(The following is a reformatted version of a press release
issued by Deutsche Börse AG and received via electronic mail.
The release was confirmed by the sender.) 
Deutsche Börse AG releases preliminary results for Q4 and full-year 2012 
Deutsche Börse AG published its preliminary figures for the
fourth quarter and the financial year 2012 on Tuesday. Net
revenue declined by 9 per cent in financial year 2012 to
€1,932.3 million (2011: €2,121.4 million) due to the
challenging market environment. As a result of historically low
key interest rates, net interest income from the banking
business decreased to €52.0 million (2011: €75.1 million), in
spite of higher average customer cash deposits. 
Operating costs were down slightly year-on-year, amounting to
€958.6 million (2011: €962.2 million). They include costs for
efficiency programmes of €23.1 million (2011: €1.1 million);
expenses of €13.1 million were  incurred in 2012
for the prohibited merger with NYSE Euronext (2011: €82.2
Adjusted for these one-off effects, costs increased by 5 per
cent to €922.4 million (2011: €878.7 million) in line with the
company’s full-year cost guidance. 
The result from Deutsche Börse Group’s equity investments
amounted to €-4.3 million (2011: income €3.6 million). It was
generated primarily by Scoach Holding S.A., Direct Edge
Holdings, LLC and European Energy Exchange AG.
The positive contributions made by these companies were offset
by an impairment loss of €10.8 million recognised on the Group’s
interest in Quadriserv Inc., which resulted in total in a
negative result from equity investments. 
Mainly because of lower net revenue, Deutsche Börse Group’s
earnings before interest and tax (EBIT) declined to €969.4
million (2011: €1,162.8 million). 
Adjusted for the one-off effects mentioned above, the Group’s
EBIT amounted to €1,005.6 million (2011: €1,246.1 million). 
The Group’s financial result for the financial year 2012 was €-
132.7 million (2011: €-3.8 million). The significant decrease is
primarily due to Deutsche Börse AG’s agreement with SIX Group AG
to acquire all the shares in Eurex
Zürich AG. Under the terms of the agreement, part of the
purchase price was to be settled in shares of Deutsche Börse AG.
The equity component of the purchase price liability was
definitively measured at fair value through profit and
Loss on 1 February 2012. The rise in the price of Deutsche Börse
AG shares between 31 December 2011 and 1 February 2012  led to a
non-cash, tax-neutral expense of €26.3 million on the
measurement of the equity component and an expense of
€1.1 million on the compounding of the discounted cash
component. For 2011, there had been non-cash, tax-neutral income
of €80.8 million on the measurement of
the equity component and an expense of €3.4 million on the
compounding of the discount on the cash component. 
In addition, at the end of September 2012, Deutsche Börse AG
placed a corporate bond totaling a volume of €600 million. In
this context, Deutsche Börse AG submitted an offer to the
holders of existing euro bonds for the repurchase of
these bonds which was accepted with a principal amount of €309.2
The placement of the corporate bond and the concurrent buy-back
of part of the existing euro bonds resulted in one-off effects
of €12.4 million in the fourth quarter 2012. Adjusted for these
two effects the financial  result 2012 amounted
to €-92.9 million (2011: €-81.2 million). 
The effective Group tax rate was 26.0 per cent in 2012 (2011:
26.0 per cent). It is calculated after adjustments for the
above-mentioned one-off effects made to the operating costs and
the financial result. In addition, the Group tax
rate was adjusted by non-recurring income from the reversal of
deferred tax liabilities for STOXX Ltd. amounting to €20.7
million as a result of a decision by the Swiss financial
authorities, half of which accrues to SIX Group, and
by non-recurring income amounting to €37.1 million from the
recognition of deferred tax assets due to the ability in the
future to offset loss carryforwards in connection with the
acquisition of all remaining shares in Eurex. 
Thus net income of the Group amounted to €645.0 million (2011:
€855.2 million). Excluding the above mentioned one-off effects
net income stood at €660.9 million (2011: €839.5 million). 
The Executive Board of Deutsche Börse AG proposes a dividend of
2.10 € per share for the financial year 2012. The measure is
subject to the formal approval of the Supervisory Board of
Deutsche Börse AG, which today already expressed its support,
and of the shareholders of Deutsche Börse AG at the Annual
General Meeting on 15 May 2013. 
Preliminary results Q4/2012
In the fourth quarter of 2012, Deutsche Börse generated net
revenue of €447.7 million (Q4/2011: €510.1 million). Net
interest income from its banking business decreased to €8.4
million (Q4/2011: €19.3 million). Operating costs
stood at €253.7 million (2011: €269.0 million). Adjusted for
costs related to the prohibited merger with NYSE Euronext and
costs for efficiency measures, operating costs were €247.1
million (Q4/2011: €240.8 million). EBIT in the last
quarter of 2012 was €185.2 million, compared to €230.9 million
in the previous year. Excluding one-off effects, EBIT was €191.8
million (Q4/2011: €259.1 million). The basic earnings per share
in the fourth quarter of 2012 were €0.82
compared with €0.78 in Q4/2011. Adjusted for one-off effects
made to operating costs, the financial result and tax, basic
earnings per share were €0.64 in the fourth quarter 2012
(Q4/2011: €0.90). 
Note to the press:
The annex contains the income statement and segment reporting. 
Press contact:
Frank Herkenhoff, phone: + 49-69-21 11 15 00 
(bjh) NY 
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