Earnings Release • Nov 6, 2014
Earnings Release
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Amsterdam +31.20.550.4488 Brussels +32.2.509.1392 +33.1.49.27.12.68 Lisbon +351.217.900.029 Paris +33.1.49.27.11.33
CONTACT - Media: CONTACT - Investor Relations:
Amsterdam, Brussels, Lisbon, London and Paris – 6 November 2014 – Euronext today announced its results for the third quarter of 2014.
"Euronext continues to execute on its ambitious development strategy. Our revenue shows solid growth, the €60 million of efficiencies previously committed will be delivered 18 months ahead of schedule and our EBITDA target of 45% has therefore been met earlier than previously announced. This solid set of results demonstrates our capacity to deliver on our medium term objectives. We remain confident that the long term economic and regulatory cycle favourable for Euronext's growth continues, despite some recent short term market turbulence. I am also delighted to have been joined by an extremely high calibre team who will reinforce our focus on innovation and execution in order to position Euronext as a leading pan-European capital raising centre," said Dominique Cerutti, CEO and Chairman of the Managing Board of Euronext NV.
Third party quarterly revenue increased by +10.3% on an adjusted1 basis to €112.3 million (Q3 2013 adjusted: €101.9m) or +24% on a reported basis (Q3 2013 reported: €90.6m), driven by sustained listing activity and strong revenues from cash trading and from market data businesses. This quarterly revenue
1 for the three month period ending 30 September 2013 the changes in third party revenue and operational expenses have also been included when adjusted for the new derivative clearing agreement with LCH.Clearnet. This was included based on our estimate of the amount of revenue we would have received and the amount of associated expenses we would have paid under the Derivatives Clearing Agreement, based on our actual trading volume for the periods presented and assuming the Derivatives Clearing Agreement had been in effect from 1 April 2013, see also specific paragraph and reconciliation pages 6 and 7.
2 pretax operating optimization and efficiencies
includes €11.9 million from the derivatives clearing contract with our industrial partner LCH.Clearnet which came into force on 1 April 2014 (adjusted1 clearing revenue for Q3 2013: €11.3 million).
Quarterly operational expenses excluding Depreciation & Amortization decreased by 8.2% on an adjusted1 basis to €68.5 million (Q3 2013 adjusted: €74.7m) or increased by +0.6% on a reported basis (Q3 2013 reported: €68.1m), thanks to very strong cost discipline. These expenses include € 6.8 million of costs related to the contract with LCH.Clearnet above mentioned (Q3 2013: €6.6m if this contract had been in place at that time). The EBITDA margin increased strongly in Q3 2014, to 44.1% compared to 38.3% in Q3 2013 adjusted 1 , or 38.0% Q3 2013 reported.
ICE transitional revenue and other income for the quarter was €10.3 million, reflecting primarily the IT support services provided to Liffe for €6.4 million for the operation of its derivatives exchanges in the UK and in the US. The impact of the Cannon Bridge House sublease rent in London was €3.4m in Q3 2014. As a reminder, this transitional revenue is not expected to be recurring beyond the fiscal year 2014.
Depreciation and Amortization decreased by €0.6 million, from €4.7 million in Q3 2013 to €4.1 million this quarter, as already outlined in the Q2 2014 results publication, due to the end of the amortization of the historic UTP value in April 2014.
Q3 2014 operating profit before exceptional items was €50.0 million, a 19.9% increase compared to Q3 2013 on an adjusted1 basis (+35.2% quarter on quarter reported).
€5.7 million of exceptional costs, mainly restructuring costs linked to Euronext's strategy to enhance its operational efficiency, were booked in Q3 2014.
A net release of a provision for an uncertain tax position of €18.6 million, relating mainly to the nondeductibility of intercompany interest paid, has led to a positive income tax item of €6.0 million in Q3 2014, while an expense of €12.5 million had been booked in Q3 2013. This release of tax provision offset the oneoff tax item booked during the first quarter of the year 2014 (which included derecognition of some deferred tax assets in connection with the demerger). Thus, for the first nine months of the year the tax rate stands at 30.5%, in line with the Company normalized tax rate.
As of 30 September 2014 the Company had cash and cash equivalents excluding financial investments of €238 million, and total debt of €248 million.
In Q3 2014 listing revenues amounted to €13.2 million, an increase of 17.9% compared to the €11.2 million achieved during the same period in 2013.
The listing business registered another good quarter this year thanks to among others the IPOs of six SMEs (versus three in Q3 2013), with a total of €1,725m of capital raised (versus €46m in Q3 2013). The largest IPO so far this year in Europe, NN Group, took place on Euronext markets, with €1.54 billion of capital raised and a total market capitalisation at listing of €7.35 billion.
A number of successful bond listings also took place. In September, Euronext Paris listed a RMB2 billion bond for the Bank of China, positioning Euronext Paris as a marketplace for renminbi bonds. The same month Agence Française de Development raised €1 billion in the first climate bond from a French Agency with the funds used to finance climate-change mitigation projects. This is the third such large green bond listed on Euronext following GDF Suez and Ile de France earlier in the year.
• Trading
Q3 2014 was another strong quarter for our cash trading business with revenue increasing by 15.9% compared to Q3 2013. This is due to an increase of +11.1% in trading volumes in value traded, combined with a higher average fee per trade resulting from the fee change in February 2014.
The ETF segment was particularly dynamic with volume up 23% and the most active day of the year on 4 September 2014, when €572m were traded was a record.
The warrants and certificates segment reached a new record high at 40,208 products active at the end of August.
Euronext market share in domestic equities for the nine months to end of September remains stable at 64.4%, with a small variation during Q3 to 63.4%. In Q3 Euronext remained the most liquid trading venue on EuroStoxx50 component securities with 24.6% market share year-to-date.
Euronext has announced its intention to make evolutions on its SLP in Q4 2014 so as to enhance its impact on market share and ensure the costs of the scheme match its benefits.
Derivatives trading revenue increased by 3% in Q3 2014 compared to the same quarter last year, amounting to €11.3 million (Q3 2013: €11m). Although the global number of derivatives traded was nearly stable this quarter compared to Q3 2013, the product mix impacted favourably the average fee per lot. The 3% decrease in number of equity derivatives traded due to structural deleveraging and low volatility was more than offset by strong activity in commodities (+ 27% compared to Q3 2013). The average fee per lot has thus achieved a +3% increase this quarter.
On the Dutch equity derivatives market, as part of its plan to compete more effectively on the Dutch retail segment, Euronext announced this quarter a set of initiatives: a partnership with DEGIRO, the fastest growing on-line broker in Europe with growth in the Netherlands outpacing the rest of Europe, in the field of information provided to retail investors; and a targeted client flow trading fee reduction to be implemented in Q4 2014.
Work continues on developing our derivatives franchise through product innovation, with the expanded rapeseed complex and weekly index future expiry dates confirmed for launch in November and December respectively.
Market data & indices quarterly revenue posted a strong increase in Q3 2014 compared to the same period last year: €24.1 million against €21 million, an increase of 14.8%.
This growth was driven by a strong take up of the Continental Derivatives data packages by clients and a significant increase in licensed products to Euronext indices.
In August, Euronext announced some price increases for level 2 data effective 1 January 2015. This increase reflects the investment made in systems and networks to reduce latency of the depth of order book data.
The financial benefits of the derivatives clearing agreement with LCH.Clearnet came into force on 1 April 2014. To facilitate the comparison, Euronext has decided to provide adjusted figures for 2013, estimating the impact this contract would have had, had it been in place from Q2 2013 onwards.
For Q3 2014 Euronext recorded clearing revenues of €11.9 million, (Q3 2013 adjusted1 : €11.3 million, or Q3 2013 reported: €0.0 million). This 5.3% increase compared to the adjusted number for Q3 2013 results from the favourable impact of the derivatives product mix, as mentioned above.
Important progress is being made with LCH.Clearnet, our partner CCP, on the full operationalisation of our clearing contract, with a view to supporting product innovation and delivering maximum capital efficiencies to clients.
Quarterly revenues for Interbolsa in Portugal are steady at €5.2 million in Q3 2014 (same amount in Q3 last year).
Revenues from market solutions decreased in Q3 2014 compared to the same quarter in 2013 (from €9.7 million to €8.4 million), as expected in the middle of the adaptation period to refocus the strategy of commercial technology.
As already explained in the interim results for the six-months of 2014, this was due to the replacement of some allocations (connectivity and colocation revenues) by a Service Level Agreement (SLA) effective 1 April 2014.
The contracts with four MENA clients for new UTP-hybrid platform have been signed this quarter, providing clients with a cost-effective, high-performance platform including Sharia compliant markets and offering an expansion path into derivatives markets. This ten-year commitment provides Euronext with a stable revenue stream and a basis for long-term product planning.
In the third quarter ICE transitional revenue amounted to € 10.3 million, reflecting (i) the IT support services provided to Liffe for the operation of its derivatives exchanges in the UK and in the US and its foreseen migration onto the ICE platform; (ii) the invoicing of Cannon Bridge House on a full quarter basis (it started as of 19 May 2014) and (iii) ancillary services. This should not be compared to the revenues booked last year as, until 1 January 2014, the financial statements were combined financial statements and included recharge of shared costs made in accordance with the historical transfer pricing agreement between the legal entities which have been terminated and replaced by SLAs for providing services to ICE. These SLAs are priced separately for each service rendered in accordance with market prices.
Euronext has completed its separation from NYSE / ICE, repositioned its offering, focused on cost cutting and delivered on top line growth. Euronext continues to translate its vision into revenue growth, through executing on its highly focused product and platform roadmap so as to deliver shareholder return.
The current priorities focus on reinvigorating our existing core businesses by broadening the product scope to adjacencies and always further improving transparency, liquidity, innovation and customer service.
Key specific areas of focus are:
Finessing cash market liquidity schemes and market quality, aggressively repositioning and promoting ETFs and adjacent markets;
Building out a full pan-European service offering in our equity derivatives franchise;
Expanding our commodities franchise in the oilseed and dairy segments;
Full operationalizing our contract with LCH.Clearnet, our partner CCP;
Developing new Information Service revenue through technology upgrades to our index platform and corporate action delivery channels;
Embedding EnterNext as the leading market place for SMEs.
Looking ahead, we will leverage our deep bench of talent and the close relationships with our community of clients to strategically remix our business profile, expand businesses and accelerate product innovation.
Our major priority will be to grow our under exploited derivatives business through new product expansion in listed and OTC equity options and futures, index volatility products and commodity derivatives and ETFs.
In particular we will seek to position our business as a solution provider to clients implementing regulatorydriven change.
Euronext will also focus on developing non-transaction related revenue streams in the market data and index space.
In parallel, we are adapting our cost structure smoothly and Euronext's management is now in a position to deliver the €60 million efficiencies3 by the end of H1 2015 on a run-rate basis, 18 months ahead of schedule.
As a consequence of this top line expansion and the acceleration of the delivery of the €60 million of efficiencies, our objective to achieve an EBITDA margin in the range of 45% has already been achieved.
The execution team continue to work on additional costs benefits. The amount and timing are being worked through and will be announced in due time, together with an updated EBITDA margin objective. We do not anticipate any material change to the €90 million of anticipated restructuring expenses to generate these additional savings.
3 pretax operating optimisation and efficiencies
• Corporate governance
The Supervisory Board and the committees are due to be completed before the end of the year:
A constructive dialogue has been initiated with the Dutch Minister of Finance. Euronext N.V. and Euronext Amsterdam N.V. filed "a statement of objections" regarding certain elements of the exchange license which the Dutch Minister of Finance granted shortly before the IPO. The dialogue focusses on the prudential requirements imposed at the level of Euronext N.V.. An oral hearing took place at the Ministry of Finance on 6 October 2014. Euronext is currently awaiting the decision of the Minister, but at this stage nothing can be said about the possible outcome of the procedure.
For comparative purposes, the company provides unaudited non-IFRS measures including:
We define the non-IFRS measures as follow:
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.
For comparative purpose, for the three month period ending 30 September 2013, the changes in clearing revenue, clearing expenses and the subsequent impact on third party revenue, operational expenses excluding depreciation and amortization have also been included when adjusted for the new derivative clearing agreement with LCH.Clearnet. This was included based on our estimate of the amount of revenue we would have received and the amount of associated expenses we would have paid under the Derivatives Clearing Agreement, based on our actual trading volume for the periods presented and assuming the Derivatives Clearing Agreement had been in effect in the third quarter of 2013.
The reconciliation of Non-IFRS measurements and adjusted measures with the IFRS income statement for Q3 2013 on a stand alone basis is presented hereafter:
| Millions of € | Q3'2014 | Q3'2013 reporte d |
Adjustm ent |
Q3'2013 Adjuste d |
Var vs reporte d |
Var vs adjuste d |
|---|---|---|---|---|---|---|
| Third party revenue | 112,3 | 90,6 | 11,3 | 101,9 | 24,0% | 10,3% |
| o/w Clearing revenue | 11,9 | 11,3 | 11,3 | |||
| ICE transitional revenue & Other Income | 10,3 | 19,2 | 19,2 | |||
| Total revenue | 122,6 | 109,8 | 11,3 | 121,1 | 11,7% | 1,3% |
| Operational expenses excl. depreciation and | ||||||
| amortization | 68,5 | 68,1 | 6,6 | 74,7 | 0,6% | -8,2% |
| o/w Clearing expenses | 6,8 | 6,6 | 6,6 | |||
| EBITDA | 54,1 | 41,7 | 4,7 | 46,4 | 29,8% | 16,7% |
| EBITDA margin | 44,1% | 38,0% | 38,3% | |||
| Depreciation & amortization | 4,1 | 4,7 | 4,7 | |||
| Operating profit before exceptional items | 50,0 | 37,0 | 4,7 | 41,7 | 35,2% | 19,9% |
| Q3 2014 | Q3 2013 | YTD 2014 | YTD 2013 | |||
|---|---|---|---|---|---|---|
| Nb trading days | 66 | 66 | 191 | 191 | ||
| NUMBER OF TRANSACTIONS (Buy and sells) (reported trades included) | ||||||
| Q3 2014 | Q3 2013 | Change % |
YTD 2014 | YTD 2013 | Change % YTD |
|
| Total Cash Market (shares, warrants, trackers, bonds) 90 182 060 | 88 351 574 | 2,1% | 277 920 588 | 266 371 424 | 4,3% | |
| ADV Cash Market (shares, warrants, trackers, bonds)1 366 395 | 1 338 660 | 2,1% | 1 455 082 | 1 394 615 | 4,3% |
| Eur million | Q3 2014 | Q3 2013 | Change % |
YTD 2014 | YTD 2013 | Change % YTD |
|---|---|---|---|---|---|---|
| Total Cash Market (shares, warrants, trackers, bonds)377 400 | 339 633 | 11,1% | 1 187 915,3 | 1 058 666,7 | 12,2% | |
| ADV Cash Market (shares, warrants, trackers, bonds) 5 718 | 5 146 | 11,1% | 6 219,5 | 5 542,8 | 12,2% |
| Number of Issuers | ||||
|---|---|---|---|---|
| Change | ||||
| sept-14 | sept-13 | % YOY | ||
| EURONEXT (Euronext, Alternext and Free Market) | 1 302 | 1 303 | -0,1% | |
| EnterNext | 736 | 747 | -1,5% | |
(mln of €) Q3 2014 Q3 2013 Change % YTD 2014 YTD 2013 Change % Nb New Listings 6 3 100,0% 43 21 Money Raised IPO 1 725 46 3680,9% 8 368 963 768,7% Follow-ons on Equities 6 754 4 571 47,8% 20 891 19 808 5,5% Follow-ons on Corporate Bonds 6 342 14 179 -55,3% 43 404 49 620 -12,5%
CAPITAL RAISED on Equities on Primary and Secondary Market
| (mln of €) | ||||||
|---|---|---|---|---|---|---|
| Change | Change | |||||
| Q3 2014 | Q3 2013 | % | YTD 2014 | YTD 2013 | % | |
| Nb New Listings | 5 | 5 | 0,0% | 33 | 13 | |
| Money Raised IPO | 138 | 46 | 202,0% | 754 | 151 | 398,3% |
| Follow-ons on Equities | 1 258 | 946 | 32,9% | 3 361 | 2 012 | 67,1% |
| Follow-ons on Corporate Bonds | 632 | 902 | -30,0% | 1 961 | 2 068 | -5,2% |
| Derivatives markets activity | |||||||
|---|---|---|---|---|---|---|---|
| Q3 2014 | Q3 2013 | YTD 2014 | YTD 2013 | ||||
| Nb trading days | 66 | 66 | 191 | 191 | |||
| Volume (in lots) | |||||||
| Change | Jan 2014 till | Jan 2013 till Sept | Change % | ||||
| Q3 2014 | Q3 2013 | % | Sept 2014 | 2013 | YTD | ||
| Equity | 30 556 010 | 31 542 366 | -3% | 95 950 287 | 104 610 620 | -8,3% | |
| Index | 15 098 755 | 14 644 602 | 3% | 46 286 424 | 48 928 362 | -5,4% | |
| Futures | 11 108 301 | 10 637 179 | 4% | 34 166 123 | 35 963 066 | -5,0% | |
| Options | 3 990 454 | 4 007 423 | 0% | 12 120 301 | 12 965 296 | -6,5% | |
| Individual Equity | 15 457 255 | 16 897 764 | -9% | 49 663 863 | 55 682 258 | -10,8% | |
| Futures | 336 | 20 | >500% | 17 688 | 362 | >500% | |
| Options | 15 456 919 | 16 897 744 | -9% | 49 646 175 | 55 681 896 | -10,8% | |
| Commodity | 3 666 574 | 2 879 858 | 27% | 9 222 846 | 7 610 710 | 21,2% | |
| Futures | 2 910 158 | 2 341 640 | 24% | 7 527 676 | 6 315 596 | 19,2% | |
| Options | 756 416 | 538 218 | 41% | 1 695 170 | 1 295 114 | 30,9% | |
| Other | 33 367 | 38 776 | -14% | 70 842 | 161 286 | -56,1% | |
| Futures | 0 | 195 | 7 | 1 363 | -99,5% | ||
| Options | 33 367 | 38 581 | -14% | 70 835 | 159 923 | -55,7% | |
| Total Futures | 14 018 795 | 12 979 034 | 8% | 41 711 494 | 42 280 387 | -1,3% | |
| Total Options | 20 237 156 | 21 481 966 | -6% | 63 532 481 | 70 102 229 | -9,4% | |
| Total Euronext | 34 255 951 | 34 461 000 | -1% | 105 243 975 | 112 382 616 | -6,4% |
| Change | ||||
|---|---|---|---|---|
| Sep-14 | Sep-13 | % YOY | ||
| Equity | 13 796 329 | 17 556 286 | -21% | |
| Index | 1 088 362 | 1 209 148 | -10,0% | |
| Futures | 474 028 | 485 611 | -2,4% | |
| Options | 614 334 | 723 537 | -15,1% | |
| Individual Equity | 12 707 967 | 16 347 138 | -22,3% | |
| Futures | 210 | 0 | ||
| Options | 12 707 757 | 16 347 138 | -22,3% | |
| Commodity | 1 106 577 | 926 725 | 19,4% | |
| Futures | 431 436 | 386 884 | 11,5% | |
| Options | 675 141 | 539 841 | 25,1% | |
| Other | 10 655 | 14 260 | -25,3% | |
| Futures | 0 | 83 | ||
| Options | 10 655 | 14 177 | -24,8% | |
| Total Futures | 905 674 | 872 578 | 3,8% | |
| Total Options | 14 007 887 | 17 624 693 | -20,5% | |
| Total Euronext | 14 913 561 | 18 497 271 | -19,4% | |
| In thousands of euros | Nine months ended 30 September 2014 |
Three months ended 30 September 2014 |
Three months ended 30 June 2014 |
Three months ended 31 March 2014 |
Nine months ended 30 September 2013 |
Three months ended 30 September 2013 |
Three months ended 30 June 2013 |
Three months ended 31 March 2013 |
|---|---|---|---|---|---|---|---|---|
| reported | reported | reported | reported | reported | reported | reported | reported | |
| 9M'14 | Q3 2014 | Q2 2014 | Q1 2014 | 9M'13 | Q3 2013 | Q2 2013 | Q1 2013 | |
| Listing | 45 723 | 13 186 | 18 923 | 13 614 | 37 758 | 11 181 | 15 432 | 11 145 |
| Cash trading | 120 848 | 37 712 | 39 557 | 43 579 | 104 001 | 32 539 | 35 629 | 35 833 |
| Derivatives trading | 34 346 | 11 282 | 10 420 | 12 644 | 37 614 | 10 958 | 12 545 | 14 111 |
| Market data & indices | 69 532 | 24 096 | 23 547 | 21 889 | 61 375 | 20 987 | 20 235 | 20 153 |
| Clearing | 22 507 | 11 920 | 10 587 | - | - | - | - | - |
| Custody and Settlement | 16 292 | 5 210 | 5 522 | 5 560 | 15 927 | 5 217 | 5 335 | 5 375 |
| Market solutions & other | 25 092 | 8 397 | 7 767 | 8 928 | 31 072 | 9 677 | 10 350 | 11 045 |
| Other income | 498 | 498 | - | - | - | - | - | - |
| Third party revenue and other income | 334 838 | 112 301 | 116 323 | 106 214 | 287 747 | 90 559 | 99 526 | 97 662 |
| ICE transitional revenue | 26 832 | 10 329 | 9 175 | 7 328 | 61 429 | 19 196 | 19 849 | 22 384 |
| Total revenue and other income | 361 670 | 122 630 | 125 498 | 113 542 | 349 176 | 109 755 | 119 375 | 120 046 |
| Salaries and employee benefits | (95 175) | (31 343) | (32 391) | (31 441) | (97 866) | (28 700) | (32 394) | (36 772) |
| Depreciation and amortisation | (12 956) | (4 148) | (4 078) | (4 730) | (14 588) | (4 716) | (5 094) | (4 778) |
| Systems and communications | (17 046) | (6 808) | (4 578) | (5 660) | (19 338) | (7 141) | (5 790) | (6 407) |
| Professional services | (36 984) | (11 409) | (13 058) | (12 517) | (43 224) | (14 698) | (13 473) | (15 053) |
| Clearing expenses | (13 211) | (6 824) | (6 387) | - | - | - | - | - |
| Accommodation | (18 185) | (6 980) | (6 306) | (4 899) | (12 960) | (4 150) | (4 313) | (4 497) |
| PSA retrocession | - | - | - | - | (12 488) | (4 612) | (3 305) | (4 571) |
| Other expenses | (16 723) | (5 160) | (4 701) | (6 862) | (25 488) | (8 774) | (7 882) | (8 832) |
| Other operational expenses | (102 149) | (37 181) | (35 030) | (29 938) | (113 498) | (39 375) | (34 763) | (39 360) |
| Operating profit before exceptional items | 151 390 | 49 958 | 53 999 | 47 433 | 123 224 | 36 964 | 47 124 | 39 136 |
| Exceptional items | (25 613) | (5 726) | (7 726) | (12 161) | (2) | - | (2) | - |
| Operating profit | 125 777 | 44 232 | 46 273 | 35 272 | 123 222 | 36 964 | 47 122 | 39 136 |
| Nine months ended | |||||
|---|---|---|---|---|---|
| 30 September | 30 September | ||||
| In thousands of euros (except per share data) | 2014 | 2013 | |||
| unaudited | unaudited | ||||
| Third party revenue and other income | 334 838 | 287 747 | |||
| ICE transitional revenue and other income | 26 832 | 61 429 | |||
| Total revenue and other income | 361 670 | 349 176 | |||
| Salaries and employee benefits | (95 175) | (97 866) | |||
| Depreciation and amortisation | (12 956) | (14 588) | |||
| Other operational expenses | (102 149) | (113 498) | |||
| Operating profit before exceptional items | 151 390 | 123 224 | |||
| Exceptional items | (25 613) | (2) | |||
| Operating profit | 125 777 | 123 222 | |||
| Net financing income / (expense) | (5 139) | 483 | |||
| Results from equity investments | 2 853 | 7 944 | |||
| Profit before income tax | 123 491 | 131 650 | |||
| Income tax expense | (37 677) | (22 765) | |||
| Profit for the period | 85 814 | 108 885 | |||
| Profit attributable to: | |||||
| – Owners of the parent | 85 814 | 108 885 | |||
| – Non-controlling interests | - | - | |||
| Basic earnings per share | 1,23 | 1,56 | |||
| Diluted earnings per share | 1,22 | 1,56 |
| Nine months ended | ||||
|---|---|---|---|---|
| 30 September | 30 September | |||
| In thousands of euros | 2014 | 2013 | ||
| unaudited | unaudited | |||
| Profit for the period | 85 814 | 108 885 | ||
| Other comprehensive income for the period | ||||
| Items that will be subsequently reclassified to profit or loss: | ||||
| – Currency translation differences | 6 231 | (2 760) |
||
| Items that will not be reclassified to profit or loss: | ||||
| – Remeasurements of post-employment benefit obligations | (6 630) | (12 719) | ||
| Income tax impact | 2 042 | 3 180 | ||
| Total comprehensive income for the period | 87 457 | 96 586 |
| In thousands of euros | As at 30 September 2014 |
As at 31 December 2013 |
|---|---|---|
| Assets | unaudited | audited |
| Non-current assets | ||
| Property, plant and equipment | 27 331 | 27 782 |
| Goodwill and other intangible assets | 319 704 | 323 916 |
| Deferred income tax assets | 10 990 | 21 951 |
| Equity investments | 109 704 | 48 075 |
| Other receivables | 2 259 | 2 046 |
| Total non-current assets | 469 988 | 423 770 |
| Current assets | ||
| Trade and other receivables | 89 534 | 121 268 |
| Income tax receivable | 135 | 1 180 |
| Related party loans | - | 268 778 |
| Derivative financial instruments | - | 1 893 |
| Financial investments | 15 000 | - |
| Cash and cash equivalents | 238 024 | 80 827 |
| Total current assets | 342 693 | 473 946 |
| Total assets | 812 681 | 897 716 |
| Equity/Parent's net investment and liabilities | ||
| Equity/Parent's net investment | ||
| Issued capital | 112 000 | - |
| Share premium | 116 554 | - |
| Retained earnings | 81 394 | - |
| Parent's net investment | - | 234 790 |
| Other comprehensive income (loss) | 534 | (1 109) |
| Total equity/parent's net investment | 310 482 | 233 681 |
| Non-current liabilities | ||
| Borrowings | 248 194 | - |
| Related party borrowings | - | 40 000 |
| Deferred income tax liabilities | 499 | 530 |
| Post-employment benefits | 15 362 | 9 488 |
| Provisions | 22 207 | 5 246 |
| Other liabilities | 2 100 | 2 925 |
| Total non-current liabilities | 288 362 | 58 189 |
| Current liabilities | ||
| Borrowings | 123 | - |
| Related party borrowings | - | 407 025 |
| Current income tax liabilities | 81 874 | 49 483 |
| Trade and other payables | 115 164 | 143 661 |
| Provisions | 16 677 | 5 677 |
| Total current liabilities | 213 838 | 605 846 |
| Total equity/parent's net investment and liabilitie | s 812 682 |
897 716 |
| Nine months ended | ||||
|---|---|---|---|---|
| In thousands of euros | 30 September 2014 |
30 September 2013 |
||
| unaudited | unaudited | |||
| Profit before income tax | 123 491 | 131 650 | ||
| Adjustments for: | ||||
| - Depreciation and amortisation | 12 956 | 14 588 | ||
| - Share based payments (b) | 3 459 | 4 839 | ||
| - Gain on disposal of equity investments | - | (7 944) | ||
| - Changes in working capital | 16 114 | (45 406) | ||
| Income tax paid | (16 296) | 9 689 | ||
| Net cash provided by operating activities | 139 724 | 107 416 | ||
| Cash flow from investing activities | ||||
| Proceeds from disposal of equity investment | - | 27 804 | ||
| Net purchase of short-term investments | (13 048) | - | ||
| Purchase of property, plant and equipment | (4 784) | (1 995) | ||
| Purchase of intangible assets | (5 400) | (2 245) | ||
| Proceeds from sale of property, plant and equipment and intangible assets | 729 | 13 | ||
| Net cash provided by / (used in) investing activities | (22 503) | 23 577 | ||
| Cash flow from financing activities | ||||
| Proceeds from borrowings, net of transaction fees | 247 903 | - | ||
| Net interest paid | (663) | - | ||
| Share Capital repayment | (161 500) | - | ||
| Transfers (to) / from Parent, net (a) | 91 947 | 62 982 | ||
| Net change in short-term loans due to/from Parent | (137 948) | (133 538) | ||
| Net cash provided by / (used in) financing activities | 39 739 | (70 556) | ||
| Non-cash exchange gains/(losses) on cash and cash equivalents | 238 | 875 | ||
| Net increase / (decrease) in cash and cash equivalents | 157 198 | 61 312 | ||
| Cash and cash equivalents - Beginning of period | 80 827 | 13 560 | ||
| Cash and cash equivalents - End of period | 238 025 | 74 872 |
Full year 2014 results 25 February 2015 Q1'2015 results 7 May 2015
Media Caroline Nico +33 1 49 27 10 74 [email protected]
Analysts & investors Stéphanie Bia +33 1 49 27 12 68 [email protected]
Euronext is the primary exchange in the Euro zone with over 1 300 issuers worth €2.6 trillion in market capitalization, an unmatched blue chip franchise consisting of 20+ issuers in the EURO STOXX 50® benchmark and a strong diverse domestic and international client base.
Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise of running markets by providing technology and managed services to third parties. Euronext operates regulated markets, Alternext and the Free Market: in addition it offers EnterNext, which facilitates SMEs' access to capital markets.
This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided "as is" without representation or warranty of any kind. Whilst 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 located at https://www.euronext.com/terms-use. © 2014, Euronext N.V. - All rights reserved.
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