Admirals Group AS audited annual report 2021
2021 was the most successful for Admirals in terms of new client applications
As another success story for Admirals performance in 2021, our ongoing substantial investment in development and IT, as well as our expansion into new regions and strategic services added to the portfolio, has allowed for a wider customer base to enter the financial world.
The extreme volatility of 2020 laid a solid foundation for future trading and investment practices among millions of people around the world, and this can clearly be seen in today’s ever-growing trading volumes. 2020 was an extreme year for the financial sector relative to the comparatively moderate trading landscape of 2019, reflecting real trends.
“We have kept our costs at 2020’s level while making significant investments in IT-development and infrastructure. We introduced a wide range of new services and products in our portfolio, keeping pace with customer interest in cryptocurrency. These steps, and more, have increased our global presence in the FinTech sector,” said Sergei Bogatenkov, CEO of Admirals.
“With the support of our strategic vision, we are definitely one of the main trendsetters in our segment today. Our position as a quality leader is confirmed by several global awards,” added Bogatenkov.
According to him, the results of 2021 are a good growth platform for fulfilling the group’s long-term goal – to provide financial freedom to 10 million people globally by 2030. “This is an ambitious plan, but our activities and achievements in recent years clearly show that we are on the right path,” confirmed Admiral’s CEO.
Trading levels normalized to record volumes in 2020. The Group’s revenue was 37 million euros, compared to 66 million euros in the same period in 2020. The number of new applications increased by 32% compared to 2020. The Group’s net profit for the year ended was 0,9 million euros (2020: 20,3 million euros).
A key point of the past year’s performance is our continued contribution to cultural and educational life. For Admirals, financial literacy is one of the cornerstones of their long-term vision, leading to a variety of educational and mentoring programs. Eesti Kontsert and their strategic partner kood.tech in Jõhvi, stand for the sustainability of Estonian culture and programming education.
According to Sergei Bogatenkov, the company has experienced success in its journey to become a financial centre: “And our excellent performance during turbulent times, producing unique results and, most importantly, seeing the relevance of our vision, long-term goals, and strategic plan was undeniable. I am grateful to our global team, partners and investors, with whom we will continue to shake up the financial world and stand up for an innovative, unified, and personal experience in finance.”
| Consolidated Statement of Financial Position | ||
| (in thousands of euros) | 12/31/2021 | 12/31/2020 |
| Assets | ||
| Cash | 7 | 5 |
| Due from credit institutions | 25.373 | 36.993 |
| Due from investment companies | 20.294 | 16.243 |
| Financial assets at fair value through profit or loss | 9.501 | 9.799 |
| Loans and receivables | 3.348 | 1.279 |
| Inventories | 106 | 37 |
| Investments into associates | 0 | 1.376 |
| Other assets | 2.373 | 1.830 |
| Tangible fixed assets | 2.228 | 1.999 |
| Right-of-use assets | 3.817 | 4.752 |
| Intangible assets | 4.835 | 873 |
| Total assets | 71.882 | 75.186 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 637 | 219 |
| Liabilities and prepayments | 3.291 | 6.508 |
| Deferred tax liability | 31 | 567 |
| Subordinated debt securities | 4.559 | 1.827 |
| Lease liabilities | 4.056 | 4.948 |
| Total liabilities | 12.574 | 14.069 |
| Equity | ||
| Share capital | 250 | 250 |
| Own shares | -105 | -114 |
| Statutory reserve capital | 25 | 25 |
| Currency translation reserve | 23 | -711 |
| Retained earnings | 59.099 | 61.657 |
| Total equity attributable to owners of the parent | 59.292 | 61.107 |
| Non-controlling interest | 16 | 10 |
| Total equity | 59.308 | 61.117 |
| Total liabilities and equity | 71.882 | 75.186 |
| Consolidated Statement of Comprehensive Income | ||
| (in thousands of euros) | 2021 | 2020 |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 37.063 | 65.634 |
| Brokerage and commission fee revenue | 2.138 | 1.829 |
| Brokerage and commission fee expense | -2.954 | -4.380 |
| Other trading activity related income | 196 | 313 |
| Other trading activity related expense | -732 | -1.227 |
| Net income from trading | 35.711 | 62.169 |
| Other income similar to interest | 185 | 195 |
| Interest income calculated using the effective interest method | 128 | 36 |
| Interest expense | -426 | -263 |
| Other income | 3.428 | 2.502 |
| Other expenses | -164 | -857 |
| Net losses on exchange rate changes | -301 | -1.504 |
| Losses from financial assets at fair value through profit or loss | -357 | 0 |
| Personnel expenses | -11.499 | -15.994 |
| Operating expenses | -24.252 | -22.909 |
| Depreciation of tangible and intangible assets | -1.062 | -736 |
| Depreciation of right-of-use assets | -973 | -965 |
| Profit before income tax | 418 | 21.674 |
| Income tax | -269 | -1.018 |
| Profit for the reporting period | 149 | 20.656 |
| Other comprehensive income: | ||
| Items that subsequently may be reclassified to profit or loss: | ||
| Unrealized exchange rate differences | 734 | -633 |
| Total other comprehensive income/(loss) for the reporting period | 734 | -633 |
| Total comprehensive income for the reporting period | 883 | 20.023 |
| Net profit attributable to the owners of the parent | 146 | 20.654 |
| Net profit attributable to non-controlling interest | 3 | 2 |
| Profit for the reporting period | 149 | 20.656 |
| Total comprehensive income attributable to the owners of the parent | 880 | 20.021 |
| Total comprehensive income attributable non-controlling interest | 3 | 2 |
| Comprehensive income for the reporting period | 883 | 20.023 |
| Basic and diluted earnings per share | 0.06 | 8.38 |
The reports of Admirals Group AS are available on the following website: http://admiralmarketsgroup.com/reports-group/
Admirals is a global FinTech and investment firm whose regulated subsidiaries offer smart solutions for multiple financial products. Since the foundation in 2001, Admirals has continuosly expanded its reach, and today it services worldwide through regulated trading companies.
Investment company Admiral Markets AS, established in Estonia, is a branch of Admirals 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. Admirals cares about the success of their partners, therefore offering numerous tried-and-tested marketing tools, state-of-the-art software, and quality assurance.
Today, Admirals consists of a staff of over 400 people, located 18 offices worldwide, making it a truly global organization.
Additional information:
Kaia Gil
Communication manager of Admirals Group AS
kaia.gil@admiralmarkets.com
+372 53 413 764
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