Admiral Markets AS Management
Summary of financial results
Income statement
6M 2023
2022
6M 2022
2021
2020
2019
2018
Net trading income, mln EUR
20.5
44.3
32.3
20.5
47.1
23.2
24.2
Operating expenses, mln EUR
21.3
10
22.3
26.2
19.2
15.2
EBITDA, mln EUR
-3.1
25.9
24.3
1
21.6
5.8
10.1
Net profit, mln EUR
-3.9
24.8
23.3
0.9
20.3
4.6
9.5
EBITDA margin
-14%
59%
75%
5%
46%
25%
42%
Net profit margin
-19%
56%
72%
4%
43%
20%
39%
Cost-to-income ratio
47%
48%
31%
109%
56%
83%
63%
Business volumes
30.06.2023
31.12.2022
30.06.2022
31.12.2021
31.12.2020
31.12.2019
31.12.2018
Due from credit institutions and investment companies, mln EUR
31.1
33.4
23.2
23
40.9
26.5
22.2
Debt securities, mln EUR
5
5.5
3.8
7.6
8.7
9.3
10.8
Shareholders’ equity, mln EUR
74.2
80.7
79.1
55.9
57.7
38.8
35.6
Total assets, mln EUR
80.4
90.0
96.9
63.1
71.4
47.2
39.4
Management Board
Supervisory Board
Auditor
On 28 August 2024 Admirals Group AS announced that the company had appointed Ernst & Young Baltic AS as the auditor for the financial years 2024 and 2025. As Ernst & Young is one of the world’s leading audit companies, one of the arguments in choosing the audit service was their international experience and long-term knowledge of the field.
Committees
Members of the Credit Committee are Anatolii Mikhalchenko, Anton Tikhomirov and Sergei Bogatenkov.
• Evaluates the compliance of the leverage (credit), which is offered to clients by companies that that belong to the same consolidation group as Admiral Markets AS in connection with using investment services, with applicable legislation and risk management principles of Admiral Markets AS
• develops and makes a proposal to the Management Board for establishing the limits of the credit offered to clients and
• evaluates, no less often than one (1) time a year and each time when applicable legislation is amended, the implementation of the limits of credit and, where necessary, makes a proposal for updating the limits of credit and prepare a corresponding draft resolution.
Members of the Remuneration Committee are Anatolii Mikhalchenko and Anton Tikhomirov.
• Evaluates the implementation of the remuneration principles (incl. the reward system) in Admiral Markets AS and in companies that belong to the same consolidation group as Admiral Markets
• Evaluates the impact of the remuneration-related resolutions on compliance with the requirements laid down about risk management and prudential requirements and
• Exercises supervision of the remuneration (incl. rewarding) of members of the Management Board and employees of Admiral Markets AS and of companies that belong to the same consolidation group as Admiral Markets AS, evaluates, no less often than one (1) time a year, the implementation of the remuneration principles and, where necessary, makes a proposal for updating the remuneration principles and prepares draft remuneration resolutions for the Supervisory Board (concerning the remuneration of members of the Management Board) and the chairperson of the Management Board (concerning the remuneration of employees), respectively.
Members of the Risk and Audit Committee are Anatolii Mikhalchenko, Anton Tikhomirov and Olga Senjuškina.
• To evaluate the implementation of the risk management principles in Admiral Markets AS and in companies that belong to the same consolidation group as Admiral Markets AS, following the risk management principles of Admiral Markets AS and applicable legislation;
• Upon occurrence of unexpected events that may have a significant impact on Admiral Markets AS and/or on a company that belongs to the same consolidation group as Admiral Markets AS, to ensure the implementation of the procedure that ensures the continuity of activities and, where necessary, to develop, without delay, a more detailed or additional action plan in order to prevent or at least minimise an adverse impact on Admiral Markets AS and on companies that belong to the same consolidation group as Admiral Markets AS;
• to evaluate, no less often than one (1) time a year, the implementation of the risk management principles and the principles of ensuring the continuity of activities and make proposals, where necessary, for updating these principles and prepare, where necessary, proposals for amendment
• to advise the Supervisory Board on exercising supervision of accounting, auditing and internal control, establishment of the budget as well as lawfulness of activities;
• to monitor and analyse processing financial information to the extent that is necessary for preparing interim and annual reports, efficiency of risk management and internal control, the process of auditing annual accounts or a consolidated report and independence of an audit firm and a sworn auditor that represents it on the basis of law as well as the compliance of their activities with the requirements of the Auditors Activities Act;
• to make proposals and recommendations to the Supervisory Board for appointing or recalling an audit firm, appointing or recalling an internal auditor, preventing or removing problems and inefficiency in the organisation and for compliance with legislation and good professional practice.
Members of the Nomination Committee are Anatolii Mikhalchenko and Anton Tikhomirov.
• makes proposals to a corresponding management body of Admiral Markets AS or of a company that belongs to the same consolidation group for appointing members of a lower level management body.