Annual Report 2002 Focus on Process Highlights by Quarter in €M
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Annual Report 2002 Focus on Process Highlights by Quarter in €m Q1 Q2 Q3 Q4 FY 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001 Sales revenue 204.9 191.7 205.3 182.9 355.7 185.5 340.6 200.2 1,106.5 760.3 Net interest income from banking business 0 0 0 0 32.6 0 31.8 0 64.4 0 Earnings before interest, taxes and goodwill amortization and write-downs (EBITA) 88.4 90.2 81.2 70.3 136.7 64.8 113.6 53.0 419.9 278.3 Earnings before interest and taxes (EBIT) 87.4 90.2 80.0 70.3 87.9 64.8 95.9 52.8 351.2 278.1 Profit before tax from ordinary activities (EBT) 95.0 98.8 89.4 83.5 92.2 75.3 97.8 61.6 374.4 319.2 DVFA/SG earnings 64.6 65.2 59.7 52.2 38.5 49.4 72.3 36.9 235.1 203.7 Sales Revenue by Segment in €m 331.6 +23% 277.0 268.8 243.1 –13% 210.8 +20% 165.62) 138.51) +11% 121.5 109.9 0 2001 2002 2001 2002 2001 2002 2001 2002 2001 Xetra Eurex Information Clearstream Information Products Technology 1) Deutsche Börse Systems and Xlaunch 2) Deutsche Börse Systems, entory, Clearstream TEC and Xlaunch ➔ Quarters 1 to 4 – Sales revenue by segment – Share price Highlights by Quarter in €m Q1 Q2 Q3 Q4 FY 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001 Sales revenue 204.9 191.7 205.3 182.9 355.7 185.5 340.6 200.2 1,106.5 760.3 Deutsche Börse Group: Financial Highlights Deutsche Börse Group: Five-Year Review Deutsche Börse Group: Five-Year Review Net interest income from banking business 0 0 0 0 32.6 0 31.8 0 64.4 0 Change 19981) 19991) 2000 2001 20021) 19981) 19991) 2000 2001 20021) Earnings before interest, 2002 2001 % taxes and goodwill amortization and write-downs (EBITA) 88.4 90.2 81.2 70.3 136.7 64.8 113.6 53.0 419.9 278.3 Consolidated income statement Consolidated income statement Performance indicators Earnings before interest Sales revenue €m 1,106.5 760.3 46 Sales revenue 2) €m 455.1 599.0 648.9 760.3 1,106.5 EBIT (excluding share of results of associated and taxes (EBIT) 87.4 90.2 80.0 70.3 87.9 64.8 95.9 52.8 351.2 278.1 companies) / sales revenue % 24 19 24 31 29 Net interest income from banking business €m 64.4 0 – Net interest income from banking business €m 0 0 0 0 64.4 Profit before tax from Cash flow 1 return on investment (CF1 ROI) % 36 32 35 20 20 ordinary activities (EBT) 95.0 98.8 89.4 83.5 92.2 75.3 97.8 61.6 374.4 319.2 Earnings before interest, taxes and goodwill amortization and write-downs (EBITA) €m 419.9 278.3 51 Other operating income €m 27.8 45.9 95.7 77.3 70.6 Cash flow 2 return on investment (CF2 ROI) % 37 32 35 21 19 DVFA/SG earnings 64.6 65.2 59.7 52.2 38.5 49.4 72.3 36.9 235.1 203.7 Earnings before interest and taxes (EBIT) €m 351.2 278.1 26 Fee and commission expense from banking business €m 0 0 0 0 –66.3 DVFA/SG earnings per share 5) € 0.73 0.95 1.95 2.04 2.18 DVFA/SG earnings €m 235.1 203.7 15 Total expenses less own expenses capitalized 2) €m –373.0 –533.0 –591.6 –604.3 –858.8 Dividend per share 5) € 0.42 0.80 0.30 0.36 0.44 Dividend (proposal for 2002) €m 49.2 37.0 33 Income from equity investments (net) €m –3.7 –5.7 63.5 44.8 34.8 Operating cash flow per share 5) € 2.11 2.29 1.38 2.49 4.33 Consolidated cash flow statement Earnings before interest and taxes (EBIT) €m 106.3 106.2 216.5 278.1 351.2 Sales Revenue by Segment Return on equity % 27 29 40 16 13 Cash flows from operating activities €m 466.2 248.8 87 Net financial income €m 17.0 25.3 2.4 41.1 23.2 in €m Staff costs / total revenue % 20 17 14 12 18 Cash flows from investing activities €m –1,734.1 –152.8 1,035 Profit before tax from ordinary activities €m 123.3 131.5 218.9 319.2 374.4 Employees (FTEs, annual average) 1,042 1,143 894 1,030 2,302 331.6 Consolidated balance sheet DVFA/SG earnings 3) €m 53.4 70.0 142.9 203.7 235.1 Sales revenue per employee 2) € thousands 437 524 726 738 481 +23% Total noncurrent assets €m 2,656.4 737.2 260 Dividend (proposal for 2002) €m 31.1 58.7 30.8 37.0 49.2 Market indicators 277.0 268.8 Shareholders’ equity €m 2,152.2 1,560.3 38 Consolidated cash flow statement Xetra Technical closing date liabilites €m 3,475.1 164.7 2,010 Cash flows from operating activities €m 155.0 168.4 101.5 248.8 466.2 243.1 –13% Number of transactions thousands 7,150 15,785 39,009 49,719 60,001 210.8 Total assets €m 6,544.2 2,135.1 207 Cash flows from investing activities €m –82.5 –137.9 –252.3 –152.8 –1,734.1 Order book volume €m 403,302 514,959 980,552 958,407 876,179 Performance indicators Consolidated balance sheet 2) Participants (at 31 December) 280 404 431 413 359 +20% 165.6 DVFA/SG earnings per share € 2.18 2.04 7 Noncurrent assets 138.51) (excluding miscellaneous and deferred tax assets) €m 193.3 260.0 620.3 737.2 2,656.4 Floor +11% 121.5 Dividend per share € 0.44 0.36 22 Receivables over 1 year including deferred tax assets €m 10.7 20.7 12.5 17.5 22.0 Number of transactions thousands 47,159 73,364 163,914 124,342 86,653 109.9 DVFA/SG cash flow per share € 4.35 2.83 55 Receivables from banking business €m 978.6 2,907.1 0 6.9 3,085.0 Order book volume €m 207,998 400,479 438,712 235,780 157,760 Employees (annual average) 2,302 1,030 123 Restricted bank balances €m 93.8 450.1 71.1 164.7 303.7 Eurex Sales revenue per employee € thousands 481 738 –35 0 Other cash and bank balances €m 55.9 102.1 69.5 1,055.1 248.1 Number of traded contracts millions 248.2 379.1 454.1 674.2 801.2 EBIT (excluding share of results of associated companies) / sales revenue % 28.6 30.7 –7 2001 2002 2001 2002 2001 2002 2001 2002 2001 Other current assets €m 122.0 165.9 149.3 153.7 229.0 Participants (at 31 December) 313 414 429 427 424 Return on equity 1) % 12.7 15.9 –20 Xetra Eurex Information Clearstream Information Shareholders’ equity 3) €m 218.5 257.9 419.8 1,560.3 2,152.2 Products Technology Equity ratio % 70.1 79.2 –11 1) Deutsche Börse Clearing AG was fully consolidated until 1999. The 50 percent interest in Clearstream International S.A. was carried at equity Minority interests €m 3.2 3.8 4.3 10.6 23.1 following the merger of Deutsche Börse Clearing AG with the operations of Cedel International S.A. to form Clearstream International S.A. 1) Deutsche Börse Systems and Xlaunch Market indicators Following the acquisition of Cedel International S.A., Clearstream International S.A. has been fully consolidated since 1 July 2002. 2) Deutsche Börse Systems, entory, Clearstream TEC and Xlaunch Noncurrent interest bearing liabilities €m 0 0 90.0 0 9.2 2) Excluding net license fees, which were recognized until 2000 Xetra 3) Restated to reflect changes in accounting policies Other noncurrent provisions and liabilities €m 116.4 137.4 84.3 116.2 210.0 4) Technical closing date liabilities include liabilities from banking business of Deutsche Börse Clearing and Clearstream International S.A., Number of transactions thousands 60,001 49,719 21 and the Eurex Clearing members’ cash deposits. Technical closing date liabilities 4) €m 964.7 3,284.6 71.1 164.7 3,475.1 5) Adjusted for the 10-for-1 stock split implemented on 1 June 2001 Order book turnover €m 876,179 958,407 –9 Other current provisions and liabilities €m 151.4 222.2 253.2 283.3 674.6 Participants (at 31 December) 359 413 –13 Total assets 3) €m 1,454.2 3,905.9 922.7 2,135.1 6,544.2 Floor trading Balance sheet performance indicators Number of transactions thousands 86,653 124,342 –30 Trade creditors 1 days 28 37 33 28 33 Order book turnover €m 157,760 235,780 –33 Trade creditors 2 days 32 42 39 33 38 Eurex Trade creditors ratio % 20 24 27 29 47 Number of transactions thousands 801,201 674,158 19 Equity ratio 1 % 30 23 41 203 42 Participants (at 31 December) 424 427 –1 Equity ratio 2 % 68 64 56 220 61 Clearstream Debt/equity ratio % 31 36 30 14 22 Number of transactions national thousands 67.0 66.2 1 Liabilities structure % 57 62 59 71 75 international thousands 15.2 19.8 –23 Cash ratio % 37 46 27 372 37 Securities deposits (at 31 December) national €bn 4,407 4,838 –9 Current ratio % 117 121 86 430 72 international €bn 2,737 2,830 –3 Debt coverage % 66 55 70 101 67 Deutsche Börse share price 2) Equity/net tangible assets 6.4 6.6 8.5 37.1 7.9 Opening price 3) € 43.21 33.50 4) 29 High € 51.50 44.93 Low € 32.40 29.77 Closing price € 38.16 43.21 –12 1) Based on DVFA/SG earnings 2) Adjusted for the 10-for-1 stock split implemented on 1 June 2001 3) Closing price on preceding trading day 4) Issue price on 5 February 2001 Our mission is to improve the efficiency of capital markets.