(Exact name of registrant as specified in its charter) | ||||||||||||||
(State or other jurisdiction of incorporation) | Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | ||||||||||||||
(Zip code) | ||||||||||||||
(Registrant’s telephone number, including area code) | ||||||||||||||
N/A | ||||||||||||||
(Former name or former address, if changed since last report.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The |
Year ended March 31, 2022 | |||||||||||||||||
Historical | Disposition of Freedom RU and Freedom Bank RU | Pro Forma | |||||||||||||||
Revenue: | |||||||||||||||||
Fee and commission income | $ | 417,774 | $ | (82,330) | $ | 335,444 | |||||||||||
Net gain on trading securities | 77,671 | 78,674 | 156,345 | ||||||||||||||
Interest income | 105,965 | (15,812) | 90,153 | ||||||||||||||
Net loss on foreign exchange operations | (37,693) | 39,672 | 1,979 | ||||||||||||||
Net gain on derivative | 946 | — | 946 | ||||||||||||||
TOTAL REVENUE, NET | 564,663 | 20,204 | 584,867 | ||||||||||||||
Expense: | |||||||||||||||||
Fee and commission expense | 81,231 | (7,988) | 73,243 | ||||||||||||||
Interest expense | 75,899 | (10,450) | 65,449 | ||||||||||||||
Operating expense | 161,593 | (73,029) | 88,564 | ||||||||||||||
Provision for impairment losses | 2,985 | (779) | 2,206 | ||||||||||||||
Other expense, net | 6,061 | (4,749) | 1,312 | ||||||||||||||
TOTAL EXPENSE | 327,769 | (96,995) | 230,774 | ||||||||||||||
INCOME BEFORE INCOME TAX | 236,894 | 117,199 | 354,093 | ||||||||||||||
Income tax expense | (25,525) | (13,004) | (38,529) | ||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS | 211,369 | 104,195 | 315,564 | ||||||||||||||
Less: Net loss from continuing operations attributable to non-controlling interest in subsidiary | (6,566) | — | (6,566) | ||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 217,935 | $ | 104,195 | $ | 322,130 | |||||||||||
EARNINGS FROM CONTINUING OPERATIONS PER COMMON SHARE (In U.S. dollars): | |||||||||||||||||
Earnings from continuing operations per common share - basic | 3.67 | 1.75 | 5.43 | ||||||||||||||
Earnings from continuing operations per common share - diluted | 3.67 | 1.75 | 5.43 | ||||||||||||||
Weighted average number of shares (basic and diluted) | 59,378,207 | — | 59,378,207 |
Year ended March 31, 2021 | |||||||||||||||||
Historical | Disposition of Freedom RU and Freedom Bank RU | Pro Forma | |||||||||||||||
Revenue: | |||||||||||||||||
Fee and commission income | $ | 268,776 | $ | (52,780) | $ | 215,996 | |||||||||||
Net gain on trading securities | 46,186 | (20,275) | 25,911 | ||||||||||||||
Interest income | 34,036 | (11,221) | 22,815 | ||||||||||||||
Net gain on foreign exchange operations | 3,428 | (2,285) | 1,143 | ||||||||||||||
Net gain on derivative | 125 | (39) | 86 | ||||||||||||||
TOTAL REVENUE, NET | 352,551 | (86,600) | 265,951 | ||||||||||||||
Expense: | |||||||||||||||||
Fee and commission expense | 73,100 | (7,122) | 65,978 | ||||||||||||||
Interest expense | 27,366 | (8,760) | 18,606 | ||||||||||||||
Operating expense | 77,434 | (41,981) | 35,453 | ||||||||||||||
Provision for impairment losses | 1,561 | (44) | 1,517 | ||||||||||||||
Other expense/(income), net | 68 | (174) | (106) | ||||||||||||||
TOTAL EXPENSE | 179,529 | (58,081) | 121,448 | ||||||||||||||
INCOME BEFORE INCOME TAX | 173,022 | (28,519) | 144,503 | ||||||||||||||
Income tax expense | (30,098) | 6,736 | (23,362) | ||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS | 142,924 | (21,783) | 121,141 | ||||||||||||||
Less: Net income from continuing operations attributable to non-controlling interest in subsidiary | 631 | — | 631 | ||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 142,293 | $ | (21,783) | $ | 120,510 | |||||||||||
EARNINGS FROM CONTINUING OPERATIONS PER COMMON SHARE (In U.S. dollars): | |||||||||||||||||
Earnings from continuing operations per common share - basic | 2.44 | (0.37) | 2.06 | ||||||||||||||
Earnings from continuing operations per common share - diluted | 2.43 | (0.37) | 2.06 | ||||||||||||||
Weighted average number of shares (basic) | 58,388,445 | — | 58,388,445 | ||||||||||||||
Weighted average number of shares (diluted) | 58,442,921 | — | 58,442,921 |
Year ended March 31, 2020 | |||||||||||||||||
Historical | Disposition of Freedom RU and Freedom Bank RU | Pro Forma | |||||||||||||||
Revenue: | |||||||||||||||||
Fee and commission income | $ | 87,473 | $ | (26,281) | $ | 61,192 | |||||||||||
Net gain on trading securities | 14,923 | (6,591) | 8,332 | ||||||||||||||
Interest income | 17,329 | (3,748) | 13,581 | ||||||||||||||
Net gain/(loss) on foreign exchange operations | 2,315 | (2,027) | 288 | ||||||||||||||
Net loss on derivative | (138) | 138 | — | ||||||||||||||
TOTAL REVENUE, NET | 121,902 | (38,509) | 83,393 | ||||||||||||||
Expense: | |||||||||||||||||
Fee and commission expense | 21,936 | (2,521) | 19,415 | ||||||||||||||
Interest expense | 12,399 | (2,199) | 10,200 | ||||||||||||||
Operating expense | 59,990 | (34,312) | 25,678 | ||||||||||||||
Provision for impairment recoveries | (1,164) | (90) | (1,254) | ||||||||||||||
Other expense, net | 609 | (346) | 263 | ||||||||||||||
TOTAL EXPENSE | 93,770 | (39,468) | 54,302 | ||||||||||||||
INCOME BEFORE INCOME TAX | 28,132 | 959 | 29,091 | ||||||||||||||
Income tax expense | (6,002) | 1,069 | (4,933) | ||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS | 22,130 | 2,028 | 24,158 | ||||||||||||||
Less: Net loss from continuing operations attributable to non-controlling interest in subsidiary | (2,707) | — | (2,707) | ||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 24,837 | $ | 2,028 | $ | 26,865 | |||||||||||
EARNINGS FROM CONTINUING OPERATIONS PER COMMON SHARE (In U.S. dollars): | |||||||||||||||||
Earnings from continuing operations per common share - basic | 0.43 | 0.03 | 0.46 | ||||||||||||||
Earnings from continuing operations per common share - diluted | 0.43 | 0.03 | 0.46 | ||||||||||||||
Weighted average number of shares (basic) | 58,163,691 | — | 58,163,691 | ||||||||||||||
Weighted average number of shares (diluted) | 58,251,588 | — | 58,251,588 |
Exhibit No. | Description | |||||||
99.1 | News release dated February 27, 2023 (as amended)* | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
FREEDOM HOLDING CORP. | ||||||||
Date: May 24, 2023 | By: | /s/ Evgeniy Ler | ||||||
Evgeniy Ler | ||||||||
Chief Financial Officer |