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Deutsche Börse AG published its results for the first quarter of 2016 on Wednesday. Consolidated net revenue rose 8 per cent compared with the same quarter of the previous year to €648.5 million (Q1/2015: €600.1 million). Besides consolidation effects, the increase was largely driven by positive developments in index derivatives and in the commodities business within the Eurex segment. At €301.2 million, adjusted operating costs were up year-on-year (Q1/2015: €282.5 million), as planned – exclusively due to consolidation effects. Adjusted earnings before interest and taxes (EBIT) amounted to €349.5 million (Q1/2015: €319.2 million). Basic earnings per share, adjusted for non-recurring effects, were €1.25 (Q1/2015: €1.24). In the previous year, adjusted earnings per share included positive FX effects of approximately 7 euro cents. Carsten Kengeter, Chief Executive Officer of Deutsche Börse AG, said: “We continued to consistently pursue our ‘Accelerate’ growth strategy during the first quarter. Besides fundamental organisational reforms, we further optimised our portfolio with the agreed sale of the International Securities Exchange.”
Kengeter added: “Our planned merger with the London Stock Exchange Group is progressing on schedule and we are working intensively on preparations for obtaining all necessary approvals. Since announcement of our plans we have received support from various stakeholders that the merger is the right step – a step, which benefits companies, customers, as well as shareholders and at the same time strengthens the financial centres Frankfurt and London.”
Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented on the quarterly results: “The Eurex segment generated record revenues during the first quarter, building the basis for the Group’s good start into the financial year. Combined with stable operating costs before consolidation effects, earnings before taxes thus rose more strongly than revenues. It is thus fair to expect that we will achieve our targeted double-digit profit growth for 2016.”
Results for Q1/2016 Deutsche Börse Group’s net revenue rose by 8 per cent, compared to the same quarter of the previous year, to €648.5 million (Q1/2015: €600.1 million), mainly driven by strong business development in the Eurex segment. Specifically, traded volumes in Eurex index derivatives, and in power and gas products at the European Energy Exchange, increased significantly. Net revenue also rose due to consolidation effects, including from the 360T® foreign-exchange platform which has been consolidated since the fourth quarter of 2015. Net interest income from the banking business – which is included in net revenue – showed a marked increase to €18.6 million (Q1/2015: €8.4 million). Since the second quarter of 2015, net interest income has included interest income and expenses pertaining to the Eurex segment, on top of income from the Clearstream segment, which the clearing house generates by investing cash collateral posted by its clients.
At €340.1 million, operating costs were up year-on-year (Q1/2015: €293.0 million), largely due to higher non-recurring effects which rose to €38.9 million (Q1/2015: €10.5 million). The increase was largely attributable to higher costs in connection with mergers and acquisitions, and the agreed sale of ISE. Adjusted for these non-recurring effects, costs rose to €301.2 million (Q1/2015: €282.5 million), as expected and were exclusively due to consolidation effects. The result from equity investments totalled €2.2 million in the first quarter (Q1/2015: €5.2 million).
Deutsche Börse Group’s consolidated earnings before interest and tax (EBIT) amounted to €310.6 million during the period under review (Q1/2015: €312.3 million). Excluding the non-recurring effects mentioned above, consolidated EBIT was €349.5 million, up 9 per cent year-on-year (Q1/2015: €319.2 million).
The Group’s financial result was €–20.0 million (Q1/2015: €5.7 million). The higher negative balance primarily reflected €18.1 million in positive FX effects for the first quarter of 2015.
The Group’s adjusted effective tax rate for the first quarter of 2016 was 27.0 per cent (Q1/2015: 26.0 per cent), in line with planning. Accordingly, the net profit for the period attributable to shareholders of Deutsche Börse AG in the first quarter of 2016 stood at €205.4 million (Q1/2015: €222.3 million). Excluding non-recurring items, the net profit for the period was at €233.8 million (Q1/2015: €228.6 million).
Basic earnings per share, based on the weighted average of 186.8 million shares outstanding, amounted to €1.10 (Q1/2015: €1.21). Adjusted for non-recurring effects, basic earnings per share were €1.25 (Q1/2015: €1.24). In the previous year, adjusted earnings per share included positive FX effects of approximately 7 euro cents.
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