Published: 2015-04-01 10:00:00 CEST
Mash Group Oyj
Press release

Euroloan Group Plc Annual Review 1.1.-31.12.2014

Improved solidity and strong growth in consumer receivables as Euroloan expands business volumes and secures new funding for continued growth.

Helsinki, Finland, 2015-04-01 10:00 CEST (GLOBE NEWSWIRE) -- Euroloan Group PLC continued to grow in 2014, with turnover from operations increasing from 7,4 to 9,9 million EUR. Solidity improved as the balance sheet grew by 41% to 45,1 million EUR while equity grew by 72% to 17,7 million EUR and the equity ratio strengthened to 39% (22% growth from the previous year. Operating profit grew by 39% to 2,5 million EUR, with operational profitability improving to 25,7% of turnover. Constraints in external funding limiting the rapid growth and net profit in 2014 were solved in February 2015 through a 15 million EUR convertible loan facility and the Group is well positioned for a positive development in volume and profitability for 2015.

The funding facility was part of the larger EUR 100 million total requirement expected to be raised within the next 2-3 years. Raising capital to meet Euroloan's rapid growth targets and to strengthen the Group's capital structure ahead of Basel III and CRD IV capital requirements is a requirement to enable rapid growth. The total planned structure includes a combination of Common Equity Tier I, Additional Tier I, Tier II and senior debt. A strong capital base gives the Group flexibility to grow while maintaining high capital ratios on its balance sheet.

Consumer demand for Euroloan’s services continue to grow, and the balance growth was due to consumer receivables increasing by 90% from 15 (2013) to 29 (2014) million EUR.

The number of shareholders in the Group increased significantly from 25 at the end of 2013 to 188 at the end of 2014.

For more information, please read the Annual Review 2014.

 

Key figures

  2014 2013
Balance (million EUR) 45,1 32,1
Balance Growth 41 % 121 %
Turnover (million EUR) 9,9 7,4
EBIT (million EUR) 2,5 1,8
EBIT/Sales 26 % 25 %
Net profit (million EUR) 0,0 0,3
Equity ratio 39 % 32 %

 

Financial Statements

INCOME STATEMENT 2014 2013
TURNOVER 9 900 552,63 7 442 717,14
Other operating income 4 510,59 2 596 606,09
Materials and services -91 137,34 -94 820,61
Personnel costs -1 433 396,14 -1 691 766,10
Depreciation -680 040,34 -1 143 414,65
Other business-related costs -5 152 751,39 -5 275 684,74
EBIT 2 547 738,01 1 833 637,13
Financial income and expenses -2 623 187,76 -1 392 914,78
EBT -75 449,75 440 722,35
Tax 82 243,38 -118 846,05
Net Profit 6 793,63 321 876,30

 

BALANCE SHEET 2014 2013
ASSETS    
NON-CURRENT ASSETS    
   Intangible assets 11 072 293,61 10 232 471,69
   Tangible assets and investments 28 526,20 33 613,15
TOTAL NON-CURRENT ASSETS 11 100 819,81 10 266 084,84
     
CURRENT ASSETS    
  Current Receivables 29 872 532,29 16 049 744,57
  Cash and Bank Receivables 4 192 692,81 5 812 049,60
TOTAL CURRENT ASSETS 34 065 225,10 21 861 794,17
TOTAL ASSETS 45 166 044,91 32 127 879,01
     
EQUITY & LIABILITIES    
EQUITY    
  Share capital and issue 1 434 998,00 80 000,00
  Translation difference -30 503,71 59 381,30
  Reserve for invested non-restricted equity 15 108 290,66 8 926 838,66
  Retained earnings 1 210 578,95 946 438,65
  Profit for the Financial period 6 793,63 321 876,30
TOTAL EQUITY 17 730 157,53 10 334 534,91
     
MINORITY INTEREST 0,00 0,00
GROUP RESERVE 28 004,63 42 615,63
     
LIABILITIES    
    Non-current Liabilities 18 815 000,00 8 402 955,00
    Current Liabilities 8 592 882,75 13 347 773,47
TOTAL LIABILITIES 27 407 882,75 21 750 728,47
     
TOTAL EQUITY & LIABILITIES 45 166 044,91 32 127 879,01

For the complete financial statements and other investor information please see www.euroloan.com/investors

 

Outlook for 2015

The Board of Directors estimates the operating environment to remain relatively stable in Finland and Sweden while there may be changes in the operating environment in Poland. However, the impact in Euroloan’s operations is estimated to be insignificant. The outlook regarding turnover, income and total balance sheet for the financial year is that they will grow from the previous year, but the Board notes that the availability of liquidity in particular will affect the outcome significantly. The overall outlook is currently very positive and the Group is in excellent shape for making 2015 the best year in its history. 

Euroloan Group PLC (Euroloan) is a rapidly growing international group specialized in financing and financial technology (FinTech). The Group’s headquarters are located in Helsinki, Finland, with offices in Stockholm, Sweden and Warsaw, Poland. Euroloan has developed the most efficient financing business models and systems in the market. Euroloan’s fully automated and internationally scalable cloud banking services provide real-time credit solutions for consumers and small-to-medium size businesses. Euroloan Group PLC also provides a fully automated invoicing and collection service through its subsidiary Cobro24, enabling cost-effective management of receivables over their entire life cycle. Euroloan has consolidated its market position and increased its market share continuously from the time the company was established in 2007. More information about the company can be found at www.euroloan.com.

 

         Samuli Korpinen
         CEO of Euroloan Group PLC
         Phone: +358 10 217 1004