Euronext publishes Q4 and full year 2023 results
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Euronext publishes Q4 and full year 2023
results
Strong results demonstrating benefits of
Euronext’s diversified business model. 2023 costs better than
revised guidance. €74 million cumulated run-rate synergies
delivered, above the 2023 interim guidance of €70
million.
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris – 15 February 2024 – Euronext,
the leading pan-European market infrastructure, today
publishes its results for the fourth quarter and full year
2023.
-
Full year 2023 revenue and income1 was up
+3.9% at €1,474.7 million (+0.5% compared to 2022 underlying
revenue and income):
-
Strong performance of non-volume related revenue representing 60%
of total revenue2 and income (vs. 57% in 2022) and covering 145% of
underlying operating expenses, excluding D&A2 (vs. 133% in
2022):
-
Technology Solutions reported €109.9 million of revenue (+9.8%),
reflecting continued benefits from the internalisation of
colocation services following the migration of the Core Data Centre
to Bergamo, Italy;
-
Advanced Data Services revenue grew to €224.8 million (+6.0%),
driven by a strong performance across the data products offering
and solid demand for analytic products;
-
Custody and Settlement revenue grew to €248.9 million (+2.4%),
driven by growing assets under custody, improved revenue capture
and continued expansion of the services business. This was partly
offset by lower settlement volumes and the negative FX impact.
Like-for-like at constant currencies, revenue was up +5.5%;
-
Listing revenue grew to €220.6 million (+1.0%), thanks to the
continued expansion of the Corporate Services offering. In 2023,
Euronext remained the leading venue for equity listing in Europe,
recording 64 new equity listings, and the leading venue for debt
listing globally. Listing performance was negatively impacted by FX
impact. Like-for-like at constant currencies, revenue was up
+3.2%.
-
Clearing revenue was stable year-on-year at €121.3 million, thanks
to the additional business captured by Euronext Clearing following
its expansion for equities on 27 November 2023 and dynamic bond
clearing, that offset softer equity and derivatives clearing
volumes. Net treasury income for Euronext Clearing was €46.7
million (+6.0% compared to 2022 underlying net treasury
income1).
-
Trading revenue was €490.0 million (-4.7%), reflecting the softer
environment for cash trading (€265.4 million, -12.0%) and
derivatives trading (€54.2 million, -7.2%) offset by record results
in fixed income (€107.4 million, +15.6%) and power trading (€37.4
million, +14.5%).
-
Underlying operating expenses excluding
D&A2 were €610.0 million
(+0.6%), better than guided at €618 million (revised
from €630 million3 due to FX impact) thanks to continued cost
control, and a one-off accruals release of €6.3 million.
-
Adjusted EBITDA2 was
€864.7 million (+0.4%) and adjusted EBITDA margin was 58.6% (-0.1
pts).
-
Adjusted net income2 was
€584.7 million (+5.3%) and adjusted EPS was €5.51
(+5.9%).
-
Reported net income was €513.6 million (+17.3%),
reflecting €53.0 million of capital gains, positive interest rates
environment and positive comparison base in 2022.
-
Net debt to reported EBITDA was at 2.0x at the end of 2023
and net debt to adjusted EBITDA at 1.9x.
-
Key figures for full year 2023:
|
In €m, unless stated otherwise |
2023 |
2022 |
% var |
% var l-f-l4 |
|
Revenue and income |
1,474.7 |
1,418.8 |
+3.9% |
+1.6% |
|
Underlying revenue and income1 |
1,474.7 |
1,467.8 |
+0.5% |
|
|
Underlying operational expenses excluding D&A2 |
(610.0) |
(606.1) |
+0.6% |
+3.3% |
|
Adjusted EBITDA |
864.7 |
861.6 |
+0.4% |
+0.4% |
|
Adjusted EBITDA margin |
58.6% |
58.7% |
-0.1pts |
-0.7pts |
|
Net income, share of the parent company shareholders |
513.6 |
437.8 |
+17.3% |
|
|
Adjusted net income, share of the parent company
shareholders |
584.7 |
555.3 |
+5.3% |
|
|
Adjusted EPS (basic, in€) (share count differs
between the two periods) |
5.51 |
5.21 |
+5.9% |
|
|
Reported EPS (basic, in€) (share count differs
between the two periods) |
4.84 |
4.10 |
+18.0% |
|
|
Adjusted EPS (diluted, in€) (share count differs between the two
periods) |
5.50 |
5.19 |
+5.8% |
|
|
Reported EPS (diluted, in€) (share count differs between the two
periods) |
4.83 |
4.10 |
+17.9% |
|
- Great
progress with Borsa Italiana Group integration leads to accelerated
synergies delivery:
- €74
million of cumulated run-rate annual EBITDA synergies were
achieved at end of 2023, above the €70 million interim target. €26
million run-rate annual EBITDA synergies were delivered in Q4 2023,
mainly related to the first phase of the Euronext Clearing European
expansion to equity clearing.
- €103 million
cumulated implementation costs were incurred since the acquisition
of the Borsa Italiana Group, of which €8 million were incurred
during Q4 2023.
- Euronext
successfully expanded Euronext Clearing as the pan-European
clearing house for Euronext cash markets. Following the expansion
of clearing activities to Euronext Brussels cash markets on 6
November 2023, Euronext expanded its clearing offering, on
schedule, to the cash markets in France, Ireland, the Netherlands,
and Portugal on 27 November 2023. Euronext Clearing now clears
equities, ETFs, structured products, warrants, and bonds across six
Euronext markets. The implementation of harmonised clearing
allows market participants to streamline their entire trade
lifecycle within Euronext and to leverage on Euronext Securities to
access T2S.
- Euronext is well on
track for the delivery of the last major milestones of the “Growth
for Impact 2024” strategic plan in 2024. The migration of Italian
derivatives trading to Optiq® in Q1 2024 and the expansion of
Euronext Clearing to Euronext listed financial and commodities
derivatives by Q3 2024 will significantly contribute to reaching
the targeted €115 million synergies by end of 2024.
- Dividend
proposal:
A dividend of €256.8 million will be proposed to
the Annual General Meeting on 15 May 2024. This represents 50% of
2023 reported net income, in line with Euronext’s dividend policy.
Based on the number of outstanding shares at the end of 2023, this
represents a dividend of €2.48 per share, up +11.7% compared to
2022.
In 2023, underlying expenses excluding D&A
were positively impacted by a one-off accruals release of €6.3
million and by a positive impact of €11.4 million from the NOK
depreciation. Consequently, Euronext reported €610.0 million
underlying expenses excluding D&A in 2023, compared to an
initial guidance of €630 million.
In 2024, Euronext will continue its costs
control policy and expects that savings and synergies will offset
inflation and 2023 costs ramp-up. As a result, Euronext
expects its 2024 underlying expenses excluding D&A to be around
€625 million, including around €10 million to finance growth
projects and excluding potential impact from FX over the
year.
- Continued
innovation in trading with the launch of Euronext Mid-Point
Match
Following the successful opening of the test
environment for Euronext’s new dark trading facility at the end of
January 2024, Euronext confirms the launch of Dark, Mid-Point and
Sweep functionalities in Q1 20245. The whole Euronext ecosystem of
trading members, local brokers, market makers and global banks,
will benefit from zero latency in pegging to Euronext midpoint, and
zero latency for sweeping from dark to lit on Euronext stocks.
- Stéphane
Boujnah, Chief Executive Officer and Chairman of the Managing Board
of Euronext, said:
“In 2023, Euronext reached record revenue and
income close to €1.5 billion. Robust organic growth in our
non-volume related businesses and double-digit growth in fixed
income and power trading drove Group revenue's growth to +3.9%,
despite negative FX impacts and the softer cash trading
environment. Despite an inflationary environment, Euronext was able
to finance growth projects and to beat its revised cost guidance.
This was allowed by our trademark cost discipline, FX impacts and a
one-off release. We reached an adjusted EBITDA of €864.7 million,
which translated into an adjusted EBITDA margin of 58.6%. Our
strong operating performance, combined with around €56 million of
capital gains, allowed our net reported profit to grow double-digit
to €513.6 million, and our adjusted EPS to increase by +5.9% to
€5.51. In line with our dividend policy, we will propose a total
dividend of €256.8 million, representing 50% of our reported net
income, at our next annual general meeting to be held in May 2024.
Our strong cash generation capabilities have enabled us to already
return €200 million of capital to our shareholders through the
share repurchase programme implemented during the second half of
2023. We continued our deleveraging path as we reached a net debt
to adjusted EBITDA ratio of 1.9x at the end of 2023, down from 3.2x
post acquisition of the Borsa Italiana Group.We have made great
progress with the delivery of our ‘Growth for Impact 2024’
strategic plan. We have expanded Euronext Clearing as a
pan-European clearing house for the clearing of cash products. This
new harmonised post-trade set-up allows clients to execute their
entire trading lifecycle through Euronext. These strategic
milestones have materially contributed to the €74 million cumulated
run-rate EBITDA synergies delivered by the end of 2023, ahead of
the €70 million interim guidance. The migration of Borsa Italiana’s
derivatives to Optiq in Q1 2024 and the expansion of Euronext
Clearing to Euronext listed derivatives by Q3 2024 will complete
our presence on the entire trading value chain and will position
Euronext ideally to capture future growth opportunities. As we
celebrate the 10 year anniversary of our IPO in 2024, I am looking
forward to deep-dive into the opportunities that this
transformation will offer for Euronext in the coming years at our
Investors Day in November 2024.”
2023 financial performance
|
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
FY 2023 |
FY 2022 |
% var |
% var(like-for-like, constant currencies) |
|
Revenue and income |
1,474.7 |
1,418.8 |
+3.9% |
+1.6% |
|
Underlying revenue and income6 |
1,474.7 |
1,467.8 |
+0.5% |
|
|
Listing |
220.6 |
218.4 |
+1.0% |
+3.2% |
|
Trading revenue, of which |
490.0 |
514.1 |
-4.7% |
-3.8% |
|
Cash trading |
265.4 |
301.7 |
-12.0% |
-12.0% |
|
Derivatives trading |
54.2 |
58.4 |
-7.2% |
-7.0% |
|
Fixed income trading |
107.4 |
93.0 |
+15.6% |
+15.8% |
|
FX trading |
25.6 |
28.4 |
-10.0% |
-7.8% |
|
Power trading |
37.4 |
32.7 |
+14.5% |
+29.3% |
|
Investor Services |
11.4 |
9.6 |
+18.5% |
+21.1% |
|
Advanced Data Services |
224.8 |
212.1 |
+6.0% |
+6.2% |
|
Post-Trade, of which |
370.2 |
364.5 |
+1.6% |
+3.6% |
|
Clearing |
121.3 |
121.4 |
-0.1% |
-0.1% |
|
Custody and Settlement |
248.9 |
243.1 |
+2.4% |
+5.5% |
|
Euronext Technology Solutions & Other |
109.9 |
100.1 |
+9.8% |
+8.8% |
|
NTI through CCP business |
46.7 |
(4.9) |
-1049.8% |
+6.0% |
|
Other income |
1.4 |
1.5 |
-9.0% |
-8.9% |
|
Transitional revenues |
(0.2) |
3.4 |
-106.5% |
-106.5% |
|
Underlying operational expenses exc. D&A |
(610.0) |
(606.1) |
+0.6% |
+3.3% |
|
Adjusted EBITDA |
864.7 |
861.6 |
+0.4% |
+0.4% |
|
Adjusted EBITDA margin |
58.6% |
58.7% |
-0.1pts |
-0.7pts |
|
Operating expenses exc. D&A |
(688.3) |
(633.4) |
+8.7% |
+3.3% |
|
EBITDA |
786.4 |
785.4 |
+0.1% |
+0.2% |
|
Depreciation & Amortisation |
(170.1) |
(160.2) |
+6.2% |
+8.9% |
|
Total Expenses (inc. D&A) |
(858.5) |
(793.6) |
+8.2% |
+3.9% |
|
Adjusted operating profit |
790.4 |
792.8 |
-0.3% |
-0.3% |
|
Operating Profit |
616.2 |
625.3 |
-1.4% |
|
|
Net financing income / (expense) |
(0.2) |
(29.7) |
-99.4% |
|
|
Results from equity investments |
83.1 |
18.7 |
+344.7% |
|
|
Profit before income tax |
699.1 |
614.2 |
+13.8% |
|
|
Income tax expense |
(162.7) |
(163.6) |
-0.6% |
|
|
Share of non-controlling interests |
(22.8) |
(12.8) |
+78.3% |
|
|
Net income, share of the parent company
shareholders |
513.6 |
437.8 |
+17.3% |
|
|
Adjusted Net income, share of the parent company
shareholders7 |
584.7 |
555.3 |
+5.3% |
|
|
Adjusted EPS (basic, in€) |
5.51 |
5.21 |
+5.9% |
|
|
Reported EPS (basic, in€) |
4.84 |
4.10 |
+18.0% |
|
|
Adjusted EPS (diluted, in€) |
5.50 |
5.19 |
+5.8% |
|
| Reported EPS
(diluted, in€) |
4.83 |
4.10 |
+17.9% |
|
Share count differs between the two periods
In 2023, Euronext’s underlying revenue and
income was €1,474.7 million, up +0.5% compared to 2022, resulting
from strong performance of non-volume related activities,
offsetting the softer cash trading environment and negative impact
from the NOK depreciation over the year. 2023 total revenue and
income was up +3.9%, reflecting the Q3 2022 one-off loss in net
treasury income related to the partial disposal of the Euronext
Clearing portfolio1.
On a like-for-like basis and at constant
currencies, Euronext consolidated revenue and income was up +1.6%
in 2023, at €1,469.7 million, compared to 2022.
Non-volume related revenue accounted for 60% of
underlying Group revenue in 2023, up +9.7% compared to 2022
underlying non-volume related revenue, reflecting the successful
diversification towards non-volume related activities and the
challenging environment for cash and derivatives trading.
Non-volume-related underlying revenue covered 145% of underlying
operating expenses excluding D&A, compared to 133% in 2022.
Underlying operational expenses excluding
depreciation and amortisation increased slightly to €610.0 million,
up +0.6%. 2023 underlying expenses were positively impacted by cost
discipline, the NOK depreciation over the year and a positive
one-off accruals release in Q4 2023 of €6.3 million. This entirely
offset inflationary pressures and costs incurred to support new
growth initiatives.
On a like-for-like basis at constant currencies,
underlying operational expenses excluding depreciation and
amortisation increased by +3.3% compared to 2022, which highlights
the positive impact of the NOK on the 2023 reported cost base.
Consequently, adjusted EBITDA for the year
totalled €864.7 million, up +0.4% compared to 2022. This represents
an adjusted EBITDA margin of 58.6%, stable compared to 2022. On a
like-for-like basis, adjusted EBITDA for 2023 was up +0.4%, to
€874.7 million, and adjusted EBITDA margin was 59.5%, down -0.7
points compared to 2022.
-
2023 net income, share of the parent company
shareholders
Depreciation and amortisation accounted for
€170.1 million in 2023, up +6.2%, resulting from ongoing migration
projects. PPA related to acquired businesses accounted for €82.2
million and is included in depreciation and amortisation.
2023 adjusted operating profit was €790.4
million, down -0.3% compared to 2022 adjusted operating profit.
€174.2 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 2023 was €0.2 million
compared to a net financing expense of €29.7 million in 2022. This
decrease resulted from the higher interest income from cash held in
Q3 and Q4 2023, offsetting the cost of issued debt.
Results from equity investments amounted to
€83.1 million in 2023, resulting from the €41.6 million
tax-exempted non-underlying capital gain in relation to the
disposal of Euronext’s stake in LCH SA and the €11.4 million
tax-exempted capital gain in relation to the disposal from
Euronext’s investment in Tokeny, as well as the dividend received
from Euroclear and Sicovam. In 2022, Euronext reported €18.7
million in results from equity investments, reflecting the dividend
received from Euroclear and the contribution from LCH SA.
Income tax for 2023 was €162.7 million. This
translated into an effective tax rate of 23.3% for 2023, positively
impacted by the tax-exempted capital gains recorded in Q3 and Q4
2023 (2022: €163.6 million and 26.6% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to
€22.8 million in 2023.
As a result, the reported net income, share of
the parent company shareholders, increased by +17.3% for 2023
compared to 2022, to €513.6 million. This represents a reported EPS
of €4.84 basic and €4.83 diluted in 2023, compared to €4.10 basic
and €4.10 diluted in 2022. This increase reflects the strong
results and a lower number of shares over 2023 compared to
2022.
Adjusted net income, share of the parent company
shareholders was up +5.3% to €584.7 million. Adjusted EPS (basic)
was up +5.9% in 2023, at €5.51 per share, compared to an adjusted
EPS (basic) of €5.21 per share in 2022. This increase reflects
Euronext’s strong performance and a lower number of outstanding
shares over 2023 due to Euronext’s share repurchase programme.
The weighted number of shares used over 2023 was
106,051,799 for the basic calculation and 106,376,338 for the
diluted calculation, compared to 106,669,451 and 106,901,306
respectively over 2022.
In 2023, Euronext reported a net cash flow from
operating activities of €826.1 million, compared to
€616.5 million in 2022, resulting from higher profit before tax,
lower income tax and positive changes in working capital. Excluding
the impact on working capital from Euronext Clearing and Nord Pool
CCP activities, net cash flow from operating activities accounted
for 90.9% of EBITDA in 2023.
2023 business highlights
|
in €m, unless stated otherwise |
FY 2023 |
FY 2022 |
% change |
|
Listing revenue |
220.6 |
218.4 |
+1.0% |
|
Equity |
105.1 |
108.5 |
-3.1% |
|
o/w Annual fees |
69.0 |
68.4 |
+0.8% |
|
o/w Follow-ons |
20.8 |
20.8 |
-0.1% |
|
o/w IPOs |
15.4 |
19.3 |
-20.3% |
|
Debts |
36.0 |
36.6 |
-1.6% |
|
ETFs, Funds & Warrants |
23.3 |
22.7 |
+2.9% |
|
Corporate Services |
45.4 |
39.5 |
+14.9% |
|
ELITE and Other |
10.8 |
11.1 |
-2.9% |
Listing revenue was €220.6 million in 2023, an
increase of +1.0% compared to 2022, primarily reflecting the strong
performance of Corporate Services, more than offsetting the
negative impact of the NOK depreciation.
|
Money raised (€m) |
FY 2023 |
FY 2022 |
% change |
|
| Equity
listings |
2,480 |
3,751 |
-34% |
|
| Follow-ons |
21,101 |
28,666 |
-26% |
|
| Bonds |
1,156,027 |
961,858 |
+20% |
|
|
|
|
|
|
|
Listed securities |
FY 2023 |
FY 2022 |
% change |
|
| New equity
listings over the period |
64 |
83 |
-23% |
|
| # ETFs listed,
end of period |
3,821 |
3,717 |
+3% |
|
| # Bonds listed,
end of period |
55,098 |
53,042 |
+4% |
|
Equity listing activity was strong in a
challenging context with 64 new listings, ranking Euronext as the
first listing venue in Europe in 2023. Equity listing revenue was
solid at €105.1 million, primarily supported by revenue from higher
annual fees revenue and several large follow-on transactions.
Euronext Corporate Services revenue grew +14.9%
compared to 2022 to €45.4 million, resulting from the strong
performance of its SaaS products more than offsetting lower webcast
activities.
Debt listing activity was solid with revenue at
€36.0 million, reflecting a better second half of 2023 with a more
stable debt market and higher interest rate. Euronext maintained
its world leading position in debt listing with 494 new ESG bonds
listed over the year, an increase of over 20% from 2022.
On a like-for-like basis at constant currencies,
listing revenue increased by +3.2% compared to 2022.
|
|
FY 2023 |
FY 2022 |
% change |
|
Cash trading revenue (€m) |
265.4 |
301.7 |
-12.0% |
| ADV Cash market8
(€m) |
10,053 |
11,667 |
-13.8% |
Cash trading revenue decreased by -12.0% to
€265.4 million in 2023, reflecting the strong comparison base for
cash trading in the first semester, partly offset by the positive
impact of the migration of cash markets to Optiq® and efficient
market share and revenue capture.
Over the year, Euronext’s market share on cash
equity trading averaged 65.1%, well above the indicated floor of at
least 63%. Euronext average cash trading yield was 0.52 bps for the
whole year, in line with the guidance despite the dilutive impact
of Borsa Italiana’s fee scheme prior to the Optiq® migration on 27
March 2023. Post migration of the Italian markets to Optiq®, the
yield over the last 9 months of 2023 averaged 0.53 bps, above the
indicated floor.
On a like-for-like basis at constant currencies,
cash trading revenue was down -12.0% in 2023 compared to 2022.
|
|
FY 2023 |
FY 2022 |
% change |
| Derivatives
trading revenue (€m) |
54.2 |
58.4 |
-7.2% |
| ADV Derivatives
market (in lots) |
619,244 |
695,410 |
-11.0% |
| ADV Equity
derivatives (in lots) |
528,368 |
616,092 |
-14.2% |
| ADV Commodity
derivatives (in lots) |
90,876 |
79,318 |
+14.6% |
Derivatives trading revenue decreased by -7.2%
to €54.2 million in 2023, as a result of the low volatility
environment for equity derivatives, partly offset by the strong
performance of the commodities franchise.
Euronext revenue capture on derivatives trading
increased to €0.34 per lot in 2023, resulting from improved revenue
capture across the offering and a positive mix impact.
On a like-for-like basis at constant currencies,
derivatives trading revenue was down -7.0% in 2023 compared to
2022.
|
|
FY 2023 |
FY 2022 |
% change |
| Fixed income
trading revenue (€m) |
107.4 |
93.0 |
+15.6% |
|
o/w MTS Cash |
67.1 |
59.5 |
+12.7% |
|
o/w MTS Repo |
25.2 |
21.6 |
+17.1% |
|
ADV MTS Cash (€m) |
23,026 |
18,874 |
+22.0% |
| TAADV MTS Repo
(€m) |
436,039 |
353,700 |
+23.3% |
| ADV other fixed
income (€m) |
1,266 |
939 |
+34.8% |
Fixed income trading reported record revenue at
€107.4 million in 2023, up +15.6% compared to 2022, reflecting a
strong performance across the offering in a supportive economic
environment. MTS reported an overall robust performance in markets
dominated by increasing interest rates.
On a like-for-like basis at constant currencies,
fixed income trading revenue was up +15.8% in 2023 compared to
2022.
|
|
FY 2023 |
FY 2022 |
% change |
| Spot FX trading
revenue (€m) |
25.6 |
28.4 |
-10.0% |
| ADV spot FX
Market (in $m) |
22,450 |
22,507 |
-0.3% |
FX trading revenues were at €25.6 million in
2023, down -10.0% compared to a record performance in 2022. This
decrease reflects the lower volatility in the first three quarters
of the year and negative FX impact.
On a like-for-like basis at constant currencies,
FX trading revenue was down -7.8% in 2023 compared to 2022.
| |
FY 2023 |
FY 2022 |
% change |
|
Power trading revenue (€m) |
37.4 |
32.7 |
+14.5% |
| ADV Day-ahead
power market (in TWH) |
2.74 |
2.75 |
-0.6% |
| ADV Intraday
power market (in TWH) |
0.20 |
0.10 |
+95.3% |
Power trading reported record revenue at €37.4
million in 2023, representing a strong growth of +14.5% compared to
2022, driven by a strong increase in intraday volumes and continued
geographic expansion. This performance more than offsets the
negative impact of the NOK.
On a like-for-like basis at constant currencies,
power trading revenue was up +29.3% compared to 2022.
Investor Services reported record revenue at
€11.4 million revenue in 2023, representing a +18.5% increase
compared to 2022, resulting from successful organic growth of the
product portfolio.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +21.1% compared to 2022.
Advanced Data Services revenue grew to €224.8
million in 2023, up +6.0% from 2022, driven by the strong
performance across the data products offering and solid demand for
analytic products.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +6.2% compared to 2022.
|
in €m, unless stated otherwise |
FY 2023 |
FY 2022 |
% change |
|
Post-trade revenue (exc. NTI) |
370.2 |
364.2 |
+1.6% |
|
Clearing |
121.3 |
121.4 |
-0.1% |
|
o/w Revenue from LCH SA |
71.8 |
75.8 |
-5.3% |
|
o/w Revenue from Euronext Clearing |
49.5 |
45.6 |
+8.7% |
| Net treasury
income through CCP business |
46.7 |
(4.9) |
+1049.8% |
| Custody,
Settlement and other Post-Trade activities |
248.9 |
243.1 |
+2.4% |
|
Number of transactions and lots cleared |
FY 2023 |
FY 2022 |
% change |
| Shares
(#contracts – single counted) |
83,486,969 |
84,125,615 |
-0.8% |
| Bonds –
Wholesale (nominal value in €bln – double counted) |
27,177 |
25,675 |
+5.8% |
| Bonds – Retail
(# contracts – double counted) |
13,732,528 |
9,295,452 |
+47.7% |
| Derivatives (#
contracts – single counted) |
25,244,669 |
27,103,615 |
-6.9% |
Clearing revenue was stable at €121.3 million in
2023, reflecting the positive impact of the Euronext Clearing
European expansion for equities in November 2023 and dynamic bond
clearing. This performance offsets softer equity and derivatives
clearing volumes and lower treasury income received from LCH
SA.
In 2023, Euronext Clearing revenue included €5.6
million from derivatives clearing, €16.6 million from equities
clearing, and €13.6 million from bonds clearing.
On a like-for-like basis at constant currencies,
clearing revenue was stable compared to 2022.
Net treasury income was €46.7 million in 2023.
As a reminder, 2022 net treasury income was impacted by the partial
disposal of the Euronext Clearing investment portfolio, which
resulted in a one-off, non-underlying pre-tax loss of €49.0 million
in Q3 2022. This led to a reported net treasury income of -€4.9
million in 2022. Excluding the non-underlying one-off loss in 2022,
net treasury income was up +6.0% in 2023 compared to 2022,
reflecting the implementation of the new investment strategy for
Euronext Clearing.
- Custody,
Settlement and other Post-Trade activities
|
Euronext Securities activity |
FY 2023 |
FY 2022 |
% change |
| # settlement
instructions over the period |
123,587,470 |
126,315,368 |
-2.2% |
| Assets under
Custody (in € bln), end of period |
6,663 |
6,347 |
+5.0% |
Revenue from Custody, Settlement and other
Post-Trade activities was at €248.9 million in 2023, up +2.4%
compared to 2022, driven by growing assets under custody, improved
revenue capture and continued expansion of the services business.
This performance offset the negative impact of the NOK
depreciation.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-Trade revenue was up +5.5%
compared to 2022.
-
Technology Solutions and Other revenue
Euronext Technologies and Other revenue
increased to €109.9 million in 2023, up +9.8% from 2022, reflecting
continued benefits from the internalisation of the colocation
activity following the Core Data Centre migration to Bergamo.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +8.8% compared to
2022.
Q4 2023 financial performance
|
In €m, unless stated otherwiseThe figures in this
document have not been audited or reviewed by our external
auditor. |
Q4 2023 |
Q4 2022 |
% var |
% var(like-for-like, constant currencies) |
|
Revenue and income |
374.1 |
347.0 |
+7.8% |
+9.1% |
|
Listing |
56.2 |
53.5 |
+5.0% |
+6.9% |
|
Trading revenue, of which |
124.5 |
116.3 |
+7.1% |
+8.5% |
|
Cash trading |
64.1 |
65.1 |
-1.6% |
-1.6% |
|
Derivatives trading |
12.8 |
13.4 |
-4.4% |
-4.3% |
|
Fixed income trading |
30.6 |
22.1 |
+38.0% |
+39.2% |
|
FX trading |
6.7 |
6.7 |
-0.5% |
+4.8% |
|
Power trading |
10.4 |
8.9 |
+16.9% |
+30.8% |
|
Investor Services |
3.0 |
2.6 |
+15.7% |
+16.6% |
|
Advanced Data Services |
56.1 |
54.5 |
+3.0% |
+3.2% |
|
Post-Trade, of which |
94.6 |
88.6 |
+6.8% |
+8.9% |
|
Clearing |
32.3 |
29.0 |
+11.5% |
+11.5% |
|
Custody and Settlement |
62.3 |
59.6 |
+4.6% |
+8.9% |
|
Euronext Technology Solutions & Other |
27.6 |
26.9 |
+2.6% |
+1.8% |
|
NTI through CCP business |
11.7 |
4.3 |
+171.4% |
+171.4% |
|
Other income |
0.5 |
0.3 |
+61.2% |
+59.7% |
|
Transitional revenues |
(0.0) |
0.1 |
|
|
|
Underlying operational expenses exc. D&A |
(157.8) |
(159.2) |
-0.9% |
+1.9% |
|
Adjusted EBITDA |
216.3 |
187.9 |
+15.2% |
+14.8% |
|
Adjusted EBITDA margin |
57.8% |
54.1% |
+3.7pts |
+2.9pts |
|
Operating expenses exc. D&A |
(173.3) |
(170.2) |
+1.9% |
+4.6% |
|
EBITDA |
200.8 |
176.9 |
+13.6% |
+13.2% |
|
Depreciation & Amortisation |
(45.6) |
(42.6) |
+7.0% |
+4.1% |
|
Total Expenses (inc. D&A) |
(218.9) |
(212.8) |
+2.9% |
+5.4% |
|
Adjusted operating profit |
196.3 |
168.4 |
+16.6% |
+16.0% |
|
Operating Profit |
155.2 |
134.2 |
+15.6% |
|
|
Net financing income / (expense) |
4.7 |
(6.0) |
+177.8% |
|
|
Results from equity investments |
17.0 |
12.6 |
+35.1% |
|
|
Profit before income tax |
176.9 |
140.8 |
+25.7% |
|
|
Income tax expense |
(40.0) |
(38.5) |
+4.0% |
|
|
Share of non-controlling interests |
(6.4) |
(3.0) |
+109.0% |
|
|
Net income, share of the parent company
shareholders |
130.6 |
99.3 |
+31.5% |
|
|
Adjusted Net income, share of the parent company
shareholders9 |
148.2 |
118.2 |
+25.3% |
|
|
Adjusted EPS (basic, in€) |
1.42 |
1.11 |
+27.9% |
|
|
Reported EPS (basic, in€) |
1.25 |
0.93 |
+34.2% |
|
|
Adjusted EPS (diluted, in€) |
1.41 |
1.10 |
+27.8% |
|
| Reported EPS
(diluted, in€) |
1.24 |
0.93 |
+34.1% |
|
Share count differs between the two periods
-
Q4 2023 revenue and income
In Q4 2023, Euronext’s revenue and income
amounted to €374.1 million, up +7.8% compared to Q4 2022, driven by
record performance in fixed income trading, robust results in
non-volume related businesses and the positive contribution of the
Euronext Clearing European expansion at the end of November
2023.
On a like-for-like basis and at constant
currencies, Euronext revenue and income was up +9.1% in Q4 2023
compared to Q4 2022, to €373.7 million.
Non-volume related revenue accounted for 60% of
Group revenue in Q4 2023, stable compared to Q4 2022, reflecting
continued strong performance of non-volume-related revenue and
strong growth in fixed income trading and volume-related clearing
activity. The underlying operating expenses excluding D&A
coverage by non-volume related revenue ratio was at 141% in Q4
2023, compared to 130% in Q4 2022.
Underlying operational expenses excluding
depreciation and amortisation decreased by -0.9% to €157.8 million,
reflecting cost discipline in an inflationary environment, the
positive impact from the NOK depreciation over the year and a
one-off accruals release of €6.3 million. On a like-for-like basis,
underlying operational expenses excluding depreciation and
amortisation increased by +1.9% compared to Q4 2022, reflecting
mainly the NOK impact.
Consequently, adjusted EBITDA for the quarter
totalled €216.3 million, up +15.2% compared to Q4 2022. This
represents an adjusted EBITDA margin of 57.8%, up +3.7 points
compared to Q4 2022. On a like-for-like basis, adjusted EBITDA for
Q4 2023 was up +14.8%, to €219.2 million, and adjusted EBITDA
margin was 58.7%, up +2.9 points compared to the same perimeter in
Q4 2022.
-
Q4 2023 net income, share of the parent company
shareholders
Depreciation and amortisation accounted for
€45.6 million in Q4 2023, +7.0% more than in Q4 2022 due to ongoing
migration projects. PPA related to acquired businesses accounted
for €20.4 million and is included in depreciation and
amortisation.
Adjusted operating profit was €196.3 million, up
+16.6% compared to Q4 2022. On a like-for-like basis, adjusted
operating profit was up +16.0% compared to Q4 2022, at €199.2
million.
€41.1 million of non-underlying expenses,
including depreciation and amortisation, were reported in Q4 2023,
related to the implementation of the ‘Growth for Impact 2024’
strategic plan and the PPA of acquired businesses.
Net financing income for Q4 2023 was €4.7
million, compared to a net financing expense of €6.0 million in Q4
2022. This decrease results from higher interest income due to
higher interest rates, offsetting the cost of debt.
Results from equity investments amounted to
€17.0 million in Q4 2023, representing the capital gain related to
the disposal of the stake in Tokeny and the dividend received from
Sicovam. As a reminder, in Q4 2022, Euronext reported €12.6 million
in results from equity investments, reflecting a dividend payment
by Euroclear and the contribution from LCH SA.
Income tax for Q4 2023 was €40.0 million. This
translated into an effective tax rate of 22.6% for the quarter,
reflecting the positive impact of the tax-exempted one-off capital
gain from the disposal of the Tokeny stake (Q4 2022: €38.5 million
and 27.3% respectively).
Share of non-controlling interests mainly
relating to the Borsa Italiana Group and Nord Pool amounted to €6.4
million in Q4 2023.
As a result, the reported net income, share of
the parent company shareholders, increased by +31.5% for Q4 2023
compared to Q4 2022, to €130.6 million. This represents a reported
EPS of €1.25 basic and €1.24 diluted in Q4 2023, compared to €0.93
basic and €0.93 diluted in Q4 2022. Adjusted net income, share of
the parent company shareholders was up +25.3% to €148.2 million.
Adjusted EPS (basic) was up +27.9% in Q4 2023, at €1.42 per share,
compared to an adjusted EPS (basic) of €1.11 per share in Q4 2022.
This increase reflects higher profit and a lower number of
outstanding shares over the fourth quarter of 2023 compared to the
fourth quarter of 2022.
The weighted number of shares used over 2023 was
106,051,799 for the basic calculation and 106,376,338 for the
diluted calculation, compared to 106,669,451 and 106,901,306
respectively over 2022.
In Q4 2023, Euronext reported a net cash flow
from operating activities of €194.5 million, compared to a negative
cash flow of €147.1 million in Q4 2022, reflecting lower negative
changes in working capital from 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 87.4% of EBITDA in Q4 2023.
Q4 2023 business highlights
|
in €m, unless stated otherwise |
Q4 2023 |
Q4 2022 |
% change |
|
Listing revenue |
56.2 |
53.5 |
+5.0% |
|
Equity |
26.6 |
27.0 |
-1.2% |
|
o/w Annual fees |
17.1 |
16.7 |
+2.4% |
|
o/w Follow-ons |
5.8 |
6.3 |
-8.2% |
|
o/w IPOs |
3.7 |
4.0 |
-5.8% |
|
Debts |
9.1 |
9.0 |
+1.4% |
|
ETFs, Funds & Warrants |
5.9 |
5.8 |
+2.0% |
|
Corporate Services |
12.3 |
9.6 |
+28.8% |
|
ELITE and Other |
2.2 |
2.2 |
-0.7% |
Listing revenue was €56.2 million in Q4 2023, an
increase of +5.0% compared to Q4 2022, primarily reflecting the
strong performance of Corporate Services, more than absorbing the
negative impact of the NOK depreciation. On a like-for-like basis
at constant currencies, listing revenue increased by +6.9% compared
to Q4 2022.
|
Money raised (€m) |
Q4 2023 |
Q4 2022 |
% change |
| Equity
listings |
247 |
310 |
-21% |
| Follow-ons |
6,875 |
10,237 |
-33% |
| Bonds |
290,515 |
226,900 |
+28% |
|
Listed securities |
Q4 2023 |
Q4 2022 |
% change |
| New equity
listings over the period |
13 |
24 |
-46% |
| # ETFs listed,
end of period |
3,821 |
3,717 |
+2.8% |
| # Bonds listed,
end of period |
55,098 |
53,042 |
+3.9% |
Equity listing activity was strong in a
challenging environment with 13 new listings, ranking Euronext as
the first listing venue in Europe with 50% of European listings.
Equity listing revenue was solid at €26.6 million, primarily
supported by higher annual fees revenue.
Euronext Corporate Services revenue grew +28.8%
compared to Q4 2022 to €12.3 million, resulting from the strong
performance of its SaaS products and strong conference activities
in Milan.
Debt listing activity was strong with revenue at
€9.1 million, supported by banking and corporate debt listing
activities. Euronext maintained its world leading position in debt
listing and pursued its momentum in ESG bond listing with 123 new
ESG bonds listed over the quarter.
|
|
Q4 2023 |
Q4 2022 |
% change |
|
Cash trading revenue (€m) |
64.1 |
65.1 |
-1.6% |
| ADV Cash
market10 (€m) |
9,558 |
9,967 |
-4.1% |
Cash trading revenue decreased by -1.6% to €64.1
million in Q4 2023, resulting from lower trading volumes, partially
offset by efficient management of market share and revenue
capture.
Over the fourth quarter of 2023, Euronext cash
trading yield was 0.53 bps, above the floor of at least 0.52 bps,
supported by the migration of Italian cash markets to Optiq® and
the continued low volume environment. Euronext market share on cash
trading averaged 65.2% in Q4 2023, above the 2023 floor of at least
63%. On a like-for-like basis at constant currencies, cash trading
revenue was down -1.6%.
|
|
Q4 2023 |
Q4 2022 |
% change |
|
Derivatives trading revenue (€m) |
12.8 |
13.4 |
-4.4% |
| ADV Derivatives
market (in lots) |
598,894 |
622,975 |
-3.9% |
| ADV Equity
derivatives (in lots) |
506,716 |
550,517 |
-8.0% |
| ADV Commodity
derivatives (in lots) |
92,178 |
72,457 |
+27.2% |
Derivatives trading revenue decreased by -4.4%
to €12.8 million in Q4 2023, due to the soft volume environment for
equity derivatives, partly offset by the continued strong
performance of Euronext commodity derivatives. Euronext revenue
capture on derivatives trading was €0.34 per lot for the fourth
quarter of 2023.
On a like-for-like basis at constant currencies,
derivatives trading revenue was down -4.3% in Q4 2023 compared to
Q4 2022.
|
|
Q4 2023 |
Q4 2022 |
% change |
| Fixed income
trading revenue (€m) |
30.6 |
22.1 |
+38.0% |
|
o/w MTS Cash |
19.6 |
12.8 |
+52.5% |
|
o/w MTS Repo |
6.3 |
5.6 |
+13.9% |
|
ADV MTS Cash (€m) |
27,741 |
15,416 |
+79.9% |
| TAADV MTS Repo
(€m) |
469,134 |
397,003 |
+18.2% |
| ADV other fixed
income (€m) |
1,504 |
1,177 |
+27.9% |
Fixed income recorded record revenue at €30.6
million in Q4 2023, up +38.0% compared to Q4 2022, reflecting
record quarterly volumes at MTS driven by an economic environment
favouring money markets and supportive volatility.
On a like-for-like basis at constant currencies,
fixed income trading revenue was up +39.2% compared to Q4 2022.
|
|
Q4 2023 |
Q4 2022 |
% change |
| Spot FX trading
revenue (€m) |
6.7 |
6.7 |
-0.5% |
| ADV spot FX
Market (in $m) |
23,943 |
20,160 |
+18.8% |
FX trading revenue was stable at €6.7 million in
Q4 2023 as higher volumes were offset by FX impact .
On a like-for-like basis at constant currencies,
FX trading revenue was up +4.8% compared to Q4 2022.
|
|
Q4 2023 |
Q4 2022 |
% change |
| Power trading
revenue (€m) |
10.4 |
8.9 |
+16.9% |
| ADV Day-ahead
power market (in TWH) |
3.10 |
2.98 |
+3.9% |
| ADV Intraday
power market (in TWH) |
0.25 |
0.13 |
+89.1% |
Power trading revenue reached a record level at
€10.4 million in Q4 2023, up +16.9% compared to Q4 2022, reflecting
all-time-high in intraday volumes and strong day-ahead volumes.
On a like-for-like basis at constant currencies,
power trading revenue was up +30.8% compared to Q4 2022.
Investor Services reported €3.0 million revenue
in Q4 2023, representing a +15.7% increase compared to Q4 2022,
resulting from continued commercial expansion.
On a like-for-like basis at constant currencies,
Investor Services revenue was up +16.6% compared to Q4 2022.
Advanced Data Services revenue was €56.1 million
in Q4 2023, up +3.0% from Q4 2022, driven by a strong performance
of the core data business and the advanced data solutions offering,
including quant research products.
On a like-for-like basis at constant currencies,
Advanced Data Services revenue was up +3.2% compared to Q4
2022.
|
in €m, unless stated otherwise |
Q4 2023 |
Q4 2022 |
% change |
|
Post-trade revenue (exc. NTI) |
94.6 |
88.6 |
+6.8% |
|
Clearing |
32.3 |
29.0 |
+11.5% |
|
o/w Revenue from LCH SA |
17.8 |
18.7 |
-4.8% |
|
o/w Revenue from Euronext Clearing |
14.6 |
10.4 |
+40.2% |
| Net treasury
income through CCP business |
11.7 |
4.3 |
+171.4% |
| Custody,
Settlement and other Post-Trade activities |
62.3 |
59.6 |
+4.6% |
|
Number of transactions and lots cleared |
Q4 2023 |
Q4 2022 |
% change |
| Shares
(#contracts – single counted) |
30,675,375 |
17,079,703 |
+79.6% |
| Bonds –
Wholesale (nominal value in €bln – double counted) |
7,118 |
6,364 |
+11.8% |
| Bonds – Retail
(# contracts – double counted) |
3,888,898 |
3,136,562 |
+24.0% |
| Derivatives (#
contracts – single counted) |
5,691,338 |
6,043,292 |
-5.8% |
Clearing revenue was up +11.5% to €32.3 million
in Q4 2023, reflecting the increase in equity clearing volumes
following the expansion of Euronext Clearing to Euronext Brussels
cash markets on 6 November 2023 and to the cash markets in France,
Ireland, the Netherlands, and Portugal on 27 November 2023, as well
as dynamic bond clearing volumes. Non-volume related clearing
revenue (including membership fees, treasury income received from
LCH SA) accounted for €9.2 million of the total clearing revenue in
Q4 2023.
On a like-for-like basis at constant currencies,
clearing revenue was up +11.5% compared to Q4 2022.
Net treasury income (NTI) amounted to €11.7
million in Q4 2023, slightly below Q3 2023 levels due to the
introduction of the VaR-based margin methodology at Euronext
Clearing. The +171.4% increase compared to Q4 2022 reflects the
positive comparison base linked to the Euronext Clearing portfolio
disposal between Q2 2022 and Q4 2023.
- Custody,
Settlement and other Post-Trade activities
|
Euronext Securities activity |
Q4 2023 |
Q4 2022 |
% change |
| # settlement
instructions over the period |
30,507,967 |
29,285,554 |
+4.2% |
|
Assets under Custody (in €bln), end of period |
6,663 |
6,347 |
+5.0% |
Revenue from Custody, Settlement and other
Post-Trade activities was €62.3 million in Q4 2023, up +4.6%
compared to Q4 2022, reflecting higher assets under custody, a
growing number of settlement instructions and continued growth of
the services offering, absorbing the negative impact of the NOK
depreciation.
On a like-for-like basis at constant currencies,
Custody, Settlement and other Post-Trade revenue was up +8.9%
compared to Q4 2022.
-
Technology Solutions and Other revenue
Euronext Technologies and Other revenue grew to
€27.6 million in Q4 2023, up +2.6% from Q4 2022, driven by
continued good performance of the colocation business following the
migration of Borsa Italiana cash markets over 2023.
On a like-for-like basis at constant currencies,
Euronext Technologies and Other revenue was up +1.8% compared to Q4
2022.
Q4 2023 corporate highlights since publication of the Q3
2023 results on 8 November 2023
-
Successful expansion of Euronext Clearing as pan-European
clearing house for Euronext cash markets
Following the expansion of clearing activities
to Euronext Brussels cash markets on 6 November 2023, Euronext
successfully expanded its clearing offering, on schedule, to the
cash markets in France, Ireland, the Netherlands, and Portugal on
27 November 2023. This major step paves the way for the expansion
of Euronext Clearing activities to Euronext’s listed and commodity
derivatives in Q3 2024.
-
Disposal of minority investment in Tokeny
As part of its ongoing review of strategic
assets, Euronext has disposed of its minority investment in Tokeny,
a tokenisation platform on 1 December 2023. Euronext’s 18.93% stake
in Tokeny was sold to the global fund administration company
Apex.
This sale generated a €11.4 million capital gain
in Q4 2023.
Corporate highlights since 1 January 2024
-
Euronext completes €200 million share repurchase
programme
On 3 January 2024, Euronext announced the
completion of its share repurchase programme announced on 27 July
2023. Between 31 July 2023 and 3 January 2024, 2,870,787 shares, or
approximately 2.7% of Euronext’s share capital, were repurchased at
an average price of €69.67 per share. All shares repurchased as
part of the programme will be cancelled.
This repurchase programme was executed by a
financial intermediary in compliance with applicable rules and
regulations, including the Market Abuse Regulation 596/2014 and the
Commission Delegated Regulation (EU) 2016/1052, and based on the
authority granted by the General Meeting of Shareholders of
Euronext on 17 May 2023.
-
Euronext volumes January 2024
In January 2024, the average daily transaction
value on the Euronext cash order book stood at €9,373 million, down
-5.6% compared to the same period last year.
The overall average daily volume on Euronext
derivatives stood at 576,875 lots, down -7.8% compared to January
2023, and the open interest was 22,074,323 contracts at the end of
January 2024, up +1.2% compared to January 2023.
The average daily volume on Euronext FX’s spot
foreign exchange market stood at $24.9 billion, up +26.9% compared
to the same period last year.
MTS Cash average daily volumes were up +67.2% to
€32.3 billion in January 2024, MTS Repo term adjusted average daily
volume stood at €483,767 million, up +16.5% compared to the same
period last year.
Euronext Clearing cleared 19,411,073 shares in
January 2024, +233.4% compared to January 2023. €2,708 billion of
wholesale bonds were cleared in January 2024 (double counted), up
+17.2% compared to the same period in 2023. 1,309,166 bond retail
contracts were cleared in January 2024 (double counted), up +16.8%
compared to January 2023. The number of derivatives contracts
cleared was down -23.5% compared to January 2023, at 1,888,243
contracts (single counted).
Euronext Securities reported 11,354,917
settlement instructions in January 2024, +2.1% compared to the same
period last year. The total Assets Under Custody amount to €6.6
trillion in January 2024, up +5.3%.
Euronext confirms it will hold an Investor Day
in November 2024 to release its new strategic plan. The exact date
and location will be announced in due course.
Agenda
A conference call and webcast
will be held on 16 February 2024, at 09:30 CET
(Paris time) / 08:30 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.
|
ANALYSTS & INVESTORS –
ir@euronext.com |
| Investor
Relations |
Aurélie
Cohen |
+33 1 70 48 24
17 |
ir@euronext.com |
| |
Clément
Kubiak |
+33 1 70 48 26
33 |
ir@euronext.com |
|
MEDIA –
mediateam@euronext.com |
|
Europe |
Aurélie
Cohen |
+33 1 70 48 24
45 |
mediateam@euronext.com |
| Andrea
Monzani |
+39 02 72 42 62
13 |
|
Amsterdam |
Marianne
Aalders |
+31 20 721 41
33 |
amsterdampressoffice@euronext.com |
|
Brussels |
Marianne
Aalders |
+32 26 20 15
01 |
brusselspressoffice@euronext.com |
| Dublin |
Andrea
Monzani |
+39 02 72 42 62
13 |
dublinpressoffice@euronext.com |
| Lisbon |
Sandra
Machado |
+351 91 777 68
97 |
portugalpressoffice@euronext.com |
| Milan,
Rome |
Ester
Russom |
+39 02 72 42 67
56 |
italypressoffice@euronext.com |
| Oslo |
Cathrine Lorvik
Segerlund |
+47 41 69 59
10 |
oslopressoffice@euronext.com |
| Paris,
Corporate |
Flavio
Bornancin-Tomasella |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
| Corporate
Services |
Coralie
Patri |
+33 7 88 34 27
44 |
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 €6.6 trillion in market capitalisation as
of end December 2023, it has an unmatched blue chip franchise and a
strong diverse domestic and international client base. Euronext
operates regulated and transparent equity and derivatives markets,
one of Europe’s leading electronic fixed income trading markets and
is the largest centre for debt and funds listings in the world. Its
total product offering includes Equities, FX, Exchange Traded
Funds, Warrants & Certificates, Bonds, Derivatives, Commodities
and Indices. The Group provides a multi-asset clearing house
through Euronext Clearing, and custody and settlement services
through Euronext Securities central securities depositories in
Denmark, Italy, Norway and Portugal. Euronext also leverages its
expertise in running markets by providing technology and managed
services to third parties. In addition to its main regulated
market, it also operates a number of junior markets, simplifying
access to listing for SMEs.
For the latest news, go to euronext.com or
follow us on X (twitter.com/euronext) and LinkedIn
(https://www.linkedin.com/company/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.
© 2024, 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 2023 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 2023 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 2023 |
Q4 2022 |
FY 2023 |
FY 2022 |
|
Net income reported |
130.6 |
99.3 |
513.6 |
437.8 |
| EPS
reported |
1.25 |
0.93 |
4.84 |
4.10 |
|
Adjustments |
|
|
|
|
|
of which revenues |
(0.0) |
(0.0) |
(0.0) |
(49.0) |
|
of which Operating expenses exc. D&A |
(15.5) |
(11.0) |
(78.3) |
(27.2) |
|
of which Depreciation and amortisation |
(25.6) |
(23.1) |
(95.9) |
(91.4) |
|
of which Net financing expense |
(0.0) |
3.1 |
(0.2) |
2.3 |
|
of which results from equity investments |
11.4 |
(0.0) |
53.0 |
(1.5) |
|
of which Minority interest |
1.1 |
3.9 |
4.1 |
4.6 |
|
Tax related to adjustments |
11.1 |
8.2 |
46.2 |
44.7 |
|
Adjusted net income |
148.2 |
118.2 |
584.7 |
555.3 |
|
Adjusted EPS |
1.42 |
1.11 |
5.51 |
5.21 |
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 2023 |
Q4 2022 |
|
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
|
Revenue and income |
374.1 |
0.0 |
374.1 |
347.0 |
(0.0) |
347.0 |
|
Listing |
56.2 |
- |
56.2 |
53.5 |
- |
53.5 |
|
Trading revenue, of which |
124.5 |
- |
124.5 |
116.3 |
- |
116.3 |
|
Cash trading |
64.1 |
- |
64.1 |
65.1 |
- |
65.1 |
|
Derivatives trading |
12.8 |
- |
12.8 |
13.4 |
- |
13.4 |
|
Fixed income trading |
30.6 |
- |
30.6 |
22.1 |
- |
22.1 |
|
FX trading |
6.7 |
- |
6.7 |
6.7 |
- |
6.7 |
|
Power trading |
10.4 |
- |
10.4 |
8.9 |
- |
8.9 |
|
Investor services |
3.0 |
- |
3.0 |
2.6 |
- |
2.6 |
|
Advanced data services |
56.1 |
- |
56.1 |
54.5 |
- |
54.5 |
|
Post-Trade, of which |
94.6 |
- |
94.6 |
88.6 |
- |
88.6 |
|
Clearing |
32.3 |
- |
32.3 |
29.0 |
- |
29.0 |
|
Custody & Settlement and other |
62.3 |
- |
62.3 |
59.6 |
- |
59.6 |
|
Euronext Technology Solutions & other revenue |
27.6 |
- |
27.6 |
26.9 |
0.0 |
26.9 |
|
Net Financing Income through CCP business |
11.7 |
- |
11.7 |
4.3 |
- |
4.3 |
|
Other income |
0.5 |
0.0 |
0.5 |
0.3 |
(0.0) |
0.3 |
|
Transitional revenues |
(0.0) |
- |
(0.0) |
0.1 |
(0.0) |
0.1 |
|
Operating expenses excluding D&A |
(157.8) |
(15.5) |
(173.3) |
(159.2) |
(11.0) |
(170.2) |
|
Salaries and employee benefits |
(85.6) |
(7.8) |
(93.3) |
(77.9) |
(1.7) |
(79.7) |
|
Other operational expenses, of which |
(72.2) |
(7.8) |
(80.0) |
(81.2) |
(9.3) |
(90.5) |
|
System & communication |
(23.1) |
(2.0) |
(25.1) |
(28.5) |
(1.8) |
(30.3) |
|
Professional services |
(12.8) |
(4.7) |
(17.5) |
(16.0) |
(4.6) |
(20.6) |
|
Clearing expense |
(8.8) |
- |
(8.8) |
(8.8) |
- |
(8.8) |
|
Accommodation |
(6.0) |
(0.2) |
(6.2) |
(3.9) |
0.0 |
(3.9) |
|
Other operational expenses |
(21.5) |
(0.9) |
(22.3) |
(23.9) |
(3.0) |
(26.9) |
|
EBITDA |
216.3 |
(15.5) |
200.8 |
187.9 |
(11.0) |
176.9 |
|
EBITDA margin |
57.8% |
|
53.7% |
54.1% |
|
51.0% |
|
Depreciation & amortisation |
(20.0) |
(25.6) |
(45.6) |
(19.5) |
(23.1) |
(42.6) |
|
Total expenses |
(177.8) |
(41.1) |
(218.9) |
(178.6) |
(34.1) |
(212.8) |
|
Operating profit |
196.3 |
(41.1) |
155.2 |
168.4 |
(34.1) |
134.2 |
|
Net financing income / (expense) |
4.7 |
(0.0) |
4.7 |
(9.1) |
3.1 |
(6.0) |
|
Results from equity investment |
5.6 |
11.4 |
17.0 |
12.6 |
(0.0) |
12.6 |
|
Profit before income tax |
206.6 |
(29.7) |
176.9 |
171.8 |
(31.1) |
140.8 |
|
Income tax expense |
(51.0) |
11.1 |
(40.0) |
(46.6) |
8.2 |
(38.5) |
|
Non-controlling interests |
(7.4) |
1.1 |
(6.4) |
(7.0) |
3.9 |
(3.0) |
|
Net income, share of the parent company
shareholders |
148.2 |
(17.6) |
130.6 |
118.2 |
(19.0) |
99.3 |
|
EPS (basic, in €) |
1.42 |
|
1.25 |
1.11 |
|
0.93 |
|
EPS (diluted, in €) |
1.41 |
|
1.24 |
1.10 |
|
0.93 |
| |
FY 2023 |
FY 2022 |
|
in € million, unless stated otherwise |
Underlying |
Non-underlying |
Reported |
Underlying |
Non-underlying |
Reported |
|
Revenue and income |
1,474.7 |
0.0 |
1,474.7 |
1,467.8 |
(49.0) |
1,418.8 |
|
Listing |
220.6 |
- |
220.6 |
218.4 |
- |
218.4 |
|
Trading revenue, of which |
490.0 |
- |
490.0 |
514.1 |
- |
514.1 |
|
Cash trading |
265.4 |
- |
265.4 |
301.7 |
- |
301.7 |
|
Derivatives trading |
54.2 |
- |
54.2 |
58.4 |
- |
58.4 |
|
Fixed income trading |
107.4 |
- |
107.4 |
93.0 |
- |
93.0 |
|
FX trading |
25.6 |
- |
25.6 |
28.4 |
- |
28.4 |
|
Power trading |
37.4 |
- |
37.4 |
32.7 |
- |
32.7 |
|
Investor services |
11.4 |
- |
11.4 |
9.6 |
- |
9.6 |
|
Advanced data services |
224.8 |
- |
224.8 |
212.1 |
- |
212.1 |
|
Post-Trade, of which |
370.2 |
- |
370.2 |
364.5 |
- |
364.5 |
|
Clearing |
121.3 |
- |
121.3 |
121.4 |
- |
121.4 |
|
Custody & Settlement and other |
248.9 |
- |
248.9 |
243.1 |
- |
243.1 |
|
Euronext Technology Solutions & other revenue |
109.9 |
0.0 |
109.9 |
100.1 |
0.0 |
100.1 |
|
Net Financing Income through CCP business |
46.7 |
- |
46.7 |
44.0 |
(49.0) |
(4.9) |
|
Other income |
1.4 |
0.0 |
1.4 |
1.5 |
0.0 |
1.5 |
|
Transitional revenues |
(0.2) |
- |
(0.2) |
3.4 |
0.0 |
3.4 |
|
Operating expenses excluding D&A |
(610.0) |
(78.3) |
(688.3) |
(606.1) |
(27.2) |
(633.4) |
|
Salaries and employee benefits |
(319.5) |
(12.9) |
(332.4) |
(301.1) |
(6.0) |
(307.0) |
|
Other operational expenses, of which |
(290.6) |
(65.4) |
(355.9) |
(305.1) |
(21.3) |
(326.3) |
|
System & communication |
(94.9) |
(7.8) |
(102.6) |
(116.7) |
(5.2) |
(121.9) |
|
Professional services |
(58.3) |
(18.2) |
(76.5) |
(58.7) |
(12.5) |
(71.2) |
|
Clearing expense |
(34.5) |
- |
(34.5) |
(35.6) |
- |
(35.6) |
|
Accommodation |
(17.9) |
(0.8) |
(18.7) |
(13.5) |
0.0 |
(13.5) |
|
Other operational expenses |
(85.0) |
(38.6) |
(123.6) |
(80.5) |
(3.5) |
(84.1) |
|
EBITDA |
864.7 |
(78.3) |
786.4 |
861.6 |
(76.2) |
785.4 |
|
EBITDA margin |
58.6% |
|
53.3% |
58.7% |
|
55.4% |
|
Depreciation & amortisation |
(74.2) |
(95.9) |
(170.1) |
(68.8) |
(91.4) |
(160.2) |
|
Total expenses |
(684.3) |
(174.2) |
(858.5) |
(675.0) |
(118.6) |
(793.6) |
|
Operating profit |
790.4 |
(174.2) |
616.2 |
792.8 |
(167.5) |
625.3 |
|
Net financing income / (expense) |
0.1 |
(0.2) |
(0.2) |
(32.0) |
2.3 |
(29.7) |
|
Results from equity investment |
30.0 |
53.0 |
83.1 |
20.2 |
(1.5) |
18.7 |
|
Profit before income tax |
820.5 |
(121.4) |
699.1 |
781.0 |
(166.8) |
614.2 |
|
Income tax expense |
(208.9) |
46.2 |
(162.7) |
(208.3) |
44.7 |
(163.6) |
|
Non-controlling interests |
(26.9) |
4.1 |
(22.8) |
(17.4) |
4.6 |
(12.8) |
|
Net income, share of the parent company
shareholders |
584.7 |
(71.1) |
513.6 |
555.3 |
(117.5) |
437.8 |
|
EPS (basic, in €) |
5.51 |
|
4.84 |
5.21 |
|
4.10 |
|
EPS (diluted, in €) |
5.50 |
|
4.83 |
5.19 |
|
4.10 |
Consolidated comprehensive income
statement
| |
Q4 2023 |
Q4 2022 |
|
Profit for the period |
136.9 |
102.3 |
| |
|
|
|
Other comprehensive income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
(1.9) |
(3.1) |
|
– Income tax impact on exchange differences on translation of
foreign operations |
0.5 |
0.8 |
|
– Change in value of debt investments at fair value through other
comprehensive income |
0.5 |
21.4 |
|
– Income tax impact on change in value of debt investments at fair
value through other comprehensive income |
(0.2) |
(6.1) |
| |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
- |
7.1 |
|
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
- |
(0.8) |
|
-Remeasurements of post-employment benefit obligations |
(4.1) |
1.0 |
|
– Income tax impact on remeasurements of post-employment benefit
obligations |
0.5 |
(0.1) |
|
Other comprehensive income for the period, net of tax |
(4.8) |
20.4 |
|
Total comprehensive income for the period |
132.1 |
122.7 |
| |
|
|
|
Comprehensive income attributable to: |
|
|
|
– Owners of the parent |
125.6 |
119.8 |
|
– Non-controlling interests |
6.5 |
22.9 |
The figures in this document have not been
audited or reviewed by our external auditor
| |
FY 2023 |
FY 2022 |
|
Profit for the period |
536.4 |
450.6 |
| |
|
|
|
Other comprehensive income |
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
– Exchange differences on translation of foreign operations |
(57.8) |
(29.4) |
|
– Income tax impact on exchange differences on translation of
foreign operations |
6.3 |
2.8 |
|
– Change in value of debt investments at fair value through other
comprehensive income |
7.1 |
(40.3) |
|
– 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 |
(2.0) |
(2.4) |
| |
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
– Change in value of equity investments at fair value through other
comprehensive income |
11.9 |
42.1 |
|
– Income tax impact on change in value of equity investments at
fair value through other comprehensive income |
(3.1) |
(8.5) |
|
– Remeasurements of post-employment benefit obligations |
(1.4) |
11.9 |
|
– Income tax impact on remeasurements of post-employment benefit
obligations |
0.1 |
(1.3) |
|
Other comprehensive income for the period, net of tax |
(38.9) |
23.7 |
|
Total comprehensive income for the period |
497.5 |
474.4 |
| |
|
|
|
Comprehensive income attributable to: |
|
|
|
– Owners of the parent |
475.7 |
462.0 |
|
– Non-controlling interests |
21.8 |
12.4 |
Consolidated balance sheet
| in €
million |
31 December 2023 |
31 December 2022 |
|
Non-current assets |
|
|
|
Property, plant and equipment |
114.4 |
109.4 |
|
Right-of-use assets |
55.7 |
42.3 |
|
Goodwill and other intangible assets |
6,108.2 |
6,205.8 |
|
Deferred income tax assets |
31.3 |
18.9 |
|
Investments in associates and joint ventures |
1.3 |
72.0 |
|
Financial assets at fair value through OCI |
262.7 |
278.2 |
|
Other non-current assets |
4.5 |
3.7 |
|
Total non-current assets |
6,578.0 |
6,730.3 |
| |
|
|
|
Current assets |
|
|
|
Trade and other receivables |
333.6 |
345.7 |
|
Income tax receivable |
58.6 |
54.9 |
|
CCP clearing business assets |
183,715.2 |
166,842.5 |
|
Other current financial assets |
103.1 |
162.7 |
|
Cash & cash equivalents |
1,448.8 |
1,001.1 |
|
Total current assets |
185,659.3 |
168,407.0 |
|
|
|
|
|
Total assets |
192,237.3 |
175,137.3 |
| |
|
|
|
Equity |
|
|
|
Shareholders' equity |
3,945.7 |
3,914.0 |
|
Non-controlling interests |
139.7 |
126.3 |
|
Total Equity |
4,085.3 |
4,040.3 |
| |
|
|
|
Non-current liabilities |
|
|
|
Borrowings |
3,031.6 |
3,027.2 |
|
Lease liabilities |
37.3 |
21.6 |
|
Deferred income tax liabilities |
531.9 |
552.6 |
|
Post-employment benefits |
22.7 |
19.6 |
|
Contract liabilities |
60.0 |
63.8 |
|
Other provisions |
7.3 |
7.0 |
|
Total Non-current liabilities |
3,690.8 |
3,691.8 |
| |
|
|
|
Current liabilities |
|
|
|
Borrowings |
17.3 |
17.4 |
|
Lease liabilities |
22.2 |
28.5 |
|
CCP clearing business liabilities |
183,832.2 |
166,858.7 |
|
Income tax payable |
89.1 |
28.5 |
|
Trade and other payables |
415.8 |
396.3 |
|
Contract liabilities |
79.3 |
75.2 |
|
Other provisions |
5.2 |
0.7 |
|
Total Current liabilities |
184,461.1 |
167,405.2 |
|
|
|
|
|
Total equity and liabilities |
192,237.3 |
175,137.3 |
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.
Consolidated statement of cash
flows
| in €
million |
FY 2023 |
FY 2022 |
|
Profit before tax |
699.1 |
614.2 |
|
Adjustments for: |
|
|
|
- Depreciation and amortisation |
170.1 |
160.2 |
|
- Share based payments |
14.4 |
14.0 |
|
- Results from equity investments |
(23.5) |
(9.8) |
|
- Gain on sale of associate |
(53.0) |
- |
|
- Share of profit from associates and joint ventures |
(6.5) |
(8.8) |
|
- Changes in working capital |
155.5 |
67.4 |
| |
|
|
|
Cash flow from operating activities |
956.1 |
837.1 |
|
Income tax paid |
(130.0) |
(220.6) |
|
Net cash flows from operating activities |
826.1 |
616.5 |
| |
|
|
|
Cash flow from investing activities |
|
|
|
Acquisition of associates and joint ventures |
- |
(0.7) |
|
Business combinations, net of cash acquired |
(2.5) |
(66.0) |
|
Proceeds from sale of subsidiary |
(0.2) |
8.7 |
|
Purchase of financial assets at FVOCI |
(1.3) |
- |
|
Proceeds from sale of associate |
122.4 |
- |
|
Proceeds from disposal of equity investment at FVOCI |
0.2 |
- |
|
Purchase of current financial assets |
(72.3) |
(30.6) |
|
Redemption of current financial assets |
155.5 |
42.9 |
|
Purchase of property, plant and equipment |
(27.7) |
(31.9) |
|
Purchase of intangible assets |
(75.3) |
(67.7) |
|
Interest received |
25.3 |
5.9 |
|
Proceeds from sale of property, plant, equipment and intangible
assets |
- |
0.1 |
|
Dividends received from equity investments |
23.5 |
9.8 |
|
Dividends received from associates |
7.8 |
6.7 |
|
Net cash flow from investing activities |
155.4 |
(122.6) |
| |
|
|
|
Cash flow from financing activities |
|
|
|
Interest paid |
(28.7) |
(29.6) |
|
Settlement of derivatives financial instruments |
- |
(8.9) |
|
Payment of lease liabilities |
(28.4) |
(23.4) |
|
Acquisitions of own shares |
(219.1) |
(0.1) |
|
Employee Share transactions |
(1.0) |
(3.5) |
|
Dividends paid to the company’s shareholders |
(237.2) |
(206.0) |
|
Dividends paid to non-controlling interests |
(5.3) |
(10.9) |
|
Net cash flow from financing activities |
(519.7) |
(282.4) |
| |
|
|
|
Total cash flow over the period |
461.8 |
211.5 |
|
Cash and cash equivalents - Beginning of period |
1,001.1 |
809.4 |
|
Non cash exchange gains/(losses) on cash and cash equivalents |
(14.1) |
(19.9) |
|
Cash and cash equivalents - End of period |
1,448.8 |
1,001.1 |
The figures in this document have not been
audited or reviewed by our external auditor. Numbers for the
comparative period have been re-presented. The figures in this
document have not been audited or reviewed by our external auditor.
Numbers for the comparative period have been restated. In prior
periods, the Group adjusted for results from equity investments in
the line 'Changes in working capital and provisions'. As per 2023,
the Group has changed its presentation and adjusts for 'Results
from equity investments' in a separate line item. The Group
re-presented the comparative period accordingly by reclassifying
€-9.8 million from 'Changes in working capital and provisions' that
was originally reported at €+57.5 million in 2022.
| in €
million |
Q4 2023 |
Q4 2022 |
|
Profit before tax |
176.9 |
140.8 |
|
Adjustments for: |
|
|
|
- Depreciation and amortisation |
45.6 |
42.6 |
|
- Share based payments |
3.9 |
4.2 |
|
- Results from equity investments |
(5.6) |
(9.8) |
|
- Gain on sale of associate |
(11.4) |
- |
|
- Share of profit from associates and joint ventures |
- |
(2.8) |
|
- Changes in working capital |
44.1 |
(245.1) |
| |
|
|
|
Cash flow from operating activities |
253.5 |
(70.1) |
|
Income tax paid |
(59.1) |
(77.0) |
|
Net cash flows from operating activities |
194.5 |
(147.1) |
| |
|
|
|
Cash flow from investing activities |
|
|
|
Acquisition of associates and joint ventures |
- |
(0.7) |
|
Business combinations, net of cash acquired |
(2.5) |
(54.3) |
|
Proceeds from sale of subsidiary |
- |
7.8 |
|
Purchase of financial assets at FVOCI |
- |
- |
|
Proceeds from sale of associate |
11.4 |
- |
|
Proceeds from disposal of equity investment at FVOCI |
- |
- |
|
Purchase of current financial assets |
(3.7) |
1.8 |
|
Redemption of current financial assets |
71.4 |
0.6 |
|
Purchase of property, plant and equipment |
(12.0) |
(10.8) |
|
Purchase of intangible assets |
(17.5) |
(20.0) |
|
Interest received |
12.0 |
- |
|
Proceeds from sale of property, plant, equipment and intangible
assets |
- |
0.0 |
|
Dividends received from equity investments |
5.6 |
9.8 |
|
Dividends received from associates |
- |
0.0 |
|
Net cash flow from investing activities |
64.6 |
(65.7) |
| |
|
|
|
Cash flow from financing activities |
|
|
|
Interest paid |
- |
(0.3) |
|
Payment of lease liabilities |
(7.2) |
(4.5) |
|
Acquisitions of own shares |
(138.0) |
1.0 |
|
Employee Share transactions |
- |
(0.1) |
|
Dividends paid to the company’s shareholders |
- |
- |
|
Dividends paid to non-controlling interests |
(1.4) |
(5.4) |
|
Net cash flow from financing activities |
(146.5) |
(9.3) |
| |
|
|
|
Total cash flow over the period |
112.6 |
(222.1) |
|
Cash and cash equivalents - Beginning of period |
1,336.5 |
1,215.0 |
|
Non cash exchange gains/(losses) on cash and cash equivalents |
(0.2) |
8.2 |
|
Cash and cash equivalents - End of period |
1,448.8 |
1,001.1 |
The figures in this document have not been
audited or reviewed by our external auditor. Numbers for the
comparative period have been re-presented. In prior periods, the
Group adjusted for results from equity investments in the line
'Changes in working capital’. As per Q4-23, the Group has changed
its presentation and adjusts for 'Results from equity investments'
in a separate line item. The Group re-presented the comparative
period accordingly by reclassifying €-9.8 million from 'Changes in
working capital' that was originally reported at €-254.9 million in
Q4-22.
Volumes for the fourth quarter and full
year of 2023
| |
Q4 2023 |
Q4 2022 |
%var |
| Number of
trading days |
63 |
64 |
|
|
Number of transactions (buy and sells, inc. reported
trades) |
|
Total Cash Market |
145,907,592 |
178,716,514 |
-18.4% |
| ADV Cash
Market |
2,315,994 |
2,792,446 |
-17.1% |
|
Transaction value ( € million, single
counted) |
|
|
|
|
Total Cash Market |
602,148 |
637,875 |
-5.6% |
| ADV
Cash Market |
9,558 |
9,967 |
-4.1% |
| |
|
|
|
|
Listings |
|
|
|
|
Number of Issuers on Equities |
|
|
|
| Euronext |
1,888 |
1,929 |
-2.1% |
| SMEs |
1,493 |
1,530 |
-2.4% |
| Number
of Listed Securities |
|
|
|
| Funds |
2,434 |
2,927 |
-16.8% |
| ETFs |
3,821 |
3,717 |
+2.8% |
| Bonds |
55,098 |
53,042 |
+3.9% |
| |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
|
Total Euronext, in €m |
|
|
|
| Number of new
equity listings |
13 |
24 |
|
| Money Raised -
New equity listings (incl over allotment) |
246.5 |
310 |
-20.5% |
| Money Raised -
Follow-ons on equities |
6,875 |
10,237 |
-32.8% |
| Money Raised -
Bonds |
290,515 |
226,900 |
+28.0% |
| Total Money
Raised |
297,637 |
237,446 |
+25.3% |
| |
|
|
|
| of
which SMEs |
|
|
|
| Number of new
equity listings |
12 |
23 |
|
| Money Raised -
New equity listings (incl over allotment) |
247 |
306 |
-19.3% |
| Money Raised -
Follow-ons on equities |
4,683 |
4,090 |
+14.5% |
| Money Raised -
Bonds |
1,921 |
240 |
+700.5% |
| Total Money
Raised |
6,851 |
4,636 |
+47.8% |
| |
YTD 2023 |
YTD 2022 |
%var |
| Number of
trading days |
255 |
257 |
|
|
Number of transactions (buy and sells, inc. reported
trades) |
|
Total Cash Market |
625,895,770 |
866,298,108 |
-27.8% |
| ADV Cash
Market |
2,454,493 |
3,370,810 |
-27.2% |
|
Transaction value ( € million, single
counted) |
|
|
|
|
Total Cash Market |
2,563,560 |
2,998,503 |
-14.5% |
| ADV
Cash Market |
10,053 |
11,667 |
-13.8% |
| |
|
|
|
|
Listings |
Dec-23 |
Dec-22 |
|
|
Number of Issuers on Equities |
|
|
|
| Euronext |
1,888 |
1,929 |
|
| Number
of Listed Securities |
|
|
|
| Funds |
2,434 |
2,927 |
|
| ETFs |
3,821 |
3,717 |
|
| Bonds |
55,098 |
53,042 |
|
| |
|
|
|
|
Capital raised on primary and secondary
market |
|
|
|
|
Total Euronext, in €m |
|
|
|
| Number of new
equity listings |
64 |
83 |
|
| Money Raised -
New equity listings (incl over allotment) |
2,480.2 |
3,751 |
-33.9% |
| Money Raised -
Follow-ons on equities |
21,101 |
28,666 |
-26.4% |
| Money Raised -
Bonds |
1,156,027 |
961,858 |
+20.2% |
| Total Money
Raised |
1,179,608 |
994,274 |
+18.6% |
| |
|
|
|
| of
which SMEs |
|
|
|
| Number of new
equity listings |
59 |
77 |
|
| Money Raised -
New equity listings (incl over allotment) |
1,275 |
2,973 |
-57.1% |
| Money Raised -
Follow-ons on equities |
10,100 |
9,589 |
+5.3% |
| Money Raised -
Bonds |
4,160 |
2,336 |
+78.1% |
| Total Money
Raised |
15,535 |
14,898 |
+4.3% |
| |
Q4 2023 |
Q4 2022 |
% var |
|
Transaction value (€ million, single counted) |
|
|
|
|
MTS |
|
|
|
| ADV MTS
Cash |
27,741 |
15,416 |
+79.9% |
| TAADV MTS
Repo |
469,134 |
397,003 |
+18.2% |
| Other
fixed income |
|
|
|
| ADV Fixed
income |
1,504 |
1,177 |
+27.9% |
| |
FY 2023 |
FY 2022 |
% var |
|
Transaction value (€ million, single counted) |
|
|
|
|
MTS |
|
|
|
| ADV MTS
Cash |
23,026 |
18,874 |
+22.0% |
| TAADV MTS
Repo |
436,039 |
353,700 |
+23.3% |
| Other
fixed income |
|
|
|
| ADV Fixed
income |
1,266 |
939 |
+34.8% |
| |
Q4 2023 |
Q4 2022 |
% var |
| Number of trading
days |
64 |
65 |
|
|
FX volume ($m, single counted) |
|
|
|
| Total Euronext
FX |
1,532,340 |
1,310,383 |
+16.9% |
| ADV Euronext
FX |
23,943 |
20,160 |
+18.8% |
| |
|
|
|
| |
FY 2023 |
FY 2022 |
% var |
| Number of trading
days |
259 |
260 |
|
|
FX volume ($m, single counted) |
|
|
|
| Total Euronext
FX |
5,814,512 |
5,851,899 |
-0.6% |
| ADV Euronext
FX |
22,450 |
22,507 |
-0.3% |
| |
Q4 2023 |
Q4 2022 |
% var |
| Number of
trading days |
92 |
92 |
|
|
Power volume (in TWh) |
|
|
|
| ADV Day-ahead
Power Market |
3.10 |
2.98 |
+3.9% |
| ADV Intraday
Power Market |
0.25 |
0.13 |
+89.1% |
|
|
|
|
|
|
|
FY 2023 |
FY 2022 |
% var |
| Number of
trading days |
365 |
365 |
|
|
Power volume (in TWh) |
|
|
|
| ADV Day-ahead
Power Market |
2.74 |
2.75 |
-0.6% |
| ADV Intraday
Power Market |
0.20 |
0.10 |
+95.3% |
| |
Q4 2023 |
Q4 2022 |
% var |
| Number of
trading days |
63 |
64 |
|
|
Derivatives Volume (in lots) |
|
|
|
|
Equity |
31,923,088 |
35,233,108 |
-9.4% |
|
Index |
13,517,515 |
16,033,772 |
-15.7% |
|
Futures |
7,914,354 |
9,885,622 |
-19.9% |
|
Options |
5,603,161 |
6,148,150 |
-8.9% |
|
Individual Equity |
18,405,573 |
19,199,336 |
-4.1% |
|
Futures |
498,969 |
927,921 |
-46.2% |
|
Options |
17,906,604 |
18,271,415 |
-2.0% |
|
|
|
|
|
|
Commodity |
5,807,238 |
4,637,260 |
+25.2% |
|
Futures |
5,478,945 |
4,216,545 |
+29.9% |
|
Options |
328,293 |
420,715 |
-22.0% |
| |
|
|
|
|
Total Euronext |
37,730,326 |
39,870,368 |
-5.4% |
|
Total Futures |
13,892,268 |
15,030,088 |
-7.6% |
|
Total Options |
23,838,058 |
24,840,280 |
-4.0% |
|
|
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
|
Equity |
506,716 |
550,517 |
-8.0% |
|
Index |
214,564 |
250,528 |
-14.4% |
|
Futures |
125,625 |
154,463 |
-18.7% |
|
Options |
88,939 |
96,065 |
-7.4% |
|
Individual Equity |
292,152 |
299,990 |
-2.6% |
|
Futures |
7,920 |
14,499 |
-45.4% |
|
Options |
284,232 |
285,491 |
-0.4% |
|
|
|
|
|
|
Commodity |
92,178 |
72,457 |
+27.2% |
|
Futures |
86,967 |
65,884 |
+32.0% |
|
Options |
5,211 |
6,574 |
-20.7% |
|
|
|
|
|
|
Total Euronext |
598,894 |
622,975 |
-3.9% |
|
Total Futures |
220,512 |
234,845 |
-17.0% |
|
Total Options |
378,382 |
388,129 |
-7.0% |
| |
FY 2023 |
FY 2022 |
% var |
| Number of
trading days |
255 |
257 |
|
|
Derivatives Volume (in lots) |
|
|
|
|
Equity |
134,733,803 |
158,335,700 |
-14.9% |
|
Index |
55,863,644 |
64,341,758 |
-13.2% |
|
Futures |
34,664,423 |
43,007,940 |
-19.4% |
|
Options |
21,199,221 |
21,333,818 |
-0.6% |
|
Individual Equity |
78,870,159 |
93,993,942 |
-16.1% |
|
Futures |
1,955,140 |
9,288,011 |
-78.9% |
|
Options |
76,915,019 |
84,705,931 |
-9.2% |
|
|
|
|
|
|
Commodity |
23,173,370 |
20,384,703 |
+13.7% |
|
Futures |
21,113,163 |
17,825,764 |
+18.4% |
|
Options |
2,060,207 |
2,558,939 |
-19.5% |
| |
|
|
|
|
Total Euronext |
157,907,173 |
178,720,403 |
-11.6% |
|
Total Futures |
57,732,726 |
70,121,715 |
-17.7% |
|
Total Options |
100,174,447 |
108,598,688 |
-7.8% |
|
|
|
|
|
|
Derivatives ADV (in lots) |
|
|
|
|
Equity |
528,368 |
616,092 |
-14.2% |
|
Index |
219,073 |
250,357 |
-12.5% |
|
Futures |
135,939 |
167,346 |
-18.8% |
|
Options |
83,134 |
83,011 |
+0.1% |
|
Individual Equity |
309,295 |
365,735 |
-15.4% |
|
Futures |
7,667 |
36,140 |
-78.8% |
|
Options |
301,628 |
329,595 |
-8.5% |
|
|
|
|
|
|
Commodity |
90,876 |
79,318 |
14.6% |
|
Futures |
82,797 |
69,361 |
+19.4% |
|
Options |
8,079 |
9,957 |
-18.9% |
|
|
|
|
|
|
Total Euronext |
619,244 |
695,410 |
-11.0% |
|
Total Futures |
226,403 |
272,847 |
+0.0% |
|
Total Options |
392,841 |
422,563 |
+0.0% |
- Derivatives open
interest
|
|
31 December 2023 |
31 December 2022 |
% var |
|
Open interest (in lots) |
|
|
|
| |
|
|
|
|
Equity |
18,567,344 |
17,957,749 |
3.4% |
|
Index |
1,000,267 |
1,074,463 |
-6.9% |
|
Futures |
517,679 |
539,893 |
-4.1% |
|
Options |
482,588 |
534,570 |
-9.7% |
|
Individual Equity |
17,567,077 |
16,883,286 |
4.1% |
|
Futures |
153,607 |
225,815 |
-32.0% |
|
Options |
17,413,470 |
16,657,471 |
4.5% |
|
|
|
|
|
|
Commodity |
876,380 |
865,620 |
1.2% |
|
Futures |
656,667 |
567,916 |
15.6% |
|
Options |
219,713 |
297,704 |
-26.2% |
| |
|
|
|
|
Total Euronext |
19,443,724 |
18,823,369 |
3.3% |
|
Total Futures |
1,327,953 |
1,333,624 |
-0.4% |
|
Total Options |
18,115,771 |
17,489,745 |
3.6% |
1 Underlying revenue in 2022 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
euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.2 Definition in Appendix – adjusted for
non-underlying operating expenses excluding D&A and
non-underlying revenue and income.3
euronext.com/en/about/media/euronext-press-releases/euronext-publishes-q3-2023-results4
Like-for-like basis at constant currency5 Subject to regulatory
approval6 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
euronext.com/en/investor-relations/financial-calendar/q2-2022-results
for more details.7 For the total adjustments performed please refer
to the Appendix of this press release.8 Volumes for 2022 have been
restated9 For the total adjustments performed please refer to the
Appendix of this press release.10 Volumes for Q4 2022 have been
restated
- 2024_Euronext_PR_Q42023_VFinale
Grafico Azioni Euronext NV (TG:ENXB)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Euronext NV (TG:ENXB)
Storico
Da Gen 2024 a Gen 2025
