FLOW TRADERS 1Q19 TRADING UPDATE
Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) releases its unaudited 1Q19 trading update. The highlights for the period are:

Market ETP Value Traded slowed down 28% quarter-on-quarter and slowed down 7% year-on-year
Flow Traders ETP Value Traded slowed down 5% quarter-on-quarter, but grew 8% year-on-year
Flow Traders 1Q19 NTI reached €63.1m, reflecting the quarter-on-quarter slow down in market conditions
Flow Traders' market presence improved in all regions in 1Q19, especially in EMEA and US
1Q19 Fixed operating expenses decreased 3% quarter-on-quarter and grew 8% year-on-year, impacted by IFRS 16
FTEs grew to 447 at the end of 1Q19, realizing an FTE growth of 2.5% year-to-date
Own Funds Requirement (OFR) 31 March 2019 was €185m, resulting in an excess capital of €111m Flow Traders will optimize trading capacities in APAC region through a centralization of dealing rooms in Hong Kong. Our Singapore office will remain operational to facilitate the growth of OTC trading to support trading in the region Coverage of our FX liquidity provider has continued to grow with the onboarding of an additional FX Prime Broker and with further focus on scaling of trading and increase of number of connected counterparties

Financial Overview Flow Traders 1Q19
€million 1Q19 4Q18 Change YTD 19 YTD 18 Change

Net Trading Income 63.1 74.1 (15%) 63.1 213.2 (70%)
EMEA (Europe) 37.5 44.4 (16%) 37.5 49.5 (24%)
Americas 17.3 13.8 25% 17.3 152.7 (89%)
APAC 8.3 15.8 (47%) 8.3 11.0 (24%)

Net Trading Income 63.1 74.1 (15%) 63.1 213.2 (70%)
Employee expenses (fixed) 10.3 9.6 8% 10.3 8.8 18%
Technology expenses 9.5 8.8 8% 9.5 8.9 7%
Other expenses* 3.5 5.8 (39%) 3.5 4.1 (13%)
Fixed Operating Expenses 23.4 24.2 (3%) 23.4 21.7 8%
Employee expenses (var) 13.0** 16.0 (19%) 13.0 57.5 (77%)

Total operational expenses 36.3 40.3 (10%) 36.3 79.2 (54%)
EBITDA 26.8 33.8 (21%) 26.8 133.9 (80%)
Depreciation/Amortisation* 3.6 2.6 3.6 2.0

Write offs, tangible assets - 0.2 - -
Results subsidiaries - (0.3) - -
Profit Before Tax 23.2 31.4 (26%) 23.2 131.9 (82%)
Tax 4.0 5.5 4.0 22.2
Net Profit 19.2 25.9 (26%) 19.2 109.7 (83%)

EPS (in €) 0.41 0.56 0.41 2.36
EBITDA margins (%) 42% 46% 42% 63%

*: Note: 2019 results reflect IFRS 16 impact of €984k in a shift from "Other expenses" to "Depreciation"
**: Employee expenses (var) comprise the cash variable compensation over 1Q19 of €11.5m and vesting of FCIP payments of previous years of €1.5m

1Q19 regional highlights:

EMEA:

Flow Traders ETP market share continued to grow, consolidating our number 1 position on-screen as well as OTC in the EMEA market
Flow Traders ETP Value Traded reached €129bn, 4% higher versus 4Q18, comparing to a 2% increase in market ETP Value Traded versus 4Q18
Number of counterparties continued to grow, supported by the impact of MiFID 2
A second FX Prime Broker has now been onboarded, allowing for further growth of value traded in FX as more counterparties got connected and flows grew further through scaling
Flow Traders is prepared for all Brexit scenarios
AMERICAS:

Flow Traders ETP market share in 1Q19 was consistently above 2% as trading circumstances improved versus 4Q18
Flow Traders ETP Value Traded reached €121bn, which is a 13% decline versus 4Q18, comparing to a 29% decline in market ETP Value Traded versus 4Q18
Number of counterparties continued to grow to above 110, OTC Value Traded in ETPs continued to grow quarter-on-quarter, confirming ongoing momentum in OTC trading in US
APAC:

Flow Traders ETP market share improved from 4Q18 as our decline in ETP Value Traded was less than market trends showed
Flow Traders ETP Value Traded, ex China, reached €8.7bn, which is a 10% decline versus 4Q18, comparing to a 28% decline in market ETP Value Traded versus 4Q18
Flow Traders decided to merge the dealing rooms in APAC and move all trading desks for on-screen liquidity providing to Hong Kong in 2019 to optimize trading in APAC region
Singapore office remains open in the appropriate setup to facilitate OTC trading in the APAC market and provide other supporting services in the region


zie & lees verder op
http://hugin.info/171622/R/2241730/884356.pdf