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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