Allocations of distressed investments look set to increase in 2015, with funds increasingly pouring money into Europe, according to Debtwire Europe’s 11th European Distressed Debt Outlook, produced in association with Rothschild and Orrick.
Allocations of distressed investments look set to increase in 2015, with funds increasingly pouring money into Europe, according to Debtwire Europe’s 11th European Distressed Debt Outlook, produced in association with Rothschild and Orrick.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
CFOs expect weaker economic growth, but no recession in Switzerland. Currency concerns are once again widespread, and in response to the greater challenges they face, companies are relying heavily on digitisation.
The tenth anniversary edition of the CFO Survey is dominated by the preparations of Swiss CFOs for stormy times. Currency risks have increased in importance and companies are less willing to consider investments.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Etude PwC "IPO Watch" 2014 (février 2015)PwC France
http://bit.ly/IPO-Watch-2014-cp
Introductions en bourse : Paris à la 5ème place des bourses européennes les plus attractives en 2014
Au niveau mondial, une forte hausse portée par la zone EMEA
En 2014, Londres se place en tête des places boursières européennes les plus attractives pour les IPO. Paris prend la 5ème place, derrière Amsterdam, le Nasdaq OMX et Madrid.
Les 5 tendances pour 2015 : une activité plus soutenue attendue au 1er semestre 2015, une hausse des IPO transfrontalières, des opérations toujours soutenues par des fonds de private equity et privilégiant des capitalisations de taille moyenne, et un niveau d’activité qui sera lié aux incertitudes macroéconomiques.
Au niveau mondial, une progression des opérations portée par la zone EMEA.
Themen des Webinars in der Präsentation:
Geschichte des Goldes
Gold als Krisen- und Inflationsindikator
Gold zur Portfoliodiversifikation: 5 Prozent-Empfehlung von Mercer Investment Consultants
Kostenvergleich der Goldanlagemöglichkeiten
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
CFOs expect weaker economic growth, but no recession in Switzerland. Currency concerns are once again widespread, and in response to the greater challenges they face, companies are relying heavily on digitisation.
The tenth anniversary edition of the CFO Survey is dominated by the preparations of Swiss CFOs for stormy times. Currency risks have increased in importance and companies are less willing to consider investments.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Etude PwC "IPO Watch" 2014 (février 2015)PwC France
http://bit.ly/IPO-Watch-2014-cp
Introductions en bourse : Paris à la 5ème place des bourses européennes les plus attractives en 2014
Au niveau mondial, une forte hausse portée par la zone EMEA
En 2014, Londres se place en tête des places boursières européennes les plus attractives pour les IPO. Paris prend la 5ème place, derrière Amsterdam, le Nasdaq OMX et Madrid.
Les 5 tendances pour 2015 : une activité plus soutenue attendue au 1er semestre 2015, une hausse des IPO transfrontalières, des opérations toujours soutenues par des fonds de private equity et privilégiant des capitalisations de taille moyenne, et un niveau d’activité qui sera lié aux incertitudes macroéconomiques.
Au niveau mondial, une progression des opérations portée par la zone EMEA.
Themen des Webinars in der Präsentation:
Geschichte des Goldes
Gold als Krisen- und Inflationsindikator
Gold zur Portfoliodiversifikation: 5 Prozent-Empfehlung von Mercer Investment Consultants
Kostenvergleich der Goldanlagemöglichkeiten
Intelligente Ordertypen: Mit Strategie und Ziel geschickt Aufträge platzierenDeutsche Börse AG
Eine ganze Reihe von Ordertypen und -zusätzen bestimmen die Reiseroute Ihrer Kauf- und Verkaufsaufträge. Insbesondere eine zweite Generation intelligenter Ordertypen ermöglicht die geschickte Platzierung "mitdenkender" Orders in einem dynamischen Markt. Dieses Webinar gibt einenkurzen Überblick über die wichtigsten Ordertypen und geht dann intensiver auf die
intelligenten Ordertypen ein bzw. in welchen Szenarien ihr Einsatz sinnvoll ist.
ETFs – ein ganzer Markt in einer Order. Wie Sie den passenden Indexfonds find...Deutsche Börse AG
ETFs sind ein tolles Anlageinstrument insbesondere für private Anleger. Günstiger und oft erfolgreicher als aktiv verwaltete Investmentsfonds, handelbar wie Aktien aber diversifiziert.
Der Vortrag geht auf diese Themen ein:
- Definition, Vorteile, Risiken von ETFs
- Der Markt
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- 10 Schritte zum ETF für Anleger
Neue Chancen mit Short-, Hebel- und Smart-Beta-ETFs: Worauf Sie beim Einsatz ...Deutsche Börse AG
Short- und Hebel-ETFs geben Ihrem Depot den extra Rendite-Kick, wenn Sie einige Besonderheiten beachten. Wir stellen diese vor. Außerdem geben wir Ihnen Tipps zur optimalen Platzierung Ihrer Order, zeigen das offene Xetra-Orderbuch und wie Sie dieses geschickt nutzen können. Zum Abschluss greifen wir den neusten Trend in passiven Investments auf: Smart-Beta-ETFs.
Der Vortrag richtet sich an Anlage-orientierte Selbstentscheider, die mit den Grundbegriffen der börslichen Geldanlage bereits vertraut sind.
During the Global Securities Financing conference in Singapore on 20 May 2014 we have asked the delegates - who represent pan-regional institutions, infrastructures, investment banks, universal banks and central banks – for their opinion on the role of collateral for the financial industry in Asia. These are the results.
Die Deutsche Börse wird künftig den Handel mit ausgelagerten Speicher- und Rechenkapazitäten, sogenannten “Cloud Computing”-Ressourcen, betreiben. Das dazu mit der Berliner Zimory GmbH gegründete Joint Venture Deutsche Börse Cloud Exchange AG wird Anfang 2014 den ersten neutralen, sicheren und transparenten Handelsplatz in Betrieb nehmen.
Die vorliegende Präsentation wurde auf der Pressekonferenz am 2. Juli 2013 gezeigt.
Aegon's fourth quarter results close a year in which we achieved record sales and accomplished many of our strategic objectives, although expectations for underlying earnings were not met in all of our businesses. For the full story visit http://www.aegon.com/results
Corporate Finance project on understanding a company's performance and growth using Sales, EBIT, Net profit before and after tax, Retained Earnings, Assets, Cost of capital and stock price performance
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
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In einem halbstündigen Online-Workshop erklären wir Ihnen anschaulich, wie Sie den passenden Handelsplatz finden, geschickt Limits setzen und so den Kurs mitbestimmen können. Außerdem gehen wir auf verfügbare Ordertypen ein und schauen ins offene Xetra-Orderbuch.
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Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
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There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
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Scope Of Macroeconomics introduction and basic theories
Annual General Meeting: Report of the Chief Executive Officer
1. Check against delivery.
Press embargo ends: 13 May 2015, beginning of Mr.
Francioni´s speech
Annual General Meeting
Deutsche Börse Aktiengesellschaft
13 May 2015
Reto Francioni
Chief Executive Officer
Deutsche Börse Aktiengesellschaft, Frankfurt/Main
2. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 1
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Ladies and gentlemen,
A warm welcome to our shareholders and the representatives of the media to this
year’s Annual General Meeting of Deutsche Börse AG.
Our company is in very good shape. In line with our strategic planning, we have
benefited from the market recovery in recent months, not least because we laid the
groundwork early enough. The growth initiatives we have pursued in recent years
are paying off. We have expanded our presence in the key global markets.
Technologically, we are ahead of the competition. Our market capitalisation has
risen dramatically to its current level of around €15 billion and we have achieved
strong growth in our company’s value. Our future prospects are bright. Last but not
least, our key performance indicators are clearly positive. I will say more about this
later.
I would like to begin with a few explanations about the agenda. After that, I will
present the financial key figures for 2014 and the first quarter of 2015.
1. Agenda
Aside from the regular re-election of the shareholder representatives, which
Supervisory Board Chairman Mr Faber has just outlined, we would like to propose
various capitalisation measures to you for resolution. These deal with renewing the
expiring authorised capital tranches and renewing the authorisation to acquire
treasury shares, which is also due to expire.
Let me start with the authorised capital and items six and seven on today’s
agenda.
3. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 2
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Authorised capital II amounts to a maximum of €27.8 million and will expire on
26 May. Under agenda item six, the company proposes to renew the authorised
capital by up to €19.3 million. This means that the amount of the new authorised
capital tranche will be lower than the authorised capital II due to expire. As with
the expiring authorised capital II, the proposed new authorised capital II will
provide for the option of excluding subscription rights, in particular for cash capital
increases, if the issue price of the new shares does not fall substantially short of
the stock exchange price. A report on the exclusion of subscription rights can be
found in the published agenda and elsewhere. There are currently no specific
plans to use the authorised capital. The Executive Board will of course carefully
review whether using authorised capital II is in the interests of the company and
therefore of our shareholders.
Like authorised capital II, authorised capital III will also expire on 26 May. We aim
to replace the existing authorised capital III of up to €19.5 million with new
authorised capital III of up to €38.6 million. As with the expiring authorised capital
III, shareholders will be granted subscription rights for the proposed authorised
capital III. It will only provide for the option of excluding subscription rights for
fractional amounts. The exclusion of subscription rights for fractional amounts is
aimed at making it easier for the company to implement the technical details of
any potential capital increase. Even if subscription rights are only excluded for
fractional amounts, the Executive Board is still required by law to issue a report on
the exclusion of subscription rights. This report can also be found in the published
agenda and elsewhere. There are currently no specific plans to use authorised
capital III.
4. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 3
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Under agenda item eight, we are asking you to renew the authorisation to acquire
treasury shares and, under agenda item nine, we also propose acquiring treasury
shares through the use of derivatives. You, our shareholders, already issued the
company with the corresponding authorisations at the Annual General Meeting in
2013. Both authorisations were valid for two years and as a result are up for
renewal today. The renewed authorisations will also be valid for two years.
2. Financial year 2014 and the 2014 financial statements
(Slide 1) FY/2014 – development of Deutsche Börse Group’s financials (Group
level)
So much for the formalities of the agenda. Let me now move on to the Group’s
results. Our net revenue was up 7 per cent to €2,043 million.
After adjusting operating costs for special factors amounting to €1,069 million, our
earnings before interest and tax, or EBIT, increased by 3 per cent to
€982.8 million. This results in adjusted earnings per share of €3.63, up 5 per
cent year-on-year.
We were able to achieve these positive results despite the extremely difficult
environment. For example, the record low European Central Bank interest rates put
pressure on our interest income. In addition, uncertainty about the future shape of
capital market regulation have unsettled market participants: there are still plans
for a financial transaction tax. And there has been a further delay in the political
implementation of the European Market Infrastructure Regulation, or EMIR, for
which we developed a derivatives clearing offering in good time.
5. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 4
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On the other hand, trading activity on the markets has picked up in recent months.
When market volatility increases, as it has done since September, the exchange
proves to be a safe, reliable and well-regulated marketplace. In addition, this has a
direct positive effect on our results of operations thanks to the scalability of our
business model.
(Slide 2) FY/2014 – development of Deutsche Börse Group’s financials (segment
level)
Ladies and Gentlemen, I certainly have good news to report about the individual
segments. The Eurex derivatives market, including EEX, recorded an 8 per cent
rise. This was due in particular to growth in index derivatives and in innovative
products such as derivatives on volatility indices or on Italian and French
government bonds, in addition to the revenue generated by EEX.
The Xetra cash market and Clearstream’s post-trade activities each recorded growth
of 7 per cent, matching the strong growth in Group revenue. This is a remarkable
performance in each case. While the cash market had previously suffered from
depressed equities trading, the growth figures are now back in positive territory.
And Clearstream was hit by a 9 per cent decrease in its net interest income in
2014 due to the continuing low interest rates. By contrast, Clearstream’s custody
volume was up by 5 per cent on average in 2014 to reach a new record of
€12.2 trillion. Since then, we have exceeded the €13 trillion mark.
Market Data + Services, which combines our IT and market data activities,
recorded growth of 6 per cent, adjusted for consolidation effects. Growth was
particularly strong at index provider STOXX.
6. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 5
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(Slide 3) Stable dividend of €2.10 per share proposed for 2014
Given this positive performance, we are again proposing a dividend of €2.10 per
share. By doing so, we are distributing 58 per cent of our consolidated net income
to you. This is at the upper end of our announced dividend payout range of
between 40 and 60 per cent. I would like to take this opportunity to note that
defining an ambitious dividend payout range has always been important to me. It
enables us to ensure that you, our shareholders, can adequately participate in the
success of your company.
3. Q1/2015
(Slide 4) Q1/2015 – development of Deutsche Börse Group’s financials (Group
level)
Ladies and Gentlemen, we can look back on a very good first quarter. Our net
revenue rose by 16 per cent year-on-year in the first quarter to €600 million. And,
at €319 million, our adjusted EBIT was also up 16 per cent. Operating costs grew
by 16 per cent due to factors including higher investments.
(Slide 5) Q1/2015 – development of Deutsche Börse Group’s financials (segment
level)
The Eurex segment saw an 18 per cent increase in net revenue. This is due in
particular to the growth in index derivatives, which have benefited from the
increasing demand for hedging among market participants. In addition, the power
and gas business at our subsidiary EEX recorded outstanding growth.
7. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 6
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The revival in equity trading had a positive effect on the Xetra segment. Net
revenue was up 13 per cent there.
The Clearstream segment recorded net revenue growth of 12 per cent. The
settlement business benefited from the recovery in equity trading. We also
generated a record €13.2 trillion in custody revenue on the back of a further 9 per
cent increase in the custody volume.
Market Data + Services saw net revenue grow by 19 per cent. Adjusted for a
special factor in the Information business area, growth amounted to 10 per cent.
This is due to the healthy development in the index business, among other things.
Ladies and Gentlemen, this solid performance makes us confident about the year
as a whole. Allow me to explain several details about our company’s strategy.
4. Major successes of financial year 2014
(Slide 6) Management firmly focused on growing the business, effective cost
management and attractive capital management
In recent years we have established three priorities for the company’s strategic
development: firstly, sustainable capital management; secondly, effective cost
management; and thirdly, the growth and development of our company as a global
player that is more resilient to fluctuations in local or regional markets.
8. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 7
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I have already mentioned our capital management in connection with this year’s
dividend proposal. In addition, it should be mentioned that we are one of only two
companies among the 30 listed on the DAX to have a prime “double A” credit
rating. As a result, we have of course long since taken advantage of the low
interest rate environment to refinance our debt at very favourable conditions.
As planned, we proceeded with the efficiency measures last year as part of our
cost management. We expect savings of €70 million a year starting in 2016. The
aim is to maintain our financial flexibility to invest in growth.
Our investments in growth also focus on three key areas:
Firstly: expansion of the product and service offering
Secondly: extension of our leadership in data and technology
And thirdly: geographic expansion and the acquisition of new markets and
customer groups
We again made progress and achieved success in each of these areas in 2014, in
some cases significantly.
9. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 8
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I would like to mention our Asian business as an example. Since 2007, we have
more than doubled the revenue share of this business to over €100 million today.
Progress is being made in our strategic partnership with Bank of China, the
country’s most important bank, which we entered into at the end of 2013: in
November, Bank of China was licensed as our trading and clearing participant. In
addition, the Monetary Authority of Singapore gave its “in principle” approval at the
beginning of 2015 for our planned clearing house in Singapore. Based on our
successful cooperation with the Korea Exchange (KRX), we extended the model last
year to TAIFEX, the Taiwanese derivatives exchange. And we gained the Shanghai
Stock Exchange as the exclusive distributor and licensor of Deutsche Börse market
data in mainland China. We also agreed a strategic partnership with China
Construction Bank (CCB) at the end of March. We can now justifiably claim to be
more than just the most active non-Asian exchange organisation in Asia – we are
also the most successful. In this respect we have outpaced our global competitors,
who are themselves by no means unambitious.
Our strategic priorities include acquiring new customer groups in addition to
expanding the business on a regional basis. The energy business at the Leipzig-
based European Energy Exchange (EEX) is a particular growth driver. The EEX is
emerging as Europe’s leading energy exchange thanks to the acquisition of a
majority interest in France’s Powernext at the beginning of this year. In addition,
we are integrating APX Group, an operator of energy markets in the Netherlands,
Belgium and the UK, with an EEX subsidiary. This will then allow us to cover
Europe’s key markets. This move extends our value chain to include the ever
expanding commodities business.
10. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 9
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(Slide 7) Financial guidance – net revenue on track to achieve mid-term growth
target
Our revenue and cost forecasts were again accurate in 2014. At €2.04 billion, net
revenue was in the upper half of our forecast range of between €1.9 billion and
€2.1 billion. The adjusted operating costs of around €1.07 billion were also in line
with our projections. I would like to add that this means we have our costs under
control, which has always been important to us and remains so.
We are increasing our net revenue forecast for 2015 to a range of between
€2.2 billion and €2.4 billion. We expect growth to be driven both by structural
changes and by favourable cyclical developments. Our solid performance in the
first quarter reinforces our assessment. On top of this is the effect on our energy
market that we are expecting from the integration of APX, which I mentioned
earlier. We estimate adjusted operating costs at around €1,230 million. The
primary factor here will be the effects of consolidating investments, in particular
the acquisitions in the energy sector I have already mentioned. The US dollar’s
further appreciation against the euro will also increase costs.
As a result, our EBIT should again increase correspondingly to between
€975 million and €1,175 million.
11. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 10
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From a national exchange organisation to a global infrastructure provider for
integrated risk, collateral and liquidity management
Ladies and Gentlemen, allow me to finish by summing up the most important
milestones of the last few years. From my viewpoint, our company and our
employees have achieved three key successes:
Firstly: our company has evolved from a predominantly European into a truly
global service provider. We are now present in 24 locations worldwide – 14 in
Europe, 4 in North America and 6 in Asia. Cork and Milan were added in 2014
alone, following our expansion to include Prague, Tokyo, Singapore, New York,
Beijing and Hong Kong in recent years. At the same time, Deutsche Börse’s
trading technology has found increasingly widespread international use: in
total, more than 30 markets around the world are now operated using Deutsche
Börse Group technology.
Secondly: we have implemented a targeted expansion of Deutsche Börse
Group’s products and services, and above all we have enhanced our innovative
strength. Our innovative products and services have high growth rates.
Thirdly: we also played a key role in stabilising the financial markets during the
depths of the crisis. And we made use of the opportunity offered by the crisis,
namely to prove our reliability at the most difficult time and to develop future
advantages.
I would like to add this: none of these successes would have been possible without
the commitment and expertise of Deutsche Börse Group’s employees. I would like
to thank our employees expressly for this, both on behalf of the Executive Board
but also on a personal level.
12. Annual General Meeting of Deutsche Börse Aktiengesellschaft, 13 May 2015 Page 11
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Ladies and Gentlemen, allow me to conclude with a personal remark: as you
know, after this Annual General Meeting and after roughly a decade at the helm of
Deutsche Börse, I will be handing over to my successor, Carsten Kengeter. He has
already been a member of the Executive Board of Deutsche Börse AG since April
and is also here on the podium today. I would like to take this opportunity to wish
you, dear Carsten Kengeter, every success and good fortune in the continued
development of this company!
I would also like to offer my special and sincere thanks to you, our shareholders,
for your confidence. Each year you have supported us with the highest approval
ratings, and though your contribution to the company has not always been
uncritical, it has always been knowledgeable and constructive. This is not
something to be taken for granted these days, and I have always highly valued
your confidence. My request to you: please stay with this company, and continue
to look upon it with goodwill. It has been an honour! Thank you and “uf
wiederluege” [Swiss German for “goodbye and see you again”].