Slide 1: 1H 2015 Results
1H 2 0 1 5 Res ult s AMSTERDAM - NEW YORK - SINGAPORE - CLUJ
Slide 2: Disclaimer
Disclaimer This presentation is prepared by Flow Traders N.V. and is for information purposes only and the material contained in this document is provided ‘as is’. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any in
Slide 3: Contents
Contents 2Q 2015 Highlights Outperforming the overall ETP market Consolidated results Details per region Low and predictable cost base Consolidated balance sheet Interim dividend Medium to long-term guidance Growth drivers 3
Slide 4: 2Q 2015 Highlights
2Q 2015 Highlights High trading volumes & revenue capture resulting in NTI of €70.5m Volumes We traded €150bn of ETP volume Net Trading Our NTI remained strong at €70.5m, driven by robust ETP value traded Income and further increasing revenue capture Revenue Our revenue capture increased further to
Slide 5: Outperforming the ETP market
Outperforming the ETP market Flow NTI outpacing ETP AuM growth ETP AuM (€tn) Market ETP Flow NTI (€m) Flow ETP value Flow revenue value traded traded (€bn) capture (bps) 3.0 2.6 8.0 (€tn) 6.9 200 400 5 4.5 330 2.5 147 4 1.9 6.0 150 300 2.0 4.6 223 2.8 3 1.5 4.0 100 61 200 2 1.0 2.0 50 100 1 0.5 0.0
Slide 6: Consolidated results
Consolidated results Significant YoY growth In €m Adj. 2Q 2Q 1Q Adj. 2Q Adj. 1H 1H 1H Adj. 1H15 2015 2015 2015 vs 1Q 2015 2015 2014 vs 1H14 Net trading income 70.5 70.5 76.9 (8%) 147.4 147.4 61.4 140% Personnel expenses (fixed) (4.9) (4.9) (5.2) (10.1) (10.1) (9.2) Personnel expenses (variable) (19.
Slide 7: Europe
Europe Continued strength and market leadership Net Trading Income (in €m) 120 120 In €bn unless otherwise stated 2Q 1Q 1H 1H 2015 2015 ∆ 2015 2014 ∆ 100 100 96.7 ETP AuM (end of period) 467 478 (2%) 467 372 26% 80 80 Market ETP value traded 233 246 (5%) 479 292 64% 60 60 40 40 51.2 Net trading inco
Slide 8: Americas
Americas Strong YoY growth & positioning for the future Net Trading Income (in €m) 25 25 In €bn unless otherwise stated 2Q 1Q 1H 1H 2015 2015 ∆ 2015 2014 ∆ 20 20 21.0 ETP AuM (end of period) 1,968 1,895 4% 1,968 1,411 39% Market ETP value traded 2,595 2,971 (13%) 5,566 4,028 38% 15 15 14.4 12.9 10 1
Slide 9: Asia
Asia More trading and higher revenue capture drive NTI growth Net Trading Income (in €m) 35 35 In €bn unless otherwise stated 2Q 1Q 1H 1H 30 30 2015 2015 ∆ 2015 2014 ∆ 29.7 25 25 ETP AuM (end of period) 208 187 11% 208 135 54% Market ETP value traded 510 329 55% 839 239 251% 20 20 15 15 16.8 Net tra
Slide 10: Low and predictable cost base
Low and predictable cost base Operational leverage due to low fixed cost base In €m Adj. 2Q 2Q 1Q Adj. 2Q Adj. 1H 1H 1H Adj. 1H15 2015 2015 2015 vs 1Q 2015 2015 2014 vs 1H14 Net trading income 70.5 70.5 76.9 (8%) 147.4 147.4 61.4 140% Personnel expenses (fixed) (4.9) (4.9) (5.2) (10.1) (10.1) (9.2)
Slide 11: Consolidated balance sheet
Consolidated balance sheet Robust capital position for regulatory and prime broker requirements Simplified balance sheet Trading capital vs Regulatory In €m capital Assets 30 Jun 15 31 Dec 14 Trading Capital 280.3 204.3 300 €m 280.3 Property, Equipment and Intangible assets 25.8 22.4 250 Total Tradi
Slide 12: Interim dividend
Interim dividend Highly cash-generative business Interim Interim dividend of €0.50 per share (c. €23.3m) dividend Payout Payout ratio amounts 38% of adjusted net profit ratio 12
Slide 13: Medium to long-term guidance
Medium to long-term guidance Combining growth and cashflow On average, continue to grow NTI ahead of growth in global NTI ETP AuM Growth Additional upside during periods of higher volatility Costs Continue to control fixed costs in line with past years1 Enough capital to support future growt
Slide 14: Growth drivers
Growth drivers Delivering on strategic growth and financial objectives External – Growth Catalysts for ETP Liquidity Providers Internal – Flow Traders Specific Growth Opportunities New Products New Markets Grow presence in the fixed income ETP space Operational Upside in the Improvements America
Slide 15: Appendix
Appendix
Slide 16: ETP market
ETP market High-growth market conducive for our business 3 ETP AuM Vix index ETP market value traded 2.6 18 (in €tn) 25 (in €tn) 3 16 23 13.8 14 1.9 21 2 12 19 10.0 17 10 2 1.1 15 8 7.4 1 13 6 11 0.5 4 1 9 2.2 7 2 0 5 0 2006 2010 1H 2014 1H 2015 Jan- Feb- Mar- Apr- May- Jun- 2006 2010 2014 1H 2015 1
Slide 17: Glossary
Glossary Adjusted earnings Earnings (NTI, net profit, EBITDA, etc.) adjusted for one-off expenses related to the IPO and SARs expenses in 1H 2015. These amounted to approximately €0.8m and €33.0m respectively, before tax. EBITDA Operating result before depreciation of property and equipment, amortiz
Slide 18: Thank you
Thank you