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Euroclear continues to deliver profitable growth and invest in its long-term strategy

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10 months ago

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Financial results for the six months ended 30 June 2023

Highlights

Overall financial performance rose sharply in the first half of 2023

  • Strong financial performance, with the underlying business performing well and benefitting from its diversified and resilient business model.
  • Substantial growth in operating income to reach EUR 3,107 million (vs EUR 998m in H1 2022), driven by continued business income growth and higher interest earnings, including a material rise linked to the application of international sanctions on Russia.

Euroclear more than doubles underlying net profit (excluding impact of Russian sanctions)

  • Underlying net profit more than doubled to reach EUR 561 million, reflecting a strong business performance and continued growth of Euroclear’s core business.
  • Euroclear achieved an underlying EBITDA margin of 58.3%, an increase of 11.3 percentage points compared to the 47.0% reported in the first half of 2022. The underlying operating margin was 25.1% reflecting investment and inflationary pressures on expenses.
  • Euroclear continues to invest in its strategy, its people and technology as demonstrated by the opening of a new Tech Hub in Krakow. The Tech Hub will create 400 new jobs across critical capabilities such as data, digitalisation and cyber, while also reinforcing other key functions.
  • Planned investments, alongside the impact of inflation, led to an increase of 19% in underlying operating expenses, totalling EUR 628 million in H1 2023.
  • On an underlying basis, earnings per share rose by 102.6% to EUR 178.3 per share, reflecting the increase in net profit.

Lieve Mostrey, Chief Executive Officer of Euroclear Group, commented:

“Euroclear’s underlying performance through the first half of 2023 continues to demonstrate the robustness of its strong and diversified business model.

We remained focused on the execution of our strategy and service to our customers. We continue to invest to support our growth over the long term and despite general inflationary pressures, yet again, we generated a strong underlying performance, which further builds on the progress made over the past years.

The recent opening of our new Tech Hub in Krakow and the expansion of our service capabilities and teams groupwide further accelerates delivery of our purpose to innovate to bring safety, efficiency, and connections to financial markets for sustainable economic growth.“

Financial performance reaches record levels

Euroclear Holding

(€ m)

H1 2022

Estimated

Russian
sanctions
impacts

H1 2022
Underlying

H1 2023

Estimated

Russian
sanctions
impacts

H1 2023
Underlying

Underlying
vs 2022

Operating income

998

107

891

3,107

1,731

1,376

484

54 %

Business income

807

-4

811

827

-11

838

27

3 %

Interest, banking & other income

191

111

80

2,280

1,743

538

457

571 %

Operating expenses

-534

-7

-527

-649

-21

-628

-101

-19 %

Operating profit before Impairment

464

100

364

2,458

1,711

748

383

105 %

Impairment

-1

-1

0

0

0

0

0

Pre-tax profit

463

99

365

2,458

1,711

748

383

105 %

Tax

-112

-25

-87

-614

-428

-187

-99

-114 %

Net profit

351

74

277

1,844

1,283

561

284

103 %

EPS

111.7

88.0

585.9

178.3

Business income operating margin

33.8 %

35.0 %

21.5 %

25.1 %

EBITDA margin (EBITDA/oper.income)

52.0 %

47.0 %

80.9 %

58.3 %

Euroclear’s underlying business income improved in H1 2023 to reach a record EUR 838 million, an increase of 3% year-on-year.

The major policy rates continue to increase which has led to a large increase in interest earnings. On an underlying basis, H1 2023 interest, banking and other income progressed by 571% to EUR 538 million.

Euroclear continues to expect operating expenses to remain above its ‘through-the-cycle’ target of 4-6% p.a. throughout 2023, due to accelerating investment in both its strategy and the resilience of the business, coupled with one-off investments and continued high inflation impact on the cost base.

Once again, Euroclear’s business model has proven itself to be a hedge against market volatility. When equity markets are lower, the impact is mitigated by the group’s diversified and subscription-like business model, and benefits in a similar vein when bond markets are weaker, as approximately three quarters of the group’s business income is decoupled from financial market valuations. The operating entities which have a greater relative weighting to the bond markets, and saw business income grow, help mitigate any potential impact of lower equity valuations and transaction volumes.

Business performance remains robust
The key operating metrics demonstrate a strong business performance during the period. Following last year’s record levels in transaction volumes driven by highly volatile markets, the number of transactions in H1 2023 is 2.2% lower. With little change in equity market valuations, assets under custody and fund assets under custody have slightly increased.

H1 2023

YoY evolution

3-year CAGR

Assets under custody

€36.8 trillion

+3.8 %

+5.8 %

Number of transactions

152 million

-2.2 %

+2.5 %

Turnover

€546 trillion

+4.4 %

+5.8 %

Fund assets under custody

€3 trillion

+4.8 %

+9.4 %

Collateral highway

€1.68 trillion

-12.7 %

+4.2 %

To further help investors make better informed decisions and manage their portfolios, Euroclear announced a partnership with BondCliQ Inc, a credit market focused Data as a Service (DaaS) company. Through this partnership, Euroclear will launch a new European fixed income settlement data solution, allowing market participants to gain valuable insights and intelligence, including unparalleled levels of access to refined fixed income settlement data through customised dashboards.

Consistent with its strategy centred on people and technology, Euroclear continues to grow its Krakow facility with the creation of a new Tech Hub and the addition of 400 new jobs in Poland. During Euroclear’s 10 years in Krakow, it has seen its office grow to approximately 800 staff who primarily work in operations, support, and control functions.

As MFEXbyEuroclear is entering the next phase of integration, Euroclear continues to enhance its proposition for funds services. This includes services in private markets assets, where Euroclear has recently announced the completion of the acquisition of Goji, a UK-based FinTech providing digital access and technology-enabled solutions to private markets.

Euroclear further improved its funds data services offering with the first release of a new funds market intelligence product. This cloud-based data analytics platform, designed to help Funds Management Companies improve their distribution strategy, has successfully onboarded its first pilot users.

Aligned to the group’s strategy of embracing innovation to the benefit of capital markets, Euroclear recently joined existing strategic international investors in the third fund of Illuminate Financial. Illuminate Financial, a financial services-focused venture firm, has closed this $235 million new fund to invest in early-stage businesses solving problems for financial institutions.

On 3 July 2023, LCH SA merged its core RepoClear Euro debt service with €GCPlus to provide alternative channels to access general collateral (GC) liquidity. €GCPlus, a general collateral tri-party basket repo clearing service, was initially launched in 2014 by LCH SA in collaboration with Euroclear and Banque de France. The new combined service aims to enable a unique point of access to the world’s largest Euro cleared liquidity pool with clearing members benefitting from a single membership, default fund and set of margins, and further netting opportunities.

ESG is key to Euroclear’s business strategy. Euroclear’s ESG mission is to support and enable a sustainable financial marketplace, while limiting our impact on the environment, providing an equitable and inclusive workplace, and conducting business in an ethical and responsible way.

Euroclear continues to mature its approach to sustainability, notably with the publication of an expanded Annual Sustainability Report in May 2023 reporting, for the first time, according to the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The Annual Sustainability Report can be found here: https://www.euroclear.com/newsandinsights/en/Format/Whitepapers-Reports/sustainability-report.html

In addition, Euroclear published a comprehensive transversal ESG Policy setting out the minimum requirements for the Group in the areas of Environment, Social and Governance. This policy can be found here: https://www.euroclear.com/ourresponsibility/en/esg-policy.html

Implications of Russian sanctions
Russia’s invasion of Ukraine resulted in market-wide application of international sanctions, which have had a material impact on Euroclear. Since considerable uncertainties persist, the Board considers it necessary to separate the estimated sanction-related earnings from the underlying financial results when assessing the company’s performance and resources.

Well-established processes are in place which allow the group to implement the sanctions, while maintaining the normal course of business. However, one consequence of the sanctions is that blocked coupon payments and redemptions owed to sanctioned entities results in an accumulation of cash on Euroclear Bank’s balance sheet. At the end of June 2023, Euroclear Bank’s balance sheet had increased by EUR 47 billion year-on-year to a total of EUR 150 billion.

As per Euroclear’s standard process, which is the same for any client’s long cash balances, the cash balances arising from the sanctions are invested to minimise credit risk. Managing such credit risk is a requirement under Capital Requirements Regulation. The interest paid on reinvestment of cash balances is net interest income earned by Euroclear. Over H1 2023, interest arising on cash balances from Russia-sanctioned assets was EUR 1,743 million.

Such interest earnings are driven by two factors: (i) the prevailing interest rates and (ii) the amount of cash balances that Euroclear is required to invest. As such, future earnings will be influenced by the evolving interest rate environment and the size of cash balances as the sanctions evolve.

At present, the Board expects the growth rate of interest income to slow in the second half of 2023 as blocked payments and redemptions accumulate less rapidly and as economists’ consensus forecasts anticipate a more stable interest rate environment.

In parallel, the European Commission is contemplating various options to use the profits generated by sanctioned amounts held by financial institutions, including Euroclear, for the financing of Ukraine’s reconstruction.

Euroclear is focused on minimising potential legal, technical, and operational risks that may arise for itself and its clients from the implementation of any proposals from the European Commission. The company continues to act in a transparent manner with all authorities involved. The Board will continue to act cautiously, retaining profits related to the Russian sanctions until the situation becomes clearer.

Currently, Euroclear is faced with a high level of complexity in managing both the wide-ranging package of sanctions and a set of complex economic countermeasures, which Russia has implemented since it does not recognise the international sanctions. Euroclear allocates considerable time and resources to manage the market issues and implications of these countermeasures while maintaining regular dialogue with clients and other stakeholders.

Various parties contest the consequences of the application of sanctions and countermeasures, with legal proceedings ongoing in both the European Union and Russia. While recognising the scale of the sanctions and the speed of implementation, Euroclear’s assessment is these legal proceedings are not considered a material risk at present and, so far, they have not incurred any material financial impact.

Overall, Euroclear incurred additional direct costs from the management of Russian sanctions of €21 million in the first half of 2023, with considerable senior management and Board focus on the topic. Additionally, the international sanctions and Russian countermeasures have resulted in a loss of activities from sanctioned clients and Russian securities, which negatively impacted business income by €11 million.

Rating agencies reconfirm Euroclear group’s strong capital position  
Euroclear maintains a strong capital position and a low-risk profile, which allows the group to finance further growth plans. Both S&P and Fitch Ratings reconfirmed the AA rating of Euroclear Bank in June 2023. Fitch also assigned the issuing entity of the group, Euroclear Investments SA (EINV), a Viability Rating at ‘aa-‘.

The group capital ratios remain solid, despite the sizable increase of its balance sheet due to the Russian sanctions. Fitch notes that “Euroclear’s investment guidelines for the bank’s portfolio are particularly conservative, limiting holdings to highly liquid securities with strong ratings. Euroclear Bank applies a similarly low-risk policy when re-investing cash proceedings from frozen Russian assets.”

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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Artificial Intelligence

Department of Health – Abu Dhabi partners with MBZUAI and Core42 to launch Global AI Healthcare Academy

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May 13, 2024

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ABU DHABI, UAE, May 13, 2024 /PRNewswire/ — The Department of Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the Emirate, signed a Memorandum of Understanding (MoU) with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the leading AI research-based academic institution located in Abu Dhabi, and Core42, a G42 company offering AI solutions, during Abu Dhabi Global Healthcare Week (ADGHW). This MoU will launch the global AI Healthcare Academy to the health workforce. The MoU was signed by Dr. Rashed Obaid Al Suwaidi, Executive Director of Healthcare Workforce Planning Sector at DoH, Sultan Al Hajji, Vice President of Public Affairs and Alumni Relations at MBZUAI and Talal Al Kaissi, Executive Vice President, Chief Product and Global Partnership Officer at Core42.

 
 
Reinforcing Abu Dhabi’s position as a leading destination for healthcare and life sciences, the partnership seeks to establish a framework of collaboration to strengthen the Emirate’s position at the forefront of technology-enabled and data-driven healthcare systems. The new AI Healthcare Academy will help to build a global AI-trained workforce, which is capable of advancing diagnostic and operational efficiency, significantly improving patient care, and streamlining healthcare processes around the world.
Sultan Al Hajji, Vice President of Public Affairs and Alumni Relations at MBZUAI, said: “Healthcare is a key research pillar for MBZUAI, because we recognise the transformative and life-saving potential of AI across a wide range of diagnostic and treatment areas. In addition to our recent effort in establishing the Institute of Digital Public Health, we are proud to partner with The Department of Health – Abu Dhabi in launching the new AI Healthcare Academy. MBZUAI will provide the Academy our world-class faculty to facilitate AI workshops and training to upskill the healthcare workforce in support of the UAE leadership’s vision to become a global hub for AI and a centre for life sciences.”
Through leveraging advanced technologies and harnessing the power of AI, DoH seeks to upskill the health workforce, enhance local practices and contribute to broader medical research and treatment modalities worldwide. By embracing AI-driven technologies, healthcare professionals can stay at the forefront of innovation, fostering collaboration and knowledge exchange on a global scale.
By collaborating with MBZUAI through its Institute of Digital Public Health, the Academy will encompass ground-breaking research. These efforts will encourage public-private partnerships, fostering collaboration to secure ample funding and ensure ongoing sustainability, setting the academy for long-term success and supporting responsible and impactful innovation.
Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, Abu Dhabi Global Healthcare Week (ADGHW) is a major government initiative from DoH, taking place between 13 and 15 May 2024.
For more information please visit: https://www.adghw.com/
About Department of Health – Abu Dhabi (DoH):
The DoH is the regulatory body of the healthcare sector at the Emirate of Abu Dhabi and ensures excellence in healthcare by monitoring the health status of the population. DoH defines the strategy for the health system, monitors and analyses the health status of the population and performance of the system. In addition, DoH shapes the regulatory framework for the health system, inspects against regulations, enforce standards, and encourages adoption of world-class best practices and performance targets by all healthcare service providers in the Emirate. DoH also drives programmes to increase awareness and adoption of healthy living standards among the residents of the Emirate of Abu Dhabi in addition to regulating scope of services, premiums and reimbursement rates of the health system.
For further information on DoH, visit https://www.doh.gov.ae/ and follow on X, Instagram, Facebook, LinkedIn and YouTube.
About Mohamed bin Zayed University of Artificial Intelligence (MBZUAI)
MBZUAI is a graduate, research university focused on artificial intelligence, computer science, and digital technologies across industrial sectors. The university aims to empower students, businesses, and governments to advance artificial intelligence as a global force for positive progress. MBZUAI offers various graduate programs designed to pursue advanced, specialized knowledge and skills in artificial intelligence, including computer science, computer vision, machine learning, natural language processing, and robotics. For more information, please visit www.mbzuai.ac.ae.
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Artificial Intelligence

Vantiva Ships Over 125 Million Open-Source RDK Devices Globally

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May 13, 2024

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Milestone includes RDK-Broadband and RDK-Video devices shipped to Network Service Providers across the world
PARIS, May 13, 2024 /PRNewswire/ — Vantiva (Euronext Paris: VANTI), a global technology leader enabling Network Service Providers (NSPs) to connect consumers worldwide, today announced that it has shipped more than 125 million RDK-based customer premise equipment (CPE) products since 2012, strengthening its market share as of 2024. RDK is a fully modular, portable and customizable open-source software solution that standardizes core functions used in video, broadband and Internet of Things (IoT) devices. Vantiva has been an active member of the RDK community since its inception, providing RDK solutions across IP, Hybrid and Quadrature Amplitude Modulation devices. In 2014, Vantiva contributed software that helped enable RDK to expand its applicability to broadband devices, meeting the demand of operators worldwide for greater technical commonality among suppliers.

 
“Vantiva has played a vital role in helping RDK become a driving force for innovation across broadband and video globally,” said Jason Briggs, President and General Manager of RDK. “Network Service Providers understand the benefits RDK provides in terms of versatility and software commonality, and the importance of having a proven CPE partner, like Vantiva, who can help them deliver at scale. We look forward to continuing to collaborate with Vantiva to extend the reach of RDK for many years to come.”  
RDK-Broadband (RDK-B) is an open platform for broadband devices that provides customers with an industry-leading standard of technology facilitating efficiencies in development cycles through collaborative industry contributions that drive lean business results. Operators can efficiently introduce a wider array of enhanced offerings, like parental controls or cybersecurity, while maintaining complete control over design, development, deployment and data management. RDK-Video (RDK-V) provides developers and operators with a unified software stack for set-top boxes (STBs) and home gateways across a broad range of complex video and management functions, including rendering, content, device management and networking.
“RDK has grown exponentially thanks to the leadership of RDK Management and to the more than 600 companies that contribute to the RDK community,” said Leopold Diouf, Senior Vice President of the product division at Vantiva. “By leveraging RDK as a platform, Vantiva delivers innovative software solutions to a globally diverse range of NSPs and multiple access technologies – DOCSIS, fiber and fixed wireless access. This approach provides our clients with the latest software advancements efficiently and effectively, empowering them to focus their efforts on new services that drive their businesses forward.”
All of Vantiva’s DOCSIS gateways ship with RDK-B as the default software stack. Vantiva’s RDK-V STBs are deployed with leading NSPs across the globe. 
Achieving more than 125 million RDK devices shipped is the latest strategic milestone in Vantiva’s ongoing commitment to providing open and innovative technologies for customers and operators around the world. Vantiva’s goal is to bring seamless connectivity and premium entertainment experiences to consumers by creating best-in-class CPE and partnering with the most innovative companies in the connected home ecosystem. 
ContactsVantiva Press Relations     [email protected]   
Thatcher+Co. for [email protected] 
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Artificial Intelligence

Ambient Intelligence Market Size to Grow USD 185.5 Billion by 2032 at a CAGR of 25.7% | Valuates Reports

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May 13, 2024

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BANGALORE, India, May 13, 2024 /PRNewswire/ — Ambient Intelligence Market is Segmented By Component (Hardware, Software, Service), By Technology (Bluetooth Low Energy, RFID, Ambient Light Sensor, Software Agents, Affective Computing, Biometrics, Others), By End User (Residential, Retail, Healthcare, Office Building, Automotive, Others).

The Global Ambient Intelligence Market was valued at USD 19.2 Billion in 2022, and is projected to reach USD 185.5 Billion by 2032, growing at a CAGR of 25.7% from 2023 to 2032.
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Major Factors Driving the Growth of Ambient Intelligence Market:
The market for ambient intelligence is expanding rapidly thanks to a number of important considerations. The need for ambient intelligence solutions is primarily being driven by the growing integration of smart technology into common things, together with improvements in IoT (Internet of Things) and AI (Artificial Intelligence). Market expansion is further accelerated by the growing global adoption of smart home and smart city projects. Furthermore, the adoption of ambient intelligence systems is fueled by the increasing need for individualized user experiences and seamless connection across a variety of industries, including healthcare, retail, and automotive. Together, these elements are fueling the market for ambient intelligence, which is expected to revolutionize how humans interact with our surroundings.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL AMBIENT INTELLIGENCE MARKET: 
By redefining patient care and experience, ambient intelligence hardware combined with affective computing technology in the healthcare sector is driving the growth of the ambient intelligence market. With the use of affective computing, medical professionals may monitor mental health issues, gauge patient moods, and customize treatment regimens by analyzing physiological signs such as voice tonality and facial expressions. Hardware with ambient intelligence, including sensors and smart devices integrated into medical settings, makes data collecting and interpretation easier and improves patient involvement and professional decision-making. Affective computing and ambient intelligence together enhance healthcare outcomes and stimulate the market by encouraging creativity and efficiency in the provision of healthcare services.
The market for ambient intelligence is expanding due to the growing need for smart home automation solutions. By adding smart technologies that automate chores and adjust to their needs, homeowners want to improve comfort, convenience, and energy efficiency in their houses. Voice-activated assistants, lighting control systems, and smart thermostats are a few examples of ambient intelligence technologies that provide seamless automation and connection, spurring market growth and acceptance in the smart home space.
Ambient intelligence solutions are becoming more and more popular because of the need for individualized user experiences in a variety of industries, such as retail, healthcare, and entertainment. Ambient intelligence systems anticipate user wants, preferences, and behaviors by utilizing data analytics, machine learning, and context-aware computing. This allows them to provide customized experiences that increase user pleasure and engagement. This customized strategy increases market growth by cultivating brand distinction and consumer loyalty in addition to enhancing user experiences. The aging population and the rise in chronic illness rates have made ambient assisted living technologies more important, which has fueled the healthcare industry’s growth in the ambient intelligence market.
The market is expanding as a result of rising consumer adoption of ambient intelligence technologies and their advantages in everyday life. Customers are more likely to embrace ambient intelligence solutions in other areas of their lives when they see the efficiency, convenience, and personalization that these solutions provide in a variety of domains, such wearables, smart homes, and linked autos. Additionally, as smart gadgets and digital assistants proliferate, customers become more acquainted with ambient intelligence principles, which facilitates wider acceptance and market growth.
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AMBIENT INTELLIGENCE MARKET SHARE:
Due to a variety of factors, including the early adoption of modern technologies, the presence of several important companies in the ambient intelligence vendor market, and the significant digitization of different industries in the area, North America held the biggest market share for ambient intelligence in 2022.
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