DGAP-News: 4finance S.A. / Schlagwort(e): Quartalsergebnis
30.05.2017 / 15:40
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
4FINANCE REPORTS RESULTS FOR THE THREE MONTHS ENDING 31 MARCH
REVENUE UP 16%, PROFIT BEFORE TAX EUR 17.0 MILLION, SHOWING
BENEFITS OF DIVERSIFICATION
30 May 2017. 4finance Holding S.A. (the ‚Group‘), Europe’s
largest online and mobile consumer lending group, today announces
unaudited consolidated results for the three months ending 31 March
2017 (the ‚Period‘).
– Revenue up 16% to EUR 104.7 million in the Period compared with
EUR 90.3 million in the prior year period.
– Adjusted EBITDA was EUR 34.9 million for the Period, up 18%,
leading to an adjusted interest coverage ratio of 2.6x.
– The Group’s profit before tax for the three months to 31 March
2017 was EUR 17.0 million, a decrease of 15% from EUR 19.9 million
– Online loan issuance grew by 17% to EUR 313.1 million in the
Period from EUR 266.9 million last year.
– Net loan portfolio reached EUR 508.5 million as of 31 March
2017, up 3% during the Period.
– Cost to revenue ratio for the Period was 56%, vs. 47% for the
three months to 31 March 2016, reflecting a significant increase in
staff numbers during last year, acquisitions and investment for
– Financial strength remains solid with a capital to assets ratio
of 26% as of 31 March 2017 and capital / net loans of 49%.
– Credit discipline and effective NPL management maintained, with
a non-performing loans to online loan issuance ratio of 8.9% as of
31 March 2017, improving from 9.3% at year end, and a reduction in
net impairment / revenue to 22%.
– The number of registered online lending customers reached 6.7
million as of 31 March 2017, up 36% from a year ago, with a further
1.4 million registered banking customers added through TBI Bank.
– Approvals granted for passporting of TBI Bank credit card
license to Poland and for portfolio transfers from Sweden and
Denmark alongside continued strong financial performance from TBI
– Developing new product offerings, using both brands, to adapt
to regulatory changes in Georgia.
– Expanded TrustPilot and Ekomi online customer review programme
to five markets with strong ratings and positive feedback.
– Launched pilot of Point-of-Sale offering in Spain with Zaplo
brand offering 3-12 month loans with c.30% APR.
– Completed significant refinancing in April with new USD 325
million 5 year bond issue to extend our funding structure, including
tender of 2/3 of old USD bond with removal of its put option, and
early redemption of SEK 2018 bond.
George Georgakopoulos, CEO of 4finance, commented:
„With revenue growth of 16% and profit before tax of EUR 17.0
million, our first quarter performance showed the benefits of our
diversification. We have seen growth in a number of European markets
(particularly Spain and Denmark) with our investment in the
instalment loan offering in European markets delivering additional
revenue and Latin America achieving unit economics and poised for
growth. Regulatory changes in Georgia and Lithuania have impacted on
results, but we are adapting our products in both those markets with
the benefit of our well established brands.
„TBI Bank continues to contribute positively to 4finance, with
deposit and loan growth seen in the consumer business and
encouraging progress in our strategic initiatives to bring
additional products and lower funding cost to our online business.
„The recent USD 325 million, 5 year bond offering brought many
new institutional investors to the group and represents a liquid
benchmark sized transaction. Together with the associated
refinancing of our SEK and old USD bond, we have no significant debt
maturities until summer 2019 and now have the funding to support our
continuing profitable growth.
„It has been a very active start to 2017 for 4finance. Our focus
on credit quality continues to improve our results. We expect the
benefits of our cost efficiency drive to be reflected later in the
year. Our strategy remains firmly multi-market and multi-product as
we continue to expand our sustainable, diversified business.“
Established in 2008, 4finance is the largest and fastest growing
online and mobile consumer lending group in Europe with operations
in 16 countries. Putting innovative data-driven analysis into all
aspects of the business, 4finance has grown rapidly, issuing over
EUR 4 billion to date in single payment loans, instalment loans and
lines of credit.
4finance operates through a portfolio of market leading brands
with strong regional presence including Vivus, SMSCredit and Zaplo.
A responsible lender, offering simple, convenient and transparent
products and service, 4finance is meeting growing customer demand
from those under-served by conventional lending.
4finance has group offices in Riga (Latvia), London (UK) and
Miami (USA), and currently operates in Argentina, Armenia, Bulgaria,
the Czech Republic, Denmark, the Dominican Republic, Finland,
Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain, Slovakia
and Sweden. The group also provides consumer and SME lending through
TBI Bank, its EU licensed banking operations in Bulgaria and
Forward looking statements
Certain statements in this document are „forward-looking
statements“. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements.
30.05.2017 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch DGAP – ein Service der EQS Group AG. Für den
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Sprache: Deutsch Unternehmen: 4finance S.A. 9, Allee Scheffer 2520 Luxembourg Großherzogtum Luxemburg E-Mail: firstname.lastname@example.org
ISIN: XS1417876163, SE0006594412, XS1092320099, XS1094137806,
WKN: A181ZP Börsen: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart
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ISIN XS1417876163 SE0006594412 XS1092320099 XS1094137806