Euronext publishes Q4 and Full Year 2020 Results
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EURONEXT PUBLISHES Q4 AND FULL YEAR 2020
RESULTS
STRONG PERFORMANCE IN 2020 DRIVEN BY
CONTINUED BENEFITS FROM POST TRADE AND STRENGTHENED MARKET POSITION
IN TRADING ACTIVITIES. 2022 GUIDANCE ACHIEVED 2 YEARS IN
ADVANCE
Amsterdam, Brussels, Dublin, Lisbon,
Oslo and Paris – 10 February 2021 – 17.45 CET – Euronext,
the leading pan-European market infrastructure, today announced its
results for the fourth quarter and full year 2020.
- 2020 revenue at €884.3 million (+30.2%):
- Post-trade revenue increased to €177.2 million
(+69.1%), driven by (i) the consolidation of VP Securities,
the Danish CSD, contributing €27.6 million revenue since its
consolidation in August 2020, (ii) the first full year contribution
of Euronext VPS, the Norwegian CSD, and (iii) higher clearing
revenue. Like-for-like at constant currencies, post-trade revenue
increased by +19.3%, reflecting strong organic growth in
settlement, clearing, post-trade services and retail activity.
- Trading revenue increased to €365.1 million
(+33.8%) with growth in all asset classes and Nord Pool power
trading contributing €27.3 million. Like-for-like at constant
currencies, trading revenue increased by +21.3% driven by increased
volumes, a strengthened market position and improved revenue
capture.
- Listing revenue increased to €145.5 million
(+12.8%) resulting from the strong performance of Corporate
Services with €32.4 million revenue (+25.8% like-for-like) and
higher equities listing activity. Like-for-like at constant
currencies, listing revenue increased by +4.4%, driven primarily by
the organic growth of Corporate Services and increased financing
needs from companies.
- Advanced data
services revenue increased to €139.0 million
(+8.0%) reflecting the consolidation of data activities of acquired
businesses and continued organic growth from the indices business,
especially in the field of ESG. Like-for-like at constant
currencies, advanced data services revenue increased by +2.4%.
- Group non-volume related revenue1 accounted
for 50% of 2020 total revenue (stable vs. 2019), and covered 121%
of operating expenses excluding depreciation & amortisation
(vs. 122 % in 2019).
- 2020 EBITDA at €520
million (+30.2%), with
stable EBITDA margin at 58.8%;
like-for-like, EBITDA margin was 61.3% (+2.3pts). 2020 costs in
line with guidance:
- Group operating costs excluding D&A were up +€84.6
million to €364.3 million, resulting from (i) the consolidation of
costs from acquired businesses and of integration costs, (ii)
higher clearing expenses, (iii) lower level of capitalisation of IT
costs and (iv) costs related to the implementation of the strategic
plan, partially offset by continued cost discipline.
- Significant synergies on recent acquisitions, demonstrating
strong integration skills, were delivered in 2020:
- €8.4 million run-rate cost synergies achieved from Oslo Børs
VPS as of 31 December 2020, representing c.70% of targeted
synergies, 18 months after completion;
- €4.3 million run-rate cash cost synergies achieved from VP
Securities as of 31 December 2020, representing c.60% of targeted
synergies, 5 months after completion.
- 2020 reported net income, share of the Group, at €315.5
million (+42.1%) and adjusted EPS2 at €4.99
(+28.1%):
- Exceptional items amounted to €17.3 million, reflecting
primarily acquisitions costs and restructuring costs.
- Tax rate was at 27.6%, reflecting lower local tax rates across
the group, despite an increase of tax expense in Q4.
- Dividend proposal for 2020:
- In accordance with Euronext dividend policy, a pay-out ratio of
50% of reported net income representing a dividend for 2020 of
€157.5 million (€2.25 per share) will be proposed to the AGM3 on 11
May 2021.
Key figures - in €m, unless stated otherwise |
FY 2020 |
FY 2019 |
% change |
% change(like-for-like, constant currencies) |
Revenue |
884.3 |
679.1 |
+30.2% |
+13.6% |
Operational expenses excluding D&A |
-364.3 |
-279.7 |
+30.2% |
+7.1% |
EBITDA |
520.0 |
399.4 |
+30.2% |
18.1% |
EBITDA margin |
58.8% |
58.8% |
+0.0 pt |
+2.3 pts |
Net income, share of the Group |
315.5 |
222.0 |
+42.1% |
|
EPS (non diluted, reported, in €) |
4.53 |
3.19 |
+42.1% |
|
EPS (diluted, reported, in €) |
4.51 |
3.17 |
+42.2% |
|
EPS (non diluted, adjusted, in €)2 |
4.99 |
3.90 |
+28.1% |
|
- Ahead of the expected closing of the contemplated
acquisition of the Borsa Italiana Group4 that will
transform the Group profile, update on Euronext “Let’s grow
together 2022” strategic plan:
- 2022 guidance achieved 2 years in advance:
- 2020 revenue at comparable perimeter at €831 million vs. €826
million expected for 2022, driven by improved market position and
increased post-trade activity;
- 2020 EBITDA margin at comparable perimeter at 60.5%, above 60%
expected for 2022, driven by continued costs discipline;
- Confirmed 50% dividend pay-out ratio;
- Significant diversification into new asset classes and new
revenue models since October 2019.
- New 2024 group guidance reflecting the extended
perimeter of the company, following the expected acquisition of the
Borsa Italiana Group, to be announced in Q4 2021.
- Targeted completion of the contemplated acquisition of
the Borsa Italiana Group in H1 2021:
- As a reminder, a binding agreement was signed on 9 October 2020
with London Stock Exchange Group plc (“LSEG”) and London Stock
Exchange Group Holdings (Italy) Limited to acquire 100% of the
issued share capital of London Stock Exchange Group Holdings Italia
SPA, the holding company of the Borsa Italiana Group (“the
Transaction”) for a cash consideration of €4,325 million5.
- Several major conditions have already been satisfied:
- LSEG’s shareholders approved the Transaction on 3 November
2020;
- Euronext received clearance for the Transaction from the German
Federal Cartel Office on 11 November 2020;
- Euronext’s shareholders approved the Transaction on 20 November
2020;
- Euronext received foreign direct investment clearance for the
Transaction from the Italian Council of Ministers on 11 December
2020;
- The European Commission conditionally approved LSEG proposed
acquisition of Refinitiv, under the EU Merger Regulation, on 13
January 2021;
- Consequently, LSEG closed its acquisition of Refinitiv on 29
January 2021.
- The Transaction is still subject to regulatory approvals in
several jurisdictions, a declaration of non-objection from
Euronext’s College of Regulators, and approval of Euronext as a
suitable purchaser by the European Commission.
- Euronext expects to complete the Transaction in the first half
of 2021.
- Cost guidance for 2021:
As announced in February 2020, Euronext has
incurred non-recurring costs over 2020 related to the integration
of Oslo Børs VPS and internal digitalisation projects, which will
generate savings from 2021 onwards. As a result, with continued
cost discipline, Euronext expects its operating costs excluding
D&A to decrease by a mid-single digit in 2021, compared to the
annualised 2020 fourth quarter operating costs excluding
D&A6.
Stéphane Boujnah, Chief Executive Officer and
Chairman of the Managing Board of Euronext, said:
“Euronext delivered a strong performance in Q4
and throughout 2020 with double digit growth in revenue, EBITDA and
Adjusted EPS. This growth results from Euronext ability to capture
value in a volatile trading environment, strengthening its market
position, and from our successful continued diversification,
notably in post-trade activity which now represents the second
largest revenue contributor for the Group.
Despite the challenges of the Covid-19 pandemic,
Euronext has demonstrated during 2020 that we are a resilient
provider of solutions for the financial ecosystem and a value
creator for our shareholders. Through product innovation,
especially in ESG, and selective M&A, the Group has
significantly transformed its business mix.
The Group continued to work on integrating
recent acquisitions. A large proportion of the targeted savings for
Oslo Børs VPS in Norway and VP Securities in Denmark has already
been achieved. Oslo Børs markets were successfully migrated to
Euronext proprietary trading platform Optiq® in November. As a
result of these achievements and continued cost discipline,
Euronext expects Group operating costs (excluding D&A) in 2021
to decrease by a mid-single digit compared to annualised 2020
fourth quarter operating costs excluding D&A.
This year, Euronext also delivered, two years in
advance, on its ‘Let’s grow together 2022’ strategic plan financial
targets. Moreover, the Group successfully executed on its capital
deployment plan, expanding its footprint in the Nordic region and
diversifying its businesses. Euronext also delivered on the ESG
roadmap, advancing the European sustainability agenda through our
unique role in financing the real economy by connecting local
economies with global capital markets. Euronext continues to work
on the contemplated acquisition of the Borsa Italiana Group,
expected to complete during the first half of 2021, which will
deliver on the Euronext ambition to build the leading pan-European
market infrastructure. New guidance will be announced for the
extended group in Q4 2021.”
Euronext
financial performance
Revenue
Full year 2020
In €m,
unless stated otherwise |
FY 2020 |
FY 2019 |
% change |
% change (like-for-like, constant currencies) |
Revenue |
884.3 |
679.1 |
+30.2% |
+13.6% |
Listing |
145.5 |
129.0 |
+12.8% |
+4.4% |
Trading revenue |
365.1 |
272.8 |
+33.8% |
+21.3% |
Cash Trading |
262.2 |
205.6 |
+27.6% |
+24.6% |
Derivatives Trading |
49.2 |
44.3 |
+11.0% |
+8.7% |
Spot FX Trading |
26.4 |
22.9 |
+15.0% |
+16.8% |
Power trading |
27.3 |
- |
n/a |
n/a |
Investor Services |
7.6 |
5.7 |
+32.3% |
+26.0% |
Advanced Data Services |
139.0 |
128.8 |
+8.0% |
+2.4% |
Post-Trade |
177.2 |
104.8 |
+69.1% |
+19.3% |
Clearing |
67.1 |
55.2 |
+21.4% |
+21.4% |
Custody, Settlement and other post-trade |
110.2 |
49.6 |
+122.1% |
+16.9% |
Technology Solutions & other revenue |
49.7 |
37.8 |
+31.5% |
+10.0% |
Other income |
0.2 |
0.2 |
-21.8% |
-21.6% |
The figures in this document have not been
audited or reviewed by our external auditor.
In 2020, Euronext consolidated revenue increased
to €884.3 million, up +30.2%, resulting primarily from the
consolidation of VP Securities (from 4 August 2020), Nord Pool
(from 15 January 2020) and from strong organic performance of its
trading, post-trade and listing activities. On a like-for-like
basis (excluding the consolidation of Nord Pool, Ticker, 3Sens and
VP Securities for the year, OPCVM360 in the first, second and
third quarter and Oslo Børs VPS in the first and second quarter)
and at constant currencies, Euronext consolidated revenue was up
+13.6% in 2020, at €760.2 million.
Non-volume related revenue accounted for 50% of
total Group revenue in 2020, stable compared to 2019. This reflects
the expanded post-trade activities with the consolidation of VP
Securities in 2020 and the first full year of consolidation of Oslo
Børs VPS partially offset by higher trading revenue.
The operating cost coverage ratio was at 121% in 2020,
compared to 122% in 2019.
Fourth quarter of 2020
In €m,
unless stated otherwise |
Q4 2020 |
Q4 2019 |
% change |
% change (like-for-like, constant currencies) |
Revenue |
232.0 |
185.7 |
+24.9% |
+11.6% |
Listing |
38.2 |
36.5 |
+4.7% |
+4.3% |
Trading revenue |
88.0 |
70.8 |
+24.3% |
+15.2% |
Cash Trading |
63.2 |
53.2 |
+18.9% |
+19.3% |
Derivatives Trading |
11.7 |
11.9 |
-1.5% |
-1.2% |
Spot FX Trading |
5.9 |
5.8 |
+2.7% |
+10.6% |
Power trading |
7.2 |
0.0 |
n/a |
n/a |
Investor Services |
2.0 |
1.6 |
+25.4% |
+32.2% |
Advanced Data Services |
33.8 |
33.5 |
+0.8% |
+0.5% |
Post-Trade |
57.3 |
33.4 |
+71.7% |
+21.9% |
Clearing |
17.4 |
14.5 |
+20.0% |
+20.0% |
Custody, Settlement and other post-trade |
39.9 |
18.8 |
+111.6% |
+23.5% |
Technology Solutions & other revenue |
12.6 |
9.9 |
+26.9% |
+13.9% |
Other income |
0.1 |
0.0 |
n/a |
n/a |
The figures in this document have not been
audited or reviewed by our external auditor.
In the fourth quarter of 2020, Euronext
consolidated revenue increased to €232.0 million, up +24.9%,
resulting primarily from the consolidation of VP Securities (from 4
August 2020), Nord Pool (from 16 January 2020) and from strong
organic growth in trading, post-trade and listing activities. On a
like-for-like basis (excluding the consolidation of Nord Pool,
Ticker, 3Sens and VP Securities in Q4 2020) and at constant
currencies, Euronext consolidated revenue was up +11.6% in Q4 2020,
at €205 million.
Non-volume related revenue accounted for 54% of
total Group revenue in Q4 2020, increasing from 52% of total Group
revenue in Q4 2019. This reflects the expanded post-trade
activities from the consolidation of VP Securities in Q4 2020.
The operating cost coverage ratio was at 118% in Q4 2020,
compared to 119% in Q4 2019.
EBITDA
Full year 2020
In €m,
unless stated otherwise |
FY 2020 |
FY 2019 |
% change |
% change (like-for-like, constant currencies) |
Revenue |
884.3 |
679.1 |
+30.2% |
+13.6% |
Operational expenses excluding D&A |
-364.3 |
-279.7 |
+30.2% |
+7.1% |
Salaries and employee benefits |
-199.0 |
-153.1 |
+29.9% |
+5.3% |
Other expenses |
-165.3 |
-126.5 |
+30.6% |
+9.4% |
EBITDA |
520.0 |
399.4 |
+30.2% |
+18.1% |
EBITDA margin |
58.8% |
58.8% |
0.0 pt |
+2.3 pts |
Operational expenses excluding depreciation
& amortisation increased to €364.3 million, up +30.2%, i.e. by
€84.6 million, primarily as a result of the consolidation of the
costs from VP Securities, Nord Pool, OPCVM360, Ticker and 3Sens for
€68.6 million. On a like-for-like basis at constant currencies,
operational expenses excluding depreciation & amortisation
increased by +7.1% compared to 2019, due to higher clearing expense
linked to higher clearing revenue, lower level of
capitalisation of costs and costs in relation to the implementation
of the strategic plan and the integration of acquired businesses.
Compared to H2 2019 annualised costs base, operational expenses
excluding depreciation & amortisation, excluding Nord Pool, VP
Securities, Ticker and 3Sens, increased by 4.1%, achieving the 2020
cost guidance.
Consequently, EBITDA for the year was €520
million, up +30.2%, representing a margin of 58.8%, stable compared
to 2019, due to the consolidation of acquired businesses being
integrated. On a like-for-like basis at constant currencies,
EBITDA for 2020 increased +18.1%, to €465.8 million, and
EBITDA margin was 61.3%, +2.3 points compared to the same perimeter
in 2019.
Fourth quarter of 2020
In €m,
unless stated otherwise |
Q4 2020 |
Q4 2019 |
% change |
% change (like-for-like, constant currencies) |
Revenue |
232.0 |
185.7 |
+24.9% |
+11.6% |
Operational expenses excluding D&A |
-105.1 |
-81.6 |
+28.8% |
+9.7% |
Salaries and employee benefits |
-59.0 |
-45.9 |
+28.7% |
+7.4% |
Other expenses |
-46.1 |
-35.8 |
+28.9% |
+12.6% |
EBITDA |
126.8 |
104.1 |
+21.8% |
+13.1% |
EBITDA margin |
54.7% |
56.0% |
-1.4 pts |
+0.8 pts |
Operational expenses excluding depreciation
& amortisation increased to €105.1 million, up +28.8%, i.e. by
€23.5 million, primarily as a result of the consolidation of the
costs from VP Securities, Nord Pool, OPCVM360, Ticker and 3Sens for
€16.7 million. On a like-for-like basis at constant currencies,
operational expenses excluding depreciation & amortisation
increased by +9.7% compared to Q4 2019, due primarily to increased
staff costs, the implementation of the strategic plan and costs
related to the integration of acquired businesses.
Consequently, EBITDA for the quarter was €126.8
million, up +21.8%, representing a margin of 54.7%, down
-1.4 points compared to Q4 2019, due to the consolidation of
VP Securities, Nord Pool and other recently acquired companies.
On a like-for-like basis at constant currencies, EBITDA for Q4
2020 increased +13.1%, to €116.8 million, and EBITDA
margin was 57.0%, +0.8 points compared to the same perimeter in Q4
2019.
Net income, share of the Group
Full year 2020
In €m,
unless stated otherwise |
FY 2020 |
FY 2019 |
% change |
% change (like-for-like, constant currencies) |
EBITDA |
520.0 |
399.4 |
+30.2% |
+18.1% |
EBITDA margin |
58.8% |
58.8% |
0.0 pt |
+2.3 pts |
Depreciation & amortisation |
-57.8 |
-43.7 |
+32.3% |
-0.8% |
Operating profit before exceptional items |
462.3 |
355.7 |
+29.9% |
+20.4% |
Exceptional items |
-17.3 |
-21.9 |
-20.8% |
|
Operating profit |
444.9 |
333.9 |
+33.3% |
|
Net financing income / (expense) |
-12.8 |
-17.4 |
-26.5% |
|
Results
from equity investments |
10.6 |
9.1 |
+15.9% |
|
Profit before income tax |
442.7 |
325.6 |
+36.0% |
|
Income tax expense |
-122.2 |
-100.3 |
+21.8% |
|
Share
of non-controlling interests |
-5.1 |
-3.3 |
+52.9% |
|
Net income, share of the Group |
315.5 |
222.0 |
+42.1% |
|
Depreciation and amortisation accounted for
€57.8 million in 2020, up +32.3%, resulting mainly from the
consolidation of recently acquired businesses and their respective
PPA. On a like-for-like basis at constant currencies, depreciation
& amortisation was down -0.8%, to €42.1 million.
Operating profit before exceptional items was
€462.3 million, a +29.9% increase compared to 2019. On a
like-for-like basis at constant currencies, operating profit before
exceptional items was up, +20.4%, to €423.7 million.
€17.3 million of exceptional costs was booked in
2020, primarily in relation with the contemplated acquisition of
the Borsa Italiana Group and restructuring costs.
Net financing expense for 2020 was €12.8 million
compared to a net financing expense of €17.4 million in 2019,
reflecting interest expenses related to the second bond issued in
2019, the tap issue in June 2020 and financing costs related to the
contemplated acquisition of the Borsa Italiana Group. In 2019,
financing expenses were impacted by the revaluation of buy options
and deferred payments related to Corporate Services entities.
Results from equity investments amounted to
€10.6 million in 2020, resulting from the contribution of LCH SA,
in which Euronext owns an 11.1% stake. In 2020, €9.1 million in
results from equity investments was reported.
Income tax for 2020 was €122.2 million,
positively impacted by reduced domestic tax rates and the enlarged
Nordic footprint. This translated into an effective tax rate of
27.6% for the year (2019: €100.3 million and 30.2%).
Shares of non-controlling interests mainly
relating to iBabs (60% owned), OPCVM360 (60% owned), Nord Pool (66%
owned) and VP Securities7 amounted to €5.1 million in
2020.
As a result, the reported net profit share of
the Group for 2020 increased by +42.1%, to €315.5 million. This
represents a reported EPS of €4.53 basic and €4.51 fully diluted in
2020, compared to €3.19 basic and €3.17 fully diluted in 2019. The
number of shares used for the basic calculation was 69,671,287 and
for the fully diluted calculation 69,909,911.
Adjusted EPS8 is up +28.1% in 2020, at €4.99,
compared to an adjusted EPS of €3.90 in 2019.
In 2020 Euronext generated a net cash flow from
operating activities of €278.0 million, compared to €253.8 million
in 2019, impacted by changes in working capital related to Nord
Pool.
Fourth quarter of 2020
In €m,
unless stated otherwise |
Q4 2020 |
Q4 2019 |
% change |
% change (like-for-like, constant currencies) |
EBITDA |
126.8 |
104.1 |
+21.8% |
+13.1% |
EBITDA margin |
54.7% |
56.0% |
-1.4 pts |
+0.8 pts |
Depreciation & amortisation |
-15.9 |
-12.8 |
+23.6% |
+1.2% |
Operating profit before exceptional items |
111.0 |
91.3 |
+21.6% |
+14.8% |
Exceptional items |
-12.3 |
-8.2 |
+50.1% |
|
Operating profit |
98.6 |
83.1 |
+18.8% |
|
Net financing income / (expense) |
-4.9 |
-14.2 |
-65.6% |
|
Results
from equity investments |
4.3 |
3.5 |
+23.2% |
|
Profit before income tax |
98.1 |
72.4 |
+35.6% |
|
Income tax expense |
-30.3 |
-22.4 |
+35.1% |
|
Share
of non-controlling interests |
-0.7 |
-0.9 |
-30.3% |
|
Net income, share of the Group |
67.1 |
49.0 |
+37.0% |
|
Depreciation and amortisation accounted for
€15.9 million in Q4 2020, up +23.6%, resulting mainly from the
consolidation of recently acquired businesses and their respective
PPA. On a like-for-like basis at constant currencies, depreciation
& amortisation was up, +1.2%, to €12.6 million.
Operating profit before exceptional items was
€111.0 million, a +21.6% increase compared to Q4 2019. On a
like-for-like basis at constant currencies, operating profit before
exceptional items was up, +14.8%, to €104.2 million.
€12.3 million of exceptional costs was booked in
Q4 2020, primarily in relation to the contemplated acquisition of
the Borsa Italiana Group and restructuring costs.
Net financing expense for Q4 2020 was €4.9
million reflecting interest expenses related to the tap issue in
June 2020 and financing costs related to the contemplated
acquisition of the Borsa Italiana Group. In Q4 2019, a net
financing expense of €14.2 million was booked, resulting primarily
from the revaluation of buy-options and deferred payments related
to Corporate Services entities.
Results from equity investments amounted to €4.3
million in Q4 2020, resulting from the contribution of LCH SA, in
which Euronext owns an 11.1% stake. In Q4 2019, €3.5million in
results from equity investments was reported.
Income tax for Q4 2020 was €30.3 million. This
translated into an effective tax rate of 30.9% for the quarter (Q4
2019: €22.4 million and 31.0%), up compared to Q3 2020 due to
non-deductible expenses and increased local tax rates in Q4.
Shares of non-controlling interests mainly
relating to iBabs (60% owned), OPCVM360 (60% owned) and Nord Pool
(66% owned) amounted to €0.7 million in Q4 2020.
As a result, the reported net profit share of
the Group for Q4 2020 increased by +37.0%, to €67.1 million. This
represents a reported EPS of €0.96 basic and €0.96 fully diluted in
Q4 2020, compared to €0.70 basic and €0.70 fully diluted in Q4
2019. The number of shares used for the basic calculation was
69,671,287 and for the fully diluted calculation 69,909,911.
Adjusted EPS9 is up +7.5% in Q4 2020, at €1.19,
compared to an adjusted EPS of €1.11 in Q4 2019.
In Q4 2020 Euronext generated a net cash flow
from operating activities of €74.7 million, compared to €78.8
million in Q4 2019, impacted by a VAT payment.
Business
highlights
¨Listing
In €m, unless stated otherwise |
Q4 2020 |
Q4 2019 |
% change |
FY 2020 |
FY 2019 |
% change |
Listing revenue |
38.2 |
36.5 |
+4.7% |
145.5 |
129.0 |
+12.8% |
Equity |
|
|
|
|
|
|
Annual fees |
8.9 |
8.3 |
+6.8% |
35.1 |
28.6 |
+23.0% |
Follow-ons |
3.7 |
1.6 |
+127.6% |
18.6 |
16.7 |
+11.6% |
IPOs |
2.2 |
3.1 |
-28.2% |
9.9 |
10.6 |
-6.9% |
Debts |
9.2 |
8.8 |
+5.7% |
34.7 |
31.1 |
+11.5% |
ETFs, Funds & Warrants |
2.8 |
2.9 |
-2.9% |
11.7 |
11.4 |
+2.2% |
Corporate Services |
9.8 |
7.6 |
+29.8% |
32.4 |
24.4 |
+32.4% |
Others |
1.5 |
4.3 |
-64.8% |
3.0 |
6.0 |
-50.2% |
Money
raised |
278,228 |
324,782 |
-14.3% |
1,215,506 |
1,268,483 |
-4.2% |
Full year 2020
Listing revenue was €145.5 million in 2020, an
increase of +12.8% compared to 2019, driven primarily by the strong
performance of Corporate Services and the first full year of
consolidation of Oslo Børs listing activities.
On a like-for-like basis at constant currencies,
listing revenue increased by +4.4%.
2020 saw a record activity in primary listings,
notably supported by record activity at Oslo Børs. In 2020,
Euronext recorded 90 new listing, the bulk of which took place
during the second semester. Euronext notably welcomed the largest
IPO in Europe, with the listing of JDE Peet’s, and demonstrated the
attractiveness of its offering with listings from both large
capitalisation and SME tech companies. In 2020, €6.7 billion was
raised on Euronext primary markets, compared to €5.1 billion in
2019.
Secondary markets saw fluctuating activity
during the year. While the first and fourth quarters saw large
M&A-related issuances, the second and third quarters were more
moderate, and driven by convertible bonds issuance and support
funding deals. In 2020, €54.2 billion was raised in secondary
equity issues, compared to €33.2 billion in 2019.
Debt-related fixed revenue offset the decrease
in new debt listings due to the unfavourable macroeconomic
environment in 2020. New debt listings also saw growing momentum in
ESG-related bond listings during 2020. In 2020, €1,155 billion in
debt was raised on Euronext’s markets, compared to €1,230 billion
in 2019.
In total, €1,216 billion in equity and debt was
raised on Euronext’s markets in 2020, compared to €1,268 billion
in 2019.
Corporate Services reported a strong
performance, generating €32.4 million in revenue in 2020, up
+32.4%, including €1.6 million in contribution from recent
acquisitions10, compared to €24.4 million in 2019. This performance
reflects continued commercial development and an enhanced digital
offering meeting an increased demand for digital solutions.
Fourth quarter of 2020
Listing revenue was €38.2 million in Q4 2020, an
increase of +4.7% compared to Q4 2019, driven primarily by the
strong performance of Corporate Services.
On a like-for-like basis at constant currencies,
listing revenue increased by +4.3%.
Q4 2020 saw a record quarter in primary listing
activity reaching 49 new listings. Primary equity listings were
supported by several large tech company listings, such as Meltwater
and Link Mobility and a record activity on the Norwegian market. In
addition, Euronext demonstrated the attractiveness of its offering
for innovative and ESG companies with Cleantech companies
accounting for 11 listings during the quarter. In Q4 2020, €2.6
billion was raised on Euronext primary markets, compared
to €3.3 billion last year.
Secondary markets were supported primarily by
M&A activities and balance reinforcements transactions. In Q4
2020, €18.4 billion was raised in secondary equity issues, compared
to €8.2 billion in Q4 2019.
New debt listings were impacted by the
unfavourable macroenvironment. Despite uncertainties linked to the
Covid-19 pandemic, Euronext’s ESG bond listing franchise saw
growing momentum continue over the quarter. In Q4 2020, €257.3
billion in debt was raised on Euronext’s markets, compared to
€313.2 billion in Q4 2019.
In total, €278.2 billion in equity and debt was
raised on Euronext’s markets in Q4 2020, compared to €324.8 billion
in Q4 2019.
Corporate Services reported a strong
performance, generating €9.8 million in revenue in Q4 2020, up
+29.8%, including €0.5 million in contribution from recent
acquisitions11, compared to €7.6 million in Q4 2019. This
performance reflects continued commercial development and an
enhanced digital offering meeting increased demand for digital
solutions.
¨Trading12
In €m, unless stated otherwise |
Q4 2020 |
Q4 2019 |
% change |
FY 2020 |
FY 2019 |
% change |
Trading revenue |
88.0 |
70.8 |
+24.3% |
365.1 |
272.8 |
+33.8% |
Cash trading |
63.2 |
53.2 |
+18.9% |
262.2 |
205.6 |
+27.6% |
ADV Cash market |
9,212 |
8,393 |
+9.8% |
9,780 |
8,196 |
+19.3% |
Derivatives trading |
11.7 |
11.9 |
-1.5% |
49.2 |
44.3 |
+11.0% |
ADV Derivatives market (in lots) |
612,215 |
589,027 |
+3.9% |
683,594 |
596,374 |
+14.6% |
Number
of trading days |
65 |
64 |
|
257 |
255 |
|
Spot FX trading |
5.9 |
5.8 |
+2.7% |
26.4 |
22.92 |
n/a |
ADV spot FX Market (in USDm) |
19,991 |
16,545 |
+20.8% |
21,427 |
18,282 |
+17.2% |
Number
of trading days |
65 |
65 |
|
|
|
|
Power trading |
7.2 |
|
n/a |
27.3 |
|
|
ADV Day-ahead power market (in TWH) |
2.74 |
|
n/a |
2.52 |
|
|
ADV Intraday power market (in TWH) |
0.07 |
|
n/a |
0.07 |
|
|
Number of trading days |
92 |
|
|
351 |
|
|
Full year 2020
Cash trading
Cash trading revenue increased by +27.6% in
2020, to a total of €262.2 million. This reflects improved
revenue capture and market position in a more volatile and changing
trading environment. Average daily volume for cash trading
increased to €9.8 billion in 2020, up +19.3% compared to 2019. The
average yield over the year was stable compared to 2019 at 0.52
bps. Average market share on cash trading reached 70.4% in 2020,
compared to 68.5% in 201913.
The average daily transaction value of ETFs on
the electronic order book was €298 million over 2020, up +34.8%
compared to 2019, driven by higher volatility levels over the
year.
On a like-for-like basis at constant currencies,
revenue from cash trading was up +24.6%.
Derivatives trading
Derivatives trading revenue increased +11.0% in
2020, to €49.2 million, compared to €44.3 million in 2019.
Derivatives trading volumes in 2020 increased +14.6% compared to
2019. Average daily volume on individual equity derivatives was up
+27.6% at 376,732 contracts, resulting from increased
individual equity futures volumes, while the average daily volume
on equity index derivatives was down -2.3% to 235,080
contracts.
Commodity products recorded an increase in
average daily volumes in 2020, up +26.0% to 67,037 contracts
compared to 2019, reflecting client diversification and geographic
expansion.
Yield on derivatives averaged €0.28 in 2020,
down -6.2% compared to 2019, as increased volumes in high-yield
commodity products were offset by the dilutive impact of
significant volumes in recently launched lower-yield equity
futures.
On a like-for-like basis at constant currencies,
revenue from derivatives trading was up +8.7%.
Spot FX trading
Spot FX trading activity on the Euronext FX spot
foreign exchange market recorded average daily volumes of $21.4
billion in 2020, up, +17.2%, compared to $18.3 billion in 2019,
reflecting a more volatile environment and geographic expansion. As
a result, spot FX trading generated €26.4 million of revenue in
2020, up +15.0% compared to €22.9 million in 2019.
On a like-for-like basis at constant currencies,
revenue from spot FX trading was up +16.8%.
Power trading
Power trading, encompassing the trading
activities of Nord Pool, of which Euronext acquired 66% in January
2020, reported €27.3 million of revenue in 2020 reflecting a strong
performance in the Central and Western Europe market offsetting the
impact of a warmer winter at the beginning of the year. Over 2020,
average daily day-ahead power traded was 2.52 TWh, and average
daily intraday power traded was 0.07 TWh.
Fourth quarter of 2020
Cash trading
Cash trading revenue increased by +18.9% in Q4
2020, to a total of €63.2 million, reflecting higher trading
volumes and improved revenue capture in changing markets. Average
daily volume for cash trading increased to €9.2 billion in Q4 2020,
up +9.8% compared to Q4 2019. The average yield over the fourth
quarter increased to 0.53 bps, compared to 0.49 bps in Q4 2019.
Average market share on cash trading reached 70.4% over the
quarter, compared to 70.9% in Q4 201914.
The average daily transaction value of ETFs on
the electronic order book was €273 million over Q4 2020, up +31.8%
compared to Q4 2019, in a more volatile trading
environment.
On a like-for-like basis at constant currencies,
revenue from cash trading was up +19.3%.
Derivatives trading
Derivatives trading revenue decreased -1.5% in
Q4 2020, to €11.7 million, compared to €11.9 million in Q4 2019.
Derivatives trading volumes in Q4 2020 increased +3.9% compared to
Q4 2019. Average daily volume on individual equity derivatives was
up +16.0% at 332,610 contracts, resulting from increased
individual equity futures volumes, while the average daily volume
on equity index derivatives was down -14.5% to 203,372
contracts.
Commodity products recorded an increase in
average daily volumes in Q4 2020, up +40.7% to 76,233 contracts
compared to Q4 2019 reflecting client diversification and
geographic expansion.
Yield on derivatives averaged €0.29 in Q4 2020,
down -6.3% compared to Q4 2019, reflecting an unfavorable product
mix of Index Futures and Equity Options offsetting increased
high-yield commodity products volumes.
On a like-for-like basis at constant currencies,
revenue from derivatives trading was down -1.2%.
Spot FX trading
Spot FX trading activity on the Euronext FX spot
foreign exchange market recorded average daily volumes of $20.0
billion in Q4 2020, up +20.8%, compared to $16.5 billion in Q4
2019, resulting from a more volatile trading environment. As a
result, spot FX trading generated €5.9 million of revenue in Q4
2020, up +2.7% compared to €5.8 million in Q4 2019.
On a like-for-like basis at constant currencies,
revenue from spot FX trading was up +10.6%.
Power trading
Power trading, encompassing the trading
activities of Nord Pool, of which Euronext acquired 66% in January
2020, reported €7.2 million of revenue reflecting the usual
seasonal higher activity of the winter months. Over Q4 2020,
average daily day-ahead power traded was 2.74 TWh, and average
daily intraday power traded was 0.07 TWh.
¨Investor Services
Full year 2020
Investor Services, encompassing the activities
of Commcise and Investor Services activities from Oslo Børs VPS,
reported revenue up +32.3% to €7.6 million of revenue in 2020
reflecting continued commercial development.
On a like-for-like basis at constant currencies,
revenue from Investor Services was up +26.0%.
Fourth quarter of 2020
Investor Services, encompassing the activities
of Commcise and Investor Services activities from Oslo Børs VPS,
reported revenue up +25.4% to €2.0 million of revenue in Q4
2020 reflecting continued commercial development.
On a like-for-like basis at constant currencies,
revenue from Investor Services was up +32.2%.
¨Advanced Data Services
Full year 2020
Advanced Data Services reported revenue up +8.0%
to €139.0 million in 2020, as a result of the consolidation of data
activities of acquired businesses and of the good performance of
ESG products and indices.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +2.4% compared to 2019.
Fourth quarter of 2020
Advanced Data Services reported revenue up +0.8%
to €33.8 million in Q4 2020, reflecting consolidation of Nord Pool
data activities and the performance of the indices business.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +0.5% compared to
Q4 2019.
¨Post-Trade
Full year 2020
Clearing
Clearing revenue was up in 2020, at €67.1
million, +21.4% compared to 2019, reflecting higher treasury income
and higher derivatives trading volumes.
Custody, Settlement and other Post-Trade
Revenue from Custody, Settlement and other
Post-Trade activities, encompassing Interbolsa, Euronext VPS and VP
Securities activities, increased by +122.1% to €110.2 million in
2020. This performance resulted primarily from the consolidation of
VP Securities, the first full year of consolidation of Euronext
VPS, higher settlement activities and an evolving market structure
with increased retail participation in the Danish and Norwegian
CSDs.
On a like-for-like basis at constant currencies,
revenue from Custody, Settlement and other Post-Trade activities
was up +16.9%.
Fourth quarter of 2020
Clearing
Clearing revenue was up in Q4 2020, at €17.4
million, +20.0% compared to Q4 2019, reflecting higher treasury
income and higher derivatives trading volumes with higher commodity
derivatives volumes traded.
Custody, Settlement and other Post-Trade
Revenue from Custody, Settlement and other
Post-Trade activities, encompassing Interbolsa, Euronext VPS and VP
Securities activities, increased by +111.6% to €39.9 million in Q4
2020. This performance resulted primarily from the consolidation of
VP Securities and from higher settlement activities as well as
increased retail participation in the Danish and Norwegian
CSDs.
On a like-for-like basis at constant currencies,
revenue from Custody, Settlement and other Post-Trade activities
was up +23.5%.
¨Euronext Technology Solutions &
Other revenue
Full year 2020
Euronext Technology Solutions & Other
revenue increased by +31.5% in 2020, to €49.7 million, reflecting
the consolidation of Nord Pool, and good performance of the core
business.
On a like-for-like basis at constant currencies,
revenue was up +10.0% compared to last year.
Fourth quarter of 2020
Euronext Technology Solutions & Other
revenue increased by +26.9% in Q4 2020, to €12.6 million,
reflecting the consolidation of Nord Pool, and good performance of
the core business.
On a like-for-like basis at constant currencies,
revenue was up +13.9% compared to last year.
Corporate highlights of Q4 2020, since
publication of Q3 2020 results on November 2020
¨Euronext to acquire the Borsa Italiana
Group and create the leading pan-European market
infrastructure
On 11 September 2020, Euronext announced that it
was in discussions with Cassa Depositi e Prestiti Equity (“CDP
Equity”) to submit an offer to London Stock Exchange Group plc
(“LSEG”) for the acquisition of the business and key operational
assets of Borsa Italiana, with the ambition to create a leading
player in continental European capital markets.
On 14 September 2020, Euronext confirmed the
submission of a non-binding offer to LSEG to acquire Borsa Italiana
partnering with CDP Equity and Intesa Sanpaolo.
On 18 September 2020, Euronext confirmed that it
had entered into exclusive talks with LSEG.
On 9 October 2020, Euronext announced that it
had entered into a binding agreement with LSEG and London Stock
Exchange Group Holdings (Italy) Limited to acquire 100% of the
entire issued share capital of London Stock Exchange Group Holdings
Italia SPA, the holding company of the Borsa Italiana Group for a
cash consideration of €4,325 million15 (“The
Transaction”).
On 3 November 2020, LSEG’s shareholders approved
the Transaction.
On 11 November 2020, Euronext received clearance
for the Transaction from the German Federal Cartel Office.
On 20 November 2020, Euronext’s shareholders
approved the Transaction.
On 11 December 2020, Euronext received foreign
direct investment clearance for the Transaction from the Italian
Council of Ministers.
On 13 January 2021, the European Commission
conditionally approved, under the EU Merger Regulation, LSEG’s
proposed acquisition of Refinitiv.
On 29 January 2021, LSEG closed the acquisition
of Refinitiv, satisfying one of the major conditions for the
completion of the Transaction.
The Proposed Combination16 will create a leading
European market infrastructure in the European Union, whose central
role to connect local economies to global markets is strengthened
through the creation of the number one venue for listing and
secondary markets for both debt and equity financing in Europe.
This transaction significantly enhances the scale of Euronext,
diversifies its business mix into new asset classes and strengthen
its post-trade activities. With this transaction, Euronext delivers
on its ambition to build the leading pan-European market
infrastructure.
The Transaction is still subject to regulatory
approvals in several jurisdictions, a declaration of non-objection
from Euronext’s College of Regulators, and approval of Euronext as
a suitable purchaser by the European Commission.
Euronext expects to complete the Transaction in
the first half of 2021.
The related press releases and documentation are
available at:
https://www.euronext.com/en/investor-relations/financial-calendar/acquisition-borsa-italiana-group
¨Oslo Børs migrates Norwegian equities
and derivatives markets to Euronext's proprietary trading platform
Optiq®
On 2 December 2020, Euronext announced the
successful migration of the 276 companies with equities currently
listed in Oslo to the Euronext single order book powered by the
proprietary trading platform, Optiq®. This milestone was reached 17
months after Oslo Børs joined Euronext and 21 months after Euronext
Dublin’s successful migration to Optiq®.
Issuers and investors on Oslo Børs have gained
access to the largest liquidity pool of international capital in
Europe, powered by a single order book. 1,500 issuers are now
listed on Euronext’s exchanges, in Amsterdam, Brussels, Dublin,
Lisbon, Oslo and Paris, for an aggregated market capitalisation of
over €4.4 trillion as of end November 2020.
Being listed on Euronext’ integrated markets
allows companies listed in Oslo to benefit fully from Euronext’s
proprietary issuer services, which include the online Connect
portal of companies’ trading data. Euronext also offers corporate
services such as webinars and webcasts, an investor relationship
management and targeting platform for corporate investor relations
teams, strategic analyses of shareholding structure, tailor-made IR
and ESG advice, a board portal and an insider list management
tool.
As part of this migration on 30 November 2020,
Oslo Børs has changed the name of three marketplaces to align with
the rest of the Euronext group. ‘Oslo Axess’ has been renamed
‘Euronext Expand’, ‘Merkur Market’ is now ‘Euronext Growth’, and
‘NOTC’ is ‘Euronext NOTC’. There have been no substantive rule
changes or functionality changes to these markets.
¨Volumes for Q4 2020
For the fourth quarter of 2020, the average
daily transaction value on the Euronext cash order book stood at
€9,212 million, up +9.8% compared to the same period last year.
The average daily transaction value of ETFs on
the electronic order book was €273 million over Q4 2020, up +31.8%
compared to Q4 2019. The total number of ETFs listed on Euronext
was 1,289 at end of December 2020.
The overall average daily volume on Euronext
derivatives stood at 612,215 contracts (+3.9% compared to Q4 2019)
and the open interest was 15,157,102 contracts at the end of
December 2020 (-0.6% compared to the end of December 2019).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $19,881 million in Q4 2020, up
+20.8% compared to the same period last year.
Over Q4 2020, the average daily power volumes
traded on Nord Pool, of which Euronext acquired 66% in January
2020, were 2.74 TWh for day-ahead power, and 0.07 TWh for intraday
power.
¨Half year statement on the liquidity
contract of Euronext N.V.
On 6 January 2021, Euronext announced that the
transactions carried out under the liquidity contract entered
between Euronext NV and Rothschild Martin Maurel for the period
ending 31 December 2020 resulted in the following assets appearing
in the liquidity account:
- 0 Euronext N.V. shares
- €7,669,989
- Number of Buy transaction over the period: 6,793
- Number of Sell transaction over the period: 6,230
- Volume traded relating to Buy transactions over the period:
389,419 shares for 37,244,825 euros
- Volume traded relating to Sell transactions over the period:
389,419 shares for 37,238,310 euros
As a reminder, on 30 June 2020, the following
resources were allocated to the liquidity account:
- 0 Euronext N.V. shares
- €7,680,454
Corporate
highlights since 31 December 2020
- Contemplated acquisition of the Borsa Italiana Group (see
above)
- January 2021 Volumes
In January 2021, the average daily transaction
value on the Euronext cash order book stood at €9,809.5 million, up
+12.8% compared to the same period last year.
The average daily transaction value of ETFs on
the electronic order book was €303 million in January 2021, up
+37.4% compared to January 2020. The total number of ETFs listed on
Euronext was 1,401 at end of January 2021.
The overall average daily volume on Euronext
derivatives stood at 717,664 contracts (-2.2% compared to January
2020) and the open interest was 17,903,683 contracts at the end of
January 2020 (-11.3% compared to the end of January 2020).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $21,297 million in January 2021,
up +24.2% compared to the same period last year.
¨New appointments at
Euronext
On 18 January 2021, Euronext announced that
Delphine d’Amarzit has been appointed by the Supervisory Board of
Euronext N.V. as CEO of Euronext Paris and member of the Managing
Board of Euronext N.V., subject to regulatory and shareholder
approvals, starting from 15 March 2021.
Euronext also announced on 18 January 2021 that
Anthony Attia has been appointed as Global Head of Primary Markets
and Post Trade. In order to fully focus on his expanded Group-level
strategic and business responsibilities, Anthony Attia will be
handing over his position as CEO of Euronext Paris and member of
the Managing Board of Euronext N.V. Anthony Attia will remain a
member of the Operating Committee and the Extended Managing Board
of Euronext N.V.
Agenda
A conference call and a webcast will be
held tomorrow 11 February 2021, at 9.00am CEST (Paris time) /
8.00am BST (London time):
Website : www.euronext.com/investors
To connect to the conference call, please dial:
- UK Number:
+44 330 551 0200
- FR Number:
+33 1 70 37 71 66
- NL Number:
+31 20 708
5073
- US Number:
+1 212 999 6659
- BE Number:
+32 2 789 8603
- PT Number:
+351 3 0880 2081
- IR
Number:
+353 1 436 0959
- NO
Number:
+47 2 156 3318
- IT
Number:
+39 06 83360400
Password:
Euronext
Live Webcast: A live audio webcast and replay
after the call will be available via this link and on Euronext’s
Investor Relations website.
Contacts
Investor Relations:Aurélie
Cohen – Chief Communications and IR OfficerClément Kubiak – IR
Officer
+33 1 70 48 24 27; ir@euronext.com
Media:Aurélie Cohen - Chief
Communications and IR Officer
+33 1 70 48 24 45; mediateam@euronext.com
About Euronext
Euronext is the leading pan-European market
infrastructure, connecting local economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, The
Netherlands, Norway and Portugal. With close to 1,500 listed
issuers worth €4.5 trillion in market capitalisation as of end
December 2020, 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 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. 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 Euronext
Growth® and Euronext Access®, simplifying access to listing for
SMEs. Euronext provides custody and settlement services through
central securities depositories in Denmark, Norway and Portugal.
For the latest news, follow us on Twitter and LinkedIn.
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. © 2021, 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 these personal data, Euronext will
comply with its obligations under the Regulation (EU) 2016/679 of
the European Parliament and of the 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:
https://www.euronext.com/privacy-policy.In accordance with the
applicable legislation you have rights as 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,
- for any request regarding the processing of your data or if you
want to unsubscribe from this press release, please use our data
subject request form at
https://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 revenue.
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.
Other
Alternative Performance Measures used in this release
- Volume related revenue accounts for trading and clearing
activities and IPOs revenue, all other revenue are considered as
non-volume related.
- Operating cost coverage is equal to non-volume related revenue
divided by operating expenses excluding D&A.
- ‘Organic’ and ‘Like-for-like’ refers to Euronext Group
perimeter, at constant currencies for the comparative period in the
previous year, excluding any acquired companies thereafter as well
as any project costs supported by Euronext for the integration of
these companies.
Adjusted EPS
definition
In €m
unless stated otherwise |
Q4 2020 |
Q4 2019 |
FY 2020 |
FY 2019 |
Net income reported |
67.1 |
49.0 |
315.5 |
222.0 |
EPS
Reported (€ per share) |
0.96 |
0.70 |
4.53 |
3.19 |
Intangible assets adj. related to
acquisitions (PPA) |
(6.0) |
(3.8) |
(21.0) |
(13.8) |
Exceptional items |
(12.3) |
(8.2) |
(17.3) |
(21.9) |
Impairments |
- |
(6.0) |
- |
(6.0) |
Revaluation of buy-options and deferred
payments |
- |
(13.3) |
- |
(13.3) |
Tax
related to those items |
2.4 |
3.0 |
6.2 |
5.5 |
Adj. net income |
83.1 |
77.3 |
347.6 |
271.4 |
Adj. EPS (€ per share) |
1.19 |
1.11 |
4.99 |
3.90 |
Consolidated
income statement
Unaudited, In €m |
Q4 2020 |
Q4 2019 |
% var |
% var (like for like at constant
currencies) |
Revenue |
232.0 |
185.7 |
+24.9% |
+11.6% |
Listing |
38.2 |
36.5 |
+4.7% |
+4.3% |
Trading revenue |
88.0 |
70.8 |
+24.3% |
+15.2% |
Cash trading |
63.2 |
53.2 |
+18.9% |
+19.3% |
Derivatives trading |
11.7 |
11.9 |
-1.5% |
-1.2% |
Spot FX trading |
5.9 |
5.8 |
+2.7% |
+10.6% |
Power trading |
7.2 |
0.0 |
n/a |
n/a |
Investor Services |
2.0 |
1.6 |
+25.4% |
+32.2% |
Advanced Data Services |
33.8 |
33.5 |
+0.8% |
+0.5% |
Post-trade |
57.3 |
33.4 |
+71.7% |
+21.9% |
Clearing |
17.4 |
14.5 |
+20.0% |
+20.0% |
Custody, Settlement and other post-trade |
39.9 |
18.8 |
+111.6% |
+23.5% |
Euronext Technologies & Other revenue |
12.6 |
9.9 |
+26.9% |
+13.9% |
Other income |
0.1 |
0.0 |
+110.0% |
+110.0% |
Operational expenses excluding
D&A |
-105.1 |
-81.6 |
+28.8% |
+9.7% |
Salaries and employee benefits |
-59.0 |
-45.9 |
+28.7% |
+7.4% |
Other operational expenses |
-46.1 |
-35.8 |
+28.9% |
+12.6% |
System & communication |
-10.7 |
-6.7 |
+59.5% |
+26.6% |
Professional services |
-17.2 |
-12.0 |
+43.3% |
+19.6% |
Clearing expense |
-7.8 |
-7.6 |
+2.9% |
+11.6% |
Accommodation |
-1.5 |
-1.5 |
+3.2% |
-22.6% |
Other operational expenses |
-8.8 |
-8.0 |
+10.6% |
-2.0% |
EBITDA |
126.8 |
104.1 |
+21.8% |
+13.1% |
EBITDA
margin |
54.7% |
56.0% |
-1.4 pts |
+0.8 pts |
Depreciation & amortisation |
-15.9 |
-12.8 |
+23.6% |
+1.2% |
Operating profit before exceptional items |
111.0 |
91.3 |
+21.6% |
+14.8% |
Exceptional items |
-12.3 |
-8.2 |
+50.1% |
|
Operating profit |
98.6 |
83.1 |
+18.8% |
|
Net financing income / (expense) |
-4.9 |
-14.2 |
-65.6% |
|
Results from equity investments |
4.3 |
3.5 |
+23.2% |
|
Profit before income tax |
98.1 |
72.4 |
+35.6% |
|
Income tax expense |
-30.3 |
-22.4 |
+35.1% |
|
Share
of non-controlling interests |
-0.7 |
-0.9 |
-30.3% |
|
Net income, share of the Group |
67.1 |
49.0 |
+37.0% |
|
|
|
|
|
|
EPS Reported (non-diluted, in €
per share) |
€ 0.96 |
€ 0.70 |
+37.0% |
|
EPS Adjusted (non-diluted, in €
per share) |
€ 1.19 |
€ 1.11 |
+7.5% |
|
The figures in this document have not been audited or reviewed
by our external auditor.
Consolidated
income statement
Unaudited, In €m |
FY 2020 |
FY 2019 |
% var |
% var (like for like at constant currencies) |
Revenue |
884.3 |
679.1 |
+30.2% |
+13.6% |
Listing |
145.5 |
129.0 |
+12.8% |
+4.4% |
Trading revenue |
365.1 |
272.8 |
+33.8% |
+21.3% |
Cash trading |
262.2 |
205.6 |
+27.6% |
+24.6% |
Derivatives trading |
49.2 |
44.3 |
+11.0% |
+8.7% |
Spot FX trading |
26.4 |
22.9 |
+15.0% |
+16.8% |
Power trading |
27.3 |
0.0 |
n/a |
n/a |
Investor Services |
7.6 |
5.7 |
+32.3% |
+26.0% |
Advanced Data Services |
139.0 |
128.8 |
+8.0% |
+2.4% |
Post-trade |
177.2 |
104.8 |
+69.1% |
+19.3% |
Clearing |
67.1 |
55.2 |
+21.4% |
+21.4% |
Custody, Settlement and other post-trade |
110.2 |
49.6 |
+122.1% |
+16.9% |
Euronext Technologies & Other revenue |
49.7 |
37.8 |
+31.5% |
+10.0% |
Other income |
0.2 |
0.2 |
-21.8% |
-21.6% |
Operational expenses excluding
D&A |
-364.3 |
-279.7 |
+30.2% |
+7.1% |
Salaries and employee benefits |
-199.0 |
-153.1 |
+29.9% |
+5.3% |
Other operational expenses |
-165.3 |
-126.5 |
+30.6% |
+9.4% |
System & communication |
-38.5 |
-26.4 |
+46.0% |
+7.3% |
Professional services |
-55.0 |
-37.1 |
+48.3% |
+17.8% |
Clearing expense |
-33.1 |
-29.4 |
+12.5% |
+11.6% |
Accommodation |
-6.8 |
-5.5 |
+23.8% |
-5.0% |
Other operational expenses |
-32.0 |
-28.2 |
+13.2% |
+0.6% |
EBITDA |
520.0 |
399.4 |
+30.2% |
+18.1% |
EBITDA
margin |
58.8% |
58.8% |
-0.0% |
+2.3 pts |
Depreciation & amortisation |
-57.8 |
-43.7 |
+32.3% |
-0.8% |
Operating profit before exceptional items |
462.3 |
355.7 |
+29.9% |
+20.4% |
Exceptional items |
-17.3 |
-21.9 |
-20.8% |
|
Operating profit |
444.9 |
333.9 |
+33.3% |
|
Net financing income / (expense) |
-12.8 |
-17.4 |
-26.5% |
|
Results from equity investments |
10.6 |
9.1 |
+15.9% |
|
Profit before income tax |
442.7 |
325.6 |
+36.0% |
|
Income tax expense |
-122.2 |
-100.3 |
+21.8% |
|
Share
of non-controlling interests |
-5.1 |
-3.3 |
+52.9% |
|
Net income, share of the Group |
315.5 |
222.0 |
+42.1% |
|
|
|
|
|
|
EPS Reported (non-diluted, in €
per share) |
€ 4.53 |
€ 3.19 |
+42.1% |
|
EPS Adjusted (non-diluted, in €
per share) |
€ 4.99 |
€ 3.90 |
+28.1% |
|
The figures in this document have not been audited or reviewed
by our external auditor.
Consolidated
comprehensive income statement
Unaudited, In €m |
Q4 2020 |
Q4 2019 |
FY 2020 |
FY 2019 |
Profit for the period |
67.8 |
49.9 |
320.5 |
225.3 |
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Items that may be reclassified to profit
or loss: |
|
|
|
|
– Exchange differences on translation of
foreign operations |
27.6 |
-0.7 |
-62.4 |
-2.2 |
– Income tax impact on exchange
differences on translation of foreign operations |
-1.7 |
0.0 |
5.7 |
0.0 |
|
|
|
|
|
Items that will not be reclassified to
profit or loss: |
|
|
|
|
– Change in value of equity investments
at fair value through other comprehensive income |
4.8 |
1.2 |
9.2 |
12.5 |
– Income tax impact on change in value
of equity investments at fair value through other
comprehensive income |
-3.2 |
-0.2 |
-3.4 |
-2.2 |
– Remeasurements of post-employment
benefit obligations |
1.0 |
2.2 |
-1.5 |
-1.4 |
– Income tax impact on remeasurements of
post-employment benefit obligations |
-1.5 |
-0.7 |
0.3 |
-0.2 |
Other comprehensive income for the period net of
tax |
27.0 |
1.8 |
-52.1 |
6.5 |
Total comprehensive income for the period |
94.8 |
51.7 |
268.5 |
231.8 |
|
|
|
|
|
Comprehensive income
attributable to: |
|
|
|
|
– Owners of the parent |
93.3 |
49.6 |
264.7 |
228.3 |
– Non-controlling interests |
1.4 |
2.2 |
3.8 |
3.5 |
The figures in this document have not been
audited or reviewed by our external auditor.
Consolidated
balance sheet
Unaudited, In €m |
As at 31 Dec
2020 |
As at 31 Dec 2019 |
Non-current
assets |
|
|
Property, plant and equipment |
56.0 |
58.9 |
Right-of-use assets |
46.9 |
51.8 |
Goodwill and other intangible assets |
1,536.1 |
1,458.8 |
Deferred income tax assets |
20.8 |
21.0 |
Investments in associates and JV |
68.1 |
67.0 |
Financial assets at fair value through OCI |
204.5 |
197.8 |
Other non current assets |
8.6 |
3.1 |
Total non-current assets |
1,941.1 |
1,858.3 |
|
|
|
Current assets |
|
|
Trade and other receivables |
195.0 |
137.4 |
Income tax receivable |
3.3 |
1.4 |
Derivative financial instruments |
23.7 |
19.4 |
Other short-term financial assets |
92.1 |
12.1 |
Cash & cash equivalents |
629.5 |
369.8 |
Total current assets |
943.5 |
540.1 |
Assets
held for sale |
- |
8.8 |
Total assets |
2,884.6 |
2,407.2 |
|
|
|
Shareholders'
equity |
|
|
Shareholders' equity |
1,058.7 |
918.1 |
Non-controlling interests |
30.2 |
15.7 |
Total Equity |
1,089.0 |
933.8 |
|
|
|
Non-current
liabilities |
|
|
Borrowings |
1,272.5 |
1,011.5 |
Lease liabilities |
35.1 |
41.2 |
Deferred income tax liabilities |
92.9 |
78.8 |
Post employment benefits |
26.5 |
26.0 |
Contract liabilities |
44.6 |
45.8 |
Other provisions |
14.5 |
15.1 |
Total Non-current
liabilities |
1,486.1 |
1,218.3 |
|
|
|
Current
liabilities |
|
|
Borrowings |
8.2 |
6.8 |
Lease liabilities |
15.9 |
14.0 |
Other current financial liabilities |
0.5 |
30.7 |
Derivative financial instruments |
0.4 |
0.1 |
Income tax payable |
33.8 |
23.3 |
Trade and other payables |
185.8 |
117.3 |
Contract liabilities |
62.2 |
62.8 |
Other provisions |
2.6 |
0.1 |
Total Current
liabilities |
309.6 |
255.1 |
|
|
|
Total equity and liabilities |
2,884.6 |
2,407.2 |
Consolidated
statement of cash flows
Unaudited, In €m |
Q4 2020 |
Q4 2019 |
FY 2020 |
FY 2019 |
Profit before tax |
98.1 |
72.4 |
442.7 |
325.6 |
|
|
|
|
|
Adjustments for: |
|
|
|
|
- Depreciation and amortization |
15.9 |
12.8 |
57.8 |
43.7 |
- Share based payments |
2.4 |
2.6 |
8.5 |
6.9 |
- Change in fair value of financial
instruments |
-0.3 |
13.3 |
-0.3 |
13.3 |
- Share of profit from associates and
joint ventures |
-2.7 |
3.7 |
-8.9 |
-1.8 |
-
Changes in working capital |
-8.6 |
-0.2 |
-107.0 |
-35.4 |
Cash flow from operating activities |
104.8 |
104.7 |
392.8 |
352.2 |
Income
tax paid |
-30.1 |
-25.8 |
-114.8 |
-98.4 |
Net cash flows from operating activities |
74.7 |
78.8 |
278.0 |
253.8 |
|
|
|
|
|
Cash flow from investing
activities |
|
|
|
|
Acquisition of associates and joint
ventures |
0.0 |
-1.0 |
0.0 |
-6.0 |
Acquisition of subsidiaries, net of
cash acquired |
-5.6 |
0.0 |
-80.4 |
-581.8 |
Purchase of financial assets at
FVOCI |
0.0 |
0.0 |
0.0 |
-22.1 |
Proceeds from sale of assets held for
sale |
0.0 |
0.0 |
8.8 |
0.0 |
Purchase of current financial
assets |
1.0 |
1.4 |
-29.4 |
-4.1 |
Redemption of current financial
assets |
-1.2 |
16.0 |
5.8 |
20.3 |
Purchase of property, plant and
equipment |
-3.0 |
-3.8 |
-6.6 |
-14.7 |
Purchase of intangible assets |
-4.9 |
-3.2 |
-12.6 |
-11.4 |
Proceeds from sale of Property, plant,
equipment and intangible assets |
0.0 |
0.0 |
0.1 |
0.0 |
Dividends received from equity
investments |
1.6 |
7.3 |
1.6 |
7.3 |
Dividends received from associates |
0.0 |
0.0 |
7.9 |
5.2 |
Net cash flow from investing activities |
-12.1 |
16.6 |
-104.7 |
-607.3 |
|
|
|
|
|
Cash flow from financing
activities |
|
|
|
|
Proceeds from borrowings, net of
transaction fees |
0.0 |
0.0 |
255.9 |
538.9 |
Repayment of borrowings, net of
transaction fees |
0.0 |
-45.0 |
0.0 |
-90.7 |
Interest paid |
-0.6 |
-0.6 |
-11.6 |
-6.3 |
Interest received |
0.0 |
0.1 |
4.9 |
5.1 |
Payment of lease liabilities |
-4.2 |
-2.8 |
-14.9 |
-9.7 |
Acquisition of own shares |
0.0 |
-0.3 |
-13.2 |
0.9 |
Employee Share transactions |
0.0 |
-0.5 |
-1.8 |
-1.9 |
Dividends paid to the company's
shareholders |
0.0 |
0.0 |
-110.6 |
-107.2 |
Dividends paid to non-controlling
interests |
0.0 |
0.0 |
-4.4 |
-1.5 |
Net cash flow from financing activities |
-4.8 |
-49.0 |
104.2 |
327.7 |
|
|
|
|
|
Total cash flow over the period |
57.8 |
46.4 |
277.5 |
-25.9 |
Cash and cash equivalents - Beginning
of period |
567.3 |
325.1 |
369.8 |
398.0 |
Non
Cash exchange gains/(losses) on cash and cash equivalents |
4.4 |
-1.7 |
-17.9 |
-2.3 |
Cash and cash equivalents - End of period |
629.5 |
369.8 |
629.5 |
369.8 |
The figures in this document have not been audited or reviewed
by our external auditor.
Volumes for
the fourth quarter of
2020
Cash markets activity
|
Q4 2020 |
Q4 2019 |
|
FY 2020 |
FY 2019 |
|
|
|
|
|
|
|
|
Nb trading days |
65 |
64 |
|
257 |
255 |
|
|
|
|
|
|
|
|
NUMBER OF TRANSACTIONS (Buy
and sells) (reported trades included) |
|
|
|
|
|
|
|
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Total Cash Market * |
192,585,466 |
123,546,326 |
+55.9% |
764,431,156 |
482,832,418 |
+58.3% |
ADV Cash Market * |
2,962,853 |
1,930,411 |
+53.5% |
2,974,440 |
1,893,460 |
+57.1% |
|
|
|
|
|
|
|
TRANSACTION VALUE ( € million - Single
counted) |
|
|
|
|
|
|
(€m) |
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Total Cash Market * |
598,804.40 |
537,157.50 |
+11.5% |
2,513,441.08 |
2,089,852.72 |
+20.3% |
ADV Cash Market * |
9,212.38 |
8,393.09 |
+9.8% |
9,779.93 |
8,195.50 |
+19.3% |
*
(shares, warrants, trackers, bonds...) |
|
|
|
|
|
|
|
|
|
|
|
|
|
LISTINGS |
|
|
|
|
|
|
|
Dec-2020 |
Dec-2019 |
Change % |
|
|
|
Number of Issuers on Equities |
|
|
|
|
|
|
EURONEXT ** |
1,493 |
1,465 |
+1.9% |
|
|
|
SMEs |
1,142 |
1092 |
+4.6% |
|
|
|
Number of Listed Securities |
|
|
|
|
|
|
Bonds |
48,769 |
46,170 |
+5.6% |
|
|
|
ETFs |
1,289 |
1,240 |
+4.0% |
|
|
|
Funds |
4,387 |
4,619 |
-5.0% |
|
|
|
**(Euronext, Euronext Growth and Euronext Access) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital raised on Equities on Primary and Secondary
Market |
|
|
|
|
|
|
EURONEXT (Euronext, Euronext Growth) |
|
|
|
|
|
|
(€m) |
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Nb New Listings ** |
49 |
15 |
|
90 |
46 |
|
Money Raised New Listings incl over allotment |
2,554 |
3,341 |
-23.6% |
6,680 |
5,112 |
+30.7% |
of which Money Raised New Listings |
2,554 |
3,030 |
-15.7% |
6,302 |
4,752 |
+32.6% |
Follow-ons on Equities |
18,385 |
8,230 |
+123.4% |
54,165 |
33,234 |
+63.0% |
Bonds |
257,289 |
313,211 |
-17.9% |
1,154,661 |
1,230,138 |
-6.1% |
Total Money Raised * |
278,228 |
324,782 |
-14.3% |
1,215,506 |
1,268,483 |
-4.2% |
|
|
|
|
|
|
|
of which SMEs |
|
|
|
|
|
|
(€m) |
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Nb New Listings ** |
44 |
12 |
|
83 |
39 |
|
Money Raised New Listings incl over allotment |
1,680 |
553 |
+204.1% |
3,219 |
977 |
+229.5% |
of which Money Raised New Listings |
1,680 |
541 |
+210.3% |
3,178 |
951 |
+234.3% |
Follow-ons on Equities |
3,603 |
2,092 |
+72.2% |
7,689 |
5,536 |
+38.9% |
Bonds |
368 |
540 |
-31.9% |
793 |
1,010 |
-21.5% |
Total Money Raised * |
5,651 |
3,185 |
+77.4% |
11,700 |
7,523 |
+55.5% |
* includes New Listings including
over-allotment, follow-ons on Equities, corporate bonds on Euronext
Listed Issuers.Following the completion of the acquisition of the
Oslo Børs VPS, Euronext 2019 trading data have been restated to
include historic data for Oslo Børs VPS.
Derivatives markets activity
|
Q4 2020 |
Q4 2019 |
|
FY 2020 |
FY 2019 |
|
Nb trading days |
65 |
64 |
|
257 |
255 |
|
Volume (in lots) |
|
|
|
|
|
|
|
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Equity |
34,838,832 |
33,583,411 |
+3.7% |
157,235,534 |
136,623,161 |
+15.1% |
|
|
|
|
|
|
|
Index |
13,219,194 |
15,227,136 |
-13.2% |
60,415,538 |
61,340,160 |
-1.5% |
Futures |
8,654,165 |
10,352,272 |
-16.4% |
40,444,648 |
42,551,679 |
-5.0% |
Options |
4,565,029 |
4,874,864 |
-6.4% |
19,970,890 |
18,788,481 |
+6.3% |
|
|
|
|
|
|
|
Individual Equity |
21,619,638 |
18,356,275 |
+17.8% |
96,819,996 |
75,283,001 |
+28.6% |
Futures |
2,858,151 |
2,059,535 |
+38.8% |
27,341,284 |
5,117,843 |
+434.2% |
Options |
18,761,487 |
16,296,740 |
+15.1% |
69,478,712 |
70,165,158 |
-1.0% |
|
|
|
|
|
|
|
Commodity |
4,955,143 |
3,468,391 |
+42.9% |
17,228,480 |
13,572,094 |
+26.9% |
Futures |
4,531,045 |
3,314,867 |
+36.7% |
15,816,553 |
12,704,403 |
+24.5% |
Options |
424,098 |
153,524 |
+176.2% |
1,411,927 |
867,691 |
+62.7% |
|
|
|
|
|
|
|
TM Derivatives |
0 |
645,911 |
|
1,219,621 |
1,880,082 |
-35.1% |
Futures |
0 |
645,811 |
|
1,219,621 |
1,878,512 |
-35.1% |
Options |
0 |
100 |
|
0 |
1,570 |
|
|
|
|
|
|
|
|
Total Euronext |
39,793,975 |
37,697,713 |
+5.6% |
175,683,635 |
152,075,337 |
+15.5% |
Total Futures |
16,043,361 |
16,372,485 |
-2.0% |
84,822,106 |
62,252,437 |
+36.3% |
Total Options |
23,750,614 |
21,325,228 |
+11.4% |
90,861,529 |
89,822,900 |
+1.2% |
ADV (in lots) |
|
|
|
|
|
|
|
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Equity |
535,982 |
524,741 |
+2.1% |
611,811 |
535,777 |
+14.2% |
|
|
|
|
|
|
|
Index |
203,372 |
237,924 |
-14.5% |
235,080 |
240,550 |
-2.3% |
Futures |
133,141 |
161,754 |
-17.7% |
157,372 |
166,869 |
-5.7% |
Options |
70,231 |
76,170 |
-7.8% |
77,708 |
73,680 |
+5.5% |
|
|
|
|
|
|
|
Individual Equity |
332,610 |
286,817 |
+16.0% |
376,732 |
295,227 |
+27.6% |
Futures |
43,972 |
32,180 |
+36.6% |
106,386 |
20,070 |
+430.1% |
Options |
288,638 |
254,637 |
+13.4% |
270,345 |
275,157 |
-1.7% |
|
|
|
|
|
|
|
Commodity |
76,233 |
54,194 |
+40.7% |
67,037 |
53,224 |
+26.0% |
Futures |
69,708 |
51,795 |
+34.6% |
61,543 |
49,821 |
+23.5% |
Options |
6,525 |
2,399 |
+172.0% |
5,494 |
3,403 |
+61.5% |
|
|
|
|
|
|
|
TM Derivatives |
0 |
10,092 |
|
4,746 |
7,373 |
-35.6% |
Futures |
0 |
10,091 |
|
4,746 |
7,367 |
-35.6% |
Options |
0 |
2 |
|
0 |
6 |
|
|
|
|
|
|
|
|
Total Euronext |
612,215 |
589,027 |
+3.9% |
683,594 |
596,374 |
+14.6% |
Total Futures |
246,821 |
255,820 |
-3.5% |
330,047 |
244,127 |
+35.2% |
Total Options |
365,394 |
333,207 |
+9.7% |
353,547 |
352,247 |
+0.4% |
Following the completion of the acquisition of
the Oslo Børs VPS, Euronext 2019 trading data have been restated to
include historic data for Oslo Børs VPS.
Open Interest |
|
|
|
|
Dec-2020 |
Dec-2019 |
Change % YOY |
Equity |
14,260,915 |
14,212,060 |
+0.3% |
|
|
|
|
Index |
1,094,816 |
1,468,128 |
-25.4% |
Futures |
585,114 |
742,098 |
-21.2% |
Options |
509,702 |
734,064 |
-30.6% |
|
|
|
|
Individual Equity |
13,166,099 |
12,743,932 |
+3.3% |
Futures |
646,826 |
1,476,899 |
-56.2% |
Options |
12,519,273 |
11,267,033 |
+11.1% |
|
|
|
|
Commodity |
896,187 |
700,112 |
+28.0% |
Futures |
651,780 |
540,376 |
+20.6% |
Options |
244,407 |
159,736 |
+53.0% |
|
|
|
|
TM Derivatives |
0 |
342,098 |
|
Futures |
0 |
342,098 |
|
Options |
0 |
0 |
|
|
|
|
|
Total Euronext |
15,157,102 |
15,254,270 |
-0.6% |
Total Futures |
1,883,720 |
3,093,437 |
-39.1% |
Total Options |
13,273,382 |
12,160,833 |
+9.1% |
Following the completion of the acquisition of
the Oslo Børs VPS, Euronext 2019 trading data have been restated to
include historic data for Oslo Børs VPS.
Spot FX Trading
|
Q4 2020 |
Q4 2019 |
|
FY 2020 |
FY 2019 |
|
Nb trading days |
65 |
65 |
|
260 |
259 |
|
Spot FX VOLUME (in
USD millions, single counted) |
|
|
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
Total Spot FX Market |
1,299,427 |
1,075,434 |
+20.8% |
5,571,130 |
4,734,941 |
+17.7% |
ADV Spot FX Market |
19,991 |
16,545 |
+20.8% |
21,427 |
18,282 |
+17.2% |
Power Trading
|
Q4 2020 |
Q4 2019 |
|
FY 2020 |
FY 2019 |
|
Nb trading days |
92 |
|
|
351 |
|
|
|
|
|
|
|
|
|
Power
VOLUME (in TWH) |
|
|
|
|
|
Q4 2020 |
Q4 2019 |
Change % |
FY 2020 |
FY 2019 |
Change % |
ADV Day-ahead Power Market |
2.74 |
|
n/a |
2.52 |
|
n/a |
ADV Intraday Power Market |
0.07 |
|
n/a |
0.07 |
|
n/a |
*END*
1 Volume-related businesses include Cash, Derivatives, FX
trading, Power trading, Clearing, and IPOs
2 Definition in Appendix
3 Annual General Meeting of ShareholdersThe figures in this
document have not been audited or reviewed by our external
auditor
4 London Stock Exchange Group Holdings Italia S.p.A. and its
consolidated subsidiaries
5 Plus an additional amount reflecting the cash generated to
completion. Excluding cash and liquid assets (after deduction of
regulatory requirements) and borrowings, representing a total net
liability of €42m as of 30 June 2020
6 Annualised 2020 fourth quarter operating costs excluding
D&A amounted to €420.4 million
7 VP Securities first settlement on 4 August 2020 for 85.20% of
the shares, second settlement on 14 September 2020 for 99.39% of
the shares (adjusted from treasury shares)
8 Definition in Appendix
9 Definition in Appendix
10 Ticker and 3Sens
11 Ticker and 3Sens
12 2019 data were restated to include Oslo Børs VPS as of 1
January 2019
13 Including Oslo Børs
14 Including Oslo Børs
15 Plus an additional amount reflecting the cash
generated to completion. Excluding cash and liquid assets (after
deduction of regulatory requirements) and borrowings, representing
a total net liability of €42m as of 30 June 2020
16The proposed acquisition by Euronext of the holding company of
the Borsa Italiana Group
- 20210210_ENX_Q4 Results_Final
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