 2021, and
€27.6 million of implementation costs incurred as of end of
2021.
- Net debt to
EBITDA2 at 2.6x, compared to 3.2x post acquisition
of the Borsa Italiana Group.
- Reported
net income, share of the parent
company shareholders, at
€413.3 million
(+€97.9 million,
+31.0%):
- Exceptional items were €47.8
million and net financing expenses were €31.7 million.
- Results from equity investments
amounted to €33.2 million with received dividends from Euroclear
and Sicovam contributing €25.7 million.
- Income tax rate was 27.3%.
- Adjusted
EPS3 at €5.354
(+17.2%).
- Key
figures
Key figures - in €m, unless stated otherwise |
2021 |
2020 |
% change |
% change(like-for-like, constant currencies) |
Revenue |
1,298.7 |
884.3 |
+46.9% |
+3.3% |
Operational expenses excluding D&A |
(545.8) |
(364.3) |
+49.8% |
+2.8% |
EBITDA |
752.8 |
520.0 |
+44.8% |
+3.7% |
EBITDA margin |
58.0% |
58.8% |
-0.8pts |
+0.2pts |
Net income, share of the parent
company shareholders |
413.3 |
315.5 |
+31.0% |
|
Reported EPS
(non-diluted, in
€)5 |
4.30 |
4.14 |
+3.8% |
|
EPS (diluted, reported, in €) |
4.29 |
4.13 |
+3.9% |
|
Adjusted EPS
(non-diluted, in
€) |
5.35 |
4.57 |
+17.2% |
|
EPS (diluted, adjusted, in €) |
5.34 |
4.55 |
+17.3% |
|
In accordance with Euronext’s dividend policy, a
pay-out ratio of 50% of reported net income representing a dividend
for 2021 of €206.7 million (€1.93 per share) will be proposed to
the AGM6 on 18 May 2022.
- Upcoming
launch of Tech
Leaders, the segment dedicated to
Tech companies, with a full suite of
pre-IPO and post-IPO
services, to support their financing needs during
their growth
journey.
- Continued
deployment of ESG strategy with the
upcoming launch
of the AEX® ESG
index, following the successful launch of the CAC
40® ESG and MIB®
ESG.
-
Successful completion of the necessary
steps to prepare the migration of clients to
Euronext Core Data Centre in Bergamo,
Italy. Euronext is now proceeding with the client
installation, which is set to be finalised in spring 2022. First
part of this strategic migration expected to be achieved in June
2022.
- Costs
guidance for 2022:
To highlight its underlying performance, from Q1
2022 Euronext will adjust its operating expenses and publish an
adjusted EBITDA excluding non-recurring items (definition in
appendix), for example implementation costs related to the Borsa
Italiana Group integration.
In 2022, Euronext expects its underlying
operating costs excluding D&A (definition in appendix) to be
around €622.0 million, compared to the annualised fourth quarter of
2021 underlying operating costs excluding D&A (€627
million).
In addition, Euronext expects to incur around
€50.0 million of non-recurring, implementation costs in 2022, out
of the announced €160 million of non-recurring, implementation
costs to deliver on the ‘Growth for Impact 2024’ strategic
plan.
These implementation costs reflect the ongoing
work of the Euronext teams to deliver on the key strategic projects
announced in November 2021, including (i) the migration of its Core
Data Centre to Bergamo (Italy), (ii) the migration of Italian cash
and derivatives markets to the Optiq® trading platform and (iii)
the European expansion of Euronext Clearing (formerly CC&G)
clearing activities (subject to regulatory approvals).
Stéphane Boujnah, Chief Executive
Officer and Chairman of the Managing Board of Euronext,
said:
“Euronext delivered a record performance during
the fourth quarter of 2021, closing a dynamic and pivotal year 2021
for Euronext. In 2021, Euronext achieved more than 40% of growth in
revenue and EBITDA and a high double-digit increase in adjusted
EPS. This results from the successful integration of Euronext
Securities Copenhagen and the contribution of the Borsa Italiana
Group, especially in fixed income, custody and settlement and
clearing. This performance also reflects the solid performance of
our non-volume related activities and our enhanced capacity to
capture revenue in a less volatile equity trading environment. We
maintained a strong costs control, that allowed the Group to report
better costs than its 2021 costs guidance. In addition, just eight
months after the completion of the acquisition of the Borsa
Italiana Group, we have already achieved €10.1 million of
run-rate annual synergies out of the 2024 target. Further, these
achieved synergies do not encompass yet the business development
opportunities arising from the integration of the Borsa Italiana
Group.
We also consolidated our leadership position in
the listing and trading of equities in Europe. This was further
demonstrated by the record year in new equity listings with 212 new
listings on Euronext markets in 2021. Furthermore, we recently
announced the upcoming launch of our new segment for Tech
companies, Tech Leaders, together with a full suite of pre-IPO and
post-IPO services. This new segment will enhance the attractivity
and visibility of Euronext’s Tech franchise and support our listing
offering in Europe for Tech companies approaching the IPO
stage.
In November 2021 we introduced our new strategic
plan, ‘Growth for Impact 2024’, which sets ambitious financial
targets and a firm commitment to the 1.5° climate trajectory, for
the benefit of our stakeholders, and, more broadly, for European
economies. This commitment is already concretely reflected in our
growing ESG products offering, including the expansion of our ESG
indices franchise to our national flagship indices. Following the
CAC 40 ESG in France and the MIB ESG in Italy, we are about to
launch the AEX ESG, to support sustainable investing in the
Netherlands, one of the main equity markets of Euronext.
Furthermore, as announced in November 2021, the planned migration
to our new green Core Data Centre in Bergamo is well on track for
completion by June 2022.
As we enter 2022, all the Euronext teams are
more than ever committed to build the leading market infrastructure
in Europe to shape capital markets for future generations.”
Euronext Q4 and full-year
2021 financial performance
In €m, unless stated otherwise The figures in this
document have not been audited or reviewed by our external
auditor. |
FY 2021 |
FY 2020 |
% change |
% change(like-for-like, constant currencies) |
Revenue and income |
1,298.7 |
884.3 |
+46.9% |
+3.3% |
Listing |
189.7 |
145.5 |
+30.4% |
+8.0% |
Trading
revenue |
465.3 |
365.1 |
+27.4% |
-3.1% |
o/w Cash trading |
293.7 |
259.6 |
+13.1% |
-1.6% |
o/w Derivatives trading |
52.5 |
49.2 |
+6.6% |
-8.5% |
o/w Fixed income trading |
65.8 |
2.6 |
n/a |
-34.2% |
o/w Spot FX trading |
23.5 |
26.4 |
-10.9% |
-7.4% |
o/w Power trading |
29.9 |
27.3 |
+9.3% |
-0.3% |
Investor
Services |
8.9 |
7.6 |
+17.3% |
+26.9% |
Advanced Data
Services |
183.6 |
139.0 |
+32.1% |
+4.1% |
Post
Trade |
320.6 |
177.2 |
+80.9% |
+9.9% |
o/w Clearing |
101.4 |
67.1 |
+51.2% |
+6.6% |
o/w Custody, Settlement and other Post Trade |
219.2 |
110.2 |
+99.0% |
+12.1% |
Euronext
Technologies & Other revenue |
85.5 |
49.7 |
+71.9% |
+5.0% |
Net treasury
income through CCP Business |
35.4 |
- |
n/a |
n/a |
Other
income |
3.5 |
0.2 |
n/a |
n/a |
Transitional revenue |
6.2 |
- |
n/a |
n/a |
Operational expenses excluding D&A |
(545.8) |
(364.3) |
+49.8% |
+2.8% |
o/w Salaries and employee benefits |
(275.9) |
(199.0) |
+38.7% |
+5.7% |
o/w Other expenses |
(269.9) |
(165.3) |
+63.3% |
-0.6% |
EBITDA |
752.8 |
520.0 |
+44.8% |
+3.7% |
EBITDA margin |
58.0% |
58.8% |
-0.8pt |
+0.2pt |
Depreciation & amortisation |
(125.7) |
(57.8) |
+117.6% |
+1.9% |
Operating profit before exceptional items |
627.1 |
462.3 |
+35.7% |
+3.4% |
Exceptional items |
(47.8) |
(17.3) |
+175.8% |
|
Operating profit |
579.3 |
444.9 |
+30.2% |
|
Net financing income / (expense) |
(31.7) |
(12.8) |
+147.7% |
|
Results from equity investments |
33.2 |
10.6 |
+213.9% |
|
Profit before income tax |
580.7 |
442.7 |
+31.2% |
|
Income tax expense |
(158.6) |
(122.2) |
+29.9% |
|
Share of non-controlling interests |
(8.7) |
(5.1) |
+72.7% |
|
Net income, share of the parent company
shareholders |
413.3 |
315.5 |
+31.0% |
|
Reported EPS (€ per share, basic) |
4.30 |
4.14 |
+3.8% |
|
Reported EPS (€ per share, diluted) |
4.29 |
4.13 |
+3.9% |
|
Adjusted EPS (€ per share,
basic) |
5.35 |
4.57 |
+17.2% |
|
Adjusted EPS
(€ per share, diluted) |
5.34 |
4.55 |
+17.3% |
|
2021 revenue
and income
In 2021, Euronext consolidated revenue and
income increased to €1,298.7 million, up +46.9%, primarily
resulting from (i) the consolidation of the Borsa Italiana Group,
(ii) strong performance of non-volume related businesses and (iii)
solid organic growth in clearing activities which offset lower
trading volumes across all asset classes except fixed income,
compared to a record year 2020. As a reminder, the Borsa Italiana
Group was consolidated from 29 April 2021 and Euronext Securities
Copenhagen was consolidated from 4 August 2020. On a like-for-like
basis and at constant currencies, Euronext consolidated revenue and
income grew +3.3% in 2021, at €897.7 million, compared to 2020.
Non-volume related revenue accounted for 55% of
total Group revenue in 2021, compared to 50% in 2020, reflecting
especially the expanded post-trade business and expansion of the
Group’s technology franchise. The operating cost coverage by
non-volume related revenue ratio was at 131% in 2021, compared to
121% in 2020.
2021
EBITDA
Operational expenses excluding depreciation
& amortisation increased to €545.8 million, up +49.8%,
primarily as a result of the consolidation of the costs from the
Borsa Italiana Group, Euronext Securities Copenhagen (since 4
August 2020) and 3Sens (part of Corporate Services) for €185.4
million, as well as integration costs related to these
acquisitions. On a like-for-like basis, operational expenses
excluding depreciation & amortisation increased by +2.8%
compared to 2020. 2021 costs were
better than announced costs
guidance.
Consequently, EBITDA for the year was up at
€752.8 million, up +44.8%, representing an EBITDA margin of 58.0%,
down -0.8 points compared to 2020, due to integration activity. On
a like-for-like basis, EBITDA for 2021 was up +3.7%, to €535.5
million, and EBITDA margin was 59.7%, up +0.2 points compared to
the same perimeter in 2020.
2021 net
income, share of the parent company
shareholders
Depreciation and amortisation accounted for
€125.7 million in 2021, up +117.6%, resulting mainly from the
consolidation of the Borsa Italiana Group, including its related
PPA for €39.0 million (for eight months of consolidation). On a
like-for-like basis, depreciation & amortisation was up +1.9%
compared to 2020 at €57.8 million.
Operating profit before exceptional items was
€627.1 million, a +35.7% increase compared to 2020. On a
like-for-like basis, operating profit before exceptional items was
up +3.4% compared to 2020, at €475.4 million.
€47.8 million of exceptional costs was reported
in 2021, mainly related to the acquisition and ongoing integration
of the Borsa Italiana Group.
Net financing expense for 2021 was €31.7 million
compared to a net financing expense of €12.8 million in 2020.
This increase results from the costs of the newly issued debt in
relation to the financing of the acquisition of the Borsa Italiana
Group.
Results from equity investments amounted to
€33.2 million in 2021, reflecting several dividends received from
Euroclear and Sicovam over 2021 for €25.7 million and the
contribution from LCH SA, in which Euronext owns an 11.1% stake. As
a reminder, in 2020, Euronext reported €10.6 million of
results from equity investments solely reflecting the contribution
from LCH SA.
Income tax for 2021 was €158.6 million. This
translated into an effective tax rate of 27.3% for the full year
(2020: €122.2 million and 27.6% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €8.7
million in 2021.
As a result, the reported net income, share of
the parent company shareholders, for 2021 increased by +31.0%
compared to 2020, to €413.3 million. This represents a reported EPS
of €4.30 basic and €4.29 fully diluted in 2021, compared to
€4.13 basic and fully diluted in 20208. The number of shares used
was 96,058,761 for the basic calculation and 96,297,159 for the
fully diluted calculation9.
Adjusted EPS is up +17.2% in 2021, at €5.35 per
share, compared to an adjusted EPS of €4.57 per share in 2020.
In 2021, Euronext reported a net cash flow from
operating activities of €543.6 million, compared to €278.0 million
in 2020, reflecting higher positive changes in working capital and
the consolidation of the Borsa Italiana Group. Excluding the impact
on working capital from Euronext Clearing (formerly CC&G) and
Nord Pool CCP activities, net cash flow from operating activities
accounted for 65.4% of EBITDA in 2021.
In €m, unless stated otherwise |
Q4 2021 |
Q4 2020 |
% change |
% change(like-for-like, constant currencies) |
Revenue and income |
370.1 |
232.0 |
+59.5% |
+4.3% |
Listing |
51.9 |
38.2 |
+35.8% |
+2.5% |
Trading
revenue |
132.3 |
88.0 |
+50.4% |
+2.5% |
o/w Cash trading |
79.3 |
62.7 |
+26.5% |
+3.4% |
o/w Derivatives trading |
14.2 |
11.7 |
+21.4% |
-4.0% |
o/w Fixed income trading |
24.2 |
0.5 |
n/a |
-27.8% |
o/w Spot FX trading |
6.1 |
5.9 |
+3.9% |
-0.7% |
o/w Power trading |
8.5 |
7.2 |
+18.7% |
+10.4% |
Investor
Services |
2.3 |
2.0 |
+12.9% |
+27.5% |
Advanced Data
Services |
50.7 |
33.8 |
+50.1% |
+6.9% |
Post
Trade |
90.9 |
57.3 |
+58.6% |
+4.3% |
o/w Clearing |
30.1 |
17.4 |
+73.1% |
+6.4% |
o/w Custody, Settlement and other Post Trade |
60.7 |
39.9 |
+52.3% |
+3.4% |
Euronext
Technologies & Other revenue |
26.4 |
12.6 |
+109.4% |
+11.8% |
Net treasury
income through CCP Business |
12.9 |
0.0 |
n/a |
n/a |
Other
income |
0.6 |
0.1 |
n/a |
n/a |
Transitional revenue |
2.0 |
0.0 |
n/a |
n/a |
Operational expenses excluding D&A |
(161.8) |
(105.1) |
+54.0% |
+0.1% |
o/w Salaries and employee benefits |
(77.8) |
(59.0) |
+31.8% |
-3.4% |
o/w Other expenses |
(84.1) |
(46.1) |
+82.4% |
+4.5% |
EBITDA |
208.2 |
126.8 |
+64.1% |
+7.8% |
EBITDA margin |
56.3% |
54.7% |
+1.6pt |
+1.8pt |
Depreciation & amortisation |
(41.3) |
(15.9) |
+160.5% |
+4.7% |
Operating profit before exceptional items |
166.9 |
111.0 |
+50.4% |
+8.2% |
Exceptional items |
(16.2) |
(12.3) |
+31.6% |
|
Operating profit |
150.6 |
98.6 |
+52.7% |
|
Net financing income / (expense) |
(6.7) |
(4.9) |
+36.3% |
|
Results from equity investments |
7.3 |
4.3 |
+68.7% |
|
Profit before income tax |
151.3 |
98.1 |
+54.2% |
|
Income tax expense |
(35.7) |
(30.3) |
+17.8% |
|
Share of non-controlling interests |
(2.9) |
(0.7) |
+344.1% |
|
Net income, share of the parent company
shareholders |
112.7 |
67.1 |
+67.8% |
|
Reported EPS (€ per share, basic) |
1.05 |
0.88 |
+19.1% |
|
Reported EPS (€ per share, diluted) |
1.05 |
0.88 |
+19.3% |
|
Adjusted EPS (€ per share,
basic) |
1.31 |
1.09 |
+19.7% |
|
Adjusted EPS
(€ per share, diluted) |
1.30 |
1.09 |
+19.9% |
|
Q4 2021
revenue and income
In the fourth quarter of 2021, Euronext
consolidated revenue and income increased to a record level of
€370.1 million, up +59.5%, resulting primarily from (i) the
consolidation of the Borsa Italiana Group and (ii) solid organic
growth. On a like-for-like basis and at constant currencies,
Euronext consolidated revenue and income grew +4.3% in Q4 2021, to
€243.1 million, compared to Q4 2020.
Non-volume related revenue accounted for 55% of
total Group revenue in Q4 2021, compared to 54% in Q4 2020,
reflecting a solid fourth quarter for non-volume related business
that offset the consolidation of the Borsa Italiana Group trading
activities. The operating cost coverage by non-volume related
businesses ratio was at 126% in Q4 2021, compared to 118% in Q4
2020.
Q4 2021
EBITDA
Operational expenses excluding depreciation
& amortisation increased to €161.8 million, up +54.0%,
primarily as a result of the consolidation of the costs from the
Borsa Italiana Group, for €57.3 million, as well as related
integration costs. On a like-for-like basis, operational expenses
excluding depreciation & amortisation were stable (+0.1%)
compared to Q4 2020.
Consequently, EBITDA for the quarter was up at
€208.2 million, representing an EBITDA margin of 56.3%, up +1.6
points compared to Q4 2020, despite integration activity. On a
like-for-like basis, EBITDA for Q4 2021 was up +7.8%, to €138.6
million, and EBITDA margin was 57.0%, up +1.8 points compared to
the same perimeter in Q4 2020.
Q4 2021 net
income, share of the parent company
shareholders
Depreciation and amortisation accounted for
€41.3 million in Q4 2021, up +160.5%, resulting mainly from the
consolidation of the Borsa Italiana Group, including its related
PPA for €15.7 million (for a full quarter of consolidation). On a
like-for-like basis, depreciation & amortisation was up +4.7%
compared to Q4 2020 at €17.0 million.
Operating profit before exceptional items was
€166.9 million, a +50.4% increase compared to Q4 2020. On a
like-for-like basis, operating profit before exceptional items was
up +8.2% compared to Q4 2020, at €121.6 million.
€16.2 million of exceptional costs were reported
in Q4 2021, mainly related to the integration of the Borsa Italiana
Group and brand impairment.
Net financing expense for Q4 2021 was €6.7
million compared to a net financing expense of €4.9 million in
Q4 2020. This increase results from the costs of the newly issued
debt in relation to the financing of the acquisition of the Borsa
Italiana Group.
Results from equity investments amounted to €7.3
million in Q4 2021, reflecting an interim dividend received from
Sicovam for €4.0 million, and the contribution from LCH SA, in
which Euronext owns an 11.1% stake. As a reminder, in Q4 2020,
Euronext reported €4.3 million of results from equity
investments solely reflecting the contribution from LCH SA.
Income tax for Q4 2021 was €35.7 million. This
translated into an effective tax rate of 23.6% for the quarter (Q4
2020: €30.3 million and 30.9% respectively), positively impacted by
deductible exceptional costs.
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €2.9
million in Q4 2021.
As a result, the reported net income, share of
the parent company shareholders, for Q4 2021 increased by +67.8%
compared to Q4 2020, to €112.7 million. This represents a reported
EPS of €1.05 basic and fully diluted in Q4 2021, compared to
€0.88 basic and fully diluted in Q4 202011. The number of shares
used was 96,058,761 for the basic calculation and 96,297,159 for
the fully diluted calculation12.
Adjusted EPS is up +19.7% in Q4 2021, at €1.31
per share, compared to an adjusted EPS of €1.09 per share in Q4
2020.
In Q4 2021, Euronext reported a net cash flow
from operating activities of €145.6 million, compared to €74.7
million in Q4 2020, reflecting higher positive changes in working
capital and the consolidation of the Borsa Italiana Group.
Excluding the impact on working capital from Euronext Clearing
(formerly CC&G) and Nord Pool CCP activities, net cash flow
from operating activities accounted for 65.0% of EBITDA in Q4
2021.
Business highlights
Listing
In €m, unless stated otherwise |
Q4 2021 |
Q4 2020 |
% change |
FY 2021 |
FY 2020 |
% change |
Listing revenue |
51.9 |
38.2 |
+35.8% |
189.7 |
145.5 |
+30.4% |
Equity |
23.9 |
14.8 |
+61.3% |
86.9 |
63.6 |
+36.5% |
Annual fees |
15.1 |
8.9 |
+69.8% |
52.9 |
35.1 |
+50.4% |
Follow-ons |
5.6 |
3.7 |
+49.4% |
18.2 |
18.6 |
-1.9% |
IPOs |
3.2 |
2.2 |
+47.0% |
15.8 |
9.9 |
+59.4% |
Debts |
10.5 |
9.2 |
+13.6% |
38.5 |
34.7 |
+10.9% |
ETFs, Funds & Warrants |
5.7 |
2.8 |
+103.7% |
18.9 |
11.7 |
+61.2% |
Corporate Services |
8.6 |
9.8 |
-12.4% |
37.1 |
32.4 |
+14.6% |
Others |
3.1 |
1.5 |
+107.0% |
8.3 |
3.0 |
+178.8% |
Money raised |
402,091 |
294,343 |
+36.6% |
1,616,421 |
1,269,611 |
+27.3% |
Fourth quarter of 2021
Listing revenue was €51.9 million in Q4 2021, an
increase of +35.8% compared to Q4 2020, driven by a continued
positive momentum in equity listing and debt listing. On a
like-for-like basis at constant currencies, listing revenue
increased by +2.5% compared to Q4 2020.
The fourth quarter of 2021 saw the strong
primary equity listing dynamic continue, with 57 new listings on
Euronext, including five large company listings (notably Autostore
Holdings, OVH and Ariston Holdings, 2021’s largest cleantech
listing) and six SPACs. Euronext continues to demonstrate its
strong value proposition for Tech companies with most capital
raising deals being Tech and innovative-driven companies. In Q4
2021, €6.5 billion was raised on Euronext primary markets, more
than doubled compared to €2.7 billion in Q4 2020.
Secondary markets reported €6.2 billion raised
in secondary equity issues in Q4 2021, compared to €19.3 billion in
Q4 2020.
Euronext remained the leading exchange in Europe
for the listing of ETFs, for the fourth quarter in a row.
Strong debt listing results across Euronext’s
markets in Q4 2021 were driven by favourable market conditions and
the continued momentum in ESG bond listing. In Q4 2021, €389.4
billion in debt was raised on Euronext’s markets, compared to
€272.4 billion in Q4 2020.
In total, €402.1 billion in equity and debt was
raised on Euronext’s markets in Q4 2021, compared to €294.3 billion
in Q4 2020.
Euronext Corporate Services reported €8.6
million in revenue in Q4 2021, down -12.4%. This performance
results from a lower demand for webcast services in the fourth
quarter compared to a very intense Q4 2020 as well as some revenue
recognition adjustments.
Full year
2021
Listing revenue was €189.7 million in 2021, an
increase of +30.4% compared to 2020, driven by record equity and
debt listing activities, and the dynamism of Euronext Corporate
Services. On a like-for-like basis at constant currencies, listing
revenue increased by +8.0% compared to 2020.
In 2021, Euronext reported an all-time record of
212 new equity listings13. This performance confirmed Euronext’s
leadership as the leading European equity listing venue thanks to
its attractive value proposition for issuers, from Europe and
abroad. Euronext welcomed 18 large capitalisation listings in 2021,
including international blue chip issuers such as Allfunds (Spain),
CTP (Czech Republic), InPost (Poland), Majorel (Luxembourg) and
Universal Music Group (US). In 2021, Euronext also recorded 22 SPAC
listings, confirming its position as the leading European venue for
SPAC listings, as well as 109 new Tech company listings,
positioning Euronext as the leading venue for Tech issuers in
Europe.
Secondary markets reported increased activity
supported by large capitalisation deals, with €92.9 billion raised
in secondary equity issues compared to €56.2 billion raised in
2020.
Euronext reinforced its position as the leading
exchange in Europe for the listing of ETFs in 2021.
Euronext confirmed its leading position
worldwide in debt listing, recording an all-time high in new debt
listings in 2021. This performance results from the favourable
market conditions across Euronext listing venues, continued
traction of ESG bonds as well as the benefits from Borsa Italiana
debt listing capabilities. In 2021, €1.5 trillion in debt was
raised on Euronext’s markets, compared to €1.2 trillion in
2020.
In total, €1.6 trillion in equity and debt was
raised on Euronext’s markets in 2021, compared to €1.3 trillion in
2020.
Euronext Corporate Services reported a strong
performance, generating €37.1 million in revenue in 2021, up +14.6%
compared to 2020, capitalising on supportive trends towards further
digitalisation and on an enhanced offering in 2021.
Trading
In €m, unless stated otherwise |
Q4 2021 |
Q4 2020 |
% change |
FY 2021 |
FY 2020 |
% change |
Trading revenue |
132.3 |
88.0 |
+50.4% |
465.3 |
365.1 |
+27.4% |
Cash trading |
79.3 |
62.7 |
+26.5% |
293.7 |
259.6 |
+13.1% |
ADV Cash market |
12,176 |
11,625 |
+4.7% |
11,808 |
12,372 |
-4.6% |
Derivatives trading |
14.2 |
11.7 |
+21.4% |
52.5 |
49.2 |
+6.6% |
ADV Derivatives market (in lots) |
718,023 |
704,096 |
+2% |
733,116 |
781,299 |
-6.2% |
Fixed Income trading |
24.2 |
0.5 |
n/a |
65.8 |
2.6 |
n/a |
ADV MTS Cash |
22,900 |
17,395 |
+31.6% |
23,949 |
13,943 |
+71.8% |
TAADV MTS Repo |
291,927 |
278,285 |
+4.9% |
282,655 |
345,735 |
-18.2% |
ADV other fixed income |
852 |
1,160 |
26.6% |
895 |
1,281 |
-30.2% |
Number of trading days |
66 |
65 |
|
258 |
257 |
|
Spot FX trading ADV spot FX Market (in USDm) |
6.1 19,381 |
5.9 19,991 |
+3.9% -3.1% |
23.5 19,214 |
26.4 21,427 |
-10.9% -10.3% |
Number of trading days |
66 |
65 |
|
260 |
260 |
|
Power trading |
8.5 |
7.2 |
+18.7% |
29.9 |
27.3 |
+9.3% |
ADV Day-ahead power market (in TWH) |
2.76 |
2.74 |
+0.7% |
2.47 |
2.52 |
-2.0% |
ADV Intraday power market (in TWH) |
0.08 |
0.07 |
+14.4% |
0.07 |
0.07 |
-2.3% |
Number of
trading days |
92 |
92 |
|
365 |
351 |
|
Trading revenue on a reported basis (Borsa Italiana Group
consolidated from 29 April 2021). All trading volumes data on a pro
forma basis to include the Borsa Italiana Group trading activities.
2020 data has been restated accordingly.
Fourth quarter of 2021
Cash trading revenue increased by +26.5% to
€79.3 million in Q4 2021, resulting from the consolidation of Borsa
Italiana capital markets and resilient yield management in an
environment of increased trading volumes. Over the fourth quarter
of 2021, Euronext recorded cash average daily volumes of €12.2
billion, up +4.7% on a pro forma basis compared to Q4 2020, and
supported by uncertainty around economic policies and material
indices rebalancing.
Over the fourth quarter of 2021, Euronext cash
trading yield averaged 0.49bps and the market share of cash trading
averaged 71.3%.
On a like-for-like basis at constant currencies,
cash trading revenue was up +3.4% in Q4 2021 compared to Q4
2020.
Derivatives trading revenue increased by +21.4%
to €14.2 million in Q4 2021 as a result of the consolidation of
Borsa Italiana capital markets, strong traction of commodity
derivatives and recent commercial developments.
During the fourth quarter of 2021, average daily
volume on financial derivatives was 630,533 lots, up +0.4% from Q4
2020 reflecting a low volatility environment for equity
derivatives, while average daily volumes on commodity derivatives
was 87,490 lots, up +14.8% from Q4 2020 reflecting successful
geographic expansions and an enlargement of the client base.
Euronext revenue capture on derivatives trading
was €0.30 per lot for the fourth quarter of 2021.
On a like-for-like basis at constant currencies,
derivatives trading revenue was down -4.0% in Q4 2021 compared to
Q4 2020.
Fixed income trading reported revenue at €24.2
million in Q4 2021, compared to €0.5 million in Q4 2020,
primarily resulting from the consolidation of MTS. MTS reported a
strong performance reflecting the continued positive momentum in
cash bonds trading supported by steady issuance, continued risk-on
attitude and European economic recovery initiatives. For the fourth
quarter of 2021, MTS Cash reported €17.2 million of revenue and MTS
Repo reported €4.8 million of revenue.
MTS Cash average daily volumes were up +31.7% to
€23.0 billion, compared to €17.4 billion in Q4 2020. The fourth
quarter 2021 also saw renewed interest in Repo trading, with term
adjusted average daily volumes up +4.9% to €292.0 billion.
On a like-for-like basis at constant currencies,
fixed income trading revenue (solely Euronext perimeter) was down
-27.8% in Q4 2021 compared to Q4 2020.
FX trading reported revenue at €6.1 million in
Q4 2021, up +3.9% from Q4 2020, as lower trading volumes were
offset by positive impact of foreign exchange rates over the
period. Over the fourth quarter of 2021, US$19.4 billion
average daily volumes were recorded, down -3.1% compared to Q4
2020.
On a like-for-like basis at constant currencies,
FX trading revenue was down -0.7% in Q4 2021 compared to Q4
2020.
Power trading reported €8.5 million in revenue
in Q4 2021, a solid growth of +18.7% compared to Q4 2020, as a
result of increased power trading volumes driven by cold
temperatures in Q4 2021 and expansion of the trading offering. Over
the fourth quarter of 2021, average daily day-ahead power traded
was 2.76TWh, up +0.7% compared to Q4 2020, and average daily
intraday power traded was 0.08TWh, up +14.4% compared to Q4
2020.
On a like-for-like basis at constant currencies,
power trading revenue was up +10.4% compared to Q4 2020.
Full year
2021
Cash trading revenue increased by +13.1% to
€293.7 million in 2021 as a result of the consolidation of Borsa
Italiana capital markets and efficient revenue capture in an
environment of decreasing trading volumes after a very dynamic 2020
trading environment. Over 2021, Euronext cash markets reported
average daily volumes of €11.8 billion supported by several
volatility spikes, yet this was down -4.6%, on a pro forma basis,
compared to a record year 2020.
Over 2021, Euronext cash trading yield averaged
0.53bps and the market share on cash trading averaged 71.0%15.
On a like-for-like basis at constant currencies,
cash trading revenue was down -1.6% in 2021 compared to a highly
volatile year 2020.
Derivatives trading revenue increased by +6.6%
to €52.5 million in 2021 as a result of the consolidation of Borsa
Italiana Capital Markets, newly launched innovative products and of
a record year for commodity derivatives trading.
In 2021, average daily volume on financial
derivatives was 650,898 lots, down -8.3% from 2020 reflecting a low
volatility environment for equity derivatives, while average daily
volume on commodity derivatives was 82,219 lots, up +22.6% from
2020 reflecting successful expansion of the franchise.
Euronext revenue capture on derivatives trading
was €0.29 per lot for 2021.
On a like-for-like basis at constant currencies,
derivatives trading revenue was down -8.5% in 2021 compared to
2020.
Fixed income trading reported revenue at €65.8
million in 2021, compared to €2.6 million in 2020, resulting from
the consolidation of MTS. MTS Cash contributed €46.8 million of
revenues, while MTS Repo reported €12.7 million for 2021. MTS
reported significant growth in cash volumes driven by steady
issuance as well as European bond buying programmes and a dynamic
Italian market.
MTS Cash average daily volumes grew +71.8%
versus 2020 to €24.0 billion in 2021. MTS Repo reported term
adjusted average daily volumes down -18.2% to €282.7 billion with a
renewed dynamic during the fourth quarter of 2021.
On a like-for-like basis at constant currencies,
fixed income trading revenue (solely Euronext perimeter) was down
-34.2% in 2021 compared to 2020.
FX trading reported revenue at €23.5 million in
2021, down -10.9% from 2020, reflecting lower trading volumes as FX
markets recorded lower volatility through the year. In 2021,
US$19.2 billion average daily volumes were recorded, down
-10.3% compared to 2020.
On a like-for-like basis at constant currencies,
FX trading revenue was down -7.4% in 2021 compared to 2020.
Power trading reported €29.9 million in revenue
in 2021, +9.3% compared to 2020 as lower trading volumes in the UK
and Ireland as well as Central and Western Europe markets were
offset by an enhanced revenue capture. In 2021, average daily
day-ahead power traded was 2.47TWh, down -2.0% compared to 2020,
and average daily intraday power traded was 0.07TWh, down -2.3%
compared to 2020.
On a like-for-like basis at constant currencies,
power trading revenue was down -0.3% compared to 2020.
Investor Services
Fourth quarter of
2021
Investor Services reported revenue up +12.9% to
€2.3 million in Q4 2021 reflecting continued traction of the
offering.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +27.5% compared to Q4 2020.
Full year
2021
Investor Services revenue increased to €8.9
million in 2021, up +17.3% compared to 2020, resulting from
successful commercial expansion and enhancement of the
offering.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +26.9% compared to 2020.
Advanced Data
Services
Fourth quarter of
2021
Advanced Data Services revenue was €50.7 million
in Q4 2021, up +50.1% from Q4 2020, driven by the consolidation of
the Borsa Italiana Group data activities, dynamic index activity, a
solid performance of the market data business and increased
contribution of the data solutions offering. Euronext announced on
18 October 2021 the launch of its new MIB® ESG Index, the first
Italian blue-chip Environmental, Social and Governance (ESG) index
designed to identify major listed Italian issuers that demonstrate
best ESG practices. The MIB® ESG is Euronext’s second national ESG
index, after the CAC 40® ESG launched in March 2021. In 2021, 20
new ESG indices were launched.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +6.9% compared to Q4
2020.
Full year
2021
Over 2021, Advanced Data Services revenue grew
to €183.6 million, up +32.1% compared to the previous year as a
result of the consolidation of Borsa Italiana Group data
businesses, as well as solid market data activities, dynamic
indices business with the launch of 20 new ESG indices and growing
traction of data solutions activity.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +4.1% compared to 2020.
Post
Trade
in €m, unless stated otherwise |
Q4 2021 |
Q4 2020 |
% var |
FY 2021 |
FY 2020 |
% var |
Post-trade revenue and
income |
103.8 |
57.3 |
+81.2% |
356.0 |
177.2 |
+100.9% |
Clearing |
30.1 |
17.4 |
+73.1% |
101.4 |
67.1 |
+51.2% |
Revenue from LCH SA |
18.5 |
17.4 |
+6.4% |
71.5 |
67.1 |
+6.6% |
Revenue from Euronext Clearing |
11.6 |
- |
n/a |
29.9 |
- |
- |
Net treasury
income through CCP business |
12.9 |
- |
n/a |
35.4 |
- |
- |
Custody,
Settlement and other Post-trade |
60.7 |
39.9 |
+52.3% |
219.2 |
110.2 |
+99% |
Fourth quarter of 2021
Clearing revenue was up +73.1% to €30.1 million
in Q4 2021, as a result of the consolidation of Euronext Clearing
(formerly CC&G) activities as well as higher clearing revenue
and treasury income received from LCH SA. In Q4 2021, Euronext
Clearing revenues included €1.5 million from derivatives clearing,
€4.4 million from equities clearing, and €2.2 million from bonds
clearing.
On a like-for-like basis at constant currencies,
clearing revenue was up +6.4% compared to Q4 2020.
Full year
2021
Clearing revenue was up in 2021, at €101.4
million, +51.2% compared to 2020, as a result of the consolidation
of Euronext Clearing (formerly CC&G) activities as well as
higher clearing revenue supported by an increase in commodity
derivatives cleared and higher treasury income received from LCH
SA. Euronext Clearing’s derivatives clearing for the full year
amounted to €3.9 million, bonds clearing to €5.7 million, and
equities clearing generated €11.6 million of revenues, for 8 months
of consolidation of Euronext Clearing clearing activities.
On a like-for-like basis at constant currencies,
clearing revenue was up +6.6% compared to 2020.
Fourth quarter of 2021
Net treasury income through the CCP business of
Euronext Clearing (formerly CC&G) was €12.9 million in Q4
2021.
Full year 2021
Net treasury income through the CCP business of
Euronext Clearing (formerly CC&G) was €35.4 million in 2021 for
8 months of consolidation.
- Custody,
Settlement and other Post
Trade
Fourth quarter of 2021
Revenue from Custody, Settlement and other Post
Trade, including the activities of Euronext Securities (Copenhagen,
Milan, Oslo, Porto), was €60.7 million in Q4 2021, up +52.3%
compared to Q4 2020, primarily resulting from the consolidation of
Euronext Securities Milan, increasing assets under custody,
reaching €6.5 trillion at the end of Q4 2021, and higher number of
retail accounts in the Nordics CSDs.
Over the fourth quarter of 2021, 31,979,758
settlement instructions were processed by Euronext Securities
CSDs.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-trade revenue was up +3.4%
compared to Q4 2020.
Full year 2021
Revenue from Custody, Settlement and other Post
Trade, including the activities of Euronext Securities (Copenhagen,
Milan, Oslo, Porto), was €219.2 million in 2021, up +99.0% from
2020. This result from the consolidation of Euronext Securities
Milan (from 29 April 2021) and of Euronext Securities Copenhagen
(from 4 August 2020), as well as record activity across the CSDs
with all-time high value of assets under custody, number of
settlement instructions and number of retail accounts.
Over 2021, 136,171,006 of settlement
instructions were processed by Euronext Securities CSDs, pro forma
Euronext Securities Milan.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-trade revenue was up +12.1%
compared to 2020.
Euronext Technologies and
Other revenue
Fourth quarter of 2021
Euronext Technologies and Other revenue was
€26.4 million in Q4 2021, up +109.4% from Q4 2020 as a result of
the consolidation of Borsa Italiana Group technology businesses,
increased technology activities at Nord Pool as well as increased
SFTI/Colocation fees.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +11.8% compared to
Q4 2020.
Full year 2021
Euronext Technologies and Other revenue was
€85.5 million in 2021, up +71.9% from 2020 as a result of the
consolidation of Borsa Italiana Group technology businesses,
including Gatelab and X2M as well as increased revenues from
connectivity and colocation services.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +5.0% compared to
2020.
Corporate highlights of Q4 2021 since
publication of the Q3 2021 results on 4 November
2021
New strategic plan,
Growth for Impact 2024
On 8 November 2021, Euronext released its new
three-year strategic plan, “Growth for Impact 2024”.
Over the past three years, under the “Let’s Grow
Together 2022” strategic plan, Euronext has built the leading
pan-European market infrastructure, through a combination of
organic growth, the acquisitions of Nord Pool16 and VP Securities,
and the transformational acquisition of the Borsa Italiana
Group.
Today, Euronext operates seven national markets,
four CSDs and one clearing house in Europe, as well as various
trading infrastructures, giving it the ability to manage the entire
capital markets value chain for the first time since its IPO.
Looking forward, Euronext intends to grow and
leverage its scale for the benefit of its clients, team members,
shareholders and stakeholders. Euronext’s mission is to connect
European economies to global capital markets, to accelerate
innovation and sustainable growth.
“Growth for Impact 2024” sets out the Group’s
ambition to build the leading market infrastructure in Europe. The
Group aims to make an impact on its industry and its ecosystem to
shape capital markets for future generations.
- The “Growth
for Impact 2024” strategic plan translates into the following 2024
financial targets:
- Revenue growth: +3% to
+4% CAGR2020PF17-2024E (compared to +2% to +3%
CAGR2018PF-2022E in the previous plan);
- EBITDA growth: +5%
to +6% CAGR2020PF1-2024E;
- CAPEX (unchanged):
between 3% to 5% of total revenue;
- Dividend policy
(unchanged): pay-out at 50% of reported net income for the
period;
- Targeted 2024
pre-tax run-rate synergies for the Borsa Italiana Group acquisition
are increased by 67%, to €100 million, mainly thanks to the
European expansion of Euronext Clearing (formerly CC&G)
clearing activities and the migration of Euronext’s Core Data
Centre. More than 55% of the synergies are related to growth
projects. Total implementation costs are estimated at €160
million.
- The “Growth
for Impact 2024” strategic plan is built on the following strategic
priorities:
- Leverage
Euronext’s integrated value chain, through the European
expansion of Euronext Clearing (formerly CC&G) clearing
activities, the Core Data Centre migration to the European
Union, and the international expansion of MTS;
-
Pan-Europeanise Euronext CSDs through the
expansion of services across its four CSDs in Portugal, Norway,
Denmark and Italy, the harmonisation of processes and enhancement
of the client experience;
- Build upon
Euronext’s leadership in Europe, to further develop its
leading listing and trading venues, to accelerate the delivery of
innovative products and services thanks to technology, and to scale
up advanced data services, corporate and investor services;
- Empower
sustainable finance through an ambitious climate
commitment for Euronext that aims to make a tangible impact on its
partners and clients, with the launch of the Fit for 1.5° climate
commitment, and also through an enhanced inclusive people strategy;
and
- Execute
value-creative M&A by continuing to seek external
diversification opportunities, in line with Euronext’s strict
investment criteria and its commitment to maintain an investment
grade rating.
2022 financial
calendar
On 12 November 2021, Euronext announced its
financial calendar for 2022, as follows:
- Full-year 2021
results:
- Release on Thursday 10 February
2022, after market closing
- Analysts conference on Friday 11
February 2022, at 09.00am (CET)
- Quiet period from 21 January to 10
February 2022
- Q1 2022 results:
- Release on Tuesday 17 May 2022,
after market closing
- Analysts conference on Wednesday 18
May 2022, at 09.00am (CEST)
- Quiet period from 27 April to 17
May 2022
- Annual General
Meeting of Shareholders: Wednesday 18 May 2022, at 10.30am
(CEST)
- H1 2022 results:
- Release on Thursday 28 July 2022,
after market closing
- Analysts conference on Friday 29
July 2022, at 09.00am (CEST)
- Quiet period from 8 July to 28 July
2022
- Q3 2022 results:
- Release on Thursday 3 November
2022, after market closing
- Analysts conference on Friday 4
November 2022, at 09.00am (CET)
- Quiet period from 14 October to 3
November 2022
Share repurchase programme as part of
Euronext Long-Term Incentive plan
On 30 November 2021, Euronext announced the
completion of the repurchase of 350,000 of its own shares at an
average price of €90.83.
This repurchase programme was carried out within
the scope of the Euronext Long-Term Incentive plan by an
independent agent from 15 November 2021 to 30 November 2021 and in
accordance with the conditions of the authorisation granted by the
General Meeting of Shareholders of Euronext on 11 May 2021.
Corporate highlights since 31 December 2021
Launch of Tech Leaders,
the segment dedicated to Tech companies, with a full suite of
pre-IPO and post-IPO
services
On 8 February 2022, Euronext announced the
forthcoming launch of Tech Leaders, a segment dedicated to
highlighting the visibility and attractiveness of high-growth
listed Tech companies among international investors, together with
a suite of services to support them throughout their financial
journey. Alongside this segment, Euronext is launching a full suite
of pre-IPO services to attract private Tech listing candidates to
Euronext’s markets, supporting their growth financing needs.
Euronext’s Tech Leaders segment will provide
listed Tech companies with enhanced visibility among Euronext’s
large international investor base, as well as access to the largest
financing liquidity pool in Europe, whose platform Optiq®18
attracted 25% of European share trading activity in 2021. The Tech
Leaders segment will be composed of innovative and high-growth Tech
companies that are listed on Euronext markets and comply with a set
of financial and non-financial criteria that set them apart in
terms of market capitalisation, free-float, and growth profile.
Tech companies listed on this segment will benefit from increased
visibility towards investors and services to facilitate their
access to financing throughout their growth journey.
This initiative includes a comprehensive
offering of pre-IPO services to support future listings of
high-growth Tech companies, leveraging on Euronext’s flagship
pre-IPO programme TechShare. Euronext will offer notably executive
training and coaching, advisory services and corporate access to
investors, to prepare private Tech companies for their potential
future IPO.
Euronext will develop and deploy these
initiatives in close cooperation with both public and private
institutions.
Subject to regulatory approval where relevant,
the composition of the Tech Leaders segment and details of the
services offered will be announced during Q2 2022.
Launch of
AEX® ESG
index to meet the
financial community’s sustainable investment
needs
On 10 February 2022, Euronext announced that it
will launch a new ESG Index on Euronext Amsterdam, the AEX® ESG
Index. This index will identify the 25 companies that demonstrate
the best Environmental, Social and Governance (ESG) practices from
the 50 constituents of the AEX® and AMX® indices. The launch of
this sustainable index follows the successful launch of the French
CAC 40® ESG Index and the Italian MIB® ESG Index. In launching this
new suite of ESG indices, Euronext is responding to the growing
demand for sustainable investment tools from investors and the
wider market. The launch of the AEX® ESG Index is scheduled in the
course of Q2 2022.
The AEX® ESG Index combines measurement of
economic performance with Environmental, Social and Governance
impacts in line with the UN Global Compact principles19. For the
index market data, Euronext has partnered with Sustainalytics, a
Morningstar Company, which will provide the ESG assessment of
companies for the composition of the index.
Core Data
Centre migration update
Euronext announced in April 2021 the strategic
decision to migrate its Core Data Centre from Basildon, in the
United Kingdom, to Bergamo, in Italy.
The migration is a response to multiple factors,
including the dynamic created by Brexit and a strong rationale to
locate the Group’s Core Data Centre in a European Union country
where Euronext operates a large business. This transformative move,
managed in collaboration with clients, marks a milestone in
bringing back to the European continent the data centre that
handles 25% of European trading volumes.
This migration will allow Euronext to fully
control and directly manage its core IT infrastructure, and a key
service to clients, which was previously outsourced. This will also
allow the generation of colocation revenues, embedded in the
upgraded synergies. Clients will benefit from a state-of-the-art
colocation facility. Since this data centre is 100% powered by
renewable energy sources, clients will see their own carbon
footprints reduced. The date currently targeted for the first part
of the Group Core Data Centre migration, as announced in November
2021, is set for June 2022. The Euronext data centre migration has
been timed in order to pave the way for the migration of the Borsa
Italiana equity and derivatives markets onto Optiq® by
mid-2023.
Euronext successfully finalised the build phase
of the data centre in Q4 2021, which was focused on setting up the
Production infrastructure (servers and networks) and the Colocation
room (client racks). Client connectivity has been implemented and
is now operational. Optiq®, Euronext’s proprietary state-of-the-art
technology, has also been successfully installed in Bergamo. The
colocation and connectivity offerings have been designed and shared
with clients. As a next step, Euronext is working on the client
installation (equipment shipping, installation, and testing), which
is set to be finalised in spring 2022.
Adjustments
in financial disclosure
To highlight its underlying performance,
starting from Q1 2022, Euronext will publish underlying recurring
costs, adjusted EBITDA and non-recurring costs.
Euronext will then remove the exceptional items
line from its financial statements. Consequently, costs previously
reported as exceptional items will from Q1 2022 be included into
their respective lines within Euronext operating expenses as
non-recurring items.
The €160 million of implementation costs
announced in November 2021 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.
As such, Euronext will disclose the following
non-IFRS indicators:
- Adjusted operating
profit as the operating profit, excluding any non-recurring
costs
- Adjusted EBITDA as
the adjusted operating profit before depreciation and
amortisation
- Adjusted EBITDA
margin as the adjusted operating profit before depreciation and
amortisation, divided by total revenue and income
- Adjusted net
income, as the net income adjusted for non-recurring costs and PPA
as well as related tax items, and the corresponding Adjusted
EPS
2024 strategic plan targets remain unchanged and
are not affected by this change in reporting.
Half-year statement of the liquidity
contract of Euronext NV
On 7 January 2022, Euronext announced that the
transactions carried out under the liquidity contract entered into
between Euronext NV and Rothschild Martin Maurel for the period
ending 31 December 2021 resulted in the following assets appearing
in the liquidity account:
- 0 Euronext NV shares
- 7,616,927 euros
- Number of Buy transaction over the
period: 3,509
- Number of Sell transaction over the
period: 3,636
- Volume traded relating to Buy
transactions over the period: 314,018 shares for 30,051,454
euros
- Volume traded relating to Sell
transactions over the period: 316,868 shares for 30,307,898
euros
As a reminder, on 30 June 2021, the following
resources were allocated to the liquidity account:
- 2,850 Euronext NV shares
- 7,362,291 euros
Euronext Securities achieves full CSDR
compliance across its CSDs
On 28 January 2022, Euronext Securities Oslo was
granted the licence to operate under the Central Securities
Depository Regulation (CSDR) by the Norwegian FSA, effective as of
1 March 2022. Euronext has therefore successfully obtained CSDR
licences for its four CSDs.
This authorisation represents the final step in
achieving full CSDR compliance for Euronext Securities, the CSD
network connecting European economies to global capital markets.
Euronext Securities Copenhagen, Milan, and Porto already hold
licences pursuant to Art. 16 under CSDR. It paves the way for
Euronext’s strategy to pan-Europeanise and scale up Euronext
Securities.
This is an important milestone for Euronext
Securities Oslo. The licence secures its ability to continue
to provide a stable and efficient market infrastructure for the
dynamic Norwegian capital market, attracting issuers, investors and
market participants from all over the world.
The goal of the Central Securities Depositories
Regulation (CSDR) is to make markets more stable, transparent, and
efficient by regulating securities settlement and settlement
infrastructures in a harmonised manner across the European Union
and the European Economic Area (EEA).
Trading volumes for
January 202220
In January 2022, the average daily transaction
value on the Euronext cash order book stood at €13,921 million, up
+11.4% compared to the same period last year.
The overall average daily volume on Euronext
derivatives stood at 814,865 contracts (-0.4% compared to January
2021) and the open interest was 25,524,288 contracts at the end of
January 2022 (+12.6% compared to the end of January 2021).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $22,342 million in January 2022,
up +4.9% compared to the same period last year.
MTS Cash average daily volumes were up +10.8% to
€21,858 million in January 2022, MTS Repo term adjusted average
daily volume stood at €369,708 million, up +32.2% compared to the
same period last year.
Euronext Clearing cleared 8,019,236 shares in
January 2022, +6.2% compared to January 2021. €1,893 billion of
wholesale bonds were cleared in January 2022 (double counted),
+25.5% compared to the same period in 2021. 439,766 bond retail
contracts were cleared in January 2022 (double counted), -21.2%
compared to January 2021. The number of derivatives contracts
cleared was up +32.7% compared to January 2021, at 2,677,139
contracts (single counted).
Euronext Securities reported 12,746,826
settlement instructions in January 2022, -5.0% compared to the same
period last year. The total Assets Under Custody amount to €6.4
trillion in January 2022, up +8.0% compared to January 2021.
Agenda
A conference call and
a webcast will be held on 11 February 2022, at 09.00am CET (Paris
time) / 08.00am GMT (London time):
Conference call:
To connect to the conference call, please
dial:
UK
Number: |
+44 33 0551
0200 |
NO
Number: |
+47 2 156
3318 |
FR
Number: |
+33 1 70 37 71
66 |
PT
Number: |
+351 3 0880
2081 |
NL
Number: |
+31 20 708
5073 |
IR
Number: |
+353 1 436
0959 |
US
Number: |
+1 212 999
6659 |
IT
Number: |
+39 06
83360400 |
BE
Number: |
+32 2 789
8603 |
DE Number: |
+49 30 3001
90612 |
Password:
Euronext
Live webcast:
Webcast:
A live audio webcast and replay after the call will be available
via this link and on our Euronext Investor Relations website
CONTACTS INVESTOR RELATIONS: |
|
|
Aurélie Cohen
– Chief Communications and Investor Relations Officer |
+33 1 70 48 24
17 |
ir@euronext.com
|
Clément Kubiak
– Investor Relations Manager |
+33 1 70 48 26
33 |
CONTACTS
MEDIA:mediateam@euronext.com |
|
|
Aurélie Cohen
- Chief Communications and Investor Relations Officer |
+33 1 70 48 24
17 |
parispressoffice@euronext.com |
Andrea Monzani
(Europe/Milan/Rome) |
+39 02 72 42
62 13 |
amonzani@euronext.com |
Marianne
Aalders (Amsterdam) |
+31 20 721 41
33 |
maalders@euronext.com |
|
Pascal Brabant
(Brussels) |
+32 2 620 15
50 |
pbrabant@euronext.com |
|
Shannon
Sweeney (Dublin) |
+353 87 361
2380 |
ssweeney@euronext.com |
|
Sandra Machado
(Lisbon) |
+351 210 600
614 |
smachado@euronext.com |
|
Cathrine
Lorvik Segerlund (Oslo) |
+47 41 69 59
10 |
clsegerlund@euronext.com |
|
Sarah Mound
(Paris) |
+33 1 70 48 24
45 |
smound@euronext.com |
|
About Euronext Euronext is the
leading pan-European market infrastructure, connecting European
economies to global capital markets, to accelerate innovation and
sustainable growth. It operates regulated exchanges in Belgium,
France, Ireland, Italy, the Netherlands, Norway and Portugal. With
close to 2,000 listed issuers and around €6.9 trillion in market
capitalisation as of end December 2021, 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).
DisclaimerThis press release is
for information purposes only: it is not a recommendation to engage
in investment activities and is provided “as is”, without
representation or warranty of any kind. While all reasonable care
has been taken to ensure the accuracy of the content, Euronext does
not guarantee its accuracy or completeness. Euronext will not be
held liable for any loss or damages of any nature ensuing from
using, trusting or acting on information provided. No information
set out or referred to in this publication may be regarded as
creating any right or obligation. The creation of rights and
obligations in respect of financial products that are traded on the
exchanges operated by Euronext’s subsidiaries shall depend solely
on the applicable rules of the market operator. All proprietary
rights and interest in or connected with this publication shall
vest in Euronext. This press release speaks only as of this date.
Euronext refers to Euronext N.V. and its affiliates. Information
regarding trademarks and intellectual property rights of Euronext
is available at www.euronext.com/terms-use.
© 2022, Euronext N.V. - All rights
reserved.
The Euronext Group processes your personal data
in order to provide you with information about Euronext (the
"Purpose"). With regard to the processing of this personal data,
Euronext will comply with its obligations under Regulation (EU)
2016/679 of the European Parliament and Council of 27 April 2016
(General Data Protection Regulation, “GDPR”), and any applicable
national laws, rules and regulations implementing the GDPR, as
provided in its privacy statement available at:
www.euronext.com/privacy-policy. In accordance with the applicable
legislation you have rights with regard to the processing of your
personal data: for more information on your rights, please refer
to: www.euronext.com/data_subjects_rights_request_information. To
make a request regarding the processing of your data or to
unsubscribe from this press release service, please use our data
subject request form at
connect2.euronext.com/form/data-subjects-rights-request or email
our Data Protection Officer at dpo@euronext.com.
Appendix
Non-IFRS financial measures
For comparative purposes, the company provides
unaudited non-IFRS measures including:
- Operational
expenses excluding depreciation and amortisation
- EBITDA, 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
- EBITDA as the
operating profit before exceptional items and depreciation and
amortisation
- EBITDA margin as
the operating profit before exceptional items and depreciation and
amortisation, divided by total revenue and income
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 include Listing exc.
IPO, Advanced Data Services, Custody Settlement and other
post-trade, NTI from CC&G, Investor Services, Technology
Solution, Other Income and Transitional Revenue.
Adjusted EPS definition
In €m unless
stated otherwise |
Q4
2021 |
Q4 2020 |
Net income reported |
112.7 |
67.1 |
EPS Reported (€ per share) |
1.05 |
0.88 |
Intangible assets
adj. related to acquisitions (PPA) |
(22.0) |
(6.0) |
Exceptional
items |
(16.2) |
(12.3) |
Impairment |
- |
- |
Exceptional
financing expense |
- |
- |
Tax related to
those items |
10.7 |
2.4 |
Adj. net income |
140.2 |
83.1 |
Adj. EPS (€ per share) |
1.31 |
1.09 |
In €m unless
stated otherwise |
2021 |
2020 |
Net income reported |
413.3 |
315.5 |
EPS Reported (€ per share) |
4.30 |
4.14 |
Intangible
assets adj. related to acquisitions (PPA) |
(64.3) |
(21.0) |
Exceptional
items |
(47.8) |
(17.3) |
Impairment |
(4.3) |
- |
Exceptional
financing expense |
(8.9) |
- |
Tax related to
those items |
24.4 |
6.2 |
Adj. net income |
514.3 |
347.6 |
Adj. EPS (€ per share) |
5.35 |
4.57 |
Consolidated income
statement
unaudited, in
€m |
Q4 2021 |
Q4 2020 |
% var |
% var l-f-l |
Total Revenues and income |
370.1 |
232.0 |
+59.5% |
+4.3% |
Listing |
51.9 |
38.2 |
+35.8% |
+2.5% |
Trading
revenue, of which |
132.3 |
88.0 |
+50.4% |
+2.5% |
Cash Trading |
79.3 |
62.7 |
+26.5% |
+3.4% |
Derivatives Trading |
14.2 |
11.7 |
+21.4% |
-4.0% |
Fixed income trading |
24.2 |
0.5 |
n/a |
-27.8% |
FX Trading |
6.1 |
5.9 |
+3.9% |
-0.7% |
Power trading |
8.5 |
7.2 |
+18.7% |
+10.4% |
Investor
Services |
2.3 |
2.0 |
+12.9% |
+27.5% |
Advanced Data
Services |
50.7 |
33.8 |
+50.1% |
+6.9% |
Post-trade, of
which |
90.9 |
57.3 |
+58.6% |
+4.3% |
Clearing |
30.1 |
17.4 |
+73.1% |
+6.4% |
Custody and Settlement |
60.7 |
39.9 |
+52.3% |
+3.4% |
Market
Solutions & other revenue |
26.4 |
12.6 |
+109.4% |
+11.8% |
NTI through
CCP business |
12.9 |
- |
n/a |
n/a |
Other
income |
0.6 |
0.1 |
+587.5% |
+74.5% |
Transitional
revenues |
2.0 |
- |
n/a |
n/a |
|
|
|
|
|
Operating expenses exc. D&A |
(161.8) |
(105.1) |
+54.0% |
+0.1% |
Salaries and
employee benefits |
(77.8) |
(59.0) |
+31.8% |
-3.4% |
Other
Operational Expenses, of which |
(84.1) |
(46.1) |
+82.4% |
+4.5% |
System & Communication |
(26.7) |
(10.7) |
+149.5% |
+28.7% |
Professional Services |
(26.6) |
(17.2) |
+54.0% |
-17.6% |
Clearing expense |
(8.7) |
(7.8) |
+11.9% |
+12.4% |
Accommodation |
(2.6) |
(1.5) |
+70.2% |
+14.3% |
Other Operational Expenses |
(19.5) |
(8.8) |
+120.5% |
+8.9% |
|
|
|
|
|
EBITDA |
208.2 |
126.8 |
+64.1% |
+7.8% |
EBITDA
margin |
56.3% |
54.7% |
+1.6pt |
+1.8pt |
Depreciation
& Amortisation |
(41.3) |
(15.9) |
+160.5% |
+4.7% |
Total
Expenses |
(203.2) |
(121.0) |
+68.0% |
+0.7% |
Operating Profit before Exceptional items |
166.9 |
111.0 |
+50.4% |
+8.2% |
|
|
|
|
|
|
|
|
|
|
Exceptional
items |
(16.2) |
(12.3) |
+31.6% |
|
Operating Profit |
150.6 |
98.6 |
+52.7% |
|
Net financing
income / (expense) |
(6.7) |
(4.9) |
+36.3% |
|
Results from
equity investments |
7.3 |
4.3 |
+68.7% |
|
Profit before income tax |
151.3 |
98.1 |
+54.2% |
|
Income tax
expense |
(35.7) |
(30.3) |
+17.8% |
|
Non-controlling interests |
(2.9) |
(0.7) |
+344.1% |
|
Net income, share of the parent company
shareholders |
112.7 |
67.1 |
+67.8% |
|
|
|
|
|
|
EPS (basic, reported, in €) |
1.05 |
0.88 |
+19.1% |
|
EPS (diluted,
reported, in €) |
1.05 |
0.88 |
+19.3% |
|
EPS (basic, adjusted, in €) |
1.31 |
1.09 |
+19.7% |
|
EPS (diluted, adjusted, in €) |
1.30 |
1.09 |
+19.9% |
|
The figures in this document have not been
audited or reviewed by our external auditor
unaudited, in
€m |
FY 2021 |
FY 2020 |
% var |
% var l-f-l |
Total Revenues and income |
1,298.7 |
884.3 |
+46.9% |
+3.3% |
Listing |
189.7 |
145.5 |
+30.4% |
+8.0% |
Trading
revenue, of which |
465.3 |
365.1 |
+27.4% |
-3.1% |
Cash Trading |
293.7 |
259.6 |
+13.1% |
-1.6% |
Derivatives Trading |
52.5 |
49.2 |
+6.6% |
-8.5% |
Fixed income trading |
65.8 |
2.6 |
+2410.8% |
-34.2% |
FX Trading |
23.5 |
26.4 |
-10.9% |
-7.4% |
Power trading |
29.9 |
27.3 |
+9.3% |
-0.3% |
Investor
Services |
8.9 |
7.6 |
+17.3% |
+26.9% |
Advanced Data
Services |
183.6 |
139.0 |
+32.1% |
+4.1% |
Post-trade, of
which |
320.6 |
177.2 |
+80.9% |
+9.9% |
Clearing |
101.4 |
67.1 |
+51.2% |
+6.6% |
Custody and Settlement |
219.2 |
110.2 |
+99.0% |
+12.1% |
Market
Solutions & other revenue |
85.5 |
49.7 |
+71.9% |
+5.0% |
NTI through
CCP business |
35.4 |
- |
n/a |
n/a |
Other
income |
3.5 |
0.2 |
+1909.3% |
+1151.5% |
Transitional
revenues |
6.2 |
- |
n/a |
n/a |
|
|
|
|
|
Operating expenses exc. D&A |
(545.8) |
(364.3) |
+49.8% |
+2.8% |
Salaries and
employee benefits |
(275.9) |
(199.0) |
+38.7% |
+5.7% |
Other
Operational Expenses, of which |
(269.9) |
(165.3) |
+63.3% |
-0.6% |
System & Communication |
(86.3) |
(38.5) |
+124.0% |
+14.5% |
Professional Services |
(84.7) |
(55.0) |
+54.1% |
-10.0% |
Clearing expense |
(33.6) |
(33.1) |
+1.8% |
+2.4% |
Accommodation |
(9.3) |
(6.8) |
+37.9% |
+0.2% |
Other Operational Expenses |
(55.9) |
(32.0) |
+75.1% |
-6.3% |
|
|
|
|
|
EBITDA |
752.8 |
520.0 |
+44.8% |
+3.7% |
EBITDA
margin |
58.0% |
58.8% |
-0.8pt |
+0.2pt |
Depreciation
& Amortisation |
(125.7) |
(57.8) |
+117.6% |
+1.9% |
Total
Expenses |
(671.6) |
(422.0) |
+59.1% |
+2.7% |
Operating Profit before Exceptional items |
627.1 |
462.3 |
+35.7% |
+3.4% |
|
|
|
|
|
|
|
|
|
|
Exceptional
items |
(47.8) |
(17.3) |
+175.8% |
|
Operating Profit |
579.3 |
444.9 |
+30.2% |
|
Net financing
income / (expense) |
(31.7) |
(12.8) |
+147.7% |
|
Results from
equity investments |
33.2 |
10.6 |
+213.9% |
|
Profit before income tax |
580.7 |
442.7 |
+31.2% |
|
Income tax
expense |
(158.6) |
(122.2) |
+29.9% |
|
Non-controlling interests |
(8.7) |
(5.1) |
+72.7% |
|
Net income, share of the parent company
shareholders |
413.3 |
315.5 |
+31.0% |
|
|
|
|
|
|
EPS (basic, reported, in €) |
4.30 |
4.14 |
+3.8% |
|
EPS (diluted,
reported, in €) |
4.29 |
4.13 |
+3.9% |
|
EPS (basic, adjusted, in €) |
5.35 |
4.57 |
+17.2% |
|
EPS (diluted, adjusted, in €) |
5.34 |
4.55 |
+17.3% |
|
Consolidated comprehensive income
statement
In €m unless
stated otherwise |
Q4
2021 |
Q4
2020 |
Profit for the period |
115.6 |
67.8 |
|
|
|
Other
comprehensive income |
|
|
Items that may be reclassified to profit or loss: |
|
|
– Exchange
differences on translation of foreign operations |
12.5 |
27.6 |
– Income tax
impact on exchange differences on translation of foreign
operations |
(1.5) |
(1.7) |
– Change in
value of debt investments at fair value through other comprehensive
income |
(5.5) |
- |
– Income tax
impact on change in value of debt investments at fair value through
other comprehensive income |
1.9 |
- |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
– Change in
value of equity investments at fair value through other
comprehensive income |
(0.2) |
4.8 |
– Income tax
impact on change in value of equity investments at fair value
through other comprehensive income |
(0.6) |
(3.2) |
–
Remeasurements of post-employment benefit obligations |
(0.5) |
1.0 |
– Income tax
impact on remeasurements of post-employment benefit
obligations |
0.1 |
(1.5) |
Other
comprehensive income for the period, net of tax |
6.2 |
27.0 |
Total
comprehensive income for the period |
121.8 |
94.8 |
|
|
|
Comprehensive income attributable to: |
|
|
– Owners of
the parent |
118.5 |
93.3 |
–
Non-controlling interests |
3.3 |
1.4 |
|
|
|
|
|
|
|
|
|
In €m unless
stated otherwise |
2021 |
2020 |
Profit for the period |
422.1 |
320.5 |
|
|
|
Other
comprehensive income |
|
|
Items that may be reclassified to profit or loss: |
|
|
– Exchange
differences on translation of foreign operations |
51.2 |
(62.4) |
– Income tax
impact on exchange differences on translation of foreign
operations |
(6.1) |
5.7 |
– Change in
value of debt investments at fair value through other comprehensive
income |
(7.7) |
- |
– Income tax
impact on change in value of debt investments at fair value through
other comprehensive income |
2.6 |
- |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
– Change in
value of equity investments at fair value through other
comprehensive income |
3.0 |
9.2 |
– Income tax
impact on change in value of equity investments at fair value
through other comprehensive income |
(1.2) |
(3.4) |
–
Remeasurements of post-employment benefit obligations |
2.9 |
(1.5) |
– Income tax
impact on remeasurements of post-employment benefit
obligations |
(0.2) |
0.3 |
Other
comprehensive income for the period, net of tax |
44.4 |
(52.1) |
Total
comprehensive income for the period |
466.5 |
268.5 |
|
|
|
Comprehensive income attributable to : |
|
|
– Owners of
the parent |
456.5 |
264.7 |
–
Non-controlling interests |
10.0 |
3.8 |
The figures in this document have not been
audited or reviewed by our external auditor.
Consolidated balance sheet
unaudited, in
€m |
As at
31/12/21 |
As at
31/12/20 |
Non-current assets |
|
|
Property,
plant and equipment |
97.6 |
56.0 |
Right-of-use
assets |
66.2 |
46.9 |
Goodwill and
other intangible assets |
6,178.1 |
1,536.1 |
Deferred
income tax assets |
37.5 |
20.8 |
Investments in
associates and JV |
69.2 |
68.1 |
Financial
assets at fair value through OCI |
258.1 |
204.5 |
Other non
current assets |
4.2 |
8.6 |
Total
non-current assets |
6,710.8 |
1,941.1 |
|
|
|
Current assets |
|
|
Trade and
other receivables |
416.6 |
195.0 |
Income tax
receivable |
10.0 |
3.3 |
Derivative
financial instruments |
11.9 |
23.7 |
CCP clearing
business assets |
137,750.9 |
- |
Other
short-term financial assets |
157.6 |
92.1 |
Cash &
cash equivalents |
804.4 |
629.5 |
Total
current assets |
139,151.3 |
943.5 |
Assets held
for sale |
6.4 |
- |
Total assets |
145,868.5 |
2,884.6 |
|
|
|
Equity |
|
|
Shareholders'
equity |
3,647.6 |
1,058.7 |
Non-controlling interests |
85.3 |
30.2 |
Total
Equity |
3,732.9 |
1,089.0 |
|
|
|
Non-current liabilities |
|
|
Borrowings |
3,044.4 |
1,272.5 |
Lease
liabilities |
50.7 |
35.1 |
Deferred
income tax liabilities |
592.4 |
92.9 |
Post
employment benefits |
32.1 |
26.5 |
Contract
liabilities |
70.3 |
44.6 |
Other
provisions |
8.8 |
14.5 |
Total
Non-current liabilities |
3,798.8 |
1,486.1 |
|
|
|
Current liabilities |
|
|
Borrowings |
17.4 |
8.2 |
Lease
liabilities |
21.0 |
15.9 |
Other current
financial liabilities |
- |
0.5 |
Derivative
financial instruments |
- |
0.4 |
CCP clearing
business liabilities |
137,732.4 |
- |
Income tax
payable |
42.1 |
33.8 |
Trade and
other payables |
439.9 |
185.8 |
Contract
liabilities |
80.5 |
62.2 |
Other
provisions |
2.3 |
2.6 |
Total Current
liabilities |
138,335.5 |
309.6 |
|
|
|
Liabilities
held for sale |
1.3 |
- |
Total equity and liabilities |
145,868.5 |
2,884.6 |
The figures in this document have not been
audited or reviewed by our external auditor.
The consolidated Balance Sheet per 31
December 2021 includes the Euronext Clearing (CC&G) business
assets and liabilities
Unaudited, In €m |
As at 31/12/21 |
Financial assets of the CCP clearing business |
|
|
Derivative
trading assets |
11,123.7 |
Repurchase
agreements (Repos) |
105,639.0 |
Quoted debt
instruments held at fair value |
4,460.4 |
Other
receivables from clearing members |
5,857.3 |
Cash and cash
equivalents of clearing members |
10,665.2 |
Other financial
assets held at fair value |
5.3 |
Total |
137,750.9 |
|
|
Financial liabilities of the CCP clearing
business |
|
|
Derivative
trading liabilities |
11,123.7 |
Repurchase
agreements (Repos) |
105,639.0 |
Other payables
to clearing members |
20,965.6 |
Other financial
liabilities held at fair value |
4.1 |
Total |
137,732.4 |
The figures in this document have not been
audited or reviewed by our external auditor.
Consolidated statement of cash
flows
unaudited, in
€m |
Q4
2021 |
Q4
2020 |
Profit before tax |
151.3 |
98.1 |
Adjustments
for : |
|
|
- Depreciation
and amortization |
41.3 |
15.9 |
- Share based
payments |
3.0 |
2.4 |
- Change in
fair value of financial instruments |
- |
(0.3) |
- Share of
profit from associates and joint ventures |
(3.3) |
(2.7) |
- Changes in
working capital |
36.8 |
(8.6) |
|
|
|
Cash flow from operating activities |
229.2 |
104.8 |
Income tax
paid |
(83.6) |
(30.1) |
Net cash flows from operating activities |
145.6 |
74.7 |
|
|
|
Cash flow from investing activities |
|
|
Acquisition of
subsidiaries, net of cash acquired |
- |
(5.6) |
Proceeds from
disposal of subsidiary |
- |
- |
Proceeds from
sale of assets held for sale |
- |
- |
Purchase of
current financial assets |
(0.5) |
1.0 |
Redemption of
current financial assets |
7.5 |
(1.2) |
Purchase of
property, plant and equipment |
(15.0) |
(3.0) |
Purchase of
intangible assets |
(14.1) |
(4.9) |
Proceeds from
sale of Property, plant, equipment and intangible assets |
- |
- |
Dividends
received from equity investments |
4.0 |
1.6 |
Dividends
received from associates |
0.0 |
- |
|
|
|
Net cash flow from investing activities |
(18.0) |
(12.1) |
|
|
|
Cash flow from financing activities |
|
|
Proceeds from
borrowings, net of transaction fees |
- |
- |
Repayment of
borrowings, net of transaction fees |
(80.0) |
- |
Interest
paid |
(0.5) |
(0.6) |
Interest
received |
- |
- |
Issuance new
shares, net of transaction fees |
2.3 |
- |
Payment of
lease liabilities |
(7.8) |
(4.2) |
Acquisition of
own shares |
(31.4) |
- |
Employee Share
transactions |
(1.3) |
- |
Dividends paid
to the company's shareholders |
- |
- |
Dividends paid
to non-controlling interests |
(5.6) |
- |
|
|
|
Net cash flow from financing activities |
(124.4) |
(4.8) |
|
|
|
Total cash flow over the period |
3.2 |
57.8 |
Cash and cash
equivalents - Beginning of period |
802.5 |
567.3 |
Non Cash
exchange gains/(losses) on cash and cash equivalents |
3.6 |
4.4 |
Cash and cash equivalents - End of period |
809.4 |
629.5 |
The figures in this document have not been
audited or reviewed by our external auditor.
unaudited, in
€m |
FY
2021 |
FY
2020 |
Profit before tax |
580.7 |
442.7 |
Adjustments
for : |
|
|
- Depreciation
and amortization |
125.7 |
57.8 |
- Share based
payments |
10.4 |
8.5 |
- Change in
fair value of financial instruments |
- |
(0.3) |
- Share of
profit from associates and joint ventures |
(7.4) |
(8.9) |
- Changes in
working capital |
49.9 |
(107.0) |
|
|
|
Cash flow from operating activities |
759.3 |
392.8 |
Income tax
paid |
(215.6) |
(114.8) |
Net cash flows from operating activities |
543.6 |
278.0 |
|
|
|
Cash flow from investing activities |
|
|
Acquisition of
subsidiaries, net of cash acquired |
(4,196.0) |
(80.4) |
Proceeds from
disposal of subsidiary |
5.9 |
- |
Proceeds from
sale of assets held for sale |
- |
8.8 |
Purchase of
current financial assets |
(40.4) |
(29.4) |
Redemption of
current financial assets |
50.2 |
5.8 |
Purchase of
property, plant and equipment |
(33.4) |
(6.6) |
Purchase of
intangible assets |
(34.2) |
(12.6) |
Proceeds from
sale of Property, plant, equipment and intangible assets |
- |
0.1 |
Dividends
received from equity investments |
25.7 |
1.6 |
Dividends
received from associates |
6.7 |
7.9 |
|
|
|
Net cash flow from investing activities |
(4,215.5) |
(104.7) |
|
|
|
Cash flow from financing activities |
|
|
Proceeds from
borrowings, net of transaction fees |
5,471.7 |
255.9 |
Repayment of
borrowings, net of transaction fees |
(3,762.9) |
- |
Interest
paid |
(16.1) |
(11.6) |
Interest
received |
5.0 |
4.9 |
Issuance new
shares, net of transaction fees |
2,375.2 |
- |
Payment of
lease liabilities |
(23.8) |
(14.9) |
Acquisition of
own shares |
(31.8) |
(13.2) |
Employee Share
transactions |
(5.1) |
(1.8) |
Dividends paid
to the company's shareholders |
(157.2) |
(110.6) |
Dividends paid
to non-controlling interests |
(16.0) |
(4.4) |
|
|
|
Net cash flow from financing activities |
3,839.1 |
104.2 |
|
|
|
Total cash flow over the period |
167.3 |
277.5 |
Cash and cash
equivalents - Beginning of period |
629.5 |
369.8 |
Non Cash
exchange gains/(losses) on cash and cash equivalents |
12.7 |
(17.9) |
Cash and cash equivalents - End of period |
809.4 |
629.5 |
The figures in this document have not been
audited or reviewed by our external auditor.
Volumes for
the fourth quarter
and full year of 2021
|
Q4 2021 |
Q4 2020 |
% var |
Number of trading
days |
66 |
65 |
|
Number of transactions (buy and sells) (inc. reported
trades) |
Total cash market |
224,642,330 |
240,281,998 |
-6.5% |
ADV cash
market |
3,403,672 |
3,696,646 |
-7.9% |
Transaction value (€ million, single counted) |
|
|
|
Total cash market |
803,596 |
755,636 |
+6.3% |
ADV cash
market |
12,176 |
11,625 |
+4.7% |
|
|
|
|
Listings |
|
|
|
Number of issuers on equities |
|
|
|
Euronext |
1,955 |
1,835 |
+6.5% |
o/w SMEs |
1,514 |
1,441 |
+5.1% |
Number of listed
securities |
|
|
|
Bonds |
3,125 |
4,398 |
-28.9% |
ETFs |
3,484 |
2,623 |
+32.8% |
Funds |
52,286 |
53,263 |
-1.8% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
57 |
63 |
|
Money Raised -
New equity listings (incl over allotment) |
6,501 |
2,651 |
+145.2% |
Money Raised -
Follow-ons on equities |
6,214 |
19,300 |
-67.8% |
Money Raised -
Bonds |
389,375 |
272,393 |
+42.9% |
Total Money
Raised |
402,091 |
294,343 |
+36.6% |
|
|
|
|
of which
SMEs, in €m |
|
|
|
Number of new
equity listings |
52 |
60 |
|
Money Raised -
New equity listings (incl over allotment) |
2,454 |
1,777 |
+38.1% |
Money Raised -
Follow-ons on equities |
2,215 |
3,715 |
-40.4% |
Money Raised -
Bonds |
1,650 |
504 |
+227.1% |
Total Money
Raised |
6,318 |
5,996 |
+5.4% |
2020 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2020
data has been restated accordingly.
|
FY 2021 |
FY 2020 |
% var |
Number of trading
days |
258 |
257 |
|
Number of transactions (buy and sells) (inc. reported
trades) |
Total cash market |
896,622,952 |
965,319,288 |
-7.1% |
ADV cash
market |
3,475,283 |
3,756,106 |
-7.5% |
Transaction value (€ million, single counted) |
|
|
|
Total cash market |
3,046,361 |
3,179,607 |
-4.2% |
ADV cash
market |
11,808 |
12,372 |
-4.6% |
|
|
|
|
Listings |
|
|
|
Number of issuers on equities |
|
|
|
Euronext |
1,955 |
1,835 |
+6.5% |
o/w SMEs |
1,514 |
1,441 |
+5.1% |
Number of listed
securities |
|
|
|
Bonds |
3,125 |
4,398 |
-28.9% |
ETFs |
3,484 |
2,623 |
+32.8% |
Funds |
52,286 |
53,263 |
-1.8% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
212 |
113 |
|
Money Raised -
New equity listings (incl over allotment) |
25,933 |
7,387 |
+251.1% |
Money Raised -
Follow-ons on equities |
92,856 |
56,247 |
+65.1% |
Money Raised -
Bonds |
1,497,633 |
1,205,978 |
+24.2% |
Total Money
Raised |
1,616,421 |
1,269,611 |
+27.3% |
|
|
|
|
of which
SMEs, in €m |
|
|
|
Number of new
equity listings |
194 |
107 |
|
Money Raised -
New equity listings (incl over allotment) |
10,600 |
3,355 |
+216.0% |
Money Raised -
Follow-ons on equities |
16,469 |
8,380 |
+96.5% |
Money Raised -
Bonds |
4,324 |
1,146 |
+277.3% |
Total Money
Raised |
31,393 |
12,881 |
+143.7% |
2020 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2020
data has been restated accordingly.
|
Q4 2021 |
Q4 2020 |
% var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
22,900 |
17,395 |
+31.6% |
TAADV MTS
Repo |
291,927 |
278,285 |
+4.9% |
OTHER
FIXED INCOME |
|
|
|
ADV Fixed
income |
852 |
1,160 |
-26.6% |
|
FY 2021 |
FY 2020 |
% var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
23,949 |
13,943 |
+71.8% |
TAADV MTS
Repo |
282,655 |
345,735 |
-18.2% |
OTHER
FIXED INCOME |
|
|
|
ADV Fixed
income |
895 |
1,281 |
-30.2% |
|
Q4 2021 |
Q4 2020 |
% var |
Number of
trading days |
66 |
65 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
1,279,143 |
1,299,427 |
-1.6% |
ADV Euronext
FX |
19,381 |
19,991 |
-3.1% |
|
FY 2021 |
FY 2020 |
% var |
Number of
trading days |
260 |
260 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
4,995,569 |
5,571,130 |
-10.3% |
ADV Euronext
FX |
19,214 |
21,427 |
-10.3% |
|
Q4 2021 |
Q4 2020 |
% var |
Number of
trading days |
92 |
92 |
|
Power volume (in TWh) |
|
|
|
ADV Day-ahead
Power Market |
2.76 |
2.74 |
+0.7% |
ADV Intraday
Power Market |
0.08 |
0.07 |
+14.4% |
|
FY 2021 |
FY 2020 |
% var |
Number of
trading days |
365 |
351 |
|
Power volume (in TWh) |
|
|
|
ADV Day-ahead
Power Market |
2.47 |
2.52 |
-2.0% |
ADV Intraday
Power Market |
0.07 |
0.07 |
-2.3% |
|
Q4
2021 |
Q4
2020 |
%
var |
Number of
trading days |
66 |
65 |
|
Derivatives Volume (in lots) |
|
|
|
|
|
|
|
Equity |
41,615,200 |
40,810,954 |
+2.0% |
Index |
13,898,538 |
15,692,239 |
-11.4% |
Futures |
9,263,481 |
10,615,683 |
-12.7% |
Options |
4,635,057 |
5,076,556 |
-8.7% |
Individual Equity |
27,716,662 |
25,118,715 |
10.3% |
Futures |
3,050,923 |
3,060,453 |
-0.3% |
Options |
24,665,739 |
22,058,262 |
+11.8% |
|
|
|
|
TM Derivatives |
0 |
0 |
|
Futures |
0 |
0 |
|
Options |
0 |
0 |
|
|
|
|
|
Commodity |
5,774,309 |
4,955,303 |
+16.5% |
Futures |
4,922,988 |
4,531,205 |
+8.6% |
Options |
851,321 |
424,098 |
+100.7% |
|
|
|
|
Total Euronext |
47,389,509 |
45,766,257 |
+3.5% |
Total Futures |
17,237,392 |
18,207,341 |
-5.3% |
Total Options |
30,152,117 |
27,558,916 |
+9.4% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
|
|
|
|
Equity |
630,533 |
627,861 |
+0.4% |
Index |
210,584 |
241,419 |
-12.8% |
Futures |
140,356 |
163,318 |
-14.1% |
Options |
70,228 |
78,101 |
-10.1% |
Individual Equity |
419,949 |
386,442 |
8.7% |
Futures |
46,226 |
47,084 |
-1.8% |
Options |
373,723 |
339,358 |
+10.1% |
|
|
|
|
TM Derivatives |
0 |
3,899 |
|
Futures |
0 |
3,899 |
|
Options |
0 |
0 |
|
|
|
|
|
Commodity |
87,490 |
76,235 |
+14.8% |
Futures |
74,591 |
69,711 |
+7.0% |
Options |
12,899 |
6,525 |
+97.7% |
|
|
|
|
Total Euronext |
718,023 |
704,096 |
+2.0% |
Total Futures |
261,173 |
280,113 |
-6.8% |
Total Options |
456,850 |
423,983 |
+7.8% |
|
|
|
|
2020 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2020
data has been restated accordingly.
|
FY 2021 |
FY 2020 |
%
var |
Number of
trading days |
258 |
257 |
|
Derivatives Volume (in lots) |
|
|
|
|
|
|
|
Equity |
167,931,631 |
182,345,420 |
-7.9% |
Index |
57,331,737 |
72,160,268 |
-20.5% |
Futures |
38,377,265 |
49,871,825 |
-23.0% |
Options |
18,954,472 |
22,288,443 |
-15.0% |
Individual Equity |
110,599,894 |
110,185,152 |
0.4% |
Futures |
20,729,380 |
28,576,024 |
-27.5% |
Options |
89,870,514 |
81,609,128 |
+10.1% |
|
|
|
|
TM Derivatives |
0 |
1,219,621 |
|
Futures |
0 |
1,219,621 |
|
Options |
0 |
0 |
|
|
|
|
|
Commodity |
21,212,415 |
17,228,920 |
+23.1% |
Futures |
18,768,517 |
15,816,993 |
+18.7% |
Options |
2,443,898 |
1,411,927 |
+73.1% |
|
|
|
|
Total Euronext |
189,144,046 |
200,793,961 |
-5.8% |
Total Futures |
77,875,162 |
95,484,463 |
-18.4% |
Total Options |
111,268,884 |
105,309,498 |
+5.7% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
|
|
|
|
Equity |
650,898 |
709,515 |
-8.3% |
Index |
222,216 |
280,779 |
-20.9% |
Futures |
148,749 |
194,054 |
-23.3% |
Options |
73,467 |
86,725 |
-15.3% |
Individual Equity |
428,682 |
428,736 |
0.0% |
Futures |
80,346 |
111,191 |
-27.7% |
Options |
348,335 |
317,545 |
+9.7% |
|
|
|
|
TM Derivatives |
0 |
4,746 |
|
Futures |
0 |
4,746 |
|
Options |
0 |
0 |
|
|
|
|
|
Commodity |
82,219 |
67,039 |
+22.6% |
Futures |
72,746 |
61,545 |
+18.2% |
Options |
9,472 |
5,494 |
+72.4% |
|
|
|
|
Total Euronext |
733,116 |
781,299 |
-6.2% |
Total Futures |
301,842 |
371,535 |
-18.8% |
Total Options |
431,275 |
409,765 |
+5.2% |
|
|
|
|
2020 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2020
data has been restated accordingly.
-
Derivatives open interest24
|
31 Dec 2021 |
31 Dec 2020 |
% var |
Open interest (in lots) |
|
|
|
|
|
|
|
Equity |
21,689,103 |
18,280,219 |
+18.6% |
Index |
1,202,953 |
1,395,983 |
-13.8% |
Futures |
584,129 |
670,571 |
-12.9% |
Options |
618,824 |
725,412 |
-14.7% |
Individual Equity |
20,486,150 |
16,884,236 |
+21.3% |
Futures |
1,149,835 |
783,335 |
+46.8% |
Options |
19,336,315 |
16,100,901 |
+20.1% |
|
|
|
|
TM Derivatives |
0 |
0 |
|
Futures |
0 |
0 |
|
Options |
0 |
0 |
|
|
|
|
|
Commodity |
1,096,536 |
896,347 |
+22.3% |
Futures |
701,280 |
651,940 |
+7.6% |
Options |
395,256 |
244,407 |
+61.7% |
|
|
|
|
Total Euronext |
22,785,639 |
19,176,566 |
+18.8% |
Total Futures |
2,435,244 |
2,105,846 |
+15.6% |
Total Options |
20,350,395 |
17,070,720 |
+19.2% |
2020 data is published on a pro forma basis to
include the trading activities of the Borsa Italiana Group. 2020
data has been restated accordingly.
1 Like for like revenue at constant currencies
excludes in 2020 and 2021 VP Securities (until 4 August), the Borsa
Italiana Group, 3Sens, Ticker, OMS and Centevo as well as related
integration costs. Unless specified otherwise, percentages refer to
the 2021 period data compared to the 2020 data over the same
period.2 Last twelve months EBITDA pro forma the
Borsa Italiana Group3 Definition in appendix4
Weighted average number of shares at 96,058,761 for FY 2021, FY
2020 outstanding shares adjusted for the rights issue to 76,119,487
shares.5 Weighted average number of shares at 96,058,761 for FY
2021, FY 2020 outstanding shares adjusted for the rights issue to
76,119,487 shares.6 Annual General Meeting of
ShareholdersUnless specified otherwise, percentages refer to 2021
period data compared to the comparable 2020 period
data.7 Unless specified otherwise, percentages
refer to 2021 period data compared to the comparable 2020 period
data.8 Number of outstanding shares used in 2020
adjusted for the rights issue to factor in the bonus element at
76,199,487 shares9 Number of outstanding shares
used to compute full-year 2021 EPS10 Unless
specified otherwise, percentages refer to 2021 period data compared
to the comparable 2020 period data.11 Number of
outstanding shares used in 2020 adjusted for the rights issue to
factor in the bonus element at 76,119,487 shares12
Number of outstanding shares used to compute full-year 2021
EPS13 Pro forma Borsa Italiana for the full year
2021.
15 Reported market share and yield for 8 months
of consolidation of Borsa Italiana trading
volumes16 66% of the capital17
Proforma 2020 revenue and 2020 EBITDA for the acquisition of the
Borsa Italiana Group, excluding transitional revenue and
cost.18 Borsa Italiana capital markets will
migrate to Optiq trading platform in 2023 (subject to regulatory
approvals)
19 The UN Global Compact
principles lay out companies’ fundamental responsibilities in the
areas of human rights, labour, environment and anti-corruption.
Euronext has endorsed these principles and contributed to the UN
Global Compact Sustainable Oceans Business Group, formalising the
UN Blue Bond principles.
20 Trading revenue on a reported basis (Borsa
Italiana Group consolidated from 29 April 2021). All trading
volumes data on a pro forma basis to include the Borsa Italiana
Group trading activities. 2020 data has been restated
accordingly.
21 2020 data is published on a pro forma basis
to include the trading activities of the Borsa Italiana Group. 2020
data has been restated accordingly.22 Cash Market
includes shares, warrants, ETFs. Following the acquisition of the
Borsa Italiana Group, Euronext fixed income trading activity is now
reported under Fixed income markets. 2020 data has been restated
accordingly23Q4 2021 data is published on a pro
forma basis to include the trading activities of the Borsa Italiana
Group. Q4 2020 data has been restated
accordingly.24 Q4 2021 and FY 2021 data is
published on a pro forma basis to include the trading activities of
the Borsa Italiana Group. 2020 data has been restated
accordingly.
- 20220210_ENX_Q42021_PR VF
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