Compared to the same quarter of last year (Q3/2001:185.5 million euros), the sales revenue of DeutscheBörse Group more than doubled after consolidating theresults of entory AG, Cedel International S.A. andClearstream International S.A.. Sales revenue nowcontains external sales revenue and net interestincome from banking business. Excluding the effects ofClearstream and entory acqusitions, underlying salesgrew by 13 percent to 210 million euros versus thesecond quarter 2002. The reported earnings beforeinterest and tax (EBIT) rose by 36 percent comparedwith the same quarter of last year (Q3/2001: 64.8million euros).
Deutsche Börse's chief financial officer MathiasHlubek said: "Against the background of the resultsfor the first nine months of the current businessyear, we are confident that we will achieve ourprojected growth and profitability targets for theyear as a whole." The positive impact of the completetakeover of the settlement and custody business ofClearstream, he said, is reflected especially in thestrong rise in cash flow from operating activities,which more than doubled, to 169 million euros, year onyear (Q3/2001: 78.5 million euros).
Eurex was the strongest segment in the Group again inthe third quarter. The sales revenue, at 97.3 millioneuros, was 42 percent higher than in the same quarterof last year (Q3 2001: 68.5 million euros). The EBITalso rose again, more than doubling to 56.2 millioneuros (Q3 2001: 27.8 million euros). The segment'sEBIT margin, at 58 percent, demonstrates considerablescalability.
The sales revenue of the Xetra segment, at 53.5million euros, was eight percent lower than lastyear's third-quarter figure (Q3 2001: 58.2 millioneuros) with EBIT decreasing to 1.4 million euros.Especially the costs for the planned introduction ofthe Central Counterparty for equities trading in thefirst quarter of 2003, weighed on the quarterly result.
In the IT segment, the external sales revenue came to41.1 million euros, 31 percent higher than thethird-quarter figure in 2001. The EBIT declined to-1.5 million euros (Q3/2001: 20.5 million euros) dueto the exceptional writedown on goodwill that arose onthe acquisition of entory AG.
In the Information Products segment, sales revenuerose slightly by four percent to 28.6 million euros,with an EBIT that was about 2 percent higher, at 5.6million euros. This was influenced by a write offamounting to 3.9 million euros for the developmentcosts of a price discovery system for bonds.
In the Clearstream segment, sales revenue was 167.8million euros and the EBIT 38.4 million euros afterdepreciation of goodwill amounting to 15.1 millioneuros.
