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EU taxonomy

EU taxonomy

Article 8 of EU Taxonomy Regulation requires companies with a reporting obligation under Section 289b HGB (German Civil Code) to disclose to what extent their economic activities qualify as environmentally sustainable under the EU Taxonomy Regulation. The delegated act supplementing the EU Taxonomy Regulation (EU) 2021/2139 established the technical screening criteria for this assessment, which currently concentrate exclusively on economic activities which contribute substantially to climate change mitigation or climate change adaptation. According to the delegated act, companies must report on the proportion of their eligible and non-eligible turnover and on their capital and operating expenditure for financial year 2021.

As a company obliged to prepare non-financial reporting we report for the 2021 financial year at Group level on our turnover, operating and capital expenditure covered by the EU Taxonomy Regulation.

For 2021 we have not identified any economic activity covered by the delegated act. Furthermore, we did not identify any material capital or operating expenditure that fall within the scope of the delegated act in financial year 2021.

The following table shows the proportion of eligible and non-eligible turnover, capital and operating expenditure:

Category

Eligible

Non-eligible

Net revenue

0.00%

100%

Operating expenditures

0.00%

100%

Capital expenditures

0.00%

100%

Basis for determining the quotas

The quotas were determined in accordance with the requirements of Annex I to Article 8 of the delegated act. The determination of the taxonomy-eligible quotas is based on the following principles:

Turnover

The proportion of eligible economic activities was determined by dividing the turnover from eligible economic activities (numerator) by total turnover (denominator). The numerator is based on turnover as defined in IAS 1.82(a) and presented in the consolidated income statement. For further details we refer to our consolidated financial statements (see Note 4, Net revenue table “Composition of net revenue (Part 1-4)” column “2021”).

We have reviewed the application of the EU Taxonomy Regulation to our business model on the basis of the economic activities listed in the delegated act. Our business model is largely based on the following activities:

  • Integrating various financial market services such as ratings, index and analytics services, trading, clearing, settlement, custody, market data services, and liquidity and collateral management
  • Offering these services for various asset classes
  • Developing and operating proprietary electronic systems for all processes along the value chain, in order to provide neutral marketplaces

The above pillars of our business model are not explicitly listed in the economic activities and provisions of the delegated act. We therefore limited our analysis to the following economic activities:

  • 8.1 Data processing, hosting and related activities

8.2 Data-driven solutions for GHG emissions reductions

As mentioned, we did not identify any eligible turnover under the Taxonomy Regulation for the past financial year.

Operating and capital expenditure

We calculated the proportion of qualifying operating expenses by comparing our operating expenses with the economic activities, which contribute substantially to climate change mitigation or climate change adaptation.

We calculated the proportion of eligible investment expending in the same way. Investment expenses are all additions to intangible and tangible assets without depreciation and amortisation, without remeasurement and changes to fair value. Goodwill is also not included in the calculation of taxonomy-eligible capital expenditure as it is not an intangible asset according to IAS 38.

We consider operating and capital expenditures to be eligible if the output stems from an eligible economic activity. We have identified and analysed the following economic activities in the delegated act that could fundamentally give rise to eligible operating or investment expenses.

  • Infrastructure for personal mobility, cycle logistics
  • Renovation of existing buildings
  • Installation, maintenance and repair of charging stations for electric vehicles in buildings (and in parking spaces belonging to buildings)
  • Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
  • Installation, maintenance and repair of technologies for renewable energy technologies
  • Data processing, hosting and related activities