This document is an unofficial translation of the Polish version of Consolidated Annual Report for Q1 2024 and does not constitute a current or periodical report as defined under the Regulation of the Minister of Finance on the current and periodical information provided by issuers of securities and the conditions for considering the information required by the provisions of law of the state not being a member state as equivalent thereto that was issued in accordance with the Polish Act on Public Offering , the Conditions Governing the Introduction of Finance Instruments to Organised Trading, and Public Companies dated 29 July 2005 (amended and restated: Journal of Laws of 2020, item 2080 with subsequent amendments). This document is for informational purposes only. Neither the Company, its shareholders, nor any of their advisors are responsible for translation errors, if any, or for any discrepancies between the original report and this translation into English. If there are any discrepancies between the English translation and the Polish version, the latter shall prevail.
CAPITAL GROUP
REPORT
XTB S.A.
FOR THE FIRST QUARTER 2024
SPIS TREŚCI
FINANCIAL CONSOLIDATED HIGHLIGHTS | 3 | |
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 5 | |
INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT | 6 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 7 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 8 | |
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT | 11 | |
ADDITIONAL EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 12 | |
1. | Information about the Parent Company and composition of the Group | 12 |
2. | Basis for drafting the financial statements | 14 |
3. | Professional judgement | 16 |
4. | Adopted material accounting principles | 17 |
5. | Seasonality of operations | 17 |
6. | Operating income | 17 |
7. | Salaries and employee benefits | 18 |
8. | Marketing | 18 |
9. | Other external services | 19 |
10. | Commission expenses | 19 |
11. | Finance income and costs | 19 |
12. | Segment information | 19 |
13. | Cash and cash equivalents | 25 |
14. | Financial assets at fair value through P&L | 25 |
15. | Financial assets at amortised cost | 25 |
16. | Intangible assets | 27 |
17. | Property, plant and equipment | 30 |
18. | Amounts due to customers | 33 |
19. | Financial liabilities held for trading | 33 |
20. | Liabilities due to lease | 33 |
21. | Other liabilities | 34 |
22. | Provisions for liabilities and contingent liabilities | 34 |
23. | Equity | 35 |
24. | Profit distribution and dividend | 37 |
25. | Earnings per share | 37 |
26. | Current income tax and deferred income tax | 38 |
27. | Related party transactions | 41 |
28. | Employment | 43 |
29. | Supplementary information and explanations to the cash flow statement | 43 |
30. | Off-balance sheet items | 44 |
31. | Items regarding the compensation scheme | 44 |
32. | Capital management | 44 |
33. | Risk management | 46 |
34. | Post balance sheet events | 60 |
NOTES TO THE QUARTERLY REPORT | 61 | |
1. | Information about the Group's activities | 62 |
2. | Summary and analysis of the results of the Group | 63 |
3. | Company's authorities | 79 |
4. | Information about shares and shareholding | 80 |
5. | XTB strategy | 82 |
6. | Other information | 83 |
INTERIM CONDENSED STANDALONE FINANCIAL STATEMENTS | 91 | |
INTERIM CONDENSED STANDALONE COMPREHENSIVE INCOME STATEMENT | 92 | |
INTERIM CONDENSED STANDALONE STATEMENT OF FINANCIAL POSITION | 93 | |
INTERIM CONDENSED STANDALONE STATEMENT OF CHANGES IN EQUITY | 94 | |
INTERIM CONDENSED STANDALONE CASH FLOW STATEMENT | 97 |
FINANCIAL CONSOLIDATED HIGHLIGHTS
REPORT FOR THE 1ST QUARTER 2024
XTB S.A. GROUP
(TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH)
FINANCIAL CONSOLIDATED HIGHLIGHTS
IN PLN'000 | IN EUR'000 | |||||||||||||
THREE-MONTH ENDED | THREE-MONTH ENDED | |||||||||||||
31.03.2024 | 31.03.2023 | 31.03.2024 | 31.03.2023 | |||||||||||
Consolidated comprehensive income | ||||||||||||||
statement: | ||||||||||||||
Total operating income | 555 948 | 537 553 | 128 659 | 114 361 | ||||||||||
Profit on operating activities | 350 983 | 353 334 | 81 225 | 75 169 | ||||||||||
Profit before tax | 368 641 | 367 012 | 85 312 | 78 079 | ||||||||||
Net profit | 302 746 | 302 814 | 70 062 | 64 422 | ||||||||||
Net profit attributable to owners of the parent | 302 767 | 302 814 | 70 067 | 64 422 | ||||||||||
company | ||||||||||||||
Net profit and diluted net profit per share attributable | ||||||||||||||
to shareholders of the Parent Company | 2,58 | 2,58 | 0,60 | 0,55 | ||||||||||
(in PLN/EUR per share) | ||||||||||||||
Consolidated cash flow statement: | ||||||||||||||
Net cash from operating activities | 324 311 | 138 011 | 75 053 | 29 361 | ||||||||||
Net cash from investing activities | (398 789) | 174 734 | (92 289) | 37 173 | ||||||||||
Net cash from financing activities | (1 549) | (2 006) | (358) | (427) | ||||||||||
Increase in net cash and cash equivalents | (76 027) | 310 739 | (17 594) | 66 108 | ||||||||||
W TYS. PLN | W TYS. EUR | |||
31.03.2024 | 31.12.2023 | 31.03.2024 | 31.12.2023 | |
Consolidated statement of financial | ||||
position: | ||||
Total assets | 5 375 573 | 4 688 658 | 1 249 872 | 1 078 348 |
Total liabilities | 3 336 827 | 2 953 995 | 775 844 | 679 392 |
Share capital | 5 878 | 5 878 | 1 367 | 1 352 |
Equity | 2 038 746 | 1 734 663 | 474 028 | 398 957 |
Number of shares | 117 569 251 | 117 569 251 | 117 569 251 | 117 569 251 |
Carrying amount and diluted carrying amount per | ||||
share attributable to shareholders of the Parent | 17,34 | 14,75 | 4,03 | 3,39 |
Company (in PLN/EUR per share) | ||||
The above data was translated into EUR as follows:
- items in the consolidated comprehensive income statement and consolidated cash flow statement - by the arithmetic average of exchange rates published by the National bank of Poland as of the last day of the month during the reporting period:
- for the current period: 4,3211;
- for the comparative period: 4,7005;
- items of consolidated statement of financial position - by the average exchange rate published by the National Bank of Poland as of the end of the reporting period:
- for the current period: 4,3009;
- for the comparative period: 4,3480.
www.xtb.com | 4 |
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
REPORT FOR THE 1st QUARTER 2024
XTB S.A. GROUP
(TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH)
INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
THREE-MONTH | THREE-MONTH | ||||||||||
(IN PLN'000) | NOTE | PERIOD ENDED | PERIOD ENDED | ||||||||
31.03.2024 | 31.03.2023 | ||||||||||
(UNAUDITED) | (UNAUDITED) | ||||||||||
Result of operations on financial instruments | 6.1 | 539 598 | 528 546 | ||||||||
Net interest income on clients cash, including: | 13 686 | 5 946 | |||||||||
- Interest income from clients cash | 22 006 | 5 946 | |||||||||
- Interest expense paid to clients | (8 320) | - | |||||||||
Income from fees and charges | 6.2 | 2 543 | 3 050 | ||||||||
Other income | 121 | 11 | |||||||||
Total operating income | 6 | 555 948 | 537 553 | ||||||||
Marketing | 8 | (81 106) | (81 435) | ||||||||
Salaries and employee benefits | 7 | (72 845) | (63 367) | ||||||||
Commission expenses | 10 | (21 324) | (15 079) | ||||||||
Other external services | 9 | (16 961) | (14 062) | ||||||||
Amortisation and depreciation | 16,17 | (4 748) | (3 746) | ||||||||
Taxes and fees | (3 841) | (3 004) | |||||||||
Costs of maintenance and lease of buildings | (2 205) | (1 926) | |||||||||
Other costs | (1 935) | (1 600) | |||||||||
Total operating expenses | (204 965) | (184 219) | |||||||||
Profit on operating activities | 350 983 | 353 334 | |||||||||
Finance income, including: | 11 | 17 928 | 21 454 | ||||||||
- interest income on financial instruments at amortized cost | 11 | 9 792 | 11 481 | ||||||||
Finance costs | 11 | (270) | (7 776) | ||||||||
Profit before tax | 368 641 | 367 012 | |||||||||
Income tax | 26 | (65 895) | (64 198) | ||||||||
Net profit, including: | 302 746 | 302 814 | |||||||||
- profit attributable to owners of the parent company | 302 767 | 302 814 | |||||||||
- profit (loss) attributable to owners of non-controlling interests | (21) | - | |||||||||
Other comprehensive income | (498) | (510) | |||||||||
Items which will be reclassified to profit (loss) after meeting specific | (579) | (535) | |||||||||
conditions | |||||||||||
Currency translation differences: | (579) | (535) | |||||||||
- positions that will be reclassified to profit on valuation of foreign | (153) | (403) | |||||||||
companies | |||||||||||
- positions that will be reclassified to profit on valuation of separated | (426) | (132) | |||||||||
equity | |||||||||||
Deferred income tax | 81 | 25 | |||||||||
Total comprehensive income, including: | 302 248 | 302 304 | |||||||||
- total comprehensive income attributable to owners of the parent | 302 275 | 302 304 | |||||||||
company | |||||||||||
- total comprehensive income attributable to owners of non-controlling | (27) | - | |||||||||
interests | |||||||||||
Earnings per share: | |||||||||||
- basic profit per year attributable to shareholders of the Parent | 25 | 2,58 | 2,58 | ||||||||
Company (in PLN) | |||||||||||
- basic profit from continued operations per year attributable to | 25 | 2,58 | 2,58 | ||||||||
shareholders of the Parent Company (in PLN) | |||||||||||
- diluted profit of the year attributable to shareholders of the Parent | 25 | 2,58 | 2,58 | ||||||||
Company (in PLN) | |||||||||||
- diluted profit from continued operations of the year attributable to | 25 | 2,58 | 2,58 | ||||||||
shareholders of the Parent Company (in PLN) | |||||||||||
The interim condensed consolidated comprehensive income statement should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.
www.xtb.com | 6 |
REPORT FOR THE 1st QUARTER 2024
XTB S.A. GROUP
(TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IN PLN'000) | NOTE | 31.03.2024 | 31.12.2023 | 31.03.2023 | ||||||||||
(UNAUDITED) | (AUDITED) | (UNAUDITED) | ||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | 13 | 3 773 307 | 3 676 756 | 3 462 511 | ||||||||||
Financial assets at fair value through P&L | 14 | 1 477 799 | 903 255 | 923 062 | ||||||||||
Income tax receivables | - | 129 | 9 103 | |||||||||||
Financial assets at amortised cost | 15 | 44 519 | 31 407 | 44 975 | ||||||||||
Prepayments and deferred costs | 15 967 | 15 486 | 16 145 | |||||||||||
Intangible assets | 16 | 2 100 | 1 167 | 1 441 | ||||||||||
Property, plant and equipment | 17 | 51 898 | 50 386 | 49 568 | ||||||||||
Deferred income tax assets | 26 | 9 983 | 10 072 | 7 635 | ||||||||||
Total assets | 5 375 573 | 4 688 658 | 4 514 440 | |||||||||||
EQUITY AND LIABILITIES | ||||||||||||||
Liabilities | ||||||||||||||
Amounts due to customers | 18 | 2 917 299 | 2 638 122 | 2 398 456 | ||||||||||
Financial liabilities held for trading | 19 | 185 585 | 110 358 | 107 498 | ||||||||||
Income tax liabilities | 13 675 | 22 991 | 1 000 | |||||||||||
Liabilities due to lease | 20 | 28 304 | 29 603 | 33 494 | ||||||||||
Other liabilities | 21 | 117 130 | 86 080 | 88 123 | ||||||||||
Provisions for liabilities | 22 | 3 733 | 3 892 | 4 055 | ||||||||||
Deferred income tax provision | 26 | 71 101 | 62 949 | 73 441 | ||||||||||
Total liabilities | 3 336 827 | 2 953 995 | 2 706 067 | |||||||||||
Equity | ||||||||||||||
Share capital | 23 | 5 878 | 5 878 | 5 869 | ||||||||||
Supplementary capital | 23 | 71 608 | 71 608 | 71 608 | ||||||||||
Other reserves | 23 | 864 731 | 863 166 | 657 555 | ||||||||||
Foreign exchange differences on translation | 23 | (7 094) | (6 595) | (470) | ||||||||||
Retained earnings | 1 103 374 | 800 606 | 1 073 811 | |||||||||||
Equity attributable to the owners of the Parent Company | 2 038 497 | 1 734 663 | 1 808 373 | |||||||||||
Non-controlling interests | 249 | - | - | |||||||||||
Total equity | 2 038 746 | 1 734 663 | 1 808 373 | |||||||||||
Total equity and liabilities | 5 375 573 | 4 688 658 | 4 514 440 |
The interim condensed consolidated statement of financial position should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.
www.xtb.com | 7 |
REPORT FOR THE 1st QUARTER 2024
XTB S.A. GROUP
(TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Interim condensed consolidated statement of changes in equity for the period from 1 January 2024 to 31 March 2024 (UNAUDITED)
FOREIGN | ||||||||||||||||||||||||||
EXCHANGE | EQUITY | |||||||||||||||||||||||||
SHARE | SUPPLEMENTARY | OTHER | DIFFERENCES ON | RETAINED | ATTRIBUTABLE | NON-CONTROLLING | TOTAL | |||||||||||||||||||
(IN PLN'000) | TRANSLATION OF | TO THE OWNERS | ||||||||||||||||||||||||
CAPITAL | CAPITAL | RESERVES | FOREIGN | EARNINGS | OF THE PARENT | INTERESTS | EQUITY | |||||||||||||||||||
OPERATIONS | COMPANY | |||||||||||||||||||||||||
AND SEPARATE | ||||||||||||||||||||||||||
FUNDS | ||||||||||||||||||||||||||
NOTE | 23 | 23 | 23, 24 | 23 | 24 | |||||||||||||||||||||
As at 1 January 2024 | 5 878 | 71 608 | 863 166 | (6 595) | 800 606 | 1 734 663 | - | 1 734 663 | ||||||||||||||||||
Total comprehensive income for the | ||||||||||||||||||||||||||
financial period | ||||||||||||||||||||||||||
Net profit | - | - | - | - | 302 768 | 302 768 | (21) | 302 747 | ||||||||||||||||||
Other comprehensive income | - | - | - | (499) | - | (499) | (6) | (505) | ||||||||||||||||||
Total comprehensive income for the | - | - | - | (499) | 302 768 | 302 269 | (27) | 302 242 | ||||||||||||||||||
financial period | ||||||||||||||||||||||||||
Transactions with Parent | ||||||||||||||||||||||||||
Company's owners recognized | ||||||||||||||||||||||||||
directly in equity | ||||||||||||||||||||||||||
Appropriation of profit/offset of loss | ||||||||||||||||||||||||||
- dividend payment | - | - | - | - | - | - | - | - | ||||||||||||||||||
- transfer to other reserves | - | - | - | - | - | - | - | - | ||||||||||||||||||
Issue of Equity | - | - | - | - | - | - | - | - | ||||||||||||||||||
Inclusion of share based incentive | - | - | 1 565 | - | - | 1 565 | - | 1 565 | ||||||||||||||||||
scheme | ||||||||||||||||||||||||||
Increase (decrease) in equity | - | - | 1 565 | (499) | 302 768 | 303 834 | (27) | 303 807 | ||||||||||||||||||
Contributions of capital by non- | - | - | - | - | - | - | 276 | 276 | ||||||||||||||||||
controlling interests | ||||||||||||||||||||||||||
As at 31 March 2024 | 5 878 | 71 608 | 864 731 | (7 094) | 1 103 374 | 2 038 497 | 249 | 2 038 746 | ||||||||||||||||||
The interim condensed consolidated statement of changes in equity should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.
www.xtb.com | 8 |
REPORT FOR THE 1st QUARTER 2024
XTB S.A. GROUP
(TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH)
Statement of changes in equity for the period from 1 January 2023 to 31 December 2023 (AUDITED)
FOREIGN | ||||||||||||||||||||||||||
EXCHANGE | EQUITY | |||||||||||||||||||||||||
SHARE | SUPPLEMENTARY | OTHER | DIFFERENCES ON | RETAINED | ATTRIBUTABLE | NON-CONTROLLING | TOTAL | |||||||||||||||||||
(IN PLN'000) | TRANSLATION OF | TO THE OWNERS | ||||||||||||||||||||||||
CAPITAL | CAPITAL | RESERVES | FOREIGN | EARNINGS | OF THE PARENT | INTERESTS | EQUITY | |||||||||||||||||||
OPERATIONS | COMPANY | |||||||||||||||||||||||||
AND SEPARATE | ||||||||||||||||||||||||||
FUNDS | ||||||||||||||||||||||||||
NOTE | 23 | 23 | 23, 24 | 23 | 24 | |||||||||||||||||||||
As at 1 January 2023 | 5 869 | 71 608 | 657 555 | 40 | 770 997 | 1 506 069 | - | 1 506 069 | ||||||||||||||||||
Total comprehensive income for the | ||||||||||||||||||||||||||
financial period | ||||||||||||||||||||||||||
Net profit | - | - | - | - | 791 173 | 791 173 | - | 791 173 | ||||||||||||||||||
Other comprehensive income | - | - | - | (6 635) | - | (6 635) | - | (6 635) | ||||||||||||||||||
Total comprehensive income for the | - | - | - | (6 635) | 791 173 | 784 538 | - | 784 538 | ||||||||||||||||||
financial period | ||||||||||||||||||||||||||
Transactions with Parent | ||||||||||||||||||||||||||
Company's owners recognized | ||||||||||||||||||||||||||
directly in equity | ||||||||||||||||||||||||||
Appropriation of profit/offset of loss | ||||||||||||||||||||||||||
- dividend payment | - | - | - | - | (570 484) | (570 484) | - | (570 484) | ||||||||||||||||||
- transfer to other reserves | - | - | 191 080 | - | (191 080) | - | - | - | ||||||||||||||||||
Issue of Equity | 9 | - | - | - | - | 9 | - | 9 | ||||||||||||||||||
Inclusion of share based incentive | - | - | 14 531 | - | - | 14 531 | - | 14 531 | ||||||||||||||||||
scheme | ||||||||||||||||||||||||||
Increase (decrease) in equity | 9 | - | 205 611 | (6 635) | 29 609 | 228 594 | - | 228 594 | ||||||||||||||||||
Contributions of capital by non- | - | - | - | - | - | - | - | - | ||||||||||||||||||
controlling interests | ||||||||||||||||||||||||||
As at 31 December 2023 | 5 878 | 71 608 | 863 166 | (6 595) | 800 606 | 1 734 663 | - | 1 734 663 | ||||||||||||||||||
The statement of changes in equity should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.
www.xtb.com | 9 |
REPORT FOR THE 1st QUARTER 2024
XTB S.A. GROUP
(TRANSLATION OF A DOCUMENT ORIGINALLY ISSUED IN POLISH)
Interim condensed consolidated statement of changes in equity for the period from 1 January 2023 to 31 March 2023 (UNAUDITED)
FOREIGN | ||||||||||||||||||||||||||
EXCHANGE | EQUITY | |||||||||||||||||||||||||
SHARE | SUPPLEMENTARY | OTHER | DIFFERENCES ON | RETAINED | ATTRIBUTABLE | NON-CONTROLLING | TOTAL | |||||||||||||||||||
(IN PLN'000) | TRANSLATION OF | TO THE OWNERS | ||||||||||||||||||||||||
CAPITAL | CAPITAL | RESERVES | FOREIGN | EARNINGS | OF THE PARENT | INTERESTS | EQUITY | |||||||||||||||||||
OPERATIONS | COMPANY | |||||||||||||||||||||||||
AND SEPARATE | ||||||||||||||||||||||||||
FUNDS | ||||||||||||||||||||||||||
NOTE | 23 | 23 | 23, 24 | 23 | 24 | |||||||||||||||||||||
As at 1 January 2023 | 5 869 | 71 608 | 657 555 | 40 | 770 997 | 1 506 069 | - | 1 506 069 | ||||||||||||||||||
Total comprehensive income for the | ||||||||||||||||||||||||||
financial period | ||||||||||||||||||||||||||
Net profit | - | - | - | - | 302 814 | 302 814 | - | 302 814 | ||||||||||||||||||
Other comprehensive income | - | - | - | (510) | - | (510) | - | (510) | ||||||||||||||||||
Total comprehensive income for the | - | - | - | (510) | 302 814 | 302 304 | - | 302 304 | ||||||||||||||||||
financial period | ||||||||||||||||||||||||||
Transactions with Parent | ||||||||||||||||||||||||||
Company's owners recognized | ||||||||||||||||||||||||||
directly in equity | ||||||||||||||||||||||||||
Appropriation of profit/offset of loss | ||||||||||||||||||||||||||
- dividend payment | - | - | - | - | - | - | - | - | ||||||||||||||||||
- transfer to other reserves | - | - | - | - | - | - | - | - | ||||||||||||||||||
Issue of Equity | - | - | - | - | - | - | - | - | ||||||||||||||||||
Inclusion of share based incentive | - | - | - | - | - | - | - | - | ||||||||||||||||||
scheme | ||||||||||||||||||||||||||
Increase (decrease) in equity | - | - | - | (510) | 302 814 | 302 304 | - | 302 304 | ||||||||||||||||||
Contributions of capital by non- | - | - | - | - | - | - | - | - | ||||||||||||||||||
controlling interests | ||||||||||||||||||||||||||
As at 31 March 2023 | 5 869 | 71 608 | 657 555 | (470) | 1 073 811 | 1 808 373 | - | 1 808 373 | ||||||||||||||||||
The interim condensed consolidated statement of changes in equity should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.
www.xtb.com | 10 |
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X Trade Brokers Dom Maklerski SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 22:23:36 UTC.