Published: 2018-02-14 15:18:47 CET
Admiral Markets
Company Announcement

Admiral Markets AS unaudited financial results for the second half and 12 months of 2017

Tallinn, Estonia, February 14, 2018

In 2017, Admiral Markets AS earned 6,0 million euro net profit.

The company´s profit in the second half of 2017 was 1,6 million euro higher than in the first half of the year.

The return on equity of Admiral Markets AS in 2017 was 23,9%. The financial results are presented in the following chart:

Statements of Financial Position

(in EUR) 31.12.2017              31.12.2016
ASSETS    
Current assets    
Cash and cash equivalents 22,001,637 18,018,135
Financial assets at fair value through profit and loss 3,361,109 2,421,927
Short-term loans, receivables and prepayments 4,222,126 2,822,597
Total current assets 29,584,872 23,262,659
Non-current assets    
Long-term loans and receivables 525,818 492,560
Tangible assets 398,065 239,069
Intangible assets 93,282 128,537
Total non-current assets 1,017,165 860,166
TOTAL ASSETS 30,602,037 24,122,825
     
LIABILITIES    
Current liabilities    
Financial liabilities at fair value through profit and loss 176,930 51,782
Liabilities and prepayments 1,175,613 1,075,312
Provisions 0 244,000
Total current liabilities 1,352,543 1,371,094
Long-term liabilities    
Issued bonds 1,826,800 0
Total long-term liabilities 1,826,800 0
TOTAL LIABILITIES 3,179,343 1,371,094
     
EQUITY    
Share capital 2,585,600 2,585,600
Statutory reserve capital 258,550 258,550
Retained earnings 24,578,544 19,907,581
TOTAL EQUITY 27,422,694 22,751,731
     
TOTAL EQUITY AND LIABILITIES 30,602,037 24,122,825


Statements of Comprehensive Income

(in EUR)  
2H-2017
 
2H-2016
2017  
2016
Net profit from trading of financial assets at fair value through profit or loss with clients and liquidity providers  
 
 
14,472,126
 
 
 
13,080,320
27,794,610 24,852,520
Brokerage fee income  
29,394
 
426,575
71,638 653,267
Brokerage and commission fee expense  
-4,319,541
 
-4,407,697
-8,653,308 -7,325,048
Other trading activity related expenses  
160,037
 
-94,959
132,110 -227,899
Net income from trading  
10,342,016
 
9,004,239
19,345,050 17,952,840
Other income and expenses  
 
207,442
 
 
107,285
403,974 163,433
Interest income and expenses  
89,309
 
79,509
109,053 70,567
Losses from foreign exchange rate changes  
-342,346
 
570,616
-826,195 391,350
Other financial expenses  
0
 
-16,675
0 -16,675
Personnel expenses  
-2,667,568
 
-2,150,922
-5,256,709 -4,483,878
Operating expenses  
-3,725,459
 
-4,046,358
-7,247,722 -7,751,332
Depreciation of fixed assets  
-93,373
 
-153,451
-200,213 -308,156
Profit before income tax  
3,810,021
 
3,394,242
6,327,238 6,018,149
         
Income tax  
-25
 
-86,904
-331,275 -130,348
Profit for the accounting period  
3,809,996
 
3,307,337
5,995,963 5,887,801
Other comprehensive income for the accounting period  
0
 
0
0 0
Comprehensive income for the accounting period  
3,809,996
 
3,307,337
5,995,963 5,887,801
Basic and diluted earnings per share  
9,43
 
8,19
14,84 14,57

„For Admiral Markets AS, the second half of 2017 was especially successful when the company’s profit exceeded the result of the first six month by 1.6 million euro. In 2017, the company’s net income from trading activities increased over 7%, reaching to 19.3 million euro that is the best result of the last four years. Balance sheet total and equity grew respectively by 27% and 21% y-o-y.

As a sign of improved operational efficiency, Admiral Markets AS’ cost-benefit ratio fell to 66% by the end of 2017“, said Sergei Bogatenkov, Chairman of the Management Board of Admiral Markets AS.

The full interim report in English will be published on 15.02.2018. Admiral Markets AS reports are available in the following website: https://admiralmarketsgroup.com/et/admiral-markets-as/reports/.

Also, Admiral Markets AS hereby informs that the General Meeting on February 14, 2018 has decided to pay out dividends from the 2016 retained earnings, in the amount of 5 887 801 euro, to the company’s sole owner Admiral Markets Group AS, in the amount of 1 325 000 euro. Therefore, the retained earnings of 2016 shall remain 4 562 801 euro. The total retained earnings of Admiral Markets AS is 18 582 581 euro.

Considering that the sole owner of Admiral Markets AS is Admiral Markets Group AS, the decision of the General Meeting has been made without calling a meeting.

Sergei Bogatenkov
Chairman of the Management Board of Admiral Markets AS
ir@admiralmarkets.com
+372 6 309 300