Deutsche Börse AG publishes preliminary Q3/2011 figures

On Wednesday, Deutsche Börse AG published its preliminary figures for the third quarter of 2011. Compared to the same period in the previous year sales revenue increased by some 20 percent to around €605 million (Q3/2010: €504.3 million). In addition to sales revenue, the Group generated net interest income from banking business of approximately €20 million (Q3/2010: €15.8 million) and other operating income of also around €20 million (Q3/2010: €11.7 million). The other operating income includes a book gain from the sale of an equity investment in the amount of some €5 million.

At around €250 million, operating costs in the third quarter 2011 were up year-over-year (Q3/2010: 235.4 million). The increase is mainly attributable to around €25 million costs relating to the planned business combination with NYSE Euronext. Adjusted for merger related costs and restructuring expenses, operating costs amounted to approximately €225 million (Q3/2010 adjusted: €222.5 million).

As a result, Deutsche Börse generated total earnings before interest and tax (EBIT) of some €330 million (Q3/2010: €244.1 million). Adjusted for merger related costs and restructuring expenses EBIT amounted to around €355 million (Q3/2010 adjusted: €257.4 million).

The financial result for the third quarter 2011 includes a gain of around €94 million. This non-cash and non-taxable gain results from the mark-to-market valuation of liabilities relating to the share component of the agreement with SIX Group to fully acquire Eurex, which was announced on 7 June 2011. The liability will fluctuate with the Deutsche Börse share price until the liability is settled and therefore will continue to cause earnings volatility.

Consequently, consolidated net income for the third quarter 2011 rose by some 95 percent to around €315 million (Q3/2010: €161.3 million). Adjusted for merger related costs, restructuring expenses and the gain in relation to the agreement with SIX Group, the net income amounted to approximately €245 million, an increase of some 44 percent against the previous year (Q3/2010 adjusted: €171.0 million). The weighted average of shares outstanding amounted to 186.0 million in the third quarter 2011.

These preliminary figures are unaudited and subject to the finalization of the quarterly financial statements.