EURONEXT_Registration_Document_2017
5
OPERATING AND FINANCIAL REVIEW
Overview
Confirmed €6m of expected pre-tax run-rate cost synergies, to be fully delivered in 2020, primarily driven by: — the migration to OptiqTM, Euronext’s new state-of-the-art proprietary trading platform; — the aggregation of a pan-European offering on market data by migrating Euronext Dublin’s current offering onto Euronext’s platform; — Euronext Dublin benefitting from the Group’s support functions;
— Immediate start of the integration work to meet the 2020 target date. Expected return on capital employed above the cost of capital within year three, in line with Euronext’s disciplined M&A approach, and EPS accretive from year one. Euronext Dublin to be consolidated in Euronext financials starting 1 April 2018. As a reminder, Euronext Dublin generated (4) €32.3 million revenue at an EBITDA margin of 31.9% in 2017.
5.1.8
RESULTS OF OPERATIONS
YEAR ENDED 31 DECEMBER 2017 COMPARED TO YEAR ENDED 31 DECEMBER 2016 The table below sets forth Euronext’s results of operations for the years ended 31 December 2017 and 2016.
YEAR ENDED
31 DECEMBER 2017
31 DECEMBER 2016
In thousands of euros
Revenue
532,294
496,436
TOTAL REVENUE
532,294
496,436
Salaries and employee benefits
(104,363)
(99,776)
Depreciation and amortisation
(16,932)
(15,088)
Other operational expenses
(130,149)
(112,766)
Operating profit before exceptional items
280,850
268,806
Exceptional items
(14,787)
(10,038)
Operating profit
266,063
258,768
Finance costs
(3,553)
(2,142)
Other net financing income/(expense)
(47)
1,336
Result from available-for-sale financial assets
48,325
6,032
Share of net (loss) of associates and joint ventures accounted for using the equity method
287
(19)
Profit before income tax
311,075
263,975
Income tax expense
(68,886)
(66,962)
Profit for the year
242,189
197,013
Profit attributable to: Owners of the parent
241,297
197,013
Non-controlling interests
892
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(1) Unaudited figures
112
www.euronext.com
2017 REGISTRATION DOCUMENT
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