Euroloan Group Oyj: Euroloan Group Plc Financial Statements 1.1.-31.12.2015

Helsinki, Finland, 2016-04-20 13:41 CEST (GLOBE NEWSWIRE) -- The year 2015 was a resounding success for Euroloan as a result of the long-term development efforts in the Group over several years. Financially, the Group delivered especially in terms of operating profit (+160%), turnover (+22%), total income (+35%), and lending volume (+18%). Net profit increased to EUR 2.2 million (+32 845%).

The business grew in all markets during 2015, early 2016 shows very promising developments both in Sweden and Poland in terms of volume growth.

Total income grew to EUR 13.4 (9.9) million, an increase of 35% compared to the previous year. Other income was EUR 1.4 (0.0) million, which was mainly due to profits from the sale of current assets. Turnover excluding other income grew by 22% to EUR 12.1 (9.9) million. Operating profit grew by 160% and amounted to EUR 6.6 (2.5) million, i.e. 55% (26%) of turnover. EBITDA grew by 134% and amounted to EUR 7.6 (3.2) million, i.e. 63% (33%) of turnover. Operating profit excluding non-recurring income items was EUR 5.3 (2.5) million.

The Group’s equity grew by 38%, with a corresponding increase in the equity ratio, which strengthened from 39% to 50%. The Group’s equity at the end of the period was EUR 24.5 million (EUR 17.7 million). The total balance sheet grew by EUR 4.3 million during the year, or 9%, to EUR 49.5 (45.2) million. Total liabilities decreased by EUR 2.5 million or 9% to EUR 25.0 (27.4) million. The Group’s solidity has increased significantly during 2015, due to the growth of equity and decrease of liabilities.

At the end of 2014, Euroloan Group mandated a consortium of four international financial services providers to raise capital to meet Euroloan's rapid growth targets and to strengthen the Group's capital structure in anticipation of the Basel III and CRD IV capital requirements. The total planned structure included a combination of equity and senior debt exceeding a total of EUR 100 million during the next 2-3 year period.

The availability of funding has improved radically during 2015, as Euroloan managed to secure new debt and equity agreements that fulfil the set EUR 100 million target. This will enable the Group to grow further and expand its business as planned.

Executive Chairman Tommi Lindfors comments: “Our updated strategy sets some very ambitious goals for the coming years in terms of growing and expanding our business and also delivering financially. We have built a very solid platform to take off from as we are very solid financially with a 50% equity ratio and very good profitability.  Our services are at the cutting edge of applied FinTech with the fully automated cloud-based banking systems that we have developed. The whole market is shifting our way, and we are well prepared to take full advantage of the situation”.

Key Figures

	2015	2014
Balance (million EUR)	49,5	45,2
Turnover (million EUR)	12,1	9,9
EBIT (million EUR)	6,6	2,5
EBIT Growth	160 %	39 %
EBIT/Sales	55 %	26 %
Net profit (million EUR)	2,2	0,0
Equity ratio	50 %	39 %

Financial Statements

BALANCE SHEET	2015	2014
ASSETS
NON-CURRENT ASSETS
Intangible assets	14 199 735,89	11 072 293,61
Tangible assets and investments	13 945,64	28 526,20
TOTAL NON-CURRENT ASSETS	14 213 681,53	11 100 819,81
CURRENT ASSETS
Current Receivables	32 526 944,20	29 872 532,29
Cash and Bank Receivables	2 716 185,34	4 192 692,81
TOTAL CURRENT ASSETS	35 243 129,54	34 065 225,10
TOTAL ASSETS	49 456 811,07	45 166 044,91
EQUITY & LIABILITIES
EQUITY
Share capital and issue	80 000,00	1 434 998,00
Translation difference	-116 266,99	-30 503,71
Reserve for invested non-restricted equity	21 463 288,66	15 108 290,66
Retained earnings	826 857,78	1 210 578,95
Profit for the Financial period	2 238 160,91	6 793,63
TOTAL EQUITY	24 492 040,36	17 730 157,53
MINORITY INTEREST	0,00	0,00
GROUP RESERVE	13 393,63	28 004,63
LIABILITIES
Non-current Liabilities	404 250,00	18 815 000,00
Current Liabilities	24 547 127,08	8 592 882,75
TOTAL LIABILITIES	24 951 377,08	27 407 882,75
TOTAL EQUITY & LIABILITIES	49 456 811,07	45 166 044,91

INCOME STATEMENT	2015	2014
TURNOVER	12 063 627,09	9 900 552,63
Other operating income	1 352 568,04	4 510,59
Materials and services	-918 119,71	-91 137,34
Personnel costs	-1 322 844,30	-1 433 396,14
Depreciation	-937 325,25	-680 040,34
Other business-related costs	-3 614 434,83	-5 152 751,39
EBIT	6 623 471,04	2 547 738,01
Financial income and expenses	-3 782 657,28	-2 623 187,76
EBT	2 840 813,76	-75 449,75
Tax	-602 652,85	82 243,38
Net Profit	2 238 160,91	6 793,63

For more information please see the Annual Review 2015.

Outlook for 2016

The Board of Directors estimates that the operating environment will remain relatively stable in Finland, Sweden and Luxembourg and that there will be regulatory changes in the Polish market during 2016. The outlook regarding earnings for the financial year 2016 is that there will be growth compared to the previous year.

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 brand. 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.

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