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Deutsche Börse AG is currently performing goodwill and asset impairment tests as required under IAS 36 as part of the preparation of its annual financial statements for the year ended 31 December 2009. In this context, Deutsche Börse expects to book a non-cash impairment charge of around €420 million in 2009.
The charge applies to intangible assets other than goodwill on the consolidated balance sheet of Deutsche Börse relating to International Securities Exchange (ISE). The impairment reflects stagnation in the US equity options market in 2009 and a revenue decline at ISE during the course of the year. The impairment charge fully reflects this development. The impairment charge is partially offset by a reduction in deferred tax liabilities relating to these intangible assets. This reduction is expected to result in a tax credit of around €180 million. Therefore, the impact of the impairment on Deutsche Börse’s consolidated net income (after non-controlling interests) for 2009 is expected to amount to around €200 million. All figures are subject to the finalization of the financial statements for 2009 and the year-end audit. The non-cash impairment charge relating to ISE does not impact key credit metrics such as the interest coverage ratio.
Against the background of the strong cash flow generation from operations despite subdued trading volumes in cash and derivatives markets in 2009, the Executive Board of Deutsche Börse plans to propose a stable dividend per share compared to the previous year for financial year 2009 (2008: €2.10). The dividend proposal is still subject to a resolution of the Supervisory Board of Deutsche Börse AG.
