q3 2019 results presentation - amazon web services · presentation . agenda financial data...

24 października 2017

8 NOVEMBER 2019

Q3 2019

RESULTS

PRESENTATION

AGENDA

Financial data

Operational data

Market environment

Regulatory environment

Appendix

2

FINANCIAL

DATA

(in PLN’000)Q3

2019Q3

2018Change

Q1-Q32019

Q1-Q32018

Change

Result of operations on financial instrument 59 792 46 014 13 778 145 229 240 330 (95 101)

Other income 1 160 1 564 (404) 4 504 5 185 (681)

Total operating income 60 952 47 578 13 374 149 733 245 515 (95 782)

Salaries and employee benefits (21 368) (19 681) 1 687 (61 898) (58 797) (3 101)

Marketing (8 735) (8 669) 66 (27 494) (25 444) (2 050)

Amortization and depreciation (1 795) (883) 912 (5 033) (3 137) (1 896)

Other operating expenses (11 082) (19 604) (8 522) (32 143) (44 252) (12 109)

Total operating expenses (42 980) (48 837) (5 857) (126 568) (131 630) (5 062)

Profit (loss) on operating activities (EBIT) 17 972 (1 259) 19 231 23 165 113 885 (90 720)

Finance income 2 408 (1 062) 3 470 5 640 9 257 (3 617)

Finance costs 860 733 127 (452) (2 723) 2 271

Profit (loss) before tax 21 240 (1 588) 22 828 28 353 120 419 (92 066)

Income tax (5 733) (1 316) 4 417 (7 690) (22 921) (15 231)

Net (loss) profit 15 507 (2 904) 18 411 20 663 97 498 (76 835)

Financial consolidated highlights

4

(in PLN’000) 30.09.2019 31.12.2018 Change 30.09.2018

Own cash and cash equivalents 436 800 467 987 (31 187) 504 660

Total equity 456 671 455 156 1 515 489 072

Standalone capital adequacy ratio (%) 11,3 20,0 (8,7) 17,3

Aggregated capital adequacy ratio (%) 10,8 19,1 (8,3) 16,0

FINANCIAL DATA

Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017

Total operating income(in PLN’000)

60 952 47 891 40 890 42 786 47 578 84 200 113 737 75 460

Transaction volume in CFD instrument in lots

423 333 385 317 394 421 458 869 345 118 616 082 675 344 618 893

Profitability per lot (in PLN) 144 124 104 93 138 137 168 122

(in PLN’000) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017

Total operating income 60 952 47 891 40 890 42 786 47 578 84 200 113 737 75 460

Total operating expenses (42 980) (42 490) (41 098) (40 862) (48 837) (41 750) (41 043) (38 234)

Operating profit (loss) 17 972 5 401 (208) 1 924 (1 259) 42 450 72 694 37 226

Net profit (loss) 15 507 4 393 763 3 973 (2 904) 40 915 59 487 32 273

Quarterly consolidated financial and operational data

The revenues in the Q3 2019 increased by 28,1% y/y, i.e. PLN 13,4 million from PLN 47,6 to PLN 61,0 million. Significant factors which

determined the revenue growth were:

higher XTB clients turnover of financial instruments reflected by the number of executed transactions i.e. growth of 78 215 lots (from

345 118 to 423 333 lots);

higher profitability per unit lot, i.e. growth of PLN 6 (from PLN 138 to PLN 144).

5

FINANCIAL DATA continued

Result of operations on financial instruments by classes

6

(in PLN’000)Q3

2019Q3

2018Change

Q1-Q32019

Q1-Q32018

Change

Index CFDs 21 937 8 786 13 151 94 532 109 014 (14 482)

Currency CFDs 31 125 10 445 20 680 36 461 68 066 (31 605)

Commodity CFDs 5 256 27 865 (22 609) 11 206 60 183 (48 977)

Stock CFDs 1 207 187 1 020 2 369 2 455 (86)

Bond CFDs 404 (5) 409 1 067 317 750

Total CFDs 59 929 47 278 12 651 145 635 240 035 (94 400)

Total options - - - - 3 947 (3 947)

Shares and listed derivative instruments 268 46 222 668 12 656

Gross gain on transactions in financial instruments 60 197 47 324 12 873 146 303 243 994 (97 691)

Bonuses and discounts paid to customers (61) (1 049) (988) (150) (2 631) (2 481)

Commission paid to cooperating brokers (344) (261) 83 (924) (1 033) (109)

Net gain on transactions in financial instruments 59 792 46 014 13 778 145 229 240 330 (95 101)


36,5%

51,6%

8,8%3,1%

Result of operations on financial instruments by classes

7

64,6%

24,9%

7,7%2,8%

44,7%

27,9%

24,7%

2,7%

Index CFD's

Currency CFD's

Commodity CFD's

Other

Revenue by class of instrument Q1-Q3 2019

Revenue by class of instrument Q3 2019

18,6%

22,0%58,9%

0,5%

Index CFD's

Currency CFD's

Commodity CFD's

Other

Revenue by class of instrument Q1-Q3 2018

Revenue by class of instrument Q3 2018


Revenue by geographical area and segments

8

(in PLN’000)Q3

2019Q3

2018Change

Q1-Q32019

Q1-Q32018

Change

Central and Eastern Europe 34 252 27 976 6 276 78 955 132 694 (53 739)

- including Poland 25 211 18 265 6 946 61 423 82 264 (20 841)

Western Europe 22 934 14 295 8 639 59 870 97 428 (37 558)

- including Spain 11 247 5 946 5 301 32 434 35 671 (3 237)

Latin America 3 766 5 307 (1 541) 10 908 15 393 (4 485)


Diversification of revenues in geographical terms:

Poland: 41,0% (Q1-Q3 2018: 33,5%) and Spain: 21,7% (Q1-Q3 2018: 14,5%).

The share of other countries does not exceed in any case 15%.

(in PLN’000)Q3

2019Q3

2018Change

Q1-Q32019

Q1-Q32018

Change

Retail segment 60 161 43 188 16 973 138 312 230 131 (91 819)

Institutional segment (X Open Hub) 791 4 390 (3 599) 11 421 15 384 (3 963)



Operating expenses by type

9

(in PLN’000)Q3

2019Q3

2018Change

Q1-Q32019

Q1-Q32018

Change

Salaries and employee benefits 21 368 19 681 1 687 61 898 58 797 3 101

Marketing 8 735 8 669 66 27 494 25 444 2 050

Other external services 5 737 5 605 132 17 098 18 334 (1 236)

Costs of maintenance and lease of buildings 884 1 946 (1 062) 2 416 5 861 (3 445)

Amortisation and depreciation 1 795 883 912 5 033 3 137 1 896

Taxes and fees 551 912 (361) 2 081 1 835 246

Commission expenses 2 143 1 609 534 6 047 5 643 404

Other costs 1 767 9 532 (7 765) 4 501 12 579 (8 078)

Total operating expenses 42 980 48 837 (5 857) 126 568 131 630 (5 062)

49,7%

20,3%

13,3%

5,0%

11,7%

Salaries and employeebenefits

Marketing

Other external services

Commission expenses

Other expenses

Operating expenses in the third quarter of the year 2019 amounted to PLN 43,0 million

and were lower by PLN 5,9 million compared to the same period last year. The most

important changes y/y occurred in:

costs of salaries and employee benefits, an increase of PLN 1,7 million related to

new employment and employee severance payment;

costs of maintenance and lease of buildings, a decrease of PLN 1,1 million and

consequently an increase in depreciation costs by PLN 0,9 million, mainly due to

a change in the approach to the cost of renting office space from 2019, relating to

the entry into force of IFRS 16 Leasing;

other costs, a decrease of PLN 7,8 million as a result of one-off event in

Q3 2018, i.e. which was an administrative fine imposed by the Polish Financial

Supervision Authority in the amount of PLN 9,9 million.

Operating expenses structure Q3 2019


DATA

OPERATIONAL

Consolidated KPIs

11

35 810

24 032

62 882

27 544

New accounts Average number of activeaccounts

Q1-Q3 2018 Q1-Q3 2019

254 205

1 636 544

290 143

1 203 072

Net deposits Transaction volume in CFDinstruments in lots

1) Average quarterly number of clients/accounts respectively for 9, 6 and 3 months of 2019 and 12, 9, 6 and 3 months of 2018, and 12 months of 2017.

2) Average operating income for the active clients/account respectively for 9, 6 and 3 months of 2019 and 12, 9, 6 and 3 months of 2018, and 12 months of 2017.

Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017

New clients 10 042 9 246 6 843 5 742 4 884 4 734 5 312 6 582

Average number of active clients1 25 171 23 688 22 245 21 279 21 515 22 135 22 317 18 667

Clients in total 139 949 128 266 122 645 116 517 111 401 107 214 103 907 105 662

New accounts 24 424 22 215 16 243 13 930 11 758 11 321 12 731 16 530

Average number of active accounts1 27 544 25 932 24 386 23 656 24 032 24 918 25 279 21 088

Accounts in total 297 981 274 867 253 978 238 980 225 784 215 237 205 997 204 064

Net deposits (in PLN’000) 95 259 102 564 92 320 78 702 75 619 91 617 86 969 84 911

Average operating income per active client (in PLN’000)2 2,2 3,7 1,8 13,5 11,4 8,9 5,1 14,7

Average operating income per active account (in PLN’000)2 2,0 3,4 1,7 12,2 10,2 7,9 4,5 13,0

Transaction volume in CFD instruments in lots

423 333 385 318 394 421 458 869 345 118 616 082 675 344 618 893

Profitability per lot (in PLN) 144 124 104 93 138 137 168 122

14 930

21 515

26 13125 171

New clients Average number of activeclients

OPERATIONAL DATA

Marketing costs vs new clients

12

Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017

Total operating expenses(in PLN’000), including:

42 980 42 490 41 098 40 862 48 837 41 750 41 043 38 234

- Marketing (in PLN’000) 8 735 9 581 9 178 7 878 8 669 8 976 7 799 5 558

New clients 10 042 9 246 6 843 5 742 4 884 4 734 5 312 6 582

In Q3 of 2019 operating expenses slightly increased by PLN 0,5 million q/q, mainly due to higher salaries and employee benefits costs

by PLN 0,6 million.

0

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2 000

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4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

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2 000

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Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017

Marketing costs

New clients

Ma

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OPERATIONAL DATA continued

MARKET

ENVIRONMENT

FX volatility on the market

14

Volatility of equity market1 Volatility of commodity market1

Source: Bloomberg, XTB1Volatility of German blue chip index DAX 30 and Bloomberg Commodity Index is calculated as an annualized historical daily volatility based on 30-days period standard deviation.

10,2%

8,1% 8,0% 7,6%

7,9% 7,7%

8,4% 8,4% 7,8%

6,7%

7,2%

299

272 246

340

270 252

128 133

146

150

135 100130160190220250280310340370

6%

7%

8%

9%

10%

11%

12%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

J.P. Morgan Global FX Volatility Index (average, LHS)

FX CFDs traded by XTB's retail clients (RHS) in thous. lots

10,6% 10,5% 11,5%

8,9%

15,1% 14,7% 13,8%

15,6% 16,2%

13,2%

14,6%

139 142 161

178

303

266

153

230

177 168

192

100

125

150

175

200

225

250

275

300

6%

8%

10%

12%

14%

16%

18%

20%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

DAX volatility (avg., LHS)

Index CFDs traded by XTB's retail clients (RHS) in thous. lots

10,7%

9,1% 9,8%

8,9% 9,1% 8,3%

11,7%

13,3%

11,2%

8,8%

12,5%

49

38 41

36 38 43

23 22 23 27

50

0

10

20

30

40

50

60

6%

8%

10%

12%

14%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

Bloomberg Commodity Index volatility (avg., LHS)

Commodity CFDs traded by XTB's retail clients (RHS) in thous. lots

MARKET ENVIRONMENT

REGULATORY

ENVIRONMENT

Activity of the European Securities and Markets Authority (“ESMA”)

Regulatory changes in industry

16

The measures of product intervention announced on 27 March, 2018 by ESMA became effective for three-months periods from1 August, 2018 regarding CFDs and 2 July, 2018 for binary options and were in force till 1 August 2019.

Agreed measures regarding CFDs included:

leverage limits on the opening of a position by a retail clients between 30:1 and 2:1, which is subject to changesaccording to changes of the basic instrument: (I) 30:1 for major currency pairs, (II) 20:1 for non-majors currency pairs,gold and major indices, (III) 10:1 for commodities other than gold and non-major equity indices, (IV) 5:1 for individualequities and other reference values, (V) 2:1 for cryptocurrencies;

unification of level of stop out up to 50% for all investment companies;

negative balance protection on a per account basis;

a restriction on the benefits offered to trade CFDs;

introduction a standardised risk warning.

A measure relating to binary options included prohibition on the marketing, distribution or sale of those instruments to retailclients.

In August 2018 ESMA reviewed the product intervention measure on binary options, which resulted in a first decision announcedon 24 August, 2018 to extend its application from 2 October, 2018 for following, three-months period. On 28 September, 2018ESMA decided on their extension from 1 November, 2018 for a further three months. Another decisions on the extension of theproduct intervention were issued respectively on 23 January 2018 – for 3 months starting from 1 February 2019 and on 17 April– for 3 months starting from 1 May 2019. After 1 August 2019, i.e. after the end of the last ESMA decision, the means of productintervention identical to the previous rules set out in previous decisions were introduced by appropriate regulators on the localmarkets of the European Union. Differences from the currently applicable intervention measures were introduced in Cyprus and,as described in next slides, in Poland. In Cyprus, limits in case of clients from the positive market are lower than in ESMAproduct intervention, while in case of grey markets a tighten up of limits has been introduced.

REGULATORY ENVIRONMENT


17

Polish Financial Supervision Authority (the „PFSA”) Product intervention - assumptions

On 1 August 2019 the Polish Financial Supervision Authority decided to introduce additional requirements while offeringcontracts for difference to retail clients and to introduce the category of an experienced retail client who will be able to offerCFDs with a higher level of leverage while applying the remaining restrictions.

Assumption of the PFSA’s Product intervention:

prohibition of placing on the market consisting of the dissemination, directing to retail clients or potential retail clients ofinformation, advertising or promotion, as well as the distribution or sale of contracts for difference to retail clients, exceptwhen the following conditions are met:

the investment firm requires the retail client to make an initial margin, which should be understood as any paymentin order to conclude a CFD, excluding commissions, transaction fees and any other related costs, with a percentagespecified in the PFSA Product Intervention;

the investment firm provides protection to the retail client by forcibly closing a position on the retail client's account(so-called stop-out) when the margin level reaches 50%;

the investment firm provides the retail client with protection against a negative balance, which shall be understood asa limitation of the total liabilities of the retail client in respect of all CFD positions related to the CFD trading account atthe supplier of the CFD contract to the amount of funds on that account;

the investment firm does not directly or indirectly transfer to the retail client any payment, monetary advantage or anyexcluded non-monetary benefit in connection with the marketing, distribution or sale of CFDs, except for realized profitsfrom the CFDs provided, whereby a non-monetary benefit should be understood as any non-monetary benefitinformation and research tools to the extent that they relate to CFDs;

advertising or promotional information, including correspondence or messages, disseminated or directed to the retailclient or potential retail client directly or indirectly by the investment firm, in connection with the marketing, distributionor sale of CFDs, contains an appropriate risk warning.

entering the status of experienced retail client.

REGULATORY ENVIRONMENT continued


18

The PFSA’s Product intervention – status of experienced retail client

Retail clients of an investment firms who already have relevant experience and awareness of investment risk have theopportunity to submit a written application for the status of an experienced retail client.

In order to become an experienced retail customer, two conditions must be met in total:

The retail customer concluded within 24 months:

opening transactions in CFDs with a nominal value of at least PLN equivalent of EUR 50,000* each, with a frequency ofat least 10 opening transactions per quarter in four quarters; or

CFD opening transactions with a nominal value of at least PLN equivalent of EUR 10,000* each, with a frequency of atleast 50 opening transactions per quarter during four quarters; or

opening transactions in the scope of CFDs with a total nominal value of at least PLN equivalent of EUR 2,000,000*, withthe client concluding at least 40 opening transactions per quarter in four quarters;

The retail client shall have appropriate knowledge regarding derivatives, including CFDs, supported by:

obtaining relevant professional certificates, in particular: Investment Advisor, Securities Broker, Chartered FinancialAnalyst, Financial Risk Manager, Professional Risk Manager, ACI Dealing Certificate, ACI Diploma, or relevant fieldeducation; or

a minimum of 50 hours of training on derivatives, including CFDs, confirmed by obtaining relevant certificates orconfirmations issued on the basis of knowledge verification by relevant training providers, within the last 12 months; or

confirmation that the client carries out or performed activities or works or worked under an employment contract orother contractual relationship on which the function is based, for at least a year in a position that requires professionalknowledge regarding the conclusion of transactions in CFDs or other derivatives.

*) the equivalent of amounts expressed in Euro is determined using the average Euro exchange rate announced by the National Bank of Poland, in force on the

day preceding the date of submission of the application by the retail customer in which the exchange rate was announced.



19

Status of the Experienced Retail Client at XTB

In order to provide XTB’s retail customers with the opportunity to meet the condition of having an appropriate level of knowledgeabout derivatives, confirmed by a certificate and necessary to submit an application for the status of an experienced retailcustomer, XTB has introduced a new version of the EDUCATION section on the xStation transaction platform, in whichcustomers have the opportunity to learn over 50 hours of educational materials prepared by XTB’s experts, and then taking thetest verifying their level of knowledge and, after obtaining a positive result, receiving the XTB’s Certificate.

XTB has developed and introduced technological solutions in accordance with the Expert Customer Verification Standard(Standard weryfikacji klienta doświadczonego) in force since October 14, 2019, prepared by the Chamber of Brokerage Houses(Izba Domów Maklerskich) for the purposes of uniform verification of the experience of an experienced customer regarding theCFD market, specifying:

exam knowledge base, consisting of 180 questions covered in five thematic blocks,

principles and logic of conducting a test verifying the client's level of knowledge, consisting of a set of 40 questions selectedrandomly from the exam knowledge base, for which the client has 60 minutes to solve and must obtain a positive result setat 65% (26 points),

conditions to be met by the certificate issued to the client after successful completion of the educational training.



20

The PFSA’s Product intervention

Maximum leverage limits after introduction of the PFSA’s Product intervention for retail clients who

do not have the status of experienced client.

30:1For CFDs in which the underlying instrument is a currency pair consisting of the

following two currencies: EUR, USD, JPY, CAD, GBP, CHF.

20:1

For CFDs in which the underlying instruments are: main stock indices (FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX, EURO

STOXX);

gold;

currency pair, in which at least one currency is different than EUR, USD, JPY, CAD,

GBP or CHF.

10:1

For CFDs in which the underlying instruments are commodities other than gold (e.g. oil)

and stock indices other than FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX or EURO

STOXX.

5:1For CFDs in which the underlying instruments are stocks or other underlying

instruments which are not mentioned in the table.

2:1 For CFDs in which the underlying instruments are cryptocurrencies (e.g. bitcoin).



21

The PFSA’s Product intervention

Maximum leverage limits after introduction of the PFSA’s Product intervention for retail clients who

have the status of experienced client.

100:1

For CFDs in which the underlying instrument is: one currency pair; one of the following stock indices:

o Financial Times Stock Exchange 100 (FTSE 100);

o Cotation Assistée en Continu 40 (CAC 40);

o Deutsche Boerse AG German Stock Index 30 (DAX30);

o Dow Jones Industrial Average (DJIA);

o Standard & Poors 500 (S&P 500);

o NASDAQ Composite Index (NASDAQ);

o NASDAQ 100 Index (NASDAQ 100);

o Nikkei Index (Nikkei 225);

o Standard & Poors / Australian Securities Exchange 200 (ASX 200);

o EURO STOXX 50 Index (EURO STOXX 50)

Gold.

10:1

For CFDs in which the underlying instruments are commodities other than gold (e.g. oil)

and stock indices other than FTSE, CAC, DAX, DJIA, S&P, NASDAQ, Nikkei, ASX or EURO

STOXX.

5:1For CFDs in which the underlying instruments are stocks or other underlying

instruments which are not mentioned in the table.

2:1 For CFDs in which the underlying instruments are cryptocurrencies (e.g. bitcoin).


APPENDIX

Consolidated statement of financial position

23

(in PLN’000) 30 September 2019 31 December 2018

Own cash and cash equivalents 436 800 467 987

Clients’ cash and cash equivalents 481 203 363 908

Financial assets at fair value through P&L 148 919 114 279

Financial assets at amortised cost 6 906 5 005

Income tax receivables 2 550 3 068

Intangible assets 571 716

Property, plant and equipment 14 660 2 517

Deferred income tax assets 9 319 9 545

Other assets 5 829 3 049

Total assets 1 106 757 970 074

Amounts due to clients 576 859 447 841

Financial liabilities held for trading 20 135 28 227

Liabilities due to lease 12 075 37

Income tax liabilities 123 232

Deferred income tax provision 18 994 12 857

Other liabilities 21 900 25 724

Total liabilities 650 086 514 918

Equity attributable to the owners of the Parent Company 456 671 455 156

Total equity and liabilities 1 106 757 970 074

APPENDIX

Consolidated cash flow statement

(in PLN’000) Q1-Q3 2019 Q1-Q3 2018

Profit before tax 28 353 120 419

Amortization and depreciation 5 033 3 137

Foreign exchange (gains) losses from translation of own cash (3 036) (17)

Change in balance of financial assets at fair value through P&L and financial liabilities held for trading

(42 732) 1 908

Change in balance of restricted cash (117 295) 38 344

Change in balance of amounts due to clients 129 018 (1 524)

Other adjustments and changes (7 710) (1 388)

Cash from operating activities (8 369) 160 879

Income tax paid (918) (22 467)

Interests 307 -

Net cash from operating activities (8 980) 138 412

Expenses relating to payments for property, plant and equipment 14 71

Expenses relating to payments for tangible and intangible assets (2 154) (867)

Net cash from investing activities (2 140) (796)

Payments of liabilities and interest under lease (3 149) (69)

Dividend paid to owners (19 955) -

Net cash from financing activities (23 104) (69)

Increase (Decrease) in net cash and cash equivalents (34 224) 137 547

24

APPENDIX continued

21

DISCLAMER

Neither this presentation (the “Presentation”) nor any copy of it nor the information contained herein is being issued or may be distributed directly or indirectly to or into the United States, Canada,Australia or Japan. By attending this meeting where this Presentation is being made, or by reading the Presentation slides, you agree to be bound by the following limitations. The following applies tothe Presentation, the oral presentation of the information in the Presentation by the Company or any person on behalf of the Company, and any question-and-answer session that follows the oralpresentation (collectively referred to as the “Presentation”).

The Presentation has been prepared by X-Trade Brokers Dom Maklerski S.A. with its registered office in Warsaw (the “Company”) solely for use at the investor presentation being given in connectionwith the publication of the Report for the Q3 2019.

The Presentation does not constitute or form a part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Companyor any member of its group (the ”Group”), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company orany member of its Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The Presentation does not constitutea recommendation or investment advice regarding any securities of the Company or its Group.

The information contained in the Presentation does not purport to be comprehensive and has not been independently verified. No representation, warranty or undertaking, expressed or implied, is madeas to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained in the Presentation.

The information, opinions and forward-looking statements contained in the Presentation speak only as at the date of the Presentation and are subject to change without notice. The Company is underno obligation to update or keep current the information contained in the Presentation. To the extent permitted under the applicable provisions of law the Company shall have no liability whatsoever(in negligence or otherwise) for any loss however arising from any use of the Presentation or its contents or otherwise arising in connection with the Presentation.

The Presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified in thePresentation or by the Company, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments andjudgments that are based on the Company’s or third-party sources’ experience and familiarity with the sector in which the Company operates and has not been verified by an independent third party,such market information is to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information wasprepared appropriately to reflect the sector and the market in which the Company operates, there is no assurance that such estimates, assessments, adjustments and judgments are the mostappropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein.

Matters discussed in the Presentation may constitute forward-looking statements. Forward-looking statements are those other than statements of historical facts. Statements that include the words“expect”, “intend”, “plans”, “believe”, “project”, “anticipate”, “will”, “target”, “aim”, “may”, “would”, “could”, “continue” and similar statements of a future or forward-looking nature indicate such forward-looking statements. Forward-looking statements may include statements regarding financial performance, business strategy, plans and objectives of the Company for future operations (includingdevelopment plans relating to the Company). All forward-looking statements included in the Presentation address matters that involve known and unknown risks, uncertainties and other factors thatcould cause the Company’s and/or the Group’s actual results, performance or achievements to differ materially from those indicated in these forward-looking statements and from past results,performance or achievements of the Company and/or the Group, respectively. Such forward-looking statements are based upon various assumptions of future events, including numerousassumptions regarding the Company’s and/or the Group’s present and future business strategies and future operating environment. Although the Company believes that these estimates andassumptions are reasonable, they may prove to be incorrect. The Company and its respective agents, employees or advisors do not intend to, and expressly disclaim any duty, undertaking or obligationto make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in the Presentation to reflect any change in events,conditions or circumstances.

The Presentation and any materials distributed in connection with the Presentation are not directed to, nor are they intended for distribution to or use by, any person or entity that is a citizen or residentof, or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or applicable regulations or that would require anyauthorisation, registration, notification or licensing within such jurisdiction. Persons into whose possession any document or other information referred to herein comes should inform themselves aboutand observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

X-Trade Brokers Dom Maklerski S.A.

Ogrodowa 58

00-876 Warsaw, Poland

www.xtb.pl

Investor relations:

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q3 2019 results presentation - amazon web services · presentation . agenda financial data...

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