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Algemeen advies 17/05/2017 07:43

Amsterdam, the Netherlands, 17 May 2017 - Flow Traders N.V. (Euronext: FLOW) today released its unaudited 1Q 2017 trading update. Key highlights include:

1Q17 Flow Traders' ETP Value Traded reached € 174.8bn, with growing momentum in the US;
1Q17 Flow Traders' ETP Value Traded slightly outperformed the market in 1Q17 and showed strong growth Year-on-Year (+14%) versus a declining market Year-on-Year (-19%);
1Q17 Net Trading Income (NTI) of € 48.3m reflects a resilient performance in slow market conditions;
Investor activity slowed down substantially, pushing market volatility (VIX) to its lowest point in over a decade and negatively impacting spreads;
1Q17 EBITDA margin at 38% reflects expense development in line with expectations;
Underlying growth drivers of the ETP market remained intact, as ETP Assets under Management (AuM) reached a new record once again of € 3,610bn[1];
Continued strong cash flows resulted in further growth of Flow Traders' Regulatory Capital;
Flow Traders had zero loss days in 1Q17, making it over 34 months without a trading loss day;
Number of ETP listings Flow Traders is registered market maker in approaching 5,000.

Overview Consolidated Quarterly and Full Year Results Flow Traders

€million, unless otherwise stated 1Q17 4Q16 Q-o-Q Change 1Q16 Y-o-Y
Net Trading Income 48.3 68.7 -30% 64.6 -25%
EMEA (Europe) 30.6 44.4 -31% 39.9 -23%
Americas 13.1 16.9 -23% 16.0 -18%
APAC (Asia) 4.6 7.3 -37% 8.7 -47%

EBITDA 18.2 33.1 -45% 32.2 -44%
Net Profit 13.6 25.0 -45% 23.2 -41%
EBITDA Margin 38% 48% -10% 50% -12%
EPS (EUR) 0.29 0.54 -45% 0.50 -41%

Flow Traders ETP Value Traded (€bn) 174.8 189.4 -8% 153.4 +14%
EMEA (Europe) 106.2 127.9 -17% 96.5 +10%
Americas 63.2 54.5 +16% 46.7 +35%
APAC (Asia) 5.4 7.0 -22% 10.2 -47%

Market ETP Value Traded (€bn) 4,900 5,464 -10% 6,061 -19%
EMEA (Europe) 233 250 -7% 266 -12%

Americas 4,255 4,606 -8% 5,257 -19%
APAC (Asia) 411 609 -32% 538 -24%

Management Board Statement
Co-CEO Dennis Dijkstra stated: "The first quarter of 2017 witnessed sluggish market conditions with trading activity at its lowest point in over a decade, while the underlying ETP market continued to grow. Despite this challenging environment, Flow Traders delivered a robust performance and continued to perform in line with our expectations on the factors within our control. We have continued to drive operational efficiency with improvements in the performance of our technology platform, improved the connectivity to (new) trading venues and expanded the number of products we trade. We also made progress in setting up our FX infrastructure, which is on track to be operational by the end of 2017."

Co-CEO Sjoerd Rietberg added: "Regionally, we saw the growth of our ETP Value Traded continue in the US and expect to maintain this trend through 2017, with the first contributions from our US Institutional Trading Desk expected in 2H17. Our market share continued to grow in the US whilst, in Europe, market sentiment had a clear impact on spreads and the product mix traded. The focus on more liquid products increased as there was a reduction in overall trading activity in the market. This was reflected in our market share in Europe, which was somewhat lower versus 4Q16, but still well above our average market share in 2016. As part of our ongoing development, we continue to anticipate on the expected impact of further regulations, like MiFID II, and grew the number of liquidity providerships and institutional counterparties substantially. In Asia, we moved ahead with further improvements in connectivity and the broader technological setup. Pleasingly, these initiatives are already showing a positive impact on our performance in the region as our market share improved marginally and we have also taken the first steps in setting up the Hong Kong office. Overall, we remain committed to our organic growth strategy for the foreseeable future as the underlying ETP market continues to grow as well, and believe we are well positioned to benefit from the eventual upturn in market activity."

CFO Marcel Jongmans concluded: "In the first quarter of 2017, costs developed as planned. As the underlying growth drivers in the ETP market remain intact, it is important that Flow Traders keeps investing in its technology and its people to warrant future growth and position itself further for future upturns in the market. Fixed employee expenses grew in 1Q17 as headcount continued to increase and recruitment activities expanded whilst variable employee compensations came down, further highlighting the benefits of our flexible business model. Technology expenses remained flat during the quarter, resulting in a Net Profit of € 13.6m. Our balance sheet and capital position developed as expected, with the Regulatory Capital Required returning to normal levels after the incidental peak at the end of 2016. Overall, our capital positions remained comfortably above all regulatory required levels. We are confident that Flow Traders will keep growing in line with the long-term growth trend, while maintaining its cost discipline and cementing its role as a leading global ETP liquidity provider".

Current Trading and Outlook
As anticipated in the presentation of the FY16 results, the ETP market continued to grow in global Assets under Management in 1Q17. This is a trend that is expected to continue in 2017, also in light of further regulation such as MiFID II. The shift in assets from active management funds towards the passive industry is ongoing and strongly drives ETP growth across all asset classes. Relative slow quarters like 1Q17 show the importance of scale and expansion. We will continue to grow organically by increasing our coverage of the ETP space, whilst pursuing our goal to maximize the growth of our NTI.

Preliminary Financial Calendar 2017

24 May AGM
26 May Ex-Dividend date Final Dividend FY16 (pending approval AGM)
29 May Record date dividend - Final Dividend FY16 (pending approval AGM)
31 May Payment date - Final Dividend FY16 (pending approval AGM)
28 June Analyst Day
29 June Start Silent Period ahead of 1H17 results
28 July 1H17 Results
04 August Proposed Ex-Dividend date Interim Dividend FY17
07 August Proposed Record-date Interim Dividend FY17
09 August Proposed Payment date Interim Dividend FY17
03 October Start Silent Period ahead of 3Q17 results (updated)
24 October 3Q17 Trading Update (updated)

tijd 10.29
De MIdcap 796,77 -4,18 -0,52% Flow Traders EUR 25,805 -2,25 vol. 426.000
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