24.07.2018 Baader Bank AG  DE0005088108

DGAP-News: Baader Bank further develops market positions, however Group half-year result declines

DGAP-News: Baader Bank AG / Key word(s): Half Year Results Baader Bank further develops market positions, however Group half-year result declines 24.07.2018 / 16:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Press release: Baader Bank further develops market positions, however Group half-year result declines - Positive polls in key industry awards and growth in the customer and commission business exemplify market leader quality - Affiliated company SKALIS Asset Management sold - Cost development confirms operative efficiency in the company - Net trading income and net commission income suffer from low market volumes and high regulatory burdens - Operating result for the Baader Bank Group in the first half of 2018 at EUR 453 thousand, pre-tax profits negative Unterschleissheim, 24 July 2018 Baader Bank Group In the first half of 2018, Baader Bank was able to develop key market positions, make strategic decisions and further broaden its customer and sales base. However, the Group half-year result declined. In the course of concentrating on its core business, Baader Bank successfully concluded the sale of the majority share in the subsidiary company SKALIS Asset Management AG. Furthermore, in the 1st half of 2018, Baader Bank was able to optimise the technical and procedural bases for the development of Market Making, and the further development of the research processes, both of which form the foundation for increasing business volumes. The initial conclusion regarding the effects of MiFID II for the brokerage and research business is that the Baader Bank can rank among the profiteers of the newly developed market structures. On the one hand, in the brokerage business, a significant market share was acquired in trading activities, and on the other hand, the now solely independently marketed research activities enjoyed a positive demand from customers and investors. At the Baader Bank shareholders' meeting in June 2018, Baader Bank appointed two new members to its Supervisory Board, Prof Dr Georg Heni and Nils Niermann. They are the successors to Dr Christoph Niemann and Karl-Ludwig Kamprath. Dr Horst Schiessl again reassumed the function of Chairman of the Supervisory Board, and Helmut Schreyer is the Deputy Chairman of the Supervisory Board. The election of two new employee representatives to the Supervisory Board, Ali Cavli and Thomas Leidel, took place as scheduled in April 2018. Market Making, Brokerage and Capital Markets In the first half of 2018, Baader Bank was also able to acquire attractive order books in the field of Market Making. Baader Bank was mandated to act as a specialist for a total of six IPOs in the Prime Standard segment of the Frankfurt Stock Exchange. In the Equity Capital Markets division, Baader Bank supported a total of three transactions in the first half of 2018, with a total volume of approximately EUR 130 million. In securities, it was even possible to improve on the record sales figures achieved the previous year. Moreover, also as a result of MiFID II, the services package of Corporate Brokerage was in great demand at Baader Bank. Several mandates were concluded here. Research, Banking Services, Asset Management Services Baader Bank again achieved outstanding results for its brokerage and research products in the key sector polls Thomson Reuters Analyst Awards 2018 and Extel Survey 2018. These awards indicate the international perception of the brand Baader Helvea as having top-quality shares in research with a clear focus on the GSA region. A constant growth was maintained in the customer segments. Increases were seen in both the number of the client accounts and custody accounts (from 10,500 in the first half of 2017 by 87.6% to 19,700 in the first half of 2018) managed at Baader Bank, as well as the managed assets in the custody account (by 36% to EUR 3.0 billion) and in the asset management business (by 35% to EUR 7.5 billion). Overview of financial figures - 1st half-year 2018 In the first half of 2018, it was not possible to convert into a positive financial result the market positions in the business segments which were further developed by Baader Bank in 2018. The operating result with a positive EUR 453 thousand in the Group was EUR 5.4 million below the 2017 half-year figure. After EUR 3,0 million in the previous year, the pre-tax profits of the Baader Bank Group over the current reporting periods decreased by EUR 4.6 million to EUR -1.6 million. The nervous and inconsistent tendencies within the financial and securities markets environments depressed the results figures of the Baader Bank Group in the first half of 2018. The net trading income and net commission income suffered as a result of the market environment and new regulatory requirements such as the entry into force of the second Financial Markets Directive (MiFID II) as well as the suspension of the promissory note loans from the voluntary deposit protection (ESF). The net commission income dropped by 22.1% or EUR 5.7 million to EUR 20.1 million. This development is mainly due to the, compared to the previous year, lower contributions from the brokerage business predominantly in the promissory note loans as well as the capital market services. With a decline of 13.1% or EUR 3.8 million to EUR 25.1 million, the result from the trading portfolio, which was mainly fed by the business activities in Market Making, was rather restrained. The reason for this lies in the reduced volumes of the trading platforms on which Baader Bank trades. In the second quarter, this was primarily due to the weak trading turnover, among others on account of the protectionist commercial policy of the USA. At EUR -0.6 million, the net interest income was below the previous year's level and played a subordinate role in the Baader Bank business model. The current income maintained the previous year's level and amounted to EUR 0.7 million. Revenue was significantly influenced by the feed-in remuneration for electricity generated by the Selan Wind farm. At 5.0% or EUR 2.4 million to EUR 45.9 million, the administrative expenses continued to decline compared with the previous year. While personnel expenses in the previous year were burdened by one-time effects, for the first six months of the current financial year these showed an expected reduction in costs. The other administrative expenses lie at the previous year's level, which confirms the operative efficiency of the Baader Bank Group. The amortisation and value adjustments on intangible assets and tangible assets result in full from scheduled depreciation. For the subsidiaries, it was in particularly the Selan Group, the Baader Helvea Group and the Baader & Heins Capital Management AG that generated positive contributions to profits in the first six months of the financial year. Of the income from associated companies amounting to EUR 0.2 million, this was fully attributable to the pro rata net income for the year and represented a significant increase on the previous year. Net assets as at 30/06/2018 decreased by 2.3% percent and now amount to EUR 747.5 million compared to the balance sheet date as at 31/12/2017. The balance sheet equity ratio for the Baader Bank Group as of the first half of 2018 was 12.7%, the modified equity ratio, including the fund for general banking risks was 15.7%. As of 30/06/2018, the Group had 451 employees (30/06/2017: 445). Earnings per share amounted to -0.05 euros (previous year: 0.05 euros). Outlook for H2 2018 For the second half of the year, as a result of political and economical impetus, we should see a stabilisation in the assessment and volatility of the financial and capital markets. Baader Bank is assuming above all a further slight increase in the bond and interest markets. A much more positive stock market environment can be expected for the fourth quarter. In addition, the Baader Bank Group will be focussing on the implementation of its proposed strategies in the second half of 2018, so as to further strengthen its market positions and ensure a controlled, profitable growth also for the income. Overall, despite all the positive factors, the market forecasts for the second half of the year are somewhat clouded. However, it should be possible to intercept these tendencies with the strategic further development and increasing trading volumes. In view of these expectations, the Executive Board at Baader Bank is assuming the overall development of the business activities to proceed as planned for 2018. Overview of key figures BAADER BANK GROUP 01/01-30/- 01/01-30/- Change 06/2018 06/2017 in % Income EUR'- 53,194 62,578 -15.0 000 of which interest income and current EUR'- 105 428 -75.5 income 000 of which net commission income EUR'- 20,089 25,791 -22.1 000 of which trading profit/loss EUR'- 25,118 28,894 -13.1 000 of which revenue EUR'- 6,415 6,022 6.5 000 of which other income EUR'- 1,284 1,443 -11.0 000 of which profit/loss from shares in EUR'- 183 0 100.0 associated companies 000 Expenses EUR'- -54,774 -59,619 -8.1 000 of which personnel expenses EUR'- -24,955 -27,392 -8.9 000 of which administrative expenses and EUR'- -22,141 -21,841 1.4 other operating expenses 000 of which depreciation, amortisation EUR'- -7,678 -10,129 -24.2 and impairment 000 of which profit/loss from shares in EUR'- 0 -257 -100.0 associated companies 000 Earnings before tax (EBT) EUR'- -1,580 2,959 - 000 Operating result* EUR'- 453 5,848 -92.3 000 Total assets EUR'- 747,534 715,714 4.4 000 Reported in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch - HGB). * Gross profit less personnel and other administrative expenses as well as depreciation and amortisation on intangible assets and property, plant and equipment (Gross income = net interest income and current income, net commission income and trading profit/loss, revenue) Further information: Baader Bank AG Weihenstephaner Strasse 4 85716 Unterschleissheim, Germany Florian E. Schopf Managing Director Head of Group Strategy & Communication Katharina Ariane Beyersdorfer Senior Manager Head of 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 in German-speaking countries. As a family-run full-service bank with its headquarters in Unterschleissheim near Munich, it employs around 450 staff members and operates in the business fields of Market Making, Capital Markets, Institutional Brokerage, Asset Management Services, Banking Services and Research. --------------------------------------------------------------------------- 24.07.2018 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 1016 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 --------------------------------------------------------------------------- 707507 24.07.2018

Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019 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 1,820 83,55
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
30,33 19,79 1,488 -58,71
1,13 2,67 0,80 84,912
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
0,00 0,00 0,00 11.08.2020
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
8,27% 40,32% 59,65% 62,50%
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