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2016-05-19

Euroloan Group PLC interim report 1.1.2016-31.3.2016

erim report 1.1.2016-31.3.2016

Profitability increases with growing volumes as EBIT grows by 311% from the
first quarter in 2015. Strategic investments are paying off says Chairman
Lindfors. Shareholder number grows twenty-fold in just over two years as
investors see the future of online banking in Euroloan.

Helsinki, Finland, 2016-05-19 08:00 CEST (GLOBE NEWSWIRE) -- Growth continues,
as total income increases to EUR 4,0 million, an increase of 52% compared to
EUR 2,6 million in the first quarter of 2015. Compared with the average
quarterly income in 2015, the increase was 19%. The growth in lending volume
was especially pronounced in Poland and Sweden during the first quarter.

EBIT growth was 311%, from EUR 0,5 million in Q1/2015 to EUR 2,0 million in
Q1/2016. Compared to the 2015 quarterly average, EBIT increased by 23%.
EBIT/Total Income increased to 51% from 19%.

The Group’s solidity continued to improve, as the equity ratio increased to 51%
from 33% in Q1/2015. Total equity now exceeds EUR 25 million. The total
balance is reduced due to a funding arrangement where receivables are sold to a
third party.

Key Figures

Q1 2016 Q1 2015 2015
====================================================
Balance (million EUR) 49,9 53,3 49,5
Total income* (million EUR) 4,0 2,6 13,4
EBIT (million EUR) 2,0 0,5 6,6
EBIT Growth 311 % -22 %** 160 %
EBIT/Total income* 51 % 19 % 49 %
Net profit (million EUR) 1,5 -0,3 2,2
Equity ratio 51 % 33 % 50 %
----------------------------------------------------

*includes turnover and other operating income

**estimated quarterly growth compared with 2014 annual figures (no quarterly
data available)

Interim Financial Statement

BALANCE SHEET Q1 2016 Q1 2015 2015
================================================================================
ASSETS
NON-CURRENT ASSETS
Intangible assets 15 151 482,72 11 259 329,74 14 199 735,89
Tangible assets and investments 13 945,64 27 572,40 13 945,64
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 15 165 428,36 11 286 902,14 14 213 681,53

CURRENT ASSETS
Current Receivables 32 860 839,63 31 592 124,87 32 526 944,20
Cash and Bank Receivables 1 902 587,35 10 402 105,02 2 716 185,34
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 34 763 426,98 41 994 229,89 35 243 129,54
================================================================================
TOTAL ASSETS 49 928 855,34 53 281 132,03 49 456 811,07

EQUITY & LIABILITIES
================================================================================
EQUITY
Share capital and issue 80 000,00 1 434 998,00 80 000,00
Translation difference -116 266,99 -30 503,71 -116 266,99
Reserve for invested non-restricted 21 463 288,66 15 108 290,66 21 463 288,66
equity
Retained earnings 2 207 038,81 1 193 444,58 826 857,78
Profit for the Financial period 1 479 406,15 -286 121,55 2 238 160,91
--------------------------------------------------------------------------------
TOTAL EQUITY 25 113 466,63 17 420 107,98 24 492 040,36

MINORITY INTEREST 0,00 0,00 0,00
GROUP RESERVE 13 393,63 28 004,63 13 393,63

LIABILITIES
Non-current Liabilities 469 500,00 21 212 000,00 404 250,00
Current Liabilities 24 332 495,08 14 621 019,42 24 547 127,08
--------------------------------------------------------------------------------
TOTAL LIABILITIES 24 801 995,08 35 833 019,42 24 951 377,08
================================================================================
TOTAL EQUITY & LIABILITIES 49 928 855,34 53 281 132,03 49 456 811,07

INCOME STATEMENT Q1 2016 Q1 2015 2015
==========================================================================
Total income* 3 986 184,63 2 630 547,13 13 416 195,13
Materials and services -103 445,92 -180 810,77 -918 119,71
Personnel costs -355 645,13 -481 282,64 -1 322 844,30
Depreciation -291 370,48 -188 917,67 -937 325,25
Other business-related costs -1 196 949,06 -1 283 652,37 -3 614 434,83
--------------------------------------------------------------------------
EBIT 2 038 774,03 495 883,68 6 623 471,04
Financial income and expenses -559 367,88 -731 579,32 -3 782 657,28
--------------------------------------------------------------------------
EBT 1 479 406,15 -235 695,64 2 840 813,76
Tax 0,00 -50 425,92 -602 652,85
==========================================================================
Net Profit 1 479 406,15 -286 121,55 2 238 160,91

*includes turnover and other operating income

The interim financial figures provided are unaudited, and based on the Company
management’s estimates of the situation with the information currently
available. Based on adjusted information received from a third party after the
completion of the 2015 financial statement, the periodization of revenues from
sold receivables has changed by EUR 0,8 million. Income previously allocated to
2015 will be realized after the end of the 2015 financial period. Retained
earnings have been adjusted accordingly. The estimates include, for instance,
one-time items, investments, amortization and depreciation, financial and other
costs. Calculated taxes, which have not been finalized at this point, are not
included in Q1 2016 figures. Unexpected events, decisions by authorities,
service providers, market disturbances and other factors may affect the actual
financial figures significantly compared to these estimates. The reader is
advised to read the 2015 annual review and financial statement for the latest
audited figures and more information about the Group.

The Board of Directors of Euroloan Group was appointed by the Annual General
Meeting, held on 26.4.2016. The board now includes six members: Mr. Kari Kukka,
Mr. Tommi Lindfors, Mr. Jonas Lindholm, Mr. Heikki Palosuo and Ms. Riitta
Salonen continue on the board, and Mr. John Matthews was elected as a new
member.

Mr Matthews, who represents Finstar Financial Group, brings a wealth of
experience from the London financial market, most recently from Deutsche Bank
as Managing Director, Structured Finance. Mr. Matthews further strengthens the
already very considerable banking expertise of the Board.

Mr. Tommi Lindfors, Chairman of Euroloan Group, is very pleased by the
confidence shown by investors in Euroloan: “The number of shareholders has
continued to increase rapidly. At the end of 2013 we had 25 shareholders, a
year later 188. By the end of 2015 we had 286 shareholders, and only months
later we invited almost five hundred shareholders to the Annual General
Meeting. I think this indicates that investors have realised that there is a
major shift happening in the financial sector, and that we are on the winning
side of that change.”

“The strategic choices we made back in 2010 have really paid off, which can be
seen in our financials. Now we have set even more ambitious goals for the next
five years, which would establish us as a serious player in the rapidly
evolving mobile online banking market. Our FinTech approach has clearly been
successful, and we are very well placed to take the next step in our
development, to combine the online transaction efficiency of FinTech with the
funding advantages of a bank. At present 2016 is certainly looking good, even
better than last year”, Mr. Lindfors concludes.

Euroloan’s subsidiary in Luxembourg, Euroloan S.A., is in the process of
applying for a full EU bank license.

About Euroloan Group

Euroloan Group PLC is a rapidly growing international group, specialized in
highly automated financial services and financial technology (FinTech). The
Group has offices in Helsinki (HQ), Luxembourg, Stockholm and Warsaw and the
team includes around 50 professionals of 10 different nationalities.

The Group operates in a mobile online environment offering credit limits,
loans, money transfers, webshop payment services, invoice payments and
collection services as a real-time e-business to retail customers. For webshops
and sales points, Euroloan offers pay-per-invoice and sales finance solutions
that are easy, free of charge, and work under the merchants’ own brands.
Euroloan originates high-quality structured consumer receivables portfolios
with guaranteed performance and continuous monitoring and servicing.

All services are truly instant and automated and include origination and debt
servicing functions that traditionally have been manual, such as
identification, scoring, underwriting, payments, back-office, credit monitoring
and debt collection. This is made possible by Euroloan’s proprietary
cloud-based banking software and secured by its ISO27001:2013-certified
information security management system.

More information about Euroloan Group is available at www.euroloan.com, Finland
www.euroloan.fi, Poland www.euroloan.pl and in Sweden on www.euroloan.se.

For more information, please contact:
Jonas Lindholm
Euroloan Group PLC
Tel +358 10 217 1003

Författare SSE

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