AMSTERDAM, the Netherlands – 19 August 2015. Flow Traders N.V. (“the Company” or “Flow Traders”) (Euronext: FLOW), a leading global technology-enabled liquidity provider that specializes in exchange traded products (“ETPs”), today announced its results for the first half year and second quarter ended 30 June 2015.
1H 2015 Key Highlights
· Successfully priced our IPO, comprising a secondary offering of €599 million. Flow Traders shares started trading on Euronext Amsterdam on 10July 2015
· Majority of IPO-related costs already taken, including one-off IPO expenses of €0.8 million and one-off SARs[1] expenses of €33.0 million. Given the non-recurring nature of these expenses, we focus on adjusted numbers with regards to our results[2]
· Net trading income[3] increased 140% to €147.4 million (1H14: €61.4 million) as a result of strong ETP inflows, significantly higher revenue capture and higher trading volumes
· ETP value traded increased 48% to €330 billion (1H14: €223 billion)
· Adjusted EBITDA[4] increased 191% to €77.0 million (1H14: €26.5 million) with Adjusted EBITDA margin[5] improving further to 52% (1H14: 43%) due to relatively low and stable fixed operating expenses
· Adjusted net profit increased 197% to €60.7 million (1H14: €20.5 million) on an adjusted net margin of 41%; net profit increased 50% to €30.7 million
· Adjusted earnings per share of €1.30 and earnings per share of €0.66
· Interim cash dividend of €0.50 per share payable 2 September 2015 reflecting a payout ratio of 38% of adjusted 1H 2015 net profit
In 2Q15, we saw slightly lower levels of market volatility compared to 1Q15. Market ETP trading volumes were also down slightly. Consequently our net trading income was slightly lower, albeit still strong. Year-on-year, we show notable growth both in terms of net trading income and in net profits.
2Q 2015 Key Highlights
· Continued strong net trading income of €70.5 million, down 8% compared to the first quarter (€ 76.9 million)
· ETP value traded decreased 17% to €150 billion (1Q15: € 180 billion)
· Adjusted EBITDA down 8% at €36.7 million (1Q15: €40.3 million)
· Adjusted net profit decreased by 5% to €29.3 million (1Q15: €31.4 million)
· Notable year-on-year growth both in terms of net trading income (+184%) and adjusted net profit (+302%)
Dennis Dijkstra, co-CEO of Flow Traders commented: “The ETP market continued to see large inflows in all asset classes including, equities, commodities, currencies and particularly in fixed income. ETP assets reached the US$ 3 trillion mark in May 2015. The Wall Street Journal reported recently that ETP assets under management surpassed global hedge fund assets for the first time ever. On the back of this secular shift of assets towards passive investing, we saw strong results in both the first and second quarters, resulting in a very solid half year ended 30 June.”
Sjoerd Rietberg co-CEO of Flow Traders commented: “In both quarters of 2015, we experienced high trading volumes, in part due to the various situations on global financial markets. Our revenue capture increased in both the first and second quarters. With the resulting 140% growth of net trading income year on year, we were able to outpace the 38% growth of global ETP assets under management year on year[6]. Our adjusted EBITDA saw an even stronger growth of 191% due to our relatively stable operational expenses and our relatively low fixed costs base. We have set our first interim dividend as a listed company at €0.50 per share, reflecting a pay-out ratio of 38% of adjusted net profit.”
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[1]Share Appreciation Rights, which were cancelled and settled in connection with the IPO resulting in a one-off expense of €33.0m in 1H15.
[2] Adjusted figures (including adjusted EBITDA, adjusted EBITDA margin, adjusted net profit and adjusted earnings per share) exclude IPO related costs: one-off SARs expenses of €33.0 million and one-off IPO expenses of €0.8 million, in 1H15, before tax.
[3]Net Trading Income (NTI) is gross trading income minus direct trading-related expenses such as trading fees, clearing fees, short stock fees, and interest expenses directly related to the financing of positions, etc.
[4]EBITDA is operating result before depreciation of property and equipment, amortization of intangible assets, write offs on tangible and intangible assets and non-trading financial income and expenses.
[5]EBITDA measured as a percentage of net trading income.
[6] This percentage reflects ETP AuM as measured in €.
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