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== Financials == === Financial Statement === Financial statement data is only available until the year ending 31/12/2021. === Balance Sheet === {| class="wikitable" |+ |- !Year End Date !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 |- ! colspan="5" |All Values in Β£000 |- | colspan="5" |'''Assets''' |- | colspan="5" |'''Current Assets''' |- |Cash & Cash Equivalents |1,103,996 |2,450,107 |5,055,023 |7,052,609 |- |Financial Assets at FVOCI |0 |0 |0 |1,236,481 |- |Investment in Commodities at FVTPL |0 |0 |50,366 |66,356 |- |Trade and Other Receivables |0 |0 |153,242 |206,880 |- |Inventories |3,553 |13,042 |11,282 |7,396 |- |Current Tax Assets |0 |0 |3,856 |7,291 |- |Loans & Advances to Customers |41,442 |59,089 |415 |4,870 |- |Derivative Financial Assets |0 |0 |121 |9,294 |- |'''Total Current Assets''' |'''1,103,996''' |'''2,522,238''' |'''5,274,305''' |'''8,591,177''' |- | | | | | |- | colspan="5" |'''Non-Current Assets''' |- |Property, Equipment & Right-of-Use |3,856 |11,940 |37,497 |25,128 |- |Intangible Assets |37,012 |93,927 |411 |721 |- |Loans & Advances to Customers |0 |0 |961 |12,946 |- |Deferred Tax Assets |0 |0 |345 |1,783 |- |Total Non-Current Assets |40,868 |105,867 |39,214 |40,578 |- | | | | | |- |'''<u>Total Assets</u>''' |'''<u>1,144,864</u>''' |'''<u>2,628,105</u>''' |'''<u>5,313,519</u>''' |'''<u>8,631,755</u>''' |- | | | | | |- | colspan="5" |'''Liabilities''' |- | colspan="5" |'''Current Liabilities''' |- |Trade & Other Payables |0 |0 |143,663 |165,248 |- |Loans at Amortised Cost |21,935 |45,259 |81,812 |122 |- |Customer Liabilities |927,685 |2,362,385 |4,637,230 |7,361,196 |- |Current Tax Liabilities |0 |0 |1,670 |9,374 |- |Lease Liability |0 |0 |5,985 |5,161 |- |Derivative Financial Liabilities |0 |0 |1,970 |2,454 |- |'''Total Current Liabilities''' |'''949,620''' |'''2,407,644''' |'''4,872,330''' |'''7,543,555''' |- | | | | | |- | colspan="5" |'''Non-Current Liabilities''' |- |Loans at Amortised Costs |1,173 |123,247 |0 |0 |- |Provisions for Liabilities |0 |905 |1,788 |1,812 |- |Lease Liability |0 |0 |18,943 |9,085 |- |Deferred Tax Liabilities |0 |0 |18 |243 |- |'''Total Non-Current Liabilities''' |'''1,173''' |'''124,152''' |'''20,749''' |'''11,140''' |- | | | | | |- |'''<u>Total Liabilities</u>''' |'''<u>950,793</u>''' |'''<u>2,531,796</u>''' |'''<u>4,893,079</u>''' |'''<u>7,554,695</u>''' |- | | | | | |- | colspan="5" |'''Equity''' |- |Share Capital |0 |0 |0 |0 |- |Share Premium |247,677 |248,814 |697,444 |1,287,452 |- |Accumulated Losses |(56,444) |(162,947) |(344,300) |(317,960) |- |Other Reserves |1,838 |10,442 |67,296 |107,568 |- |'''Total Equity''' |'''194,071''' |'''96,309''' |'''420,440''' |'''1,077,060''' |- | | | | | |- |<u>'''Total Liabilities & Equity'''</u> |'''<u>1,144,864</u>''' |'''<u>2,628,105</u>''' |'''<u>5,313,519</u>''' |'''<u>8,631,755</u>''' |} === Cash Flow Statement === {| class="wikitable" |+ |- !Year End Date !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 |- ! colspan="5" |All Values in Β£000 |- | colspan="5" |'''Operating Activities''' |- |EBIT |(32,963) |(106,815) |(220,705) |39,791 |- |Interest Expense |(16) |(1,249) |17,373 |21,026 |- |Interest Income |1,107 |2,052 |(2,129) |(1,726) |- |Operaitng Profit |(34,054) |(107,438) |(205,461) |59,091 |- | | | | | |- |Amortisation of Intangible Assets |0 |13 |174 |176 |- |Depreciation of Tangible Assets |478 |1,319 |9,455 |8,903 |- |Impairment of Intangible Assets |0 |0 |0 |7,278 |- |Impairment of Financial Assets |0 |0 |(220) |1,034 |- |Share Based Payment Expense |1,868 |8,626 |57,182 |47,351 |- |Fair Value Losses on Customer Liabilities in Respect of Cryptocurrencies |49,161 |63,887 |38,659 |0 |- |Increase in Provisions Net of Payments Made |0 |0 |10,625 |6,913 |- |Net Fair Value Losses on Derivative Financial Instruments |26,501 |7,549 |1,850 |(8,689) |- |'''Operating Cash Flows Before''' '''Changes in Customer Balances''' '''& Hedging Arrangements &''' '''Changes in Working Capital''' |'''43,954''' |'''(26,044)''' |'''(87,736)''' |'''122,057''' |- | | | | | |- | colspan="5" |Working Capital Movements |- |Decrease in Inventories |2,961 |9,488 |1,760 |3,886 |- |Loans Extended to Directors |0 |0 |0 |(3,200) |- |Loans Settled by Directors |0 |0 |0 |3,216 |- |Increase in Trade & other Receivables |0 |0 |(27,337) |(69,468) |- |Increase in Trade & other Payables |0 |0 |(1,147) |94,489 |- |'''Operating Cash Flows Before''' '''Changes in Customer Balances''' '''& Hedging Arrangements''' |'''46,915''' |'''(16,556)''' |'''(114,460)''' |'''150,980''' |- | | | | | |- | colspan="5" |Customer Balances & Hedging Arrangements |- |Net Increase in E-Money in Issue |702,671 |1,378,558 |2,263,427 |2,174,430 |- |Increase in Negative Customer Balances |0 |0 |(7,687) |(8,186) |- |Decrease in Net Settlement Balances |0 |0 |17,447 |(63,979) |- |Increase in Customer Liabilities in Respect of Cryptocurrencies |0 |0 |136,142 |0 |- |Increase in Cryptocurrencies |22,742 |56,128 |(135,970) |0 |- |Increase in Customer Liabilities in Respect of Commodities |0 |0 |49,904 |15,543 |- |Increase in Investment in Commodities at FVTPL |0 |14 |(50,366) |(15,990) |- |Net Increase in Loans & Advances to Customers |0 |0 |(1,389) |(16,440) |- |Net Increase in Customer Deposits |(7,923) |10,696 |49,875 |533,970 |- |R&D Credit |0 |0 |1,342 |3,856 |- |Tax Expense |(482) |(2,060) |(301) |(9,901) |- |Effect of Exchange Rates |(676) |(32) |0 |0 |- |'''<u>Net Operating Cash Flows</u>''' |'''<u>659,779</u>''' |'''<u>1,279,292</u>''' |'''<u>2,207,964</u>''' |'''<u>2,764,283</u>''' |- | | | | | |- | colspan="5" |'''Investing Activities''' |- |Purchases of Property & Equipments |(3,931) |(9,404) |(6,236) |(1,684) |- |Developing or Acquiring Intangible Assets |0 |(85) |(6) |(5,168) |- |Interest Received |1,107 |2,052 |2,129 |1,726 |- |Purchase of Financial Assets at FVOCI |0 |0 |0 |(1,242,842) |- |'''<u>Net Investing Cash Flows</u>''' |'''<u>(2,824)</u>''' |'''<u>(7,437)</u>''' |'''<u>(4,203)</u>''' |'''<u>(1,247,968)</u>''' |- | | | | | |- | colspan="5" |'''Financing Activities''' |- |Proceeds from Issue of Ordinary Shares Net of Transaction Costs |181,143 |0 |448,535 |601,878 |- |Proceeds from Exercise of Share Options |0 |137 |95 |0 |- |Interest Paid (Including on Lease Liabilities) |(16) |(452) |(18,329) |(19,213) |- |Principal Payments on Lease Liabilities |0 |0 |(3,759) |(4,740) |- |Loans Repaid |0 |119,456 |(37,734) |(81,690) |- |'''<u>Net Financing Cash Flows</u>''' |'''<u>181,127</u>''' |'''<u>119,231</u>''' |'''<u>388,808</u>''' |'''<u>496,235</u>''' |- | | | | | |- |Cash & Cash Equivalents (Beginning of Year) |220,914 |1,059,001 |2,462,986 |2,592,568 |- |Effect of Exchange Rates |5 |20 |(531) |(14,964) |- |'''Net Increase in Cash & Cash Equivalents''' |'''838,082''' |'''1,391,086''' |'''2,592,568''' |'''2,012,550''' |- | | | | | |- |'''<u>Cash & Cash Equivalents (End of Year)</u>''' |'''<u>1,059,001</u>''' |'''<u>2,450,107</u>''' |'''<u>5,055,023</u>''' |'''<u>7,052,609</u>''' |} === Financial Forecast === Data from 2022 onwards was forecasted assuming a linear growth model. A 3-year historical average was used to assume the following margins. {| class="wikitable" |+ !Year End Date !31/12/2022 !31/12/2023 !31/12/2024 !31/12/2025 !31/12/2026 !31/12/2027 |- ! colspan="7" |All Values in Β£000 |- |'''Revenue''' |'''1,492,601''' |'''3,501,790''' |'''8,215,550''' |'''19,274,502''' |'''45,219,908''' |'''106,090,426''' |- |''Growth over Prior Year'' |''134.61%'' |''134.61%'' |''134.61%'' |''134.61%'' |''134.61%'' |''134.61%'' |- | | | | | | | |- |'''Gross Profit''' |'''459,870''' |'''1,078,902''' |'''2,531,211''' |'''5,938,474''' |'''13,932,254''' |'''32,686,460''' |- |''Margin'' |''30.81%'' |''30.81%'' |''30.81%'' |''30.81%'' |''30.81%'' |''30.81%'' |- | | | | | | | |- |'''Operating Profit''' |'''(726,598)''' |'''(1,704,671)''' |'''(3,999,330)''' |'''(9,382,827)''' |'''(22,013,051)''' |'''(51,644,820)''' |- |''Margin'' |''(48.68%)'' |''(48.68%)'' |''(48.68%)'' |''(48.68%)'' |''(48.68%)'' |''(48.68%)'' |- | | | | | | | |- |'''EBIT''' |'''(780,929)''' |'''(1,832,137)''' |'''(4,298,376)''' |'''(10,084,419)''' |'''(23,659,056)''' |'''(55,506,511)''' |- |''Margin'' |''(52.32%)'' |''(52.32%)'' |''(52.32%)'' |''(52.32%)'' |''(52.32%)'' |''(52.32%)'' |- | | | | | | | |- |'''Net Profit''' |'''(799,885)''' |'''(1,876,609)''' |'''(4,402,713)''' |'''(10,329,205)''' |'''(24,233,349)''' |'''(56,853,860)''' |- |''Margin'' |''(53.59%)'' |''(53.59%)'' |''(53.59%)'' |''(53.59%)'' |''(53.59%)'' |''(53.59%)'' |- | | | | | | | |- |'''Total Comprehensive Income''' |'''(722,568)''' |'''(1,695,217)''' |'''(3,977,148)''' |'''(9,330,786)''' |'''(21,890,958)''' |'''(51,358,375)''' |- |''Margin'' |''(48.41%)'' |''(48.41%)'' |''(48.41%)'' |''(48.41%)'' |''(48.41%)'' |''(48.41%)'' |}FORECAST.EST function was also used in MS Excel to produce forward financials using linear regression. This method would be more robust than using simply the average of historical data.[[File:Historical and forward financials.png|thumb|998x998px|center]]
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