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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flow Traders Ltd | EU:FLOW | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 0.62% | 19.49 | 19.05 | 19.70 | 19.75 | 19.25 | 19.30 | 208,203 | 16:40:00 |
FLOW TRADERS Q222 RESULTS
Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces its unaudited Q222 results and 2022 Half Year report.
Highlights
Financial Overview
€million | Q222 | Q122 | Change | H122 | H121 | Change |
Normalized total income | 86.2 | 148.3 | (42%) | 234.5 | 236.9 | (1%) |
Normalized net trading income | 83.7 | 148.4 | (44%) | 232.1 | 236.6 | (2%) |
EMEA | 50.4 | 108.5 | (54%) | 158.8 | 143.3 | 11% |
Americas | 18.6 | 21.6 | (14%) | 40.2 | 56.3 | (29%) |
APAC | 14.7 | 18.3 | (20%) | 33.0 | 37.0 | (11%) |
Normalized other income | 2.5 | (0.1) | - | 2.4 | 0.2 | - |
Normalized employee expenses1 | 28.5 | 54.0 | (47%) | 82.4 | 85.7 | (4%) |
Technology expenses | 14.9 | 13.8 | 8% | 28.7 | 24.1 | (20%) |
Other expenses2 | 6.3 | 5.9 | 7% | 12.2 | 8.7 | 41% |
Normalized operating expenses | 49.7 | 73.7 | (32%) | 123.4 | 118.5 | 4% |
Normalized EBITDA1 | 36.5 | 74.6 | (51%) | 111.1 | 118.4 | (6%) |
Depreciation / amortisation | 3.9 | 3.8 | 7.7 | 7.5 | ||
Write off of (in) tangible assets | - | 0.2 | 0.2 | - | ||
Normalized profit before tax | 32.6 | 70.7 | (54%) | 103.2 | 110.8 | (7%) |
Normalized tax | 6.4 | 14.7 | 21.3 | 21.3 | ||
Normalized net profit | 26.1 | 56.0 | (53%) | 82.1 | 89.5 | (8%) |
Normalized basic EPS3 (€) | 0.60 | 1.29 | 1.88 | 2.03 | ||
Normalized EBITDA margin | 42% | 50% | 47% | 50% |
Value Traded Overview
€billion | Q222 | Q122 | Change | H122 | H121 | Change |
Flow Traders ETP Value Traded | 448.8 | 521.9 | (14%) | 970.8 | 767.9 | 26% |
EMEA | 192.8 | 238.2 | (19%) | 431.0 | 366.3 | 18% |
Americas | 230.3 | 255.2 | (10%) | 485.5 | 356.2 | 36% |
APAC ex China | 25.7 | 28.5 | (23%) | 54.3 | 45.4 | 20% |
Flow Traders’ non-ETP Value Traded | 1,165 | 1,434 | (20%) | 2,599 | 1,868 | 39% |
Market ETP Value Traded5 | 13,676 | 15,085 | (9%) | 28,760 | 17,316 | 66% |
EMEA | 567 | 767 | (26%) | 1,334 | 1,061 | 26% |
Americas | 11,951 | 13,305 | (10%) | 25,256 | 14,533 | 74% |
APAC | 1,158 | 1,013 | 14% | 2,170 | 1,722 | 26% |
APAC ex China | 400 | 392 | 2% | 792 | 703 | 13% |
Regional Highlights
EMEA:
AMERICAS:
APAC:
Flow Traders Capital
Outlook
Management Board Comments
Dennis Dijkstra, CEO, stated:“The strengths of our business remained very much evident during the second quarter. A robust risk management approach along with pricing and hedging expertise enabled the successful navigation of the recent volatility in the crypto markets. Our institutional counterparty base continues to grow quarter on quarter as Flow Traders’ trading proposition across multiple asset classes is increasingly utilized by the buyside. It is also highly satisfying that we will soon be able to open an office in Shanghai in line with our plans to enter the mainland China market. We have also worked hard to build on our strong offering to current and prospective employees both from a culture as well as a compensation mix perspective. We have expanded our offices in every region and all colleagues are now all back in the office. We have long held the firm belief that we are an employer of choice, and it is pleasing to note that this has also been recognized externally by MT 500 where we ranked in the top 10% of companies with the best reputation in The Netherlands. Lastly, within the context of our capital allocation framework, we have elected to pay a €0.70 interim dividend to shareholders as well as launching a share buyback program. This buyback in combination with the proposed final dividend will further enhance capital returns to shareholders.”
Folkert Joling, Chief Trading Officer, added:“The second quarter saw more normalised market conditions with lower levels of activity compared to Q1. Nonetheless, we delivered a resilient trading performance in Q2. Our trading footprint continues to grow with more counterparties onboarded as well additional connectivity to trading platforms. With this in mind, we remain active in enhancing our coverage of fixed income, commodity, and FX markets. The recent volatility in the crypto markets has not altered our conviction around the long term potential of crypto and decentralised finance both from a trading as well as a technological and financial markets innovation standpoint. With our generally market neutral approach, we continuously provided liquidity across these markets in Q2 which once again highlights our trading capabilities, strong risk framework and consistently improving technology stack.
Mike Kuehnel, Chief Financial Officer, added:“The whole team is looking forward to sharing our strategic ambition at today’s capital markets update, which reflects the strong conviction we have in the future of Flow Traders. One aspect of this strategic roadmap has been the creation of Flow Traders Capital, our dedicated corporate venture capital unit, which formalises our accelerating strategic ecosystem approach. This approach has led to seven minority investments since the start of the second quarter. From an operating cost perspective, we have adjusted the profit-sharing percentage to better reflect the shift in compensation mix following the systematic increase in base compensation for certain employee groups. This ensures that the base compensation increases are income statement neutral. There were also one-off expenses incurred this quarter relating to optimization of group legal entity and regulatory structure as well as further balance sheet review efforts, which are all expected to deliver meaningful benefits going forward. Our strong focus on underlying cost efficiency remains.”
Preliminary Financial Calendar
16 August 2022 Proposed FY22 interim dividend ex-dividend date17 August 2022 Proposed FY22 interim dividend record date19 August 2022 Proposed FY22 interim dividend payment date30 September 2022 Start silent period ahead of Q322 trading update27 October 2022 Release Q322 trading update (no analyst conference call)
Analyst Conference Call and Webcast
The Q222 results analyst conference call will be held at 10:00 am CEST on Friday 22 July 2022. The presentation can be downloaded at www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.
Contact Details
Flow Traders N.V.
InvestorsJonathan BergerPhone: +31 20 7996799Email: investor.relations@flowtraders.com
MediaLaura PeijsPhone: +31 20 7996799Email: press@flowtraders.com
About Flow Traders
Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expanding into other asset classes. Flow Traders ensures the provision of liquidity to support the uninterrupted functioning of financial markets. This allows investors to continue to buy or sell ETPs or other financial instruments under all market circumstances. We continuously grow our organization, ensuring that our trading desks in Europe, the Americas and Asia can provide liquidity across all major exchanges, globally, 24 hours a day. Founded in 2004, we continue to cultivate the entrepreneurial, innovative and team-oriented culture that has been with us since the beginning. Please visit www.flowtraders.com for more information.
IFRS Financial Overview
€million | Q222 | Q122 | Change | H122 | H121 | Change |
Total income | 83.5 | 148.0 | (44%) | 231.4 | 236.6 | (2%) |
Net trading income | 84.0 | 148.7 | (44%) | 232.7 | 236.6 | (2%) |
EMEA | 50.1 | 108.2 | (54%) | 158.3 | 143.3 | 10% |
Americas | 19.1 | 22.3 | (14%) | 41.4 | 56.3 | (26%) |
APAC | 14.7 | 18.3 | (20%) | 33.0 | 37.0 | (11%) |
Other income | (0.5) | (0.8) | - | (1.3) | - | |
Employee expenses1 | 35.4 | 54.9 | (36%) | 90.3 | 84.2 | 7% |
Technology expenses | 14.9 | 13.8 | 8% | 28.7 | 24.1 | 19% |
Other expenses | 6.3 | 5.9 | 7% | 12.2 | 7.4 | 66% |
One off expenses | 8.5 | 3.3 | 159% | 11.8 | 1.3 | 779% |
Total operating expenses | 65.1 | 77.9 | (16%) | 143.0 | 117.1 | 22% |
EBITDA | 18.3 | 70.1 | (74%) | 88.4 | 119.6 | (26%) |
Depreciation / amortisation | 3.9 | 3.8 | 7.7 | 7.5 | ||
Write off of (in) tangible assets | - | 0.2 | 0.2 | - | ||
Results of equity-accounted investments | (0.1) | (0.1) | (0.2) | (0.1) | ||
Profit before tax | 14.3 | 66.1 | (78%) | 80.3 | 112.1 | (28%) |
Tax | 3.1 | 13.7 | 16.8 | 21.8 | ||
Net profit | 11.2 | 52.3 | (79%) | 63.5 | 90.2 | (30%) |
Basic EPS3 (€) | 0.26 | 1.20 | 1.46 | 2.05 | ||
Fully diluted EPS5 (€) | 0.25 | 1.17 | 1.41 | 1.99 | ||
EBITDA margin | 22% | 47% | 38% | 51% |
Normalized performance
Normalized to IFRS reconciliation
€million | Q222 | Q122 | H122 | H121 |
Normalized EBITDA | 36.5 | 74.6 | 111.1 | 118.4 |
FV OCI adjustment | (2.9) | (0.3) | (3.2) | (0.2) |
Results of equity-accounted investments | 0.1 | 0.1 | 0.2 | (0.1) |
One off expenses | (8.5) | (3.3) | (11.8) | - |
Prior year share plans | (6.2) | (7.9) | (14.1) | (10.8) |
Current year share plan deferral | 0.4 | 5.8 | 6.2 | 12.2 |
Other variable remuneration adjustment | (1.1) | 1.1 | - | - |
IFRS EBITDA | 18.3 | 70.1 | 88.4 | 119.6 |
Normalized Net profit | 26.1 | 56.0 | 82.1 | 89.5 |
Profit before tax IFRS adjustments | (18.3) | (4.6) | (22.9) | 1.2 |
Tax difference | 3.3 | 1.0 | 4.3 | (0.5) |
IFRS Net profit | 11.2 | 52.3 | 63.5 | 90.2 |
Notes
Important Legal Information
This press release is prepared by Flow Traders N.V. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments. The information and materials contained in this press release are provided ‘as is’ and Flow Traders N.V. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders. This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material. Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.
By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.
Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation and is an announcement pursuant to Article 5(1) of the EU Market Abuse Regulation.
Attachment
1 Year Flow Traders Chart |
1 Month Flow Traders Chart |
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