NYX Nyse Euronext

Deutsche Boerse AG (DB1.XE) Wednesday said the German exchange operator's 2012 growth targets remain unchanged, despite a subdued first quarter.

"The current year has begun modestly due to the on-going lack of confidence among market participants," Chief Executive Reto Francioni told the annual general meeting. "This does not mean that we are losing sight of our growth targets," he added.

For 2012, Deutsche Boerse targets net revenue in a range between EUR2.15 billion and EUR2.3 billion, equivalent to a rise of between 2.4% and 10% of the 2011 figure of EUR2.1 billion, which had been the highest level in the company's history since 2008.

Francioni said the exchange operator, which has taken various measures over the past years to cut operating and administrative expenses, also has costs under control. For 2012, Deutsche Boerse targets costs below EUR930 million. This is 4.5% higher compared with EUR890 million last year when excluding costs related to the planned merger with US peer NYSE Euronext (NYX). This increase is due to investments in growth initiatives -- expansion of products and services in unregulated markets, technology, growth markets and new customer groups -- and moderate inflation, Francioni said. The company, however, isn't currently planning to reduce staff further.

By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com

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