Admiral Markets - Annual Financial Report

Admiral Markets AS audited annual report 2022

2022 was the most successful for the company

2022 was the most successful of Admirals' 22 years of operation. The company achieved records in net trading revenue, net profit and active customers, acquired licenses in South Africa and Canada, and strongly continued to strategically implement the 2030 vision to enable financial freedom for 10 million people.

Admiral Markets AS net trading income 44,3 million euros (2021: 20,5 million euros)
Admiral Markets AS net profit 24,8 million euros (2021: 0.9 million euros)

“As a global FinTech community, Admirals has always stood for the values that connect people and cultures all around the world. Financial freedom is one of the next great objectives of humankind and we believe that it should be within reach for everybody and everywhere. Our aim is to be a trustful financial partner on that journey,” said the CEO of Admiral Markets AS Sergei Bogatenkov.

"Our vision is to be the global pioneer in financial inclusion that lets people access effortless, affordable, and secure financial products and services through an ecosystem that meets their needs. This vision does not only speak about the future but describes today’s simultaneous development and execution of a strong strategy as a global financial hub. We are fast, flexible, and courageous, which is what our record results last year speak for," added Bogatenkov.

According to the CEO of Admiral Markets AS, the company expanded its global presence to South Africa and Canada, and today the company is trusted by customers on all continents. "We have created a strong cross-cultural team that operates in 18 different locations around the world. We are a global company with a local focus. We are constantly making sure that Admirals offers existing and future customers the best mix of products and experiences, across all geographies and channels," introduced Bogatenkov.

"One of the milestones in our success is our app, which is a unique, secure, and customer-friendly tool to navigate the vast world of finance in 10 different languages. Our newly launched in-house native trading and investing platform will define future success. Our business is back to full scale as we were in the pre-pandemic times. We are strongly focused on the development of IT and infrastructure, making sure that continuous R&D investments provide us with tools for further growth. We keep pace with the endless integration of AI possibilities and the development of machine learning that will allow our high performance to succeed to new levels. Our systems are fully trouble-proof while functioning securely and to the highest possible standards,” said the CEO of Admiral Markets AS Sergei Bogatenkov.

“We must think about the environment, actions and influence we can create as a global leader. We have always emphasised the importance of sharing our success with organizations and initiatives who need our support. In a constantly changing world, we are staying committed to empowering the FinTech community,” the CEO noted.

Statement of Financial Position (in thousands of euros)12/31/202212/31/2021 Assets Due from credit institutions20,1114,696 Due from investment companies13,26618,292 Financial assets at fair value through profit or loss7,9339,998 Loans and receivables34,63416,097 Inventories4848 Other assets2,2301,903 Investments into subsidiaries4,1804,180 Tangible fixed assets1,8501,644 Right-of-use asset2,6843,147 Intangible fixed assets3,0953,070 Total assets90,03163,075 Liabilities Financial liabilities at fair value through profit or loss214637 Liabilities and prepayments4,3501,381 Subordinated debt securities1,8271,827 Lease liabilities2,9493,375 Total liabilities9,3407,220 Equity Share capital2,5862,586 Statutory reserve capital259258.55 Retained earnings77,84653,010 Total equity80,69155,855 Total liabilities and equity90,03163,075 Statement of Comprehensive Income (in thousands of euros)20222021 Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers70,46236,882 Brokerage and commission fee revenue1,8801,935 Brokerage and commission fee expense-28,832-18,439 Other trading activity related income753156 Other trading activity related expense0-4 Net income from trading44,26320,530 Other income similar to interest137185 Interest income calculated using the effective interest method698251 Interest expense-210-229 Other income5282,624 Other expense-10-52 Net gains/(losses) on exchange rate changes1,130867 Net gain/(loss) from financial assets at fair value through profit or loss-362-349 Personnel expenses-4,828-4,638 Operating expenses-14,826-16,482 Depreciation of tangible and intangible assets -1,202-687 Depreciation of right-of-use assets-483-533 Profit (loss) before income tax24,8351,487 Income tax0-567 Net profit (loss) for the reporting period24,835920 Comprehensive income (loss) for the reporting period24,835920 Basic and diluted earnings (loss) per share61.472.28

The reports of Admiral Markets AS are available on the following website: https://admiralmarketsgroup.com/en/admiral-markets-as/reports/.

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 Admiral Markets AS
kaia.gil@admiralmarkets.com
+372 53 413 764

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