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Ettevõte Admiral Markets AS
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Kategooria Muud korporatiivtoimingud
Avaldamise aeg 31 märts 2021 20:05:08 +0300
Admiral Markets AS ENG.pdf
Keel English
Pealkiri Correction For: Admiral Markets AS Audited Annual Report 2020
Correction: Release text added in English

In 2020, Admiral Markets AS set a profit record of operation

2020 marked  Admiral Markets AS' most successful  year. The company's net profit
was  20.3 million euros, which is 340% more than  the year before. The volume of
transactions increased by 110% during the year.

Admiral Markets AS' net income increased to 47.1 million euros in the past year.
In  2019, this figure was 23.2 million euros.  The net profit margin in 2020 was
43% (2019:  20%). In 2020, Admiral Markets AS' customers collectively made 66.9
million  transactions,  compared  to  the  previous year, when the corresponding
figure was 31.8 million.

Sergei  Bogatenkov,  Chairman  of  the  Management  Board of Admiral Markets AS,
stated  that last year's record results brought the company significantly closer
to  the goal set for 2030 - to  offer financial freedom to 10 million customers.
"Of course, we are very happy with the business results, but having been able to
achieve  these results while providing a stable and safe working environment for
employees  all around the world has been our greatest achievement at a time when
we are witnessing the biggest health crisis in history," said Bogatenkov.

"One  of  the  biggest  achievements  was  the  launch of our new native trading
application,  which makes mobile trading and  investing easier than ever before.
It  is a solution that makes it convenient  for a novice trader with no previous
experience  in the sector to  access the financial markets.  In this way, we can
expand  our customer base  by offering our  customers the best localised trading
and  investment experience," explained  the Chairman of  the Management Board of
Admiral  Markets  AS.  According  to  him,  the  company is actively involved in
increasing registrations on the company's platform, which will bring the company
closer to its long-term desired results.

According to him, the trading application is just one example of how the company
is strategically expanding its core services: "20 years ago, when we started our
business,  we were solely a Forex and CFD- based company and we wanted to become
one  of the leaders in this  field. Today, the goals set  at that time have been
met  and. We  are expanding  our global  presence with  new services.  We are an
international financial center disrupting the FinTech world. "

Bogatenkov  emphasized the growing need for raising environmental awareness. "As
a  global company  with offices  in 19 countries  around the  world, sustainable
choices  can reduce the footprint we leave  behind. It is also important to give
back  to  society  and  help  those  who  need  support in times of change," the
chairman of the management board explained.

As  culture &  the arts  is an  area that  was strongly  affected by  last year,
Admiral Markets AS has joined forces with Eesti Kontsert: "Music unites cultures
and  people. The  present conditions  have presented  grave challenges to mental
health  and wellbeing of many. Forced absence from colleagues, friends and loved
ones  affects us all. I believe that music  has the ability to comfort and bring
change to everyday life."

On  March 5th, the company announced  its rebranding to Admirals  as it starts a
new  chapter. According to Sergei Bogatenkov,  the previously set goals have now
been  achieved. "The rebranding is  a natural step to  reflect where we are as a
business. "We set out to offer integrated solutions for investing, spending, and
managing  money. We  are in  the midst  of a  remarkable expansion. Trading will
always be an important part of our identity as a company but we will continue to
introduce  a  wider  range  of  products  and  services which will make personal
finance transparent and accessible."

Sergei  Bogatenkov thanked all the  people and partners who  have been a part of
the  company on  its 20-year  journey. "We  have shared  common lessons, success
stories and worked towards a long-term goal. I am sincerely grateful to everyone
who  has helped us achieve such great results.  I hope that this year brings the
long-awaited  solution to  the COVID  crisis and  that we  are able to return to
normal life."

Statement of Financial Position

 (in thousands of euros)                                  31.12.2020 31.12.2019

 Due from credit institutions                                 25,742     19,757

 Due from investment companies                                15,120      6,786

 Financial assets at fair value through profit or loss        10,248      9,759

 Loans and receivables                                         6,730      3,983

 Other assets                                                  1,390        912

 Investments into associates                                   1,375          0

 Investments into subsidiaries                                 4,180          0

 Tangible assets                                               1,614      1,283

 Right-of-use asset                                            4,213      4,059

 Intangible assets                                               824        630

 Total assets                                                 71,436     47,169


 Financial liabilities at fair value through profit or
 loss                                                            219         66

 Liabilities and prepayments                                   7,317      2,349

 Subordinated debt securities                                  1,827      1,827

 Lease liabilities                                             4,396      4,145

 Total liabilities                                            13,759      8,387


 Share capital                                                 2,586      2,586

 Statutory reserve capital                                       259        259

 Retained earnings                                            54,832     35,937

 Total equity                                                 57,677     38,782

 Total liabilities and equity                                 71,436     47,169

Statement of Comprehensive Income

 (in thousands of euros)                                           2020    2019
 Net gains from trading of financial assets at fair value
 through profit or loss with clients and liquidity providers     65,762  34,838

 Brokerage and commission fee revenue                                32      71

 Brokerage and commission fee expense                           -18,719 -11,708

 Other trading activity related income                               19      31

 Other trading activity related expense                             -23     -22

 Net income from trading                                         47,071  23,210
 Other income                                                     1,368     777

 Other expense                                                     -391    -202

 Interest income calculated using the effective interest method     128      75

 Other income similar to interest                                   194     183

 Interest expense                                                  -245    -224

 Net gains/(losses) on exchange rate changes                     -1,360     266

 Net gains at fair value through profit or loss                       0      50

 Personnel expenses                                              -7,670  -7,006

 Operating expenses                                             -17,400 -11,268

 Depreciation of tangible and intangible assets                    -626    -526

 Depreciation of right-of-use assets                               -573    -420

 Profit before income tax                                        20,532   4,915
 Income tax                                                        -267    -311

 Profit for the reporting period                                 20,265   4,604
 Comprehensive income for the reporting period                   20,265   4,604

 Basic and diluted earnings per share                             50.16   11.40

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

Under the international financial services trademark of Admiral Markets,
customers are offered Forex and leveraged Contract for Difference (CFD) web-
based trading service in the over-the-counter market as well as listed
instruments. Since the foundation in 2001, Admiral Markets has continually
expanded its reach, and today it services worldwide through regulated trading

Investment company Admiral Markets AS, established in Estonia, is a branch of
Admiral Markets Group AS, which has the right to provide investment services
under the operating license of the Estonian Financial Supervision Authority in
the European Union and the European Economic Area countries. Admiral Markets
Group AS is physically represented in 19 countries through its regulated trading
companies with a customer portfolio covering over 145 countries.

Additional information:

Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com (mailto:kaia.gil@admiralmarkets.com)
+372 53 413 764