Deutsche Bourse announced third quarter 2011 sales revenue of 604.7 million, up 20% on the same quarter last year.
Adjusted EBIT, which takes into account merger related costs and restructuring expenses, amounted to 356.4 million, an increase of 46%.
The company said it was further accelerating the efficiency measures that have been running since 2010. For 2011, it is now expecting savings of 130 million instead of 115 million. The full cost effects of 150 million per year will be reached in 2012. Based on the acceleration of the efficiency measures, Deutsche Bourse is cutting its guidance for total cost in 2011 from 1,145 million to 1,130 million.
Gregor Pottmeyer, Deutsche Bourse CFO, said: Our results for the third quarter show very strong performance of our business. We are very confident on our future earnings power and have therefore decided to implement a share buyback program.
Deutsche Bourses share buyback program lasts up until the completion of the Deutsche Bourse and NYSE Euronext merger, which requires approval by EU Competition Commission and exchange supervisory authorities, or December 31 2011. The overall purchase volume will amount to around 100 million. The share buyback program is limited to a number of shares that after execution of a corresponding share buyback program of NYSE Euronext of around US$100 million will preserve the ratio of former shareholders of Deutsche Bourse of 60% and former NYSE Euronext shareholders of 40% in Alpha Beta Netherlands Holding after completion of the merger.
A delegation of senior management personnel from Deutsche Bourse and NYSE Euronext will today meet with the EU Competition Commission in Brussels to try iron out the anti-trust regulators Statement of Objections to a merger by the Deutsche Brse and NYSE Euronext. The Commissions specific objections to the merger are unknown. However, in its probe into the merger, which started in August, the regulator said it was concerned by the near monopoly a merger of the exchanges futures trading platforms would create.