Deutsche Börse published its figures for the third quarter of 2015 on Wednesday. Net revenue increased by 20 percent on the prior-year period to €594.4 million (Q3/2014: €495.6 million).
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This significant increase was driven primarily by persistently high equity market volatility, the positive development in custody and administration of securities, and the market data business.
At €344 million in the reporting period, operating costs increased as planned year-on-year (Q3/2014: €274 million). This was mainly due to consolidation and exchange rate effects.
Operating costs also included non-recurring items, which amounted to €31.2 million (Q3/2014: €8.0 million) and largely comprised costs of business combinations and efficiency programmes.
Adjusted for these non-recurring factors, costs increased as planned to €312.8 million (Q3/2014: €266.0 million). Adjusted EBIT amounted to €283.1 million (Q3/2014: €233.2 million) and basic adjusted earnings per share were €1.03 (Q3/2014: €0.85).
In the first nine months of 2015, Deutsche Börse Group generated net revenue of €1,777.6 million, a year-on-year increase of 18 percent (Q1–3/2014: €1,503.5 million). The Group’s adjusted operating costs rose as planned to €891.2 million in this period (Q1–3/2014: €758.7 million).
As a result, adjusted EBIT amounted to €889.4 million (Q1–3/2014: €750.7 million) and adjusted basic earnings per share were €3.29 (Q1–3/2014: €2.75).
The Group completed the full acquisition of STOXX and the acquisition of 360T. To fund the two transactions, a hybrid bond with a principal amount of €600 million (term of 25.5 years; coupon of 2.75 percent until February 2021), treasury shares amounting to €200 million and a bond with a principal amount of €500 million (term of 10 years; coupon of 1.625 percent) were successfully placed in the market.
360T was included in Deutsche Börse AG’s consolidated financial statements effective since the beginning of October 2015.
With no other changes in the projected costs the Group now expects operating costs, adjusted for non-recurring items, of €1,245 million for 2015 as a result of the consolidation of 360T. At the same time, the Group will generate additional net revenue of approximately €17 million until the end of the year. ■