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Overall assessment by the Executive Board

Report on expected developments – overall assessment by the Executive Board

We believe the Group remains very well positioned in terms of international competition, thanks to its broadly diversified offering along the securities trading value chain and its innovative strength. This being the case, we expect to see a positive trend in our results of operations over the long term. Measures taken as part of our growth strategy should further accelerate this growth. In this context, we aim to become more agile and effective and sharpen our client focus, in order to become the global market infrastructure provider of choice, with a top ranking in all our business areas. We endeavour to expand our structural growth areas further, and to increase their contribution to net revenue again by at least 5 per cent. Taking cyclical effects into account, we are planning an increase in net revenue to €4.5–4.7 billion in the forecast period. We expect EBITDA to go up to €2.6–2.8 billion in the forecast period. Overall, on this basis we assume that cash flow from operating activities will be clearly positive and that, as in previous years, the liquidity base will be sound. The overall assessment by the Executive Board is valid as at the publication date for this combined management report.