TIDMPLUS
RNS Number : 1645W
Plus500 Limited
07 February 2017
7 February 2017
Plus500 Limited
("Plus500" or "the Company")
Record Preliminary Unaudited Results for the
year ended 31 December 2016
Plus500, a leading international online trading
platform provider for retail customers to trade
Contract for Differences ("CFDs"), is pleased
to announce preliminary unaudited results for
the year ended 31 December 2016.
Financial Highlights:
2016 2015 Change
----------------------------- --------- --------- -------
Revenues $327.9m $275.6m 19%
----------------------------- --------- --------- -------
EBITDA(1) $151.0m $132.9m 14%
----------------------------- --------- --------- -------
EBITDA margin 46.0% 48.2% -5%
----------------------------- --------- --------- -------
Net profit $117.2m $96.6m 21%
----------------------------- --------- --------- -------
Earnings per
share $1.02 $0.84 21%
----------------------------- --------- --------- -------
ARPU(2) $2,103 $2,019 4%
----------------------------- --------- --------- -------
Cash generated
from Operations $153.3m $128.1m 20%
----------------------------- --------- --------- -------
Year end net
cash $136.5m $156.5m -13%
----------------------------- --------- --------- -------
Dividends per
share (cents)
* Interim $0.2324 $0.2121
$0.3799 $0.2922
$0.2729 $0.3362
* Final 5%
$0.8852 $0.8405
* Special
* Total
----------------------------- --------- --------- -------
Dividend payout
($m)
* Interim
* Final & Special $26.7m $24.4m
$75.0m $72.2m
* Total $101.7m $96.6m 5%
----------------------------- --------- --------- -------
* Record year with strong revenue growth due to
increase in New Customers(3) and Active Customers(4)
* Net profit ahead of expectations:
o EBITDA in line with market expectations following
a strong recovery in margins in H2
o Q4 EBITDA margin of 64% reflects the benefit
of strong customer acquisition earlier in the
year and more targeted advertising expenditure
in Q4, yielding stable FY margins
* Another year of significant dividend payments
including a special dividend:
o Total dividend of $101.7 million, consists
of interim dividend of $26.7 million, final dividend
of $43.6 million and a special dividend of $31.4
million, representing a total pay-out of 87%
of net profit for the year
Operating highlights:
* Another record year of strong customer growth in
excess of expectations and the industry average,
reflecting effective marketing and robust business
model:
o Active Customers increased 14% to 155,956 (FY
2015: 136,540)
o New Customers increased 23% to 104,432 (FY
2015: 84,858)
* Continue to build international presence and
diversify revenues through new licences in New
Zealand and Israel
* Maintained leadership positions:
o Second largest CFD provider in the UK(5)
o Leadership in technology and product innovation:
* a true omni-channel trading experience allowing
access to information and trading across PC, web,
tablet, mobile or wearable platforms in a
device-agnostic manner
* a majority of revenues and signups come from mobile
devices reflecting speed of innovation compared to
competitors (over 70% of 2016 revenues and signups
originated from mobile devices)
Current trading and outlook:
* Entering 2017 there has been a continued increase in
New Customers
* Continue to achieve good results from online
marketing initiatives and sponsorships
* Expect to broaden footprint and continue to diversify
revenues including adding further new licences
* Still assessing likely impact of regulatory changes
but highly flexible business model expected to
partially mitigate any impact
(1) EBITDA - Earnings before interest and taxes
and depreciation and amortization
(2) ARPU - Average revenue per active user
(3) Customers depositing for the first time ever
during the period
(4) Customers who made at least one real money
trade during the period
(5) Investment Trends report, July 2016
Asaf Elimelech, Chief Executive of Plus500, commented:
"We are pleased to announce record annual results.
Our continued focus on serving our customers'
trading needs through product innovation and
technology leadership, combined with our marketing
activity, has led to strong new customer sign
ups, reducing churn in H2 2016 and increased
customer activity.
Plus500 retains operating licences and is regulated
in the United Kingdom, Australia, Cyprus, New
Zealand and Israel providing a strong foundation
in an ever evolving regulatory environment. Our
safe and secure trading account already incorporates
a number of the trading controls that regulators
are seeking to introduce: we were among the first
to offer a trading platform where customers cannot
lose more than they invest, and in 2016, as in
2015, there were no net revenues from market
P&L. The latter reflects the efficiency of our
internal risk management systems and meets the
expectations of the regulators that aim to prevent
industry participants from being dependent on
client losses.
We will make the necessary changes to comply
with the regulatory changes that were announced
during 2016 and any future requirements, as certain
regulators continue to go through a consultation
and implementation process, Proposals to reduce
leverage are expected to have the greatest financial
effect. In this regard the UK regulatory proposals
have the most material impact and we note that
approximately 20% of our revenues currently go
through the UK regulated subsidiary. At the same
time, we have a highly flexible business model
and a lean cost structure to help mitigate the
impact of regulatory changes on our financial
performance. Overall, we anticipate that the
industry will consolidate around a smaller number
of larger participants, of which we believe Plus500
will be amongst the leaders.
We were delighted to announce recently the extension
of our existing partnership with Atlético
Madrid in football and our new sponsorship agreement
with the Plus500 Brumbies, the Australian Super
Rugby team; together these sponsorships extend
our strategy of increasing our brand recognition
and expanding our customer base globally.
As a result, we enter 2017 confident we can continue
to develop our business and expand into new markets
whilst successfully incorporating regulatory
changes with the minimum of disruption. Our strong
balance sheet, cash generative business model,
geographic diversification and competitive market
position are expected to enable us to provide
good shareholder returns despite continuing short
term regulatory uncertainty."
Enquiries
Plus500
Elad Even-Chen, Chief Financial +972 4 8189503
Officer ir@Plus500.com
Liberum (NOMAD and broker)
Clayton Bush, Neil Elliot,
Josh Hughes +44 20 3100 2222
Berenberg (Joint Broker)
Chris Bowman, Amritha Murali,
Marie Stolberg +44 20 3207 7800
MHP Communications
Reg Hoare, Tim Rowntree, +44 20 3128 8100
Kelsey Traynor Plus500@mhpc.com
About Plus500
Plus500 operates an online trading platform for retail customers
to trade CFDs internationally over more than 2,100 different
underlying global financial instruments comprising equities,
indices, commodities, options, ETFs and foreign exchange. Retail
customers of Plus500 can trade CFDs in more than 50 countries and
in 31 languages. The trading platform is also accessible from
multiple operating systems (Windows, smartphones (iOS, Android and
Windows Phone), tablets (iOS, Android and Surface), Apple Watch and
web browsers).
Plus500 retains operating licences and is regulated in the
United Kingdom, Australia, Cyprus, New Zealand and Israel. Customer
care is integral to Plus500: customers cannot lose more than they
deposit and there are no commissions on trades. Plus500 offers its
customers sophisticated risk management tools to manage their
trading positions and a free demo account is available on an
unlimited basis for platform users.
www.plus500.com
Introduction
The Company is delighted to announce a strong
set of 2016 KPIs which reflect the strength of
Plus500's brand and business model. We have reported
another record year in terms of the two most
important measures, revenue and EBITDA, which
were driven by strong growth in New and Active
Customers - we are the leader in customer growth
compared with the industry rate. In addition,
a very efficient Q4 2016 was reflected in AUAC(6)
decreasing 53% in the quarter and a very strong
EBITDA margin.
The Board remains committed to ensuring the highest
standards of regulatory compliance and adopting
changes required by regulators. During the year,
the Company has undertaken significant work on
enhancing and adjusting its regulatory compliance
in line with new requirements that were published
by regulators in various markets in which the
Company operates. In terms of potential financial
impact, the most significant announcement was
by the United Kingdom Financial Conduct Authority
(FCA) in December. This is subject to consultation
and any resulting changes introduced will impact
industry participants later in 2017.
The Board is confident that Plus500 will become
a stronger business with an enhanced competitive
position as a result of the changes being implemented,
and the continued investment in and innovation
of its trading platform.
Overview
Plus500 is pleased to report another year of
strong revenue and profit growth in 2016 and
high levels of customer growth and activity as
set out in the table below.
The Company successfully maintained its position
as the second largest CFD provider in the UK(7)
for the third year in a row.
3 months to % Growth Full Full % Growth
31 Dec* Year Year
----------------- -------------- -------- ------- ------- --------
2015 2016 2015 2016*
----------------- ------ ------ -------- ------- ------- --------
Revenue $67.7m $91.6m 35% $275.6m $327.9m 19%
----------------- ------ ------ -------- ------- ------- --------
Number of New
Customers(8) 15,594 22,420 44% 84,858 104,432 23%
----------------- ------ ------ -------- ------- ------- --------
Number of Active
Customers(9) 49,006 71,721 46% 136,540 155,956 14%
----------------- ------ ------ -------- ------- ------- --------
ARPU $1,382 $1,277 -8% $2,019 $2,103 4%
----------------- ------ ------ -------- ------- ------- --------
AUAC $1,591 $742 -53% $1,227 $1,195 -3%
----------------- ------ ------ -------- ------- ------- --------
(6) AUAC - Average new user acquisition cost
(7) Investment Trends report, July 2016
(8) A customer who has deposited real money into their own
account for the first time
(9) A customer who makes at least one trade using real money on
the trading platform during the relevant period
Following the additional marketing and onboarding costs incurred
in the first half acquiring new customers, during the second half
the Company refined its online marketing activity with notable
success and was able to acquire a significant number of new
customers at a reduced cost compared to last year enabling a
recovery in margins.
* Unaudited
Operational Review
The Company's primary market is offering retail clients the
ability to trade CFDs in global equities, indices, commodities,
options, ETFs and FX. The Company has increased its revenue through
a combination of an efficient online-focused customer acquisition
strategy and its easy-to-use trading platform. Customer care is
integral to Plus500: customers cannot lose more than they deposit
and there are no commissions on trades, whilst the expansion of the
24/7 live chat feature has reduced response times, which
contributed to an increased satisfaction rate among customers. This
is reducing churn and increasing the longevity of customers, and
ultimately their lifetime value.
In Q3 2016 due to the increased market volatility as a result of
the political situation in Europe and the USA, the Company
experienced particularly strong growth in trading in commodities as
well as equities. In 2016 as whole, there was a marked increase in
volatility in financial markets driven by successive macro events,
which in turn drove news flow and customer activity. The highest
profile events were the dramatic decision by the United Kingdom to
leave the European Union in June 2016 and the election of Donald
Trump as US President in November 2016; both resulted in a
profitable outcome for Plus500, which also demonstrated the
robustness of the Company's risk and credit controls (that do not
enable its customers to lose more than they deposit). These events
also stimulated a significant increase in the number of New
Customers.
In addition, the success of the Company's proprietary marketing
platform in improving brand awareness across multiple advertising
channels enabled Plus500 to attract a greater number of high value
customers. Offline, the sponsorship agreement with Spanish football
club, Atlético Madrid, is accelerating and delivering brand
building benefits to the business. Plus500 has extended this
sponsorship agreement as the main sponsor for the 2017/18 season.
In addition, Plus500 has signed a sponsorship agreement for the
2017 season with the Plus500 Brumbies, one of the leading
Australian rugby union teams, who compete in the high profile
international Super Rugby competition; these two sponsorships
extend the Company's strategy of increasing Plus500's brand
recognition and expanding the Company's customer base globally.
Risk Management Framework
Plus500's target audience is exclusively retail customers and
the platform is not available to institutional traders. Plus500
offers its customers sophisticated risk management tools to manage
their trading positions, where its customers cannot lose more than
they deposit. As a result, Plus500 is less vulnerable to dependency
on large customers as no single customer contributes more than 0.4%
of total revenue.
Additionally, the Company's risk management framework ensures
that risk exposures are strictly limited resulting in consistent
revenue generation with low volatility as well. The Company employs
a mix of limits and internal hedging tools to ensure this across
its base of a very large number of small customers; monitoring
exposure limits (by client, instrument and total exposure), with
the ability to cap trades and hedge once limits are reached. Credit
risk is eliminated by a close-out policy to minimise unfunded
customer losses. In addition, Plus500 does not offer CFDs in less
liquid instruments, such as small cap stocks, which also limits its
risk exposures.
As a result, Plus500's market risk framework is highly effective
in ARPU and life time value maximisation with minimal losses. The
worst and best daily revenues in 2016 were a loss of $2.6 million
and profit of $7.9 million respectively. The average daily revenue
in 2016 was $0.86 million.
In 2016, as in 2015, overall there were no net revenues from
market P&L, i.e. Plus500 earned the vast majority of its
revenues from trading spreads rather than from client trading
losses. This reflects the efficiency of the risk management systems
and meets the expectations of the regulators which aim to prevent
industry participants from being dependent on client losses.
Regulation
The Board views the Company's regulated status as one of its
most important assets. It is also strongly in favour of better
protection of retail customers and has accordingly always offered
one of the most user friendly retail platforms in the industry.
Plus500 believes that regulators are particularly targeting the
long tail of smaller industry operators, cross-border service
providers, unauthorised operators and investment scams and that
their actions will raise barriers to entry into the industry,
resulting in a smaller number of larger operators of which Plus500
intends to be amongst the leaders both in size and in quality of
service to customers.
During the year, Plus500 continued to put a strong emphasis on
enhancing its regulatory compliance following the significant
investment in this area in 2015 and 2016. This has been accelerated
by the need to make the necessary adjustments that have arisen from
the changes which were announced in the latter part of the year by
a number of regulators who issued different notices with respect to
limitations that will be applied to the CFD market under their
supervision as part of the preparation of the implementation of
MiFID II in January 2018.
These included the UK Financial Conduct Authority ("FCA"), the
Cyprus Securities and Exchange Commission ("CySEC") and the German
Federal Financial Supervisory Authority ("BaFin"), all of whom
issued different notices with respect to limitations that will be
applied to the CFD market under their supervision.
The Company is already in compliance with many of the key
requirements; for example, BaFin's announcement with respect to
balance protection has been integrated into Plus500 trading
accounts from its foundation, as its customers cannot lose more
than they deposit; therefore this ruling has no impact on the
Company's operations. The Company is in compliance in all markets
in that it has never offered binaries, unlike some of its
competitors, and nor does it employ high pressure techniques to
encourage trading activity, such as call centre based brokers.
Other limitations favoured by regulators, which would require
changes to the Company's operations, are in the process of
examination (and implementation where required) by Plus500. The
Company considers that reduced leverage would have the most
material impact of any changes, whereas banning bonuses would have
a more limited impact. However, the impact of these changes overall
remains unclear as certain regulators continue to go through a
consultation and implementation process.
During 2016, Plus500 was granted a derivatives issuer licence by
the New Zealand regulator, the Financial Markets Authority, and
with a licence to operate an online trading platform for retail
customers to trade CFDs by the Israeli regulator, the Israel
Securities Authority. The award of these new licences, alongside
the existing UK, Cyprus and Australian ones, demonstrates the
Company's international presence, robust trading platform and its
continued focus on best practice regulatory compliance.
For the future, the Company's strategy is to continue to seek
additional regulatory approvals in jurisdictions that represent
attractive commercial opportunities and where it can take advantage
of its already well recognised brand. This will enable it to
continue to diversify its already geographically well spread
revenues.
Research and Development
The Company continues to invest in R&D in order to maintain its competitive
advantage. During 2016, the Company has improved its 24/7 live chat,
its support has been expanded and the median reaction time to each
customer dropped to less than one minute by chat and to a few minutes
by email.
Additionally, Plus500 is ideally positioned to take advantage of the
increased use of mobile and tablet devices for trading given the ease
of use of its trading platform and the continued enhancements being
introduced. The Company maintained its lead as being the highest rated
app in its sector by customers on both Apple's AppStore and Google's
Play Store.
The Company is now working on further developments which are expected
to improve customer sign up and reduce churn.
All developments are expensed and all IP in the platform belongs to
the Company.
Financial Review
2016 was a record year of revenues for Plus500. Revenues
totalled $327.9 million (FY 2015: $275.6 million) an increase of
19%. The results benefited from the scalability of the Company's
business model with the combination of revenue growth and further
improvements in the operational cost structure delivering excellent
performance.
EBITDA in 2016 was $151 million (FY 2015: $132.9 million), an
increase of 14%, with EBITDA margins decreasing slightly from 48.2%
in 2015 to 46% in 2016. Net profit for 2016 increased 21% to $117.2
million (FY 2015: $96.6 million). Earnings per share were $1.02 (FY
2015: $0.84).
SG&A expenses increased by 24% to $177.4 million (FY 2015:
$143.1 million), in line with the 23% increase in the volume of new
customers and reflecting online and offline marketing to attract
higher value customers who are more expensive to acquire.
The consolidated financial statements are presented in US
dollars, which is the Company's functional and presentation
currency. Foreign currency transactions and balances in currencies
different from the US dollar are translated into the US dollar
using the exchange rates prevailing on the dates of the
transactions or at the balance sheet date.
In 2016, the Company's financial income, net amounted to $1.5
million (FY 2015: financial expenses, net $4.6 million), the main
majority arising from foreign exchange and translation differences.
This represents an efficient financial performance in light of the
significant foreign exchange volatility which occurred in 2016. A
significant proportion of the Company's cash is held in US dollars
in order to provide a natural hedge to reduce the impact of
currency movements on financial expenses.
Plus500's total assets in FY 2016 were $154.7 million, a
decrease of 8% from $169 million in FY 2015; cash balances
decreased as a result of the Company's exceptional dividend
distribution (amounting to the payment of $123.3 million in 2016
compared to $65 million in 2015) to $136.5 million (FY 2015: $156.5
million); and equity was $136 million (FY 2015: $117.7 million),
representing approximately 88% of the total shareholders' equity
and liabilities on the balance sheet.
One of the strengths of Plus500's business model is its ability
to convert net earnings into cash-flow. Deposits are collected in
advance from customers and these deposits and the outcome of the
customers' trading activity is immediately reflected in their
regulated segregated accounts, which are not part of the cash
balance of the Company. Earnings from these customer trades are
recognised in cash on the Company's balance sheet as customers'
trading activity occurs and amounts are transferred from or to the
Company's accounts. In addition, the Company requires relatively
low levels of capital expenditure. The combination of these
features is that a high proportion of net income is rapidly
converted into cash. In 2016 the Company generated $153.3 million
of cash generated from operations (FY 2015: $128.1 million)
resulting in cash and cash equivalent balances of $136.5 million at
31 December 2016 (FY 2015: $156.5 million).
In light of this strong cash generation, the Board will maintain
the flexibility to pay special dividends when the Company generates
surplus cash and the Board feel it appropriate to make such
payments.
Customer deposits that are maintained in segregated accounts
with tier one banks, and are subject to annual audit and
certification in line with best practice; these amounted to $62.4
million and represents the increased level of comfort of the
Company's customers (FY 2015: $39.8 million).
Dividends
Given the strong financial performance, the Board has considered
the Group's dividend policy, and in particular the optimal balance
between allocating surplus funds to the payment of ordinary and
special dividends or share buybacks. The Board will consider to
undertake buybacks in the future and has the power to implement
them at short notice.
The Board has concluded that it is in shareholders' best
interests to distribute 87% of 2016 net profits ($101.7 million)
and therefore to propose a final dividend in respect of 2016
together with an additional distribution by way of a special
dividend.
The Board is therefore pleased to declare a final dividend for
the year ended 31 December 2016 of $0.3799 per share (final
dividend 2015: $0.2922 per share), with an ex-dividend date of 2
March 2017, a record date of 3 March 2017 and a payment date of 3
July 2017. This makes a total dividend for the year of $0.6123 per
share (total dividend for 2015: $0.5043 per share). This equates to
a total dividend pay-out of $70.3 million or 60% of net profit for
the year, in line with the Company's stated policy.
In addition to the above, the Board has declared a special
dividend of $0.2729 per share (special dividend 2015: $0.3362 per
share) amounting to a payout of $31.4 million (FY 2015: $38.6
million). The ex-dividend, record and payment dates of this special
dividend will be as for the final dividend noted above.
The resulting total distribution to shareholders for the full
year will therefore be $0.8852 per share (FY 2015: $0.8405 per
share) amounting to a payout of $101.7 million (FY 2015: $96.6
million).
Total dividends to shareholders including those declared today
in the three-year period since flotation will be $332.3 million,
which exceeds the market capitalisation at flotation of $200
million.
Outlook
The Company has entered 2017 with strongly increasing client numbers
and increasing higher value Active Customers who open multiple positions.
Our continuing investment in online and offline marketing, including
the sponsorships of Atlético Madrid Football Club and Plus500
Brumbies Rugby, are expected to ensure that we continue to add more
new customers than the industry average.
Plus500 will continue to invest to maintain its technological lead
and high mobile penetration through innovation and development to give
its customers ease of access to its platforms whether via mobile, tablet,
PC or wearable devices. The Company is currently licensed in five jurisdictions
and it will continue to add new licenses across further geographies
to increase its customer base by offering retail customers a safe and
secure trading platform.
Plus500 is taking all necessary steps in order to comply with new regulatory
requirements; although there is a risk of further developments in this
respect, the FCA's review is the most significant in terms of potential
impact. The Board believes that the Company's strong financial position,
geographically well diversified revenues, advanced trading platform
and its flexible, low cost business model, position it well to ride
out this period of uncertainty and to emerge a stronger business with
an enhanced market position.
Plus500 Ltd.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of 31 December
--------------------
2016 2015
--------- ---------
U.S. dollars
in thousands
--------------------
Assets
CURRENT ASSETS:
Cash and cash equivalents 136,481 156,497
Short-term bank deposit 37 38
Restricted deposits 356 181
Accounts receivable 9,690 9,761
Income tax receivable 4,147 227
--------- ---------
150,711 166,704
--------- ---------
NON-CURRENT ASSETS:
Long term restricted deposit 102 24
Property, plant and equipment,
net 3,429 1,977
Intangible assets, net 113 92
Deferred income taxes 353 173
--------- ---------
3,997 2,266
--------- ---------
T o t a l assets 154,708 168,970
========= =========
Liabilities and Shareholders'
Equity
CURRENT LIABILITIES:
Trade payables - due to clients 1,588 1,519
Other accounts payable and
accruals:
Service supplies 5,827 13,391
Other 7,083 3,480
Income tax payable 1,912 7,972
Share-based compensation 2,298 372
Dividend - 24,368
--------- ---------
18,708 51,102
--------- ---------
NON-CURRENT LIABILITIES -
Share-based compensation - 214
--------- ---------
EQUITY:
Ordinary shares 317 317
Share premium 22,220 22,220
Retained earnings 113,463 95,117
--------- ---------
T o t a l equity 136,000 117,654
--------- ---------
T o t a l equity and liabilities 154,708 168,970
========= =========
Plus500 Ltd.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended 31
December
-------------------
2016 2015
-------- ---------
U.S. dollars
in thousands
-------------------
TRADING INCOME 327,927 275,651
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES:
Selling and marketing 157,277 125,413
Administrative and general 20,132 17,647
Loss on disposal of property,
plant and equipment - 109
-------- ---------
INCOME FROM OPERATIONS 150,518 132,482
Financial income 3,624 178
Financial expenses 2,160 4,776
-------- ---------
FINANCING INCOME (EXPENSES)
- net 1,464 (4,598)
-------- ---------
INCOME BEFORE TAXES ON INCOME 151,982 127,884
TAXES ON INCOME 34,740 31,317
-------- ---------
PROFIT AND COMPREHENSIVE
INCOME
FOR THE PERIOD 117,242 96,567
======== =========
In U.S. dollars
-------------------
EARNINGS PER SHARE (basic
and diluted) 1.02 0.84
======== =========
Plus500 Ltd.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Ordinary Share Retained
shares premium earnings Total
---------- --------- ---------- --------
U.S. dollars in thousands
-------------------------------------------
BALANCE AT 1 JANUARY 2015 317 22,220 87,923 110,460
Profit and comprehensive income
for the year 96,567 96,567
TRANSACTION WITH SHAREHOLDERS
-
Dividend (89,373) (89,373)
---------- --------- ---------- --------
BALANCE AT 31 DECEMBER 2015 317 22,220 95,117 117,654
Profit and comprehensive income
for the year 117,242 117,242
TRANSACTION WITH SHAREHOLDERS
-
Dividend (98,896) (98,896)
---------- --------- ---------- --------
BALANCE AT 31 DECEMBER 2016 317 22,220 113,463 136,000
========== ========= ========== ========
Plus500 Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended 31
December
---------------------
2016 2015
---------- ---------
U.S. dollars
in thousands
---------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations
(see Appendix A) 153,294 128,078
Income tax paid - net (44,548) (42,658)
Interest received 161 55
---------- ---------
Net cash provided by operating
activities 108,907 85,475
---------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposits withdrawals - 1,039
Purchase of deposits - (38)
Purchase of restricted deposits (253) (136)
Purchase of property, plant and
equipment (1,905) (819)
Proceeds from sale of property,
plant and equipment - 26
Purchase of intangible assets (47) (54)
---------- ---------
Net cash provided by (used in)
investing activities (2,205) 18
---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend paid to equity holders
of the Company (see Appendix B) (123,264) (65,005)
---------- ---------
INCREASE (DECREASE) IN CASH AND
CASH
EQUIVALENTS (16,562) 20,488
Balance of cash and cash equivalents
at beginning of year 156,497 139,164
Losses from exchange differences
on cash and
cash equivalents (3,454) (3,155)
---------- ---------
BALANCE OF CASH AND CASH EQUIVALENTS
AT OF THE YEAR 136,481 156,497
========== =========
Plus500 Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
APPICES CONSOLIDATED STATEMENT OF CASH FLOWS
APPIX A:
Year ended 31
December
-------------------
2016 2015
-------- ---------
U.S. dollars
in thousands
-------------------
Cash generated from operations -
Net income for the period 117,242 96,567
-------- ---------
Adjustments required to reflect the
cash
flows from operating activities:
Depreciation and amortization 479 283
Loss on disposal of property, plant
and equipment - 109
Taxes on income 34,740 31,317
Interest and foreign exchange losses
on operating activities 2,942 2,927
-------- ---------
38,161 34,636
-------- ---------
Operating changes in working capital:
Decrease (increase) in accounts receivable 71 (5,834)
Increase (decrease) in trade payables-due
to clients 69 (4,366)
Increase (decrease) in other accounts
payable:
Service supplies (7,564) 5,560
Other 3,603 1,098
Liability for share-based compensation 2,544 417
Settlement of share-based compensation (832) -
-------- ---------
(2,109) (3,125)
-------- ---------
Cash flows from operating activities 153,294 128,078
======== =========
APPIX B: non-cash transactions
On 23 November 2015 the Company declared an interim dividend in
an amount of $24,368 thousands ($0.2121 per share). The dividend
was paid to the shareholders on 29 February 2016.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION
Information on activities of plus500 Ltd and its subsidiaries
(hereafter- the Group):
Plus500 Ltd. (hereafter - the Company) was established in 2008
in Israel as a private limited company with the name Investsoft
Ltd. On 18 June 2012 the Company changed its name to Plus500 Ltd.
The Company has developed a trading platform for private clients,
enabling trading on contracts for differences (hereafter - CFD) on
shares, indices, commodities, ETFs, options and foreign
exchange.
On 24 July 2013, the Company's shares were listed for trading on
the London Stock Exchange in the Company's initial public offering
("IPO").
Plus500UK Limited (hereafter - "UK Subsidiary", "Plus500UK") is
a subsidiary of the Company with its main offices located in
London, UK. Plus500UK is regulated by the Financial Conduct
Authority ("FCA") to offer CFDs.
Plus500AU Pty Ltd (hereafter - "AU Subsidiary", "Plus500AU") is
a subsidiary of the Company with its main office located in Sydney,
Australia. Plus500AU has an Australian Securities and Investments
Commission ("ASIC") license, and a license by the New Zealand
regulator, the Financial Markets Authority ("FMA").
Plus500CY Ltd (hereafter - "CY Subsidiary", "Plus500CY") is a
subsidiary of the Company with its main offices located in
Limassol, Cyprus. Plus500CY has a Cyprus Securities and Exchange
Commission ("CySEC") license.
Plus500IL Ltd (hereafter - "IL Subsidiary", "Plus500IL") is a
subsidiary of the Company with its main offices located in Tel
Aviv, Israel. Plus500IL is regulated by the Israeli Securities
Authority ("ISA") to offer CFDs to Israeli customers.
Plus500BG EOOD (the "BG Subsidiary", "Plus500BG") is a
subsidiary of the Company located in Sofia, Bulgaria. Plus500BG
provides only operational services and it is not regulated.
The Group is engaged in one operating segment - CFD trading.
The address of the Company's principal offices is Building 25,
Matam, Haifa 31905, Israel.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
a. Basis of Preparation
The Group's financial information as of 31 December 2016 and
2015 and for each of the two years for the period ended on 31
December 2016 are in compliance with International Financial
Reporting Standards that consist of standards and interpretations
issued by the International Accounting Standard Board (hereafter -
IFRS).
The significant accounting policies described below have been
applied consistently in relation to all the reporting periods,
unless otherwise stated.
The financial information has been prepared under the historical
cost convention, subject to adjustments in respect of revaluation
of financial assets at fair value through profit or loss presented
at fair value.
b. Principles of consolidation:
The Company controls the subsidiaries since it is exposed to, or
has rights to, variable returns from its involvement with the
entities and has the ability to affect those returns through its
power over them.
1) The consolidated financial statements include the accounts of
the Company and its subsidiaries.
2) Intercompany balances and transactions between the Group's entities have been eliminated.
3) Accounting policies of the subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by
the Group.
c. Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker,
who is responsible for allocating resources and assessing
performance of the operating segments.
As stated in note 1 above, the Group operates in one operating
segment: CFD trading.
d. Foreign currency translation:
1) Functional and Presentation Currency
Items included in the financial information of each of the
Group's entities are measured using the currency of the primary
economic environment in which that entity operates (the "functional
currency"). The consolidated financial statements are presented in
U.S. dollars ("USD"), which is the Group's functional and
presentation currency.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
2) Transactions and balances
Foreign currency transactions in currencies different from the
functional currency (hereafter - foreign currency) are translated
into the functional currency using the exchange rates prevailing at
the dates of the transactions or valuation where items are
re-measured.
Gains and losses arising from changes in exchange rates are
presented in the statement of comprehensive income among "financial
income (expenses)".
e. Property, plant and equipment
The cost of a property, plant and equipment item is recognized
as an assets only if: (a) it is probable that the future economic
benefits associated with the item will flow to the Group and (b)
the cost of the item can be measured reliably.
Property, plant and equipment are stated at historical cost less
accumulated depreciation. Historical cost includes expenditure that
is directly attributable to the acquisition of the items and only
when the two criteria mentioned above for recognition as assets are
met.
Depreciation is calculated using the straight-line method to
allocate the cost of property plant and equipment less their
residual values over their estimated useful lives, as follows:
Percentage of
annual depreciation
--------------------
Computers and office
equipment 6-33
Leasehold improvements 10
Leasehold improvements are amortized by the straight-line method
over the terms of the lease (ten years) which is shorter than the
asset's useful life.
The asset's residual values, the depreciation method and useful
lives are reviewed, and adjusted if appropriate, at least once a
year.
An asset's carrying amount is written down immediately to its
recoverable amount if the asset's carrying amount is greater than
its estimated recoverable amount.
f. Intangible Assets - computer software
Acquired computer software licenses are capitalized on the basis
of the costs incurred to acquire and bring to use the specific
software licenses. These costs are amortized over their estimated
useful lives (3-5 years) using the straight line method.
Costs associated with maintaining computer software programs are
recognized as an expense as incurred.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
g. Financial instruments:
1) Classification
The Group classifies its financial assets in the following
categories: at fair value through profit or loss and loans and
receivables. The classification depends on the purpose for which
the financial assets were acquired. Group management determines the
classification of its financial assets at initial recognition.
a) Financial instruments at fair value through profit or loss
This category includes financial assets and financial
liabilities held for trading. A financial instrument is classified
in this category if acquired principally for the purpose of selling
in the short term, or if designated by management in this category.
Derivatives are also categorized as held for trading unless they
are designated as hedges. Assets in this category are classified as
current assets if expected to be settled within 12 months;
otherwise, they are classified as non-current.
The Group's financial instruments at fair value through profit
or loss comprise 'Financial derivative open positions' offset from,
or presented with, 'Customer Deposits' within 'Trade payables due
to clients' (see note 2j) in the consolidated statements of
financial position.
b) Loans and receivables
Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for maturities
greater than 12 months after the statement of financial position
date. These are classified as non-current assets.
The Group's loans and receivables comprise 'Cash and cash
equivalents', 'Short-term bank deposit', 'Restricted deposits',
'Accounts receivable' and 'Long-term restricted deposit' in the
consolidated statements of financial position.
2) Recognition and measurement
Investments are initially recognized at fair value plus
transaction costs for all financial assets not measured at fair
value through profit or loss. Financial assets measured at fair
value through profit or loss, are initially recognized at fair
value and transaction costs are expensed in profit or loss.
Financial assets are derecognized when the rights to receive cash
flows from the investments have expired or have been transferred
and the Group has transferred substantially all risks and rewards
of ownership. Financial assets at fair value through profit or loss
are subsequently carried at fair value. Receivables are measured in
subsequent periods at amortized cost using the effective interest
method.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
Gains or losses arising from changes in the fair value of the
'financial instruments at fair value through profit or loss'
category are presented in the consolidated statements of
comprehensive income within 'Trading income' in the period in which
they arise.
A financial instrument is derecognized when the contract that
gives rise to it is settled, sold, cancelled or expires.
3) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount
reported in the consolidated statements of financial position when
there is a legally enforceable right to offset the recognized
amounts and there is an intention to settle on a net basis, or
realize the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future
events and must be enforceable in the normal course of business and
in the event of default, insolvency or bankruptcy of the Company or
the counterparty.
h. Cash and cash equivalents
Cash and cash equivalents include cash in hand, short-term bank
deposits and other highly liquid short-term investments, the
original maturity of which does not exceed three months.
All of the subsidiaries, except BG Subsidiary, hold money on
behalf of clients in accordance with the client money rules of the
UK Financial Conduct Authority (FCA), Australian Securities and
Investments Commission (ASIC), Cyprus Securities and Exchange
Commission (CySEC), NZ Financial Market Authority (FMA) and Israel
Securities Authority (ISA), respectively. Such monies are
classified as 'segregated client funds' in accordance with the
regulatory requirements. Segregated client funds comprise retail
client funds held in segregated client money accounts.
Segregated client money accounts hold statutory trust status
restricting the Group's ability to control the monies and
accordingly such amounts are not reflected as Company's assets in
the consolidated statements of financial position.
i. Other accounts payable
Other accounts payable are obligations to pay for services that
have been acquired in the ordinary course of business from
suppliers. Other accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they
are presented as non-current liabilities.
Other accounts payable are recognized initially at fair value
and subsequently measured at amortized cost using the effective
interest method.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
j. Trade payables - due to clients
As part of its business, the Group receives from its customers
deposits to secure their trading positions, held in segregated
client money accounts.
Assets or liabilities resulting from profits or losses on open
positions are carried at fair value. Amounts due from or to clients
are netted against, or presented with, the deposit with the same
counterparty where a legally-enforceable netting agreement is in
place and where it is anticipated that assets and liabilities will
be netted on settlement.
Trade payables due to clients represent balances with clients
where the combination of customers deposits and the valuation of
financial derivative open positions result in an amount payable by
the Group.
Trade payables due to clients are classified as current
liabilities as the demand is due within one year or less.
k. Share-based payment
The Group operates a cash- settled share-based payment plan,
under which it receives services from employees as consideration
for rights. The fair value of the employee services received in
exchange for the grant of the rights are recognized as an expense
in the consolidated statements of comprehensive income. At the end
of each reporting period, the Company evaluates the rights based on
their fair value and the change in the fair value is recognized in
the consolidated statements of comprehensive income.
l. Employee benefits and Pension Obligations
Group companies operate various pension schemes. The schemes are
generally funded through payments to insurance companies or
trustee-administered pension funds.
The Group has defined contribution plans. A defined contribution
plan is a pension plan under which the Group pays fixed
contributions into a separate entity. The Group has no legal or
constructive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods.
The Group pays contributions to publicly or privately
administered pension insurance plans on a mandatory basis. The
Group has no further payment obligations once the contributions
have been paid. The contributions are recognized as employee
benefit expense commensurate with receipt from employees of the
service in respect of which they are entitled for the
contributions.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
m. Trading income
Trading income is recognized when it is probable that economic
benefits associated with the transaction will flow to the Group and
the income can be reliably measured.
Trading income represents gains (including commission) and
losses arising on client trading activity, primarily in contracts
for difference on shares, indexes, commodities and foreign
exchange. Open client positions are carried at fair market value
and gains and losses arising on this valuation are recognized as
trading income, as well as gains and losses realized on positions
that have closed.
Trading income is reported gross of commissions to agents as the
Group is acting as a principal and is exposed to the significant
risks and rewards associated with its trading transactions with its
customers.
n. Dividends
Dividend distribution is recognized as a liability in the
Group's statement of financial position on the date on which the
dividends are approved by the Group's Board of Directors.
o. Current income tax
Tax is recognized in profit or loss, except to the extent that
it relates to items recognized directly in equity. In this case,
the tax is also recognized directly in equity, respectively.
The current income tax charge is calculated on the basis of the
tax laws enacted at the statement of financial position date in
countries where the Company and the subsidiaries operate and
generate taxable income. Management periodically evaluates
positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
p. Deferred income tax
Deferred income tax is recognized, using the liability method,
on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is not accounted for if
it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of
the transaction affects neither accounting nor taxable profit and
loss.
Deferred income tax is determined using tax rates (and laws)
that have been enacted or substantially enacted by the balance
sheet date and are expected to apply when the related deferred
income tax asset is realized or the deferred income tax liability
is settled.
The Group recognizes deferred taxes on temporary differences
arising on investments in subsidiaries, except where the timing of
the reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not reverse
in the foreseeable future.
Deferred income tax is recognized in profit or loss, except to
the extent that it relates to items recognized directly in equity.
In this case, the deferred income tax is also recognized directly
in equity, respectively.
Deferred income tax assets are recognized only to the extent
that it is probable that future taxable profit will be available
against which the temporary differences can be utilized.
q. Leases
Leases in which a significant portion of the risks and rewards
of ownership are retained by the lessor are classified as operating
leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to profit or loss on a
straight-line basis over the period of the lease.
r. New International Financial Reporting Standards, Amendments
to Standards and New interpretations:
1. New and amended standards adopted by the Group for the first
time for the financial year beginning on or after 1 January
2016:
Amendment to IAS 1 - "Presentation of financial statements"
(hereafter - IAS 1).
The amendment to IAS 1 deals with the following topics:
materiality and its impact on disclosures in the financial
statements, disaggregation and subtotals, order of notes in the
financial statements and disclosure of new accounting policy.
This amendment did not have a significant effect on the Group's
financial statements.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
2. New and amended standards not yet adopted by the Group for
reporting periods starting 1 January 2016:
a. IFRS 9 - "Financial Instruments" (hereafter - IFRS 9).
IFRS 9, 'Financial instruments', addresses the classification,
measurement and recognition of financial assets and financial
liabilities. The complete version of IFRS 9 was issued in July
2014. It replaces the guidance of IAS 39 that relate to the
classification and measurement of financial instruments. IFRS 9
retains but simplifies the mixed measurement model and establishes
three primary measurement categories for financial assets:
amortized cost, fair value through OCI and fair value through
P&L. The basis of classification depends on the entity's
business model and the contractual cash flow characteristics of the
financial assets. Investments in equity instruments are required to
be measured at fair value through profit or loss with the
irrevocable option at inception to present changes in fair value in
OCI not recycling. There is now a new expected credit losses model
that replaces the incurred loss impairment model used in IAS 39.
For financial liabilities there were no changes to classification
and measurement except for the recognition of changes in own credit
risk in other comprehensive income, for liabilities designated at
fair value through profit or loss. IFRS 9 relaxes the requirements
for hedge effectiveness by replacing the bright line hedge
effectiveness tests. It requires an economic relationship between
the hedged item and hedging instrument and for the 'hedged ratio'
to be the same as the one management actually uses for risk
management purposes. Contemporaneous documentation is still
required but is different to that currently prepared under IAS 39.
The standard is effective for accounting periods beginning on or
after 1 January 2018. Early adoption is permitted. The Group
estimates that there will be no material impact in the application
of IFRS 9 on its financial statements.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued):
r. New International Financial Reporting Standards, Amendments
to Standards and New interpretations (continued):
b. IFRS 15- "Revenue from Contracts with Customers" (hereafter- IFRS 15).
Upon first-time adoption, IFRS 15 will replace existing IFRS
guidance on revenue recognition.
The core principle of IFRS 15 is that an entity recognizes
revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the
entity expects to be entitled in exchange for those goods or
services.
IFRS 15 introduces a single model for revenue recognition, in
which an entity recognizes revenue in accordance with that core
principle by applying the following five steps:
1. Identify the contract(s) with a customer.
2. Identify the performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the separate performance obligations in the contract.
5. Recognize revenue as each performance obligation is satisfied.
IFRS 15 provides guidance about various issues related to the
application of that model, including: recognition of revenue from
variable consideration set in the contract, adjustment of
transaction for the effects of the time value of money and costs to
obtain or fulfill a contract.
The standard extends the disclosure requirements regarding
revenue and requires, among other things, that entities disclose
qualitative and quantitative information about significant
judgments made by management in determining the amount and timing
of the revenue.
On July 22 2015, the IASB released a decision on deferral of the
effective date of the standard by one year, and the standard will
be applied retrospectively for annual periods beginning on January
1, 2018, with transitional provisions. Early adoption is permitted.
The Group is exploring the expected impact of IFRS 15 on its
financial statements.
c. IFRS 16 - "Leases" (hereafter - IFRS 16)
In January 2016, the IASB issued IFRS 16 - Leases which sets out
the principles for the recognition, measurement, presentation and
disclosure of leases for both parties to a contract and replaces
the previous leases standard, IAS 17 - Leases. IFRS 16 eliminates
the classification of leases for the lessee as either operating
leases or finance leases as required by IAS 17 and instead
introduces a single lessee accounting model whereby a lessee is
required to recognize assets and liabilities for all leases with a
term that is greater than 12 months, unless the underlying asset is
of low value, and to recognize depreciation of leases assets
separately from interest on lease liabilities in the income
statement. IFRS 16 is effective from January 1, 2019 with early
adoption allowed only if IFRS 15 - Revenue from Contracts with
Customers is also applied. The Group estimates that there will be
no material impact in the application of IFRS 16 on its financial
statements.
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 3 - SHARE CAPITAL
Composed of ordinary shares of NIS 0.01 par value, as
follows:
Number of shares
31 December
2016 2015
Authorized 300,000,000 300,000,000
============ ============
Issued and fully paid 114,888,377 114,888,377
============ ============
The amounts of dividends and the amounts of dividends per share
for the years 2016 and 2015 declared and distributed by the
Company's Board of Directors are as follows:
Amount of
Date of declaration dividend in
thousands
of $
----------------------- --------------
24 February 2015 65,005
23 November 2015 24,368
16 February 2016 72,196
2 September 2016 26,700
The dividends paid in 2016 and 2015 amounted to $123,264 (along
with dividend declared on 23 November 2015 in the amount of $24,368
and paid to shareholders on 29 February 2016) ($1.073 per share)
and $65,005 ($0.566 per share), respectively.
NOTE 4 - EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year.
Year ended 31
December
--------------------------
2016 2015
------------ ------------
Profit attributable
to equity
holders of the Company
(In U.S dollars) 117,242,000 96,567,000
============ ============
Weighted average number
of
ordinary shares in
issue 114,888,377 114,888,377
============ ============
Plus500 Ltd.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 5 - TRADE PAYABLES-DUE TO CLIENTS
Year ended 31 December
---------------------------
2016 2015
------------- ------------
U.S. dollars in thousands
---------------------------
Customers deposits, net* 63,956 41,290
Segregated client funds (62,368) (39,771)
------------- ------------
1,588 1,519
* Customers deposits, net are comprised of the following:
Customers deposits 83,580 47,469
Less- financial derivative
open positions:
Gross amount of assets (25,902) (8,982)
Gross amount of liabilities 6,278 2,803
---------- ---------
63,956 41,290
========== =========
As of 31 December 2016 and 2015, the total amount of trade
payables due to clients includes bonuses to the clients from all of
the subsidiaries.
NOTE 6 - SUBSEQUENT EVENTS:
a. On 9 January 2017, the Company announced that its sponsorship
agreement with Atlético Madrid will continue to 2017/2018
season.
b. On 7 February 2017, the Company's Board of Directors declared
the distribution of a dividend of $ 0.3799 per share, in the total
amount of $ 43.6 million with an ex-dividend date of 2 March
2017.
In addition to the above, the Board has declared a special
dividend of $ 0.2729 per share, in the total amount of $31.4
million with an ex-dividend date of 2 March 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFVDFDIRIID
(END) Dow Jones Newswires
February 07, 2017 02:00 ET (07:00 GMT)
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