flatex AG: Flatex Achieves Preliminary Record Half-year Results
July 16 2020 - 12:42AM
Business Wire
- Record sales (preliminary) of EUR 100 million (+55% to H1
2019)
- Record EBITDA (preliminary) of EUR 43 million (+116% at H1
2019)
- Record half-year net profit (preliminary) of EUR 22 million
(+163% at H1 2019)
- Cost-income ratio (preliminary) of 47% (55% in H1 2019)
- Last loan installment repaid, EUR 6 million more free cash flow
per year
After flatex AG (WKN: FTG111, ISIN: DE000FTG111111, Ticker:
FTK.GR) already published record operating figures at the beginning
of the month ( triple-digit growth rates in new customers and
transactions ), the preliminary record half-year figures are now
available. While revenues surged by 55% to EUR 100 million, EBITDA
(earnings before interest, taxes, depreciation and amortization)
and net income for the first half more than doubled compared to H1
2019.
"With the publication of the record operating figures we pointed
out that this success impacts significantly our financial figures.
Sales of EUR 100 million and an EBITDA margin of 43%, despite
increased marketing expenses in the first half of the year, are an
expression of our sustainable business growth", says Frank Niehage,
satisfied with H1 2020. "At the same time, it was important for us
to expand our customer base. We did a great job with adding 70,000
new flatex customers and, pro forma with DEGIRO, in total almost
290,000 customers. On our way to 2 million customers in Europe we
are proving to our stakeholders how a highly profitable and
crisis-proof growth works".
"We have beaten our full year 2019 results after only six
months. Achieving an EBITDA of EUR 43 million with revenues of only
EUR 100 million is the best proof of the scalability and
operational leverage of our business model. The consequence is that
our cost-income ratio decreased from 55% in H1 2019 to remarkable
47% in H1 2020. Actually, two effects even had a negative impact on
the preliminary EBITDA: we capitalized significantly less
development costs compared to the previous year, which will have a
positive effect on depreciation and amortization in the long term,
and we had higher marketing expenses, however, without increasing
the costs per new customer," says Muhamad Chahrour, CFO of flatex
AG. "In addition, we paid the last installment from the XCOM
acquisition loan as of June 30. This means that we are now
completely loan-free and thus will generate over EUR 6 million more
free cash flow annually".
About flatex AG
flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR)
operates one of the leading and fastest growing online brokerage
businesses in Europe, executing more than 12 million securities
transactions paperless per annum. More than 350,000 B2C customers
are offered top services and a wide range of an independent product
offering at a competitive pricing, based on a modern,
self-developed state-of-the-art technology.
In December 2019, flatex announced the acquisition of DeGiro,
which will make it one of the largest online brokers in Europe.
After completion of the transaction, together they expect to serve
more than 1.2 million customers with up to 50 million securities
transactions in 2020. In a time of bank consolidation, low interest
rates and digitalization, the flatex Group is thus ideally
positioned for further growth and on its way to becoming Europe's
leading provider of online retail brokerage.
Disclaimer
This release may contain forward-looking statements and
information, which may be identified by formulations using terms
such as "expects", "aims", "anticipates", "intends", "plans",
"believes", "seeks", "estimates" or "will". Such forward-looking
statements are based on our current expectations and certain
assumptions, which may be subject to variety of risks and
uncertainties. The results actually achieved by flatex AG may
substantially differ from these forward-looking statements. flatex
assumes no obligation to update these forward-looking statements or
to correct them in case of developments, which differ from those
anticipated.
Language: English Company: flatex AG Rotfeder-Ring 7 60327
Frankfurt / Main Germany Phone: +49 (0) 69 450001 0 E-mail:
ir@flatex.com Internet: www.flatex.com ISIN: DE000FTG1111 WKN:
FTG111 Indices: Scale 30 Listed: Regulated Unofficial Market in
Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart,
Tradegate Exchange EQS News ID:
1094709
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version on businesswire.com: https://www.businesswire.com/news/home/20200715006001/en/
Muhamad Said Chahrour Chief Financial Officer (CFO)
ir@flatex.com Tel. +49 (0) 69 450001 0 flatex AG
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