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2018-08-29

Lendify Sweden 1 AB: Lendify Sweden 1 AB (publ) releases interim report for the period 2018-01-01 to 2018-06-30 and announc...

First six months 2018 (compared with the first six months 2017)

· Operating income amounted to 11 378 KSEK (723 KSEK).
· Operating profit amounted to 4 288 KSEK (376 KSEK).
· Profit/loss after tax amounted to -4 301 KSEK (-707 KSEK).

Second quarter 2018 (compared with the first quarter 2018)

· Operating income amounted to 5 368 KSEK (6 010 KSEK).
· Operating profit amounted to 2 855 KSEK (1 432 KSEK).
· Profit/loss after tax amounted to -1 336 KSEK (-2 965 KSEK).

Financial overview

+-----------------------------+-------+--------+-------+------------+-------------+
|KSEK |Q2 2018|Q1 2018 |Q2 2017|Jan-Jun 2018|Jan-Jun 2017*|
+-----------------------------+-------+--------+-------+------------+-------------+
|Operating income |5 368 |6 010 |723 |11 378 |723 |
+-----------------------------+-------+--------+-------+------------+-------------+
|Operating profit |2 855 |1 432 |376 |4 288 |376 |
+-----------------------------+-------+--------+-------+------------+-------------+
|Net financial income/expense |-4 191 |-4 397 |-1 083 |-8 588 |-1 083 |
+-----------------------------+-------+--------+-------+------------+-------------+
|Profit/loss for the period |-1 336 |-2 965 |-707 |-4 301 |-707 |
+-----------------------------+-------+--------+-------+------------+-------------+
|Total assets |248 982|272 327 |221 514|248 982 |221 514 |
+-----------------------------+-------+--------+-------+------------+-------------+
|Operating margin % |53.2% |23.8% |52.0 % |37.7% |52,0% |
+-----------------------------+-------+--------+-------+------------+-------------+
|Equity ratio % |10.9% |10.5% |11.2% |10.9% |11.2% |
+-----------------------------+-------+--------+-------+------------+-------------+

*The company started its business on 29th March 2017.

CEO comments

Lendify Sweden 1 AB (publ), org. no. 559106-7524 ("Lendify Sweden 1"),
was incorporated 29 March 2017. The company is a wholly owned
subsidiary of Lendify AB, org. no. 556968-1744 ("Lendify"). Lendify
Sweden 1 has issued bonds of SEK 300 million. Funds from the bond
issue has financed 3 acquisitions of consumer loan portfolios from
Lendify. The average interest on the loan portfolio was 9.2% as at
2018-06-30. During the period there were no realized credit losses.
Provision for credit losses amounted to SEK 3.2 million during the
period.

+----------+-------------------------+------------------+
|Risk class|Percent of nominal amount|Weighted UC score*|
+----------+-------------------------+------------------+
|A |10.56% |0.16% |
+----------+-------------------------+------------------+
|B |13.92% |0.45% |
+----------+-------------------------+------------------+
|C |19.80% |0.90% |
+----------+-------------------------+------------------+
|D |24.59% |1.86% |
+----------+-------------------------+------------------+
|E |20.73% |4.20% |
+----------+-------------------------+------------------+
|F |10.40% |9.14% |
+----------+-------------------------+------------------+
|Total |100.00% |2.54% |
+----------+-------------------------+------------------+

* The UC score represents the propensity, at time of loan origination,
for a debtor to get payment remark (Sw: betalningsanmärkning) within
12 months.

Events during the first six months 2018

Lendify Sweden 1 has used the liquidity from interest payments and
instalments to repurchase bonds in Lendify Swe Bond 1. Repurchases
were made in February 2018 (SEK 25 million) and May 2018 (SEK 23
million).

From 1 January 2018 the Company applies a new IFRS standard for
reporting of financial instruments, IFRS 9. According to IFRS 9,
reserves for credit losses shall be made on all consumer loans
including performing loans. This has caused earlier recognition and
higher reserves for credit losses.

Repurchase of outstanding bonds

As part of the management of excess liquidity Lendify Sweden 1 AB
(publ) announces that it has completed a partial repurchase of
outstanding bonds for a nominal value of SEK 7 million (ISIN
SE0009973514). The repurchased bonds correspond to 2.3% percent of
total issued volume of SEK 300 million.

For further information, please contact:
Erika Eliasson, Chief Investor Relations Officer tel. no. +46(0)70 999
10 70

This information is information that Lendify Sweden 1 AB (publ) is
obliged to make public pursuant to the EU Market Abuse Regulation and
the Swedish Securities Markets Act (2007:528). The information was
submitted for publication, through the agency of the contact person
set out above, at 07:30 CET on 29 August 2018.

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http://news.cision.com/se/lendify-sweden-1-ab/r/lendify-sweden-1-ab--pub...
http://mb.cision.com/Main/16211/2602690/898901.pdf

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