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Results of operations

Report on expected developments – future development of results of operations

Given its diversified business model and multiple sources of revenue, Deutsche Börse Group believes it is very well positioned to further improve its results of operations in the medium and long term. This expectation is based on, among other things, the structural growth opportunities that the Group intends to exploit (for details, see the Opportunities report), as well as on additional contributions from mergers and acquisitions. 

As in 2019, Deutsche Börse Group expects net revenue from structural growth opportunities to increase by at least 5 per cent in the forecast period. The Group is driving this growth through investment. In doing so, it aims to shift further market share from over-the-counter trading and clearing to the on-exchange segment and to further expand its positions in existing asset classes by introducing new products and functionalities. In contrast, the development of business divisions reliant on cyclical factors continues to depend mainly on the degree of speculation regarding future interest rate development in Europe, and the extent of equity market volatility, potentially resulting in both positive and negative effects on the Group’s net revenue growth.

Within the scope of its growth strategy, Deutsche Börse Group pursues clearly defined principles for managing operating costs. Essentially, the Group achieves the necessary flexibility in managing operating costs through two different initiatives designed to enhance operating efficiency. Firstly, the Group has implemented a continuous process to improve operating efficiency. Secondly, the Group has already resolved a series of structural cost reduction measures in 2018, and has largely completed the implementation of the said measures in 2019.

The Group expects adjusted net profit for the period attributable to Deutsche Börse AG shareholders to increase to around €1.20 billion in the forecast period. The Group would then be fully in line with its medium-term growth targets of 10 to 15 per cent average per year for the adjusted net profit for the period from 2017 to 2020.

Forecast for results of operations 2020

 Based on 2019
€m
Forecast for 2020
Net revenue from structural opportunities (excluding non-recurring effects)

2,936.0

+ >5%
Net profit for the period attributable to Deutsche Börse AG shareholders (excluding non-recurring effects)

1,105.5

€bn ~1.20