Euronext today completes the acquisition of the Borsa Italiana
Group and publishes Q1 2021 results
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EURONEXT TODAY
COMPLETES THE ACQUISITION
OF THE BORSA ITALIANA GROUP AND PUBLISHES Q1 2021
RESULTS
-
Euronext today completes the acquisition
of the Borsa Italiana
Group1 for a final
consideration of €4,444
million2,
following the satisfaction of all condition
precedents
-
Creation of the leading
pan-European market
infrastructure and the
leading venue in Europe
for listing and secondary
markets for both debt and equity financing
-
Addition of significant
capabilities in fixed income trading and enhanced
post-trade
activities, including a
multi-asset clearing house and a significant CSD
-
Integration process has begun
with governance structure established and
integration plan
being developed
further
-
CDP Equity and Intesa Sanpaolo now join
the Euronext Reference Shareholders
through the subscription to a private
placement for
€579 million,
with long-term commitment to support the Group’s growth
ambitions
-
Group-level governance in line with Euronext’s federal
model, with
one independent Italian
Supervisory Board member, to
become the next Chairman of
the Supervisory
Board, and
one Supervisory Board
member representing CDP
Equity, as representative of the
Reference Shareholders, to be
proposed at the Annual
General Meeting of Shareholders on 11 May
2021
-
Strong start to the year
with Q1 2021 revenue at €249.2
million up
+5.2%3,
despite lower volatility and
volumes compared to an exceptional market
environment in Q1 2020, EBITDA at
€148.7 million,
like-for-like EBITDA margin at 61.5%
and adjusted
EPS4 at
€1.53,
up
+6.3%
Amsterdam, Brussels,
Dublin,
Lisbon, Milan,
Oslo and Paris –
29 April
2021 – Euronext, the leading
pan-European market infrastructure, today completes the acquisition
of the Borsa Italiana Group (the “Transaction”) for a final
consideration of €4,444 million. Euronext today also announces its
results for the first quarter of 2021, driven by strong organic
growth in non-trading activities, recent acquisitions and continued
cost discipline.
Key figures - in €m, unless stated otherwise |
Q1 2021 |
Q1 2020 |
% change |
% change (like-for-like, constant currencies) |
Revenue |
249.2 |
236.8 |
+5.2% |
-3.7% |
Operational expenses excluding D&A |
-100.4 |
-86.7 |
+15.8% |
+4.2% |
EBITDA |
148.7 |
150.0 |
-0.9% |
-8.0% |
EBITDA margin |
59.7% |
63.4% |
-3.7 pts |
-2.9 pts |
Net income, share of the Group |
98.2 |
96.1 |
+2.2% |
|
EPS (non-diluted, reported, in €) |
1.41 |
1.38 |
+2.3% |
|
EPS (diluted, reported, in €) |
1.40 |
1.37 |
+2.4% |
|
EPS (non-diluted, adjusted, in €) |
1.53 |
1.44 |
+6.3% |
|
Stéphane Boujnah, Chief Executive Officer and
Chairman of the Managing Board of Euronext said:“Today marks a new
chapter in the history of Euronext and of European capital markets.
With the completion of the acquisition of the Borsa Italiana Group,
Euronext delivers on its ambition to build the leading pan-European
market infrastructure, connecting local economies to global capital
markets, for the benefits of all market participants across
Euronext’s markets. The significantly scaled-up Group is now
positioned as the leading venue in Europe for listing and secondary
markets for both debt and equity financing. In addition, Euronext
increases its business diversification with new capabilities in
fixed income trading and clearing, as well as consolidation of a
significant CSD. This transaction strengthens Euronext’s profile
and enhances its strategic prospects for future growth.In Q1 2021,
Euronext posted +5.2% revenue growth, to €249.2 million, thanks to
a strong organic performance in non-trading activities and
contribution from recent acquisitions. Even though Q1 2020 was an
exceptional quarter in many respects, we continued to see during Q1
2021 the benefits of our diversification strategy as well as of the
structural market dynamics of 2020. We recorded a 59.7% EBITDA
margin in Q1 2021. We achieved our targeted synergies in Oslo one
year in advance, and continued our cost control policy. The
Adjusted EPS was up 6.3% to €1.53 per share, with received
dividends offsetting exceptional costs related to the Borsa
Italiana Group acquisition. As of today, we will consolidate the
Borsa Italiana Group results, which will mark a considerable change
of scale and profile for the combined Group. We will announce our
combined strategic plan in Q4 2021.”
Completion of the acquisition of
the Borsa Italiana
Group
Euronext today completes the acquisition of the
Borsa Italiana Group, following the satisfaction of all condition
precedents. The completion of the Transaction successfully
creates the leading pan-European market infrastructure and the
leading venue for capital markets in Europe.
Euronext believes that customers, of both
Euronext and Borsa Italiana Group, will benefit from the greater
size of the new Group, its diversified business mix and
strengthened post-trade activities, including a multi-asset
clearing house.
The Transaction firmly establishes Euronext as
the leading pan-European market infrastructure in a post-Brexit
Europe and strengthens its mission to finance the real economy
through the creation of:
-
the leading listing venue in Europe, with more than 1,870 companies
listed totalling €5.1 trillion in market capitalisation5;
-
the leading venue in equity financing6, with more than €63.6
billion raised in 2020 from investors to finance companies across
Europe;
-
the leading venue for secondary markets in Europe7, with
approximately €12.2 billion worth of cash equities and ETFs traded
on a daily basis, on average8; and
-
a leading operator of post-trade infrastructures, including a
multi-asset-class clearing house and a significant network of
European CSDs with close to €6 trillion in assets under
custody.
From a financial perspective, Euronext believes
that the Transaction provides a compelling value proposition for
shareholders. For the Financial Year ending 31 December 2020, the
pro forma total revenue and income for the Group amounted to €1.4
billion; pro forma EBITDA amounted to €789.7 million and pro forma
adjusted net income amounted to €497.6 million.
Euronext intends to leverage its enhanced
capabilities to further improve European capital markets and serve
as the backbone of the Capital Markets Union in Europe, while at
the same time supporting local economies. Local investors, market
members and issuers of each Euronext market have access to a
significant range of active institutional investors across Europe
and worldwide. The Transaction marks an important step towards
securing Euronext’s future. It expands the Group’s strategic
prospects in a rapidly changing environment and is expected to
translate into new opportunities for growth, geographical
expansion, business diversification and product innovation.
An integration plan is being developed, across
several workstreams, under the oversight of an Integration
Management Office, including representatives of both Euronext and
the Borsa Italiana Group.
Euronext has signed a contract to host its Group
core data centre with Aruba S.p.A. The data centre will be located
in Bergamo, Italy. The date currently targeted for the first part
of the Group core data centre migration, subject to regulatory
approval and operational readiness, is set for 2022. The migration
is being planned in response to multiple factors, including the
acquisition of the Borsa Italiana Group, the dynamic created by
Brexit and a strong rationale to locate the Group’s core data
centre in a country where Euronext operates a large business. This
migration is being planned to be ready for the migration of the
Borsa Italiana markets onto the Optiq® trading platform by
2023.
Governance and shareholding
evolution
On 15 February 2021, Euronext announced that
Piero Novelli has been nominated by the Supervisory Board as an
independent member of the Supervisory Board, to become the next
Chairman of Euronext N.V., subject to regulatory and shareholder
approvals.
Today, CDP Equity and Intesa Sanpaolo become
shareholders of Euronext N.V. through the subscription to a private
placement of 5.6 million and 1.0 million newly issued shares in
Euronext, respectively, for a price of 87.70€ per share,
representing a total consideration of €579 million.
Both CDP Equity and Intesa Sanpaolo become
parties to an amended and extended agreement with Euronext’s
Reference Shareholders. Under the new Reference Shareholders
Agreement, each of the Reference Shareholders has agreed not to
sell or otherwise transfer or dispose of any of Euronext’s ordinary
shares for a period of three years9, subject to certain
exceptions.
As CDP Equity is now one of the two largest
Reference Shareholders in Euronext with 7.31% of the share capital,
it is entitled to nominate one of the Reference Shareholders
representatives on the Euronext N.V. Supervisory Board. As such, on
30 March 2021, Euronext announced that Alessandra Ferone has been
nominated by the Supervisory Board as member of the Supervisory
Board of Euronext N.V. representing CDP Equity, subject to
regulatory and shareholder approvals.
The presence of CDP Equity and Intesa Sanpaolo
is expected to further support the Group’s growth ambitions while
facilitating SMEs’ access to capital markets.
Financing
The final cash consideration to be paid to
London Stock Exchange Group plc amounts to €4,444 million10.
The Transaction is financed through:
-
~€0.3 billion from the use of existing cash;
-
~€3.7 billion from the draw down of Euronext’s €4.4 billion bridge
loan facility; and
-
~€0.6 billion from the private placement to CDP Equity and Intesa
Sanpaolo.
Euronext is expecting to refinance the bridge
loan facility through:
-
~€1.8 billion of new equity to be issued, through a rights offer to
Euronext’s existing shareholders, as announced today11; and
-
~€1.8 billion of debt to be issued in the debt capital markets with
long term maturities.
Euronext is committed to maintaining an
investment grade credit rating, with a pro forma net debt to pro
forma EBITDA leverage ratio of 3.2x as at 31 December 2020, which
is expected to reduce below 3x by the end of 2022. Euronext does
not expect any change in its dividend policy of a pay-out of 50% of
its reported net income.
Euronext today also enters into a new €600
million Revolving Credit Facility, replacing its €400 million
existing facility and reflecting the increased size of the
Group.
Strong performance over the first quarter
of 2021
-
Revenue at
€249.2 million
(+5.2%) driven
by strong organic growth in
non-trading activities and recent
acquisitions:
- Post-trade
revenue increased to €63.2 million (+61.2%), mainly driven by the
rise of retail investors and the increasing contribution of VP
Securities. Like-for-like at constant currencies12, post-trade
revenue increased +8.5%.
- Listing revenue
increased to €38.8 million (+9.4%), resulting from the strong
performance of Corporate Services, from an excellent quarter for
new listings and from positive traction in ESG bond listing.
Like-for-like at constant currencies, listing revenue increased
+8.3%.
- Advanced Data
Services revenue increased to €36.5 million (+4.8%) driven by the
good performance of indices and ESG products. Like-for-like at
constant currencies, Advanced Data Services revenue increased
+4.2%.
- Trading revenue
decreased to €96.0 million (-14.2%), reflecting lower trading
volumes compared to an exceptional market environment in Q1 2020,
partially offset by a higher revenue capture and an improved market
share in cash trading. Like-for-like at constant currencies,
trading revenue decreased -15.8%.
- Group non-volume
related revenue13 accounted for 53% of Q1 2021 total revenue (vs.
44% in Q1 2020) and covered 132% of operating expenses excluding
D&A (vs. 119% in Q1 2020).
-
EBITDA at
€148.7 million
(-0.9%), with
EBITDA margin at 59.7%
(-3.7pts);
EBITDA margin (like-for-like at constant
currencies) at
61.5%:
-
Group operating expenses excluding D&A were up €13.7
million to €100.4 million as a result of the consolidation of costs
from acquired businesses for €16.4 million, partially offset by
continued cost discipline. Like-for-like, operating costs excluding
D&A were up +4.2%, mainly driven by costs related to the
acquisition of the Borsa Italiana Group and staff costs notably
related to LTI computation.
- Targeted Oslo
Børs VPS run-rate cost synergies were delivered one year ahead of
schedule and above target. €13.8 million of synergies have been
extracted from Oslo Børs VPS at the end of March 2021, compared to
a target of €12 million. VP Securities run-rate cash cost
synergies amounted to €4.5 million at the end of March 2021.
-
Reported net income,
share of the Group, at
€98.2 million
(+2.2%):
- Exceptional
items were at €3.6 million, primarily resulting from costs related
to the acquisition of the Borsa Italiana Group.
- Results from
equity investments amounted to €11.7 million thanks to a received
dividend of €9.2 million.
- Income tax rate
at 27.4%.
-
Adjusted EPS14
at
€1.53
(+6.3%).
In €m, unless stated otherwise The figures in this
document have not been audited or reviewed by our external
auditor. |
Q1 2021 |
Q1 2020 |
% change |
Organic (like-for-like, constant
currency) |
Revenue |
249.2 |
236.8 |
+5.2% |
-3.7% |
Listing |
38.8 |
35.4 |
+9.4% |
+8.3% |
Trading
revenue |
96.0 |
111.8 |
-14.2% |
-15.8% |
o/w Cash trading |
69.8 |
80.8 |
-13.7% |
-13.7% |
o/w Derivatives trading |
11.7 |
15.7 |
-25.7% |
-25.8% |
o/w Spot FX trading |
6.1 |
8.0 |
-24.5% |
-17.5% |
o/w Power trading |
8.4 |
7.2 |
+17.2% |
n/a |
Investor
Services |
2.3 |
1.9 |
+19.0% |
+21.2% |
Advanced Data
Services |
36.5 |
34.9 |
+4.8% |
+4.2% |
Post Trade |
63.2 |
39.2 |
+61.2% |
+8.5% |
o/w Clearing |
17.1 |
19.2 |
-11.0% |
-11.0% |
o/w Custody, Settlement and other Post Trade |
46.1 |
20.0 |
+130.4% |
+21.2% |
Euronext
Technologies & Other revenue |
11.9 |
13.3 |
-11.0% |
-3.5% |
Other income |
0.6 |
0.3 |
+133.0% |
+133.0% |
Operational expenses excluding D&A |
-100.4 |
-86.7 |
+15.8% |
+4.2% |
o/w Salaries and employee benefits |
-55.7 |
-43.8 |
+27.2% |
+12.5% |
o/w Other expenses |
-44.7 |
-42.9 |
+4.1% |
-4.2% |
EBITDA |
148.7 |
150.0 |
-0.9% |
-8.0% |
EBITDA margin |
59.7% |
63.4% |
-3.7 pts |
-2.9 pts |
Depreciation & amortisation |
-16.0 |
-12.9 |
+24.5% |
+4.5% |
Operating profit before exceptional items |
132.7 |
137.2 |
-3.2% |
-9.2% |
Exceptional items |
-3.6 |
-1.1 |
+221.0% |
|
Operating profit |
129.2 |
136.1 |
-5.1% |
|
Net financing income / (expense) |
-4.8 |
-2.0 |
+141.6% |
|
Results from equity investments |
11.7 |
2.1 |
+453.6% |
|
Profit before
income tax |
136.1 |
136.2 |
-0.1% |
|
Income tax expense |
-37.2 |
-38.3 |
-2.8% |
|
Share of non-controlling interests |
-0.7 |
-1.8 |
-63.2% |
|
Net income, share of the Group |
98.2 |
96.1 |
+2.2% |
|
Reported EPS (€ per share) |
1.41 |
1.38 |
+2.3% |
|
Adjusted EPS (€ per share) |
1.53 |
1.44 |
+6.3% |
|
Revenue
In the first quarter of 2021, Euronext
consolidated revenue increased to €249.2 million, up +5.2%,
primarily resulting from the consolidation of VP Securities and
from organic growth in listing and post trade, partially offsetting
lower trading revenue compared to Q1 2020. On a like-for-like basis
(Nord Pool, Ticker, 3Sens and VP Securities in Q1 2020) and at
constant currencies, Euronext consolidated revenue was down -3.7%
in Q1 2021, at €218.5 million, compared to an exceptional Q1
2020.
Non-volume related revenue accounted for 53% of
total Group revenue in Q1 2021, increasing from 44% of total Group
revenue in Q1 2020, reflecting the expanded post-trade business.
The operating cost coverage ratio was at 132% in Q1 2021,
compared to 119% in Q1 2020.
EBITDA
In €m, unless stated otherwise |
Q1 2021 |
Q1 2020 |
% change |
Organic (like-for-like, constant currency) |
Revenue |
249.2 |
236.8 |
+5.2% |
-3.7% |
Operational expenses excluding D&A |
-100.4 |
-86.7 |
+15.8% |
+4.2% |
Salaries and employee benefits |
-55.7 |
-43.8 |
+27.2% |
+12.5% |
Other expenses |
-44.7 |
-42.9 |
+4.1% |
-4.2% |
EBITDA |
148.7 |
150.0 |
-0.9% |
-8.0% |
EBITDA margin |
59.7% |
63.4% |
-3.7 pts |
-2.9 pts |
Operational expenses excluding depreciation
& amortisation increased to €100.4 million, up +15.8%, or €13.7
million, primarily as a result of the consolidation of the costs
from Nord Pool, VP Securities, Ticker and 3Sens for €16.4 million.
On a like-for-like basis, operational expenses excluding
depreciation & amortisation increased by +4.2% compared to Q1
2020, reflecting costs related to the acquisition of the Borsa
Italiana Group and staff costs notably related to LTI
computation.
Consequently, EBITDA for the quarter was stable
at €148.7 million, representing an EBITDA margin of 59.7%, down
-3.7 points compared to Q1 2020. On a like-for-like
basis, EBITDA for Q1 2021 was down -8.0%, to €134.4 million, and
EBITDA margin was 61.5%, down -2.9 points compared to the same
perimeter in Q1 2020.
Net income, share of the
Group
In €m, unless stated otherwise |
Q1 2021 |
Q1 2020 |
% change |
Organic (like-for-like, constant currency) |
EBITDA |
148.7 |
150.0 |
-0.9% |
-8.0% |
EBITDA margin |
59.7% |
63.4% |
-3.7 pts |
-2.9 pts |
Depreciation & amortisation |
-16.0 |
-12.9 |
+24.5% |
+4.5% |
Operating profit before exceptional items |
132.7 |
137.2 |
-3.2% |
-9.2% |
Exceptional items |
-3.6 |
-1.1 |
+221.0% |
|
Operating profit |
129.2 |
136.1 |
-5.1% |
|
Net financing income / (expense) |
-4.8 |
-2.0 |
+141.6% |
|
Results from equity investments |
11.7 |
2.1 |
+453.6% |
|
Profit before
income tax |
136.1 |
136.2 |
-0.1% |
|
Income tax expense |
-37.2 |
-38.3 |
-2.8% |
|
Share of non-controlling interests |
-0.7 |
-1.8 |
-63.2% |
|
Net income, share of the Group |
98.2 |
96.1 |
+2.2% |
|
Depreciation and amortisation accounted for
€16.0 million in Q1 2021, up +24.5%, resulting mainly from the
consolidation of recently acquired businesses and their respective
PPA15. On a like-for-like basis, depreciation & amortisation
was up +4.5% compared to Q1 2020 at €12.6 million.
Operating profit before exceptional items was
€132.7 million, a -3.2% decrease compared to Q1 2020. On a
like-for-like basis, operating profit before exceptional items was
down -9.2% compared to Q1 2020, at €121.9 million.
€3.6 million of exceptional costs was reported
in Q1 2021, primarily in relation to the acquisition of the Borsa
Italiana Group.
Net financing expense for Q1 2021 was €4.8
million compared to a net financing income of €2.0 million in Q1
2020, reflecting the bond tap issue in June 2020 and financing
costs related to the acquisition of the Borsa Italiana Group.
Results from equity investments amounted to
€11.7 million in Q1 2021, resulting from the interim dividend
received from Euroclear and from the contribution from LCH SA, in
which Euronext owns an 11.1% stake. As a reminder, in Q1 2020,
Euronext reported €2.1 million of results from equity
investments.
Income tax for Q1 2021 was €37.2 million. This
translated into an effective tax rate of 27.4% for the quarter (Q1
2020: €38.3 million and 28.1% respectively).
Share of non-controlling interests mainly
relating to iBabs (100%-owned from 3 March 2021) amounted to
€0.7 million in Q1 2021.
As a result, the reported net income share of
the Group for Q1 2021 increased by +2.2% compared to Q1 2020, to
€98.2 million. This represents a reported EPS of €1.41 basic and
€1.40 fully diluted in Q1 2021, compared to €1.38 basic and €1.37
fully diluted in Q1 2020. The number of shares used was 69,665,485
for the basic calculation and 69,928,074 for the fully diluted
calculation.
Adjusted EPS16 is up +6.3% in Q1 2021, at €1.53,
compared to an adjusted EPS of €1.44 in Q1 2020.
In Q1 2021 Euronext generated a net cash flow
from operating activities of €185.9 million, compared to
€51.0 million in Q1 2020.
Q1
2021
business highlights
In €m, unless stated otherwise |
Q1 2021 |
Q1 2020 |
% change |
Listing revenue |
38.8 |
35.4 |
+9.4% |
Equity |
|
|
|
Annual fees |
9.5 |
8.9 |
+6.9% |
Follow-ons |
4.6 |
5.2 |
-11.4% |
IPOs |
3.2 |
2.7 |
+16.0% |
Debts |
9.0 |
7.9 |
+14.3% |
ETFs, Funds & Warrants |
3.0 |
3.0 |
0.0% |
Corporate Services |
9.1 |
6.8 |
+32.9% |
Others |
0.4 |
0.9 |
-57.4% |
Money raised |
376,678 |
314,423 |
+19.8% |
Listing revenue was €38.8 million in Q1 2021, an
increase of +9.4% compared to Q1 2020, driven by the strong
performance of Euronext Corporate Services, the best first quarter
for new listings since the first quarter of 2015 and positive
traction of ESG bond listing. On a like-for-like basis at constant
currencies, listing revenue increased by +8.3% compared to Q1
2020.
The first quarter of 2021 saw the strong primary
equity listing dynamic continue, with 37 new listings on Euronext,
including four large company listing such as Stellantis, InPost,
CTP and Technip Energies. This momentum across Euronext markets was
supported both by large capitalisations and SMEs. In addition,
Euronext continued to demonstrate its strong value proposition for
innovative companies with a majority of listings by tech companies.
In Q1 2021, €6.4 billion was raised on Euronext primary markets,
compared to €0.3 billion in Q1 2020.
Secondary markets reported a solid first quarter
of 2021, with €14.0 billion raised in secondary equity issues,
compared to €11.1 billion in Q1 2020.
Debt listing activity was solid in Q1 2021,
notably supported by the continued momentum in ESG bond listing.
In Q1 2021, €356.3 billion in debt was raised on Euronext’s
markets, compared to €303.1 billion in Q1 2020.
In total, €376.7 billion in equity and debt was
raised on Euronext’s markets in Q1 2021, compared to
€314.4 billion in Q1 2020.
Corporate Services reported a strong
performance, generating €9.1 million in revenue in Q1 2021, up
+32.9% compared to €6.8 million in Q1 2020. This performance
results from continued commercial development and an enhanced
digital offering meeting high demand for digital solutions.
In €m, unless stated otherwise |
Q1 2021 |
Q1 2020 |
% change |
Trading revenue |
96.0 |
111.8 |
-14.2% |
Cash trading |
69.8 |
80.8 |
-13.7% |
ADV Cash market |
9,953 |
12,555 |
-20.7% |
Derivatives trading |
11.7 |
15.7 |
-25.7% |
ADV Derivatives market (in lots)1 |
678,009 |
853,659 |
-20.6% |
Number of trading days |
63 |
64 |
|
Spot FX trading |
6.1 |
8.0 |
-24.5% |
ADV spot FX Market (in USDm) |
21,440 |
25,868 |
-17.1% |
Number of trading days |
63 |
64 |
|
Power trading |
8.4 |
7.2 |
n/a |
ADV Day-ahead power market (in TWh) |
2.94 |
2.90 |
+1.2% |
ADV Intraday power market (in TWh) |
0.06 |
0.08 |
-22.0% |
Number of trading days |
90 |
91 |
|
Cash trading
Cash trading revenue decreased by -13.7% in Q1
2021, to a total of €69.8 million, reflecting lower trading volumes
due to lower volatility compared to an exceptional Q1 2020. Average
daily volume for cash trading decreased to €10.0 billion in Q1
2021, down -20.7% compared to Q1 2020. Revenue capture remained
strong, with the average yield over the quarter reaching 0.56 bps,
compared to 0.50 bps in Q1 2020. Average market share on cash
trading was 70.3%17 in the first quarter of 2021, compared to 69.9%
in the first quarter of 2020.
The average daily transaction value of ETFs on
the electronic order book was €287 million over Q1 2021, down
-26.4% compared to Q1 2020, as a result of lower
volatility.
On a like-for-like basis at constant currencies,
revenue from cash trading was down -15.8% compared to an
exceptional Q1 2020, marked by the market volatility related to the
COVID-19 pandemic.
Derivatives trading
Derivatives trading revenue decreased -25.7% in
Q1 2021, to €11.7 million, compared to €15.7 million in Q1 2020.
Derivatives trading volumes in Q1 2021 decreased -20.6% compared to
Q1 2020. Average daily volume on individual equity derivatives was
down -7.3% at 396,082 contracts, while the average daily
volume on equity index derivatives was down -41.6% to 198,345
contracts, reflecting uncertain market conditions.
Commodity products recorded a record quarter in
Q1 2021, with average daily volumes increasing +8.5%, compared to
Q1 2020, to 83,582 contracts, resulting from the high volatility on
agricultural markets.
Yield on derivatives averaged €0.27 in Q1 2021,
compared to €0.29 in Q1 2020.
On a like-for-like basis at constant currencies,
revenue from derivatives trading was down -25.8%
compared to Q1 2020.
Spot FX trading
Spot FX trading activity on the Euronext FX spot
foreign exchange market recorded average daily volumes of $21.4
billion in Q1 2021, down -17.1% compared to $25.9 billion in Q1
2020, resulting from a less volatile trading environment. As a
result, spot FX trading generated €6.1 million of revenue in Q1
2021, down -24.5% compared to €8.0 million in Q1 2020.
On a like-for-like basis at constant currencies,
spot FX trading revenue was down -17.5% in Q1 2021 compared to Q1
2020.
Power trading
Power trading, encompassing the trading
activities of Nord Pool, reported €8.4 million revenue, reflecting
the usual seasonally higher winter months. Over Q1 2021, average
daily day-ahead power traded was 2.94TWh, up +1.2% compared to Q1
2020, and average daily intraday power traded was 0.06TWh, down
-22.0% compared to Q1 2020.
Investor Services reported revenue up +19.0% to
€2.3 million in Q1 2021 reflecting its continued commercial
development.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +21.2% compared to Q1 2020.
Advanced Data Services reported revenue up +4.8%
to €36.5 million in Q1 2021 driven by the good performance of
indices and ESG products.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +4.2% compared to
Q1 2020.
Clearing
Clearing revenue was down in Q1 2021, at €17.1
million, -11.0% compared to Q1 2020, reflecting lower derivatives
trading volumes over the quarter.
Custody, Settlement and other Post Trade
Revenue from Custody, Settlement and other Post
Trade, notably encompassing Interbolsa, Euronext VPS and VP
Securities activities, increased by +130.4% to €46.1 million in Q1
2021. This performance resulted primarily from the consolidation of
VP Securities, higher settlement activities and increased retail
participation in the Danish and Norwegian CSDs.
On a like-for-like basis at constant currencies,
revenue from Custody, Settlement and other other Post Trade was up
+21.2% compared to Q1 2020.
As a reminder, Euronext announced on 22 March
2021 that it has completed the sale of Centevo to Profile
Software.
-
Euronext Technologies &
Other
revenue
Euronext Technologies & Other revenue
decreased by -11.0% in Q1 2021, to €11.9 million, mainly reflecting
a decrease in Nord Pool’s shipping and cost recovery revenue,
offsetting higher SFTI / Colocation revenue.
On a like-for-like basis at constant currencies,
revenue was down -3.5% compared to Q1 2020.
Corporate highlights of
Q1 2021 since publication of the
2020 Universal Registration Document on 30 March 2021
-
Euronext acquires remaining interest in
iBabs
Euronext announced on 3 March 2021 the
acquisition of the remaining 40% interest in iBabs, a leading
provider of dematerialised and secured board portal solutions for
corporate and public organisations in Europe, held by the founders
of the company who are now exiting the business after a successful
transition period. As detailed at the time of Euronext’s
acquisition of iBabs in July 2017, Euronext has exercised its call
option on the remaining interest of iBabs for a consideration of
€53.2 million18, on a debt-free-cash-free basis, representing an
Adjusted EBITDA 2020 multiple of 10x.
Since Euronext’s acquisition of a 60% stake in
July 2017, iBabs has been a major contributor to Euronext Corporate
Services performance. iBabs has reported high double-digit revenue
growth every year, with compound annual growth rate of +33% between
2017 and 2020, while remaining cost-efficient and demonstrating the
scalability of its SaaS model. Through its integration into
Euronext Corporate Services, iBabs has expanded its footprint in
Europe and doubled its number of clients and number of users,
reflecting increasing needs for digital solutions, secured meeting
management and continued product innovation.
Euronext announced on 22 March 2021 that it has
completed the sale of Centevo to Profile Software, an international
financial solutions provider. Centevo had been acquired in 2019 as
part of the acquisition of Oslo Børs VPS. Centevo generated
c.€5.3 million of revenues in 2020.
The sale of this asset was implemented as part
of a strategic review initiated following the integration of Oslo
Børs VPS and the decision to divest non-core activities.
Centevo provides its clients with a
comprehensive and standardised panel of services to support asset
and fund manager processes, from onboarding of end clients to asset
management services in the Nordic region.
Euronext VPS will continue to work in close
collaboration with Centevo to deliver best-in-class services
to their common clients.
Based on Euronext 2020 full-year results, the
sale of Centevo would account for an increase of c.+0.4 pts to
Euronext EBITDA margin. For 2021, this will result in an additional
cost reduction on top of the mid-single digit decrease in operating
costs excluding D&A previously expected in 2021.
-
Convening of the Annual General Meeting of Euronext
N.V.
On 30 March 2021 Euronext announced that the
virtual Annual General Meeting (“AGM”) will take place on Tuesday
11 May 2021 at 10:30 CET. Formally, the virtual AGM will be held at
Beursplein 5, 1012 JW Amsterdam, The Netherlands.
In the light of the Dutch emergency law
regarding General Meetings during the Covid-19 pandemic, the
Managing Board of Euronext N.V. has taken the decision to allow
shareholders to attend the meeting virtually only, via internet at
https://channel.royalcast.com/landingpage/euronextwebcast/20210511_1/
The documentation is available at:
https://www.euronext.com/en/investor-relations/financial-calendar/annual-general-meeting-11052021
Corporate highlights post 31 March
2021
-
Q1 2021 Borsa
Italiana Group results
In the first quarter of 2021, Borsa Italiana
Group19 consolidated revenue was €124.1 million, stable compared to
Q1 2020, primarily driven by growth in capital markets and
information services, partially offsetting slower post-trade and
technology services revenue.
Operational expenses excluding depreciation
& amortisation decreased to €47.2 million, down 5.1%, or €2.6
million compared to Q1 2020, mainly resulting from lower costs of
sales, intercompany costs, other costs and marketing costs in Q1
2021.
Consequently, EBITDA for the quarter was €76.8
million, up +3.4% compared to Q1 2020, representing a margin of
61.9%, up +2.0 points compared to Q1 2020.
Borsa Italiana Group companies have adopted as
of today the Euronext brand architecture, notably the “Pulse”
symbol shared by all Euronext-owned companies. Reflecting
Euronext’s federal model, starting today, Borsa Italiana, Monte
Titoli, CC&G, MTS and Gatelab will integrate the Euronext
visual identity in their branding.
Agenda
A conference call and a
webcast will be held TODAY
29 April
2021,
at
9.30am
CEST (Paris time)
/
8.30am
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 7037
7166
- 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 Investor Relations
Officer +33 1 70 48
24 17Clément Kubiak – Investor Relations
Manager +33
1 70 48 24 33; ir@euronext.com
Media:Aurélie Cohen - Chief
Communications and Investor Relations
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, Italy,
The Netherlands, Norway and Portugal. With close to 1,900 listed
issuers worth €5.6 trillion in market capitalisation as of end
March 2021, it has an unmatched blue chip franchise and a strong
diverse domestic and international client base. Euronext operates
regulated and transparent equity and derivatives markets, one of
Europe’s leading electronic fixed income trading markets and is the
largest centre for debt and funds listings in the world. Its total
product offering includes Equities, FX, Exchange Traded Funds,
Warrants & Certificates, Bonds, Derivatives, Commodities and
Indices. 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®, a number of junior markets,
simplifying access to listing for SMEs. Euronext provides custody
and settlement services through central securities depositories in
Denmark, Italy, Norway and Portugal.
For the latest news, go to euronext.com or
follow us on Twitter (twitter.com/euronext) and LinkedIn
(linkedin.com/euronext).
Disclaimer
IMPORTANT NOTICE: THIS PRESENTATION IS NOT AND
DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION
OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN ANY
JURISDICTION, INCLUDING THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN. ANY SECURITIES MENTIONED IN THIS PRESENTATION (THE
“SECURITIES”) HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED
UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM, OR A
TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.
THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED
STATES.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
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.
Adjusted EPS definition
In €m unless stated otherwise |
Q1 2021 |
Q1 2020 |
Net income reported |
98.2 |
96.1 |
EPS Reported (€ per share) |
1.41 |
1.38 |
Intangible assets adj. related to acquisitions (PPA) |
(6.4) |
(4.8) |
Exceptional
items |
(3.6) |
(1.1) |
Tax related to those items |
1.3 |
1.3 |
Adj. net income |
106.9 |
100.7 |
Adj. EPS (€ per
share) |
1.53 |
1.44 |
Consolidated income
statement
Unaudited, In €m |
Q1 2021 |
Q1 2020 |
% var |
Organic (like for like at
constant currency) |
Revenue |
249.2 |
236.8 |
+5.2% |
-3.7% |
Listing |
38.8 |
35.4 |
+9.4% |
+8.3% |
Trading revenue |
96.0 |
111.8 |
-14.2% |
-15.8% |
Cash trading |
69.8 |
80.8 |
-13.7% |
-13.7% |
Derivatives trading |
11.7 |
15.7 |
-25.7% |
-25.8% |
Spot FX trading |
6.1 |
8.0 |
-24.5% |
-17.5% |
Power trading |
8.4 |
7.2 |
n/a |
n/a |
Investor Services |
2.3 |
1.9 |
+19.0% |
+21.2% |
Advanced Data Services |
36.5 |
34.9 |
+4.8% |
+4.2% |
Post Trade |
63.2 |
39.2 |
+61.2% |
+8.5% |
Clearing |
17.1 |
19.2 |
-11.0% |
-11.0% |
Custody, Settlement and other Post Trade |
46.1 |
20.0 |
+130.4% |
+21.2% |
Euronext Technologies & Other revenue |
11.9 |
13.3 |
-11.0% |
-3.5% |
Other income |
0.6 |
0.3 |
+133.0% |
+133.0% |
Operational expenses excluding D&A |
-100.4 |
-86.7 |
+15.8% |
+4.2% |
Salaries and employee benefits |
-55.7 |
-43.8 |
+27.2% |
+12.5% |
Other operational expenses |
-44.7 |
-42.9 |
+4.1% |
-4.2% |
System & communication |
-10.9 |
-9.2 |
+18.2% |
+4.0% |
Professional services |
-15.7 |
-12.7 |
+23.1% |
+12.0% |
Clearing expense |
-8.1 |
-9.1 |
-11.1% |
-8.6% |
Accommodation |
-1.8 |
-1.9 |
-8.9% |
-22.4% |
Other operational expenses |
-8.3 |
-10.0 |
-16.6% |
-22.7% |
EBITDA |
148.7 |
150.0 |
-0.9% |
-8.0% |
EBITDA margin |
59.7% |
63.4% |
-3.7 pts |
-2.9 pts |
Depreciation & amortisation |
-16.0 |
-12.9 |
+24.5% |
+4.5% |
Operating profit before exceptional items |
132.7 |
137.2 |
-3.2% |
-9.2% |
Exceptional
items |
-3.6 |
-1.1 |
+221.0% |
|
Operating profit |
129.2 |
136.1 |
-5.1% |
|
Net financing
income / (expense) |
-4.8 |
-2.0 |
+141.6% |
|
Results from equity investments |
11.7 |
2.1 |
+453.6% |
|
Profit before
income tax |
136.1 |
136.2 |
-0.1% |
|
Income tax
expense |
-37.2 |
-38.3 |
-2.8% |
|
Share of non-controlling interests |
-0.7 |
-1.8 |
-63.2% |
|
Net income, share of the Group |
98.2 |
96.1 |
+2.2% |
|
|
|
|
|
|
EPS
Reported (in € per share) |
€ 1.41 |
€ 1.38 |
+2.3% |
|
EPS
Adjusted (in € per share) |
€ 1.53 |
€ 1.44 |
+6.3% |
|
The figures in this document have not been
audited or reviewed by our external auditor.
Consolidated comprehensive income
statement
Unaudited, In €m |
Q1 2021 |
Q1 2020 |
Profit for the period |
98.9 |
97.9 |
|
|
|
Other comprehensive
income |
|
|
Items that may
be reclassified to profit or loss: |
|
|
– Exchange
differences on translation of foreign operations |
45.0 |
-114.7 |
– Income tax
impact on exchange differences on translation of foreign
operations |
-5.3 |
9.3 |
|
|
|
Items that
will not be reclassified to profit or loss: |
|
|
– Change in
value of equity investments at fair value through other
comprehensive income |
-0.4 |
2.6 |
– Income tax
impact on change in value of equity investments at fair value
through other comprehensive income |
0.2 |
0.0 |
Other comprehensive income for the period net of
tax |
39.5 |
-102.8 |
Total comprehensive income for the period |
138.3 |
-4.9 |
|
|
|
Comprehensive income
attributable to: |
|
|
– Owners of
the parent |
136.7 |
-3.9 |
–
Non-controlling interests |
1.6 |
-1.0 |
The figures in this document have not been
audited or reviewed by our external auditor.Consolidated
balance sheet
Unaudited, In €m |
As at 31 March 2021 |
As at 31 Dec
2020 |
Non-current assets |
|
|
Property, plant and equipment |
56.4 |
56.0 |
Right-of-use assets |
43.0 |
46.9 |
Goodwill and other intangible assets |
1,568.4 |
1,536.1 |
Deferred income tax assets |
21.5 |
20.8 |
Investments in associates and JV |
70.7 |
68.1 |
Financial assets at fair value through OCI |
204.5 |
204.5 |
Other non-current assets |
7.5 |
8.6 |
Total non-current assets |
1,972.0 |
1,941.1 |
|
|
|
Current
assets |
|
|
Trade and other receivables |
299.0 |
195.0 |
Income tax receivable |
2.9 |
3.3 |
Derivative financial instruments |
23.7 |
23.7 |
Other current financial assets |
104.0 |
92.1 |
Cash & cash equivalents |
759.2 |
629.5 |
Total current assets |
1,188.8 |
943.5 |
Total assets |
3,160.7 |
2,884.6 |
|
|
|
Shareholders' equity |
|
|
Shareholders'
equity |
1,148.4 |
1,058.7 |
Non-controlling interests |
21.6 |
30.2 |
Total equity |
1,170.0 |
1,089.0 |
|
|
|
Non-current liabilities |
|
|
Borrowings |
1,272.6 |
1,272.5 |
Lease liabilities |
31.9 |
35.1 |
Deferred income tax liabilities |
99.8 |
92.9 |
Post-employment benefits |
27.2 |
26.5 |
Contract liabilities |
48.5 |
44.6 |
Other provisions |
13.0 |
14.5 |
Total non-current liabilities |
1,493.0 |
1,486.1 |
|
|
|
Current
liabilities |
|
|
Borrowings |
12.6 |
8.2 |
Lease liabilities |
16.3 |
15.9 |
Other current financial liabilities |
- |
0.5 |
Derivative financial instruments |
0.0 |
0.4 |
Income tax payable |
44.8 |
33.8 |
Trade and other payables |
308.0 |
185.8 |
Contract liabilities |
111.8 |
62.2 |
Other provisions |
4.1 |
2.6 |
Total current liabilities |
497.7 |
309.6 |
|
|
|
Total equity and liabilities |
3,160.7 |
2,884.6 |
Consolidated statement of cash
flows
Unaudited, In €m |
Q1 2021 |
Q1 2020 |
Profit before
tax |
136.1 |
136.2 |
|
|
|
Adjustments for: |
|
|
- Depreciation
and amortisation |
16.0 |
12.9 |
- Share based
payments |
2.4 |
1.4 |
- Share of
profit from associates and joint ventures |
-2.6 |
-2.1 |
- Changes in working capital |
61.5 |
-65.3 |
Cash flow from operating activities |
213.5 |
83.0 |
Income tax paid |
-27.6 |
-32.0 |
Net cash flows from operating activities |
185.9 |
51.0 |
|
|
|
Cash
flow from investing activities |
|
|
Acquisition of
subsidiaries, net of cash acquired |
-56.1 |
61.3 |
Proceeds from
disposal of subsidiary |
3.3 |
0.0 |
Purchase of
current financial assets |
-20.2 |
-15.3 |
Redemption of
current financial assets |
10.6 |
0.0 |
Purchase of
property, plant and equipment |
-2.4 |
-1.7 |
Purchase of
intangible assets |
-3.1 |
-2.4 |
Proceeds from
sale of Property, plant, equipment and intangible assets |
0.1 |
0.1 |
Dividends
received from equity investments |
9.2 |
0.0 |
Net cash flow from investing activities |
-58.9 |
41.9 |
|
|
|
Cash
flow from financing activities |
|
|
Interest
paid |
-0.1 |
-0.1 |
Payment of
lease liabilities |
-2.8 |
-1.7 |
Transaction of
own shares |
-0.2 |
-13.8 |
Dividends paid
to non-controlling interests |
-3.6 |
0.0 |
Net cash flow from financing activities |
-6.7 |
-15.6 |
|
|
|
Total cash flow over the period |
120.3 |
77.3 |
Cash and cash
equivalents - Beginning of period |
629.5 |
369.8 |
Non cash exchange gains/(losses) on cash and cash equivalents |
9.4 |
-28.3 |
Cash and cash equivalents - End of
period |
759.2 |
418.8 |
The figures in this document have not been
audited or reviewed by our external auditor.
Volumes for the
first quarter of
2021Cash markets activity
|
Q1 2021 |
Q1 2020 |
|
|
|
|
|
Nb trading days |
63 |
64 |
|
|
|
|
|
NUMBER OF TRANSACTIONS
(buy and sells) (reported trades
included) |
|
|
|
|
Q1 2021 |
Q1 2020 |
Change % |
Total Cash Market * |
199,243,550 |
220,112,932 |
-9.5% |
ADV Cash Market * |
3,162,596 |
3,439,265 |
-8.0% |
|
|
|
|
TRANSACTION VALUE ( €
million - Single counted) |
|
|
|
(€m) |
Q1 2021 |
Q1 2020 |
Change % |
Total Cash Market * |
627,021 |
803,514 |
-22.0% |
ADV Cash Market * |
9,953 |
12,555 |
-20.7% |
* (shares, warrants, trackers, bonds...) |
|
|
|
|
|
|
|
LISTINGSR |
|
|
|
|
Mar-21 |
Mar-20 |
Change % |
Number of Issuers on Equities |
|
|
|
EURONEXT ** |
1,515 |
1,460 |
+3.8% |
SMEs |
1,177 |
1,108 |
+6.2% |
Number of Listed Securities |
|
|
|
Bonds |
48,772 |
46,933 |
+3.9% |
ETFs |
1,454 |
1,252 |
+16.1% |
Funds |
4,357 |
4,684 |
-7.0% |
**(Euronext, Euronext Growth and Euronext Access) |
|
|
|
|
|
|
|
Capital raised on Equities on Primary and Secondary
Market |
|
|
|
EURONEXT (Euronext, Euronext
Growth) |
|
|
|
(€m) |
Q1 2021 |
Q1 2020 |
Change % |
Nb New Listings
** |
37 |
9 |
|
Money Raised New Listings incl over allotment |
6,377 |
257 |
2382.8% |
of which Money Raised New Listings |
6,377 |
248 |
2472.5% |
Follow-ons on Equities |
13,995 |
11,075 |
26.4% |
Bonds |
356,306 |
303,091 |
17.6% |
Total Money Raised
* |
376,678 |
314,423 |
19.8% |
|
|
|
|
of which
SMEs |
|
|
|
(€m) |
Q1 2021 |
Q1 2020 |
Change % |
Nb New Listings
** |
33 |
8 |
|
Money Raised New Listings incl over allotment |
2,722 |
257 |
960.0% |
of which Money Raised New Listings |
2,722 |
248 |
998.3% |
Follow-ons on Equities |
4,567 |
1,205 |
279.1% |
Bonds |
910 |
375 |
142.6% |
Total Money Raised
* |
8,200 |
1,837 |
346.4% |
* includes New Listings including over-allotment,
follow-ons on Equities, corporate bonds on Euronext Listed
Issuers.R: 2020 figures restated
Derivatives markets activity
|
Q1 2021 |
Q1 2020 |
|
Nb trading days |
63 |
64 |
|
Volume
(in lots) |
|
|
|
|
Q1 2021 |
Q1 2020 |
Change % |
Equity |
37,448,916 |
49,094,790 |
-23.7% |
|
|
|
|
Index |
12,495,741 |
21,747,758 |
-42.5% |
Futures |
7,681,013 |
15,095,373 |
-49.1% |
Options |
4,814,728 |
6,652,385 |
-27.6% |
Individual Equity |
24,953,175 |
27,347,032 |
-8.8% |
Futures |
3,917,702 |
5,566,394 |
-29.6% |
Options |
21,035,473 |
21,780,638 |
-3.4% |
|
|
|
|
Commodity |
5,265,652 |
4,928,127 |
6.8% |
Futures |
4,765,552 |
4,548,128 |
4.8% |
Options |
500,100 |
379,999 |
31.6% |
|
|
|
|
Other |
0 |
611,290 |
|
Futures |
0 |
611,290 |
|
Options |
0 |
0 |
|
|
|
|
|
Total Euronext |
42,714,568 |
54,634,207 |
-21.8% |
Total Futures |
16,364,267 |
25,821,185 |
-36.6% |
Total Options |
26,350,301 |
28,813,022 |
-8.5% |
ADV (in
lots) |
|
|
|
|
Q1 2021 |
Q1 2020 |
Change % |
Equity |
594,427 |
767,106 |
-22.5% |
|
|
|
|
Index |
198,345 |
339,809 |
-41.6% |
Futures |
121,921 |
235,865 |
-48.3% |
Options |
76,424 |
103,944 |
-26.5% |
Individual Equity |
396,082 |
427,297 |
-7.3% |
Futures |
62,186 |
86,975 |
-28.5% |
Options |
333,896 |
340,322 |
-1.9% |
|
|
|
|
Commodity |
83,582 |
77,002 |
8.5% |
Futures |
75,644 |
71,065 |
6.4% |
Options |
7,938 |
5,937 |
33.7% |
|
|
|
|
Other |
0 |
9,551 |
|
Futures |
0 |
9,551 |
|
Options |
0 |
0 |
|
|
|
|
|
Total Euronext |
678,009 |
853,659 |
-20.6% |
Total Futures |
259,750 |
403,456 |
-35.6% |
Total Options |
418,259 |
450,203 |
-7.1% |
Open
InterestR |
|
|
|
|
Mar-21 |
Mar-20 |
Change % YOY |
Equity |
17,814,613 |
19,426,494 |
-8.3% |
|
|
|
|
Index |
1,237,182 |
1,577,915 |
-21.6% |
Futures |
616,406 |
698,639 |
-11.8% |
Options |
620,776 |
879,276 |
-29.4% |
|
|
|
|
Individual Equity |
16,577,431 |
17,667,942 |
-6.2% |
Futures |
1,652,069 |
3,275,934 |
-49.6% |
Options |
14,925,362 |
14,392,008 |
3.7% |
|
|
|
|
Commodity |
974,336 |
766,668 |
27.1% |
Futures |
707,098 |
522,620 |
35.3% |
Options |
267,238 |
244,048 |
9.5% |
|
|
|
|
Other |
0 |
215,837 |
|
Futures |
0 |
215,837 |
|
Options |
0 |
0 |
|
|
|
|
|
Total Euronext |
18,788,949 |
20,228,362 |
-7.1% |
Total Futures |
2,975,573 |
4,713,030 |
-36.9% |
Total Options |
15,813,376 |
15,515,332 |
1.9% |
R: 2020 figures restated
Spot FX
Trading
|
Q1 2021 |
Q1 2020 |
|
Nb trading days |
63 |
64 |
|
|
|
|
|
Spot FX VOLUME (in USD millions, single
counted) |
|
|
Q1 2021 |
Q1 2020 |
Change % |
Total Spot FX Market |
1,350,733 |
1,655,579 |
-18.4% |
ADV Spot FX Market |
21,440 |
25,868 |
-17.1% |
Power Trading
|
Q1 2021 |
Q1 2020 |
|
Nb trading days |
90 |
91 |
|
|
|
|
|
Power VOLUME (in
TWh) |
|
|
Q1 2021 |
Q1 2019 |
Change % |
ADV Day-ahead Power Market |
2.94 |
2.90 |
+1.2% |
ADV Intraday Power Market |
0.06 |
0.08 |
-22.0% |
*END*
1 London Stock Exchange Group Holdings Italia
S.p.A2Including additional amount reflecting the cash generated
since 30 June 20203 Percentages compare Q1 2021 to Q1 2020 figures4
As defined in appendix5 By aggregated market capitalization, as of
31 December 2020 (Euronext Group: c. €4.5 trillion; the Borsa
Italiana Group: c€0.6 trillion)6 By aggregated capital raised7 By
average daily traded value on cash markets. Source: Federation of
European Securities Exchange8 Over 20209 Please refer to the
Euronext 2020 Universal Registration Document for further
information on the Reference Shareholders Agreement (Section 6.4.1
– Reference Shareholders)Unless stated otherwise, variations refer
to Q1 2021 figures compared to Q1 2020 figures10 Including
additional amount reflecting the cash generated since 30 June
202011 Documentation available at
https://www.euronext.com/en/offering-information12 Like-for-like
revenue are at constant FX rate and exclude in Q1 2020 VP
Securities, Nord Pool, Ticker and 3Sens13 Volume-related businesses
include Cash, Derivatives, Spot FX trading, Power trading,
Clearing, and IPOs14 Definition in Appendix15 Purchase price
allocation16 Definition in Appendix17 Cash trading market share
includes Euronext Dublin from Q1’202118 Enterprise value excluding
pro rata share of normalized cash19 Unaudited financials, can be
subject to change
- 20210429_Euronext_Q121_Results vFinale
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