EQS-News

Bitcoin Group SE presents report for the first half of 2022: Continued operational profitability despite extreme market environment

EQS-News: Bitcoin Group SE / Key word(s): Half Year Report/Half Year Results Bitcoin Group SE presents report for the first half of 2022: Continued operational profitability despite extreme market environment 22.09.2022 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Bitcoin Group SE presents report for the first half of 2022: Continued operational profitability despite extreme market environment

Herford, September 22, 2022 - Bitcoin Group SE (ISIN DE000A1TNV91) today published its half-year report 2022. The Company, which operates the cryptocurrency trading platform Bitcoin.de via its wholly owned subsidiary futurum bank AG, looks back on a continued profitable first half of 2022 despite the extraordinarily challenging environment on the financial and crypto markets.

Bitcoin Group SE generated revenues of EUR 5.6 million (IFRS) in the first six months, compared to EUR 17.7 million in the same period of the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 2.7 million compared to EUR 14.4 million in the same period of the previous year. Due to write-downs on own holdings of crypto securities, earnings per share amounted to EUR -0.44, compared to EUR 2.03 as of the half-year year 2021.

The decline in revenue and earnings was mainly due to negative macroeconomic and geopolitical circumstances. Key interest rate hikes and liquidity tightening by central banks to combat inflation on the one hand, as well as the Ukraine war, energy crisis and the associated significant downturn in the global economy on the other, have led to a significant reduction in risk among investors in general and crypto investors in particular. The resulting tense mood on the financial markets characterized the business development of the Bitcoin Group in the first half of the year in the form of a decline in trading activity.

Regardless of this, the balance sheet situation of the Bitcoin Group remains very solid. The equity ratio was 74.67 percent as of June 30, 2022 (December 31, 2021: 72.99 percent). Cash and cash equivalents amounted to EUR 19.35 million as of June 30, 2022, compared to EUR 20.28 million as of the 2021 balance sheet date. Net crypto equity decreased to EUR 80.2 million, compared to EUR 181.1 million as of December 31, 2021, due to cryptocurrency price losses in the first half of the year.