Published: 2017-05-04 11:07:53 CEST
Euroloan Group Oyj
Press release

Euroloan Group Plc Financial Statements 1.1.-31.12.2016

Another record-breaking year for Euroloan with solid growth in all markets. Net profit increased 90% to EUR 4.2 million as revenues grew by 34% to EUR 16.1 million. Equity increased to EUR 28.4 million with an equity ratio of 47%. Chairman Tommi Lindfors sees great opportunity for the group to capitalize on its position as a leading FinTech player.

Helsinki, Finland, 2017-05-04 11:07 CEST (GLOBE NEWSWIRE) -- Euroloan again set new records for lending volumes in all markets (+22 % annual growth) in 2016. Financially, the Group delivered especially in terms of turnover (+34%), operating profit (+20%), and net profit (+90%). The Group’s Solidity remained strong  with an equity ratio of 47%.

Euroloan was able to grow in all its markets, Finland, Sweden and Poland, and established support operations in Luxembourg.

Revenue grew to EUR 16.1 (12.1) million, an increase of 34% compared to the previous year. Total income including other operating income was EUR 16.1 (13.4) million. Operating profit grew by 20% to a record 7.9 million EUR (49% of turnover), while net profit increased by 90% to 4.2 million EUR.

The Group’s equity grew by 16% to EUR 28.4 (24.5) and the equity ratio remained at a solid 47% (50%). The total balance sheet grew by EUR 10.6 million (+22%), to EUR 60.1 (49.5) million. The largest investments were related to the development of digital banking systems. Total liabilities increased by EUR 6.8 million or 27% to EUR 31.7 (25.0) million.

During 2016 Euroloan shifted more focus toward payment solutions, which, together with consumer credit, form the strategic core services for the Group. The Group introduced MasterCard credit cards for consumers in cooperation with Ab Compass Card Oy Ltd. Invoice and instalment payment solutions were also introduced as payment options for ecommerce stores and platforms. 

“I am deeply proud of what our team has achieved this year,” said Tommi Lindfors, Chairman of Euroloan Group. “We have long believed in delivering differentiated digital services to our customers. Our performance this year validates our customer-focused commitment, strategic direction and the ability of our team to disrupt traditional financial services providers.  As I look ahead, I am confident we can continue to win market share as we invest in new markets and capitalize on the groups capabilities.”

 

Key Figures

  2016 2015
Balance (million EUR) 60,1 49,5
Turnover (million EUR) 16,1 12,1
EBIT (million EUR) 7,9 6,6
Net profit (million EUR) 4,2 2,2
Equity (million EUR) 28,4 24,5
Return on equity % 15 % 9 %
Equity ratio 47 % 50 %

 

Financial Statements

BALANCE SHEET 2016 2015
ASSETS    
NON-CURRENT ASSETS    
   Intangible assets 18 576 721,45 14 199 735,89
   Tangible assets and investments 11 084,22 13 945,64
TOTAL NON-CURRENT ASSETS 18 587 805,67 14 213 681,53
     
CURRENT ASSETS    
  Current Receivables 38 520 748,93 32 523 465,34
  Cash and Bank Receivables 2 968 946,91 2 719 664,20
TOTAL CURRENT ASSETS 41 489 695,84 35 243 129,54
TOTAL ASSETS 60 077 501,51 49 456 811,07
     
EQUITY & LIABILITIES    
EQUITY    
  Share capital and issue 80 000,00 80 000,00
  Translation difference -192 468,12 -116 266,99
  Reserve for invested non-restricted equity 21 463 288,66 21 463 288,66
  Retained earnings 2 754 817,35 826 857,78
  Profit for the Financial period 4 245 434,24 2 238 160,91
TOTAL EQUITY 28 351 072,13 24 492 040,36
     
MINORITY INTEREST 0,00 0,00
GROUP RESERVE 0,00 13 393,63
     
LIABILITIES    
    Non-current Liabilities 4 284 750,00 404 250,00
    Current Liabilities 27 441 679,38 24 547 127,08
TOTAL LIABILITIES 31 726 429,38 24 951 377,08
TOTAL EQUITY & LIABILITIES 60 077 501,51 49 456 811,07

 

INCOME STATEMENT 2016 2015
TURNOVER 16 117 070,07 12 063 627,09
Other operating income 4 882,39 1 352 568,04
Materials and services -661 190,81 -918 119,71
Personnel costs -1 099 935,30 -1 322 844,30
Depreciation -1 410 866,50 -937 325,25
Other business-related costs -5 014 305,00 -3 614 434,83
EBIT 7 935 654,85 6 623 471,04
Financial income and expenses -2 358 214,17 -3 782 657,28
EBT 5 577 440,68 2 840 813,76
Tax -1 332 006,44 -602 652,85
Net Profit 4 245 434,24 2 238 160,91

For more information please see the Annual Review 2016.

 

Outlook for 2017

The company estimates that the operating environment will remain relatively stable in Finland, Sweden and Luxembourg and that there will be major changes in the Polish consumer finance market during 2017. Euroloan aims to achieve profitable growth within the current product categories in its home markets. The outlook regarding turnover and total balance sheet for the financial year is that there will be growth compared to the previous year. Investments in new products, customer acquisition and building new international operations may impact near-term profitability in 2017.

 

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 with a team of 60 professionals of 19 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 consumer receivables with 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