18.03.2016 Baader Bank AG  DE0005088108

DGAP-News: The Baader Bank Group achieves the turnaround in its 2015 operating result - Overall result below plan due to writedowns and impairments


 
DGAP-News: Baader Bank AG / Key word(s): Preliminary Results/Final Results The Baader Bank Group achieves the turnaround in its 2015 operating result - Overall result below plan due to writedowns and impairments 18.03.2016 / 08:03 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- The Baader Bank Group achieves the turnaround in its 2015 operating result - Overall result below plan due to writedowns and impairments - The operating result was EUR 12.7 million higher than in 2014. - Thanks to the positive development of the Market Making segment, the trading profit was 20% higher than in 2014. - The cost reduction measures initiated in 2015 are already showing positive effects. - Baader Bank reported a loss before taxes of EUR 7.6 million for fiscal year 2015, due to non-recurring writedowns and impairments in the investment book. - Total assets declined by 13% to EUR 576 million, mainly due to the reduction of risk assets. - The equity ratio rose to 17%. Unterschleißheim, March 18, 2016. The Baader Bank Group increased both its operating result and its gross profit considerably over the respective prior-year figures in fiscal year 2015. The modest decrease in commission income, which declined by 4% to EUR 50.1 million, resulted in large part from the cessation of interbank bond trading in 2014. Nonetheless, net commission income contributed 45% of the bank's total income, mainly thanks to the positive development of the Investment Banking segment. The trading profit rose substantially, by 20% to EUR 52.6 million, as a result of Baader Bank's stepped-up trading activity in exchange-traded funds, ETPs, and foreign securities. Moreover, the acquisition of additional order books and over-the-counter trading partners had a positive effect on Baader Bank's competitive position in the Market Making segment. As can be expected considering Baader Bank's business model, net interest income and current income accounted for only 2% of total income. Total expenses were nearly unchanged from last year, having risen by only 3% to EUR 119.6 million. The reduction of personnel expenses and the lower-than-budgeted other administrative expenses had a positive effect on the overall result. Thus, the intensive cost reduction program initiated in 2015 is already producing positive effects and should continue to produce positive effects in the future. However, Baader Bank recognized impairment losses of EUR 20.6 million in 2015. The increase over the prior year resulted mainly from impairments of investment book positions and securities classified as noncurrent assets. Baader Bank reported a consolidated loss of EUR 7.6 million before taxes for 2015. Including the fund for general banking risks, the Baader Bank Group's equity amounted to EUR 122 million as of December 31, 2015 (December 31, 2014: EUR 132 million), and the equity ratio came to 17% (December 31, 2014: 16%). Business developments in 2015 In the Market Making segment, Baader Bank won nearly all the IPO order books awarded by the Frankfurt Stock Exchange in 2015. In over-the-counter trading, additional third-party banks were connected to the trading systems of Baader Bank. As a result, the order volume increased considerably. Baader Bank supported the migration of stock exchange systems at the Munich Stock Exchange (MAX-One 2.0, gettex) and the Stuttgart Stock Exchange (XITARO). Thus, Baader Bank strengthened its market position as one of the biggest order book-keeping institutions in the German-speaking world and reinforced the high quality of its trading activity in its traditional core business segment. In the Investment Banking segment, the institutional equities and derivatives business of Baader Bank and its Swiss subsidiary Helvea exhibited a positive development in 2015. Thus, the integration of the Helvea Group into Baader Bank as the local broker for international clients in the German-speaking countries of Germany, Austria, and Switzerland has been successfully completed. The bank's own ETF Sales Desk was expanded further, thereby creating significant potential in the effort to deepen and broaden client relationships on the investor side. Baader Bank advised on numerous capital market transactions in 2015 and occupied the top rank in the Equity League Tables for transactions up to EUR 100 million in the countries of Germany and Austria. Outlook for 2016 Baader Bank will focus on further expanding its operating business in 2016. In the Market Making segment, the bank will strive to increase its market shares in its stock exchange activities and connect additional third-party banks in Germany and abroad to its trading systems in the OTC business. The bank is already making preparations for MiFID II and the introduction of a new stock exchange system at the Frankfurt Stock Exchange. In the Investment Banking segment, Baader Bank opened a new office in Boston, Massachusetts, in February in order to better serve investors on location. The Zurich office will be expanded further during the course of 2016. Baader Bank expects capital market transactions to rise in the current year and plans to intensify its business with asset managers. The bank will also expand its offering of services for the FinTech industry (e.g., "Robo-Advisors"). "The basic conditions in the markets in which Baader Bank operates were very challenging last year. Securities markets were characterized by high volatility in the equity market and growing uncertainty among investors worldwide," said Nico Baader, Chairman of the Executive Board of Baader Bank. "The Executive Board in its new composition resolved to focus on the two core business segments of Market Making and Investment Banking and took steps to streamline both the product portfolio and the equity investment portfolio and pare back peripheral activities in 2015. Our future activities will be focused on expanding the operating core business," added Nico Baader. The 2015 Annual Report of Baader Bank AG will be published in the "Financial Reports" section of Baader Bank's website in early May 2016, together with the notice of meeting for the annual general meeting to be held on May 22, 2016.

Baader Bank Group                    2014      2015      Change    Change
                                                         from      from
                                                         Prior     Prior
                                                         Year      Year
                                     EUR'000   EUR'000   absolute/ relative
                                                                   /%
                                                         EUR'000
Income                               116,512   111,997   -4,515    -4%
Net interest income and current      3,227     2,495     -732      -23%
income
Net commission income                52,402    50,147    -2,255    -4%
Trading profit/loss                  43,761    52,553    8,792     20%
Other income                         17,122    6,802     -10,320   -60%
Expenses                             116,277   119,590   3,313     3%
Personnel expenses                   61,037    54,209    -6,828    -11%
Administrative expenses and other    42,044    42,242    198       0%
operating expenses
Depreciation, amortization, and      9,920     20,579    10,659    >  100%
impairments
Net income/expenses from interests   3,276     2,560     -716      -22%
in associated companies
Earnings before taxes (EBT)          235       -7,593    -7,828    > -100%

Operating result*                    -12,648   52        12,700    > 100%

Total assets                         663,293   576,330   -86,963   -13%

* Gross profit less personnel and
other administrative expenses and
less depreciation, amortization, and
impairments of intangible assets and
property, plant, and equipment
(Gross profit = net interest income
and current income, net commission
income and trading profit/loss


Contact Florian E. Schopf Managing Director Corporate Policy Department/Investor Relations T +49 89 5150 1013 [email protected] Susanne Stickler Manager Investor Relations T +49 89 5150 1879 [email protected] Baader Bank AG Weihenstephaner Straße 4 85716 Unterschleissheim, Germany www.baaderbank.de --------------------------------------------------------------------------- 18.03.2016 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. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Baader Bank AG Weihenstephaner Str. 4 85716 Unterschleissheim Germany Phone: +49 89 5150 1013 Fax: +49 89 5150 29 1880 E-mail: [email protected] Internet: www.baaderbank.de ISIN: DE0005088108 WKN: 508810 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich (m:access), Stuttgart; Open Market in Frankfurt End of News DGAP News Service --------------------------------------------------------------------------- 446701 18.03.2016


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 121,32 98,12 104,34 212,66 215,48 146,58 170,80
EBITDA1,2 7,65 -14,22 3,20 92,68 79,65 23,31 4,00
EBITDA-Marge3 6,31 -14,49 3,07 43,58 36,96 15,90
EBIT1,4 7,65 -14,22 -8,02 81,53 70,54 12,18 4,00
EBIT-Marge5 6,31 -14,49 -7,69 38,34 32,74 8,31 2,34
Jahresüberschuss1 2,28 -21,02 -0,41 46,84 46,80 8,88 2,80
Netto-Marge6 1,88 -21,42 -0,39 22,03 21,72 6,06 1,64
Cashflow1,7 147,38 -1,78 31,24 130,40 897,08 366,37 0,00
Ergebnis je Aktie8 0,05 -0,46 -0,01 1,01 1,00 0,18 0,06
Dividende8 0,00 0,00 0,00 0,25 0,35 0,05 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - 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

INVESTOR-INFORMATIONEN
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Baader Bank
WKN Kurs in € Einschätzung Börsenwert in Mio. €
508810 3,400 Kaufen 158,74
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
16,19 19,63 0,83 19,21
KBV KCV KUV EV/EBITDA
0,98 0,43 0,93 39,68
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,05 0,00 0,00 04.07.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
25.04.2024 25.07.2024 26.10.2023 23.05.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
3,72% -1,28% 0,89% -7,86%
    
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