Earnings Release • May 19, 2017
Earnings Release
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Amsterdam +31.20.721.4488 Brussels +32.2.620.15.50 +33.1.70.48.24.17 Lisbon +351.210.600.614 Paris +33.1.70.48.24.45
CONTACT - Media: CONTACT - Investor Relations:
Amsterdam, Brussels, Lisbon, London and Paris – 19 May 2017 – Today Euronext announced its results for the first quarter 2017.
"Once again, Euronext proved the resilience of its business model with stable revenue and a strong EBITDA in the first quarter of 2017, despite trading reduced volumes year over year. The deployment of our strategic plan is gathering pace, and I am extremely proud to announce two developments that show our commitment to deliver value to shareholders and clients. Firstly, through the long-term agreement negotiated with ICE Clear Netherlands, Euronext secured similar financial benefits to those of the current agreement with LCH Clearnet SA, while significantly improving the client value proposition for the clearing of its derivatives products. Second, the introduction of a floor in our dividend policy will provide shareholders with a minimum return and reduce any possible dividend volatility," said Stéphane Boujnah, Chairman and CEO of the Managing Board of Euronext NV.
The first quarter of 2017 saw a continuation of the 2016 year end environment. Benign volatility translated into reduced trading volumes, both on the cash and derivatives markets, while listing activity improved strongly. As a result, revenue for Q1 2017 increased by +0.1%, to €126.6 million (Q1 2016: €126.5 million). As a reminder, the first quarter of 2016 showed strong trading volumes across cash and derivatives.
Operational expenses excluding Depreciation & Amortization increased by +2.6% to €56.1 million (Q1 2016: €54.7 million) due to costs incurred from the deployment of our "Agility for Growth" strategic plan, ongoing IT projects (development of our new trading platform, Optiq®), and new business initiatives. The Belfast technology centre closed at the end of March 2017, and 125 people now work in our new IT hub in Porto.
The onboarding of costs linked to the execution of these growth initiatives, is accelerating both organically and as a result of the full consolidation of Company Webcast. The impact on the cost base of the Group was €1.8 million in Q1 2017, with the growth initiatives generating €1 million of revenue in this quarter.
Figures for the first quarter 2017 are not fully comparable to Q1 2016, as they include, for the first time, the full consolidation of the financial statements of Company Webcast, the webcast company in which we acquired a 51% stake in February 2017. This company contributed for € 0.8 million of revenues and € 0.7 million of costs this quarter.
The EBITDA remained resilient this quarter, at €70.5 million, representing a margin of 55.7% (Q1 2016: €71.8 million or 56.8%).
As of the end of Q1 2017, €16.6 million of cost savings have been achieved since Q2 2016.
Depreciation and Amortization increased by +1.2% in Q1 2017, to €3.8 million (Q1 2016: €3.7 million), resulting from the start of Interbolsa Target 2 Securities project depreciation in Q3 2016.
Operating profit before exceptional items was €66.7 million, a -2% decrease compared to Q1 2016 (€68.0 million).
€3.1 million of exceptional costs were booked in Q1 2017 compared to a positive amount of €0.6 million in Q1 2016. These costs are mainly related to the potential acquisition of LCH.Clearnet SA, while Q1 2016 exceptional items benefited from an adjustment on the provision related to the French restructuring plans.
Net financing expense for Q1 2017 was €1.1 million compared to a net financing income of €0.9 million in Q1 2016 when some foreign exchange gains were recognized. The first quarter of 2017 was impacted by the payment of interests associated with the early repayment of debt and the set-up costs of the implementation of the new revolving credit facility.
The €0.7 million of result from equity investment relates to dividends from the LCH Group while no dividend income was received in Q1 2016.
Income tax for Q1 2017 was €19.3 million, representing an effective tax rate for the quarter of 30.5% (Q1 2016: 31.0% or €21.6 million). This is in line with the lower profit before tax and the normalized tax rate of the Company.
As a result, the net profit for Q1 2017 decreased by 9%, to €43.9 million (Q1 2016: €48.0 million). This represents an EPS of €0.63 (both basic and fully diluted) in Q1 2017 compared to €0.69 (both basic and fully diluted) in Q1 2016.The number of shares used for the basic calculation was 69,549,719 and 69,895,720 for the fully diluted one.
As of 31 March 2017, the Company had cash and cash equivalents of €141.2 million, and no debt, after the final early debt repayment of €70 million this quarter.
Revenue was €18.8 million in Q1 2017, a 33% increase compared to the €14.2 million achieved in Q1 2016, thanks to increases in IPO revenues, annual fees and follow-on revenues.
The first quarter of the year saw the reopening of the IPO market and the return of large capitalisation transactions such as TechnipFMC and Tikehau. This contrasts with Q1 2016 which was impacted by uncertain macro conditions and by soft secondary market activity.
In total, €95 billion in equity and debt were raised on our markets in Q1 2017, compared to €73.7 billion in Q1 2016. Six new listings took place in Q1 2017 - of which 4 SME deals - raising €184 million, compared to one listing for €3 million raised during Q1 2016.
On May 17, Euronext simplified its market names under a common branding. The former Free Market/ Marché Libre/ Easynext market segments are now unified under a single brand name, Euronext Access. Alternext becomes Euronext Growth. This new naming is combined with (1) the creation of Euronext Access+, a compartment dedicated to start-ups and (2) the increase of the Listing Sponsor role. This aims to clarify our service offering and raise the attractiveness of Euronext capital markets towards SMEs across Europe. The creation of a new market model for SMEs was also announced, with the goal of increasing their liquidity and promoting a new block trading service for European SMEs.
Average daily volumes reduced by -15.9% to € 7.0 billion compared to a very strong Q1 2016. However, efficient yield management enabled us to partially offset this impact on our top line, recording revenues of €46.7m in Q1 2017, down by -4.9% compared to €49.1m in Q1 2016. Yield averaged 0.51 bps in Q1 2017, a +6.3% increase compared to 0.48 bps in Q1 2016.
Our market share remained resilient at 61.4% during the quarter, up from 61.0% in Q1 2016, and stood at 61.8% at the end of March. It was notably supported by a new non-member proprietary fee scheme that continued to attract incremental volumes, as well as our Equity Best of Book service which now serves 25 members and helps to retain flow on Euronext markets and promote order flow diversity.
The average daily transaction value on ETFs was €497 million, down by -29% compared to Q1 2016. However, we recorded a strong performance in terms of new listings with 25 new products listed on our markets. This brought the total number of ETFs listed on our market at the end of March to 808. Furthermore, our client alignment continued to yield results through the onboarding of Source, a new ETF issuer.
Derivatives trading revenue decreased by -7.8% in Q1 2017, to €10.1 million compared to €11.0 million in Q1 2016. The average daily volume on individual equity derivatives decreased by -3.2% to 245,283 contracts (253,399 contracts in Q1 2016), while declining trading activity in equity index derivatives resulted in average daily volumes down by -10.6% to 219,756 contracts (245,824 contracts in Q1 2016).
Commodities products recorded significantly lower average daily volumes in Q1 2017, down -17.0% to 52,634 contracts (63,398 contracts in Q1 2016). The worst wheat crop in over 40 years continued to drive down French non EU exports, strongly impacting trading activity.
In Q1 2017, market data and indices revenue decreased by -2%, to €25.7 million (Q1 2016: €26.2 million). The reduction in the number of professional users viewing data on traditional trading screens was offset by a continuing increase in the use of Euronext's data in automated trading applications.
Post-trade
Clearing revenue decreased by -9%, from €13.0 million in Q1 2016 to €11.8 million in Q1 2017, reflecting lighter derivatives trading activity and a change in the business mix. Commodity product volumes decreased more than financial derivatives over the period, although they contribute comparatively more to clearing revenue.
Revenue from Interbolsa in Portugal increased by +2%, from €4.8 million in Q1 2016 to €4.9 million this quarter.
Revenue from market solutions increased by +4% in Q1 2017, to €8.4 million (Q1 2016: €8.1 million). The business benefited from the launch of MiFID II projects in the last quarter of 2016.
Euronext has long been committed to developing and selling its own core technology as a means of industry benchmarking as well as revenue generation. In March 2017, this commitment was renewed with the selection of Atos as our sales and delivery partner for the new Optiq® platform. The partnership enables Euronext to extend its sales reach and scale its delivery capabilities ahead of the commercial availability of Optiq® in 2018.
For comparative purposes, the company provides unaudited non-IFRS measures including:
We define the non-IFRS measures as follows:
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.
Euronext established its current dividend policy at the time of its IPO in mid-2014. A dividend equal to 50% of reported net earnings enables the Company to distribute a significant portion of the income generated on a yearly basis to its shareholders, while maintaining financial and strategic flexibility.
Euronext has decided to complement this policy, for the remainder of the 'Agility for Growth' plan (i.e. until the Annual General Meeting in 2020), with a minimum shareholder remuneration. Starting with the dividend that will be submitted for the approval of the shareholders at the AGM in 2018, Euronext will distribute the highest of 50% of the reported EPS and a floor at €1.42 per share.
On 3 January 2017, Euronext announced that it had been granted exclusivity to acquire 100% of the share capital and voting rights of LCH.Clearnet SA, contingent on the closing of the merger between Deutsche Börse AG and LSE Group. Despite the subsequent prohibition of the merger between Deutsche Börse AG and LSE Group by the EU Commission, Euronext has reaffirmed to both LSE and LCH Group its willingness to proceed with the acquisition of LCH.Clearnet SA for €510m, and Euronext continues to remain a willing buyer of LCH.Clearnet SA.
In the absence of obtaining an agreement to complete this acquisition, Euronext was obliged to ensure that its clients obtain the best, most cost effective and competitive clearing solutions beyond 31st December 2018, the date at which the current clearing services agreement with LCH.Clearnet SA will expire.
Under its "Agility for Growth" strategy, Euronext is deploying significant effort to establish clearing optionality for its clients, including acquiring a 20% stake in EuroCCP. This will enable Euronext to offer user choice in clearing for the equity markets within the Eurozone through the implementation of a preferred CCP model. Euronext revenue and profitability will not be impacted by this clearing arrangement with EuroCCP as no financial benefits were attached to the existing cash clearing agreement with LCH.Clearnet SA.
On 3 April 2017, Euronext announced it had signed a binding heads of terms with ICE Clear Netherlands, a subsidiary of Intercontinental Exchange (NYSE: ICE) for the provision of clearing services for its financial derivatives and commodities markets. The agreement with ICE Clear Netherlands covers the clearing of financial derivatives and commodity derivatives for a period of 10 years. Euronext will contribute a €10m upfront investment in ICE Clear Netherlands. Clearing operations will be run from Amsterdam and a new and innovative solution for asset financing, inventory management and physical delivery for commodities will be built by Euronext and operated from Paris. This agreement provides for a continued income stream for Euronext, with EBITDA levels comparable to the existing agreement with LCH.Clearnet SA.
Overall this represents a long term, open access, sustainable and innovative Eurozone based clearing proposition for Euronext and its customers.
During the first quarter of 2017, Euronext achieved new milestones in the delivery of its "Agility for Growth" strategic plan:
Corporate Services: On 14 February 2017, Euronext announced the acquisition of Company Webcast, a Dutch company, and a market leader in webinars and webcasts. The acquisition of a majority stake (51%) in Company Webcast represents a key milestone in the context of our corporate services offering. The transaction includes an initial cash payment of €3.6 million. The Company serves 260 clients and had revenue of €3.6 million in 2016.
In February 2017, the Supervisory Board of Euronext N.V. has approved unanimously the appointment of Paulo Rodrigues da Silva as CEO of Euronext Lisbon, CEO of Interbolsa and member of the Managing Board of Euronext N.V.. Paulo Rodrigues da Silva joined Euronext in early March 2017, and all regulatory approvals have been received. His nomination is subject to shareholders approval at the 2017 Annual General Meeting.
The development of Optiq®, our new trading platform, is progressing. Customer conformance testing started in mid-April, with the full scope of market data functionality to be live in June 2017 for cash and in July 2017 for derivatives products. These important technical deliveries represent the first milestones in our MiFID II rolling compliance programme, which will continue throughout the remainder of 2017. The migration to Optiq® for the cash trading businesses will be production ready in Q4 2017, with exact timing subject to consultation with clients.
| Unaudited, in €m (except per share data) | Three months ended | |
|---|---|---|
| 31 March 2017 | 31 March 2016 | |
| Revenues | ||
| Third party revenue and other income | 126.6 | 126.5 |
| Listing | 18.8 | 14.2 |
| Trading revenue, of which | ||
| Cash Trading | 46.7 | 49.1 |
| Derivatives Trading | 10.1 | 11.0 |
| Market Data & indices | 25.7 | 26.2 |
| Post-trade, of which | ||
| Clearing | 11.8 | 13.0 |
| Custody and Settlement | 4.9 | 4.8 |
| Market Solutions & other revenue | 8.4 | 8.1 |
| Other income | 0.1 | 0.0 |
| Total Revenues and other income | 126.6 | 126.5 |
| Expenses | ||
| Salaries and employee benefits | (24.0) | (23.6) |
| Depreciation & Amortisation | (3.8) | (3.7) |
| Other Operational Expenses, of which | ||
| System & Communication | (5.4) | (4.8) |
| Professional Services | (11.0) | (10.9) |
| Clearing expense | (6.4) | (6.3) |
| Accommodation | (2.6) | (2.3) |
| Other Operational Expenses | (6.8) | (6.7) |
| Total Expenses | (59.9) | (58.4) |
| EBITDA margin | 55.7% | 56.8% |
| Operating profit before Exceptional items | 66.7 | 68.0 |
| Exceptional items | (3.1) | 0.6 |
| Operating profit | 63.6 | 68.7 |
| Net financing income / (expense) | (1.1) | 0.9 |
| Results from equity investments | 0.7 | - |
| Profit before income tax | 63.2 | 69.6 |
| Income tax expense | (19.3) | (21.6) |
| Profit for the period | 43.9 | 48.0 |
| Profit attributable to: | ||
| – Owners of the parent | 43.9 | 48.0 |
| – Non-controlling interests | 0.1 | - |
| Basic earnings per share (in €) | 0.63 | 0.69 |
| Diluted earnings per share (in €) | 0.63 | 0.69 |
| Unaudited, in €m | Three months ended | |
|---|---|---|
| 31 March 2017 | 31 March 2016 | |
| Profit for the period | 43.9 | 48.0 |
| Other comprehensive income | ||
| Items that may be reclassified to profit or loss: | ||
| – Exchange differences on translation of foreign operations | (0.0) | (4.9) |
| Items that will not be reclassified to profit or loss: | ||
| – Remeasurements of post-employment benefit obligations | - | (4.1) |
| – Income tax impact post-employment benefit obligations | - | 0.3 |
| Other comprehensive income for the period, net of tax | (0.0) | (8.8) |
| Total comprehensive income for the period | 43.9 | 39.2 |
| Comprehensive income attributable to: | ||
| – Owners of the parent | 43.8 | 39.2 |
| – Non-controlling interests | 0.1 | - |
| Unaudited, in €m | As at 31 | As at 31 |
|---|---|---|
| Category | March 2017 | December 2016 |
| Non-current assets | ||
| Property, plant and equipment | 28.7 | 27.5 |
| Goodwill and other intangible assets | 328.9 | 321.2 |
| Deferred income tax assets | 5.7 | 5.0 |
| Investments in associates and JV | 16.0 | 16.0 |
| Available-for-sale financial assets | 126.6 | 117.1 |
| Other receivables | 7.5 | 7.1 |
| Total non-current assets | 513.4 | 493.8 |
| Current assets | ||
| Trade and other receivables | 97.0 | 81.6 |
| Income tax receivable | 5.1 | 7.6 |
| Cash & cash equivalents | 141.2 | 174.5 |
| Total current assets | 243.2 | 263.7 |
| Total assets | 756.7 | 757.5 |
| Equity | ||
| Shareholders' equity | 585.4 | 548.0 |
| Non-controlling interests | 0.4 | 0.0 |
| Total equity | 585.9 | 548.0 |
| Non-current liabilities | ||
| Borrowings | 0.1 | 69.0 |
| Other long-term financial liabilities | 10.0 | 0.0 |
| Deferred income tax liabilities | 0.6 | 0.6 |
| Post employment benefits | 13.5 | 13.2 |
| Other provisions | 6.5 | 6.5 |
| Total Non-current liabilities | 30.7 | 89.3 |
| Current liabilities | ||
| Borrowings | 0.1 | 0.1 |
| Income tax payable | 29.3 | 27.2 |
| Trade and other payables | 109.4 | 90.6 |
| Other provisions | 1.3 | 2.3 |
| Total Current liabilities | 140.1 | 120.2 |
| Total Equity and liabilities | 756.7 | 757.5 |
| Unaudited, in €m Three months ended |
||
|---|---|---|
| 31 March 2017 | 31 March 2016 | |
| Profit before tax | 63.2 | 69.6 |
| Adjustments for: | ||
| - Depreciation and amortization | 3.8 | 3.7 |
| - Share based payments | 1.1 | 0.3 |
| - Changes in working capital | 3.9 | (3.8) |
| Cash flow from operating activities | 72.0 | 69.7 |
| Income tax paid | (14.9) | (15.6) |
| Net cash flows from operating activities | 57.1 | 54.2 |
| Cash flow from investing activities | ||
| Acquisitions of subsidiaries, net of cash acquired | (4.1) | - |
| Purchase of available-for-sale financial assets | (9.6) | - |
| Purchase of property, plant and equipment | (2.6) | (0.9) |
| Purchase of intangible assets | (4.7) | (2.7) |
| Net cash flow from investing activities | (21.0) | (3.6) |
| Cash flow from financing activities | ||
| Repayment of borrowings, net of transaction fees | (70.0) | - |
| Interest paid | (0.2) | (0.3) |
| Interest received | 0.1 | 0.1 |
| Transaction of own shares | 0.7 | (2.0) |
| Net cash flow from financing activities | (69.4) | (2.2) |
| Total cash flow over the period | (33.3) | 48.4 |
| Cash and cash equivalents - Beginning of period | 174.5 | 158.6 |
| Non Cash exchange gains/(losses) on cash and cash equivalents | (0.0) | (4.2) |
| Cash and cash equivalents - End of period | 141.2 | 202.8 |
| Q1 2017 | Q1 2016 | ||
|---|---|---|---|
| Nb trading days | 65 | 62 | |
| NUMBER OF TRANSACTIONS (Buy and sells) (reported trades included) |
|||
| Q1 2017 | Q1 2016 | Change % | |
| Total Cash Market * | 113,730,560 | 132,129,274 | -13.9% |
| ADV Cash Market * | 1,749,701 | 2,131,117 | -17.9% |
| TRANSACTION VALUE ( € million - Single counted) | |||
| (€m) | Q1 2017 | Q1 2016 | Change % |
| Total Cash Market * | 453,439.6 | 514,271.7 | -11.8% |
| ADV Cash Market * | 6,976.0 | 8,294.7 | -15.9% |
| * (shares, warrants, trackers, bonds) | |||
| LISTINGS | |||
| Number of Issuers | Mar-17 | Mar-16 | |
| Change % | |||
| EURONEXT ** | 1,287 | 1308 | -1.6% |
| SMEs | 740 | 764 | -3.1% |
| **(Euronext, Alternext and Free Market) | |||
| Capital raised on Equities on Primary and Secondary Market | |||
| EURONEXT (Euronext, Alternext) | |||
| (€m) | Q1 2017 | Q1 2016 | Change % |
| Nb New Listings ** | 6 | 1 | |
| Money Raised New Listings incl over alloment | 184 | 3 | 7162.9% |
| of which Money Raised New Listings | 182 | 3 | 7095.7% |
| Follow-ons on Equities | 11,637 | 4,552 | 155.7% |
| Corporate Bonds | 12,374 | 2,154 | 474.5% |
| Financials Bonds | 40,286 | 41,477 | -2.9% |
| Public/SemiPublic Bonds | 16,032 | 13,453 | 19.2% |
| Others | 14,530 | 12,110 | 20.0% |
| Total Money Raised * | 95,042 | 73,749 | 28.9% |
| of which SMEs | |||
| (€m) | Q1 2017 | Q1 2016 | Change % |
| Nb New Listings ** | 4 | 1 | |
| Money Raised New Listings incl over allotment | 184 | 3 | 7162.9% |
| of which Money Raised New Listings | 182 | 3 | 7095.7% |
Follow-ons on Equities 2,581 1,158 122.9% Corporate Bonds 18 55 -67.0% Financials Bonds 0 570 -100.0% Total Money Raised * 2,783 1,785 55.9%
* included New Listings incl over allotment, Follow-ons on Equities, Corporate Bonds on Euronext Listed Issuers Corporate bonds figures revised as from January 2017 to exclude Euronext listed financials issuers and to regroup them in a broader newly created financial bonds category. Public/Semi-Public bonds category not reported before, created as from January 2017
| Q1 2017 | Q1 2016 | Change % | |
|---|---|---|---|
| Equity | 465,040 | 499,223 | -6.8% |
| of which Atomx | 2,273 | 1,181 | |
| Index | 219,756 | 245,824 | -10.6% |
| of which Atomx | 512 | 374 | |
| Futures | 168,001 | 193,950 | -13.4% |
| of which Atomx | 512 | 374 | |
| Options | 51,755 | 51,874 | -0.2% |
| of which Atomx | 0 | 0 | |
| Individual Equity | 245,283 | 253,399 | -3.2% |
| of which Atomx | 1,761 | 806 | |
| Futures | 533 | 573 | -6.9% |
| of which Atomx | 123 | 0 | |
| Options | 244,750 | 252,826 | -3.2% |
| of which Atomx | 1,638 | 806 | |
| Commodity | 52,634 | 63,398 | -17.0% |
| Futures | 49,049 | 53,578 | -8.5% |
| Options | 3,584 | 9,820 | -63.5% |
| Other | 283 | 282 | 0.5% |
| Futures | 0 | 0 | |
| Options | 283 | 282 | 0.5% |
| Total Futures | 217,584 | 248,101 | -12.3% |
| Total Options | 300,373 | 314,802 | -4.6% |
| Total Euronext | 517,956 | 562,903 | -8.0% |
| Mar-17 | Mar-16 | Change % | |
|---|---|---|---|
| Equity | 13,906,420 | 13,010,840 | 7.0% |
| Index | 1,426,710 | 845,373 | 68.8% |
| Futures | 582,514 | 398,797 | 46.1% |
| Options | 844,196 | 446,576 | 89.0% |
| Individual Equity | 12,479,710 | 12,165,467 | 2.6% |
| Futures | 11,365 | 60,297 | -81.2% |
| Options | 12,468,345 | 12,105,170 | 3.0% |
| Commodity | 658,042 | 886,019 | -25.7% |
| Futures | 428,437 | 402,347 | 6.5% |
| Options | 229,605 | 483,672 | -52.5% |
| Other | 1,294 | 3,305 | -60.8% |
| Futures | 0 | 0 | |
| Options | 1,294 | 3,305 | -60.8% |
| Total Futures | 1,022,316 | 861,441 | 18.7% |
| Total Options | 13,543,440 | 13,038,723 | 3.9% |
| Total Euronext | 14,565,756 | 13,900,124 | 4.8% |
2 nd quarter 2017 results 28 July 2017 3 rd quarter 2017 results 8 November 2017
Pauline Bucaille +33 1 70 48 24 41 [email protected]
Analysts & investors Stephanie Bia +33 1 70 48 24 17 [email protected]
Euronext is the leading pan-European exchange in the Eurozone with nearly 1,300 listed issuers worth close to €3.5 trillion in market capitalisation as of end March 2017, an unmatched blue chip franchise consisting of 25 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 in 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.
For the latest news, find us on Twitter (twitter.com/euronext) and LinkedIn (linkedin.com/euronext).
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. 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 located at www.euronext.com/terms-use.
© 2017, Euronext N.V. - All rights reserved.
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