Euronext N.V. (ENX) Earnings Call Transcript & Summary

Welcome to the meeting of Euronext N.V. I welcome you on behalf of the Supervisory Board and the Managing Board of Euronext N.V. for our sixth Annual General Meeting as a listed company. Because of the COVID-19 crisis, we are holding this general meeting without you, our shareholders, present and without our Board members and nominees for appointment. The only person with me in the meeting room are the company's Corporate Secretary, Paul Theunissen; and our Notary, Mrs. [indiscernible]; and 2 technicians of our subsidiary, Company Webcast, as we are webcasting this meeting. Mr. Stéphane Boujnah, our CEO; and Mr. Bernard Lhoest, the lead partner of Ernst & Young, our external accountant for the 2019 accounts, will participate this meeting by video and phone, respectively. Euronext is an international company, and its corporate language is English. Therefore, this general meeting will be conducted in English as announced in the convocation to this meeting. In accordance with the Articles of Association, this general meeting is held in Amsterdam, this being the municipality where the company has its seat. All shareholders have been called to attend this Annual General Meeting by the Management Board and the Supervisory Board by means of convening notice published -- of a convening notice published on the 2nd of April 2020 on Euronext's website, including the agenda and the explanatory notes thereto. This announcement explains the procedure for shareholders who wish to attend the meeting, provide instructions or grant a power of attorney. On May 7, 2020, the announcement on our website was changed in order to take into account new Dutch legislation with regard to holding of general meetings. Shareholders have been given the opportunity to ask questions before the meeting via an e-mail address of the Corporate Secretary. I will come back to those at a later moment. No requests have been received from the shareholders regarding the additional of proposals to the agenda of this general meeting. In accordance with corporate governance recommendation, the draft minutes of this meeting will be made available to shareholders within 3 months of the meeting by publication on the website, giving shareholders the opportunity to comment on these minutes during 3 subsequent months. Having taken into account all that has been expressed before, I conclude that this Annual General Meeting has been convened in accordance with all the applicable rules and the Articles of Associations of Euronext N.V., and that the general meeting may decide on all items that are placed on the agenda. Before we proceed, I will now inform you how many shares are represented at this meeting in person or by proxy and how many votes can be jointly cast. We have issued shares -- 70 million shares, and the shares' voting rights are 96 -- 69 -- sorry, 69,565,125 shares; and represented shares are 55,227,373 shares; and the percentage of the issued capital presented or represented is 79.38%. So that means that the absolute majority of the votes is 27,613,687 shares. And the qualified majority, in case there is a qualified majority needed, and that's 75%, the number of shares is 41,420,530 shares. I would like now on the agenda item 2 to ask Mr. Stéphane Boujnah, the CEO and Chairman of the Managing Board, to present the report of the Managing Board on the financial year 2019 and also the first quarter of 2020. As mentioned, Mr. Boujnah joins this meeting remotely from Paris. Stéphane, please go ahead.

Thank you, Mr. Chairman, and good morning, everybody. Let us start on Slide 3 with a quick overview of the Euronext Group at the end of 2019. Euronext delivered a solid performance over 2019. Euronext generated more than EUR 679 million in revenue, of which half was non-volume related. This performance translated into 58.8% EBITDA margin and an adjusted EPS of EUR 3.90 per share. Financially, the group remained strong and healthy with Euronext generating EUR 254 million of net operating cash flows in 2019, converting 64% of its EBITDA into cash. This cash generation translated into a sound financial position reflected by a net leverage of 1.5x at the end of the year. And from a market perspective, today, Euronext is valued at more than EUR 5.9 billion as we speak in the market. On the operating front, Euronext entered into its new strategic cycle in 2019. We released a new strategic plan, Let's Grow Together. In October, we completed the deployment of our operatory trading platform across all the asset classes, including derivative markets. We -- these outcomes were achieved thanks to the commitment of 1,000 -- more than 1,000 of employees who make Euronext a successful enterprise, including a number of whom -- of those who have joined the group through our recent acquisitions. Going into more details on the 2019 performance on Slide 4. So as I said, Euronext reported a strong performance throughout the year with double-digit growth in EBITDA and revenue and adjusted EPS. Revenue increased in 2019 by EUR 64 million, up 10.4% to EUR 679.1 million. So this strong performance reflects solid core business dynamics with more diversified strategy for diversifying our revenues that continued to pay off with non volume-related revenue, representing now for 50% of the group revenue. And this is thanks to a strengthened custody and settlement business. And these nonvolume-related revenues covered, in 2019, 122% of our operating cost that year. Our core business proved its resilience against declining volumes in 2019 that were partially offset by strong organic performance and our listing and Advanced Data business. Corporate Services did very well with double-digit growth, and the listing business saw improving market conditions during the second half of 2019. And the indices part of Advanced Data Services also did very well. And finally, Oslo Børs VPS contributed EUR 57.1 billion or little bit more than 6 months of consolidation in 2019. At the same time, we continued to deliver strong disciplined cost as we outperform our 2019 cost guidance. This translated into group EBITDA growing faster than revenue by 12.8% in 2019 to almost EUR 400 million, leading to a combined EBITDA margin of 58.8%, again, 2.8 points higher than the previous year. And on a like-for-like basis, EBITDA margin even reached more than 60%. So finally, as announced to our investors, we told that we expect nonrecurring costs related to the integration of Oslo Børs VPS and internal digitalization project to impact our cost base. But as a result and before the delivery of the first synergies in 2021, we expect operating costs excluding the temporary increase mid-single-digit in 2020 compared to annualized second half of 2019 cost base. So overall, the strong operating performance over the year resulted in a good performance in adjusted EPS at EUR 3.90 per share. And on a reported basis, 2019 net income was up 2.8% at EUR 222 million. So lastly, in accordance with the Euronext dividend policy, a dividend of EUR 1.59 per share is proposed for your approval today. This represents a 5% increase from last year despite various nonrecurring costs in 2019. Moving to Slide 5. 2019 was a major transformation year for Euronext, reaching major strategic, financial and operating milestones. As I said, we released our strategic plan, Let's Grow Together 2022. We finalized the deployment of Optiq, Euronext's cash and derivative platforms. We completed our largest acquisitions since the IPO in 2014. All in all, Euronext entered into a new strategic cycle in 2019, and we've made progress on innovation and sustainable finance, which is now at the earth of our strategy. Euronext will pursue the development of innovative solutions. We are committed to build the leading pan-European market infrastructure, and we are committed to pursue growth strategy through high value-added acquisitions. Lastly, as I said, we completed the deployment of the Optiq trading platform. Euronext Dublin cash markets smoothly migrated to the Optiq trading platform early 2019. Our derivative markets for the group migrated in late 2019, and the last milestone will be reached this year with the planned migration of Oslo Børs markets to Optiq's trading platform in the course of the second part of the year in the course of end of Q3, beginning of Q4. We continue to diversify our revenue profile with success. We expanded our federal model with the post-trade franchise with the acquisition of Oslo Børs VPS. We entered into new asset class with power trading and the acquisition of Nord Pool. We invested in innovative solutions such as tokenization platform with Tokeny and FunData with OPCVM360. And overall, our disciplined capital deployment is bearing fruit as we will continue to deploy our disciplined M&A strategy. Moving to Slide 7, outline the first quarter 2020 results that we released yesterday. So Euronext reported a very strong first quarter with notable revenue growth across all our business lines. Revenue increased during this quarter by EUR 84.2 million, up 55.2% to EUR 236.8 million compared to Q1 '19. So this strong performance reflects both high trading volumes across all asset class, but also the contribution of the consolidation of Oslo Børs VPS and Nord Pool. And nonvolume-related revenue accounting about 44% of the group revenue. So thanks to our continued cost discipline, EBITDA grew faster than revenue. And group EBITDA grew by 68.1% in Q1 to EUR 150 million. This translated into an EBITDA margin of 63.4%, which is 4.9 points higher than last year's first quarter. But on a like-for-like basis, EBITDA margin reached for last quarter, 66.7%. And in addition, we achieved the targeted EUR 8 million run rate cost synergies in Ireland for Euronext Dublin 2 years after completion of the acquisition, but 1 year ahead of the initial target. So in this context, we have confirmed to our investors our cost guidance for the year, as I previously mentioned. So overall, this dynamic performance over the quarter resulted in a 65.3% increase in adjusted EPS at EUR 1.44 per share on a reported basis. And our Q1 2020 net income was up 71.3% at EUR 96.1 million. So this performance is not only the result of increased trading volumes, this strong performance reflects what has been the trademark of the Euronext group over the past 5 years, which is rigorous and constant investment of technology to deliver best-in-class trading platform; efficient and constant cash trading market share management that allows us to capture the distribution share of volumes and volatility revenues; continued cost discipline that allows us to grow EBITDA more than revenues; and disciplined deployment of capital that allows us to acquire value-accretive, value-added assets that contribute to the growth of the company. Moving to Slide 8 and 9. So as -- on Slide 8, as I said, the acquisition of VP Securities is a major milestone in the geographic expansion in the Nordic region. Because since 2019, Euronext has significantly increased its presence in the Nordic region with more than EUR 800 million -- EUR 850 million of capital deployed and committed. And through this deployment, we strengthened our [ power trading ] business with the addition of CSDs and expanded into power trading. And I want to underline that 1 year ago, we had a couple of employees in Stockholm. Now we have almost -- more than 1/3 of the employees of Euronext that are based in Helsinki, in Tallinn, Vilnius, Stockholm, Oslo, Bergen, and soon, Copenhagen. So this -- moving to Slide 9, this disciplined capital deployment diversifies Euronext's profile. And pro forma, including revenues from Oslo Børs VPS, Nord Pool and VP Securities, our revenue mix, which significantly increased exposure to post-trade, that would account now around 23% of group revenue. And in the meantime, we are also improving our exposure to healthy and solid local economies in the Nordic region that would generate around 25% of our 2019 pro forma revenue. So moving to Slide 11, which shows -- to conclude the results of this year achievement. We can see that despite the COVID crisis, which quickly disrupted financial markets, Euronext's share price increased by more than 40% since our last general meeting. And year-to-date, Euronext's stock price is outperforming all the peers with plus 16.5% as we speak versus the stock price on January 1. Over to you, Mr. Chairman.

Stéphane, thank you very much for this very clear presentation on the financial year 2019 and the first quarter of 2020. The Annual Report 2019 comes in the form of a universal registration document. Based on Article 9, step 3 of the EU Directive 2017/1129, Euronext filed its universal registration document without prior approval of the AFM. The first item on the agenda is the explanation of the policy on addition to reserves and dividends, which is a discussion item. I refer to the explanatory notes to the agenda of this meeting for more information on our dividend policy. We believe that, also under the current circumstances, Euronext is perfectly equipped to confirm its current policy to distribute 50% of our profits. In our view, this policy remains balanced and does not impair Euronext's flexibility to meet its short and its long-term liabilities and objectives. No questions are asked or remarks are submitted to the Corporate Secretary by shareholders about this topic prior to this meeting. Before we proceed to the proposals to adopt the remuneration report and to adopt the financial statements, I would like to give the floor to Mr. Bernard Lhoest, our external auditor for the 2019 financial statements. Mr. Lhoest also joined this meeting remotely by phone, and I kindly invite Mr. Lhoest to give our shareholders his views. Bernard, please go ahead.

Thank you, Mr. Chairman. We prepared a short presentation on the process of the 2019 audit for Euronext. As in prior years, we started our work with identifying the main attention points, being the new acquisitions, changes in the IT infrastructure and the valuation of goodwill and equity investments. And also important areas included cybersecurity and compliance to new regulations such as MiFID II. If any the extent of our opportunities, we use the materiality level of [ EUR 16 million ] based on 5% of profit before tax, and we furthermore applied the full scope major operations of Euronext in Paris and Amsterdam as well as the newly acquired businesses in Ireland and Norway, thereby covering about 90% of the reported income statement. Our French and Dutch teams again worked out of a combined approach and used the same trial, and the teams included IT auditors as well as specialists for valuation, taxation, IFRS and loss regulations. Following our audit work, we issued a management letter and a long-form report to the Board of Directors and supervisors. And these reports comprised our observations on the main attention point from our audit, of which the most important have been presented in our public auditor [indiscernible]. This related -- sorry, to the accounting for the Oslo acquisition, the valuation of the equity stake in Euroclear and the go-live of the last phase of the Optiq implementation, which was also referred to by Mr. Boujnah. We found our key [indiscernible] to be reasonable. Finally, for this presentation, we noted that the cooperation with Euronext has again been open and transparent, and as known to the shareholders, that we have issued an unqualified opinion to the 2019 financial statements for Euronext. This was my presentation, Mr. Chairman.

Thank you, Bernard. We have received no questions about the audit and the audit report of our external auditor. So I would kindly thank you, Bernard, for this contribution. And we now can go ahead with agenda Item 3B. That's our first voting item. In accordance with Article 2.135, paragraph 5a of the Dutch Civil Code, the implementation of the remuneration policy in 2019, as outlined in the 2019 financial statements, will be discussed. And in accordance with Article 2.135B, paragraph 2 of the Dutch Civil Code, the remuneration report is submitted to the meeting for an advisory vote. As no questions have been received from shareholders about the implementation of the remuneration policy and the remuneration report, we will proceed to the advisory vote on the remuneration report, which is, as I said, the first voting item. As no shareholder or the representatives are present in this meeting, I have been informed about the outcome of the votes that have been cast in advance of the meeting. BNP Paribas Securities Services, the company's registered representing Euroclear France, in its turn, representing in this meeting in total 55,227,043 shares, informed me that it has been instructing to vote as follows: 2,549,790 votes against this item; 5,955 votes in abstentions; and 52,551,298 votes in favor of this item. I, in my capacity as Chairman of this general meeting, has received powers of attorney for 330 shares in total. All of these are being cast in favor of this item. The outcome of the vote is therefore as follows: 2,549,790 votes against this item; 5,955 votes as abstentions; and 52,551,628 votes in favor of this item. The proposal to adopt the 2019 remuneration report has been approved. So we can proceed with the next item and that is the proposal to adopt the 2019 financial statements. No questions or remarks about this item have been received. BNP Paribas Securities Services informed me that it has been instructed to vote as follows: 1,040 votes against this item; 95,560 votes as abstentions; and 55,010,437 votes in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. So the outcome of these votes is therefore as follows: 1,040 votes against this item; 95,566 votes as abstentions; and 55,010,767 votes in favor of this item. The proposal to adopt the 2019 financial statement has been approved, and we can proceed with the next item. The third voting item of this meeting is the proposal to adopt a dividend of EUR 1.59 per ordinary share. Prior to this AGM, we have received one question about this agenda item from ORA Traders, namely about the ex-dividend date of Euronext. The answer to this question is that the payment of the annual dividend will occur on the 22nd of May this year, with ex-dividend on the 20th of May and the record date on the 21st of May. The answer and this date can also be found on the website of Euronext. BNP Paribas Securities Services informed me that it has been instructed to vote as follows: 0 votes against this item; 4,532 votes as abstentions; and 55,102,511 votes in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are also in favor of this item. The outcome of this vote is therefore as follows: 0 votes against this item; 4,532 votes as abstentions; and 55,102,831 votes in favor of this item. The proposal to adopt the dividend of EUR 1.59 per ordinary share has been approved, and we can proceed with the next item. The fourth voting item in this meeting is the proposal to discharge the members of the Managing Board in respect of their duty performed during the year 2019. No questions or remark about this item have been received. BNP Paribas Securities Service informed me that it has been instructed to vote as follows: 1,753,031 votes are against this item; 142,460 votes are abstentions; and 53,331,552 votes are in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. The outcome of the vote is therefore as follows: 1,753,031 votes are against this item; 142,460 votes are cast as abstentions; and 53,331,882 votes are in favor of this item. The proposal to discharge the member of the Managing Board in this respect of their duties performed during the year 2019 has been approved. So we can proceed with the next item. The fifth voting item in this meeting is the proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2019. No questions or remark about this item have been received. BNP Paribas Securities Service informed me that it has been instructed to vote as follows: 5,105,529 votes are against this item; 142,460 votes are abstentions; and 49,979,054 votes are in favor of this item. The votes -- the 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. So the outcome of this vote is therefore as follows: 5,105,529 votes are against this item; 142,460 votes are casted as abstentions; and 49,979,384 votes are in favor of this item. The proposal to discharge the member of the Supervisory Board in respect of their duties performed during the year 2019 has been approved. So we can proceed with the next item. Further to the rotation schedule that has been adopted by the Supervisory Board and has been published on the website of Euronext N.V., 2 members of the Supervisory Board, Ms. Kerstin Günther and myself, will retire immediately after this Annual General Meeting. Ms. Günther has decided not to stand for reappointment. And I would like to take this opportunity to thank this Ms. Günther for her valuable contributions to the Supervisory Board and the company as a whole in the past 4 years. We will certainly miss both her views and knowledge and her warm personality. Thank you again, Kerstin. As you have seen on the agenda of this meeting, I am available for reappointment for a second term. The Supervisory Board has drawn up a binding nomination for my reappointment. So the sixth voting item is the proposal to reappoint me, Dick Sluimers, as a member of the Supervisory Board for a term of 4 years. I refer to the explanatory notes to the agenda and it's annex. I would like to point out that following the departure of Mrs. Günther from the Supervisory Board, only 2 out of 9 of its members will be female, while currently 3 out of 10 members are female. Please be assured that diversity is high on the agenda of the Supervisory Board and that this issue will have the Supervisory Board's full attention in discussion and decisions about its future composition. No questions or remarks about this item has been received. BNP Paribas Securities Services informed me that it has been to instructed to vote as follows: 4,277,721 votes against this item; 139,552 votes are casted as abstentions; and 50,809,770 votes are in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. So the outcome of the vote therefore is as follows: 4,277,720 (sic) [ 4,277,721 ] votes are against this item; 139,552 votes as abstentions; and 50,810,100 votes are in favor of this item. The proposal regarding my reappointment to the Supervisory Board for a term of 4 years has therefore been approved. And I would like to thank you, you, shareholders, for your confidence in me as Chairman of this Board. We will proceed with the next item. On the agenda of this meeting are the appointment of Mr. Øivind Amundsen and Mr. Georges Lauchard to the Managing Board. The Supervisory Board has drawn a binding nomination for both appointments, each for a term of 4 years. Now I am happy to announce that yesterday, we received approval for Mr. Øivind Amundsen's appointment. We still are waiting for the approval of the appointment of Georges Lauchard, and it has to do with the fact that we simply started his procedure somewhat later due to the fact that he was also appointed somewhat later. I refer to the explanatory notes to the agenda and its annex for the reason behind this proposal and for information about the candidates. Approval for the appointment of Georges Lauchard from the Dutch Minister of Finance and from the College of Regulators is still pending. If the shareholders approve the appointment, the appointment will only take effect once regulatory approval has been granted. No questions or remark about this item has been received. We will first vote on the appointment of Mr. Amundsen, which is the seventh voting item. Now BNP Paribas Securities Service informed me that it has been instructed to vote as follows: 1,721,113 votes against this item; 80,879 votes as abstentions; and 53,425,051 votes in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. The outcome of this vote is therefore as follows: 1,720,113 (sic) [ 1,721,113 ] votes are against this item; 80,879 votes are casted as abstentions; and 53,425,381 votes are in favor of this item. So the proposal to appoint Mr. Amundsen to the Managing Board for a 4-year term therefore has been approved. Thank you, and all the best, and congratulations to you, Øivind with this appointment. We will now vote on the appointment of Mr. Georges Lauchard, which is the eighth voting item. BNP Paribas Securities Service informed me that it has been instructed to vote as follows: 4 million -- no, excuse me, 4,165 votes against this item; 80,879 votes as abstentions; and 55,141,999 votes in favor of this item. And the 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. The outcome of this votes is therefore as follows: 4,165 votes are against this item; 80,879 votes are casted as abstentions; and 55,142,329 votes are in favor of this item. So the proposal to appoint Mr. Georges Lauchard to the Managing Board for a 4-year term and subject -- still subject to regulatory approval also has been approved. And yes, I also would like to congratulate Georges on his appointment, and I have full confidence that the regulatory approval will arrive soon. The next item on the agenda is a proposal to adopt a new remuneration policy with regard to the Managing Board, aligned with the shareholders' rights directive 2 as implemented in Dutch law. I refer to the explanatory notes to the agenda for the reasons behind this proposal. Please note that this item will need a 75% majority of votes in favor in order to be approved. No questions or remarks about this item have been received. BNP Paribas Securities Services informed me that it has been instructed to vote as follows: 19 million, 1-9, 19,992,652 votes are casted against this item; 851,542 votes are casted as abstentions; and 34,382,849 votes are in favor of this item. And the 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. The outcome of this vote is therefore as follows: 19,992,652 votes are against this item; 851,542 votes as abstentions; and 34,383,179 votes are in favor of this item. The proposal to adopt a new remuneration policy with regard to the Managing Board, aligned with the shareholders right directive 2 as implemented in the Dutch law, has therefore not been approved. I would like to state that the Supervisory Board and the Managing Board are disappointed that the new remuneration policy for the Managing Board has not received the required 75% majority from our shareholders. We have taken efforts to adapt the remuneration policy that was approved at the Extraordinary General Meeting held on the 8th of October 2019 to recent Dutch regulation, and we believe that we have submitted a fair and sound proposal to this meeting. Given that it has not been approved, however, we will submit a new proposal to you next year. In the meantime, the current remuneration policy will remain in place. The tenth voting item on the agenda is the proposal to adopt a new remuneration policy with regard to the Supervisory Board, aligned with the shareholders' right directive 2 as implemented in Dutch law. I refer to the explanatory notes and to the agenda for the reasons behind this proposal. Please note that this item will also need a 75% majority of the votes in favor in order to be approved. No questions or remarks about this item have been received. Now BNP Paribas Securities Services informed that it has been instructed to vote as follows: 2,455,754 votes against this item; 390,552 votes were casted as abstentions; and 52,321,935 votes were in favor of this item. And the 330 votes that I cast in my capacity as the Chairman of this meeting are in favor of this item. The outcome of this vote is therefore as follows: 2,455,754 votes are against this item; 390,552 votes were abstentions; and 52,322,265 votes are in favor of this item. The proposal to adopt a new remuneration policy with regard to the Supervisory Board, aligned with the shareholders' right directive 2 as implemented in Dutch law, therefore has been approved. The 11th voting item on the agenda is the proposal to appoint Ernst & Young Accountants LLP as Euronext's external auditor to audit the financial statements for 2020. No questions or remarks about this item have been received. BNP Paribas Securities Services informed me that it has been instructed to vote as follows: 423 votes against this item; 4,532 votes as abstentions; and 55,222,088 votes in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. So the outcome of this vote is therefore as follows: 423 votes against this item; 4,532 votes are abstentions; and 55,222,418 votes were casted in favor of this item. The proposal to appoint Ernst & Young Accountants LLP as the external auditor to audit the financial statements for 2020 has therefore been approved. So we can proceed with the next item. Agenda Item 9 contains 2 proposals. The first proposal is to designate the Managing Board as the competent body to issue ordinary shares, which is voting Item 12. The second proposal is to designate the Managing Board as the competent body to restrict or exclude the preemptive rights of the shareholder, which is voting item 13. I refer to the explanatory notes to the agenda of this meeting. No question or remarks about this item have been received. So we will first vote on Item 12. BNP Paribas Securities Services informed that it has been instructed to vote as follows: 291,258 votes against this item; 993 votes as abstentions; and 53,270,726 votes were casted in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. So the outcome of these votes is therefore as follows: 291,258 votes are against this item; 993 votes were casted as abstentions; and 53,280,056 votes were casted in favor of this item. The proposal to designate the Managing Board as the competent body to issue ordinary shares have therefore been approved. So we can now go to voting item 13. BNP Paribas Securities Services informed that it has been instructed to vote to follow: 3,622,564 votes were casted against this item; 993 votes were casted as abstentions; and 49,886,420 votes were casted in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. So the outcome of this vote is therefore as follows: 3,622,564 votes were against this item; 993 votes were casted as abstentions; and 49,886,750 votes were casted in favor of this item. So the proposal to designate the Managing Board as the competent body to restrict or exclude the preemptive rights of the shareholders has also been approved. The 14th voting item is the proposal to authorize the Managing Board to acquire ordinary shares and the share capital of the company on behalf of the company. No questions or remarks about this item have been received. BNP Paribas Securities Services informed me that it has been instructed to vote as follows: 2,095,996 votes against this item; 21,231 votes as abstentions; and 51,392,750 votes in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. The outcome of this vote is therefore as follows: 2,095,969 votes against this item; 21,231 votes as abstentions; and 51,393,080 votes in favor of this item. So the proposal to authorize the Managing Board to acquire ordinary shares and the share capital of the company on behalf of the company has been approved. The 15th voting item is the proposal to authorize the Supervisory Board or Managing Board, subject to approval of the Supervisory Board, to grant rights to French beneficiaries to receive shares in accordance with Article L 225/197/1 in sequence of the French Code of Commerce. I refer to the explanatory notes to the agenda of this meeting for further information on this proposal. No questions or remarks about this item have been received. BNP Paribas Securities Services informed me that it has been instructed to vote as follows: 1,582,434 votes against this item; 5,532 votes as abstentions; and 51,922,011 votes in favor of this item. The 330 votes that I cast in my capacity as Chairman of this meeting are in favor of this item. The outcome of these votes is therefore as follows: 1,582,430 (sic) [ 1,582,434 ] votes are against this item; 5,532 votes are casted as abstentions; and 51,922,341 votes were casted in favor of this item. So the proposal to authorize the Supervisory Board or Managing Board, subject to approval to the Supervisory Board, to grant rights to French beneficiaries to receive shares in accordance with the Articles L 225/197/1 in sequence of the French Code of Commerce has been approved. As mentioned, we have given our shareholders the opportunity to ask questions prior to this meeting. Our Corporate Secretary, Paul Theunissen, has received only the question about the ex-dividend date that was answered early in this meeting. Before I come to a formal closing of this meeting, I would like to express a big thank you to all our people at Euronext, who have been working so hard under these very difficult circumstances. These times are not easy for Euronext. But as our CEO, Stéphane Boujnah, did explain during his meeting, our results have been truly outstanding, and we owe that to all the efforts that were made in Belgium, France, Ireland, The Netherlands, Norway, Portugal and the U.K. Thank you very much to all of you. And I hereby close this Annual General Meeting. And I thank everybody for attending the webcast. Have a nice continuation of the rest of the day, and please stay healthy. Thank you very much.