Finances of the group, 2021–2025

analysisFG BCS LIMITED's audited consolidated statements for 2022 report total assets of RR 417,982,064 thousand at 31 December 2022 (2021: RR 461,740,727 thousand), equity of RR 74,254,809 thousand (2021: RR 60,952,282 thousand) and liabilities of RR 343,677,306 thousand. Profit for 2022 was RR 14,920,194 thousand (2021: RR 18,107,527 thousand), after net trading income of RR 39,424,766 thousand, fee and commission income of RR 11,415,050 thousand and impairment of debt financial assets of RR 11,906,501 thousand; a dividend of RR 492,825 thousand was declared and paid in 2022. At the end of that year the group employed the equivalent of about 5,422 full-time staff (2021: 5,369), and its headquarter offices were at Sovetskaya Street 37 in Novosibirsk, while the company's registered address was in Limassol. ¹

analysisThe March 2024 prospectus gives the group's revenue for 2022 as RR 58,190,766 thousand in Russia and RR 15,100,383 thousand in other markets (2021: RR 26,753,207 thousand and RR 36,416,055 thousand). For the first half of 2023 it reports revenue of RR 3,942,768 thousand, all outside Russia, against RR 28,722,800 thousand in the first half of 2022, a fall of 86%. According to the unaudited interim figures in the same prospectus, total liabilities were RR 297,319,270 thousand at 30 June 2023, against RR 157,538,932 thousand a year earlier; customer brokerage accounts were RR 140,594,856 thousand and RR 68,532,812 thousand respectively. ²

analysisThe April 2025 prospectus, based on the audited statements, gives the group's 2023 revenue as USD 197,634 thousand, all from markets other than Russia, compared with USD 827,308 thousand in Russia and USD 214,685 thousand elsewhere in 2022; revenue from derivatives and trading was USD 127,517 thousand in 2023. At the end of 2023 the group had liabilities of USD 1,193,962 thousand and equity of USD 496,330 thousand, against USD 4,886,116 thousand and USD 1,056,402 thousand a year earlier. The prospectus balance-sheet extract does not name its unit; the same totals appear in thousands of US dollars as comparatives in the 2024 audited statements. ^{1 2}

analysisThe audited statements for 2024, signed by the sole director Alexey Annenkov, report total assets of USD 1,728,551 thousand at the end of 2024 (2023: USD 1,690,292 thousand), liabilities of USD 1,061,957 thousand, equity of USD 666,594 thousand and profit for the year of USD 73,488 thousand, with net trading income of USD 121,332 thousand (2023: USD 127,517 thousand), net fee and commission income of USD 5,330 thousand and impairment of debt financial assets of USD 33,137 thousand. The statements for 2025, also signed by Annenkov, report total assets of USD 2,463,540 thousand, liabilities of USD 1,626,790 thousand, equity of USD 836,750 thousand and profit of USD 146,092 thousand, with net trading income of USD 257,418 thousand, a net interest expense of USD 52,711 thousand and a net fee and commission expense of USD 2,729 thousand. ^{2 3}

analysisThe group's accounting policy defines net trading income as gains less losses on trading assets and liabilities, including all fair-value changes, interest income on trading assets, realised results on investment securities and foreign-exchange differences; fee and commission income comes from executing client trades and from principal trading in securities. Headcount fell to the equivalent of about 119 full-time employees at the end of 2023 and 78 at the end of 2024, and rose to about 110 at the end of 2025. The 2025 statements describe the group as a securities market participant in Cyprus, the UAE, Kazakhstan, the USA and Hong Kong, regulated by CySEC, the DFSA, the AIFC, FINRA and the SFC. ^{2 3}

analysisThe group declared no dividends in 2023 and USD 125,000 thousand (USD 2.5 thousand per share) during 2024; the obligation to pay the 2024 dividend was offset against an obligation to transfer a loan payable of the same amount to the group. On 14 April 2026 it declared dividends of USD 61,000 thousand (USD 1,220 thousand per share). All of the group's loans payable at the end of 2024, USD 132,947 thousand, came from the shareholder, whereas a year earlier its loans payable of USD 334,488 thousand came from finance and investment companies. At the end of 2025 loans payable were USD 243,583 thousand, of which USD 156,205 thousand (64%) from the shareholder and USD 87,378 thousand (36%) from finance and investment companies; notes issued at fair value were USD 52,773 thousand (2024: USD 84,410 thousand). ^{1 2}

analysisThe statements describe transactions with companies under the common control of the owner without naming the companies. At the end of 2022 balances with companies under the common control or significant influence of the sole participant included loans to customers of RR 3,355,792 thousand (gross) and current accounts, deposits and borrowings owed to them of RR 37,911,202 thousand. For 2023 the statements record a USD 618,682 thousand distribution, the difference between the net assets of BCS Holding LLC and the consideration received when it was sold to the ultimate shareholder, and a USD 3,193 thousand distribution on hybrid derivatives sold to a related party. In 2024 the group treated several transactions as made at non-market prices: fair-value adjustments of USD 116,105 thousand on purchases and sales of securities and USD 15,668 thousand on a sale of investment securities above fair value were booked as capital contributions from the shareholder, as was USD 115,474 thousand on the purchase of subsidiaries below fair value, while a sale of subsidiaries below fair value produced a USD 690 thousand distribution; the net contribution from the shareholder for 2024 was USD 248,795 thousand. In 2025 fair-value adjustments of USD 13,477 thousand on securities and derivatives transactions were booked as contributions, the group sold rights of claim of USD 65,344 thousand to a company under the shareholder's common control for USD 13,050 thousand, and the net contribution was USD 24,639 thousand. ^{3 1 2}

analysisBalances with related parties at the end of 2025 were denominated in US dollars, euros and UAE dirhams at 4.06% to 6.5% a year, against US dollars, euros and roubles at 4.4% to 22% a year at the end of 2024. The group's rouble-denominated financial assets rose from the equivalent of USD 143,852 thousand at the end of 2024 to USD 643,826 thousand at the end of 2025, and its rouble financial liabilities from USD 160,869 thousand to USD 598,694 thousand. ²

analysisThe 2018 financial statements of Brokercreditservice Structured Products Plc show loans to related parties of RUB 9,420,399,981 at the end of 2018 (2017: RUB 7,399,551,249) at interest rates of 1% to 11%: RUB 3,178,415,100 to BCS Prime Brokerage, RUB 2,039,723,679 to Oleg Mikhasenko personally (2017: RUB 753,945,496), RUB 1,865,682,567 to Kertina Group, RUB 1,365,711,127 to BCS-Forex and RUB 970,867,508 to FG BCS Ltd. The same statements show dividends of RUB 6.5 billion payable to FG BCS Ltd and a brokerage-account balance of about RUB 21.8 billion owed to BrokerCreditService (Cyprus). ⁴

analysisReceivables blocked at Euroclear were the group's largest single counterparty exposure for several years: RR 12,729,915 thousand at the end of 2022 (2021: RR 11,136,048 thousand), USD 128,081 thousand at the end of 2023 and USD 108,627 thousand at the end of 2024. At the end of 2025 the group reported no counterparty with a balance above 10% of equity; the 2025 statements do not say whether the Euroclear balance was released, written off or simply fell below the 10% threshold. As a result of US and EU sanctions on Russia, receivables of USD 162,839 thousand at the end of 2024 (2023: USD 160,905 thousand) were restricted in depositories, against which the group held a provision of USD 151,365 thousand (2023: USD 113,744 thousand). At the end of 2022 bank and broker deposits of RR 3,652,635 thousand were frozen because of sanctions, and RR 183,723 thousand of cash was blocked by an injunction securing a client's claim. ^{1 2 3}

analysisCustomer brokerage accounts, mostly settlements under structured derivative products, were USD 618,315 thousand at the end of 2024 and USD 799,314 thousand at the end of 2025; one client accounted for USD 251,029 thousand of the 2024 total and USD 149,194 thousand of the 2025 total. At the end of 2023 the group had issued financial guarantees of USD 40,057 thousand, all in the B+ to B- credit range, with a loss allowance of USD 2,865 thousand. The 2024 cash-flow statement shows net cash used in operating activities of 351,574, inflows of 113,370 from investing and 117,214 from financing activities, including 118,345 of contributions from the shareholder, and a fall in cash and equivalents of 120,990 to 146,908. Its heading gives the unit as thousands of Russian roubles, although the totals match the US-dollar balance sheet and the rest of the statements are in thousands of US dollars. ^{2 3}

analysisKPMG Limited in Limassol audited the consolidated statements for 2021 and 2022 without qualification; its 2022 report included an emphasis of matter on the effect of the military operations in Ukraine and the resulting sanctions on the group's operations. JSC Kept in Moscow audited the statements for 2023, 2024 and 2025 without qualification, signing its reports on the 2024 and 2025 statements on 30 May 2025 and 29 May 2026. A list of reports on the website of The Ultima Structured Products PLC names the files of the 2023 and 2024 consolidated statements with the word 'BinGhannam'; the contents of those files were not retained. ^{1 2 3 4 5 6}