Plein777 schreef op 26 april 2023 18:33:
Q1 2023, SARs provisions of EUR 10.6 million were recorded in personnel expenses, given the share price development in Q1 2023. Reported EBITDA thus amounted to EUR 19.4 million in Q1 2023 (Q4 2022: EUR 56.6 million).
Adjusted EBITDA margin in Q1 2023 amounted to 30.4 percent, given the indicated significant marketing spend of 45-50% of the total annual budget in Q1 2023 (Q4 2022: 44.5 percent).
Full-year guidance unchanged
The developments within the first quarter 2023 are in-line with Management’s expectation when issuing the Company’s full year financial guidance for 2023. Management continues to expect a slight increase of Adjusted Revenues (2022: EUR 368.5 million) to approximately EUR 380 million. Adjusted EBITDA margin is expected to increase to over 40 percent and the Adjusted EBT margin to over 30 percent.
Solid capital structure
Following the addition of the Company’s full-year profits 2022 to regulatory capital, the CET 1 ratio of the Group amounted to 19.9 percent as of 31 December 2022, well above the required 15.6 percent. The Company is fully focused on the resolution of all procedural and organizational shortcomings identified in the BaFin audit in 2022. The current priority lies in particular on findings related to the application of credit risk mitigation techniques with respect to DEGIRO margin loans. Management expects those to be resolved within the year 2023. Resolving these findings would have the potential to decrease flatexDEGIRO’s risk weighted assets by approx. EUR 376 million and thus increasing the CET 1 ratio to approx. 28 percent.
Annual General Meeting on 13 June 2023, addition to Supervisory Board
flatexDEGIRO will hold its next Annual General Meeting (AGM) on 13 June 2023 with the corresponding documents soon to be published on its corporate website (www.flatexDEGIRO.com > Investor Relations > Annual General Meeting & Prospectus,
flatexdegiro.com/en/investor-relation... meetings).
At the AGM, the Supervisory Board of flatexDEGIRO intends to propose the increase of the existing Supervisory Board from four to five members as well as the election of Britta Lehfeldt as an additional member of the Supervisory Board. Britta Lehfeldt has more than 25 years of experience in the banking and brokerage business, which she gained while working in various management positions at Deutsche Bank, most recently as Global Chief Operating Officer of Technology, Data and Innovation. This addition to the Supervisory Board is the next logical step in further enhancing the Corporate Governance of flatexDEGIRO, following last year’s extension of the Supervisory Board from three to four members and the election of Aygül Özkan as well as the increase of the Company’s Management Board from two to four members with effect of 1 January 2023.
Contact:
Achim Schreck
Head of Investor Relations & Corporate Communications
flatexDEGIRO AG
Omnitower - Große Gallusstraße 16-18 D-60312 Frankfurt am Main
Phone +49 (0) 69 450001 0
achim.schreck@flatexdegiro.com