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Euroclear Full Year 2020 Results

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Euroclear Full Year 2020 Results RESTRICTED TO ESA / EH BOARDS Euroclear FY 2020 Results Released on 8 February 2021 1 Introductory remarks Euroclear is successfully navigating an exceptionally uncertain environment • We are grateful for the resilience shown by colleagues across Euroclear in the face ofthe challenges posed by COVID-19 Robust operational and financial performance in 2020 • Net profit and EPS at prior year levels Dividend maintained at record 2019 level • 2019 dividend of EUR 82.4 per share to be paid as an interim dividend inQ1 • Board signals its intention to maintain 2020 dividend at prior year level, to bepaid as an interim dividend after confirmation of first half 2021results Welcomed new shareholders who further diversify Euroclear’s investor community and bring healthy liquidity to the shares • 9% of issued share capital transferred ownership in 2020 Simplification of our governance structure for completion in 2021 2 Agenda 2020 Highlights Lieve Mostrey Financial Review Bernard Frenay Business Review Frederic Hannequart Summary & Outlook Lieve Mostrey 3 Robust operating and strategic performance, in exceptional 2020 conditions, yielded stable financial performance • Enabled customers to transact in record levels through COVID-19 Resilience in • Total transactions worth €897 trillion (12x global GDP) exceptional market • Increased debt issuance drove custody to record €32.8 trillion conditions… • Business continuity plans activated successfully, with 95% of staff working from home since March 2020 • Diversified business model supported continued business income …combined with growth offsetting impact of lower interest income strategic progress… • Strategic progress to strengthen, grow and reshape network positions Euroclear to meet evolving customer needs • Revenues: stable vs 2019, despite interest rate headwinds …to yield financial • Net profit and EPS: stable vs 2019 stability, despite • Strong balance sheet: adjusted CET1 ratio stable at 36% interest headwind • Ratings: stable with AA/AA+ rating for Euroclear Bank • Dividend: stable at 82.4 per share 4 Resilient operating performance supported record number of transactions in 2020, driven by financial market volatility Resilience Yearly netted transactions (million) +15% 276 Monthly netted 239 transactions 230 215 196 30.0 25.0 20.0 • Record level of transactions settled in 2019 equivalent to €837 trillion: 15.0 approximately 10 x Global GDP. 2016 2017 2018 2019 2020 2020 2019 avg • Euroclear systems supported financial markets through considerable volatility • Record 276 million transactions settled in 2020, equivalent to €897 trillion (12x estimated Global GDP) • Transactions in March +50% at height of market reaction to COVID-19 pandemic. Volumes remained higher than normal throughout 2020 5 Record Assets Under Custody Reflects Increased Debt Issuance and Strategic Progress in Growing the Network Resilience Strategy Assets under Custody (€ trillion) • Record level of assets under custody driven by +5% 32.8 increased issuance of debt • Government debt issued to support COVID- 31.4 19 response and recovery 28.6 • Strength and scale of network, service offering 28.2 27.7 and client franchise is attractive to investors / issuers worldwide and across asset classes • Strong Global Reach pipeline as developing markets recognise the economic benefits of 2016 2017 2018 2019 2020 becoming Euroclearable • FundsPlace offering continues to grow, reflecting industry growth and demand for Global Reach FundsPlace international distribution model +7% to €1.3 trillion +8% to €2.6 trillion Assets Under Custody Assets Under Custody 6 Heightened Client Demand for Collateral Management in Uncertain Financial Market Conditions Resilience Strategy Client demand to mobilise securities as collateral Collateral Highway (€ trillion) • +17% 1.5 increased in response to market volatility 1.3 • Increasing regulatory requirements and client 1.2 1.2 focus on efficiency underpins long-term growth 1.1 potential of collateral management • Breadth of collateral highway ecosystem and range of diversified collateral management services are differentiating to clients 2016 2017 2018 2019 2020 7 Strategic Focus Delivered Growth in Higher Quality Earnings, Offsetting Impact of Lower Interest Rates Resilience Strategy Financial stability • Diversified business model and strategic focus has delivered business income growth, ahead of 2013 2017 2020 strategic plan • Continued focus on cost control while investing selectively in customer proposition and growth • Business income margin reached 32.7%, within low to mid 30% range Business Income 33% targeted in 2023 strategic plan Evolution • Business income margin increase 22% largely offset impact of lower interest rate environment in 2020 Business Investments in regulatory Mid-range of Income 26% infrastructure & cyber strategic plan Margin security elevated cost base Cost evolution (1) Excludes Interest and Bankingincome. 8 Financial Review Robust Financial Performance in 2020 € 1280m Business Income €862m Operating Expenses €137 Earnings Per Share +12% vs FY 2019 -5% vs FY 2019 +0% vs FY 2019 Euroclear Holding FY 2019 FY 2020 vs (€ m) 2019 Operating Income 1435 1430 -6 0% Business income 1145 1280 135 11.8% Interests,banking & other inc. 290 150 -140 -48% Operating Expenses -820 -862 -42 -5.1% Share of results 1 0 -1 Operating Profit before impairment 616 568 -48 -8% Impairment -2 -2 0 Pre tax profit 614 566 -47 -8% Tax -183 -135 49 27% Net profit 431 432 1 0% EPS 136.9 137.2 0% Business income operating margin 28.4% 32.7% EBITDA margin (EBITDA/op.inc) 49.4% 46.6% 10 Diversified Model Delivered Business Income Growth 2020 Business Income Business Lines Track Record (€ m) Business Lines 12% growth in 2020 Grow (Global Reach), 12% 1400 1,280 Grow 1,145 12 3% (Collateral 1200 1,079 152 Highway), 13% 5% 10 8 11% 147 154 1000 140 10% Strengthen 139 (Europe / 126 Funds), 75% 800 Market Drivers 13% 600 5% Transaction 963 volumes, 30% 400 805 849 Fixed Income nominal 200 value, Equities 48% value, 0 22% 2018 2019 2020 Stregthen (Europe/Funds) Grow & Reshape (Global Reach) Grow & Reshape (Collateral Highway) Grow & Reshape (Information Serv.) 11 Cuts to USD Interest Rates Substantially Reduced Net Interest Income, in line with Sensitivity Guidance • Interest rate cuts, especially in USD, in response to COVID-19 Deposits Currency Split materially reduced Interest, Banking & OtherIncome Others, EUR, 26% • Interest rates in Eurozone remain negative 18% • Rates: Interest income cyclical in nature and highly correlatedwith interest rates GBP, 8% • Volumes: Balances flat compared to 2019 • Financial impact of rate cuts was in line with sensitivityguidance USD, 48% Interest, Banking & Other Income (€ m) Interest Rate Evolution (average) 2.28% 290 1.90% 256 -48% 1.10% 184 163 150 0.51% 0.60% 0.75% 0.40% 0.29% 0.54% 0.23% 2016 2017 2018 2019 2020 -0.38% -0.40% -0.40% -0.43% -0.50% 2016 2017 2018 2019 2020 Average Deposits 18.1 17.1 20.1 20.6 20.6 USD (FED) EUR (ECB) GBP (BOE) (€ bn) 12 Continued Focus on Cost Control and Strategic Investments, Despite Exceptional 2020 Circumstances Operating Expenses (€m) 862 • Operating expenses of €862m, up 5% vs 2019 814 820 187 166 168 • Exceptional circumstances throughout 2020 resulted in one-off costs • Continued to invest in strategic initiatives to adapt technology capabilities and deliver product enhancements to support future growth 662 663 690 • Cost discipline remains a strong focus 2018 -14 2019 -11 2020 -15 Net Capitalisation Running Investments 13 Business Income Operating Margin Growth Illustrates Effective Delivery of Strategic Plans Business Income Operating Margin1 32.7% • Business income operating margin is 28.4% primary KPI to measure strategic delivery as it neutralises effect of interest rates 24.6% 23.8% • Increased by 4.3 percentage points in 22.1% 2020 to 32.7% • Increased over 10 percentage points since 2017 • EBITDA of €667m, down 6% due to impact of lower interest income, resulting in 47% EBITDA margin2 2016 2017 2018 2019 2020 1. Business Income Operating Margin is calculated as the difference between Business Income and the Operating Expenses, divided by the Business Income 2. EBITDA margin is calculated as the EBITDA divided by the Operating Income 14 Balance Sheet remains Strong with Good Liquidity Euroclear Holding Balance Sheet (€m) 2020 2019 • Financial Assets approaching €10bn at group level Cash and balances with central banks 4,029 1,883 mainly driven by reinvestments by the Bank of the Loans and advances 10,787 13,735 2020 debt proceeds and client balances in securities. Financial Assets 9,932 10,311 • Shareholders' equity up to €4,796 on accumulated Goodwill and intangible assets 1,020 1,002 profit, before 2019 and 2020 expected dividend Other assets 638 638 payments. Total assets / Liabilities 26,406 27,569 • Capital ratios remain robust, even with increased volumes and higher dividend payout ratio, supporting Deposits from central banks 302 826 Euroclear’s low risk profile. Deposits from banks and customers 14,780 15,589 Debt securities issued and funds borrowed 5,744 6,107 Shareholders' equity 4,796 4,230 Other Liabilities 784 817 Group capital ratios & Risk Weighted Assets (RWAs)* 15 * Estimated figures Shareholder Returns Remain at Record Levels, Despite Challenging Market Conditions Earnings per share Return on equity1 €/share % 136.9 137.2 102.3 83.7 84.6 2016 2017 2018 2019 2020 2 1. Return on Equity is calculated as the net profit of the year divided by the average shareholder equity, as reported in the year-end financial statements 2. 2020 shareholder equity is adjusted for dividend related to 2019 results (EUR 259 MM not yet paid, without the adjustment ROE reached 9.6% 16 Dividend per Share and NAV per Share Held Stable With Record 2019 Levels Dividend per share1 NAV per share2 €/share €/share 3 1. Dividend guidance for 2019 and 2020 not yet paid.2019 dividend is expected to be paid before end Q1 2021. 2. Net Assets Value per share is calculated as the reported equity at year end divided by the number of shares.
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