RCS - flatexDEGIRO AG - Group Interim Management Statement, Q1 2022

flatexDEGIRO AGAnnouncement

26/04/2022 18:45

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RNS Number : 4387J  flatexDEGIRO AG  26 April 2022

flatexDEGIRO with strongest quarter in the company's history after 'meme stock
mania' in Q1 2021

 DGAP-News: flatexDEGIRO AG / Key word(s): Quarterly / Interim Statement

flatexDEGIRO with strongest quarter in the company's history after 'meme stock
 mania' in Q1 2021

26.04.2022 / 17:45 CET

The issuer is solely responsible for the content of this announcement.

 Group Interim Management Statement, January - March 2022

 Frankfurt/ Main, 26 April 2022

 flatexDEGIRO with strongest quarter in the company's history after "meme stock
 mania" in Q1 2021

 - Over 185,000 new customers acquired in the first quarter (+31% compared to
 the customer growth in Q4/2021), customer retention rate of 99.5%

 - Number of transactions increased by 11% to 21.9 m (Q4 2021: 19.8 m),

despite subdued trading activity by retail investors due to fears of interest
 rate hikes, rising inflation and war

 - Revenues of EUR 118.1 m (+14% vs. Q4 2021), almost completely free of

reimbursements from trading venues (so-called "payment for order flow", PFOF),
 which only account for 0.7%

 - Increase in revenue per transaction to EUR 5.39, the highest level since the
 acquisition of DEGIRO, confirms the value enhancement potential of the product
 and pricing measures introduced in 2021

 - Adj. EBITDA of EUR 54.5 m represents a 76% increase in operating
 profitability vs. Q4 2021, despite higher marketing spent to raise brand
 awareness

 Frank Niehage, CEO of flatexDEGIRO AG: "Leaving aside the first quarter of
 2021, which was incomparable in all aspects, we have just delivered the best
 quarter in our company's history: In no other quarter have we won more new
 customer accounts (approx. +185,000), settled more transactions (almost 22
 million) or generated higher revenues (over EUR 118 million). We achieved this
 in an environment in which peers are reporting significant declines in
 customer growth and where the trading activity of retail investors remains at
 a comparatively low level due to fears of interest rate hikes, rising
 inflation and war. With an Adj. EBITDA of well over EUR 54 million, which
 corresponds to a margin of 46 percent, we also reported by far the highest
 profitability since the acquisition of DEGIRO, and this despite increased
 marketing investments in future growth. These figures confirm the success of
 our strategy to combine industry-leading growth with high profitability."

 Major Events

 - Documentary "True Stories of Investing" successfully broadcasted

 With "True Stories of Investing", flatexDEGIRO launched a documentary together
 with Discovery at the end of January 2022 to demystify investing and to convey
 important basics that every retail investor needs to know.

 The documentary explains the difference between active and passive investing,
 how to diversify risk across sectors, regions and time, and how investing can
 actually contribute to a better world. Behavioural scientists and pioneers
 such as Hersh Shefrin (professor at Santa Clara University and best-selling
 author of Beyond Greed and Fear) and Wendy De La Rosa (TED speaker and PhD
 student at Stanford University) explain how investing requires mental
 discipline to avoid being tricked by one's own psychology and succumbing to
 phenomena such as FOMO (Fear Of Missing Out), cognitive biases, as well as
 tendencies towards self-affirmation and the perpetuation of historical values.

 Well over 1.2 million viewers in all major European countries had watched the
 documentary by the end of the first quarter of 2022, which was subsequently
 added to the Discovery+ media library.

 All episodes of the documentary can be found on the websites of our brands
 DEGIRO and flatex, for example at DEGIRO.co.uk > Knowledge > Documentary
 (link (https://www.degiro.co.uk/knowledge/true-stories-of-investing) ).

 - Robo-Advisory in partnership with Whitebox

 At the end of March 2022, flatexDEGIRO signed a Memorandum of Understanding
 (MoU) with its long-standing B2B partner and digital asset manager Whitebox,
 one of the leading independent robo-advisors for retail investors. Together,
 flatexDEGIRO and Whitebox will offer flatexDEGIRO customers a fully digital
 investment solution. The aim is to roll out the new product first at flatex
 Germany in summer 2022.

 The partnership enables flatexDEGIRO to offer its customers access to an
 additional, very attractive and convenient form of investment. Customers who
 were previously less active in trading will benefit from this in particular.
 In addition, new customer groups can be addressed who are generally looking
 for support with sustainable and long-term investments in the capital market.
 Offering digital asset management in the form of robo-advisory is the next,
 logical step in the verticalisation of flatexDEGIRO's European brokerage
 platform.

 - flatexDEGIRO with double triple in customer awards

 DEGIRO was once again named "Best Stockbroker 2021" in Spain, Portugal and
 Italy by Rankia, one of the world's leading financial communities with more
 than 600,000 registered users. In Spain, the top position was achieved for the
 sixth time in a row, in Portugal for the third time in a row. In Italy, the
 awards were presented for the first time.

 In April 2022, flatex took three first places in its German home market in the
 highly regarded customer vote of "Brokerwahl". flatex achieved the top ranking
 as "Best Online Broker", best "ETF & Funds Broker" as well as best
 "Daytrade Broker", with votes of almost 81,000 traders, savers and investors.
 As the only provider, flatex thus covers the entire range of online brokerage
 in outstanding form. DEGIRO was also able to convince in the survey and
 secured a third place in Germany (Futures Broker) as well as three further top
 10 rankings (Online Broker, ETF & Funds Broker and Daytrade Broker).
 ViTrade, the high-performance platform for professional brokerage within the
 flatexDEGIRO Group, came in an excellent fifth place among particularly
 trading-active customers (Daytrade Broker), despite its strongly focused
 customer base.

 Upcoming Growth Initiatives

 - Direct trading of cryptocurrencies in preparation

 flatexDEGIRO is working towards enabling its customers to trade
 cryptocurrencies directly in the near future. This will be realised together
 with a renowned partner. The Management Board is confident that it will be
 able to communicate further details in the course of the second quarter 2022.

 Financial Position and Results of Operations

 Muhamad Chahrour, CFO of flatexDEGIRO AG and CEO of DEGIRO: "The strong
 figures for the first quarter reflect the steady improvements in our customer
 offering and the successful implementation of key value drivers. Eearly and
 late trading via Tradegate, which has been available since August 2021, has
 been very well received by DEGIRO customers. The same applies to the ETP
 offering of our European partners BNP Paribas and Société Générale, which
 is available in several DEGIRO-markets since December. The change in DEGIRO's
 pricing structure has the expected effect. Compared to the average of the last
 three quarters, we were thus able to increase revenue per transaction by
 almost EUR 0.50 to EUR 5.39, despite subdued trading activity, especially in
 the US market. Annualised average revenue per user (ARPU) stood at EUR 221 in
 the first quarter of 2022, a peak compared to previous quarters and a
 confirmation of the continued high quality of our customer base."

 Key Figures

                              Q1 2022    Q4 2021      Change in %
 KPIs
 Customer accounts at the end of the period         m        2.21       2.06         +7.0
 New customer additions (gross)                     k        185        141          +31.0
 Transactions settled                               m        21.9       19.8         +10.6

 Financials
 Revenues                                           EUR m    118.1      103.4        +14.2
 Average revenue per customer (ARPU), annualised    EUR      221        207          +6.8
 EBITDA                                             EUR m    51.7       28.8         +79.5
 EBITDA margin                                      %        43.8       27.9         +57.0
 Adj. EBITDA                                        EUR m    54.5       31.0         +75.8
 Adj. EBITDA margin                                 %        46.1       30.0         +53.9
 Adj. EBITDA before marketing expenses              EUR m    72.9       48.4         +50.6
 Adj. EBITDA margin before marketing expenses       %        61.7       46.8         +31.9

 

 Strongest customer growth in the industry

 By the end of March 2022, the number of flatexDEGIRO customer accounts had
 risen to 2.21 million, an increase of 7.0 percent compared to the 2.06 million
 customer accounts on 31 December 2021. In total, flatexDEGIRO added around
 185,000 new customer accounts in the first quarter of 2022, approximately
 44,000 or 31.0 percent more than in the fourth quarter of 2021. flatexDEGIRO
 has thus left its most important peers far behind in the past three months and
 has further consolidated its position as the fastest-growing pan-European
 online broker.

 In continuation of its strategy to focus exclusively on the online brokerage
 business, flatexDEGIRO terminated with around 20,000 non-brokerage customers
 in the course of the first quarter of 2022, as already announced in the
 Trading Update at the beginning of January 2022. Furthermore, around 8,000
 customer accounts were closed by flatexDEGIRO in the course of the customer
 migration in Austria from DEGIRO to flatex.

 The customer retention rate was around 99.5 percent at the end of the first
 quarter.

 

 Subdued trading activity is clearly overcompensated by customer growth

 The number of transactions settled via flatexDEGIRO's platforms increased by
 10.6 percent to 21.9 million in the first quarter of 2022 (Q4 2021: 19.8
 million). The increase is primarily due to strong customer growth. It
 overcompensated the subdued trading activity of retail investors in the first
 quarter of 2022, which remained at the level of the previous quarter due to
 fears of interest rate hikes, rising inflation and war.

 Growth Markets with strongest customer growth, Core Markets with significantly
 more transactions

 With a presence in 18 European countries, flatexDEGIRO structures its market
 presence according to the size and growth dynamics of its customer base.
 The Core Markets with the largest customer base include Germany, the
 Netherlands and Austria. The strongest growth opportunities are seen in
 France, Spain, Portugal, Italy, Switzerland, Ireland and the United Kingdom
 (Growth Markets). The remaining markets (Denmark, Norway, Sweden, Finland,
 Poland, Hungary, the Czech Republic and Greece) are described as Research
 Markets.

 In the first quarter of 2022, the most significant gains in customers were
 achieved in the Growth Markets, both in absolute figures (approx. +86,000) and
 in relative terms (+13 percent). The large customer base in the Core Markets
 also recorded further growth (+4 percent or approx.+46,000), but particularly
 impressived with a significant increase in transactions compared to the fourth
 quarter (+2.2 million or +17 percent).

                  Q1 2022    Q4 2021    Growth absolute      Growth in %
 Customer accounts (in millions)
 flatexDEGIRO                       2.21       2.06       +0.15                +7.0
 Core Markets                       1.35       1.30       +0.05                +3.7
 Growth Markets                     0.75       0.67       +0.09                +12.9
 Research Markets                   0.11       0.10       +0.01                +11.9

 Transactions (in millions)
 flatexDEGIRO                       21.9       19.8       +2.1                 +10.6
 Core Markets                       15.1       12.9       +2.2                 +16.8
 Growth Markets                     6.1        6.2        -0.1                 -0.9
 Research Markets                   0.8        0.7        +0.0                 +2.3

 

 ARPU further improved

 Revenues increased by EUR 14.7 million or 14.2 percent to EUR 118.1 million in
 Q1 2022 (Q4 2021: EUR 103.4 million). The increase is due to the increased
 number of transactions as well as higher average revenues per transaction.
 This was mainly due to the increasing use of early and late trading in the
 international markets, the successful launch of the derivatives partnerships
 at DEGIRO with Société Générale and BNP Paribas in December 2021 and the
 optimised pricing structure at DEGIRO since the end of December 2021.

 In relation to customer assets under custody of over EUR 43.1 billion (full
 year 2021: EUR 43.9 billion), flatexDEGIRO achieved an annualised revenue
 margin of 117 basis points in the first quarter of 2022 (full year 2021: 110
 basis points).

 The average revenue per transaction already rose continuously in 2021 and was
 increased again in the first quarter of 2022 due to the product and pricing
 measures described above. At EUR 5.39, it reached the highest level since the
 acquisition of DEGIRO. Based on the last twelve months (LTM), average revenue
 per transaction stood at EUR 5.05 and thus EUR 0.46 above the annual average
 in 2021 (EUR 4.59). Annualised revenue per customer account (ARPU) amounted to
 EUR 221 in the first quarter of 2022, an increase of 7 percent compared to the
 previous quarter (EUR 207).

 The share of revenues resulting from reimbursements from trading venues
 (so-called "payment for order flow", PFOF) amounted to only 0.7 percent in the
 first quarter of 2022 and was thus almost completely eliminated.

 Profitable growth leads to growing profitability

 Due to the high scalability of the business model, the strong operating
 leverage and the improved monetisation resulting from the successful product
 and pricing measures at the end of 2021, Adjusted EBITDA increased
 disproportionately and reached EUR 54.5 million in the reporting period. This
 corresponds to an increase of 75.8 percent compared to the previous quarter
 (Q4 2021: EUR 31.0 million). The Adjusted EBITDA margin in the first quarter
 of 2022 amounted to 46.1 percent (Q4 2021: 30.0 percent).

 In the past reporting period, flatexDEGIRO continued to strengthen brand
 awareness, particularly in the Growth Markets, in order to enable long-term
 growth with high-quality customers. Marketing expenses in the first quarter of
 2022 amounted to EUR 18.4 million and were thus another 5.8 percent higher
 than in the previous quarter (EUR 17.4 million). The pure operating
 profitability before these future-oriented expenses (Adj. EBITDA margin before
 marketing expenses) reached 61.7 percent in the first quarter of 2022 and was
 thus almost 15 percentage points above the comparable number of the fourth
 quarter 2021 (46.8 percent).

 Outlook

 The management confirms its forecast of being able to acquire between 640,000
 and 840,000 new customer accounts in the full year 2022 and to settle a total
 of 95 to 115 million transactions.

 Basis of the Presentation

 All information and figures contained in the Group Interim Management
 Statement of flatexDEGIRO AG (herein either "flatexDEGIRO", "Company" or
 "Group") relate to the reporting date 31 March 2022 or the three-month period
 from 1 January 2022 to 31 March 2022. The personal pronouns "we", "us" or
 "our" used in this Group Interim Management Statement refer to flatexDEGIRO
 with its subsidiaries.

 Forward-looking Statements

 This Group Interim Management Statement may contain forward-looking
 statements, which may be identified by formulations such as "expect", "want",
 "anticipate", "intend", "plan", "believe", "aim", "estimate", "will" or
 similar expressions. Such forward-looking statements are based on current
 expectations and certain assumptions that may be subject to a number of risks
 and uncertainties. The results actually achieved by flatexDEGIRO may differ
 materially from these forward-looking statements. flatexDEGIRO assumes no
 obligation to update these forward-looking statements after publication or to
 correct them in the event of developments that differ from those anticipated.

 Contact

 Achim Schreck

Head of Investor Relations & Corporate Communications

Tel.. +49 (0) 69 450001 0
 achim.schreck@flatexdegiro.com (mailto:achim.schreck@flatexdegiro.com)

 About flatexDEGIRO AG

 flatexDEGIRO AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) operates the
 leading and fastest growing online brokerage platform in Europe. Based on
 modern, in-house state-of-the-art technology, customers of the flatex and
 DEGIRO brands are offered a wide range of independent products with execution
 on top TIER 1 exchanges. The technological edge as well as the high efficiency
 and strong economies of scale enable flatexDEGIRO to continuously improve its
 service offering to customers.

 With more than 2 million customer accounts and more than 91 million securities
 transactions settled in 2021, flatexDEGIRO is the largest retail online broker
 in Europe. In times of bank consolidation, low interest rates and
 digitalisation, flatexDEGIRO is ideally positioned for further growth. Within
 the next five years, flatexDEGIRO aims to expand its customer base to 7 to 8
 million customer accounts and settle 250 to 350 million transactions per year
 - even in years of low volatility.

 Further information at https://www.flatexdegiro.com/en
 (https://flatexdegiro.com/en)

 26.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service
 of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
 Financial/Corporate News and Press Releases.
 Archive at www.dgap.de

 

Strongest customer growth in the industry

By the end of March 2022, the number of flatexDEGIRO customer accounts had
risen to 2.21 million, an increase of 7.0 percent compared to the 2.06 million
customer accounts on 31 December 2021. In total, flatexDEGIRO added around
185,000 new customer accounts in the first quarter of 2022, approximately
44,000 or 31.0 percent more than in the fourth quarter of 2021. flatexDEGIRO
has thus left its most important peers far behind in the past three months and
has further consolidated its position as the fastest-growing pan-European
online broker.

In continuation of its strategy to focus exclusively on the online brokerage
business, flatexDEGIRO terminated with around 20,000 non-brokerage customers
in the course of the first quarter of 2022, as already announced in the
Trading Update at the beginning of January 2022. Furthermore, around 8,000
customer accounts were closed by flatexDEGIRO in the course of the customer
migration in Austria from DEGIRO to flatex.

The customer retention rate was around 99.5 percent at the end of the first
quarter.

 

Subdued trading activity is clearly overcompensated by customer growth

The number of transactions settled via flatexDEGIRO's platforms increased by
10.6 percent to 21.9 million in the first quarter of 2022 (Q4 2021: 19.8
million). The increase is primarily due to strong customer growth. It
overcompensated the subdued trading activity of retail investors in the first
quarter of 2022, which remained at the level of the previous quarter due to
fears of interest rate hikes, rising inflation and war.

Growth Markets with strongest customer growth, Core Markets with significantly
more transactions

With a presence in 18 European countries, flatexDEGIRO structures its market
presence according to the size and growth dynamics of its customer base.
The Core Markets with the largest customer base include Germany, the
Netherlands and Austria. The strongest growth opportunities are seen in
France, Spain, Portugal, Italy, Switzerland, Ireland and the United Kingdom
(Growth Markets). The remaining markets (Denmark, Norway, Sweden, Finland,
Poland, Hungary, the Czech Republic and Greece) are described as Research
Markets.

In the first quarter of 2022, the most significant gains in customers were
achieved in the Growth Markets, both in absolute figures (approx. +86,000) and
in relative terms (+13 percent). The large customer base in the Core Markets
also recorded further growth (+4 percent or approx.+46,000), but particularly
impressived with a significant increase in transactions compared to the fourth
quarter (+2.2 million or +17 percent).

                                    Q1 2022    Q4 2021    Growth absolute      Growth in %
 Customer accounts (in millions)
 flatexDEGIRO                       2.21       2.06       +0.15                +7.0
 Core Markets                       1.35       1.30       +0.05                +3.7
 Growth Markets                     0.75       0.67       +0.09                +12.9
 Research Markets                   0.11       0.10       +0.01                +11.9

 Transactions (in millions)
 flatexDEGIRO                       21.9       19.8       +2.1                 +10.6
 Core Markets                       15.1       12.9       +2.2                 +16.8
 Growth Markets                     6.1        6.2        -0.1                 -0.9
 Research Markets                   0.8        0.7        +0.0                 +2.3

 

ARPU further improved

Revenues increased by EUR 14.7 million or 14.2 percent to EUR 118.1 million in
Q1 2022 (Q4 2021: EUR 103.4 million). The increase is due to the increased
number of transactions as well as higher average revenues per transaction.
This was mainly due to the increasing use of early and late trading in the
international markets, the successful launch of the derivatives partnerships
at DEGIRO with Société Générale and BNP Paribas in December 2021 and the
optimised pricing structure at DEGIRO since the end of December 2021.

In relation to customer assets under custody of over EUR 43.1 billion (full
year 2021: EUR 43.9 billion), flatexDEGIRO achieved an annualised revenue
margin of 117 basis points in the first quarter of 2022 (full year 2021: 110
basis points).

The average revenue per transaction already rose continuously in 2021 and was
increased again in the first quarter of 2022 due to the product and pricing
measures described above. At EUR 5.39, it reached the highest level since the
acquisition of DEGIRO. Based on the last twelve months (LTM), average revenue
per transaction stood at EUR 5.05 and thus EUR 0.46 above the annual average
in 2021 (EUR 4.59). Annualised revenue per customer account (ARPU) amounted to
EUR 221 in the first quarter of 2022, an increase of 7 percent compared to the
previous quarter (EUR 207).

The share of revenues resulting from reimbursements from trading venues
(so-called "payment for order flow", PFOF) amounted to only 0.7 percent in the
first quarter of 2022 and was thus almost completely eliminated.

 

Profitable growth leads to growing profitability

Due to the high scalability of the business model, the strong operating
leverage and the improved monetisation resulting from the successful product
and pricing measures at the end of 2021, Adjusted EBITDA increased
disproportionately and reached EUR 54.5 million in the reporting period. This
corresponds to an increase of 75.8 percent compared to the previous quarter
(Q4 2021: EUR 31.0 million). The Adjusted EBITDA margin in the first quarter
of 2022 amounted to 46.1 percent (Q4 2021: 30.0 percent).

In the past reporting period, flatexDEGIRO continued to strengthen brand
awareness, particularly in the Growth Markets, in order to enable long-term
growth with high-quality customers. Marketing expenses in the first quarter of
2022 amounted to EUR 18.4 million and were thus another 5.8 percent higher
than in the previous quarter (EUR 17.4 million). The pure operating
profitability before these future-oriented expenses (Adj. EBITDA margin before
marketing expenses) reached 61.7 percent in the first quarter of 2022 and was
thus almost 15 percentage points above the comparable number of the fourth
quarter 2021 (46.8 percent).

Outlook

The management confirms its forecast of being able to acquire between 640,000
and 840,000 new customer accounts in the full year 2022 and to settle a total
of 95 to 115 million transactions.

Basis of the Presentation

All information and figures contained in the Group Interim Management
Statement of flatexDEGIRO AG (herein either "flatexDEGIRO", "Company" or
"Group") relate to the reporting date 31 March 2022 or the three-month period
from 1 January 2022 to 31 March 2022. The personal pronouns "we", "us" or
"our" used in this Group Interim Management Statement refer to flatexDEGIRO
with its subsidiaries.

Forward-looking Statements

This Group Interim Management Statement may contain forward-looking
statements, which may be identified by formulations such as "expect", "want",
"anticipate", "intend", "plan", "believe", "aim", "estimate", "will" or
similar expressions. Such forward-looking statements are based on current
expectations and certain assumptions that may be subject to a number of risks
and uncertainties. The results actually achieved by flatexDEGIRO may differ
materially from these forward-looking statements. flatexDEGIRO assumes no
obligation to update these forward-looking statements after publication or to
correct them in the event of developments that differ from those anticipated.

Contact

Achim Schreck

Head of Investor Relations & Corporate Communications

Tel.. +49 (0) 69 450001 0
achim.schreck@flatexdegiro.com (mailto:achim.schreck@flatexdegiro.com)

About flatexDEGIRO AG

flatexDEGIRO AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) operates the
leading and fastest growing online brokerage platform in Europe. Based on
modern, in-house state-of-the-art technology, customers of the flatex and
DEGIRO brands are offered a wide range of independent products with execution
on top TIER 1 exchanges. The technological edge as well as the high efficiency
and strong economies of scale enable flatexDEGIRO to continuously improve its
service offering to customers.

With more than 2 million customer accounts and more than 91 million securities
transactions settled in 2021, flatexDEGIRO is the largest retail online broker
in Europe. In times of bank consolidation, low interest rates and
digitalisation, flatexDEGIRO is ideally positioned for further growth. Within
the next five years, flatexDEGIRO aims to expand its customer base to 7 to 8
million customer accounts and settle 250 to 350 million transactions per year
- even in years of low volatility.

Further information at https://www.flatexdegiro.com/en
(https://flatexdegiro.com/en)

 

 

26.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service
of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

 

 Language:     English
 Company:      flatexDEGIRO AG
               Rotfeder-Ring 7
               60327 Frankfurt / Main
               Germany
 Phone:        +49 (0) 69 450001 0
 E-mail:       ir@flatexdegiro.com
 Internet:     www.flatexdegiro.com
 ISIN:         DE000FTG1111
 WKN:          FTG111
 Indices:      SDAX
 Listed:       Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg,
               Munich, Stuttgart, Tradegate Exchange
 EQS News ID:  1335901

 

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