Admirals Group AS audited annual report 2022
2022 was the most successful year in history for Admirals Group AS
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.
- Admirals Group AS net trading income 69.0 million euros (2021: 35.7 million euros)
- Admirals Group AS net profit 24.3 million euros (2021: 0.1 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 Admirals Group 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 Admirals Group, 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 Admirals Group 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.
| Consolidated Statement of Financial Position | ||
| (in thousands of euros) | 12/31/2022 | 12/31/2021 |
| Assets | ||
| Cash | 12 | 7 |
| Due from credit institutions | 55,477 | 25,373 |
| Due from investment companies | 16,528 | 20,294 |
| Financial assets at fair value through profit or loss | 7,011 | 9,501 |
| Loans and receivables | 4,643 | 3,348 |
| Inventories | 48 | 106 |
| Other assets | 3,162 | 2,373 |
| Tangible fixed assets | 2,296 | 2,228 |
| Right-of-use assets | 3,160 | 3,817 |
| Intangible assets | 5,841 | 4,835 |
| Total assets | 98,178 | 71,882 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 294 | 637 |
| Liabilities and prepayments | 6,982 | 3,291 |
| Deferred tax liability | 0 | 31 |
| Subordinated debt securities | 4,570 | 4,559 |
| Lease liabilities | 3,435 | 4,056 |
| Total liabilities | 15,281 | 12,574 |
| Equity | ||
| Share capital | 250 | 250 |
| Own shares | -315 | -105 |
| Statutory reserve capital | 25 | 25 |
| Currency translation reserve | -669 | 23 |
| Retained earnings | 83,600 | 59,099 |
| Total equity attributable to owners of the parent | 82,891 | 59,292 |
| Non-controlling interest | 6 | 16 |
| Total equity | 82,897 | 59,308 |
| Total liabilities and equity | 98,178 | 71,882 |
| Consolidated Statement of Comprehensive Income | ||
| (in thousands of euros) | 2022 | 2021 |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 70,654 | 37,063 |
| Brokerage and commission fee revenue | 2,017 | 2,138 |
| Brokerage and commission fee expense | -3,472 | -2,954 |
| Other trading activity related income | 839 | 196 |
| Other trading activity related expense | -1,062 | -732 |
| Net income from trading | 68,976 | 35,711 |
| Other income similar to interest | 86 | 185 |
| Interest income calculated using the effective interest method | 201 | 128 |
| Interest expense | -444 | -426 |
| Other income | 2,358 | 3,428 |
| Other expenses | -778 | -164 |
| Net losses on exchange rate changes | -846 | -301 |
| Losses from financial assets at fair value through profit or loss | -490 | -357 |
| Personnel expenses | -12,969 | -11,499 |
| Operating expenses | -28,846 | -24,252 |
| Depreciation of tangible and intangible assets | -2,005 | -1,062 |
| Depreciation of right-of-use assets | -863 | -973 |
| Profit before income tax | 24,380 | 418 |
| Income tax | -99 | -269 |
| Profit for the reporting period | 24,281 | 149 |
| Other comprehensive income: | ||
| Items that subsequently may be reclassified to profit or loss: | ||
| Unrealized exchange rate differences | -692 | 734 |
| Total other comprehensive income/(loss) for the reporting period | -692 | 734 |
| Total comprehensive income for the reporting period | 23,589 | 883 |
| Net profit attributable to the owners of the parent | 24,291 | 146 |
| Net profit attributable to non-controlling interest | -10 | 3 |
| Profit for the reporting period | 24,281 | 149 |
| Total comprehensive income attributable to the owners of the parent | 23,599 | 880 |
| Total comprehensive income attributable non-controlling interest | -10 | 3 |
| Comprehensive income for the reporting period | 23,589 | 883 |
| Basic and diluted earnings per share | 9.87 | 0.06 |
The reports of Admirals Group AS are available on the following website: https://admiralmarketsgroup.com/reports-group/
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 Admirals Group AS
kaia.gil@admiralmarkets.com
+372 53 413 764
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