Euronext publishes Q1 2023 results
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Euronext publishes Q1 2023
results
Solid quarter driven by
non-volume business organic growth
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris – 16
May 2023 –
Euronext, the leading pan-European market infrastructure,
today publishes its results for the first quarter of 2023.
- Q1
2023 revenue and income
was €372.3
million (-5.9%
compared to Q1
2022):
-
Strong performance of non-volume related business:
-
Technology Solutions reported €27.6 million of revenue (+19.4%1)
thanks to the internalisation of colocation services following the
migration of the Core Data Centre to Italy.
-
Advanced Data Services reached record revenue of €56.3 million
(+7.0%) driven by an increased number of clients and revenue
capture, as well as a strong performance of the data solutions
business.
-
Custody and Settlement registered the best quarter in Euronext’s
history with revenue of €64.0 million (+0.1%) supported by new fee
schemes.
-
Listing activity confirmed Euronext’s leadership in Europe, despite
an unfavourable IPO market, with 12 listings. 25% of the listings
were from international companies. Listing revenue was €54.7
million (-1.2%), negatively impacted by the NOK depreciation over
the year.
-
Non-volume related revenue accounted for 58% of Q1 2023 revenue
(vs. 55% in Q1 2022) and covered 141% of underlying operating
expenses, excluding D&A (vs. 151% in Q1 2022).
-
Fixed income trading reported record revenue of €26.2 million
(+7.0%) driven by increasing interest rates. Power trading revenue
grew to a record of €9.8 million (+8.4%) resulting from increased
market share and strong momentum in the European electricity
market.
-
Q1 2022 was marked by unprecedented volatility driven by
geopolitical events, resulting in a strong negative comparison base
for cash and derivatives trading related activities in Q1 2023:
-
Clearing revenue was €30.0 million (-6.0%), due to negative
comparison base.
-
Cash trading revenue was €71.7 million (-23.7%) as volumes softened
against the exceptionally strong Q1 2022. Equity market share was
sustained at 63.8%. Cash revenue capture averaged 0.48bps,
negatively impacted by larger average order size. Euronext confirms
its floor of cash equity trading average market share greater or
equal to 63%, and revenue capture around 0.52bps following the
migration of Borsa Italiana cash markets to Optiq®.
- Adjusted
EBITDA2 was €218.5 million
(-13.3%)
and adjusted EBITDA
margin was58.7% (-5.0pts):
-
Underlying operating expenses, excluding D&A, were at €153.8
million (+7.1%), resulting from continued cost discipline.
Underlying operating expenses excluding D&A had been positively
impacted in Q1 2022 by one-off items. Euronext reiterates its 2023
guidance for underlying operating expenses excluding D&A of
€630 million.
- Reported
net income, share of the parent company shareholders, was
€96.5 million
(-32.9%):
-
As previously announced in January 2023, Euronext incurred a €36.0
million pre-tax non-underlying provision related to the termination
fee of the clearing agreement with LCH SA3.
-
Adjusted net
income4 was
€147.1
million
(-10.6%), representing
the second best quarter ever
after a record Q1
2022.
- Adjusted
EPS5 was
€1.38
(-10.7%).
-
Deleveraging path
continued with net debt
to reported EBITDA at 2.4x at the
end of Q1 2023 (vs. 2.6x at end
of Q4 2022), and net debt to
adjusted EBITDA at
2.1x.
In €m, unless stated otherwise |
Q1 2023 |
Q1 2022 |
% var |
% var
l-f-l6 |
Revenue and
income |
372.3 |
395.7 |
-5.9% |
-5.3% |
Underlying operational expenses excluding D&A4 |
(153.8) |
(143.6) |
+7.1% |
+9.7% |
Adjusted EBITDA |
218.5 |
252.2 |
-13.3% |
-13.3% |
Adjusted EBITDA margin |
58.7% |
63.7% |
-5.0pts |
-5.5pts |
Net income, share of the parent company shareholders |
96.5 |
143.8 |
-32.9% |
|
Adjusted Net income, share of the parent company
shareholders |
147.1 |
164.4 |
-10.6% |
|
Adjusted EPS (basic, in €) (share
count differs between the two periods) |
1.38 |
1.54 |
-10.7% |
|
Reported EPS (basic, in €) (share
count differs between the two periods) |
0.90 |
1.35 |
-33.0% |
|
Adjusted EPS (diluted, in €) (share count differs between the two
periods) |
1.37 |
1.54 |
-10.7% |
|
Reported EPS (diluted, in €) (share count differs between the two
periods) |
0.90 |
1.35 |
-33.0% |
|
|
- Major
achievement in Q1 2023 for
the Borsa Italiana
Group
integration:
-
Euronext successfully completed the migration of equity and ETF
markets of Borsa Italiana to the Euronext Optiq® trading platform
on 27 March. This migration created measurable liquidity benefits
for market participants and unlocked immediate revenue synergies.
The completion of this first phase paves the way for the migration
of other Borsa Italiana markets from Q4 2023. This upcoming
migration will trigger the termination of the third-party trading
platform contract, unlocking further cost
synergies.
-
€9.7 million run-rate annual synergies were delivered in Q1 2023,
primarily reflecting the successful migration of Italian cash
equity markets to Optiq®. This brings to €43.7 million the
cumulated run-rate annual synergies achieved at the end of Q1 2023
since the acquisition in April 2021.
-
€41.1 million of cumulated implementation costs were incurred
during Q1 2023, most of which related to the €36.0 million fee for
the termination of the derivatives clearing agreement with LCH SA.
This brings to €85.3 million the cumulated implementation costs
incurred at the end of Q1 2023.
- Following
the successful migration of Italian
cash markets to
Optiq®,
launch
of new innovative
trading solutions for
clients leveraging Euronext’s
strengths:
-
Euronext will launch a new dark execution facility for
institutional investors by Q4 2023. This new facility will enable
participants to benefit from an expanded suite of on-exchange
execution models from the leading pan-European venue with the
largest and deepest liquidity pool. The low latency between dark
and lit executions will provide with an optimised execution
experience. Clients consultations on specifications are ongoing and
the launch date is expected to be announced in the coming
months.
-
Trading of non-domestic and US stocks will soon become easier for
retail investors. Euronext will admit pan-European and US
securities to trade on its Italian MTF GEM (Global Equity
Market).
-
Both services will benefit from a simple and efficient post trade
set-up through Euronext Clearing and Euronext Securities.
- Stéphane
Boujnah, Chief Executive Officer and Chairman of the Managing Board
of Euronext, said:
“This first quarter of 2023 demonstrated the
robustness of Euronext’s diversified business. We recorded a solid
performance in the first quarter of 2023 despite a first quarter of
2022 that was marked by unprecedented volatility on volumes due to
geopolitical events resulting in a strong comparison basis. Our
performance reflects the combination of strong organic growth from
our non-volume related data and technology activities, and record
quarters in our fixed income and power trading businesses. We
continued to operate in accordance with our cost discipline, in
line with our 2023 cost guidance. Overall, this translated into the
second highest adjusted net income ever, at
€147.1 million.
The migration of Italian cash and ETF markets to
our Optiq® trading platform on 27 March 2023 was a tremendous
success and brought immediate benefits to Euronext trading members.
This major step in the Borsa Italiana Group integration unlocked an
additional €9.7 million of run-rate synergies for the quarter, to
reach €43.7 million of cumulated run-rate synergies at the end of
Q1 2023. Furthermore, the migration reinforced Euronext’s position
as the venue for price formation and the leading listing venue in
Europe. It demonstrated Euronext’s readiness for the remaining
trading and clearing migrations to come.
Going forward, we reiterate for 2023 our floor
of above 63% of cash equity market share on average, and a cash
trading revenue capture of around 0.52bps following the Borsa
Italiana markets migration to Optiq®. Our pan-European project will
also be further reinforced by the launch of a series of innovative
equity trading solutions, for the benefit of institutional and
retail investors. In addition, the European expansion of Euronext
Clearing, starting with equities from Q4 2023, will enable us to
accelerate innovation capabilities across businesses, while
creating important efficiencies for clients. The upcoming
milestones will enable us to create the only pan-European market
infrastructure present on the entire value chain and support our
ambition to shape capital markets for future generations.”
Euronext Q1
2023 financial performance
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
Q1 2023 |
Q1 2022 |
% var |
% var(like-for-like, constant currencies) |
Revenue and income |
372.3 |
395.7 |
-5.9% |
-5.3% |
Listing |
54.7 |
55.4 |
-1.2% |
+0.6% |
Trading revenue, of which |
128.9 |
150.8 |
-14.5% |
-14.2% |
Cash trading |
71.7 |
94.0 |
-23.7% |
-23.7% |
Derivatives trading |
14.9 |
16.1 |
-7.5% |
-7.4% |
Fixed income trading |
26.2 |
24.4 |
+7.0% |
+7.0% |
FX trading |
6.3 |
7.2 |
-11.7% |
-15.6% |
Power trading |
9.8 |
9.1 |
+8.4% |
+19.8% |
Investor Services |
2.6 |
2.2 |
+16.7% |
+20.9% |
Advanced Data Services |
56.3 |
52.6 |
+7.0% |
+7.4% |
Post-Trade, of which |
94.0 |
95.8 |
-1.9% |
-0.6% |
Clearing |
30.0 |
31.9 |
-6.0% |
-6.0% |
Custody and Settlement |
64.0 |
63.9 |
+0.1% |
+2.1% |
Euronext Technology Solutions & Other |
27.6 |
23.1 |
+19.4% |
+18.6% |
NTI through CCP business |
7.5 |
13.4 |
-44.2% |
-44.2% |
Other income |
0.2 |
0.7 |
-68.2% |
-68.5% |
Transitional revenues |
0.5 |
1.7 |
-71.0% |
-70.5% |
Underlying operational expenses exc. D&A |
(153.8) |
(143.6) |
+7.1% |
+9.7% |
Adjusted EBITDA |
218.5 |
252.2 |
-13.3% |
-13.3% |
Adjusted EBITDA margin |
58.7% |
63.7% |
-5.0pts |
-5.5pts |
Operating expenses exc. D&A |
(200.5) |
(149.1) |
+34.5% |
+38.3% |
EBITDA |
171.8 |
246.7 |
-30.4% |
-30.1% |
Depreciation & Amortisation |
(40.5) |
(40.2) |
+0.7% |
+1.8% |
Total Expenses (inc. D&A) |
(241.0) |
(189.3) |
+27.3% |
+30.3% |
Adjusted operating profit |
200.9 |
233.7 |
-14.0% |
-14.0% |
Operating Profit |
131.3 |
206.4 |
-36.4% |
|
Net financing (expense) / income |
(4.5) |
(9.9) |
-54.9% |
|
Results from equity investments |
8.4 |
3.1 |
+168.6% |
|
Profit before income tax |
135.2 |
199.6 |
-32.3% |
|
Income tax expense |
(33.1) |
(52.0) |
-36.4% |
|
Share of non-controlling interests |
(5.6) |
(3.8) |
+49.3% |
|
Net income, share of the parent company
shareholders |
96.5 |
143.8 |
-32.9% |
|
Adjusted Net income, share of the parent company
shareholders7 |
147.1 |
164.4 |
-10.6% |
|
Adjusted EPS (basic, in €) |
1.38 |
1.54 |
-10.7% |
|
Reported EPS (basic, in €) |
0.90 |
1.35 |
-33.0% |
|
Adjusted EPS (diluted, in €) |
1.37 |
1.54 |
-10.7% |
|
Reported EPS
(diluted, in €) |
0.90 |
1.35 |
-33.0% |
|
Q1
2023 revenue and income
In Q1 2023, Euronext consolidated revenue and
income amounted to €372.3 million, down -5.9% compared to Q1 2022,
mainly due to the strong comparison base for equity-related trading
and FX rate variation effects, partially offset by the robust
performance of non-volume related activities and better performance
of fixed income and power trading activities.
Non-volume related revenue accounted for 58% of
underlying Group revenue in Q1 2023, compared to 55% in Q1 2022,
reflecting the successful diversification towards non-volume
related activities and strong trading activity in Q1 2022 due to
volatility spikes. The underlying operating expenses excluding
D&A coverage ratio by non-volume related revenue was at 141% in
Q1 2023, compared to 151% in Q1 2022.
Q1 2023 adjusted EBITDA
Underlying operational expenses excluding
depreciation and amortisation increased to €153.8 million, up
+7.1%, reflecting continued cost discipline. In Q1 2022, underlying
operational expenses excluding depreciation and amortisation were
positively impacted by relevant positive one-offs.
Consequently, adjusted EBITDA for the quarter
totalled €218.5 million, down -13.3% compared to Q1 2022. This
represents an adjusted EBITDA margin of 58.7%, down -5.0 points
compared to Q1 2022 due to the decrease in volume-related revenue,
which was partly offset by resilient non-trading related revenue
and continued cost discipline.
Q1 2023 net income, share of the parent
company shareholders
Depreciation and amortisation accounted for
€40.5 million in Q1 2023, stable compared to Q1 2022. PPA related
to acquired businesses accounted for €20.5 million.
Adjusted operating profit was €200.9 million, a
-14.0% decrease compared to Q1 2022.
€69.7 million of non-underlying expenses,
including depreciation and amortisation, were reported in Q1 2023,
of which €36.0 million represent the fee provisioned for the
termination of the derivatives clearing agreement with LCH SA8,
announced in January 2023 as part of Euronext Clearing’s expansion
strategy and payable in 2024.
Net financing expense for Q1 2023 was €4.5
million compared to a net financing expense of €9.9 million in
Q1 2022. This decrease reflects higher interest income from cash
held paritally offsetting the cost of issued debt.
Results from equity investments amounted to €8.4
million in Q1 2023, representing the contribution received from LCH
SA, in which Euronext currently owns an 11.1% stake, and a dividend
received from Sicovam.
Income tax for Q1 2023 was €33.1 million. This
translated into an effective tax rate of 24.5% for the quarter (Q1
2022: €52.0 million and 26.1% respectively). The reduction is
linked to lower non-deductible expenses and higher non-taxable
income.
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €5.6
million in Q1 2023.
The reported net income, share of the parent
company shareholders, decreased by -32.9% for Q1 2023 compared to
Q1 2022, to €96.5 million, including the one-off expense related to
the termination of the derivatives clearing agreement with LCH SA.
This represents a reported EPS of €0.90 basic and €0.90 fully
diluted in Q1 2023, compared to €1.35 basic and €1.35 fully diluted
in Q1 2022. The weighted number of shares used over Q1 2023 was
106,726,832 for the basic calculation and 106,991,437 for the fully
diluted calculation.
Adjusted net income, share of the parent company
shareholders was down -10.6% to €147.1 million. Adjusted EPS
(basic) was down -10.7% in Q1 2023, at €1.38 per share, based on
106,726,832 shares for Q1 2023, compared to an adjusted EPS (basic)
of €1.54 per share in Q1 2022, based on 106,576,290 shares for Q1
2022.
In Q1 2023, Euronext reported a net cash flow
from operating activities of €318.2 million, compared to €368.6
million in Q1 2022, reflecting the lower profit before tax.
Excluding the impact on working capital from Euronext Clearing and
Nord Pool CCP activities, net cash flow from operating activities
accounted for 86.5% of EBITDA9 in Q1 2023.
Business highlights
Listing revenue, in €m unless stated otherwise |
Q1 2023 |
Q1 2022 |
% change |
Listing revenue |
54.7 |
55.4 |
-1.2% |
Equity |
26.3 |
27.4 |
-3.8% |
Annual fees |
17.3 |
17.4 |
-0.6% |
Follow-ons |
5.2 |
4.6 |
+13.3% |
IPOs |
3.9 |
5.5 |
-28.4% |
Debts |
9.2 |
9.0 |
+2.3% |
ETFs, Funds & Warrants |
6.0 |
5.6 |
+7.0% |
Corporate Services |
10.7 |
10.5 |
+2.2% |
Others |
2.5 |
3.0 |
-15.8% |
Money raised |
278,205 |
325,267 |
-14.5% |
Listing revenue was €54.7 million in Q1 2023, a
decrease of -1.2% compared to Q1 2022, reflecting the resilience of
the listing offering, revenue recognition of primary and secondary
listing revenue over time10, and a negative impact from NOK
depreciation over the year.
Euronext’s primary markets equity listing
business sustained its leading position in Europe with 12 new
listings in Q1 2023. This compared to 22 new listings in the first
quarter of 2022. Euronext further welcomed two out of the three
largest IPOs in Europe, with the listing of EuroGroup Laminations
in Milan and the Brazilian energy company Seacrest Petroleo in
Oslo, demonstrating Oslo’s international appeal for the energy
sector. This quarter underlines the benefits of Euronext’s
geographical diversification as Euronext Milan attracted 8 out of
the 12 new Euronext listings.
In Q1 2023, Euronext’s markets reported €695.9
million raised primary equity issues. This compares to a strong Q1
2022 with €2.2 billion raised on Euronext primary markets.
Follow-on activity on equities was dynamic in Q1
2023 with Euronext’s secondary markets reporting €6.5 billion
raised in secondary equity issues, compared to €2.6 billion in Q1
2022.
Euronext recorded another strong quarter for
ETPs remaining a leading exchange in Europe for the listing of ETPs
with 69 new listings and the onboarding of several new issuers.
Euronext maintained its position as the leading
listing venue for bonds worldwide in Q1 202311 with over 53,000
bonds listed across all Euronext markets, despite a slowdown in
global bond listing activity due to the banking crisis in March
2023. In Q1 2023, €271.0 billion in debt was raised on Euronext
markets, reflecting the current market conditions, and compared to
€320.5 billion raised in Q1 2022. The momentum for Euronext ESG
bond offering continued in Q1 2023 and Euronext became the world’s
leading ESG bond venue in terms of issuance amount and number of
issuers, reaching €1 trillion in sustainable bonds listed on its
markets.
In total, €278.2 billion in equity and debt was
raised on Euronext’s markets in Q1 2023, compared to €325.3 billion
in Q1 2022.
Euronext Corporate Services reported a solid
quarter in terms of revenue at €10.7 million in Q1 2023, stable
compared to Q1 2022, resulting from strong performance of the SaaS
offering and lower webcast activity in a post-pandemic context.
On a like-for-like basis at constant currencies,
listing revenue was up +0.6%.
in €m, unless stated otherwise |
Q1 2023 |
Q1 2022 |
% change |
Trading revenue |
128.9 |
150.8 |
-14.5% |
Cash trading revenue |
71.7 |
94.0 |
-23.7% |
ADV Cash market |
11,468 |
15,540 |
-26.2% |
|
|
|
|
Derivatives trading revenue |
14.9 |
16.1 |
-7.5% |
ADV Derivatives market (in lots) |
680,731 |
833,626 |
-18.3% |
|
|
|
|
Fixed income trading revenue |
26.2 |
24.4 |
+7.0% |
ADV MTS Cash |
21,509 |
22,696 |
-5.2% |
TAADV MTS
Repo |
422,541 |
347,913 |
+21.5% |
ADV other
fixed income |
1,331 |
782 |
+70.2% |
|
|
|
|
Spot FX trading revenue |
6.3 |
7.2 |
-11.7% |
ADV spot FX Market (in USD m) |
21,010 |
24,531 |
-14.4% |
|
|
|
|
Power trading revenue |
9.8 |
9.1 |
+8.4% |
ADV Day-ahead power market (in TWH) |
3.19 |
3.13 |
+2.1% |
ADV Intraday
power market (in TWH) |
0.17 |
0.08 |
+109.6% |
Cash trading revenue decreased by -23.7% to
€71.7 million in Q1 2023, resulting from lower volumes at the
beginning of the year and larger average order size negatively
impacting revenue capture. In Q1 2023, Euronext recorded cash
average daily volumes of €11.5 billion, a decrease of -26.2%
compared to Q1 2022, which was marked by high volatility linked to
the Russian invasion of Ukraine.
Euronext cash trading yield averaged 0.48 bps,
impacted by larger average order size exceeding pre-Covid levels.
In particular, the Borsa Italiana pre-migration fee grid was more
sensitive to order size than the legacy Euronext markets, with a
negative impact on the overall Group revenue capture.
Following the successful migration of Italian
Equity and ETF markets onto Optiq® on 27 March 2023, the new fee
schemes brought immediate positive impact on average revenue.
Euronext also continued to guarantee
best-in-class market quality. Cash equity market share over the
first quarter of 2023 averaged 63.8% reflecting lower presence of
real-economy flows at the start of the year before a reverse trend
during the March volatility spike.
Euronext confirms the floor of 63% market share
and around 0.52bps yield after the Borsa Italiana markets migration
as announced on 10 February 2023.
In addition, the migration of Italian cash
markets onto Optiq® generated an immediate uplift of market share
for Italian cash markets and brought immediate benefits to trading
members through enhanced liquidity. These concrete market
improvements demonstrate the added value of connecting local
markets to the Euronext model. Concretely, EBBO12 setting has
increased by around 20% following the migration.
Overall, Euronext reinforced its position as the
venue of price formation throughout the quarter. EBBO setting
increased consistently and Euronext’s best-in-class market quality
was even more evident during volatility spikes.
The stronger position of Euronext in the
European cash trading ecosystem now allows the Group to launch the
first set of new innovative trading services. These include a new
institutional low-latency dark offering and an enhanced offer for
retail investors with the addition of pan-European and US
securities to Euronext’s Italian MTF GEM (Global Equity Market).
Both services will benefit from a simple and efficient clearing
set-up through Euronext Clearing.
On a like-for-like basis at constant currencies,
cash trading revenue was down -23.7% in Q1 2023 compared to Q1
2022.
Derivatives trading revenue decreased by -7.5%
to €14.9 million in Q1 2023, compared to a particularly volatile Q1
2022.
During the first quarter of 2023, derivatives
trading volumes decreased across the offering with average daily
volume on financial derivatives at 595,702 lots, down -20.0% from
Q1 2022 primarily due to a decrease in equity individual
derivatives trading reflecting the exceptionally strong volumes in
Q1 2022 and uncertainties around fiscal treatment of dividend in
France.
Average daily volumes on commodity derivatives
were at 85,029 lots in Q1 2023, slightly down -4.2% compared to a
record quarter in Q1 2022. Despite a strong comparison basis, the
Euronext commodities franchise benefitted from continuous strong
support from commercial clients while recording strong traction
from financial clients thanks to the success of a dedicated
programme.
Euronext revenue capture on derivatives trading
was €0.34 per lot for the first quarter of 2023, reflecting a
positively geared volume mix and solid revenue capture.
On a like-for-like basis at constant currencies,
derivatives trading revenue was down -7.4% in Q1 2023 compared to
Q1 2022.
Fixed income trading reported revenue grew by
+7.0% to €26.2 million in Q1 2023, supported by market volatility
and elevated interest rates, as well as continued client adoption
of MTS’ electronic trading solutions. For the first quarter of
2023, MTS Cash reported €16.0 million of revenue and MTS Repo
reported €6.4 million of revenue.
MTS Repo recorded record volumes, with
term-adjusted average daily volumes growing +21.5% to €422.5
billion, compared to €347.9 billion in Q1 2022. MTS Cash average
daily volumes were at €21.5 billion, down -5.2% compared to record
levels in Q1 2022. Other fixed income volumes also reached
historically high levels with ADV up +70.2% year on year at €1.3
billion.
On a like-for-like basis at constant currencies,
fixed income trading revenue was up +7.0% in Q1 2023 compared to Q1
2022.
FX trading reported €6.3 million of revenue in
Q1 2023, down -11.7% from Q1 2022, which was the second most active
quarter for FX trading in Euronext’s history.
Over the first quarter of 2023, average daily
volumes of USD21.0 billion were recorded, down -14.4% compared to
Q1 2022.
On a like-for-like basis at constant currencies,
FX trading revenue was down -15.6% in Q1 2023 compared to Q1
2022.
Power trading reached record revenue of €9.8
million in Q1 2023, up +8.4% compared to Q1 2022, driven by very
strong intraday volumes, the increased footprint of Nord Pool in
Central and Western Europe, UK and Ireland, and a continued robust
performance in the Nordics.
Over the first quarter of 2023, average daily
day-ahead power traded was 3.19TWh, up +2.1% compared to Q1 2022,
and average daily intraday power traded was 0.17TWh, up +109.6%
compared to Q1 2022.
On a like-for-like basis at constant currencies,
power trading revenue was up +19.8% in Q1 2023 compared to Q1
2022.
Investor Services reported €2.6 million revenue
in Q1 2023, representing a +16.7% increase compared to Q1 2022,
resulting from continued commercial expansion cementing the
franchise as the research evaluation platform of choice for the
largest global investment managers.
On a like-for-like basis at constant currencies,
investor services revenue was up +20.9% compared to Q1 2022.
Advanced Data Services reached record revenue of
€56.3 million in Q1 2023, up +7.0% from Q1 2022, driven by a strong
performance of the core data business and the advanced data
solutions offering, primarily support by strong traction from quant
research products.
On a like-for-like basis at constant currencies,
advanced data services revenue was up +7.4% compared to Q1
2022.
in €m, unless stated otherwise |
Q1 2023 |
Q1 2022 |
% var |
Post-trade revenue (exc. NTI) |
94.0 |
95.8 |
-1.9% |
Clearing |
30.0 |
31.9 |
-6.0% |
Revenue from LCH SA |
17.8 |
19.4 |
-8.3% |
Revenue from Euronext Clearing |
12.2 |
12.5 |
-2.4% |
Custody, Settlement and other Post-Trade activities |
64.0 |
63.9 |
+0.1% |
Net treasury income through CCP business |
7.5 |
13.4 |
-44.2% |
Clearing revenue was down -6.0% to €30.0 million
in Q1 2023, as a result of weaker cash equity and derivatives
clearing activity, partly offset by stronger bond clearing volumes.
Non-volume related clearing revenue (including membership fees,
treasury income received from LCH SA) accounted for €22.3 million
of the total clearing revenue in Q1 2023.
Euronext Clearing activities reflected an uplift
in cleared volumes for bond clearing, and a decrease in equity and
derivatives clearing in line with trading volumes. In Q1 2023,
Euronext Clearing revenue included €1.6 million from derivatives
clearing, €4.1 million from equities clearing, and €3.5 million
from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was down -6.0% compared to Q1 2022.
The European expansion of Euronext clearing is
progressing as planned, with test platform now available for
clients.
As announced with the Q2 2022 results, Euronext
Clearing has engaged in a partial disposal of its portfolio13. It
disposed the portfolio maturing after 1 May 2023 while retaining
its short-term portfolio maturing through April 2023, which it will
hold to maturity. As a consequence, net treasury income amounted to
€7.5 million in Q1 2023, a decrease of -44.2% compared to Q1
2022.
On a like-for-like basis at constant currencies,
Net treasury income was down -44.2% compared to Q1 2022.
- Custody,
Settlement and other
Post-Trade
activities
Revenue from Custody, Settlement and other
Post-Trade activities, including the activities of Euronext
Securities (Copenhagen, Milan, Oslo, Porto), was €64.0 million in
Q1 2023, stable compared to Q1 2022, reflecting a new fee scheme
and the continued recovery in the value of assets under custody
offsetting slightly lower settlement activities.
35,416,670 settlement instructions were
processed in the first quarter of 2023 and assets under custody
were €6.3 trillion.
- Euronext
Technologies and Other revenue
Euronext Technologies and Other revenue grew to
record revenue of €27.6 million in Q1 2023, up +19.4% from Q1 2022,
reflecting good performance of colocation activity following the
migration of Euronext’s Core Data Centre.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +18.6% compared to
Q1 2022.
Q1 2023 corporate highlights since
publication of the 2022 Universal Registration
Document on 31 March 2023
-
Convening of the Annual General Meeting of
Euronext N.V.
On 31 March 2023, Euronext announced that the
Annual General Meeting (“AGM”) will take place on Wednesday 17 May
2023 at 10.30 CEST at Euronext Amsterdam, Beursplein 5, 1012 JW
Amsterdam, The Netherlands.
There will be a live broadcast of the AGM via
webcast at:
channel.royalcast.com/landingpage/euronextwebcast/20230517_1/
The AGM Documentation (i.e. this convening
notice, the agenda and the explanatory notes thereto including the
information on the persons to be appointed to the Supervisory Board
and the Managing Board, as well as the 2022 Annual Report) is
available at:
www.euronext.com/en/investor-relations/shareholder-meetings
In line with the dividend distribution policy of
Euronext, and as announced on 9 February 2023, it is proposed to
distribute 50% of 2022 reported net profit, adjusted for the
one-off non-underlying loss on the Euronext Clearing investment
portfolio. As a consequence and subject to the approval of
shareholders at the Company’s Annual General Meeting to be held on
17 May 2023, the annual gross dividend on the 2022 results to be
paid in 2023 amounts to €236.6 million, corresponding to a dividend
per share of €2.22.
Payment of the annual dividend would then occur
on:
-
Ex-dividend date: 23 May 2023
-
Record date: 24 May 2023
-
Payment date: 25 May 2023
-
Euronext volumes April 2023
In April 2023, the average daily transaction
value on the Euronext cash order book stood at €10,305 million,
down -13.4% compared to the same period last year.
The overall average daily volume on Euronext
derivatives stood at 620,454 contracts (-18.3% compared to April
2022) and the open interest was 23,868,332 contracts at the end of
April 2023 (+3.8% compared to the end of April 2022).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $19,693 million in April 2023,
down -20.1% compared to the same period last year.
MTS Cash average daily volumes were down -22.0%
to €19,094 million in April 2023, MTS Repo term adjusted average
daily volume stood at €483,767 million, up +38.3% compared to the
same period last year.
Euronext Clearing cleared 5,095,389 shares in
April 2023, -21.9% compared to April 2022. €1,873 billion of
wholesale bonds were cleared in April 2023 (double counted), -0.9%
compared to the same period in 2022. 911,382 bond retail contracts
were cleared in April 2023 (double counted), +65.9% compared to
April 2022. The number of derivatives contracts cleared was up
+26.5% compared to April 2022, at 2,066,911 contracts (single
counted).
Euronext Securities reported 8,616,729
settlement instructions in April 2023, -4.3% compared to the same
period last year. The total Assets Under Custody amount to €6.4
trillion in April 2023, stable compared to April 2022.
- Successful
migration of Borsa
Italiana equity and ETF markets to the
European Optiq®
trading platform
On 5 April 2023, Euronext announced the
successful migration of the equity and ETF markets of Borsa
Italiana, part of Euronext Group, to Optiq®, Euronext’s proprietary
state-of-the-art trading platform.
This migration was completed on schedule on 27
March 2023, 22 months after Borsa Italiana joined Euronext, and 9
months after the successful migration of the Euronext Core Data
Centre from the United Kingdom to Italy. This historic migration is
a key milestone in the Borsa Italiana Group integration process. It
unlocked substantial immediate revenue synergies, contributing to
the delivery of the €115 million cumulated run-rate synergy target
for 2024.
The integration of the capital markets of Italy,
the third-largest European economy, to Europe's largest liquidity
pool, operated by Euronext, will bring significant benefits to the
European financial markets ecosystem, helping finance the real
economy.
Borsa Italiana’s market issuers now have
seamless access to a considerably larger number of investors, a
larger network of trading participants and to superior market
quality. Borsa Italiana market participants will benefit from
Optiq’s single platform and flexible modular design to develop new
innovative products and services for the Italian market. Technology
upgrades, enriched functionalities and new services have already
been implemented in the Optiq platform, leveraging the combined
competencies of Euronext and Borsa Italiana, to improve operational
efficiency and service levels for members and issuers.
Agenda
A conference call and webcast will be
held on 17 May 2023, at 09:00 CEST (Paris time) / 08:00 BST (London
time):
Conference call:
To connect to the conference call, please
dial:
BE
number: |
+32 2 789
8603 |
NO
number: |
+47 2 156
3318 |
FR
number: |
+33 1 70 37 71
66 |
PT
number: |
+351 3 0880
2081 |
IR
number: |
+353 1 436
0959 |
UK
number: |
+44 330 551
0200 |
IT
number: |
+39 06
83360400 |
US
number: |
+1 786 697
3501 |
NL
number: |
+31 20
708 5073 |
DE number: |
+49 30 3001
90612 |
Password:
Euronext
Live webcast:
For the live audio webcast go to:
Euronext Results webcast
The webcast will be available for replay after
the call at the webcast link and on the Euronext Investor Relations
webpage.
CONTACT ANALYSTS & INVESTORS
– ir@euronext.com |
Aurélie
Cohen |
+33 1 70 48 24
27 |
ir@euronext.com |
Clément
Kubiak |
+33 1 70 48 26
33 |
ir@euronext.com |
CONTACTS MEDIA –
mediateam@euronext.com |
Aurélie Cohen
(Europe) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
Marianne Aalders
(Amsterdam) |
+31 20 721 41
33 |
maalders@euronext.com |
Marianne Aalders
(Brussels) |
+31 20 721 41
33 |
maalders@euronext.com |
Sandra Machado
(Lisbon) |
+351 210 600
614 |
smachado@euronext.com |
Andrea Monzani
(Europe/Milan/Rome) |
+39 02 72 42 62
13 |
italypressoffice@euronext.com |
Cathrine Lorvik
Segerlund (Oslo) |
+47 41 69 59
10 |
clsegerlund@euronext.com |
Sarah Mound
(Paris/Dublin) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
About Euronext
Euronext is the leading pan-European market
infrastructure, connecting European economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, Italy,
the Netherlands, Norway and Portugal. With close to 1,930 listed
equity issuers and around €6.8 trillion in market capitalisation as
of end March 2023, it has an unmatched blue chip franchise and a
strong diverse domestic and international client base. Euronext
operates regulated and transparent equity and derivatives markets,
one of Europe’s leading electronic fixed income trading markets and
is the largest centre for debt and funds listings in the world. Its
total product offering includes Equities, FX, Exchange Traded
Funds, Warrants & Certificates, Bonds, Derivatives, Commodities
and Indices. The Group provides a multi-asset clearing house
through Euronext Clearing, and custody and settlement services
through Euronext Securities central securities depositories in
Denmark, Italy, Norway and Portugal. Euronext also leverages its
expertise in running markets by providing technology and managed
services to third parties. In addition to its main regulated
market, it also operates a number of junior markets, simplifying
access to listing for SMEs.
For the latest news, go to euronext.com or
follow us on Twitter (twitter.com/euronext) and LinkedIn
(linkedin.com/euronext).
Disclaimer
This press release is for information purposes
only: it is not a recommendation to engage in investment activities
and is provided “as is”, without representation or warranty of
any kind. While all reasonable care has been taken to ensure the
accuracy of the content, Euronext does not guarantee its accuracy
or completeness. Euronext will not be held liable for any loss or
damages of any nature ensuing from using, trusting or acting on
information provided. No information set out or referred to in this
publication may be regarded as creating any right or obligation.
The creation of rights and obligations in respect of financial
products that are traded on the exchanges operated by Euronext’s
subsidiaries shall depend solely on the applicable rules of the
market operator. All proprietary rights and interest in or
connected with this publication shall vest in Euronext. This press
release speaks only as of this date. Euronext refers to Euronext
N.V. and its affiliates. Information regarding trademarks and
intellectual property rights of Euronext is available at
www.euronext.com/terms-use.
© 2023, Euronext N.V. - All rights
reserved.
The Euronext Group processes your personal data
in order to provide you with information about Euronext (the
"Purpose"). With regard to the processing of this personal data,
Euronext will comply with its obligations under Regulation (EU)
2016/679 of the European Parliament and Council of 27 April 2016
(General Data Protection Regulation, “GDPR”), and any applicable
national laws, rules and regulations implementing the GDPR, as
provided in its privacy statement available at:
www.euronext.com/privacy-policy. In accordance with the applicable
legislation you have rights with regard to the processing of your
personal data: for more information on your rights, please refer
to: www.euronext.com/data_subjects_rights_request_information. To
make a request regarding the processing of your data or to
unsubscribe from this press release service, please use our data
subject request form at
connect2.euronext.com/form/data-subjects-rights-request or email
our Data Protection Officer at dpo@euronext.com.
Appendix
Adjustments in financial
disclosure
To highlight its underlying performance, since
Q1 2022 Euronext has published underlying recurring costs, adjusted
EBITDA and non-recurring costs.
Euronext has removed the exceptional items line
from its financial statements. Consequently, costs previously
reported as exceptional items have from Q1 2022 been included in
their respective lines within Euronext operating expenses as
non-underlying items.
The €150 million of implementation costs to
deliver on the ‘Growth for Impact 2024’ strategic plan targets are
therefore considered as non-underlying items and have been
withdrawn from the underlying recurring costs.
The computation of adjusted net income and
earnings per share has been adjusted accordingly. The computation
of reported net income and earnings per share is not impacted.
2024 strategic plan targets remain unchanged and
are not affected by this change in reporting.
The new non-IFRS indicators are defined
below.
Non-IFRS financial measures
For comparative purposes, the company provides
unaudited non-IFRS measures including:
-
Operational expenses excluding depreciation and amortisation,
underlying operational expenses excluding depreciation and
amortisation;
-
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA
margin.
Non-IFRS measures are defined as follows:
-
Operational expenses excluding depreciation and amortisation as the
total of salary and employee benefits, and other operational
expenses;
-
Underlying operational expenses excluding depreciation and
amortisation as the total of salary and employee benefits, and
other operational expenses, excluding non-recurring costs;
-
Underlying revenue and income as the total of revenue and income,
excluding non-recurring revenue and income;
- Non-underlying
items as items of revenue, income and expense that are material by
their size and/or that are infrequent and unusual by their nature
or incidence are not considered to be recurring in the normal
course of business and are classified as non-underlying items on
the face of the income statement within their relevant category in
order to provide further understanding of the ongoing sustainable
performance of the Group. These items can include:
- integration or double run costs of
significant projects, restructuring costs and costs related to
acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or
losses on sale of subsidiaries and impairments of investments:
- amortisation and impairment of
intangible assets which are recognised as a result of acquisitions
and mostly comprising customer relationships, brand names and
software that were identified during purchase price allocation
(PPA);
- tax related to non-underlying
items.
-
Adjusted operating profit as the operating profit adjusted for any
non-underlying revenue and income and non-underlying costs,
including PPA of acquired businesses;
-
EBITDA as the operating profit before depreciation and
amortisation;
-
Adjusted EBITDA as the adjusted operating profit before
depreciation and amortisation adjusted for any non-underlying
operational expenses excluding depreciation and amortisation;
-
EBITDA margin as EBITDA divided by total revenue and income;
-
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue
and income;
-
Adjusted net income, as the net income, share of the parent company
shareholders, adjusted for any non-underlying items and related tax
impact.
Non-IFRS financial measures are not meant to be
considered in isolation or as a substitute for comparable IFRS
measures and should be read only in conjunction with the
consolidated financial statements.
Non-volume related revenue
definition
Non-volume related revenue includes Listing
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
|
Q1 2023 |
Q1 2022 |
Net income
reported |
96.5 |
143.8 |
EPS reported |
0.90 |
1.35 |
Adjustments |
|
|
of which revenues |
0.0 |
0.0 |
of which Operating expenses exc. D&A |
(46.8) |
(5.5) |
of which Depreciation and amortisation |
(22.9) |
(21.8) |
of which Net financing expense |
(0.0) |
(0.9) |
of which results from equity investments |
0.0 |
(0.0) |
of which Minority interest |
0.9 |
0.2 |
Tax related to adjustments |
18.2 |
7.3 |
Adjusted net
income |
147.1 |
164.4 |
Adjusted EPS |
1.38 |
1.54 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated income
statement
The figures in this document have not
been audited or reviewed by our external auditor
|
Q1
2023 |
Q1
2022 |
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
Revenue and income |
372.3 |
- |
372.3 |
395.7 |
0.0 |
395.7 |
Listing |
54.7 |
- |
54.7 |
55.4 |
- |
55.4 |
Trading revenue, of which |
128.9 |
- |
128.9 |
150.8 |
- |
150.8 |
Cash trading |
71.7 |
- |
71.7 |
94.0 |
- |
94.0 |
Derivatives trading |
14.9 |
- |
14.9 |
16.1 |
- |
16.1 |
Fixed income trading |
26.2 |
- |
26.2 |
24.4 |
- |
24.4 |
FX trading |
6.3 |
- |
6.3 |
7.2 |
- |
7.2 |
Power trading |
9.8 |
- |
9.8 |
9.1 |
- |
9.1 |
Investor services |
2.6 |
- |
2.6 |
2.2 |
- |
2.2 |
Advanced data services |
56.3 |
- |
56.3 |
52.6 |
- |
52.6 |
Post-Trade, of which |
94.0 |
- |
94.0 |
95.8 |
- |
95.8 |
Clearing |
30.0 |
- |
30.0 |
31.9 |
- |
31.9 |
Custody & Settlement and other |
64.0 |
- |
64.0 |
63.9 |
- |
63.9 |
Euronext Technology Solutions & other revenue |
27.6 |
- |
27.6 |
23.1 |
- |
23.1 |
Net Financing Income through CCP business |
7.5 |
- |
7.5 |
13.4 |
- |
13.4 |
Other income |
0.2 |
- |
0.2 |
0.7 |
- |
0.7 |
Transitional revenues |
0.5 |
- |
0.5 |
1.7 |
0.0 |
1.7 |
Operating expenses excluding
D&A |
(153.8) |
(46.8) |
(200.5) |
(143.6) |
(5.5) |
(149.1) |
Salaries and employee benefits |
(79.7) |
(1.3) |
(80.9) |
(70.9) |
(1.5) |
(72.4) |
Other operational expenses, of which |
(74.1) |
(45.5) |
(119.6) |
(72.7) |
(4.0) |
(76.7) |
System & communication |
(24.0) |
(1.7) |
(25.7) |
(28.8) |
(0.3) |
(29.2) |
Professional services |
(16.5) |
(7.0) |
(23.6) |
(14.7) |
(3.7) |
(18.4) |
Clearing expense |
(8.6) |
- |
(8.6) |
(9.0) |
- |
(9.0) |
Accommodation |
(3.5) |
(0.1) |
(3.5) |
(2.9) |
0.0 |
(2.9) |
Other operational expenses |
(21.6) |
(36.7) |
(58.2) |
(17.1) |
(0.0) |
(17.2) |
EBITDA |
218.5 |
(46.8) |
171.8 |
252.2 |
(5.5) |
246.7 |
EBITDA margin |
58.7% |
|
46.1% |
63.7% |
|
62.3% |
Depreciation & amortisation |
(17.6) |
(22.9) |
(40.5) |
(18.5) |
(21.8) |
(40.2) |
Total expenses |
(171.4) |
(69.7) |
(241.0) |
(162.0) |
(27.3) |
(189.3) |
Operating profit |
200.9 |
(69.7) |
131.3 |
233.7 |
(27.2) |
206.4 |
Net financing income / (expense) |
(4.5) |
(0.0) |
(4.5) |
(9.0) |
(0.9) |
(9.9) |
Results from equity investment |
8.4 |
- |
8.4 |
3.1 |
- |
3.1 |
Profit before
income tax |
204.9 |
(69.7) |
135.2 |
227.8 |
(28.2) |
199.6 |
Income tax expense |
(51.3) |
18.2 |
(33.1) |
(59.4) |
7.3 |
(52.0) |
Non-controlling interests |
(6.5) |
0.9 |
(5.6) |
(4.0) |
0.2 |
(3.8) |
Net income, share of the parent company
shareholders |
147.1 |
(50.6) |
96.5 |
164.4 |
(20.6) |
143.8 |
EPS (basic, in €) |
1.38 |
|
0.90 |
1.54 |
|
1.35 |
EPS (diluted, in €) |
1.37 |
|
0.90 |
1.54 |
|
1.35 |
Consolidated comprehensive income
statement
|
Q1 2023 |
Q1 2022 |
|
Profit for the period |
102.1 |
147.6 |
|
|
|
|
|
Other comprehensive
income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
(62.9) |
29.9 |
– Income tax impact on exchange differences on translation of
foreign operations |
6.8 |
(3.4) |
– Change in value of debt investments at fair value through other
comprehensive income |
5.4 |
(20.2) |
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(1.5) |
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 |
0.1 |
0.0 |
Other comprehensive income for the period, net of tax |
(52.2) |
12.1 |
Total comprehensive income for the period |
49.9 |
159.8 |
|
|
|
Comprehensive income
attributable to: |
|
|
– Owners of the parent |
45.5 |
155.4 |
– Non-controlling interests |
4.4 |
4.3 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated balance sheet
in €
million |
As of 31 Mar'23 |
As of 31 Dec'22 |
Non-current
assets |
|
|
Property, plant and equipment |
107.0 |
109.4 |
Right-of-use assets |
59.2 |
42.3 |
Goodwill and other intangible assets |
6,140.0 |
6,205.8 |
Deferred income tax assets |
26.0 |
18.9 |
Investments in associates and joint ventures |
75.4 |
72.0 |
Financial assets at fair value through OCI |
278.4 |
278.2 |
Other non-current assets |
8.6 |
3.7 |
Total non-current
assets |
6,694.6 |
6,730.3 |
|
|
|
Current assets |
|
|
Trade and other receivables |
421.0 |
345.7 |
Income tax receivable |
43.8 |
54.9 |
Derivative financial instruments |
0.1 |
(0.0) |
CCP clearing business assets |
177,929.0 |
166,842.5 |
Other current financial assets |
105.2 |
162.7 |
Cash & cash equivalents |
1,335.7 |
1,001.1 |
Total current
assets |
179,834.7 |
168,407.0 |
|
|
|
Total assets |
186,529.4 |
175,137.3 |
|
|
|
Equity |
|
|
Shareholders' equity |
3,962.9 |
3,914.0 |
Non-controlling interests |
130.7 |
126.3 |
Total Equity |
4,093.6 |
4,040.3 |
|
|
|
Non-current
liabilities |
|
|
Borrowings |
3,028.3 |
3,027.2 |
Lease liabilities |
37.0 |
21.6 |
Deferred income tax liabilities |
538.9 |
552.6 |
Post-employment benefits |
18.6 |
19.6 |
Contract liabilities |
59.9 |
63.8 |
Other provisions |
7.0 |
7.0 |
Total Non-current
liabilities |
3,689.7 |
3,691.8 |
|
|
|
Current liabilities |
|
|
Borrowings |
24.2 |
17.4 |
Lease liabilities |
27.3 |
28.5 |
CCP clearing business liabilities |
177,998.4 |
166,858.7 |
Income tax payable |
34.7 |
28.5 |
Trade and other payables |
505.1 |
396.3 |
Contract liabilities |
155.8 |
75.2 |
Other provisions |
0.4 |
0.7 |
Total Current
liabilities |
178,746.0 |
167,405.2 |
|
|
|
Total equity and
liabilities |
186,529.4 |
175,137.3 |
The consolidated Balance Sheet includes the
Euronext Clearing (CC&G) business assets and liabilities. Cash
and cash equivalents include €104.3 million of cash in transit at
Nord Pool.
The figures in this document have not been
audited or reviewed by our external auditor.
Consolidated statement of cash
flows
in € million |
Q1 2023 |
Q1 2022 |
Profit before tax |
135.2 |
199.6 |
Adjustments for: |
|
|
- Depreciation and amortisation |
40.5 |
40.2 |
- Share based payments |
3.6 |
2.8 |
- Share of profit from associates and joint ventures |
(3.3) |
(3.1) |
- Changes in working capital |
168.7 |
162.1 |
|
|
|
Cash flow from operating activities |
344.7 |
401.6 |
Income tax paid |
(26.5) |
(33.0) |
Net cash flows from operating activities |
318.2
318.2 z |
368.6 |
|
|
|
Cash flow from investing activities |
|
|
Proceeds from sale of subsidiary |
- |
0.8 |
Proceeds from disposal of FVOCI financial assets |
0.1 |
- |
Purchase of current financial assets |
(3.3) |
(11.0) |
Redemption of current financial assets |
56.6 |
2.1 |
Purchase of property, plant and equipment |
(3.7) |
(6.7) |
Purchase of intangible assets |
(20.2) |
(10.3) |
Dividends received from equity investments |
5.1 |
- |
Net cash flow from investing activities |
34.6 |
(25.0) |
|
|
|
Cash flow from financing activities |
|
|
Interest paid |
(0.4) |
- |
Interest received |
3.3 |
- |
Payment of lease liabilities |
(6.8) |
(5.8) |
Acquisitions of own shares |
0.0 |
(0.7) |
Net cash flow from financing activities |
(3.9) |
(6.5) |
|
|
|
Total cash flow over the period |
348.9 |
337.1 |
Cash and cash equivalents - Beginning of period |
1,001.1 |
809.4 |
Non cash exchange gains/(losses) on cash and cash equivalents |
(14.2) |
10.6 |
Cash and cash equivalents - End of period |
1,335.7 |
1,157.1 |
The figures in this document have not been
audited or reviewed by our external auditor.
Volumes for
first quarter
2023
|
Q1 2023 |
Q1 2022 |
%var |
Number of
trading days |
65 |
64 |
|
Number
of transactions (buy and sells, inc. reported trades) |
|
|
|
Total Cash Market |
188,907,420 |
282,808,278 |
-33.2% |
ADV Cash
Market |
2,906,268 |
4,418,879 |
-34.2% |
Transaction value ( € million, single
counted) |
|
|
|
Total Cash Market |
745,410 |
994,558 |
-25.1% |
ADV
Cash Market |
11,468 |
15,540 |
-26.2% |
|
|
|
|
Listings |
|
|
|
Number of Issuers on Equities |
|
|
|
Euronext |
1,922 |
1,958 |
-1.8% |
SMEs |
1,526 |
1,522 |
+0.3% |
Number
of Listed Securities |
|
|
|
Funds |
2,762 |
3,181 |
-13.2% |
ETFs |
3,772 |
3,679 |
+2.5% |
Bonds |
53,493 |
52,113 |
+2.6% |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
Total Euronext, in €m |
|
|
|
Number of new
equity listings |
12 |
22 |
|
Money Raised -
New equity listings (incl over allotment) |
695.9 |
2,214 |
-68.6% |
Money Raised -
Follow-ons on equities |
6,485 |
2,584 |
+150.9% |
Money Raised -
Bonds |
271,024 |
320,469 |
-15.4% |
Total Money
Raised |
278,205 |
325,267 |
-14.5% |
|
|
|
|
of
which SMEs |
|
|
|
Number of new
equity listings |
12 |
20 |
|
Money Raised -
New equity listings (incl over allotment) |
696 |
1,441 |
-51.7% |
Money Raised -
Follow-ons on equities |
1,690 |
967 |
+74.8% |
Money Raised -
Bonds |
976 |
663 |
+47.3% |
Total Money
Raised |
3,362 |
3,070 |
+9.5% |
|
Q1 2023 |
Q1 2022 |
%var |
Transaction value (€ million, single counted) |
|
|
|
MTS |
|
|
|
ADV MTS
Cash |
21,509 |
22,696 |
-5.2% |
ADV MTS
Repo |
165,699 |
136,256 |
+21.6% |
TAADV MTS
Repo |
422,541 |
347,913 |
+21.5% |
Other fixed
income |
|
|
|
ADV Fixed
income |
1,331 |
782 |
+70.2% |
|
Q1 2023 |
Q1 2022 |
% var |
Number of trading
days |
65 |
64 |
|
FX volume ($m, single counted) |
|
|
|
Total Euronext
FX |
1,365,628 |
1,569,997 |
-13.0% |
ADV Euronext
FX |
21,010 |
24,531 |
-14.4% |
|
|
|
|
|
Q1 2023 |
Q1 2022 |
% var |
Number of
trading days |
90 |
90 |
|
Power volume (in TWh) |
|
|
|
ADV Day-ahead
Power Market |
3.19 |
3.13 |
+2.1% |
ADV Intraday
Power Market |
0.17 |
0.08 |
+109.6% |
|
|
|
|
|
Q1 2023 |
Q1 2022 |
% var |
Number of
trading days |
65 |
64 |
|
Derivatives Volume (in lots) |
|
|
|
Equity |
38,720,652 |
47,674,348 |
-18.8% |
Index |
15,671,950 |
16,938,333 |
-7.5% |
Futures |
10,184,256 |
11,746,052 |
-13.3% |
Options |
5,487,694 |
5,192,281 |
+5.7% |
Individual Equity |
23,048,702 |
30,736,015 |
-25.0% |
Futures |
474,159 |
2,058,857 |
-77.0% |
Options |
22,574,543 |
28,677,158 |
-21.3% |
|
|
|
|
Commodity |
5,526,880 |
5,677,724 |
-2.7% |
Futures |
4,845,252 |
4,948,485 |
-2.1% |
Options |
681,628 |
729,239 |
-6.5% |
|
|
|
|
Total Euronext |
44,247,532 |
53,352,072 |
-17.1% |
Total Futures |
15,503,667 |
18,753,394 |
-17.3% |
Total Options |
28,743,865 |
34,598,678 |
-16.9% |
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
Equity |
595,703 |
744,912 |
-20.0% |
Index |
241,107 |
264,661 |
-8.9% |
Futures |
156,681 |
183,532 |
-14.6% |
Options |
84,426 |
81,129 |
+4.1% |
Individual Equity |
354,596 |
480,251 |
-26.2% |
Futures |
7,295 |
32,170 |
-77.3% |
Options |
347,301 |
448,081 |
-22.5% |
|
|
|
|
Commodity |
85,029 |
88,714 |
-4.2% |
Futures |
74,542 |
77,320 |
-3.6% |
Options |
10,487 |
11,394 |
-8.0% |
|
|
|
|
Total Euronext |
680,732 |
833,626 |
-18.3% |
Total Futures |
238,518 |
293,022 |
-18.6% |
Total Options |
442,214 |
540,604 |
-18.2% |
-
Derivatives open interest
|
31 March 2023 |
31 March 2022 |
% var |
Open interest (in
lots) |
|
|
|
Equity |
22,012,176 |
27,168,719 |
-19.0% |
Index |
1,334,625 |
1,391,668 |
-4.1% |
Futures |
613,962 |
620,210 |
-1.0% |
Options |
720,663 |
771,458 |
-6.6% |
Individual Equity |
20,677,551 |
25,777,051 |
-19.8% |
Futures |
131,440 |
950,017 |
-86.2% |
Options |
20,546,111 |
24,827,034 |
-17.2% |
|
|
|
|
Commodity |
991,732 |
1,035,852 |
-4.3% |
Futures |
582,918 |
654,625 |
-11.0% |
Options |
408,814 |
381,227 |
7.2% |
|
|
|
|
Total Euronext |
23,003,908 |
28,204,571 |
-18.4% |
Total Futures |
1,328,320 |
2,224,852 |
-40.3% |
Total Options |
21,675,588 |
25,979,719 |
-16.6% |
1 Unless specified otherwise, percentages refer to Q1 2023
compared to Q1 2022.
2 Definition in Appendix – adjusted for
non-underlying operating expenses excluding D&A 3
www.euronext.com/en/investor-relations/financial-information/news/euronext-confirms-expansion-euronext-clearing4
Definition and details of adjustments in Appendix5 Definition and
details of adjustments in Appendix6 Like-for-like revenue at
constant currencies for 2022 excludes revenues generated from the
strategic partnership between Euronext Securities and Spafid and
the acquisition of technology businesses from Nexi’s capital
markets activities
7 For the total adjustments performed please
refer to the Appendix of this press release8
www.euronext.com/en/investor-relations/financial-information/news/euronext-confirms-expansion-euronext-clearing9
Excluding the non-underlying one-off expense provisioned for the
termination of the derivatives clearing agreement payable in
2024.10 Admission fees are recognised over a period of 3-5 years11
According to FESE (Federation of European Securities
Exchanges).Figures for money raised have been restated12 European
Best Bid and Offer
13 In July 2022, Euronext Clearing reduced its
investment portfolio with the aim of strengthening and preserving
its available regulatory capital and aligning the investment
strategy to the current level of market volatility and uncertainty.
Euronext Clearing disposed of its portfolio maturing after 1st May
2023 and retained its short-term portfolio maturing through April
2023, which it will hold to maturity. At the beginning of Q2 2023,
Euronext Clearing will no longer hold an outright portfolio. Please
refer to
www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.
- 20230516_Euronext_PR_Q123_vf
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