FLOW TRADERS 4Q19 RESULTS

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Algemeen advies 07/02/2020 08:42
Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces its unaudited 4Q19 results. Highlights are: ? Market ETP Value Traded fell 11% quarter-on-quarter and 7% FY19 vs FY18 ? Flow Traders ETP Value Traded fell 5% quarter-on-quarter and increased 12% FY19 vs FY18, once again outperforming the broader market. ETP Value Traded exceeded €1 trillion for the first time in 2019 ? Flow Traders recorded NTI of €46.1m in 4Q19 reflecting an overall subdued market environment and weaker than expected trading in the US. FY19 NTI was €216.4m ? Fixed operating expenses increased by 11% quarter-on-quarter and by 10% in FY19 vs FY18 as additional growth investments in technology and people were made. €1.2m of one-off expenses in 4Q19 due to a number of items including the termination of an extension to the Hong Kong office lease ? FTEs increased by 17.7% Y-o-Y to 513 as at 31 December 2019 ? 4Q19 EBITDA margin reached 25%, contributing to a FY19 EBITDA margin of 36% ? 4Q19 Net Profit amounted to €7.2m, resulting in a FY19 Net Profit of €53.1m and a FY19 EPS of €1.15 ? Regulatory Own Funds Requirement (OFR) as at 31 December 2019 was €154m, resulting in excess capital of €133m as at 31 December 2019 ? Flow Traders proposes a final FY19 dividend of €0.55, implying a €0.90 total dividend for FY19 and a 78% dividend pay-out ratio ? Announces share buyback programme of up to €20million over 12 months, given strong balance sheet and excess capital position ? Focus for 2020 remains on enlarging the ETP footprint, trading diversification and improving efficiency through dedicated teams
Financial Overview

million
4Q19 3Q19 Change FY19 FY18 Change
Net Trading Income 46.1 53.3 (13%) 216.4 383.4 (44%)
EMEA (Europe) 33.4 35.2 (5%) 138.1 153.8 (10%)
Americas 5.7 9.4 (39%) 47.6 189.3 (75%)
APAC 7.0 8.7 (20%) 30.7 40.3 (24%)
Net Trading Income 46.1 53.3 (13%) 216.4 383.4 (44%)
Employee expenses (fixed) 11.6 11.1 5% 43.6 36.1 21%
Technology expenses 10.9 10.0 9% 39.7 35.4 12%
Other expenses* 3.9 3.5 11% 15.0 18.4 (19%)
One-off expenses 1.2 0.4 209% 1.5 0.8 88%
Fixed Operating Expenses 27.6 25.0 13% 99.8 90.7 10%
Employee expenses (variable) 6.8 8.8 (23%) 37.7 92.9 (59%)
Total Operating Expenses 34.4 33.8 2% 137.5 183.6 (25%)
EBITDA 11.7 19.5 (40%) 78.9 199.8 (61%)
Depreciation/Amortisation* 3.7 3.7 14.6 9.0
Write offs, tangible assets - - 0.1 0.3
Results subsidiaries 1.0 - 1.1 3.4
Profit Before Tax 9.0 15.8 (43%) 65.3 193.9 (66%)
Tax 1.8 2.9 12.2 33.0
Net Profit 7.2 12.9 (44%) 53.1 160.9 67%)
EPS (in €) 0.16 0.28 1.15 3.46
EBITDA margin (%) 25% 37% 36% 52%
*Reflects the year-on-year impact of IFRS 16

see & read more on
https://www.flowtraders.com/system/files/press/2020/02/647dde53-718e-4266-aaf9-e66d2bf4eab4.pdf

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