23.03.2018 Baader Bank AG  DE0005088108

DGAP-News: Baader Bank improves consolidated annual result considerably in 2017 and systematically pursues Group strategy

DGAP-News: Baader Bank AG / Key word(s): Final Results Baader Bank improves consolidated annual result considerably in 2017 and systematically pursues Group strategy 23.03.2018 / 07:50 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Press release: Baader Bank improves consolidated annual result considerably in 2017 and systematically pursues Group strategy - Operating result turned around, at EUR 9.4 million compared to the previous year to EUR 7.7 million. - Significant improvement in earnings before tax: growth from EUR -2.13 million to EUR 4.26 million. - Amortisation, depreciation and restructuring expenses depress the total annual result/Selan consolidation has positive effect - Positive business development in all business lines Unterschleissheim, 23 March 2018: The positive sentiment in capital markets and the consolidation of Selan Group visibly influenced Baader Bank's total annual result. As a consequence of the market environment, trading profit/loss and net commission income had good momentum, as they did in the first half-year. Net commission income improved by 14.2% from EUR 40.7 million to EUR 46.5 million. This growth was mainly due to higher client commission income and higher income from the Multi Asset Brokerage and Capital Markets business lines compared to the previous year. Trading profit/loss also rose, albeit by somewhat less in total than net commission income, increasing from EUR 52.8 million to EUR 57.7 million. Market making equities was the main driver for this rise despite exchange turnover on the relevant stock markets not changed significantly. In June 2017, Baader Bank reversed its original intention to sell Selan Holding GmbH. As a result, Selan Group was consolidated retroactively as of 1 January 2017, which led to a significant impact on Baader Bank Group's income, expense and asset positions and to a significant expansion of the consolidated balance sheet (see overview of key figures). The newly reported "revenue" item of EUR 12.1 million due to the inclusion of Selan Group is accounted for by the feed-in payment for electricity generated by the wind farm. Administrative expenses increased from EUR 98.6 million to EUR 110.2 million. These administrative expenses include EUR 2.6 million of operating costs and EUR 4.2 million of depreciation and amortisation of the wind farm due to the first-time inclusion of Selan Group in the consolidated financial statements as well as the restructuring costs at Baader Bank AG in the amount of EUR 3.7 million. Excluding these items, administrative expenses are roughly the same as those of the previous year at EUR 99.7 million. This shows that the positive effects of the cost cutting initiative of recent years are continuing, but despite this, the AG could not generate any profit at separate financial statement level. The Selan Group, Baader Helvea and Baader & Heins subsidiaries in particular made positive contributions to Group earnings. The operating result at Group level increased overall by EUR 9.4 million to EUR 7.7 million. Earnings before tax were EUR 4.3 million, thus recording growth of EUR 6.4 million. Group earnings after taxes reached EUR 2.4 million. Total assets on the reporting date amounted to EUR 764.8 million. Baader Bank Group's equity ratio as at 31 December 2017 is 13% and the modified equity ratio taking account of the fund for general banking risks is 16%. Baader Bank AG's total capital ratio under supervisory law is approximately 17% (previous year 15%). Course of business in 2017 Exploiting new market potential in Market Making In 2017, Baader Bank was commissioned for a total of six IPOs on the German Stock Exchange's Prime Standard segment. Vapiano SE, Delivery Hero AG, Jost Werke AG, VARTA AG, BEFESA SE and HelloFresh SE commissioned Baader Bank as the specialist for their IPOs on the Frankfurt Stock Exchange's Prime Standard segment, as a result of which Baader Bank acquired the majority of the specialist mandates awarded in Germany and was able to maintain its strong position. In the Market Making business line, Deutsche Börse Holding's electronic trading platform Xetra was superseded by the new "T7" trading platform in mid-2017. Baader Bank also assumed responsibility for trading in German and US equities in the new "global market" segment of the Vienna Stock Exchange. As part of this Austrian trading partnership, the important groundwork for the transition to trading in open order books was laid. Recovery of transactions in the Capital Markets business line In the 2017 financial year, Baader Bank advised on 13 equity capital markets transactions with a total volume of approximately EUR 1.93 billion. In the 2017 equity league tables, Baader Bank came second in Germany measured on placed volumes up to EUR 100 million. The bank came third for transaction volumes up to EUR 250 million. Including the entire GSA region, Baader Bank came sixth in volumes of up to EUR 100 million (2016: seventh). Baader Bank was once more able to prove its qualitative strengths in securities technology and in 2017 was able to show a broad spectrum of high-quality services in numerous mandates. Influx of clients to Banking and Asset Management Services led to significant growth in deposit volumes In the institutional client business, Baader Bank recorded a significant increase in collaborations with traditional asset managers, online asset managers and family offices in the 2017 financial year. With the increase of account and custody clients, the need for additional services and interface solutions displaying the entire asset management process grew. The number of client deposits increased to approximately 14,500 with a deposit volume of approximately EUR 2.5 billion (56% increase in comparison to the previous year). Since 2016, Baader Bank has been offering to take over buy-side trading desks. As at the reporting date in 2017, it held 159 mandates for funds for which it renders this service. This means a considerable increase of approximately 66% in comparison to the previous year (96 fund mandates). After doubling the volume of assets managed by the asset management services between 2015 and 2016 (total volume as at 31/12/2016: EUR 5.35 billion), an increase of 14.02% to EUR 6.10 billion was achieved over the course of 2017. The number of fund mandates remained near to constant at 55 mandates (fund mandates as at 31/12/2016: 56). Awards signify the dominant market position of Baader Bank as a regional broker with first-class research expertise In this year's Extel Survey 2017, Europe's most important external ranking of institutional equity brokers, Baader Helvea once again achieved top rankings in the core regions of Germany, Austria and Switzerland for research, sales and trading/execution services. The results of the 2017 Thomas Reuters Awards were equally pleasing for the Baader Helvea Equity research team. In June 2017, Baader Helvea became the research partner of the Stage Programme of SIX Swiss Exchange (SIX), reinforcing its leading position in Switzerland. Alongside other Baader Bank business lines, in the 2017 financial year the Research business line faced structural market changes with the start of MiFID II, which will have a significant impact on existing and potential Baader Bank client relationships due to unbundling - the separation of research from other brokerage services. The 13th Baader Helvea Swiss Equities Conference took place in the 2017 financial year in Bad Ragaz. 57 leading Swiss companies and 270 institutional investors from 20 countries attended as guests. The Baader Investment Conference, which took place for the sixth time in Munich in September 2017, this time ran for four (previously three) conference days. With approximately 750 investors from 33 countries and 175 listed companies from Germany, Switzerland and Austria, we reached a new participant record. 2018 outlook In the 2018 financial year, a consolidation trend will continue to show within securities trading institutions. The start of MiFID II at the turn of the year has a direct impact on the framework conditions of the markets in which Baader Bank operates. Due to the increasing costs of regulatory measures and the introduction of new technologies, smaller providers in particular are exposed to increasingly challenging competition in Baader Bank's market environment. Based on the existing business lines, Baader Bank will continue to be able to compensate for market fluctuations based on diversified sources of income. Trading-like services from fundamental business lines that complete the range of products are geared towards a change in client needs from a regulatory perspective and are monitored continuously with regard to their profitability. For 2018, a higher profit is expected from normal business activity. Baader Bank AG's 2017 Consolidated Annual Report will be made available mid-May 2018, when the annual general shareholders' meeting is called, on Baader Bank's website under the heading "Financial Reports". Overview of key figures Baader Bank Group 2017 2016 Delta EUR'000 EUR'000 % Income 121,317 100,477 20.7 of which interest income and current income 1,502 3,227 -53.5 of which net commission income 46,539 40,747 14.2 of which trading profit/loss 57,683 52,808 9.2 of which revenue 12,135 0 100.0 of which other income 3,458 3,695 -6.4 Expenses -117,05- -102,61- 14.1 8 0 of which personnel expenses -54,702 -50,288 8.8 of which administrative expenses and other -42,586 -41,345 3.0 operating expenses of which depreciation, amortisation and -18,344 -9,943 84.5 impairment of which addition to fund for general banking 0 -584 -100.0 risks of which profit/loss from shares in -1,426 -450 >100.0 associated companies Earnings before tax (EBT) 4,259 -2,133 - Operating result* 7,650 -1,778 - Total assets 764,844 578,536 32.2 Reported in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch - HGB). *Gross income less personnel and other administrative expenses, amortisation of intangible assets and depreciation of property, plant and equipment (Gross income = net interest income and current income, net commission income and trading profit/loss, revenue) For additional information: Baader Bank AG Weihenstephaner Straße 4 85716 Unterschleißheim, Germany Katharina Ariane Beyersdorfer Senior Manager Group Communication T +49 89 5150 1016 F +49 89 5150 291016 M +49 172 6659 389 katharina.beyersdorfer@baaderbank.de http://www.baaderbank.de About Baader Bank AG: Baader Bank AG is one of the leading investment banks across the German-speaking region. As a family-run, full-service bank headquartered in Unterschleissheim near Munich with 450 employees, it is active in the business segments of Market Making, Capital Markets, Multi Asset Brokerage, Asset Management Services, Banking Services and Research. --------------------------------------------------------------------------- 23.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Baader Bank AG Weihenstephaner Str. 4 85716 Unterschleissheim Germany Phone: +49 89 5150 1013 Fax: +49 89 5150 1111 E-mail: communications@baaderbank.de Internet: www.baaderbank.de ISIN: DE0005088108 WKN: 508810 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich (m:access), Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 667805 23.03.2018

Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019e 2020e
Umsatzerlöse1 98,35 116,51 111,99 100,48 121,32 98,12 104,34 0,00
EBITDA1,2 11,47 10,16 0,05 -1,78 7,65 -14,22 0,98 0,00
EBITDA-Marge3 11,66 8,72 0,04 -1,77 6,31 -14,49 0,94 0,00
EBIT1,4 1,49 0,24 0,05 -1,78 7,65 -14,22 -8,02 0,00
EBIT-Marge5 1,51 0,21 0,04 -1,77 6,31 -14,49 -7,69 0,00
Jahresüberschuss1 0,28 -1,17 -8,37 -3,62 2,28 -21,02 -0,41 0,00
Netto-Marge6 0,28 -1,00 -7,47 -3,60 1,88 -21,42 -0,39 0,00
Cashflow1,7 -19,14 -16,28 9,65 62,99 147,38 -1,78 31,24 0,00
Ergebnis je Aktie8 0,00 -0,03 -0.18 -0,08 0,05 -0,46 -0,01 0,20
Dividende8 0,01 0,01 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2019 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

Baader Bank
WKN Kurs in € Einschätzung Börsenwert in Mio. €
508810 1,750 80,34
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
29,17 19,71 1,503 -56,45
1,09 2,57 0,77 81,647
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
0,00 0,00 0,00 Verschoben
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
23.04.2020 30.07.2020 29.10.2020 11.05.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
26,26% 45,47% 53,51% 32,58%
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