Flatex : Half-Year Report as of 06-30-2020

2020

HALF -YEAR REPORT

Table of Contents

Group Key Performance Indicators ���������������������������������������������������������������������������������������������� 3

Half-Year Group Management Report ���������������������������������������������������������������������������������������� 5

Half-Year Consolidated Financial Statements ��������������������������������������������������������������������������13

Certificate after audit review �������������������������������������������������������������������������������������������������������

35

Group Key

Performance

Indicators

Group Key Performance Indicators

				1st HY 2020		1st HY 2019		Change in %
Operating business
Transactions executed		number		13,119,461		5,791,626		+126.5
of which: B2C brokerage		number		12,162,473		5,271,940		+130.7
Number of customers		number		424,036		313,273		+35.4
of which: B2C brokerage		number		372,556		264,537		+40.8
Transactions per customer/year		number		61.88		36.97		+67.4
of which: B2C brokerage		number		65.29		39.86		+63.8
Customer assets under management		mEUR		13,634		12,813		+6.4
of which: custody volume		mEUR		12,229		11,869		+3.0
of which: cash deposits		mEUR		1,405		945		+48.7
Financials
Revenues		kEUR		99,778	64,350		+55.1
EBITDA		kEUR		42,701	19,740		+116.3
EBIT		kEUR		35,773	13,779		+159.6
Half-year net profit		kEUR		22,374	8,547		+161.8
Earnings per share (undiluted)		EUR		1.14	0.46		+147.8
Earnings per share (diluted)		EUR		1.13	0.45		+151.1
Equity (30/06/2020 vs. 31/12/2019)		kEUR		204,383	182,202		+12.2
Total assets (30/06/2020 vs. 31/12/2019)		kEUR		1,780,163	1,265,962		+40.6
Equity ratio (30/06/2020 vs. 31/12/2019)		in %		11.5	14.4		-20.1
Operating cash flow from operating
activities - before banking operations		kEUR		52,074	30,765	+69.3
Cash flow from banking operating activities		kEUR		421,452	-71,035		+693.3
Cost-income ratio		in %		47.9	55.2		-13.2
Employees (average)		number		544	524		+3.8
Segments
		Revenues kEUR		90,500	55,667		+62.6
Financial Services (FIN)		EBITDA kEUR		39,821	12,594	+216.2
		Revenues kEUR		18,137	17,627		+2.9
Technologies (TECH)		EBITDA kEUR		2,880	7,147	-59.7
		Revenues kEUR		-8,859	-8,945		-1.0
Consolidation		EBITDA kEUR		-	-	-
		Revenues kEUR		99,778	64,350		+55.1
TOTAL		EBITDA kEUR	42,701	19,740	+116.3

Group Key Performance Indicators

flatex AG | Half-Year Report 2020

Page 4

Half-Year Group

Management

Report

Half-Year Group Management Report

Basis of presentation

The half-year consolidated group management report of flatex AG (hereinafter either "flatex", "flatex Group" or "Group") was prepared in accordance with Sections 315 and 315a of the German Commercial Code (HGB) in compliance with the German Accounting Standards (GAS 16 Interim Financial Reporting). All the information statements and figures contained within the report relates to the reporting date of 30 June, 2020 or the half-year reporting period from 1 January, 2020 to 30 June, 2020.

The personal pronouns "we", "us" or "our" used in this half-year group management report refer to flatex AG together with its subsidiaries.

Forward-looking statements

This half-year group management report may contain forward-looking statements which may be identified by formulations such as "expect", "want", "anticipate", "intend", "plan", "believe", "aim", "estimate", "will" or similar expressions. Such forward-looking statements are based on current expectations and certain assumptions, which may be subject to a number of risks and uncertainties. The results actually achieved by flatex AG may substantially differ from these forward-looking statements. flatex AG assumes no obligation to update these forward- looking statements after publication or to correct them in case of developments which differ from those anticipated.

Half-Year Group Management Report

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1 Economic report

1.1 Earnings position

Revenues increased by kEUR 35,428 to kEUR 99,778 compared to kEUR 64,350 in the first half-year 2019. The main sources of earnings are commission income, other operating income and interest income, which developed in the first half-year 2020 as follows.

The Group's gross commission income in the period from 1 January 2020 to 30 June 2020 amount to kEUR 76,915 (fist half-year 2019: kEUR 46,458), while net commission income, calculated as the surplus of gross commission income over commission expenses, amounted to kEUR 63,320 (first half-year 2019: kEUR 30,634). The significant increase in gross commission income by 66% is due in particular to the significant rise in transaction numbers due to the high volatility on the stock market in the first half of 2020. Furthermore, the number of customers who contributed organically to the growth in trades increased significantly.

Other operating income amounted to kEUR 12,125 (first half-year 2019: kEUR 11,347) and primarily included provision of the IT services in the operating business unit of flatex AG. After deducting other operating expenses, a result of kEUR 6,785 (first half-year 2019: kEUR 7,426) remains. Revenues are mainly generated with customers in Germany. The sold services are subject to a constant price/volume structure.

Gross interest income amounted to kEUR 10,738 (first half-year 2019: kEUR 6,546). Net inte-

rest income was kEUR 10,231 (first half-year 2019: kEUR 6,032). In comparison to the first six months of the previous year, net interest income rose by 70%, in particular due to the further expansion of the collateralised loan portfolio.

Personnel expenses amounted to kEUR 20,327 in the reporting period (first half-year 2019: kEUR 12,546). The main drivers for the increase in personnel expenses compared to the first six months of the previous year are a significant decrease in the capitalisation of product development expenses (first half-year 2019: kEUR -1,865) and additions to provisions for stock option plans (first half-year 2019: kEUR +2,579). Other administrative expenses amounted to kEUR 17,307 (first half-year 2019: kEUR 11,804). The main factors influencing other administrative expenses were increased marketing expenses for new customer acquisition.

All revenues, income and expenses of the Group were realised with customers and products from Europe, mainly in Germany, in the currency euro. Inflation and exchange-rate influences did not have a significant impact on the earnings situation.

In the reporting period from 1 January to 30 June, 2020, EBITDA increased by 116% to kEUR 42,701 (first half-year 2019: kEUR 19,740).

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1.2 Financial position

Capital

The Group's capital structure is as follows:

						Change in
						percentage
In %		30/06/2020		31/12/2019		points
Equity ratio		11.5	14.4	-2.9
Debt ratio		88.5		85.6		2.9

Liabilities

The increase in liabilities by EUR 492 million to EUR 1,576 million resulted from the sharp rise in customer deposits as of the reporting date, particularly due to increased sales in connection with market developments.

There were non-current liabilities in the amount of kEUR 38,058 (31 December 2019: kEUR 38,710). These include mainly lease liabilities in accordance with IFRS 16 and pension obligations. In addition, there are deferred tax liabilities amounting to kEUR 10,939 (31 December 2019: kEUR 10,476). Non-current liabilities due to banks consist solely of a loan for a property used by the company itself. There are no other loans to third parties.

The structure of the liabilities is as follows:

In kEUR		30/06/2020			31/12/2019		Change in %
Total liabilities		1,575,780	1,083,760	45.40
Current liabilities		1,537,722			1,045,051	47.14
Customer deposits		1,429,248	950,777	50.32
Other		108,474			94,274	15.06
Non-current liabilities		38,058			38,710	-1.68
Non-current liabilities to banks		636			3,727	-82.93
Pension obligations		10,854			11,012	-1.44
Non-current liabilities from non-banks		15,630			13,495	15.82
Deferred tax liabilities		10,939			10,476	4.42
Contingent liabilities		17,106			216,827	-92.11

Half-Year Group Management Report

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1.3 Liquidity

The cash flow statement of flatex AG - here in condensed form - shows the cash flows generated during the first half-year 2020:

Cash Flow

In kEUR

Cash flow from operating activities - before banking operations

Cash flow from banking operating activities

Cash flow from operations

Cash flow from investments

Cash flow from financing activities

1st HY 2020

52,074

421,452

473,526

-5,297

-4,494

1st HY 2019

30,765

-71,035

-40,270

-15,165

7,666

-Year Group Management Report

Cash and cash equivalents at the beginning of the period	468,616	655,046
Cash and cash equivalents at the end of the period	932,352	607,277

The cash flow from operations is mainly influenced by the change in the cash flow from banking operating activities due to the increase in customer deposits of flatex Bank AG. The increase in the cash flow from operating activities before banking operations results in particular from the positive development of the operating business and the increase in other financial liabilities from taxes. The free available cash on hand of flatex AG amounted to kEUR 71,454 as of 30 June 2020.

flatex AG was able to meet its financial obligations at all times. No liquidity shortages occurred in the first half-year of 2020, nor are any liquidity shortages expected in the foreseeable future.

The significance of the cash flow statement is limited for flatex AG, and it is therefore not being used as a financial management tool. In particular, the composition of the cash flow statement is strongly influenced by changes in customer cash deposits and ensuing investment decisions by customers.

1.4 Financial position

In kEUR		30/06/2020		31/12/2019
Assets		1,780,163	1,265,962
Non-current assets		171,749		179,700
Current assets		1,608,414		1,086,262
Liabilities and shareholders' equity		1,780,163		1,265,962
Equity		204,383		182,202
Non-current liabilities		38,058		38,710
Current liabilities		1,537,722		1,045,051

The balance sheet total increased by EUR 514 million to EUR 1,780 million. The increase is mainly due to the sharp rise in customer deposits as of the balance sheet date. There are no inflation and exchange-rate influences with a significant impact on the financial situation.

Half

flatex AG | Half-Year Report 2020

Page 9

1.5 General statement on business develop- ment and the situation of the Group

flatex AG successfully continued its course of profitable growth in the first half of the 2020 financial year. In the first half of the year, the Group generated revenues of kEUR 99,778 (first half-year 2019: kEUR 64,350) and an EBITDA margin of 42.8% (first half-year 2019: 30.7%), thus exceeding management's expectations from the Group management report for the 2019 financial year.

The number of customers in the FIN segment rose by 17.6% in the first half of 2020. As a result of the customers gained and the high volatility on the markets triggered by the COVID-19 pandemic, the number of transactions more than doubled year-on-year to 13.119 million (first half-year 2019: 5.792 million transactions). The collateralised loan book was further expanded in the reporting period. These factors are reflected in the pleasing development of the seg- ment's key financial figures.

The TECH segment also made a positive contribution to business. One main focus was on the expansion and further development of the core banking system FTX:CBS, particularly in view of the forthcoming internationalisation and the acquisition of DEGIRO B.V., Amsterdam (hereinafter "DEGIRO").

Overall, the Management Board of flatex AG considers the Group's business performance to have been extremely successful, with the Group exceeding its main targets for the past six months.

2 Forecast, opportunities and risk report

2.1 Forecast report

The forecast period refers to the second half of the 2020 financial year and covers six months. The forecast from the previous management report, relating to the full year 2019, may be ex- ceeded. Due to the positive influence of volatility on transaction figures, the pro forma target for the entire year 2020 was reached much earlier. Due to the expected continuation of the positive business development in the second half of the year, the forecast of the key performance indicators was adjusted. In the following, only continuing operations and business processes of extraordinary importance are discussed in the context of the forecast.

Expected business performance in the FIN segment

On 21 July 2020, flatex AG received a declaration of no objection from De Nederlandsche Bank (DNB), Amsterdam, in accordance with the application, regarding the acquisition of additional shares for the complete acquisition of 100% of the shares in DEGIRO B.V., based in Amsterdam (as of the reporting date, flatex AG held a share of 9.44%). Due to the corresponding staggered acquisition of all further shares, flatex AG has held 100% of the shares in DEGIRO B.V., Amster- dam, since 30 July 2020. The initial consolidation of DEGIRO into the flatex Group is planned for 1 August 2020. The purchase price allocation is currently being prepared, therefore further details of the company transaction will be provided on the next reporting date. In this respect, DEGIRO will have a positive impact on the FIN segment in the second half of 2020.

Half-Year Group Management Report

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DEGIRO operates as a Dutch securities trading bank. With the German banking license of flatex Bank AG and the European passport, flatex Bank AG will form the regulatory foundation for flatex and support DEGIRO in various product areas.

Pro forma, the FIN segment had more than 37 million transactions with over 1 million customers (including DEGIRO) after six months. Both the business and financial figures illustrate the operational economies of scale of the business model, which have already been reflected in the first quarter. With 13.1 million transactions completed in the first half of the year, flatex Bank AG recorded a preliminary pre-tax result that is more than twice as high as that of the entire year 2019 with 12.3 million transactions completed. For the whole year 2020, pro forma up to 50 million transactions are expected to be settled and more than 1.2 million customers by the end of the year

Expected business performance in the TECH segment

The successful integration of DEGIRO into the business processes of flatex AG is - in addition to organic growth on both sides - the primary strategy of the TECH segment. The FTX:CBS will be expanded here to include additional country-specific regulatory, local accounting and tax requirements. This results in a sustainable increase in business activities with increasing exploitation of economies of scale.

Forecast of key performance indicators

The positive result as of 30 June 2020 exceeds the expectations for the company as a whole. A continuation of the positive business development is also expected for the second half of the year. The forecast for 2020 whole will therefore be adjusted accordingly:

		Consolidated		FIN			TECH
		2020			2019		2020			2019		2020			2019
							strongly
Number of customers	-			-		increasing	368,133	-			-
							strongly
Number of accounts	-			-		increasing	454,484	-			-
Number of						strongly
transactions	-			-		increasing	12,274,525	-			-
		strongly
Revenues in kEUR	increasing	131,952	-			-	-			-
		significantly			significantly			moderately
EBITDA margin in %	increasing	28.5		increasing	18.8		increasing	45.2
Description	Extent of change
Moderately	+/- 0.1 to 5.0 %
Slightly	+/- 5.1 to 10.0 %
Significantly	+/- 10.1 to 20.0 %
Strongly	+/- 20.1 % and more

Half-Year Group Management Report

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2.2 Report on opportunities and risks

With regard to the opportunities and risks, the information provided in the previous management report basically remains unchanged. These already included, among other things, significant statements on opportunities and risks associated with the effects of the COVID-19 pandemic (see 'Opportunities report' on page 46 and 'Risk report' on page 53 of the Annual Report 2019).

The high volatility on the markets triggered by the COVID-19 pandemic continues and, together with the strong increase in new customer growth, is resulting in a significant rise in transactions in the Group's brokerage business. In the lending business, there were still no significant anomalies in connection with the COVID-19 pandemic. The initial exceeding of the lending values of the collateralised loans were largely overcome with the recovery of the markets that has since taken place and the risk-minimising measures taken, particularly in the dunning process. Overall, the monitoring and reporting of the loan portfolio continues to be more closely timed due to the uncertainties caused by the pandemic.

With regard to the operation of the flatex Group itself, there have still been no restrictions due to the independent in-house IT infrastructure with largely automated processes. The employees work predominantly in their home office. The overall situation will continue to be carefully analysed and necessary protective measures as well as recommendations from the authorities and institutes will continue to be observed and implemented immediately.

Despite of the current macroeconomic environment and the considerable uncertainties associated with it, flatex AG assumes, based on current knowledge and analyses as well as the expected course of business, that the forecasts for the 2020 fiscal year, which were adjusted in the first half of 2020, will be met.

3 Collateralisation of the legal representatives (responsibility statement)

'We hereby affirm that, in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the as- sets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.'

Frankfurt am Main, 30 July 2020 flatex AG

Frank Niehage	Muhamad Said Chahrour
CEO, Chairman of the Management Board	CFO, Member of the Management Board

Half-Year Group Management Report

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Page 12

Half-Year

Consolidated

Financial

Statements

Half-Year IFRS Consolidated

Balance Sheet

as of 30 June 2020

In kEUR			Note	30/06/2020	31/12/2019
Assets					1,780,163		1,265,962
Non-current assets					171,749	179,700
Intangible assets					93,879		92,722
Goodwill					36,555		36,555
Internally generated intangible assets					47,492		45,730
Customer relationships					6,007		6,319
Other intangible assets					3,825		4,118
Property, plant and equipment					18,388		16,265
Financial assets and other assets					1,494		1,305
Non-current loans due to customers			10		57,988		69,409
Current assets					1,608,414	1,086,262
Inventories and work in progress					9		99
Trade receivables					11,853		12,220
Other receivables					7,089		1,026
Other current financial assets					657,111		604,302
Financial assets measured at fair value through other
comprehensive income (FVOCI)			10		80,128	61,547
Financial assets measured at fair value through profit	or loss
(FVPL)			10		214	214
Cash loans due to local authorities			10		388		14,056
Current loans due to customers			10		422,622		362,552
Equity instruments measured at fair value through other
comprehensive income (FVOCI-EK)			10		63,757	68,644
Equity instruments measured at fair value through other profit
or loss (FVPL-EK)			10		65,746	66,049
Other receivables due to banks			10		24,256		31,239
Cash and cash equivalents			10		932,352		468,616
Bank balances					66,489		29,913
Cash on hand					71,454		15,821
Balances with central banks					700,749		356,868
Receivables due to banks (on demand)					93,660		66,013

Half-Year Consolidated Financial Statements

flatex AG | Half-Year Report 2020

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In kEURNote 30/06/2020 31/12/2019

Liabilities and shareholders' equity	1,780,163	1,265,962
Equity	204,383	182,202
Subscribed capital	19,703	19,596
Additional paid-in capital	107,839	106,894
Retained earnings	76,316	55,200
Shares of minority shareholders	525	512

Liabilities			1,575,780	1,083,760
Non-current liabilities			38,058	38,710
Non-current liabilities to banks			636	3,727
Non-current liabilities to non-banks	9	15,630	13,495
Pension obligations			10,854	11,012
Deferred tax liabilities			10,939	10,476

Current liabilities			1,537,722	1,045,051
Trade payables			4,833	5,581
Liabilities to customers			1,429,248	950,777
Liabilities to banks			57,227	71,694
Other financial liabilities	7	20,108	6,131
Tax provisions			13,815	1,193
Other provisions	8	12,491	9,674

Half-Year Consolidated Financial Statements

flatex AG | Half-Year Report 2020

Page 15

Half-Year IFRS Consolidated Statement of Income

as of 1 January to 30 June 2020

In kEUR				Note	1st HY 2020			1st HY 2019
Revenues				11		99,778	64,350
thereof interest income from financial instruments measured	at				10,494			6,157
amortised cost
Raw materials and consumables						19,442			20,259
thereof impairment losses						2,869			1,586
Personnel expenses				12		20,327			12,546
Other administrative expenses				13		17,307			11,804
Consolidated earnings before interest, taxes, depreciation and				42,701			19,740
amortisation (EBITDA)
Depreciation						6,928	5,962
Consolidated earnings before interest and income tax (EBIT)					35,773			13,779
Financial result						-1,701			-1,153
Consolidated earnings before income tax (EBT)					34,072			12,625
Income tax expense						11,698			4,079
Consolidated net profit from continuing	activities					22,374			8,547
Consolidated net profit from discontinued	activities					-			-
Consolidated net profit						22,374			8,547
Minority shareholders' share of income						13	9
Majority shareholders' share of income						22,361			8,538

Half-Year Consolidated Financial Statements

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Half-Year IFRS Consolidated Statement of other Comprehensive Income

as of 1 January to 30 June 2020

In kEURNote 1st HY 2020 1st HY 2019

Consolidated net profit	22,374	8,547
Income and expense items recognised directly in equity
Pensions	-	-
Actuarial gains/losses	-	-
Remeasurement of plan assets	-	-
Reimbursement rights	-	-
Adjustment for previous year	-	-
Securities
Change in value reported in equity	-1,398	1,350
Deferred tax	234	-432
Pensions	-	-
Securities	234	-432
Total other earnings/losses	-1,164	918
Comprehensive income	21,210	9,465

Half-Year Consolidated Financial Statements

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Page 17

Half-Year IFRS Consolidated

Cash Flow Statement

as from 1 January to 30 June 2020

In kEUR								1st HY 2020		1st HY 2019
Consolidated net profit from continuing activities			22,374	8,547
Depreciation and amortisation/appreciation on property, plant and equipment
and intangible assets							6,525	5,899
Increase/decrease in trade receivables					365		5,225
Increase/decrease in other receivables, deferred tax assets, coverage			-6,252		3,054
Increase/decrease in inventories						-8		89
Increase/decrease in trade payables						-748		-1,759
Increase/decrease in other financial liabilities					14,074		7,266
Increase/decrease in provisions, changes in deferred taxes, pension obligations			2,659		-1,142
Income tax expense							11,698		4,079
Income tax payments							1,386		-492
Other non-cash transactions							-		-
Cash flow from	operating activities - before banking operations			52,074		30,765
Increase/decrease in receivables from customers				-48,649		-12,631
Increase/decrease in receivables from cash loans due to local authorities			13,668		-5,640
Increase/decrease of receivables due to banks					6,984		-1,982
Increase/decrease in liabilities to customers					478,471		-38,255
Increase/decrease of liabilities to banks					-14,467		-1,025
Increase/decrease in financial	assets	measured	at	FVOCI			-13,694		-12,722
Increase/decrease in financial	assets	measured	at	FVPL			303		-131
Other non-cash transactions							-1,164		1,350
Cash flow from	banking operating activities					421,452		-71,035
Cash flow from	operations - continuing activities			473,526		-40,270
Cash flow from	discontinued	operations					-		-
Cash flow from	operations							473,526		-40,270

Half-Year Consolidated Financial Statements

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Page 18

In kEUR					1st HY 2020		1st HY 2019
Proceeds from the disposal of intangible assets			14	-
Disbursements for investments in intangible assets			-4,621		-7,457
Proceeds from the disposal of fixed assets				1		22
Disbursements for investments in fixed assets			-691		-7,460
Proceeds from disposals from the scope of consolidation			-		-66
Non-cash changes in fixed assets				-		-204
Cash flow from investments in continuing	activities			-5,297		-15,165
Cash flow from investments in	discontinued	operations			-		-
Net cash flow from investing	activities				-5,297		-15,165
Increase/decrease in non-current liabilities to banks (loans)			-3,090		-3,083
Increase/decrease in non-current liabilities to non-banks			-		4,645
Increase/decrease in leases					-2,374		-
Proceeds from equity contributions by shareholders of the parent company			1,053		6,104
Non-cash changes in equity					-82		-
Cash flow from financing activities				-4,494		7,666
Change in cash and cash equivalents				463,736		-47,769
Cash and cash equivalents at the beginning of the period			468,616		655,046
Cash and cash equivalents at the end of the period			932,352		607,277

Half-Year Consolidated Financial Statements

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Page 19

Additional information according to IAS 7

In kEUR	As of 01/01/2020		Cash changes							Non-cash changes	As of 30/06/2020
								Currency				Reclassifi-
						Acquisitions		effects		Fair values		cations		Other
Non-current liabilities
Liabilities to banks		3,727		-3,091		-	-	-	-	-		636
Liabilities to non-banks		13,495		2,135		-		-		-		-		-		15,630
Total		17,221		-956		-		-		-		-		-		16,266

Half-Year Consolidated Financial Statements

flatex AG | Half-Year Report 2020

Page 20

Half-Year IFRS Consolidated Statement of Changes in Equity

as of 30 June 2020

										Unrealised gains/losses from
										financial	assets, measured at
		Subscribed		Additional			Actuarial gains/	fair value through other com-			Minority
In kEUR		capital		paid-in-capital	Retained earnings	losses	prehensive income (FVOCI)	Total		interests		Total equity
As of 31/12/2018*	18,737	101,406		43,472*		2,085			-2,536		163,164*	490	163,655*
Issue of new shares	819	-		-		-			-		819	-	819
Contributions to/withdrawals from
reserves	-	5,284		-		-			-		5,284	-	5,284
Changes in the scope of consolidation								-			-		-	-	-
not involving a change of control	-	-		-
Other earnings/losses		-		-		-		-			1,350		1,350		-		1,350
Consolidated net profit	-	-		8,538		-			-		8,538	10	8,548
As of 30/06/2019		19,556		106,690		52,010		2,085			-1,186		179,156		500		179,656
As of 31/12/2019	19,596	106,894		53,681		1,554			-35		181,689	512	182,202
Issue of new shares	108	945		-		-			-		1,053	-	1,053
Contributions to/withdrawals from								-			-		796	-	796
reserves	-	-		796
Changes in the scope of consolidation								-			-		-878		-		-878
not involving a change of control		-		-		-878
Other earnings/losses		-		-		-		-			-1,164		-1,164		-		-1,164
Consolidated net profit	-	-		22,361		-			-		22,361	13	22,374
As of 30/06/2020	19,703	107,839		75,960		1,554			-1,199		203,857	525	204,382
								*Previous year's figures	were adjusted. For a detailed presentation, see Annual Report 2019 Note 7

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Notes to the Half-Year Consolidated Financial Statement as of 30 June 2020

This interim report does not include all the disclosures in the notes that are usually included in the consolidated financial statements. Therefore, this report should be read in conjunction with the consolidated financial statements for the year ended 31 December 2019 and all public pronouncements made by the Group during the interim period.

Note 1 About the Group

The half-year consolidated financial statements presented here are those of flatex AG and its subsidiaries.

flatex AG is headquartered in Frankfurt am Main, Germany; its Frankfurt commercial register number is HRB 103516. The registered business address is Rotfeder-Ring 7, 60327 Frankfurt am Main, Germany.

The registered no-par-value shares of the company are traded on the regulated open market (ISIN DE000FTG1111 / German securities code FTG111).

The Group's business activities are the supply of innovative technologies for the financial sector in general and for online brokerage in particular, as well as the provision of financial services and IT services.

At the reporting date flatex AG's immediate parent company is GfBk Gesellschaft für Börsen- kommunikation mbH, Kulmbach. The ultimate parent company at the reporting date of the Group is BFF Holding GmbH, Kulmbach.

The consolidated interim financial statements were authorised for publication by the Management Board on 17 August 2020.

NOTE 2 Basis of preparation

These consolidated interim financial statements are in full compliance with the International Financial Reporting Standards that are mandatory in the European Union as of 1 January 2020 and the supplementary provisions of German commercial law pursuant to Section 315e of the German Commercial Code (HGB). The abridged half-year consolidated interim assumption of accounting financial statements of flatex AG are based on going concern and also take into account the requirements of IAS 34 for interim reporting in particular. With the exception of the changes listed in Note 5, the same accounting policies and calculation methods were applied as in the consolidated financial statements of flatex AG as of 31 December 2019.

flatex AG presents information in thousands or millions of currency units. Generally, the information is expressed in millions of units. For detailed information on the income statement, information is presented in thousands of units. The presentations in thousands and millions of units are rounded. When calculating with rounded numbers, slight rounding differences may occur.

The presentation currency is the euro.

NOTE 3 Scope of consolidation

In the first half-year 2020, there was no change in the group of consolidated companies.

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NOTE 4 Estimates and assumptions

The preparation of the consolidated financial statements in compliance with IFRS implies the adoption of assumptions and the use of estimates which have an impact on the amounts and the disclosure of assets and liabilities and/or revenues and expenses. All available information has been taken into account in this regard. The assumptions and estimates relate mostly to the stipulation of useful lives in a consistent manner throughout the Group, the determination of recoverable amounts for impairment testing of individual CGUs, and the recognition and measurement of provisions. Of particular importance are also the estimation uncertainties resulting from the tense current interest-rate situation on the financial markets. These relate in particular to the amount of the pension provisions reported. The effects of the current global COVID-19 pandemic are also of extraordinary importance. The resulting estimation uncertainties relate in particular to the valuation of credit commitments and the recognition of risk pro- visions. Thus, the actual values may differ from the estimates. New information is taken into account as soon as it becomes available. At the time of preparing the half-yearly consolidated financial statements, it is not assumed that there have been any significant changes to the assumptions and estimates, with the exception of those mentioned above.

With the exception of the changes in accounting policies described in the following note, the preparation of the half-year consolidated financial statements is based on the same assumptions and estimates as the preceding consolidated financial statements.

NOTE 5 Significant changes in accounting and valuation methods

The following changes of standards were mandatory for flatex AG for the first time in fiscal year 2020:

Adjustments to IAS 1 and IAS 8

The provisions of IAS 1, which apply to financial years beginning on or after 1 January 2020, sharpen the definition of the term "material" in order to improve the information provided to users of financial statements on financial information. The relevance of disclosures in the notes is to be increased and the assessment of the materiality of information is to be made easier. The previously applicable definitions of material in IAS 8 have been adjusted in such a way that reference is now made to the new regulations of IAS 1. flatex AG applies the applicable definitions and amended standards accordingly.

Revision of the IFRS framework

The revised version of the IFRS framework in force since 1 January 2020 has no direct impact on individual IFRS or IAS. The framework concept serves as a basis for the preparation and future revision of the standards as well as for clarifying accounting issues that are not specified in detail by IFRS or IAS. Insofar as matters to be accounted for are not sufficiently specified via the applicable standards, flatex AG will apply the revised version of the framework concept.

Definition of a business operation according to IFRS 3

By concretising the definition of a business operation according to IFRS 3, it is determined which criteria must be examined in the case of business combinations and the acquisition of assets with regard to accounting as a business operation or asset. This can be determined by means of the introduced concentration test. This test checks whether the acquired value is concentrated in one asset. If this is the case, the conclusion is that no business has been acquired. In the reporting period from 1 January 2020 to 30 June 2020, no such assets were acquired that would necessitate an assessment.

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Amendments to IFRS 9, IAS 39 and IFRS 7 regarding the effects of the IBOR reform

As part of the reform of the reference interest rates, amendments were made to IFRS 9 and 7 and IAS 39. Application of the adjusted standards is mandatory from 1 January 2020. The amendments are intended to mitigate the effects of the IBOR reform on financial reporting. They affect the period before an existing reference interest rate of a hedging instrument is replaced by an alternative interest rate (phase 1). The previously applicable regulations sometimes led to the termination of hedge accounting if there was uncertainty about the reference interest rate following the replacement. As in the previous year, flatex AG does not make use of the option of hedge accounting.

NOTE 6 Stock option plans

Description of stock option plans 2014 and 2015

flatex AG has set up stock option plans to ensure that the total remuneration paid to its managers is competitive. The first stock option plan was launched in 2014. Pre-emptive rights from this programme were first issued in 2015. Each pre-emptive right issued pursuant to the stock option plan gives the holder the right to acquire one bearer share of flatex AG against payment of the stipulated strike price. The strike price is determined on the basis of the average closing price of the share over a fixed period of time preceding the adoption of the relevant resolution at the Annual General Meeting, minus a discount.

The maturity of these pre-emptive rights is six years from the date of issuance; they may only be exercised upon the expiration of a waiting period (vesting period) of four years. The right to exercise is conditional upon the share price having risen by at least 100%, on any stock exchange trading day, during a period of two years from the date of issuance of such pre-empti- ve rights (trigger - 2014 stock option plan). Only in the event of a change of control as defined in the authorisation and, if applicable, in subsequent amendments to the option terms, or in the event of a delisting, may flatex AG pay, or may the holders of pre-emptive rights demand, a cash settlement in lieu of shares (in some cases also before the end of the vesting period).

A second stock option plan was launched in 2015 by another resolution of the Annual General Meeting (2015 stock option plan). In light of the development of the stock price, the terms of this second plan were modified with regard to the condition for exercise, in that the stock price must now have risen by at least 50%, on any stock exchange trading day, during a period of two years from the date of issuance of such pre-emptive rights (trigger - 2015 stock option plan). The other terms remain the same as those applicable to the first programme.

Description of Stock Appreciation Rights Plan 2020

In addition to the stock option plans, flatex AG introduced the Stock Appreciation Rights Plan 2020 (SAR Plan 2020) in May 2020. Under the SAR Plan 2020, one million stock appreciation rights are available, which can be issued to Management Board members and employees as a long-term commitment instrument. After a waiting period of three years, these can be exercised by the entitled persons within another three years. A further 400,000 SARs are also available, which can be granted to members of the Management Board and employees as part of a purchase model. The prerequisite for granting further SARs under the purchase model is the acquisition of shares in flatex AG. In May and June 2020, SARs were granted to Management Board members and employees for the first time.

Each SAR entitles the holder to a cash payment only, 50% of which depends on the development of the share price and 50% on the development of earnings per share.

The SARs vest pro rata temporis over the three-year vesting period. Leaving the company after the end of the waiting period does not result in the SAR expiring.

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Overview of accounting and valuation status

Stock option plans 2014 and 2015

In the first half of 2020 107,500 stock options were exercised. A further 209,000 stock options were exercisable as of 30 June 2020. For the first half-year 2020 a pro rata expense of kEUR 35 was recognised in the income statement and transferred to the capital reserve.

Stock Appreciation Rights Plan 2020

The Stock Appreciation Rights Plan 2020 represents a share-based payment which is accounted for as a cash-settled plan in accordance with IFRS 2. A provision is recognised as an expense over the vesting period. The expenses are recognised under personnel expenses. The provision is measured using a suitable option price model (Black-Scholes formula) and taking into account a forecast EPS at the expected exercise date.

The intrinsic value of already-vested SARs was kEUR 26,195 as of 30 June 2020. The provision structure to be formed for this purpose corresponds to a declining trend over the SAR term, with 70% of the expenses being charged to the first year of the term.

As of 30 June 2020, a provision of kEUR 2,670 (first half-year 2019: EUR 0) was recognised

for the SAR Plan 2020 and expenses of kEUR 2,670 (first half-year 2019: EUR 0) were recog- nised.

NOTE 7 Other financial liabilities

Other financial liabilities	comprise the following:
In kEUR			30/06/2020		31/12/2019
Tax liabilities			19,277	5,572
Accruals and deferrals			150		559
Other financial liabilities			682		-
Total			20,108		6,132

The other financial liabilities of kEUR 20,108 (31 December 2019: kEUR 6,132) primarily comprise tax liabilities from capital gains tax, which must be withheld and paid for customer transac- tions. The increase in other financial liabilities of kEUR 13,976 resulted from the higher number of customer transactions in the first half-year 2020 and the related tax liabilities.

NOTE 8 Other provisions

Other provisions as at 30 June 2020 amounted to kEUR 12,491 (31 December 2019: kEUR 9,674) and mainly comprise contribution costs, audit and year-end closing costs, outstanding invoices and personnel costs.

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NOTE 9 Non-current liabilities to non-banks (leases)

Non-current liabilities to non-banks comprise the following:

In kEUR	30/06/2020	31/12/2019
Non-current liabilities to non-banks
Liabilities from leases			12,537	10,062
Liabilities from hire purchasing			3,093		3,433

NOTE 10 Financial instruments

The following table presents the carrying amounts and the fair values of each financial assets and liabilities depending on the nature of the business model and the measurement category:

In kEUR	30/06/2020		31/12/2019
'Hold until maturity' business model
Amortised cost1
Non-current loans due to customers			57,988		69,409
Cash loans due to local authorities			388		14,056
Current loans due to customers			422,622		362,552
Other receivables due to banks			24,256		31,239
Cash and cash equivalents			932,352		468,616
'Hold to collect and sell' business model
Financial assets measured at fair value through other comprehensive
income (FVOCI)			80,128	61,547
'Hold to sell' business model
Financial assets measured at fair value through profit or loss (FVPL)			214		214
Equity instruments without trading intent
Equity instruments measured at fair value through other
comprehensive income (FVOCI-EK)			63,757	68,644
Equity instruments measured at fair value through profit or loss (FVPL-EK)			65,746		66,049
Financial liabilities
Financial liabilities measured at amortised cost (including
trade payables)1	1,527,682	1,051,405

1 The book values represent adequate approximation for the fair value.

In principle, the loan portfolio is almost fully collateralised. The majority of the loans mature in less than one year, so there is no material difference between the carrying amount and the fair value for these loans. The majority of the long-term loans to customers mature in less than two years. Furthermore, there has been no material change in the interest rate environment relevant to measurement. Therefore, according to currently available information, the carrying amount of these loans also represents an appropriate approximation of their fair value.

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The following table summarises the financial instruments measured at fair value in accordance to their measurement hierarchy levels:

		Level 1			Level 2			Level 3
In kEUR	30/06/2020			31/12/2019	30/06/2020			31/12/2019	30/06/2020			31/12/2019
'Hold until maturity' business model
Amortised cost1
Non-current loans due to customers		-			-		-			-		57,988			69,409
Cash loans due to local authorities		-			-		-			-		388			14,056
Current loans due to customers		-			-		-			-		422,622			362,552
Other receivables due to banks		-			-		-			-		24,256			31,239
Cash and cash equivalents	-			-	-			-	932,352			468,616
'Hold to collect and sell' business model
Financial assets measured at fair value through
other comprehensive income (FVOCI)	80,128			61,547	-			-	-			-
'Hold to sell' business model
Financial assets measured at fair value through	214			214	-			-	-			-
profit or loss (FVPL)
Equity instruments without trading intent
Equity instruments measured at fair value
through other comprehensive income (FVOCI-EK)		38,970			43,857		-			-		24,787			24,787
Equity instruments measured at fair value	-			-	-			-	65,746			66,049
through profit or loss (FVPL-EK)
Financial liabilities
Financial liabilities measured at amortised cost
(including trade payables)1											1,527,682			1,051,405

1 The book values represent adequate approximation for the fair value.

Level 2 financial instruments did not exist as at the reporting date, since no investments were made as of the previous or current reporting date. Financial instruments in level 3 relate to the shares in DEGIRO B.V., Amsterdam, measured at FVOCI, and the shares in the SICAV companies measured at FVPL.

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Financial instruments that are recognised at fair value

flatex AG carries out fair value measurements of selected financial instruments on a regular/ recurrent basis.

Fair values for the instruments in these three categories are based on quoted prices in active markets that the entity can access on the measurement date (level 1 of the valuation techniques for the fair value hierarchy according to IFRS 13). This includes fixed income securities, mutual funds, and equities.

The fair value of financial instruments listed in active markets accessible to the Group is determined on the basis of observable market price quotations, insofar as these represent prices used in regular and current transactions, and is primarily to be recognised as a fair value on the valuation date (market to market).

The fair value disclosed for these instruments is to be categorised as level 3 input in the fair value hierarchy. The inputs for the fair-value measurement of loans and receivables as well as financial liabilities are the prices that were agreed between flatex AG and its contract partners for individual transactions. This relates to receivables from long-term loans in the area of special financing and long-term loan liabilities.

The shares of the SICAV companies measured at fair value through profit or loss are not traded in an active market. There are also no input factors that can be derived from market parameters and are relevant for measurement. The shares in the SICAVs were acquired in the second half of 2019. Current valuations did not result in any material changes to the acquisition costs as of the reporting date, and thus no material difference to the fair value. The current valuations are based on the extrapolated values of net assets per fund unit.

The Group did not measure any financial liabilities at fair value as at 30 June 2020.

Held collateral

flatex AG does not hold any financial or non-financial collateral according to IFRS 7.15.

Provided collateral

The Group has provided collateral with the clearing and depositary agents of flatex Bank AG for the processing of the bank´s financial commission business. The collateral is largely provided in the form of deposited securities. As of 30 June 2020, the carrying amount of provided collateral amounts to kEUR 83,364 (31 December 2019: kEUR 50,675).

In addition, the Group has provided collateral for the financing of an owner-occupied business property in the state of North Rhine-Westphalia. Collateral is provided in the form of a registered mortgage in the amount of kEUR 1,500 against the owner-occupied business property, in favour of the lender of instalment loan. The loan amount as of 30 June 2020 is kEUR 625 (31 December 2019: kEUR 708).

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Changes in risk provisions

The changes in the risk provisions in the first half of 2020 were as follows:

						Total ECL		Total ECL
						maturity -		maturity -
						unimpaired		depreciated
						financial		financial
In kEUR				12-month-ECL	instruments		instruments	Total
Risk provision at 01/01/2020			851		665	10,254		11,771
Changes in the provision for losses of
financial assets including newly issued	or
acquired financial	assets			84		1,144	1,585		2,813
Reclassifications	due to deterioration in
credit quality				-		-	-		-
to total ECL maturity - unimpaired
financial instruments			-25		-	-		-25
to total ECL maturity - depreciated
financial instruments			-		-	-		-
Changes in impairment for irrevocable
loan commitments			5		-	-		5
Risk provision at 30/06/2020			915		1,810	11,839		14,564

As a result of the risk-adequate evaluation and representation of the higher credit utilisation and the overall increase in turnover in the brokerage business, risk provisions increased as of the reporting date. Due to the high collateralisation of the loan portfolio, no further additions were necessary as of the reporting date as a result of the COVID-19 pandemic. Due to the high level of collateralisation, there were no material changes in gross carrying amounts as of the reporting date. In addition, new information on individual exposures was taken into account in the context of risk provisioning and allocation to levels.

NOTE 11 Revenues

Revenues for the reporting period were composed as follows:

In kEUR	30/06/2020	30/06/2019
Commission income			76,915	46,458
Other operating income			12,125		11,347
Interest income			10,738		6,546
Total			99,778		64,350
Timeline of revenues recognition
at a certain time			99,778		64,350
over a period			-		-

In total, revenues increased by kEUR 35,428 to kEUR 99,778 in the first half-year 2020 (first half-year 2019: kEUR 64,350). The main driver of this increase was commission income.

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In the first half-year 2020, commission income in the amount of kEUR 76,915 (first half-year 2019: kEUR 46,458) was generated primarily from the flatex and ViTrade brokerage business and the B2B services of flatex Bank AG. The 66% increase is mainly due to organic growth as well as the high stock market volatility triggered by the COVID-19 pandemic and the resulting high number of transactions. This includes new customer promotions in which securities trading was made possible at a reduced transaction fee of EUR 3.90 per transaction. The positive development is offset by a decline in the Institutional Brokerage division, which is related to the termination of the provision of the liability umbrella to FIB Management AG in 2019.

From other sales, including the provision of IT services, the Group generated sales of kEUR 12,125 (first half-year 2019: kEUR 11,347). The main items here are IT services with the FTX:CBS and OTC trading system L.O.X. flanked by further development services for customers from the Technologies segment.

The Group fulfils its performance obligations by executing an order or providing IT services. Income from commission and interest income is allocated to the Financial Services segment. The IT services included in other revenues relate exclusively to the Technologies segment.

NOTE 12 Personnel expenses

The personnel expenses incurred break down as follows:

In kEUR	30/06/2020	30/06/2019
Wages and salaries			15,374	10,542
Social security contributions and discretionary benefits			2,626		2,390
Income/expenses for pension obligations and employee benefits			-378		-386
Expenses for stock option plans			2,705		-
Total			20,327		12,546

Personnel expenses increased by kEUR 7,781 to kEUR 20,327 compared to the previous year's reporting date. This increase is due in particular to the kEUR 4,832 rise in expenses for wages and salaries. This is due to an increase in the average number of employees by 20 to 544 and a slight rise in gross personnel costs per capita. In addition, product development services for intangible assets according to IAS 38 decreased by kEUR 1,860. For the first time, expenses for the newly introduced Stock Appreciation Rights Plan (see Note 6) in the first half of 2020 amounted to kEUR 2,705 (first half-year 2019: EUR 0).

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NOTE 13 Other administrative expenses

Other administrative expenses for the reporting period break down as follows:

In kEUR	30/06/2020	30/06/2019
Marketing and advertising			8,445	3,236
Bank-specific contributions			1,810		1,160
Legal and professional services			1,466		1,670
Premises			1,311		1,117
IT			1,290		1,179
Insurance, contributions, official fees			1,103		623
Other expenses			876		1,677
Postage and office supplies			538		359
Vehicle expenses			217		368
Travel			186		364
Entertainment			64		50
Total			17,307		11,804

The increase in other administrative expenses by kEUR 5,503 to kEUR 17,307 compared to the previous year's reporting date is primarily due to the increase in marketing and advertising expenses by kEUR 5,209 as of 30 June 2020. Marketing and advertising expenses in the first half-year 2020 include in particular the general advertising costs for flatex and expenses for campaigns to acquire new customers.

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NOTE 14 Segment reporting in accordance with IFRS 8

As in the 2019 consolidated financial statements, flatex AG divides its activities into the two segments FIN and TECH:

Segment report for continuing activities in the first half-year 2020

In kEUR		FIN	TECH	Consolidation	Total
Total net revenues		90,500		18,137		-8,859		99,778
Raw materials and consumables		23,299		1,707		-5,564		19,442
Personnel expenses		12,843		10,093		-2,609		20,327
Other administrative expenses		14,536		3,457		-686		17,307
EBITDA		39,821		2,880		-		42,701
Depreciation								6,928
Consolidated earnings before
interest and income tax (EBIT)								35,773
Net financial income/finance costs								-1,701
Consolidated earnings before
income tax (EBT)								34,072
Income tax expense								11,698
Consolidated net profit from
continuing activities								22,374
Consolidated net profit								22,374

Segment report for continuing activities in the first	half-year 2019
In kEUR		FIN	TECH	Consolidation		Total
Total net revenues		55,667		17,627			-8,945			64,350
Raw materials and consumables		24,071		1,750			-5,562			20,259
Personnel expenses		10,116		4,578			-2,148			12,546
Other administrative expenses		8,887		4,152			-1,235			11,804
EBITDA		12,594		7,147			-			19,740
Depreciation										5,962
Consolidated earnings before
interest and income tax (EBIT)										13,779
Net financial income/finance costs										-1,153
Consolidated earnings before
income tax (EBT)										12,625
Income tax expense										4,079
Consolidated net profit from
continuing activities										8,547
Consolidated net profit										8,547

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NOTE 15 Related party relationships and transactions

In May 2020, a new stock option plan for share-based payment was introduced, which also affects key management personnel. Please refer to Note 6 of this report for further details.

On 30 May 2020, the Supervisory Board of flatex AG unanimously approved the early reappointment of the current Management Board members Frank Niehage (CEO) and Muhamad Said Chahrour (CFO) until 31 May 2025.

Apart from this, there have been no significant changes regarding transactions between the Group companies and other related parties and their composition compared with the previous reporting date. We therefore refer to the Annual Report 2019, Note 28.

NOTE 16 Earnings per share

The result per share for the first half-year 2020 is EUR 1.14 (undiluted) and EUR 1.13 (diluted).

The number of average shares outstanding during the first half-year 2020 were 19,648,027 (undiluted) and 19,776,674 (diluted).

NOTE 17 Dividends

No dividends were distributed by flatex AG during the reporting period.

NOTE 18 Events after 30 June 2020

flatex acquires DEGIRO

Regarding the acquisition of DEGIRO by flatex AG, we refer to the forecast report in the half- year group management report.

Start of the partnership with Borussia Mönchengladbach

At the end of the past six months, flatex AG concluded a three-year contract with Borussia Mönchengladbach effective 1 July 2020, thus becoming the new main sponsor of the Bun- desliga football club.

Changes in the shareholder structure of flatex AG

On 2 July 2020, the two major shareholders of flatex AG - GfBk Gesellschaft für Börsen- kommunikation mbH ("GfBk") and Heliad Equity Partners GmbH & Co KGaA ("Heliad") - announced that up to 2,300,000 shares would be sold to institutional investors in a private placement. This increases the free float of flatex AG to more than 70%. Following the private placement, Mr Förtsch, as sole shareholder in BFF Holding GmbH, will no longer exercise a controlling influence over flatex AG via GfBk directly and indirectly via Heliad. The ultimate parent company of the flatex Group is thus flatex AG.

Uplisting of flatex AG shares

flatex AG is planning to move its listed shares from the free trade ("Scale Segment") to the regulated market ("Prime Segment") of the Frankfurt Stock Exchange ("uplisting") in the fourth quarter of 2020. As things stand at present, there is a possibility that the shares of flatex AG will meet the requirements for inclusion in the SDAX after the change.

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Frankfurt am Main, 30 July 2020

flatex AG

Frank Niehage	Muhamad Said Chahrour
CEO, Chairman of the Management Board	CFO, Member of the Management Board

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Page 34

Certifi cate after audit review

CERTIFICATE AFTER AUDIT REVIEW

We have reviewed the condensed consolidated interim financial statements - comprising the income statement, statement of comprehensive income, balance sheet, condensed statement of changes in equity, condensed cash flow statement and selected explanatory notes - and the interim group management report of flatex AG, Frankfurt am Main, for the period from 1 January 2020 to 30 June 2020. The preparation of the condensed consolidated interim financial statements in accordance with the International Financial Reporting Standards (IFRS) applicable to interim financial reporting as adopted by the EU and of the interim group management report is the responsibility of the Company's management. Our responsibility is to issue a review report on the condensed interim consolidated financial statements and the interim group management report based on our review.

We conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschafts- prüfer (IDW). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with moderate assurance, that the condensed consolidated interim financial statements have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared, in material respects, applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor's opinion.

Based on our review, no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU.

Frankfurt am Main, 17 August 2020

BDO AG

Wirtschaftsprüfungsgesellschaft

Otte	Hebel
Wirtschaftsprüfer	Wirtschaftsprüfer
[German Public Auditor]	[German Public Auditor]

Certificate after audit review

flatex AG | Half-Year Report 2020

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flatex AG

Rotfeder-Ring 7 D-60327 Frankfurt am Main Tel [phone] [e-mail] www.flatex.com