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  • 2018.04.06
    Company statement regarding the press publication

    In October 2017, the Management Board of X-Trade Brokers Dom Maklerski S.A. filed a criminal complaint with the District Prosecutor‘s Office in Warsaw against a client’s unlawful threats. The client, within the last 4 years, repeatedly blackmailed the company with a threat of destroying its public image, expecting a payment of PLN 3,5, 7 and at last 14 million. In February this year, the Prosecutor’s Office in Warsaw initiated proceedings in response to actions by a client, including unlawful threats against the Company’s executives and attempts to extort money. Despite the proceedings initiated, the client continues its unlawful threats against the Company by blackmailing its executives. The Company has described the incident in its 2017 annual report

    https://ir.xtb.com/files/2018/03/XTB-Skonsolidowany-Raport-Roczny-2017-ENG.pdf

     

    The client’s claims are totally unfounded and the losses sustained by the client were solely due to the client’s bad investment decisions, as unequivocally demonstrated in the presentation during the Financial Supervision Authority’s inspection in 2016, in later documents provided to the supervisor, as well as in the expert opinion prepared by the independent consulting firm Roland Berger that analysed the client’s transactions and investment decisions. The analysis confirmed that the client’s transactions were not delayed, and the execution time of his transactions was faster than the average for other clients.

     

    In relation to media report, the Management Board would like to point out that described by the client actions undertaken by the Company’s former employee who was dismissed on disciplinary grounds do not constitute basis for any claims by the said client. The former employee stated before the court that he had acted in an unprofessional manner and had been manipulated by the client. Earlier, the former employee stated that the client offered him money in return for cooperation to make the Company succumb to a compromise and payment of undue amount. The company denies that the client was offered any settlement offer.

     

    XTB is supervised by the Financial Supervision Authority. Our clients’ funds are kept in segregated accounts and are covered by the compensation system of the Central Securities Depository of Poland. XTB complies with all laws and regulations that are in line with market practice and adheres to the industry’s codes of conduct. Acting in the best interest of the Company and its shareholders and guided by what is good by our clients, the Company is closely working with relevant administrative bodies in order to resolve the subject matter.

     

    X-Trade Brokers Dom Maklerski S.A. Management Board

  • 2018.03.07
    Consolidated financial results of XTB for 2017

    10% increase in revenues and over 50% in operating profit y/y, due to the growing volume of turnover and a record number of new accounts. The prospect of further expansion of the product base and expansion into new markets.

     

    In 2017, XTB reported PLN 92 973 thousand of consolidated net profit, ie 19.6% increase y/y. Operating profit (EBIT) increased by 56.2% y/y to PLN 128 270 thousand. Consolidated revenues amounted to PLN 273 767 thousand, ie 9.3% increase y/y.

     

     

    A VOLUME OF TURNOVER AND REVENUE OF THE GROUP

     

    Increase of the Group’s revenues in 2017 by 9.3% y/y to PLN 273 767 thousand results mainly from an increase in the trading volume by 9% y/y calculated in lots with comparable profitability per lot. Looking at revenues in terms of instrument classes, it can be seen that, similarly as in 2016, CFDs based on share indices dominated. Their share in the structure of revenues on financial instruments in 2017 reached 60.7% against 46.2% a year earlier.

     

     

    MAIN MARKET INCREASE, A PERSPECTIVE FOR FURTHER EXPANSION IN LATIN AMERICA

     

    Geographically, XTB revenues were optimally diversified. Their growth occurred both in Central and Eastern Europe and in Western Europe. The countries from which the Group draws each time more than 15% of revenues are: Poland with a share of 28.6% (2016: 31.9%) and Spain with a share of 20.7% (2016: 18%). The share of other countries in the geographical structure of revenues does not exceed 15% in any case. In a global contribution, Latin America gains importance, gradually replacing the gap in Turkey.

     

     

    INCREASE PARTICIPATION SERVICES FOR INSTITUTIONAL CUSTOMERS

     

    The segmental diversification of revenues in XTB is becoming more and more visible due to the dynamic development of the institutional segment (X Open Hub). Since 2013, the Group provides services to institutional clients. XTB provides liquidity and technology to other financial institutions, including brokerage houses. In the discussed period, institutional activity reached PLN 41 580 thousand revenue, which gives an increase of 113% y/y.

     

     

    A PERSPECTIVE OF FURTHER GROWTH OF THE CUSTOMERS ‘BASE

     

    In connection with the growing customer base, XTB has a solid foundation for growth. In the fourth quarter of 2017, the number of open new accounts was record-breaking both in relation to the previous quarters of 2017 and in 2016. The number of new open accounts in 2017 increased by 62.1% y/y. The average number of active accounts was 21,088, ie an increase of 22.3% y/y. In the subsequent quarters of 2018, the increase of accounts should be continued due to the increased marketing activity and the introduction of new products to the offer. German, French and Latin America have the largest growth potential.

     

     

    GROWTH OF PROFITS AT DECREASING COSTS

     

    In 2017, the Group recorded PLN 92 973 thousand of consolidated net profit, ie increase by 19.6% y/y. Operating profit (EBIT) increased by 56.2% y/y to reach PLN 128 270 thousand. In 2017, XTB significantly improved cost efficiency, while maintaining increases in opened new accounts and the number of active accounts. Operating expenses amounted to PLN 145 497 thousand (2016: PLN 168 461 thousand), ie a decrease by 13.6% y/y. This decline was contributed by PLN 24 497 thousand lower marketing costs resulting mainly from lower expenditures on advertising campaigns.

     

     

    In the fourth quarter of 2017 operating expenses were comparable to y/y and higher q/q, mainly due to an increase in costs of  remuneration. In 2018, operating expenses should be at a comparable (slightly higher) level to that observed in 2017. Their final level will depend on the amount of remuneration and the level of marketing expenses. The Group’s results will affect the amount of remuneration. The level of marketing expenses will depend on the assessment of their impact on the Group’s results and profitability, as well as the responsiveness of customers to the actions taken.

     

    DEVELOPMENT PROSPECTS

     

    The Group plans further development by expanding the customer base and product offer, penetrating existing markets and expanding geographically into Latin American markets. Due to the current underestimation of the Company, the Management Board withheld the work on market consolidation through mergers and acquisitions, focusing more on organic growth.

     

    ADMINISTRATIVE PROCEEDINGS

     

    As regards administrative proceedings in the Polish Financial Supervision Authority (PFSA) and proceedings in the prosecutor’s office, the Management Board of XTB maintains its position and does not find any grounds for objections regarding the way the company operates and informing clients. The Management Board has independent expertise from leading law firms, which among other things say that the transaction systems used by XTB corresponded to market standards and met the demands of the legislator. Legal opinions indicate that the use of the mechanism of asymmetric deviation by XTB was a typical technical and contractual phenomenon that is commonly found on the market of financial instruments, used to protect the investment company, the party actually subject to the asymmetrical contract risk.

    XTB’s activities are supervised by the PFSA and the clients’ funds are stored in segregated accounts and covered by the National Depository for Securities compensation system. XTB adheres to all applicable laws and supervision guidelines in line with market practice and adheres to industry codes. Acting in the interest of the company and its shareholders, as well as being guided by the good of clients, the company cooperates with representatives of administrative bodies in order to promptly clarify the matter.

     

     

     

     

     

     

     

  • 2018.02.08
    Participation in a „Pulse of the Economy” Small & Mid Caps conference organized by WOOD & Company (Warsaw)
  • 2018.02.05
    Meeting with institutional investors

    More information and confirmation of your participation:  Joanna Dorn, Pekao Investment Banking S.A., email: joanna.dorn@pekaoib.pl

  • 2018.01.08
    Closed period in connection with 3Q 2018 report: 09.10.2018 – 08.11.2018

    According to Art. 19 § 11 of the Regulation (EU) No 596/2014 Of The European Parliament And Of The Council of 16 April 2014 on market abuse (market abuse regulation) a person discharging managerial responsibilities within an issuer shall not conduct any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them during a closed period of 30 calendar days before the announcement of an interim financial report or a year-end report which the issuer is obliged to make public.

     

    Therefore, persons discharging managerial responsibilities within X-Trade Brokers DM S.A. (the Company, XTB), i.e., in accordance with the market abuse regulation, persons closely associated with the Company, who are members of the administrative, managerial or supervisory authorities, or keep managerial positions within XTB not being members of the above authorities, at the same time having permanent access to inside information related directly or indirectly to the entity and the power to make managerial decisions affecting the further development and business perspectives of the entity, are covered, in relation to the publication of the report for III quarter of 2018, by the closed period starting from 9 October till the date of publication of the above quarterly report, i.e. 8 November 2018.

  • 2018.01.08
    Closed period in connection with 1H 2018 report: 24.07.2018 – 23.08.2018

    According to Art. 19 § 11 of the Regulation (EU) No 596/2014 Of The European Parliament And Of The Council of 16 April 2014 on market abuse (market abuse regulation) a person discharging managerial responsibilities within an issuer shall not conduct any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them during a closed period of 30 calendar days before the announcement of an interim financial report or a year-end report which the issuer is obliged to make public.

     

    Therefore, persons discharging managerial responsibilities within X-Trade Brokers DM S.A. (the Company, XTB), i.e., in accordance with the market abuse regulation, persons closely associated with the Company, who are members of the administrative, managerial or supervisory authorities, or keep managerial positions within XTB not being members of the above authorities, at the same time having permanent access to inside information related directly or indirectly to the entity and the power to make managerial decisions affecting the further development and business perspectives of the entity, are covered, in relation to the publication of the semi-annual report for I half of 2018, by the closed period starting from 24 July till the date of publication of the above report, i.e. 23 August 2018.

  • 2018.01.08
    Closed period in connection with 1Q 2018 report: 10.04.2018 – 10.05.2018

    According to Art. 19 § 11 of the Regulation (EU) No 596/2014 Of The European Parliament And Of The Council of 16 April 2014 on market abuse (market abuse regulation) a person discharging managerial responsibilities within an issuer shall not conduct any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them during a closed period of 30 calendar days before the announcement of an interim financial report or a year-end report which the issuer is obliged to make public.

     

    Therefore, persons discharging managerial responsibilities within X-Trade Brokers DM S.A. (the Company, XTB), i.e., in accordance with the market abuse regulation, persons closely associated with the Company, who are members of the administrative, managerial or supervisory authorities, or keep managerial positions within XTB not being members of the above authorities, at the same time having permanent access to inside information related directly or indirectly to the entity and the power to make managerial decisions affecting the further development and business perspectives of the entity, are covered, in relation to the publication of the report for I quarter of 2018, by the closed period starting from 10 April till the date of publication of the above quarterly report, i.e. 10 May 2018.

  • 2018.01.08
    Closed period in connection with Annual Report and Consolidated Annual Report for 2017: 05.02.2018 – 07.03.2018

    According to Art. 19 § 11 of the Regulation (EU) No 596/2014 Of The European Parliament And Of The Council of 16 April 2014 on market abuse (market abuse regulation) a person discharging managerial responsibilities within an issuer shall not conduct any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them during a closed period of 30 calendar days before the announcement of an interim financial report or a year-end report which the issuer is obliged to make public.

     

    Therefore, persons discharging managerial responsibilities within X-Trade Brokers DM S.A. (the Company, XTB), i.e., in accordance with the market abuse regulation, persons closely associated with the Company, who are members of the administrative, managerial or supervisory authorities, or keep managerial positions within XTB not being members of the above authorities, at the same time having permanent access to inside information related directly or indirectly to the entity and the power to make managerial decisions affecting the further development and business perspectives of the entity, are covered, in relation to the publication of the annual report and consolidated annual report for 2017, by the closed period starting from 5 February till the date of publication of the above reports, i.e. 7 March 2018.

  • 2018.01.08
    Publication of Consolidated Quarterly Report for 3Q 2018
  • 2018.01.08
    Publication of Consolidated Semi-Annual Report for 1H 2018