Euronext publishes Q4 and full year 2022 results
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Euronext publishes Q4
and full year 2022 results
Strong results
demonstrating Euronext’s diversified business
model, efficient
management of cash trading market
share combined with cost
discipline. Upgraded 2024 synergies
target.
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris – 9 February 2023
– Euronext, the leading pan-European market
infrastructure, today publishes its results for the fourth quarter
and full year 2022.
-
Full year 2022
underlying revenue and income1
up
+0.1%
pro forma2 at
€1,467.8 million
(reported revenue and income
at €1,418.8
million, +€120.2
million,
-3.2% pro forma2,
+9.3%
reported) illustrating
the strong performance of
non-volume related
business and
enhanced revenue
capture:
- Non-volume related
revenue accounted for 58.1% of 2022 underlying revenue1 (vs. 58%
pro forma in 2021) and covered 141% of underlying operating
expenses, excluding D&A3 (vs. 142% pro forma in 2021).
- Trading revenue grew to €514.1
million (-0.8% pro forma, +10.5% reported). FX and power trading
reported strong performances. The softer environment for cash
trading volumes from the second semester of 2022 was offset by
efficient management of yield and an uptick in market share from
October 2022.
- Post-trade revenue (excluding NTI)
grew to €364.5 million (+1.5 % pro forma, +13.7% reported). Custody
and Settlement revenue was €243.1 million (stable pro forma, +10.9%
reported) thanks to the diversified Euronext Securities business
model as settlement activity stabilised. Clearing revenue increased
to €121.4 million (+4.5% pro forma, +19.7% reported) mainly as a
result of the consolidation of revenue from Euronext Clearing
(acquired on 29 April 2021) and improved product mix. Net treasury
income for Euronext Clearing was €44.0 million, excluding Q3 2022
€49.0 million of non-underlying pre-tax loss following the disposal
of the Euronext Clearing portfolio1.
- Listing revenue grew to €218.4
million (+7.3% pro forma, +15.1% reported), demonstrating the
resilience of the business in tougher market conditions. In 2022,
Euronext remained the leading venue for equity listing in Europe,
recording 83 new equity listings, and the leading venue for debt
listing globally.
- Advanced Data Services revenue grew
to €212.1 million (+4.8% pro forma, +15.5% reported), driven by the
consolidation of the Borsa Italiana Group and a strong performance
of both real-time and non real-time data businesses.
-
Adjusted EBITDA3
was at
€861.6 million
(+€90.6 million,
-1.2% pro forma,
+11.7%
reported)
reflecting continued cost
discipline despite
strong inflationary
pressure.
Adjusted EBITDA
margin was at
58.7%
(-0.8pts
pro forma,
-0.7pts
reported):
- Underlying operating expenses
excluding D&A3 were €606.1 million (+2.0% pro forma, +14.9%
reported), beating revised 2022 cost guidance of €612 million
(initially €622 million), thanks to efficient cost control and
several positive one-off impacts over the year.
- Reported
net income, share of the parent company shareholders,
was up +5.9%
reported to
€437.8 million
(+€24.5
million):
- Net financing expenses were at
€29.7 million and results from equity investments amounted to
€18.7 million. Income tax rate was at 26.6%.
-
Adjusted net
income3, share of the parent
company shareholders, was up
+5.7%
to €555.3
million
- Adjusted
EPS4 was down
-4.8%
at
€5.21,
due to higher share count
- Net debt to
reported EBITDA was at 2.6x at the end of 2022 and
net debt to adjusted EBITDA at 2.4x resulting from
strong cash generation since the closing of the
acquisition of the Borsa Italiana Group.
- Key
figures for full year
2022:
|
In €m, unless stated otherwise |
2022 |
2021 |
% var |
% var
l-f-l5 |
% var pro forma |
|
Revenue and
income |
1,418.8 |
1,298.7 |
+9.3% |
-0.2% |
-3.2% |
|
Underlying revenue and income1 |
1,467.8 |
1,298.7 |
+13.0% |
-0.2% |
+0.1% |
|
Underlying operational expenses excluding D&A3 |
(606.1) |
(527.6) |
+14.9% |
+2.7% |
+2.0% |
|
Adjusted EBITDA |
861.6 |
771.0 |
+11.7% |
-2.3% |
-1.2% |
|
Adjusted EBITDA margin |
58.7% |
59.4% |
-0.7pts |
-1.2pts |
-0.8pts |
|
Net income, share of the parent company shareholders |
437.8 |
413.3 |
+5.9% |
|
-3.3% |
|
Adjusted Net income, share of the parent company
shareholders |
555.3 |
525.5 |
+5.7% |
|
|
|
|
Adjusted EPS (basic, in€) (share count differs
between the two periods) |
5.21 |
5.47 |
-4.8% |
|
|
|
|
Reported EPS (basic, in€) (share count differs
between the two periods) |
4.10 |
4.30 |
-4.6% |
|
|
|
|
Adjusted EPS (diluted, in€) (share count differs between the two
periods) |
5.19 |
5.46 |
-4.8% |
|
|
|
|
Reported EPS (diluted, in€) (share count differs between the two
periods) |
4.10 |
4.29 |
-4.6% |
|
|
|
As announced on 28 July 2022, a pay-out ratio of
50% of reported net income, adjusted for the Q3 2022 one-off
post-tax loss related to the partial disposal of Euronext Clearing
portfolio, representing a dividend for 2022 of €236.6 million
(€2.22 per share) will be proposed to the Annual General Meeting of
Shareholders on 17 May 2023.
In 2023, Euronext expects its underlying
expenses excluding D&A to be around €630 million,
compared to the annualised second semester of 2022 underlying
expenses excluding D&A of around €620 million. The slight
increase in costs only results from costs related to non-volume
related revenue growth initiatives. Savings and synergies entirely
compensate inflation and business development costs.
- Status
update on synergies in relation
to the Borsa Italiana
Group acquisition:
-
€34.1 million
of cumulated run-rate
annual synergies were
achieved at the end of Q4 2022, thanks to
restructuring efforts and the migration of the Core Data Centre.
€9.7 million run-rate annual synergies were delivered in Q4
2022.
- €44.2 million of cumulated
implementation costs incurred at the end of Q4 2022, of which €6.3
million during Q4 2022.
- Next
steps in the deployment of the ‘Growth for Impact
2024’ strategic plan:
- Euronext upgrades its
2024 annual
run-rate
pre-tax synergies
related to the integration of the
Borsa Italiana
Group by €15
millon to €115
million. Implementation costs remain
unchanged.
- Euronext confirmed the migration of
Borsa Italiana cash markets onto Optiq® in March 2023, forming the
first phase of the migration, and of Borsa Italiana other markets
in Q4 2023 allowing for termination of the third-party provider
trading platform contract.
- Euronext confirmed the phases in
the expansion of Euronext Clearing with the expected launch of the
equity clearing offering by the end of 2023 and of derivative
clearing by Q3 2024.
- These strategic projects are
expected to reach around
€70
million of cumulated
run-rate synergies by the end of 2023, out of the
€115 million targeted.
- In 2023, Euronext expects to
maintain for cash trading an average market
share greater or equal
to 63%,
and revenue capture
around
0.52bps
following the migration of
Borsa Italiana cash
markets to
Optiq®,
considering current market conditions and orders size.
- Key
achievement in the deployment of the
‘Fit for 1.5°’ ESG
strategy in 2022:
- Euronext’s upgraded SBTi-aligned
climate targets were validated by the Science-Based Targets
initiative:
- By 2030, Euronext will reduce its
Scope 1 and Scope 2 market-based greenhouse gas emissions by 73.5%
compared to 2020;
- By 2030, Euronext will reduce its
Scope 3 business travel emissions by at least 46.2% compared to
2019;
- By 2027, Euronext suppliers,
representing 72% of Euronext’s greenhouse gas emissions derived
from purchased goods and services, must set targets on their Scope
1 and Scope 2 emissions.
- The Group’s efforts to enhance
diversity were recognised through the inclusion of Euronext into
the Euronext Equileap Eurozone 100 and the Euronext Equileap Gender
Equality France 40 indices.
- Stéphane
Boujnah, Chief Executive Officer and Chairman of the Managing Board
of Euronext, said:
“In 2022, Euronext reached record revenue and
income above €1.4 billion notably resulting from the strong
performance of our non-volume related activities, together with
efficient management of revenue capture and of cash trading market
share. Thanks to our trademark cost discipline, we beat our 2022
revised costs guidance. We achieved an adjusted EBITDA of €861.6
million that translated into an adjusted EPS of €5.21. We will
propose a total dividend of €236.6 million at our next annual
general meeting to be held in May 2023, representing 50% of our
reported net income, excluding NTI loss impact.This year has been
crucial in laying the foundations for the future growth of the
Group. We have successfully completed the first major milestone of
our ‘Growth for Impact 2024’ strategic plan with the migration of
our Core Data Centre from the UK to Italy. At the end of 2022, we
have achieved €34.1 million of cumulated run-rate annual synergies
related to the acquisition of the Borsa Italiana Group. This
fruitful year paves the way for the next steps to be delivered in
2023. The largest single liquidity pool in Europe, operated by
Euronext will significantly change dimension with the migration of
Italian cash markets to Euronext’s state-of-the-art proprietary
trading platform Optiq®, which will benefit local and global
trading members.Euronext Clearing will become the Euronext equity
clearing house of choice by the end of 2023, and the CCP for
derivatives clearing in Q3 2024. These are the critical bricks to
complete our presence across the integrated value chain, allowing
us to innovate and shape capital markets in line with evolving
client needs, and making Euronext even stronger to deliver future
growth. In an inflationary environment, we will contain our costs
to a slight increase in 2023, at €630 million, demonstrating
Euronext’s ability to maintain its cost discipline while investing
to generate revenue expansion of our non-volume related activities.
We expect to deliver by the end of 2023 around €70 million of the
synergies targeted as part of our ‘Growth for Impact 2024’
strategic plan. Our good progress on integration led us to upgrade
the total amount of targeted run-rate EBITDA synergies by the end
of 2024 from €100 million to €115 million. This further
demonstrates Euronext’s successful track record in integrating
acquired companies.Our strong performance, combined with the
successful ongoing delivery of the planned synergies, is supporting
our deleveraging trajectory with a net debt to EBITDA ratio at
2.6x, well below 3.2x at the time of closing of the Borsa Italiana
Group acquisition. This leaves the Group with flexibility to
further deploy capital in value generating opportunities that might
arise.Lastly, we are happy to see that our ‘Fit for 1.5°’ ESG
strategy is bearing fruit, as our upgraded emission reduction
targets have been validated by the Science-Based Targets
initiative. We are pleased to see Euronext being included in both
the Equileap Eurozone 100 and the Equileap Gender Equality France
40 indices, demonstrating the progress we are making in striving
towards more equality.”
Euronext Q4
and full year 2022
financial performance
|
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
FY 2022 |
FY 2021 |
% var |
% var(like-for-like, constant currencies) |
|
Revenue and income |
1,418.8 |
1,298.7 |
+9.3% |
-0.2% |
|
Underlying revenue and income7 |
1,467.8 |
1,298.7 |
+13.0% |
-0.2% |
|
Listing |
218.4 |
189.7 |
+15.1% |
+6.6% |
|
Trading revenue, of which |
514.1 |
465.3 |
+10.5% |
-2.4% |
|
Cash trading |
301.7 |
293.7 |
+2.7% |
-4.4% |
|
Derivatives trading |
58.4 |
52.5 |
+11.3% |
+2.6% |
|
Fixed income trading |
93.0 |
65.8 |
+41.3% |
-8.9% |
|
FX trading |
28.4 |
23.5 |
+21.0% |
+7.9% |
|
Power trading |
32.7 |
29.9 |
+9.4% |
+8.9% |
|
Investor Services |
9.6 |
8.9 |
+7.9% |
+10.8% |
|
Advanced Data Services |
212.1 |
183.6 |
+15.5% |
+5.4% |
|
Post-Trade, of which |
364.5 |
320.6 |
+13.7% |
+0.2% |
|
Clearing |
121.4 |
101.4 |
+19.7% |
+3.8% |
|
Custody and Settlement |
243.1 |
219.2 |
+10.9% |
-4.8% |
|
Euronext Technology Solutions & Other |
100.1 |
85.5 |
+17.1% |
+3.3% |
|
NTI through CCP business |
(4.9) |
35.4 |
-113.9% |
-42.2% |
|
Other income |
1.5 |
3.5 |
-55.7% |
-92.9% |
|
Transitional revenues |
3.4 |
6.2 |
-45.3% |
-81.9% |
|
Underlying operational expenses exc. D&A |
(606.1) |
(527.6) |
+14.9% |
+2.7% |
|
Adjusted EBITDA |
861.6 |
771.0 |
+11.7% |
-2.3% |
|
Adjusted EBITDA margin |
58.7% |
59.4% |
-0.7pts |
-1.2pts |
|
Operating expenses exc. D&A |
(633.4) |
(584.8) |
+8.3% |
+2.7% |
|
EBITDA |
785.4 |
713.9 |
+10.0% |
-2.3% |
|
Depreciation & Amortisation |
(160.2) |
(134.6) |
+19.0% |
-1.6% |
|
Total Expenses (inc. D&A) |
(793.6) |
(719.4) |
+10.3% |
+2.3% |
|
Adjusted operating profit |
792.8 |
709.6 |
+11.7% |
-2.3% |
|
Operating Profit |
625.3 |
579.3 |
+7.9% |
|
|
Net financing income / (expense) |
(29.7) |
(31.7) |
-6.4% |
|
|
Results from equity investments |
18.7 |
33.2 |
-43.7% |
|
|
Profit before income tax |
614.2 |
580.7 |
+5.8% |
|
|
Income tax expense |
(163.6) |
(158.6) |
+3.1% |
|
|
Share of non-controlling interests |
(12.8) |
(8.7) |
+46.5% |
|
|
Net income, share of the parent company
shareholders |
437.8 |
413.3 |
+5.9% |
|
|
Adjusted Net income, share of the parent company
shareholders8 |
555.3 |
525.5 |
+5.7% |
|
|
Adjusted EPS (basic, in€) |
5.21 |
5.47 |
-4.8% |
|
|
Reported EPS (basic, in€) |
4.10 |
4.30 |
-4.6% |
|
|
Adjusted EPS (diluted, in€) |
5.19 |
5.46 |
-4.8% |
|
| Reported EPS
(diluted, in€) |
4.10 |
4.29 |
-4.6% |
|
Share count differs between the two periods
2022 revenue and
income
In 2022, Euronext’s consolidated revenue and
income amounted to €1,418.8 million, up +9.3% reported compared to
2021, resulting from the consolidation of the Borsa Italiana Group
and strong performance of non-volume related activities, partially
offset by the Q3 2022 €49.0 million non-underlying, one-off pre-tax
loss (€35.0 million post-tax) related to the disposal of the
Euronext Clearing portfolio9 and a softer volume environment for
cash equity trading. Underlying revenue and income, excluding the
non-underlying, one-off loss related to the partial disposal of the
Euronext Clearing portfolio, was up +13.0% in 2022, to €1,467.8
million.
On a like-for-like basis and at constant
currencies, Euronext consolidated revenue and income was stable
(-0.2%) in 2022, at €1,204.4 million, compared to 2021. Pro forma
the Borsa Italiana Group acquisition on 29 April 2021, underlying
revenue and income were stable in 2022 compared to 2021, resulting
from strong non-volume related activities, notably listing and
advanced data services, very good performances for FX and power
trading and a solid performance of derivatives trading.
Non-volume related revenue accounted for 58% of
underlying Group revenue in 2022, stable vs. 2021, reflecting the
successful diversification towards non-volume related activities,
good performance of non-equity related trading activities and the
challenging environment for cash trading and MTS cash trading this
quarter. The underlying operating expenses excluding D&A
coverage by non-volume related underlying revenue ratio was at 141%
in 2022, almost stable vs. 2021 (142%).
2022 adjusted
EBITDA
Underlying operational expenses excluding
depreciation and amortisation increased to €606.1 million, up
+14.9%, reflecting the consolidation of the Borsa Italiana Group
costs and continued cost discipline in an inflationary environment.
Underlying expenses excluding D&A
(€606.1 million) were better than
2022 guidance of
€612 million underlying
costs excluding D&A (€622 million
initially) thanks to strong cost discipline, project costs being
capitalised and one-off positive impacts, including release of
accruals and lower-than-anticipated travel and marketing expenses
due to the Covid-19 pandemic.
On a like-for-like basis, underlying operational
expenses excluding depreciation and amortisation increased slightly
by +2.7% compared to 2021, which was positively impacted by the
decrease of travel and marketing expenses during the pandemic,
highlighting Euronext’s ability to contain inflation in 2022. On a
pro forma basis for the acquisition of the Borsa Italiana Group on
29 April 2021, underlying operational expenses increased slightly
by +2.0%, mainly due to the return of travel and marketing expenses
in 2022.
Consequently, adjusted EBITDA for the quarter
totalled €861.6 million and saw double digit growth, +11.7%
compared to 2021. This represents an adjusted EBITDA margin of
58.7%, down -0.7 points compared to 2021. On a like-for-like basis,
adjusted EBITDA for 2022 was down -2.3%, to €699.3 million, and
adjusted EBITDA margin was 58.1%, down -1.2 points compared to the
same perimeter in 2021.
2022 net income, share
of the parent company shareholders
Depreciation and amortisation accounted for
€160.2 million in 2022, up +19.0%, mostly due to the consolidation
of the Borsa Italiana Group. PPA related to acquired businesses
accounted for €83.3 million and is included in depreciation and
amortisation.
Adjusted operating profit was €792.8 million, a
strong +11.7% increase compared to 2021. On a like-for-like basis,
adjusted operating profit was down -2.3% compared to 2021, at
€643.6 million.
€118.6 million of non-underlying expenses,
including depreciation and amortisation, were reported in 2022,
related to the integration of the Borsa Italiana Group, the
implementation of the ‘Growth for Impact 2024’ strategic plan and
the PPA of acquired businesses.
Net financing expense for 2022 was €29.7 million
compared to a net financing expense of €31.7 million in 2021. This
decrease mainly results from the elimination of costs in relation
to the bridge financing of the Borsa Italiana Group in 2021,
partially offset by the cost of bonds issued to finance the
acquisition of the Borsa Italiana Group.
Results from equity investments amounted to
€18.7 million in 2022, solely representing the contribution
received from LCH SA and a dividend received from Euroclear. As a
reminder, in 2021, Euronext reported €33.2 million in results from
equity investments, reflecting two dividends received from Sicovam
and two dividends received from Euroclear in addition to the
contribution received from LCH SA.
Income tax for 2022 was €163.6 million. This
translated into an effective tax rate of 26.6% for 2022 (2021:
€158.6 million and 27.3% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to
€12.8 million in 2022.
As a result, the reported net income, share of
the parent company shareholders, increased by +5.9% for 2022
compared to 2021, to €437.8 million, including the one-off loss due
to the portfolio reallocation10 of the Euronext Clearing portfolio.
This represents a reported EPS of €4.10 basic and €4.10 diluted in
2022, compared to €4.30 basic and €4.29 diluted in 2021. This
decrease reflects a higher number of outstanding shares over 2022
compared to 2021.
Adjusted net income, share of the parent company
shareholders was up +5.7% to €555.3 million. Adjusted EPS (basic)
was down -4.8% in 2022, at €5.21 per share, compared to an adjusted
EPS (basic) of €5.47 per share in 2021. This decrease reflect a
higher number of outstanding shares over 2022 compared to 2021.
The weighted number of shares used over 2022 was
106,669,451 for the basic calculation and 106,901,306 for the
diluted calculation, compared to 96,058,761 and 96,297,159
respectively over 2021.
In 2022, Euronext reported a net cash flow from
operating activities of €616.5 million, compared to €543.7 million
in 2021, resulting from higher profit before tax and higher
depreciation and amortisation. Excluding the impact on working
capital from Euronext Clearing and Nord Pool CCP activities, net
cash flow from operating activities accounted for 83.9% of EBITDA
in 2022.
|
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
Q4 2022 |
Q4 2021 |
% var |
% var(like-for-like, constant currencies) |
|
Revenue and income |
347.0 |
370.1 |
-6.2% |
-6.1% |
|
Listing |
53.5 |
51.9 |
+3.1% |
+3.8% |
|
Trading revenue, of which |
116.3 |
132.3 |
-12.1% |
-12.4% |
|
Cash trading |
65.1 |
79.3 |
-17.9% |
-17.9% |
|
Derivatives trading |
13.4 |
14.2 |
-5.4% |
-5.3% |
|
Fixed income trading |
22.1 |
24.2 |
-8.5% |
-8.5% |
|
FX trading |
6.7 |
6.1 |
+9.5% |
-2.2% |
|
Power trading |
8.9 |
8.5 |
+4.7% |
+9.0% |
|
Investor Services |
2.6 |
2.3 |
+13.2% |
+13.2% |
|
Advanced Data Services |
54.5 |
50.7 |
+7.3% |
+7.7% |
|
Post-Trade, of which |
88.6 |
90.9 |
-2.5% |
-2.4% |
|
Clearing |
29.0 |
30.1 |
-3.9% |
-3.9% |
|
Custody and Settlement |
59.6 |
60.7 |
-1.9% |
-1.6% |
|
Euronext Technology Solutions & Other |
26.9 |
26.4 |
+1.8% |
+2.2% |
|
NTI through CCP business |
4.3 |
12.9 |
-66.8% |
-66.8% |
|
Other income |
0.3 |
0.6 |
-53.2% |
-53.5% |
|
Transitional revenues |
0.1 |
2.0 |
-93.1% |
-93.1% |
|
Underlying operational expenses exc. D&A |
(159.2) |
(156.6) |
+1.6% |
+2.1% |
|
Adjusted EBITDA |
187.9 |
213.4 |
-12.0% |
-12.1% |
|
Adjusted EBITDA margin |
54.1% |
57.7% |
-3.5pts |
-3.7pts |
|
Operating expenses exc. D&A |
(170.2) |
(170.6) |
-0.2% |
+2.1% |
|
EBITDA |
176.9 |
199.5 |
-11.4% |
-12.1% |
|
Depreciation & Amortisation |
(42.6) |
(48.9) |
-12.8% |
+0.8% |
|
Total Expenses (inc. D&A) |
(212.8) |
(219.4) |
-3.0% |
+1.9% |
|
Adjusted operating profit |
168.4 |
194.1 |
-13.3% |
-13.4% |
|
Operating Profit |
134.2 |
150.6 |
-10.9% |
|
|
|
Net financing income / (expense) |
(6.0) |
(6.7) |
-9.3% |
|
|
|
Results from equity investments |
12.6 |
7.3 |
+71.7% |
|
|
|
Profit before income tax |
140.8 |
151.3 |
-7.0% |
|
|
|
Income tax expense |
(38.5) |
(35.7) |
+7.7% |
|
|
|
Share of non-controlling interests |
(3.0) |
(2.9) |
+3.8% |
|
|
|
Net income, share of the parent company
shareholders |
99.3 |
112.7 |
-11.9% |
|
|
|
Adjusted Net income, share of the parent company
shareholders12 |
118.2 |
144.6 |
-18.2% |
|
|
|
Adjusted EPS (basic, in€) |
1.11 |
1.35 |
-18.0% |
|
|
|
Reported EPS (basic, in€) |
0.93 |
1.05 |
-11.5% |
|
|
|
Adjusted EPS (diluted, in€) |
1.10 |
1.35 |
-18.0% |
|
|
| Reported EPS
(diluted, in€) |
0.93 |
1.05 |
-11.5% |
|
|
Q4 2022 revenue and income
In Q4 2022, Euronext’s consolidated revenue and
income amounted to €347.0 million, down -6.2% compared to Q4 2021,
primarily due to the solid performance of advanced data services
and listing activities, offset by lower cash and fixed income
trading and post-trade revenue, including net treasury income. On a
like-for-like basis and at constant currencies, Euronext
consolidated revenue and income was down -6.1% in Q4 2022, to
€346.5 million, compared to Q4 2021.
Non-volume related revenue accounted for 60% of
Group revenue in Q4 2022, compared to 58% in Q4 2021, reflecting
higher advanced data services and services revenue.
The underlying operating expenses excluding D&A coverage
by non-volume related revenue ratio was at 130% in Q4 2022,
compared to 136% in Q4 2021.
Q4 2022 adjusted EBITDA
Underlying operational expenses excluding
depreciation and amortisation increased to €159.2 million, slightly
up +1.6%, reflecting strong cost discipline in an inflationary
environment and higher capitalised project costs. On a
like-for-like basis, underlying operational expenses excluding
depreciation and amortisation slightly increased by +2.1% compared
to Q4 2021.
Consequently, adjusted EBITDA for the quarter
totalled €187.9 million, down -12.0% compared to Q4 2021. This
represents an adjusted EBITDA margin of 54.1%, down -3.5 points
compared to Q4 2021. On a like-for-like basis, adjusted EBITDA for
Q4 2022 was down -12.1%, to €187.7 million, and adjusted EBITDA
margin was 54.2%, down -3.7pts points compared to the same
perimeter in Q4 2021.
Q4 2022 net income, share of the parent
company shareholders
Depreciation and amortisation accounted for
€42.6 million in Q4 2022, -12.8% less than in Q4 2021. PPA related
to acquired businesses accounted for €20.8 million and is included
in depreciation and amortisation.
Adjusted operating profit was €168.4 million, a
-13.3% decrease compared to Q4 2021. On a like-for-like basis,
adjusted operating profit was down -13.4% compared to Q4 2021, at
€168.2 million.
€34.1 million of non-underlying expenses,
including depreciation and amortisation, were reported in Q4 2022,
related to the integration of the Borsa Italiana Group, the
implementation of the ‘Growth for Impact 2024’ strategic plan and
the PPA of acquired businesses.
Net financing expense for Q4 2022 was €6.0
million, compared to a net financing expense of €6.7 million in Q4
2021. This decrease results from higher interest income due to
increased interest rates partially offset by the higher cost of
issued bonds and a negative revaluation of foreign currency
balances.
Results from equity investments amounted to
€12.6 million in Q4 2022, representing the contribution received
from LCH SA and a dividend received from Euroclear. As a reminder,
in Q4 2021, Euronext reported €7.3 million in results from equity
investments, reflecting a dividend payment by Sicovam in addition
to the contribution received from LCH SA.
Income tax for Q4 2022 was €38.5 million. This
translated into an effective tax rate of 27.3% for the quarter (Q4
2021: €35.7 million and 23.6% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €3.0
million in Q4 2022.
As a result, the reported net income, share of
the parent company shareholders, decreased by -11.9% for Q4 2022
compared to Q4 2021, to €99.3 million. This represents a reported
EPS of €0.93 basic and €0.93 diluted in Q4 2022, compared to €1.05
basic and €1.05 diluted in Q4 2021. Adjusted net income, share of
the parent company shareholders was down -18.2% to €118.2 million.
Adjusted EPS (basic) was down -18.0% in Q4 2022, at €1.11 per
share, compared to an adjusted EPS (basic) of €1.35 per share in Q4
2021. This decrease reflect a higher number of outstanding shares
over the fourth quarter of 2022 compared to the fourth quarter of
2021.
The weighted number of shares used over 2022 was
106,669,451 for the basic calculation and 106,901,306 for the
diluted calculation, compared to 96,058,761 and 96,297,159
respectively over 2021.
In Q4 2022, Euronext reported a negative net
cash flow from operating activities of €147.1 million, compared to
a positive €145.6 million in Q4 2021, reflecting higher negative
changes in working capital reflecting notably short-term movement
in outstanding power sales customers’ and suppliers’ invoices
related to Nord Pool CCP activities. Excluding the impact on
working capital from Euronext Clearing and Nord Pool CCP
activities, net cash flow from operating activities accounted for
51.9% of EBITDA in Q4 2022.
Business highlights
|
in €m, unless stated otherwise |
Q4 2022 |
Q4 2021 |
% change |
FY 2022 |
FY 2021 |
% change |
|
Listing revenue |
53.5 |
51.9 |
+3.1% |
218.4 |
189.7 |
+15.1% |
|
Equity |
27.0 |
23.9 |
+12.6% |
108.5 |
86.9 |
+24.9% |
|
Annual fees |
16.7 |
15.1 |
+10.5% |
68.4 |
52.9 |
+29.5% |
|
Follow-ons |
6.3 |
5.6 |
+12.8% |
20.8 |
18.2 |
+13.9% |
|
IPOs |
4.0 |
3.2 |
+22.3% |
19.3 |
15.8 |
+22.4% |
|
Debts |
9.0 |
10.5 |
-14.4% |
36.6 |
38.5 |
-4.9% |
|
ETFs, Funds & Warrants |
5.8 |
5.7 |
+1.8% |
22.7 |
18.9 |
+20.2% |
|
Corporate Services |
9.6 |
8.6 |
+11.4% |
39.5 |
37.1 |
+6.5% |
|
ELITE and Other |
2.2 |
3.1 |
-30.3% |
11.1 |
8.3 |
+33.0% |
|
Money raised |
237,262 |
404,224 |
-41.3% |
994,090 |
1,606,619 |
-38.1% |
Fourth quarter 2022
Listing revenue was €53.5 million in Q4 2022, an
increase of +3.1% compared to Q4 2021, reflecting higher annual
fees, the strong performance of Corporate Services and the positive
impact of primary and secondary listing revenue recognition over
time13. On a like-for-like basis at constant currencies, listing
revenue increased by +3.8% compared to Q4 2021.
Euronext’s primary equity listing business
sustained its leading position in Europe with 24 new listings in Q4
2022. This compares to 57 new listings in the fourth quarter of
2021, which was a record year for new listings. Nine of the new
listings in Q4 2022 were from international companies, confirming
Euronext as the listing venue of choice outside of its core
markets.
In Q4 2022, Euronext’s markets reported €310
million raised in primary equity issues. This compares to a very
strong Q4 2021 with €6.6 billion raised on Euronext primary
markets.
Euronext’s secondary markets reported a strong
quarter with €10.1 billion raised in secondary equity issues in Q4
2022, compared to €8.3 billion in Q4 2021.
Euronext remained a leading exchange in Europe
for ETF listings, with 80 new listings.
Euronext’s bond franchise remained resilient
despite a challenging economic environment. In Q4 2022, €226.9
billion in debt was raised on Euronext markets, reflecting the
current market conditions, and compared to €389.4 billion raised in
Q4 2021.
In total, €237.3 billion in equity and debt was
raised on Euronext’s markets in Q4 2022, compared to €404.2 billion
in Q4 2021.
Euronext Corporate Services reported a solid
quarter in terms of revenue at €9.6 million in Q4 2022, up +11.4%
compared to Q4 2021, resulting from a solid performance across the
offering, despite a slowdown in webcast activities in a
post-pandemic context and partially offset by a negative one-off
adjustment.
Full year
2022
Listing revenue was €218.4 million in 2022, an
increase of +15.1% compared to 2021, reflecting higher annual fees,
the strong performance of Euronext Corporate Services and the
positive impact of primary and secondary listing revenue
recognition over time14. On a like-for-like basis at constant
currencies, listing revenue increased by +6.6% compared to
2021.
Euronext’s primary equity listing business
sustained its leading position in Europe with 83 new listings in
2022, outperforming all European listing venues. This compares to
212 in 2021, which was a record year for new listings. Five of the
top ten largest IPOs in Europe15 in 2022 took place on Euronext,
and 20 listings from international companies16, demonstrating
Euronext’s attractiveness for companies in its core markets in
Europe and beyond.
In 2022, Euronext’s markets reported €3.8
billion raised in primary equity issues. This compares to a record
2021 with €26.0 billion raised on Euronext primary markets.
Euronext’s secondary markets reported €28.5
billion raised in secondary equity issues in 2022, compared to
€83.0 billion in 2021.
Euronext remained a leading exchange in Europe
for ETF listings, with 478 new listings.
Euronext sustained its position as the leading
listing venue for bonds worldwide in 202217, growing the number of
bonds listed to more than 53,000 across all Euronext markets,
despite persisting negative debt market conditions globally due to
rising interest rates and concerns over economic growth. In 2022,
€961.9 billion in debt was raised on Euronext markets, reflecting
the current market conditions, and compared to €1.5 trillion raised
in 2021.
In total, €994.1 billion in equity and debt was
raised on Euronext’s markets in 2022, which represents the second
best year for equity and debt listing in Euronext’s history after
the €1.6 trillion raised in 2021.
Euronext Corporate Services reported a strong
year in terms of revenue at €39.5 million in 2022, up +6.5%
compared to 2021, resulting from a solid performance across the
offering, despite a slowdown in webcast activities in a
post-pandemic context.
|
in €m, unless stated otherwise |
Q4 2022 |
Q4 2021 |
% change |
FY 2022 |
FY 2021 |
% change |
|
Trading revenue |
116.3 |
132.3 |
-12.1% |
514.1 |
465.3 |
+10.5% |
|
Cash trading revenue |
65.1 |
79.3 |
-17.9% |
301.7 |
293.7 |
+2.7% |
|
ADV Cash market |
10,085 |
12,176 |
-17.2% |
11,697 |
11,808 |
-0.9% |
| |
|
|
|
|
|
|
|
Derivatives trading revenue |
13.4 |
14.2 |
-5.4% |
58.4 |
52.5 |
+11.3% |
|
ADV Derivatives market (in lots) |
622,975 |
718,023 |
-13.2% |
695,410 |
733,116 |
-5.1% |
| |
|
|
|
|
|
|
|
Fixed income trading revenue |
22.1 |
24.2 |
-8.5% |
93.0 |
65.8 |
+41.3% |
|
ADV MTS Cash |
15,416 |
22,900 |
-32.7% |
18,862 |
23,949 |
-21.2% |
| TAADV MTS
Repo |
397,003 |
291,927 |
+36.0% |
353,700 |
282,655 |
+25.1% |
| ADV other fixed
income |
1,058 |
852 |
+24.2% |
909 |
895 |
+1.6% |
| |
|
|
|
|
|
|
|
Spot FX trading revenue |
6.7 |
6.1 |
+9.5% |
28.4 |
23.5 |
+21.0% |
|
ADV spot FX Market (in USDm) |
20,160 |
19,381 |
+4.0% |
22,507 |
19,214 |
+17.1% |
| |
|
|
|
|
|
|
|
Power trading revenue |
8.9 |
8.5 |
+4.7% |
32.7 |
29.9 |
+9.4% |
|
ADV Day-ahead power market (in TWH) |
2.98 |
2.76 |
+7.9% |
2.75 |
2.47 |
+11.4% |
| ADV Intraday
power market (in TWH) |
0.13 |
0.08 |
+69.6% |
0.10 |
0.07 |
+49.8% |
Trading revenue on a reported basis. Volumes including Italy on
a pro forma basis for 2021 until the acquisition of the Borsa
Italiana Group on 29 April 2021.
Fourth quarter 2022
Cash trading revenue decreased by -17.9% to
€65.1 million in Q4 2022, resulting from lower trading volumes,
partially offset by an uptick in market share from October 2022.
Over the fourth quarter of 2022, Euronext recorded cash trading
average daily volumes of €10.1 billion, a volume decrease of -17.2%
compared to Q4 2021 resulting from a softer trading environment and
partially offset by efficient revenue capture management.
Over the fourth quarter of 2022, Euronext cash
trading yield was 0.50bps, reflecting the dilutive impact of Borsa
Italiana markets and larger average order size. During the fourth
quarter 2022, Euronext continued to enhance its fee schemes. The
latter translated into an uptick in market share from October 2022.
Euronext market share on cash trading averaged 65.3% in Q4 2022. In
2023, Euronext expects to maintain for cash trading an average
market share greater or equal to 63%, and revenue capture around
0.52bps following the migration of Borsa Italiana cash markets to
Optiq®, considering current market conditions and orders size.
The largest single liquidity pool in Europe
operated by Euronext will significantly change dimension with the
migration of Italian cash markets to Euronext’s state-of-the-art
proprietary trading platform Optiq® in Q1 2023. This migration will
benefit local and global trading members.
Euronext continued to be the provider of best
market quality with a sustained above-average EBBO presence across
the equity markets it operates18.
On 13 October 2022, Euronext hosted a virtual
educational session on its cash equity trading business. A replay
of the presentation and Q&A session is available here.
On a like-for-like basis at constant currencies,
cash trading revenue was down -17.9% in Q4 2022 compared to Q4
2021.
Derivatives trading revenue decreased by -5.4%
to €13.4 million in Q4 2022 as the volume mix positively impacted
revenue capture and partially offset softer volumes in equity
futures and options trading.
During the fourth quarter of 2022, average daily
volumes on financial derivatives was 550,517 lots, down -12.7% from
Q4 2021, reflecting a strong comparison basis with the higher
volatility in Q4 2021.
Average daily volumes on commodity derivatives
were at 72,457 lots in Q4 2022, down -17.2% compared to Q4 2021,
reflecting a normalised trading environment .
Euronext revenue capture on derivatives trading
was €0.34 per lot for the fourth quarter of 2022, reflecting
improved revenue capture across the offering.
On a like-for-like basis at constant currencies,
derivatives trading revenue was down -5.3% in Q4 2022 compared to
Q4 2021.
Fixed income trading reported revenue was at
€22.1 million in Q4 2022, compared to €24.2 million in
Q4 2021, reflecting an economic environment in Europe
favouring money market trading volumes. MTS reported an overall
robust performance in markets dominated by increasing interest
rates. For the fourth quarter of 2022, MTS Cash reported €12.8
million of revenue and MTS Repo reported €5.6 million of
revenue.
The fourth quarter saw the strong traction in
Repo trading continue, with term-adjusted average daily volumes up
+36.0% compared to Q4 2021 to €397.0 billion. This partially offset
lower MTS Cash average daily volumes, down -32.7% to €15.4 billion,
compared to €22.9 billion in Q4 2021.
On a like-for-like basis at constant currencies,
fixed income trading revenue was down -8.5% in Q4 2022 compared to
Q4 2021.
FX trading reported revenue at €6.7 million in
Q4 2022, up +9.5% from Q4 2021. Euronext FX trading volumes and
revenue continued to benefit from geographic expansion and product
diversification, despite softening volatility compared to the start
of 2022.
Over the fourth quarter of 2022, average daily
volumes of USD 20.2 billion were recorded, up +4.0% compared to Q4
2021.
On a like-for-like basis at constant currencies,
FX trading revenue was down -2.2% in Q4 2022 compared to Q4
2021.
Power trading reported €8.9 million in revenue
in Q4 2022, representing a strong growth of +4.7% compared to Q4
2021, driven by dynamic volumes, the increased footprint of Nord
Pool in Central and Western Europe, UK and Ireland, and a continued
robust performance in the Nordics. In Q4 2022, record intraday
power trading volumes were reported in Central and Western
Europe.
Over the fourth quarter of 2022, average daily
day-ahead power traded was 2.98TWh, up +7.9% compared to Q4 2021,
and average daily intraday power traded was 0.13 TWh, up +69.6%
compared to Q4 2021.
On a like-for-like basis at constant currencies,
power trading revenue was up +9.0% compared to Q4 2021.
Full year 2022
Cash trading revenue increased by +2.7% to €
301.7 million in 2022, reflecting the consolidation of the Borsa
Italiana Group and strong volumes during the first semester of
2022, partially offset by lower volumes in the second half of 2022.
Over 2022, Euronext recorded cash trading average daily volumes of
€11.7 billion, stable compared to a record year 2021 at €11.8
billion. Euronext continued to be the provider of the best market
quality, with a sustained above-average EBBO presence across the
equity markets it operates19.
Over the year, Euronext’s market share on cash
trading averaged 66.6%, with a clear uptick in market share since
October 2022, thanks to intense commercial activity and enhanced
fee schemes.
Over 2022, Euronext cash trading yield was
0.50bps, reflecting the dilutive impact of the Borsa Italiana fee
grid before the migration to the Optiq® trading platform and higher
transaction orders sizes on a reported basis. The largest single
liquidity pool in Europe operated by Euronext will significantly
change dimension with the migration of Italian cash markets to
Euronext’s state-of-the-art proprietary trading platform Optiq® in
Q1 2023. This migration will benefit local and global trading
members. In 2023, Euronext expects to maintain for cash trading an
average market share greater or equal to 63%, and revenue capture
around 0.52bps following the migration of Borsa Italiana cash
markets to Optiq®, considering current market conditions and orders
size.
On a like-for-like basis at constant currencies,
cash trading revenue was down -4.4% in 2022 compared to 2021.
Derivatives trading revenue increased by +11.3%
to €58.4 million in 2022, as a result of strong traction on the
index derivatives franchise and improved product mix enhancing
revenue capture.
During 2022, average daily volume on financial
derivatives was 616,092 lots, down -5.3% from 2021, reflecting a
strong comparison basis in a volatile 2021, including lower
activity from equity finance clients.
Average daily volumes on commodity derivatives
were at 79,318 lots in 2022, down -3.5% compared to 2021,
reflecting a decrease in commodity futures trading compared to
all-time high levels in 2021, partly offset by record activity on
commodity options.
Euronext revenue capture on derivatives trading
was €0.33 per lot in 2022, resulting from improved revenue capture
across the offering.
On a like-for-like basis at constant currencies,
derivatives trading revenue was up +2.6% in 2022 compared to
2021.
Fixed income trading reported revenue was at
€93.0 million in 2022, compared to €65.8 million in 2021,
reflecting the consolidation of MTS, whose volumes reflected the
change in macro-economic conditions in Europe with rising
inflation, interest rates and uncertainties which favoured money
markets.
MTS reported an overall robust performance in
markets dominated by increasing interest rates. In 2022, MTS Cash
reported €59.5 million of revenue and MTS Repo reported €21.6
million of revenue.
2022 recorded strong growth in Repo trading,
with term-adjusted average daily volumes up +25.1% compared to 2021
to €353.7 billion. This compensated for lower MTS Cash average
daily volumes, down -21.2% to €18.9 billion, compared to €24.0
billion in 2021.
On a like-for-like basis at constant currencies,
fixed income trading revenue was down -8.9% in 2022 compared to
2021.
FX trading reported all-time record revenues at
€28.4 million in 2022, up +21.0% from 2021. Euronext FX trading
benefited from the positive momentum with heightened volatility,
geographic expansion and product diversification.
Over 2022, average daily volumes of USD 22.5
billion were recorded, up +17.1% compared to 2021.
On a like-for-like basis at constant currencies,
FX trading revenue was up +7.9% in 2022 compared to 2021.
Power trading reported €32.7 million in revenue
in 2022, representing a strong growth of +9.4% compared to 2021,
driven by record volumes, totalling over 1,000TWh, and continued
successful geographic expansion in Central and Western Europe, UK
and Ireland. Over 2022, average daily day-ahead power traded was
2.75TWh, up +11.4% compared to 2021, and average daily intraday
power traded was 0.10TWh, up +49.8% compared to 2021.
On a like-for-like basis at constant currencies,
power trading revenue was up +8.9% compared to 2021.
Fourth quarter 2022
Investor Services reported €2.6 million revenue
in Q4 2022, representing a +13.2% increase compared to Q4 2021,
resulting from continued commercial expansion.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +13.2% compared to Q4 2021.
Full year
2022
Investor Services reported €9.6 million revenue
in 2022, representing a +7.9% increase compared to 2021, resulting
from successful growth of the client base and successful key
product launches.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +10.8% compared to 2021.
Fourth quarter 2022
Advanced Data Services reached record revenue of
€54.5 million in Q4 2022, up +7.3% from Q4 2021, driven by a strong
performance of the core data business and the advanced data
solutions offering, including quant research products, and a
resilient quarter for the indices franchise.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +7.7% compared to Q4
2021.
Full year
2022
Advanced Data Services recorded revenue grew to
€212.1 million in 2022, up +15.5% from 2021, driven by the
consolidation of Borsa Italiana’s data businesses, as well as a
strong performance of the core data and advanced data solutions
businesses. The Euronext’s indices franchise posted a resilient
performance in 2022, despite lower structured products activity
following two years of intense volatility.
Euronext continued to expand its ESG Indices
franchise in 2022 including with the successful launch of ESG
versions of its national flagship indices, the AEX® ESG in the
Netherlands and the OBX® ESG in Norway, reinforcing the existing
offering that already included the CAC 40® ESG in France and the
MIB® ESG in Italy.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +5.4% compared to 2021.
|
in €m, unless stated otherwise |
Q4 2022 |
Q4 2021 |
% change |
FY 2022 |
FY 2021 |
% change |
|
Post-trade revenue (exc. NTI) |
88.6 |
90.9 |
-2.5% |
364.5 |
320.6 |
+13.7% |
|
Clearing |
29.0 |
30.1 |
-3.9% |
121.4 |
101.4 |
+19.7% |
|
Revenue from LCH SA |
18.1 |
18.5 |
-2.4% |
75.8 |
71.5 |
+6.1% |
|
Revenue from Euronext Clearing |
10.9 |
11.6 |
-6.3% |
45.6 |
29.9 |
+52.5% |
|
Custody, Settlement and other Post-Trade activities |
59.6 |
60.7 |
-1.9% |
243.1 |
219.2 |
+10.9% |
|
Net treasury income through CCP business |
4.3 |
12.9 |
-66.8% |
(4.9)1 |
35.4 |
-113.9% |
Fourth quarter 2022
Clearing revenue was down -3.9% to €29.0 million
in Q4 2022, as a result of weaker cash equity and derivatives
clearing activity, partly offset by stronger bond clearing volumes.
Non-volume related clearing revenue (including membership fees,
treasury income received from LCH SA) accounted for €8.9 million of
the total clearing revenue in Q4 2022).
Euronext Clearing activities reflected an uplift
in cleared volumes for bond clearing, and a decrease in equity and
derivatives clearing in line with trading volumes. In Q4 2022,
Euronext Clearing revenue included €1.4 million from derivatives
clearing, €3.8 million from equities clearing, and €2.8 million
from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was down -3.9% compared to Q4 2021.
Full year
2022
Clearing revenue grew by +19.7% to €121.4
million in 2022, reflecting the consolidation of Euronext Clearing
and a volatile volume environment throughout the year. Non-volume
related clearing revenue (including membership fees, treasury
income received from LCH SA) accounted for €39.4 million of the
total clearing revenue in Q4 2022.
Euronext Clearing activities reflected the
general market dynamic over 2022, with a gradual decline in equity
and derivatives clearing volumes offset by a steady increase in
bond clearing volumes. In 2022, Euronext Clearing revenue included
€6.5 million from derivatives clearing, €16.7 million from equities
clearing, and €9.8 million from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was up +3.8% compared to 2021.
Fourth quarter 2022
As announced with the Q2 2022 results, Euronext
Clearing has engaged in a partial disposal of its portfolio20. It
disposed the portfolio maturing after 1 May 2023 while retaining
its short-term portfolio maturing through April 2023, which it will
hold to maturity. As a consequence, net treasury income amounted to
€4.3 million in Q4 2022.
Full year
2022
The partial disposal of the Euronext Clearing
investment portfolio resulted in a one-off, non-underlying pre-tax
loss of €49.0 million, reported in Q3 2022. This led to a reported
net treasury income of
-€4.9 million in 2022. Excluding the non-underlying one-off
loss, net treasury income totalled €44.0 million in 2022, impacted
by a high level of collateral held due to high levels of
volatility.
- Custody,
Settlement and other
Post-Trade
activities
Fourth quarter 2022
Revenue from Custody, Settlement and other
Post-Trade activities, including the activities of Euronext
Securities (Copenhagen, Milan, Oslo, Porto), was €59.6 million in
Q4 2022, down -1.9% compared to Q4 2021, reflecting Euronext
Securities resilient topline thanks to its diversified geographical
footprint in a stabilised settlement environment. The fourth
quarter of 2022 also showed a recovery in the value of assets under
custody.
26,265,921 settlement instructions were
processed in the fourth quarter of 2022 and assets under custody
reached €6.3 trillion.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-Trade revenue was down -1.6%
compared to Q4 2021.
Full year
2022
Revenue from Custody, Settlement and other
Post-Trade activities was at €243.1 million in 2022, up +10.9%
compared to 2021, driven by the consolidation of Euronext
Securities Milan, a positively geared geographical mix and stable
assets under custody, which offset lower settlement activity.
120,550,357 settlement instructions were
processed in 2022 and assets under custody reached €6.3 trillion at
the end of December 2022.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-Trade revenue was down -4.8%
compared to 2021.
- Euronext
Technologies and Other revenue
Fourth quarter 2022
Euronext Technologies and Other revenue grew to
€26.9 million in Q4 2022, up +1.8% from Q4 2021, reflecting good
performance of colocation activity following the migration of
Euronext’s Core Data Centre more than offsetting lower revenue from
hosting services.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +2.2% compared to Q4
2021.
Full year
2022
Euronext Technologies and Other revenue
increased to €100.1 million in 2022, up +17.1% from 2021, resulting
from the consolidation of Borsa Italiana Group technology
activities, including Gatelab and X2M and additional revenue
generated through colocation activity following the Euronext’s Core
Data Centre migration.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +3.3%. compared to
2021.
Q4 2022
corporate highlights since publication of
the Q3 2022
results on 3 November
2022
- Completion
of the acquisition of the technology business from
Nexi’s capital markets
activities
On 1 December 2022, Euronext announced the
completion of the purchase of the technology business powering MTS,
Euronext’s leading fixed-income trading platform, and Euronext
Securities Milan, from Nexi. This Transaction enables Euronext to
fully internalise the technology powering MTS and Euronext
Securities Milan. Following this Transaction, Nexi will continue to
provide technology services to Euronext under transitional
arrangements and services under commercial agreements.
- Disposal
of MTS Markets International Inc., US subsidiary
of MTS S.p.A.
On 15 December 2022, MTS S.p.A., the leading
European bond trading platform majority-owned by Euronext,
announced that it has completed the sale of its US subsidiary MTS
Markets International Inc. (“MMI”) to Tradition America Holdings
Inc., a subsidiary of Compagnie Financière Tradition SA.
The sale of MMI was implemented as a result of
the conclusion of a strategic review initiated following the
integration of Borsa Italiana and the decision to divest non-core
assets.
Corporate highlights since
1 January 2023
-
Expansion of Euronext Clearing to
derivatives markets
On 16 January 2023, Euronext announced that the
European expansion of Euronext Clearing to Euronext derivatives
markets is planned for Q3 2024. Euronext expects to migrate the
listed financial derivatives and commodities markets of Euronext
Amsterdam, Euronext Brussels, Euronext Lisbon, Oslo Børs and
Euronext Paris from LCH SA to Euronext Clearing by Q3 202421. As a
reminder, Euronext Clearing already clears Euronext Milan listed
derivatives.
As Euronext Clearing undertakes derivatives
clearing services in Europe, Euronext has decided to terminate the
existing derivatives clearing agreement (the “Agreement”) with LCH
SA, under the terms of the Agreement. Therefore, on 16 January
2023, Euronext served LCH SA notice of termination for the purposes
of the Agreement.
As set up in the Agreement, Euronext will pay a
termination fee of approximately €36.0 million to LCH SA,
provisioned in its income statement as non-underlying expenses in
Q1 2023, and payable in 2024. As previously stated, this amount is
included in the €150 million of implementation costs related to the
‘Growth for Impact 2024’ strategic plan and already announced in
November 2021.
Following the notification of the early
termination of the Agreement, LCH Group has the option to buy back
Euronext's 11.1% stake in LCH SA. Further communication related to
the stake owned by Euronext in LCH SA will be made when
appropriate.
Euronext and LCH SA are committed to working
together to ensure an orderly migration of clearing flows from LCH
SA to Euronext Clearing.
The termination of the Agreement does not impact
the existing clearing agreement signed between MTS S.p.A and LCH SA
nor the existing agreement related to the interoperability link on
Italian Government Bonds between Euronext Clearing and LCH SA.
- ESG
innovation across the Group
- Euronext’s upgraded
greenhouse gas emissions reduction targets have been validated by
the Science-Based Targets initiative (SBTi):
- By 2030, Euronext will reduce its
Scope 1 and Scope 2 market-based greenhouse gas emissions by 73.5%
compared to 2020;
- By 2030, Euronext will reduce its
Scope 3 business travel emissions by at least 46.2% compared to
2019;
- By 2027, Euronext suppliers,
representing 72% of Euronext’s greenhouse gas emissions derived
from purchased goods and services, must set targets on their Scope
1 and Scope 2 emissions.
- On 12 January 2023,
Euronext announced the launch of the CAC SBT 1.5°, an index
investing solely in companies within the SBF 120 Index that have
emissions reduction targets approved to be aigned with the 1.5°
goal of the Paris agreement.
- Euronext entered
the Euronext Equileap Eurozone 100 and the Euronext
Equileap Gender Equality France 40, indices highlighting European
companies that have demonstrated a strong role in improving gender
equality. The gender equality score provider for these indices,
Equileap, assesses each company’s commitment to gender equality
from its boardroom to its supply chain, and is inspired by the UN
Women’s Empowerment principles. The index methodology also applies
activity-based exclusions, UNGC compliance and controversial
activities exclusion.
- Euronext
volumes January 2023
In January 2023, the average daily transaction
value on the Euronext cash order book stood at €9,794 million, down
-29.6% compared to the same period last year.
The overall average daily volume on Euronext
derivatives stood at 625,398 contracts (-23.3% compared to January
2022) and the open interest was 21,803,069 contracts at the end of
January 2022 (-14.6% compared to the end of January 2022).
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $19,646 million in January 2023,
down -12.1% compared to the same period last year.
MTS Cash average daily volumes were down -11.7%
to € 19,309 million in January 2023, MTS Repo term adjusted average
daily volume stood at €387,930 million, up +4.9% compared to the
same period last year.
Euronext Clearing cleared 5,822,840 shares in
January 2023, -27.4% compared to January 2022. €2,311 billion of
wholesale bonds were cleared in January 2023 (double counted),
+22.1% compared to the same period in 2022. 1,121,094 bond retail
contracts were cleared in January 2023 (double counted), +154.9%
compared to January 2022. The number of derivatives contracts
cleared was down -7.8% compared to January 2022, at 2,469,525
contracts (single counted).
Euronext Securities reported 11,125,961
settlement instructions in January 2023, -13.8% compared to the
same period last year. The total Assets Under Custody amount to
€6.3 trillion in January 2023, down -2.4% compared to January
2022.
-
Upgrade of the ‘Growth
for Impact 2024’
synergies
target
Euronext upgrades its targeted 2024 annual
run-rate pre-tax synergies related to the integration of the Borsa
Italiana Group by €15 millon and now expects to deliver €115
million of cumulated annual run-rate pre tax synergies by the end
of 2024.
This compares to the €100 million already
upgraded cumulated annual run-rate pre-tax synergies target
announced in November 2021 and the initial target of €60 million
set in October 2020.
The €150 million of expected non-reccuring
implementation costs remain unchanged.
Agenda
A conference call and webcast
will be held on 10
February
2023, at
09:00am CET (Paris time) /
08:00am
GMT (London time):
Conference call:
To connect to the conference call, please
dial:
| UK
Number: |
+44 33 0551
0200 |
NO
Number: |
+47 2 156
3318 |
| FR
Number: |
+33 1 70 37 71
66 |
PT
Number: |
+351 3 0880
2081 |
| NL
Number: |
+31 20 708
5073 |
IR
Number: |
+353 1 436
0959 |
| US
Number: |
+1 786 697
3501 |
IT Number: |
+39 06 8336
0400 |
| BE
Number: |
+32 2 789
8603 |
DE Number: |
+49 30 3001
90612 |
Password:
Euronext
Live webcast:
For the live audio webcast go to:
Euronext Results webcast
The webcast will be available for replay after
the call at the webcast link and on the Euronext Investor Relations
webpage.
|
CONTACT ANALYSTS & INVESTORS
– ir@euronext.com |
| Aurélie
Cohen |
+33 1 70 48 24
27 |
ir@euronext.com |
| Clément
Kubiak |
+33 1 70 48 26
33 |
ir@euronext.com |
|
CONTACTS MEDIA –
mediateam@euronext.com |
| Aurélie Cohen
(Europe) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
| Marianne Aalders
(Amsterdam) |
+31 20 721 41
33 |
maalders@euronext.com |
| Pascal Brabant
(Brussels) |
+32 2 620 15
50 |
pbrabant@euronext.com |
| Sandra Machado
(Lisbon) |
+351 210 600
614 |
smachado@euronext.com |
| Andrea Monzani
(Europe/Milan/Rome) |
+39 02 72 42 62
13 |
Italypressoffice@euronext.com |
| Cathrine Lorvik
Segerlund (Oslo) |
+47 41 69 59
10 |
clsegerlund@euronext.com |
| Sarah Mound
(Paris/Dublin) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
About Euronext
Euronext is the leading pan-European market
infrastructure, connecting European economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, Italy,
the Netherlands, Norway and Portugal. With close to 1,930 listed
equity issuers and around €6.3 trillion in market capitalisation as
of end December 2022, it has an unmatched blue chip franchise and a
strong diverse domestic and international client base. Euronext
operates regulated and transparent equity and derivatives markets,
one of Europe’s leading electronic fixed income trading markets and
is the largest centre for debt and funds listings in the world. Its
total product offering includes Equities, FX, Exchange Traded
Funds, Warrants & Certificates, Bonds, Derivatives, Commodities
and Indices. The Group provides a multi-asset clearing house
through Euronext Clearing, and custody and settlement services
through Euronext Securities central securities depositories in
Denmark, Italy, Norway and Portugal. Euronext also leverages its
expertise in running markets by providing technology and managed
services to third parties. In addition to its main regulated
market, it also operates a number of junior markets, simplifying
access to listing for SMEs.
For the latest news, go to euronext.com or
follow us on Twitter (twitter.com/euronext) and LinkedIn
(linkedin.com/euronext).
Disclaimer
This press release is for information purposes
only: it is not a recommendation to engage in investment activities
and is provided “as is”, without representation or warranty of
any kind. While all reasonable care has been taken to ensure the
accuracy of the content, Euronext does not guarantee its accuracy
or completeness. Euronext will not be held liable for any loss or
damages of any nature ensuing from using, trusting or acting on
information provided. No information set out or referred to in this
publication may be regarded as creating any right or obligation.
The creation of rights and obligations in respect of financial
products that are traded on the exchanges operated by Euronext’s
subsidiaries shall depend solely on the applicable rules of the
market operator. All proprietary rights and interest in or
connected with this publication shall vest in Euronext. This press
release speaks only as of this date. Euronext refers to Euronext
N.V. and its affiliates. Information regarding trademarks and
intellectual property rights of Euronext is available at
www.euronext.com/terms-use.
© 2023, Euronext N.V. - All rights
reserved.
The Euronext Group processes your personal data
in order to provide you with information about Euronext (the
"Purpose"). With regard to the processing of this personal data,
Euronext will comply with its obligations under Regulation (EU)
2016/679 of the European Parliament and Council of 27 April 2016
(General Data Protection Regulation, “GDPR”), and any applicable
national laws, rules and regulations implementing the GDPR, as
provided in its privacy statement available at:
www.euronext.com/privacy-policy. In accordance with the applicable
legislation you have rights with regard to the processing of your
personal data: for more information on your rights, please refer
to: www.euronext.com/data_subjects_rights_request_information. To
make a request regarding the processing of your data or to
unsubscribe from this press release service, please use our data
subject request form at
connect2.euronext.com/form/data-subjects-rights-request or email
our Data Protection Officer at dpo@euronext.com.
Appendix
Adjustments in financial
disclosure
To highlight its underlying performance, since
Q1 2022 Euronext has published underlying recurring costs, adjusted
EBITDA and non-recurring costs.
Euronext has removed the exceptional items line
from its financial statements. Consequently, costs previously
reported as exceptional items have from Q1 2022 been included in
their respective lines within Euronext operating expenses as
non-recurring items.
The €150 million of implementation costs to
deliver on the ‘Growth for Impact 2024’ strategic plan targets are
therefore considered as non-recurring items and have been withdrawn
from the underlying recurring costs.
The computation of adjusted net income and
earnings per share has been adjusted accordingly. The computation
of reported net income and earnings per share is not impacted.
2024 strategic plan targets remain unchanged and
are not affected by this change in reporting.
The new non-IFRS indicators are defined
below.
Non-IFRS financial measures
For comparative purposes, the company provides
unaudited non-IFRS measures including:
-
Operational expenses excluding depreciation and amortisation,
underlying operational expenses excluding depreciation and
amortisation;
-
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA
margin.
Non-IFRS measures are defined as follows:
-
Operational expenses excluding depreciation and amortisation as the
total of salary and employee benefits, and other operational
expenses;
-
Underlying operational expenses excluding depreciation and
amortisation as the total of salary and employee benefits, and
other operational expenses, excluding non-recurring costs;
-
Underlying revenue and income as the total of revenue and income,
excluding non-recurring revenue and income;
- Non-underlying
items as items of revenue, income and expense that are material by
their size and/or that are infrequent and unusual by their nature
or incidence are not considered to be recurring in the normal
course of business and are classified as non-underlying items on
the face of the income statement within their relevant category in
order to provide further understanding of the ongoing sustainable
performance of the Group. These items can include:
- integration or double run costs of
significant projects, restructuring costs and costs related to
acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or
losses on sale of subsidiaries and impairments of investments:
- amortisation and impairment of
intangible assets which are recognised as a result of acquisitions
and mostly comprising customer relationships, brand names and
software that were identified during purchase price allocation
(PPA);
- tax related to non-underlying
items.
-
Adjusted operating profit as the operating profit adjusted for any
non-underlying revenue and income and non-underlying costs,
including PPA of acquired businesses;
-
EBITDA as the operating profit before depreciation and
amortisation;
-
Adjusted EBITDA as the adjusted operating profit before
depreciation and amortisation adjusted for any non-underlying
operational expenses excluding depreciation and amortisation;
-
EBITDA margin as EBITDA divided by total revenue and income;
-
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue
and income;
-
Adjusted net income, as the net income, share of the parent company
shareholders, adjusted for any non-underlying items and related tax
impact.
Non-IFRS financial measures are not meant to be
considered in isolation or as a substitute for comparable IFRS
measures and should be read only in conjunction with the
consolidated financial statements.
Non-volume related revenue
definition
Non-volume related revenue includes Listing
excl. IPOs, Advanced Data Services, Custody & Settlement and
other Post-Trade, fixed revenue from the Clearing activities
(including for instance NTI and membership fees), Investor
Services, Technology Solutions, Other Income and Transitional
Revenue.
Adjusted EPS definition
|
|
Q4 2022 |
Q4 2021 |
FY 2022 |
FY 2021 |
|
Net income
reported |
99.3 |
112.7 |
437.8 |
413.3 |
|
EPS reported |
0.93 |
1.05 |
4.10 |
4.30 |
|
Adjustments |
|
|
|
|
|
of which revenues |
(0.0) |
(0.0) |
(49.0) |
(0.0) |
|
of which Operating expenses exc. D&A |
(11.0) |
(13.9) |
(27.2) |
(57.2) |
|
of which Depreciation and amortisation |
(23.1) |
(29.6) |
(91.4) |
(73.2) |
|
of which Net financing expense |
3.1 |
0.0 |
2.3 |
(7.2) |
|
of which results from equity investments |
(0.0) |
0.0 |
(1.5) |
(4.3) |
|
of which Minority interest |
3.9 |
0.2 |
4.6 |
0.9 |
|
Tax related to adjustments |
8.2 |
11.4 |
44.7 |
28.8 |
|
Adjusted net
income |
118.2 |
144.6 |
555.3 |
438.1 |
|
Adjusted EPS |
1.11 |
1.35 |
5.21 |
5.47 |
The figures in this document have not been
audited or reviewed by our external auditor
Consolidated income
statement
The figures in this document have not
been audited or reviewed by our external auditor
| |
Q4 2022 |
Q4 2021 |
|
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
|
Revenue and income |
347.0 |
(0.0) |
347.0 |
370.1 |
- |
370.1 |
|
Listing |
53.5 |
- |
53.5 |
51.9 |
- |
51.9 |
|
Trading revenue, of which |
116.3 |
- |
116.3 |
132.3 |
- |
132.3 |
|
Cash trading |
65.1 |
- |
65.1 |
79.3 |
- |
79.3 |
|
Derivatives trading |
13.4 |
- |
13.4 |
14.2 |
- |
14.2 |
|
Fixed income trading |
22.1 |
- |
22.1 |
24.2 |
- |
24.2 |
|
FX trading |
6.7 |
- |
6.7 |
6.1 |
- |
6.1 |
|
Power trading |
8.9 |
- |
8.9 |
8.5 |
- |
8.5 |
|
Investor services |
2.6 |
- |
2.6 |
2.3 |
- |
2.3 |
|
Advanced data services |
54.5 |
- |
54.5 |
50.7 |
- |
50.7 |
|
Post-Trade, of which |
88.6 |
- |
88.6 |
90.9 |
- |
90.9 |
|
Clearing |
29.0 |
- |
29.0 |
30.1 |
- |
30.1 |
|
Custody & Settlement and other |
59.6 |
- |
59.6 |
60.7 |
- |
60.7 |
|
Euronext Technology Solutions & other revenue |
26.9 |
- |
26.9 |
26.4 |
- |
26.4 |
|
Net Financing Income through CCP business |
4.3 |
- |
4.3 |
12.9 |
- |
12.9 |
|
Other income |
0.3 |
(0.0) |
0.3 |
0.6 |
- |
0.6 |
|
Transitional revenues |
0.1 |
- |
0.1 |
2.0 |
- |
2.0 |
|
Operating expenses excluding
D&A |
(159.2) |
(11.0) |
(170.2) |
(156.6) |
(13.9) |
(170.6) |
|
Salaries and employee benefits |
(77.9) |
(1.7) |
(79.7) |
(77.7) |
(7.9) |
(85.6) |
|
Other operational expenses, of which |
(81.2) |
(9.3) |
(90.5) |
(78.9) |
(6.1) |
(85.0) |
|
System & communication |
(28.5) |
(1.8) |
(30.3) |
(27.0) |
0.3 |
(26.7) |
|
Professional services |
(16.0) |
(4.6) |
(20.6) |
(21.3) |
(4.7) |
(26.0) |
|
Clearing expense |
(8.8) |
- |
(8.8) |
(8.7) |
- |
(8.7) |
|
Accommodation |
(3.9) |
0.0 |
(3.9) |
(2.6) |
(0.0) |
(2.6) |
|
Other operational expenses |
(23.9) |
(3.0) |
(26.9) |
(19.4) |
(1.6) |
(21.0) |
|
EBITDA |
187.9 |
(11.0) |
176.9 |
213.4 |
(13.9) |
199.5 |
|
EBITDA margin |
54.1% |
|
51.0% |
57.7% |
|
53.9% |
|
Depreciation & amortisation |
(19.5) |
(23.1) |
(42.6) |
(19.3) |
(29.6) |
(48.9) |
|
Total expenses |
(178.6) |
(34.1) |
(212.8) |
(175.9) |
(43.5) |
(219.4) |
|
Operating profit |
168.4 |
(34.1) |
134.2 |
194.1 |
(43.5) |
150.6 |
|
Net financing income / (expense) |
(9.1) |
3.1 |
(6.0) |
(6.7) |
- |
(6.7) |
|
Results from equity investment |
12.6 |
(0.0) |
12.6 |
7.3 |
- |
7.3 |
|
Profit before
income tax |
171.8 |
(31.1) |
140.8 |
194.8 |
(43.5) |
151.3 |
|
Income tax expense |
(46.6) |
8.2 |
(38.5) |
(47.1) |
11.4 |
(35.7) |
|
Non-controlling interests |
(7.0) |
3.9 |
(3.0) |
(3.2) |
0.2 |
(2.9) |
|
Net income, share of the parent company
shareholders |
118.2 |
(19.0) |
99.3 |
144.6 |
(31.9) |
112.7 |
|
EPS (basic, in €) |
1.11 |
|
0.93 |
1.35 |
|
1.05 |
|
EPS (diluted, in €) |
1.10 |
|
0.93 |
1.35 |
|
1.05 |
| |
FY 2022 |
FY 2021 |
|
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
|
Revenue and income |
1,467.8 |
(49.0) |
1,418.8 |
1,298.7 |
(0.0) |
1,298.7 |
|
Listing |
218.4 |
- |
218.4 |
189.7 |
- |
189.7 |
|
Trading revenue, of which |
514.1 |
- |
514.1 |
465.3 |
- |
465.3 |
|
Cash trading |
301.7 |
- |
301.7 |
293.7 |
- |
293.7 |
|
Derivatives trading |
58.4 |
- |
58.4 |
52.5 |
- |
52.5 |
|
Fixed income trading |
93.0 |
- |
93.0 |
65.8 |
- |
65.8 |
|
FX trading |
28.4 |
- |
28.4 |
23.5 |
- |
23.5 |
|
Power trading |
32.7 |
- |
32.7 |
29.9 |
- |
29.9 |
|
Investor services |
9.6 |
- |
9.6 |
8.9 |
- |
8.9 |
|
Advanced data services |
212.1 |
- |
212.1 |
183.6 |
- |
183.6 |
|
Post-Trade, of which |
364.5 |
- |
364.5 |
320.6 |
- |
320.6 |
|
Clearing |
121.4 |
- |
121.4 |
101.4 |
- |
101.4 |
|
Custody & Settlement and other |
243.1 |
- |
243.1 |
219.2 |
- |
219.2 |
|
Euronext Technology Solutions & other revenue |
100.1 |
0.0 |
100.1 |
85.5 |
(0.0) |
85.5 |
|
Net Financing Income through CCP business |
44.0 |
(49.0) |
(4.9) |
35.4 |
- |
35.4 |
|
Other income |
1.5 |
0.0 |
1.5 |
3.5 |
- |
3.5 |
|
Transitional revenues |
3.4 |
0.0 |
3.4 |
6.2 |
- |
6.2 |
|
Operating expenses excluding D&A |
(606.1) |
(27.2) |
(633.4) |
(527.6) |
(57.2) |
(584.8) |
|
Salaries and employee benefits |
(301.1) |
(6.0) |
(307.0) |
(275.8) |
(11.3) |
(287.1) |
|
Other operational expenses, of which |
(305.1) |
(21.3) |
(326.3) |
(251.8) |
(45.9) |
(297.7) |
|
System & communication |
(116.7) |
(5.2) |
(121.9) |
(86.2) |
(0.1) |
(86.3) |
|
Professional services |
(58.7) |
(12.5) |
(71.2) |
(67.2) |
(21.9) |
(89.1) |
|
Clearing expense |
(35.6) |
- |
(35.6) |
(33.6) |
- |
(33.6) |
|
Accommodation |
(13.5) |
0.0 |
(13.5) |
(9.3) |
(0.0) |
(9.3) |
|
Other operational expenses |
(80.5) |
(3.5) |
(84.1) |
(55.5) |
(23.8) |
(79.3) |
|
EBITDA |
861.6 |
(76.2) |
785.4 |
771.0 |
(57.2) |
713.9 |
|
EBITDA margin |
58.7% |
|
55.4% |
59.4% |
|
55.0% |
|
Depreciation & amortisation |
(68.8) |
(91.4) |
(160.2) |
(61.4) |
(73.2) |
(134.6) |
|
Total expenses |
(675.0) |
(118.6) |
(793.6) |
(589.0) |
(130.3) |
(719.4) |
|
Operating profit |
792.8 |
(167.5) |
625.3 |
709.6 |
(130.3) |
579.3 |
|
Net financing income / (expense) |
(32.0) |
2.3 |
(29.7) |
(24.5) |
(7.2) |
(31.7) |
|
Results from equity investment |
20.2 |
(1.5) |
18.7 |
37.4 |
(4.3) |
33.2 |
|
Profit before
income tax |
781.0 |
(166.8) |
614.2 |
722.6 |
(141.9) |
580.7 |
|
Income tax expense |
(208.3) |
44.7 |
(163.6) |
(187.4) |
28.8 |
(158.6) |
|
Non-controlling interests |
(17.4) |
4.6 |
(12.8) |
(9.6) |
0.9 |
(8.7) |
|
Net income, share of the parent company
shareholders |
555.3 |
(117.5) |
437.8 |
525.5 |
(112.2) |
413.3 |
|
EPS (basic, in €) |
5.21 |
|
4.10 |
5.47 |
|
4.30 |
|
EPS (diluted, in €) |
5.19 |
|
4.10 |
5.46 |
|
4.29 |
Consolidated comprehensive income
statement
| |
Q4 2022 |
Q4 2021 |
|
Profit for the period |
102.3 |
115.6 |
| |
|
|
|
Other comprehensive
income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
(3.1) |
12.5 |
|
– Income tax impact on exchange differences on translation of
foreign operations |
0.8 |
(1.5) |
|
– Change in value of debt investments at fair value through other
comprehensive income |
21.4 |
(5.5) |
|
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(6.1) |
1.9 |
| |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
7.2 |
(0.2) |
|
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
(0.8) |
(0.6) |
|
-Remeasurements of post-employment benefit obligations |
1.0 |
(0.5) |
|
– Income tax impact on remeasurements of post-employment benefit
obligations |
(0.0) |
0.1 |
|
Other comprehensive income for the period, net of tax |
20.4 |
6.2 |
|
Total comprehensive income for the period |
122.7 |
121.8 |
| |
|
|
|
Comprehensive income
attributable to: |
|
|
|
– Owners of the parent |
119.8 |
118.5 |
|
– Non-controlling interests |
2.9 |
3.3 |
The figures in this document have not been
audited or reviewed by our external auditor
| |
FY 2022 |
FY 2021 |
|
Profit for the period |
450.6 |
422.1 |
| |
|
|
|
Other comprehensive
income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
(29.4) |
51.2 |
|
– Income tax impact on exchange differences on translation of
foreign operations |
2.8 |
(6.1) |
|
– Change in value of debt investments at fair value through other
comprehensive income |
(40.3) |
(7.7) |
|
– Realisation of fair value changes upon disposal of debt
investments |
49.0 |
- |
|
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(2.4) |
2.6 |
| |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
42.1 |
3.0 |
|
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
(8.5) |
(1.2) |
|
– Remeasurements of post-employment benefit obligations |
11.9 |
2.9 |
|
– Income tax impact on remeasurements of post-employment benefit
obligations |
(1.3) |
(0.2) |
|
Other comprehensive income for the period, net of tax |
23.7 |
44.4 |
|
Total comprehensive income for the period |
474.4 |
466.5 |
| |
|
|
|
Comprehensive income
attributable to: |
|
|
|
– Owners of the parent |
462.0 |
456.5 |
|
– Non-controlling interests |
12.4 |
10.0 |
Consolidated balance sheet
| in €
million |
31 December
2022 |
31 December 2021 |
|
Non-current
assets |
|
|
|
Property, plant and equipment |
109.4 |
97.6 |
|
Right-of-use assets |
42.3 |
66.2 |
|
Goodwill and other intangible assets |
6,205.8 |
6,215.8 |
|
Deferred income tax assets |
18.9 |
37.5 |
|
Investments in associates and joint ventures |
72.0 |
69.2 |
|
Financial assets at fair value through OCI |
278.2 |
258.1 |
|
Other non-current assets |
3.7 |
4.2 |
|
Total non-current
assets |
6,730.3 |
6,748.6 |
| |
|
|
|
Current assets |
|
|
|
Trade and other receivables |
345.7 |
416.6 |
|
Income tax receivable |
54.9 |
10.0 |
|
Derivative financial instruments |
(0.0) |
11.9 |
|
CCP clearing business assets |
166,842.5 |
137,750.9 |
|
Other current financial assets |
162.7 |
157.6 |
|
Cash & cash equivalents |
1,001.1 |
804.4 |
|
Total current
assets |
168,407.0 |
139,151.3 |
|
|
|
|
|
Assets from disposal groups held for sale |
(0.0) |
6.4 |
|
Total assets |
175,137.3 |
145,906.3 |
| |
|
|
|
Equity |
|
|
|
Shareholders' equity |
3,914.0 |
3,647.6 |
|
Non-controlling interests |
126.3 |
85.3 |
|
Total Equity |
4,040.3 |
3,770.7 |
| |
|
|
|
Non-current
liabilities |
|
|
|
Borrowings |
3,027.2 |
3,044.4 |
|
Lease liabilities |
21.6 |
50.7 |
|
Deferred income tax liabilities |
552.6 |
592.4 |
|
Post-employment benefits |
19.6 |
32.1 |
|
Contract liabilities |
63.8 |
70.3 |
|
Other provisions |
7.0 |
8.8 |
|
Total Non-current
liabilities |
3,691.8 |
3,798.8 |
| |
|
|
|
Current liabilities |
|
|
|
Borrowings |
17.4 |
17.4 |
|
Lease liabilities |
28.5 |
21.0 |
|
CCP clearing business liabilities |
166,858.7 |
137,732.4 |
|
Income tax payable |
28.5 |
42.1 |
|
Trade and other payables |
396.3 |
439.9 |
|
Contract liabilities |
75.2 |
80.5 |
|
Other provisions |
0.7 |
2.3 |
|
Total Current
liabilities |
167,405.2 |
138,335.5 |
|
|
|
|
|
Liabilities from disposal groups held for sale |
(0.0) |
1.3 |
|
Total equity and
liabilities |
175,137.3 |
145,906.3 |
The consolidated Balance Sheet includes the
Euronext Clearing (CC&G) business assets and liabilities
The figures in this document have not been
audited or reviewed by our external auditor. Numbers for the
comparative period have been restated
Consolidated statement of cash
flows
| in €
million |
Q4 2022 |
Q4 2021 |
|
Profit before
tax |
140.8 |
151.3 |
|
Adjustments for: |
|
|
|
- Depreciation and amortisation |
42.6 |
48.9 |
|
- Share based payments |
4.2 |
3.0 |
|
- Share of profit from associates and joint ventures |
(2.8) |
(3.3) |
|
- Changes in working capital |
(254.9) |
29.4 |
| |
|
|
|
Cash flow from operating activities |
(70.1) |
229.2 |
|
Income tax paid |
(77.0) |
(83.6) |
|
Net cash flows from operating activities |
(147.1) |
145.6 |
| |
|
|
|
Cash flow from investing activities |
|
|
|
Acquisition of subsidiaries, net of cash acquired |
(0.7) |
- |
|
Business combinations, net of cash acquired |
(54.3) |
- |
|
Proceeds from sale of subsidiary |
7.8 |
- |
|
Purchase of current financial assets |
1.8 |
(0.5) |
|
Redemption of current financial assets |
0.6 |
7.5 |
|
Purchase of property, plant and equipment |
(10.8) |
(15.0) |
|
Purchase of intangible assets |
(20.0) |
(14.1) |
|
Proceeds from sale of property, plant, equipment and intangible
assets |
0.0 |
(0.0) |
|
Dividends received from equity investments |
9.8 |
4.0 |
|
Dividends received from associates |
0.0 |
0.0 |
|
Net cash flow from investing activities |
(65.7) |
(18.0) |
| |
|
|
|
Cash flow from financing activities |
|
|
|
Proceeds from borrowings, net of transaction fees |
- |
(80.0) |
|
Interest paid |
(0.3) |
(0.5) |
|
Settlement of derivatives financial instruments |
0.0 |
- |
|
Issuance new shares, net of transaction fees |
- |
2.3 |
|
Payment of lease liabilities |
(4.5) |
(7.8) |
|
Acquisitions of own shares |
1.0 |
(31.4) |
|
Employee Share transactions |
(0.1) |
(1.3) |
|
Dividends paid to non-controlling interests |
(5.4) |
(5.6) |
|
Net cash flow from financing activities |
(9.3) |
(124.4) |
| |
|
|
|
Total cash flow over the period |
(222.1) |
3.3 |
|
Cash and cash equivalents - Beginning of period |
1,215.0 |
802.5 |
|
Non cash exchange gains/(losses) on cash and cash equivalents |
8.2 |
3.6 |
|
Cash and cash equivalents - End of period |
1,001.1 |
809.4 |
Cash and cash equivalents – End of period also
include the cash included in the assets held for sale in the
balance sheet. Higher negative changes in working capital notably
reflect short-term movement in outstanding power sales customers
and suppliers invoices related to Nord Pool CCP activities.
The figures in this document have not been
audited or reviewed by our external auditor. Numbers for the
comparative period have been restated
| in €
million |
FY 2022 |
FY 2021 |
|
Profit before tax |
614.2 |
580.7 |
|
Adjustments for: |
|
|
|
- Depreciation and amortisation |
160.2 |
134.6 |
|
- Share based payments |
14.0 |
10.4 |
|
- Share of profit from associates and joint ventures |
(8.8) |
(7.4) |
|
- Changes in working capital |
57.5 |
41.1 |
| |
|
|
|
Cash flow from operating activities |
837.1 |
759.3 |
|
Income tax paid |
(220.6) |
(215.6) |
|
Net cash flows from operating activities |
616.5 |
543.7 |
| |
|
|
|
Cash flow from investing activities |
|
|
|
Acquisition of subsidiaries, net of cash acquired |
(0.7) |
- |
|
Business combinations, net of cash acquired |
(66.0) |
(4,196.0) |
|
Proceeds from sale of subsidiary |
8.7 |
5.9 |
|
Purchase of current financial assets |
(30.6) |
(40.4) |
|
Redemption of current financial assets |
42.9 |
50.2 |
|
Purchase of property, plant and equipment |
(31.9) |
(33.4) |
|
Purchase of intangible assets |
(67.7) |
(34.2) |
|
Proceeds from sale of property, plant, equipment and intangible
assets |
0.1 |
|
|
Dividends received from equity investments |
9.8 |
25.7 |
|
Dividends received from associates |
6.7 |
6.7 |
|
Net cash flow from investing activities |
(128.5) |
(4,215.5) |
| |
|
|
|
Cash flow from financing activities |
|
|
|
Proceeds from borrowings, net of transaction fees |
- |
5,471.7 |
|
Repayment of borrowings, net of transaction fees |
- |
(3,762.9) |
|
Interest paid |
(29.6) |
(16.1) |
|
Interest received |
5.9 |
5.0 |
|
Settlement of derivatives financial instruments |
(8.9) |
- |
|
Issuance new shares, net of transaction fees |
- |
2,375.2 |
|
Payment of lease liabilities |
(23.4) |
(23.8) |
|
Acquisitions of own shares |
(0.0) |
(31.8) |
|
Employee Share transactions |
(3.6) |
(5.1) |
|
Dividends paid to the company’s shareholders |
(206.0) |
(157.2) |
|
Dividends paid to non-controlling interests |
(10.9) |
(16.0) |
|
Net cash flow from financing activities |
(276.5) |
3,839.1 |
| |
|
|
|
Total cash flow over the period |
211.5 |
167.3 |
|
Cash and cash equivalents - Beginning of period |
809.4 |
629.5 |
|
Non cash exchange gains/(losses) on cash and cash equivalents |
(19.9) |
12.7 |
|
Cash and cash equivalents - End of period |
1,001.1 |
809.4 |
Cash and cash equivalents – End of period also
include the cash included in the assets held for sale in the
balance sheet
The figures in this document have not been
audited or reviewed by our external auditor. Numbers for the
comparative period have been restated
Volumes for the fourth
quarter and full year of 2022
| |
Q4 2022 |
Q4 2021 |
%var |
| Number of
trading days |
64 |
66 |
|
|
Number of transactions (buy and sells, inc. reported
trades) |
|
Total Cash Market |
178,721,696 |
224,642,330 |
-20.4% |
| ADV Cash
Market |
2,792,527 |
3,403,672 |
-18.0% |
|
Transaction value ( € million, single
counted) |
|
|
|
|
Total Cash Market |
645,454 |
803,596 |
-19.7% |
| ADV
Cash Market |
10,085 |
12,176 |
-17.2% |
| |
|
|
|
|
Listings |
|
|
|
|
Number of Issuers on Equities |
|
|
|
| Euronext |
1,929 |
1,955 |
-1.3% |
| SMEs |
1,530 |
1,514 |
+1.1% |
| Number
of Listed Securities |
|
|
|
| Funds |
2,927 |
3,125 |
-6.3% |
| ETFs |
3,717 |
3,484 |
+6.7% |
| Bonds |
53,042 |
52,286 |
+1.4% |
| |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
|
Total Euronext, in €m |
|
|
|
| Number of new
equity listings |
24 |
57 |
|
| Money Raised -
New equity listings (incl over allotment) |
310.2 |
6,581 |
-95.3% |
| Money Raised -
Follow-ons on equities |
10,052 |
8,268 |
+21.6% |
| Money Raised -
Bonds |
226,900 |
389,375 |
-41.7% |
| Total Money
Raised |
237,262 |
404,224 |
-41.3% |
| |
|
|
|
| of
which SMEs |
|
|
|
| Number of new
equity listings |
23 |
52 |
|
| Money Raised -
New equity listings (incl over allotment) |
306 |
2,493 |
-87.7% |
| Money Raised -
Follow-ons on equities |
3,906 |
3,263 |
+19.7% |
| Money Raised -
Bonds |
240 |
1,650 |
-85.5% |
| Total Money
Raised |
4,451 |
7,405 |
-39.9% |
| |
YTD 2022 |
YTD 2021 |
%var |
| Number of
trading days |
257 |
258 |
|
|
Number of transactions (buy and sells, inc. reported
trades) |
|
Total Cash Market |
866,303,290 |
896,622,952 |
-3.4% |
| ADV Cash
Market |
3,370,830 |
3,475,283 |
-3.0% |
|
Transaction value ( € million, single
counted) |
|
|
|
|
Total Cash Market |
3,006,082 |
3,046,361 |
-1.3% |
| ADV
Cash Market |
11,697 |
11,808 |
-0.9% |
| |
|
|
|
|
Listings |
|
|
|
|
Number of Issuers on Equities |
|
|
|
| Euronext |
1,929 |
1,955 |
-1.3% |
| SMEs |
1,530 |
1,514 |
+1.1% |
| Number
of Listed Securities |
|
|
|
| Funds |
2,927 |
3,125 |
-6.3% |
| ETFs |
3,717 |
3,484 |
+6.7% |
| Bonds |
53,042 |
52,286 |
+1.4% |
| |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
|
Total Euronext, in €m |
|
|
|
| Number of new
equity listings |
83 |
212 |
|
| Money Raised -
New equity listings (incl over allotment) |
3,750.8 |
26,015 |
-85.6% |
| Money Raised -
Follow-ons on equities |
28,481 |
82,972 |
-65.7% |
| Money Raised -
Bonds |
961,858 |
1,497,633 |
-35.8% |
| Total Money
Raised |
994,090 |
1,606,619 |
-38.1% |
| |
|
|
|
| of
which SMEs |
|
|
|
| Number of new
equity listings |
77 |
194 |
|
| Money Raised -
New equity listings (incl over allotment) |
2,973 |
10,642 |
-72.1% |
| Money Raised -
Follow-ons on equities |
9,405 |
15,786 |
-40.4% |
| Money Raised -
Bonds |
2,336 |
4,324 |
-46.0% |
| Total Money
Raised |
14,714 |
30,752 |
-52.2% |
| |
Q4
2022 |
Q4
2021 |
% var |
|
Transaction value (€ million, single counted) |
|
|
|
|
MTS |
|
|
|
| ADV MTS
Cash |
15,416 |
22,900 |
-32.7% |
| TAADV MTS
Repo |
397,003 |
291,927 |
+36.0% |
|
Other fixed
income |
|
|
|
| ADV Fixed
income |
1,058 |
852 |
+24.2% |
| |
FY 2022 |
FY 2021 |
% var |
|
Transaction value (€ million, single counted) |
|
|
|
|
MTS |
|
|
|
| ADV MTS
Cash |
18,862 |
23,949 |
-21.2% |
| TAADV MTS
Repo |
353,700 |
282,655 |
+25.1% |
|
Other fixed
income |
|
|
|
| ADV Fixed
income |
909 |
895 |
+1.6% |
| |
Q4 2022 |
Q4 2021 |
% var |
| Number of trading
days |
65 |
66 |
|
|
FX volume ($m, single counted) |
|
|
|
| Total Euronext
FX |
1,310,383 |
1,279,143 |
+2.4% |
| ADV Euronext
FX |
20,160 |
19,381 |
+4.0% |
| |
|
|
|
| |
FY 2022 |
FY 2021 |
% var |
| Number of trading
days |
260 |
260 |
|
|
FX volume ($m, single counted) |
|
|
|
| Total Euronext
FX |
5,851,899 |
4,995,569 |
+17.1% |
| ADV Euronext
FX |
22,507 |
19,214 |
+17.1% |
| |
Q4 2022 |
Q4 2021 |
% var |
| Number of
trading days |
92 |
92 |
|
|
Power volume (in TWh) |
|
|
|
| ADV Day-ahead
Power Market |
2.98 |
2.76 |
+7.9% |
| ADV Intraday
Power Market |
0.13 |
0.08 |
+69.6% |
|
|
|
|
|
|
|
FY 2022 |
FY 2021 |
% var |
| Number of
trading days |
365 |
365 |
|
|
Power volume (in TWh) |
|
|
|
| ADV Day-ahead
Power Market |
2.75 |
2.47 |
+11.4% |
| ADV Intraday
Power Market |
0.10 |
0.07 |
+49.8% |
| |
Q4 2022 |
Q4 2021 |
% var |
| Number of
trading days |
66 |
66 |
|
|
Derivatives Volume (in lots) |
|
|
|
| |
|
|
|
|
Equity |
35,233,108 |
41,615,200 |
-15.3% |
|
Index |
16,033,772 |
13,898,538 |
+15.4% |
|
Futures |
9,885,622 |
9,263,481 |
+6.7% |
|
Options |
6,148,150 |
4,635,057 |
+32.6% |
|
Individual Equity |
19,199,336 |
27,716,662 |
-30.7% |
|
Futures |
927,921 |
3,050,923 |
-69.6% |
|
Options |
18,271,415 |
24,665,739 |
-25.9% |
|
|
|
|
|
|
Commodity |
4,637,260 |
5,774,309 |
-19.7% |
|
Futures |
4,216,545 |
4,922,988 |
-14.3% |
|
Options |
420,715 |
851,321 |
-50.6% |
| |
|
|
|
|
Total Euronext |
39,870,368 |
47,389,509 |
-15.9% |
|
Total Futures |
15,030,088 |
17,237,392 |
-12.8% |
|
Total Options |
24,840,280 |
30,152,117 |
-17.6% |
|
|
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
|
Equity |
550,517 |
630,533 |
-12.7% |
|
Index |
250,528 |
210,584 |
+19.0% |
|
Futures |
154,463 |
140,356 |
+10.1% |
|
Options |
96,065 |
70,228 |
+36.8% |
|
Individual Equity |
299,990 |
419,949 |
-28.6% |
|
Futures |
14,499 |
46,226 |
-68.6% |
|
Options |
285,491 |
373,723 |
-23.6% |
|
|
|
|
|
|
Commodity |
72,457 |
87,490 |
-17.2% |
|
Futures |
65,884 |
74,591 |
-11.7% |
|
Options |
6,574 |
12,899 |
-49.0% |
|
|
|
|
|
|
Total Euronext |
622,975 |
718,023 |
-13.2% |
|
Total Futures |
234,845 |
261,173 |
-9.6% |
|
Total Options |
388,129 |
456,850 |
-2.0% |
| |
FY 2022 |
FY 2021 |
% var |
| Number of
trading days |
257 |
258 |
|
|
Derivatives Volume (in lots) |
|
|
|
| |
|
|
|
|
Equity |
158,335,700 |
167,931,631 |
-5.7% |
|
Index |
64,341,758 |
57,331,737 |
+12.2% |
|
Futures |
43,007,940 |
38,377,265 |
+12.1% |
|
Options |
21,333,818 |
18,954,472 |
+12.6% |
|
Individual Equity |
93,993,942 |
110,599,894 |
-15.0% |
|
Futures |
9,288,011 |
20,729,380 |
-55.2% |
|
Options |
84,705,931 |
89,870,514 |
-5.7% |
|
|
|
|
|
|
Commodity |
20,384,703 |
21,212,415 |
-3.9% |
|
Futures |
17,825,764 |
18,768,517 |
-5.0% |
|
Options |
2,558,939 |
2,443,898 |
+4.7% |
| |
|
|
|
|
Total Euronext |
178,720,403 |
189,144,046 |
-5.5% |
|
Total Futures |
70,121,715 |
77,875,162 |
-10.0% |
|
Total Options |
108,598,688 |
111,268,884 |
-2.4% |
|
|
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
|
Equity |
616,092 |
650,898 |
-5.3% |
|
Index |
250,357 |
222,216 |
+12.7% |
|
Futures |
167,346 |
148,749 |
+12.5% |
|
Options |
83,011 |
73,467 |
+13.0% |
|
Individual Equity |
365,735 |
428,682 |
-14.7% |
|
Futures |
36,140 |
80,346 |
-55.0% |
|
Options |
329,595 |
348,335 |
-5.4% |
|
|
|
|
|
|
Commodity |
79,318 |
82,219 |
-3.5% |
|
Futures |
69,361 |
72,746 |
-4.7% |
|
Options |
9,957 |
9,472 |
+5.1% |
|
|
|
|
|
|
Total Euronext |
695,410 |
733,116 |
-5.1% |
|
Total Futures |
272,847 |
301,842 |
-9.6% |
|
Total Options |
422,563 |
431,275 |
-2.0% |
-
Derivatives open interest
|
|
31 December
2022 |
31 December
2021 |
% var |
|
Open interest (in
lots) |
|
|
|
| |
|
|
|
|
Equity |
17,957,749 |
21,689,103 |
-17.2% |
|
Index |
1,074,463 |
1,202,953 |
-10.7% |
|
Futures |
539,893 |
584,129 |
-7.6% |
|
Options |
534,570 |
618,824 |
-13.6% |
|
Individual Equity |
16,883,286 |
20,486,150 |
-17.6% |
|
Futures |
225,815 |
1,149,835 |
-80.4% |
|
Options |
16,657,471 |
19,336,315 |
-13.9% |
|
|
|
|
|
|
Commodity |
865,620 |
1,096,536 |
-21.1% |
|
Futures |
567,916 |
701,280 |
-19.0% |
|
Options |
297,704 |
395,256 |
-24.7% |
| |
|
|
|
|
Total Euronext |
18,823,369 |
22,785,639 |
-17.4% |
|
Total Futures |
1,333,624 |
2,435,244 |
-45.2% |
|
Total Options |
17,489,745 |
20,350,395 |
-14.1% |
1 Underlying revenue excludes €49.0 million non-underlying,
one-off loss (€35 million post tax) related to the partial disposal
of the Euronext Clearing portfolio. Please refer to the section on
net treasury income and
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.2 The variances on pro forma basis assume that the
acquisition of the Borsa Italiana Group took place on 1 January
2021 and therefore include the Borsa Italiana Group financial
performance for the entire comparative period. The Borsa Italiana
Group financials were consolidated from 29 April 2021. 3 Definition
in Appendix – adjusted for non-underlying operating expenses
excluding D&A and non-underlying revenue and income.4
Definition and details of adjustments in Appendix.5 Like-for-like
revenue at constant currencies for 2021 and 2022 excludes Euronext
Funds360 and the activities acquired from Spafid by Euronext
Securities, as well as related costs.6 Unless specified otherwise,
percentages refer to 2022 period data compared to 2021 period
data.7 Underlying revenue excludes €49.0 million non-underlying,
one-off loss (€35 million post tax) related to the partial disposal
of the Euronext Clearing portfolio. Please refer to the section on
net treasury income and
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.8 For the total adjustments performed please refer
to the Appendix of this press release.9 For more details on the
partial disposal of the portfolio, see Net treasury income section
of this press release and the announcement of the portfolio
re-allocation in the Q2 2022 results press release:
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results.10
Please refer to the Net treasury income section and
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.
11 Unless specified otherwise, percentages refer to 2022 period
data compared to 2021 period data12 For the total adjustments
performed please refer to the Appendix of this press release13
Admission fees are recognised over a period of 3-5 years. 14
Admission fees are recognised over a period of 3-5 years. 15 In
terms of money raised16 Companies from outside of Euronext core
markets17 According to FESE (Federation of European Securities
Exchanges). Figures for money raised have been restated1 Source of
EBBO presence data: BMLL1 Source of EBBO presence data: BMLL
20 In July 2022, Euronext Clearing reduced its
investment portfolio with the aim of strengthening and preserving
its available regulatory capital and aligning the investment
strategy to the current level of market volatility and uncertainty.
Euronext Clearing disposed of its portfolio maturing after 1st May
2023 and retained its short-term portfolio maturing through April
2023 and hold these to maturity. At the beginning of Q2 2023,
Euronext Clearing will no longer hold an outright portfolio. Please
refer to
https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.
21 The migrations of listed financial derivatives and
commodities markets are subject to the declaration of non-objection
of the relevant regulators
- 20230209_Euronext_PR_Q422_VF
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