Nov 30, 2022
The third quarter 2022
(compared to third quarter 2021)
- Revenues amounted to kSEK 10,411.3 (832.9)
- Operating profit/loss (EBIT) totaled kSEK -7,686.7 (-3,655.6)
- Result for the period was kSEK -570.7 (-3,342.2)
- Cash flow from operating activities amounted to kSEK -10,332 (-1,793)
- Earnings per share before and after dilution amounted to SEK 0.01 (-0.16)
Year to date January — September
- Revenues amounted to kSEK 22,638.9 (3,492.2)
- Operating profit/loss (EBIT) totaled kSEK -32,090.9 (-1,649.2)
- Result for the period was kSEK -15,876.5 (-1,335.8)
- Cash flow from operating activities amounted to kSEK -16,526 (-424)
- Earnings per share before and after dilution amounted to SEK -0.29 (-0.14)
Highlights from the CEO’s address
General
The FTX collapse, and related secondary collapses, have nothing to do with digital assets and blockchain, and everything to do with fraudulent behaviour and/or lack of sound corporate governance. History is riddled with examples like this in traditional finance. Lessons to take away:
- Counterparty risk is to be taken very seriously. Proper due diligence is key.
- Regulatory reform for centralised exchanges is sorely needed – existing framework from traditional finance exchanges can be adopted, no need to create new laws.
- Decentralised finance is more robust than centralised finance.
- More grey hair is needed on the financial side of crypto. Large values are at stake and proper governance and prudence comes from experience. Too many kids around.
Asset Management
In spite of all the debacles of 2022, the institutional interest in crypto remains strong. Most traditional financial institutions realise crypto/blockchain is here to stay. Although market neutral funds are the flavour of choice, more and more institutions are now also looking to assume directional exposure at what they deem to be, favourable price levels. Hilbert Group is now starting to reap the rewards of the strong sales organisation that Richard Murray, CEO of Hilbert Capital, has put together since joining in July.
COIN360
Several important milestones have been completed for Coin360 over the past couple of months. Last quarter we also streamlined the Coin360 organisation and the company is now well positioned to weather any long-lasting crypto winter. Coin360 is majority owned by Hilbert Group.
Venture
Despite a very tough year for crypto markets, HAYVN crypto investment bank has continued to grow strongly throughout 2022 – headline items are:
- 6x Revenue Growth year-on-year (October).
- $100+ million in real estate volume via their crypto payment solution, year-to-date.
- 5 regulators globally have granted HAYVN approval (ADGM, FINMA, CIMA, AUSTRAC and FSC).
HAYVN is also currently considering a bid for the FTX payments business.
For further information, please contact:
Niclas Sandström
CEO Hilbert Group AB
+46 (0)8 502 353 00
ir@hilbert.group
