Flatexdegiro Se · XETR:FTK
Flatexdegiro — Q1 2023 Earnings Presentation
19 slides from Flatexdegiro's earnings presentation, Apr 7, 2023
Slide 1: Q1 2023 Interim Management Statement
56 flatexDEGIRO AG | 27 April 2023 Q1 2023 Interim Management Statement
Slide 2: Disclaimer
flatexDEGIRO Disclaimer Q1 2023 - Interim Management Statement This release contains preliminary information that is subject to change and that is not intended to be complete. Non-IFRS measures (APMs) This presentation includes non-IFRS measures, including Adjusted EBITDA. These measures are alterna
Slide 3: Processing of BaFin findings fully on schedule
flatexDEGIRO Interim Management Statement - Q1 2023 Processing of BaFin findings fully on schedule 1 Status Update Kick-off workshop with Special Representative and BaFin held in April 202 Progress made in regards to DEGIRO margin loan proces IT release delivered and deploye Process automation imple
Slide 4: Further strengthening of Corporate Governance
flatexDEGIRO Interim Management Statement - Q1 2023 Further strengthening of Corporate Governance Supervisory Board to be proposed to AGM on 13 June 2023 Martin Korbmacher Stefan Müller Aygül Özkan Herbert Seuling Britta Lehfeldt Chair Deputy Chair Member Member Member M anage ent Board m Once regul
Slide 5: Business Highlights
flatexDEGIRO Interim Management Statement - Q1 2023 Business Highlights Adjustment of margin loan rates at ETP partnerships rolled out to DEGIRO & flatex by 100 bps due to Spain, Portugal and Switzerland, new interest environment, effective Italy to follow soon January 2023, next step in July 2023 P
Slide 6: Financial deep dive
flatexDEGIRO Interim Management Statement - Q1 2023 Financial deep dive Improved trading activity, Better monetarization with Positive impact from but still on low level further measures to come higher interest rates Continuous net cash Solid CET1 ratio after High marketing spent only inclusion of F
Slide 7: Commercial performance
flatexDEGIRO Interim Management Statement - Q1 2023 Commercial performance Gross customer additions (k) Assets under Custody (bn EUR) Settled transactions (m) 45.1 185 43.1 21.9 39.5 38.0 37.6 16.2 16.3 15.3 112 13.7 97 94 86 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Mar 2022 Jun 2022 Sep 2022 Dec 202
Slide 8: Customer growth & retention Q1 2023
flatexDEGIRO Interim Management Statement - Q1 2023 Customer growth & retention Q1 2023 Additional customer accounts Q1 2023 in k 112 -13 100 Annualized retention rate YTD net customer account growth 98.0% Core (56k, +3.5%) Factor: 2x 4.2% Growth (52k, +5.5%) 2.1% Research Customer account Churn Net
Slide 9: Development of Assets under Custody
flatexDEGIRO Interim Management Statement - Q1 2023 Development of Assets under Custody Assets under custody in € bn 45.1 43.1 39.5 38.1 37.5 Securities: Securities: Securities: Securities: Securities: 39.8 34.9 34.0 36.2 41.7 Cash: 3.3 Cash: 3.2 Cash: 3.5 Cash: 3.2 Cash: 3.3 Mar 22 Jun 22 Sep 22 De
Slide 10: Net cash inflows of € 1.7 bn, of which 99% invested
flatexDEGIRO Interim Management Statement - Q1 2023 Net cash inflows of € 1.7 bn, of which 99% invested Positive monthly net inflows continuing in € bn 3.2 -1.5 99% of net cash inflows got re-invested 1.7 1.7 0.1 0.1 Cash inflows Cash outflows Net cash Net investments Delta Delta Cash Q1/2023 Q1/202
Slide 11: Improved trading activity quarter-on-quarter
flatexDEGIRO Interim Management Statement - Q1 2023 Improved trading activity quarter-on-quarter Settled transactions in m -25% 21.9 +19% 16.2 16.3 15.3 13.7 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 11
Slide 12: Revenue split
flatexDEGIRO Interim Management Statement - Q1 2023 Revenue split Adjusted* Revenues (m EUR) Commission income (m EUR) Interest income (m EUR) -27% +50% 118 -17% 93 +12% +28% +21% 27 98 88 68 84 64 22 79 61 53 18 17 86 15 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/202
Slide 13: Commission per Transaction
flatexDEGIRO Interim Management Statement - Q1 2023 Commission per Transaction € 4.26 € 4.17 € 3.90 Improved monetarization supported by increased DEGIRO handling fees (+0.50 €) 75% in September 202 73% 71% ETP Partnerships introduced in Spain/ Portugal/Switzerland, Italy to follow soo Adjustment of
Slide 14: Cost development in-line with budget
flatexDEGIRO Interim Management Statement - Q1 2023 Cost development in-line with budget Personne EUR 3.3 m one-time inflation compensation payment in Q1 202 EUR 10.6 m provision for long-term, variable compensation (Stock Appreciation Rights Plan, SARs) built in Q1 2023 (Q1 2022: EUR 2.7 m; Q4 2023
Slide 15: EBITDA development
flatexDEGIRO Interim Management Statement - Q1 2023 EBITDA development Adj.* EBITDA (m EUR) EBITDA (m EUR) 57 55 52 37 38 39 Q1/2023 (special) effect 30 27 Marketing spent EUR 9.3 m 24 higher than in Q4/202 19 One-time inflation compensation payment of EUR 3.3 m BaFin fine of EUR 1.1 m Q1/2022 Q2/20
Slide 16: Unchanged Guidance
flatexDEGIRO Interim Management Statement - Q1 2023 Unchanged Guidance Slight increase in Adj. Revenues => ~ EUR 380 million Moderate increase in Adj. EBITDA margin => > 40 % Moderate increase in Adj. EBT margin => > 30 % Adjustments refer to building/releasing provisions for long-term variable comp
Slide 17: Solid capital structure, resolving BaFin findings to increase CET1 ratio
flatexDEGIRO Interim Management Statement - Q1 2023 Solid capital structure, resolving BaFin findings to significantly increase CET1 ratio and Capital Surplus Capital Requirement Capital Structure Potential from resolving relevant BaFin finding* e rease of RWA by € 376 m to € 933 D c thereof ~ € 376
Slide 18: Q1 2023 Interim Management Statement
56 flatexDEGIRO AG | 27 April 2023 Q1 2023 Interim Management Statement
Slide 19: Contact
97 Contact Achim Schreck flatexDEGIRO AG Head of IR and Corporate Communications Mobile: +49 160 9277 4570 Address: Omniturm, Große Gallusstraße 16-18 60312 Frankfurt/Main, Germany Phone: +49 69 4500 01 1700 Mail: achim.schreck@flatexdegiro.com Website: www.flatexdegiro.com flatexDEGIRO AG Interim M