ABC arbitrage: 2019 Interim Results
24 Septembre 2019 - 8:00AM
ABC arbitrage: 2019 Interim Results
2019 Interim Results: €8.5m
2019 annualized ROE: 11.2%
September 24, 2019 - 08:00am
The Board of Directors of ABC arbitrage,
presided by the Chairman Dominique Ceolin, met on September 19,
2019 to approve the consolidated financial statements for the first
half 2019.
In EUR millions |
June 30, 2019 IFRS |
June 30, 2018 IFRS |
Dec. 30, 2018 IFRS |
Net revenues |
€17.8m |
€18.6m |
€40.1m |
Net income |
€8.5m |
€8.5m |
€19.7m |
Earnings per share (EPS) |
€0.14 |
€0.15 |
€0.34 |
Shareholders equity |
€141.2m |
€149.5m |
€146.3m |
Annualized Return On Equity (ROE) |
11.2% |
11.0% |
12.8% |
Business performance
In accordance with IFRS standards, consolidated
net revenue at 30 June 2019 came to €17.8 million and consolidated
net income amounted to €8.5 million, which is in line with S11
2018. The beginning of 2019 was characterized by a further decrease
in volatility following the peak of Q4 2018. The correlation of
results to volatility remains significant. The stability of results
between the first semesters of 2018 and 2019 is therefore
consistent with the relative stability of the level of volatility
over these two periods.
In a broader sense, the implicit support of
Central Banks for directional activities, particularly unlisted
activities, requires the Group to engage in permanent strategic
re-evaluation.
Dividend Policy
On the proposal of the Board of Directors, the
General Meeting of 14 June 2019 approved two payments of €0.10 per
share each, consistent with the Group's results and needs. These
payments will only be offered in cash and will have for taxation
purposes, as a result of the deduction from the share premium
account, the nature of a repayment of contributions within the
meaning of Article 112 1° of the General Tax Code. Detachments are
scheduled for Tuesday, October 8, 2019 and Tuesday, December 10,
2019 for payments on Thursday, October 10, 2019 and Thursday,
December 12, 2019 respectively. The total distributions for 2019
represent a return of more than 7%2.
Outlook
February 2019 and Q4 2018 market configurations
demonstrate the Group's ability to perform in a context of "lively”
markets. Nevertheless, Central Banks seem determined to continue
intervention in 2019 and 2020. The Group is structuring itself to
compensate for this eventuality, which is generating temporary
difficulties in terms of raising AUM and/or improving margins for
its historical activities. The first semester 2019 has confirmed
this fact. However, the Group manages to produce a ROE above an
annualized 10%, which is satisfactory given the parameters
encountered. A classic situation in the Group's most recent
financial years, the average rate of activity in Q3 is lower than
the average for S1 2019.
In this context, the Group is maintaining its investments by
developing several strategies that are partially uncorrelated to
equity market volatility, strategies that should gradually gain in
importance over the next semesters. Investments have also been made
to stimulate AUM growth and fill the Group's management capacities.
ABC arbitrage will accelerate its deliberations to acknowledge the
record duration of this atypical paradigm and build the priority
objectives of the next strategic program to be presented in the
first quarter of 2020
1 S1 means “first semester” and S2 means “second semester”. Q3
means “third quarter” and Q4 means “fourth quarter”
2 based on the share price at 31/12/2018
Contacts :
abc-arbitrage.comRelations actionnaires :
actionnaires@abc-arbitrage.comRelations presse: VERBATEE /
v.sabineu@verbatee.com |
EURONEXT Paris - Compartiment BISIN :
FR0004040608Reuters BITI.PA / Bloomberg ABCA
FP |
- 2019 ABCA CP Resultats S1 2019 VA
ABC Arbitrage (EU:ABCA)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
ABC Arbitrage (EU:ABCA)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024