ABC arbitrage : 2018 Interim Results: €8.5m 2018 annualised ROE: 11%
2018 Interim Results: €8.5m
2018 annualised ROE: 11%
|In EUR millions||June 30, 2018 IFRS||June 30, 2017 IFRS||Dec. 30, 2017 IFRS|
|Earnings per share (EPS)||€0.15||€0.17||€0.32|
|Return on equity (ROE)||5.5%||6.1%||11.5%|
In accordance with IFRS standards, consolidated net revenue came to €18.6 million and consolidated net income amounted to €8.5 million (a decrease of 13.9%). The new IFRS 15 norm no longer allows for the recognition of performance fees that have not been definitively acquired. In the first half of 2018 this represented €1.6 million of unrecognized fees compared to €2.1 million in the first half of 2017. All of the amounts in the table are presented under IFRS 15 and therefore directly comparable.
The first half of 2018 presented heterogeneous market phases. Following new low activity records in January, the month of February saw a sudden rise in volatility perfectly exploited by the Group's strategies. This rise in volatility lasted a few weeks before falling sharply.
In addition, the context for mergers and acquisitions on listed companies has been negatively impacted by the US geopolitical situation. In general terms, the so-called "low volatility" strategies, which compensated for market inactivity in the first semester of 2017, did not play this role in 2018.
This unfavorable environment for the Group's activities requires constant strategic thinking. The Group has therefore continued to structure the profile of its teams in order to apprehend the increasingly technical issues of the financial industry. The willingness to build new strategies in order to raise more funds also remains one of the Group's priorities to counter this environment.
The Board of Directors confirms the distribution of €0.20 per share, consistent with the results achieved. Approved by the shareholders' meeting of June 15, 2018, this payment will only be offered in cash and, because of the deduction from the share premium account, will have the tax nature of a repayment of contributions within the meaning of Article 112. 1° of the General Tax Code.
The detachment is scheduled for Tuesday, November 27, 2018 for a payment on Thursday, November 29, 2018.
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