31.07.2019 Baader Bank AG  DE0005088108

DGAP-News: Baader Bank posts a balanced pre-tax result in the first half of 2019 - Group restructuring completed following investment in business partner AlphaValue


DGAP-News: Baader Bank AG / Key word(s): Half Year Results/Quarter Results
Baader Bank posts a balanced pre-tax result in the first half of 2019 - Group restructuring completed following investment in business partner AlphaValue

31.07.2019 / 08:59
The issuer is solely responsible for the content of this announcement.


Press release:

Baader Bank posts a balanced pre-tax result in the first half of 2019 - Group restructuring completed following investment in business partner AlphaValue

Unterschleißheim, 31 July 2019: Baader Bank has again succeeded in maintaining a stable level of performance in the second quarter of 2019. Consequently, the income consolidation initiated in the first quarter of the current year has been maintained, with the Group posting a near-zero result before tax of EUR -31,000 for the first half of 2019. As a result, consolidated net income is EUR 1.6 million above the level of the previous year (EUR -1.6 million). Although net trading income is down year on year, the significantly higher figure compared to the second half of 2018 and the virtually constant level of net commission income contributed to this performance trend together with cost discipline measures implemented by the Group.

Net trading and commission income slightly down on the previous year, yet significant improvement in key performance indicators compared to the second half of 2018

The EUR 17.7 million net commission income is EUR -2.4 million down on the previous year (EUR 20.1 million) and also below the level posted in the second half of 2018 (EUR 20.4 million). The reduction is explained by a decline in brokerage business at the Swiss Baader Helvea, primarily as a result of lower capital market business in the Group as a whole. Additionally, the former subsidiary, Conservative Concept Portfolio Management AG, which is no longer consolidated, did not make a contribution to earnings (investment was reduced to less than 20%). Contributions to the net commission income were increased by using classic brokerage.

At EUR 23.2 million, net trading income is also slightly down (EUR -1.9 million) on the previous year (EUR 25.1 million), but it recovered strongly compared to the second half of 2018 (EUR 15.9 million). The declines in trading volumes on the major stock exchanges relevant to Baader Bank continue to worsen. Nevertheless, higher profit contributions were generated from this business segment, driven primarily by further optimisation of the trade setup and trading quality in market making.

As in the last few years, revenues of EUR 6.2 million for the first half of 2019 are exclusively attributable to the Selan Group. These revenues fell slightly by EUR -0.2 million compared to the previous year. At the close of the first half of 2019, net interest amounted to EUR -0.6 million, consistent with the previous year's level. Current income of EUR 0.4 million is
EUR -0.3 million below the level posted in the same period of 2018.

Expenses reduced further while maintaining productivity

After the first six months of the 2019 financial year, the cumulative administrative expenses of the Baader Bank Group stand at EUR -48.7 million. Compared to the previous year's value of EUR -54.6 million and the value for the second half of 2018 (EUR -62.9 million), this is another significant and notable improvement. By the half-year reporting date for 2019, personnel expenses had been reduced to EUR -23.5 million (previous year: EUR -25.0 million). At EUR -20.9 million, other administrative expenses are consistent with the previous year (EUR -20.9 million). The Group considerably reduced its level of accumulated amortisation, depreciation and impairment to EUR -3.0 million by the close of the first half of 2019 (previous year: EUR -7.7 million).

With a balance sheet equity ratio of 11.0% as at 30/06/2019 (previous year: 10.7%) and total assets of EUR 680.7 million as at the reporting date, Baader Bank remains well capitalised. The total supervisory capital ratio is 12.5% at the close of the first half of 2019 (previous year: 13.6%).

The number of employees fell from 429 on 01/01/2019 to 393 on 01/07/2019.


Group successfully restructured

With the sale of the Group's shares in Ophirum ETP GmbH (Frankfurt am Main/Germany) in June 2019 and the current investment in French business partner AlphaValue SA (Paris/France), which is important for research, the group restructuring initiated by the Board of Directors has been completed. Baader Bank believes that it is in a strategically powerful position with the new organisational structure. The Group does not intend to make any further changes in the foreseeable future.

Baader Bank has been successfully cooperating with AlphaValue since September 2018 on a joint research product. The equity stake, which is in the single-digit percentage range, underpins the international cooperation between the two companies and means that Baader Bank can offer an efficient, needs-based research universe on competitive terms.


Despite the positive signs, the evidence suggests that the persistently challenging market conditions will continue unabated, with Baader Bank being particularly badly affected. For this reason, the institution's management still does not anticipate that it will be able to achieve a positive result for the current financial year as a whole.

Overview of key figures

Baader Bank Group
Income Statement
01/01-30/06/2019 01/01-30/06/2018 Delta
  EUR'000 EUR'000 %
Income 48,665 53,194 -8.5
of which net interest income and current income -154 105 -
of which net commission income 17,727 20,089 -11.8
of which net trading income 23,220 25,118 -7.6
of which revenue 6,199 6,415 -3.4
of which other income 1,642 1,284 27.9
of which profit/loss from shares in associated companies 31 183 -83.1
Expenses -48,696 -54,774 -11.1
of which personnel expenses -23,455 -24,955 -6.0
of which administrative expenses and other operating expenses -22,218 -22,141 0.3
of which amortisation and depreciation and impairment -3,023 -7,678 -60.6
Earnings before taxes (EBT) -31 -1,580 -98.0
Operating result * -1,818 453 -

*Gross profit less personnel and other administrative expenses as well as depreciation and amortisation on intangible assets and property, plant and equipment

Baader Bank Group
Balance Sheet
Delta %
Total Assets 680,695 713,190 -4,6
Balance Sheet Equity Ratio 11.0% 10.7% -
Supervisory Capital Ratio 12.5% 13.6% -

In accordance with the provisions of the German Commercial Code (HGB)

Further information is available from:

Baader Bank AG
Weihenstephaner Strasse 4
85716 Unterschleissheim, Germany

Florian E. Schopf
Company Spokesperson
Managing Director
Head of Group Strategy & Communication

T +49 89 5150 1013
M +49 160 718 88 26

About Baader Bank AG:

Baader Bank is the bank for the capital market. It allows its clients to access international capital markets and to invest in financial products in an effective, efficient and secure manner. The bank uses the latest innovations in the banking industry for products, processes and technology to generate added value for its clients. As a family-run, full-service bank with its headquarters in Unterschleissheim near Munich with around 400 employees, it is active in the business lines of Market Making, Capital Markets, Multi Asset Brokerage, Asset Management Services, Banking Services and Research.

Further information can also be found online:

Company website: www.baaderbank.de
Twitter: https://twitter.com/Baader_Bank
LinkedIn: https://www.linkedin.com/company/98924/
Xing: https://www.xing.com/companies/baaderbankag?sc_o=da980_e
YouTube: https://www.youtube.com/channel/UCDJ7PGKWwtafrPSFDI3nmsQ

31.07.2019 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.
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Language: English
Company: Baader Bank AG
Weihenstephaner Str. 4
85716 Unterschleissheim
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
EQS News ID: 849459

End of News DGAP News Service

849459  31.07.2019 


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 1,930 88,60
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
32,17 19,93 1,540 -62,26
1,20 2,84 0,85 90,044
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
12,73% 47,44% 69,30% 72,32%
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