Pace of activity and specific event 2021
Due to the exceptional circumstances related to Covid-19, the Combined General Meeting of Friday, June 11, 2021 will be held behind closed doors. In order to maintain a shareholder debate before the votes, a streaming information meeting will be held on June 8, 2021 at 11:00 a.m. This press release aims to guarantee the fairness of the information provided in this particular context.
Specific event of the year 2021
On June 4, 2021, the Group agreed with the French tax authorities to modify the characteristics of its Transfer Pricing Policy (“TPP”) in order to secure and consolidate its future development capacities. The tax risk exposed in our 2019 and 2020 consolidated accounts (paragraph 3.7 provision for risks and charges) is thus permanently switched off. The Group will therefore suffer an exceptional negative impact on its 2021 consolidated financial statements for the years 2015 to 2020 in the order of 3 million euros, or approximately 2% of the sum of the consolidated results for the years concerned. The Group indicates that it has adopted this new TPP for the coming years. The Group will therefore continue to develop in a stabilized legal environment.
Sustained pace of activity in 2021
As of May 31, 2021, excluding this specific impact, the Group’s average monthly activity rate over these first five months was close to the average monthly rate for fiscal year 2020. This rate of activity is again correlated with volatility and volumes traded on the markets. ABC arbitrage is thus starting the year in the continuity of its second historical year, carried out in 2020.
Client assets under management
In line with the objectives of the ABC 2022 strategic plan, the Group’s management companies collected nearly 100 million euros, bringing the total customer outstandings under management to 462 million euros as of May 31, 2021. As a reminder, The Group’s ambitions are to exceed the € 650 million under management at 12/31/2021 with an expected gross profitability of more than 2% on these new assets, ie a potential of nearly € 2 million in additional annual income.
Volatility and volume parameters have been declining since May, and financial markets continue to advance directionally, supported by central banks and government programs. In this context, the Group is pursuing with conviction the implementation of its ABC 2022 strategic plan.
As a reminder, the estimates contained in this press release do not replace the audited consolidated results for the first half of 2021, which will be published on September 21, 2021.
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Press relations: VERBATEE / [email protected]
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2021 06 ABCA CP Pace Activity FRI