Admirals Group AS audited annual report 2023

Admirals witnesses a significant rise in active and new clients.

Number of new applications in the Group went up by 77% to 266,779 applications compared to 2022 and is up by 116% compared to 2021. 

• The Group net trading income was 40.9 million (2022: EUR 69.0 million, 2021: EUR 35.7 million and 2020: EUR 62.2 million).
• EBITDA was EUR -6.5 million (2022: EUR 27.4 million, 2021: EUR 2.6 million and 2020: EUR 23.4 million).
• Number of active accounts in the Group went up by 57% to 110,471 clients compared to 2022 and is up by 75% compared to 2021.
• Number of active clients in the Group went up by 62% to 89,764 clients compared to 2022 and is up by 83% compared to 2021.

Statement of Financial Position
(in thousands of euros)		31.12.2022
	31.12.2023
Assets
Cash	41,025	55,489
Due from investment companies	18,961	16,528
Financial assets at fair value through profit or loss	5,062	7,011
Loans and receivables	4,772	4,643
Inventories	311	48
Other assets	2,137	3,162
Tangible fixed assets	1,950	2,296
Right-of-use assets	2,603	3,160
Intangible fixed assets	5,147	5,841
Total assets	81,968	98,178
Liabilities
Financial liabilities at fair value through profit or loss	224	294
Liabilities and prepayments	4,319	6,982
Subordinated debt securities	4,102	4,570
Lease liabilities	2,894	3,435
Total liabilities	11,539	15,281
Equity
Share capital	250	250
Own shares	-315	-315
Statutory reserve capital	25	25
Currency translation reserve	-834	-669
Retained earnings	71,276	83,600
Total equity attributable to owners of the parent	70,402	82,891
Non-controlling interest	27	6
Total equity	70,429	82,897
Total liabilities and equity	81,968	98,178
Statement of Comprehensive Income
(in thousands of euros)
	12M 2023	12M 2022
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers	46,276	70,654
Brokerage and commission fee revenue	2,134	2,017
Brokerage and commission fee expense	-5,118	-3,472
Other trading activity related income	412	839
Other trading activity related expense	-2,768	-1,062
Net income from trading	40,936	68,976
Other income similar to interest	171	86
Interest income calculated using the effective interest method	900	201
Interest expense	-496	-444
Other income	741	2,358
Other expenses	-185	-778
Net losses on exchange rate changes	-984	-846
Net loss at fair value through profit or loss	61	-490
Personnel expenses	-15,231	-12,969
Operating expenses	-31,875	-28,846
Depreciation of tangible and intangible assets	-2,310	-2,005
Depreciation of right-of-use assets	-837	-863
Profit before income tax	-9,109	24,380
Income tax	-616	-99
Profit for the reporting period	-9,725	24,281
Other comprehensive income:
Items that subsequently may be reclassified to profit or loss:
Unrealized exchange rate differences	-165	-692
Total other comprehensive income/(loss) for the reporting period	-165	-692
Total comprehensive income for the reporting period	-9,890	23,589
Net profit attributable to the owners of the parent	-9,746	24,291
Net profit attributable to non-controlling interest	21	-10
Profit for the reporting period	-9,725	24,281
Total comprehensive income attributable to the owners of the parent	-9,911	23,599
Total comprehensive income attributable non-controlling interest	21	-10
Comprehensive income for the reporting period	-9,890	23,589
Basic and diluted earnins per share	-3.95	9.87

The reports of Admirals Group AS are available on the following website: https://www.admirals.group/reports-group

About Admirals: 

Admirals is one of the world's leading FinTech companies headquartered in Estonia. Admirals is a financial hub that makes personal finance transparent, convenient and accessible to everyone, everywhere, offering both beginners and experienced experts the opportunity to enter the global financial markets. Today, Admirals is one of the most international companies in Estonia, with physical offices in 18 countries around the world. Admirals is committed to building a strong global team in new regions of the world. Admirals' long-term mission is to enable financial freedom for 10 million people by 2030. 

Additional information: 
Kaia Gil
Communication Manager of Admirals Group AS
[e-mail]

 

Attachments

• AMG (ENG) annual 2023
• Admirals Group (2023, cons, PIE, ESEF) est.asice