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DGAP-News: flatex AG
/ Key word(s): Personnel/Strategic Company Decision
flatex AG: Uplisting in Prime Standard (SDAX listing expected) and reappointment of management until 2025 (news with additional features)
02.06.2020 / 07:30
The issuer is solely responsible for the content of this announcement.
Corporate News / Frankfurt/Main, 2 June 2020
Uplisting in Prime Standard (SDAX) and reappointment of management until 2025
- Uplisting process to the Prime Standard in Q4/2020 started, SDAX listing expected
- Frank Niehage (CEO) and Muhamad Chahrour (CFO) reappointed until 2025
- Annual reports 2019 published on homepage
Frankfurt/Main - The supervisory board of flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) secured the services of its Management Board, Frank Niehage (CEO) and Muhamad Chahrour (CFO), until 2025. Both were responsible for the success of the past years and will have increased the market capitalization of the group eightfold within the last 6 years after the completion of the DEGIRO transaction. The uplisting process for Q4 2020, which has now been officially launched, marks the next milestone. Given the expected market capitalization and free float after closing of the DEGIRO transaction, the SDAX listing seems quite safe - even a TecDax listing is possible.
"I think I can also speak for our stakeholders when I say that Frank Niehage and Muhamad Chahrour have developed the flatex Group very sustainably and successfully over the past six years. With the DEGIRO transaction they have laid the perfect foundation for long-term growth. The Supervisory Board is very pleased that our management duo is highly committed to the long-term implementation of the initiated strategy with the clear aim to develop flatex/DEGIRO into the leading European online broker. We feel very comfortable with this management for all upcoming challenges and are looking forward to the next years," confirms Martin Korbmacher, Chairman of the Supervisory Board of flatex AG, the reappointment of the management board.
With the uplisting to the Prime Standard in Q4 2020 the group is taking the next step in the right direction.
"First of all, my colleague Muhamad Chahrour and I would like to thank the Supervisory Board for the confidence they have placed in us and for the successful cooperation. We both look forward to the coming years and to the further development of the success story", says Frank Niehage, CEO of flatex AG. "After completion of the DEGIRO transaction, which is expected in the coming weeks, we are moving towards EUR 1 billion market capitalization given the current share price. Thus, we believe that it is now the right time to underline our capital market orientation with the uplisting to the Prime Standard. The SDAX listing seems to be a given under the current conditions, we might even end up in the TecDax."
flatex AG published the audited annual report for 2019 on its website. There were minor adjustments to the published preliminary figures of 31 March 2020 due to valuation adjustments. The final revenue is EUR 132 million (preliminary EUR 134 million), the EBITDA margin after expansion costs is 29% (preliminary 30%).
Contact:
Muhamad Said Chahrour
Chief Financial Officer (CFO)
Tel. +49 (0) 69 450001 0
flatex AG
Rotfeder-Ring 7
D-60327 Frankfurt/Main
About flatex AG
flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) operates one of the leading and fastest growing online brokerage businesses in Europe, executing more than 12 million securities transactions paperless per annum. More than 350,000 B2C customers are offered top services and a wide range of an independent product offering at a competitive pricing, based on a modern, self-developed state-of-the-art technology.
In December 2019, flatex announced the acquisition of DeGiro, which will make it one of the largest online brokers in Europe. After completion of the transaction, together they expect to serve more than one million customers with over 35 million securities transactions in 2020. In a time of bank consolidation, low interest rates and digitalization, the flatex Group is thus ideally positioned for further growth and on its way to becoming Europe's leading provider of online retail brokerage.
Disclaimer
This release may contain forward-looking statements and information, which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to variety of risks and uncertainties. The results actually achieved by flatex AG may substantially differ from these forward-looking statements. flatex assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those anticipated.
Additional features:
Document:
Document title: Corporate News 2 June 2020
02.06.2020 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.
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