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Delfin Group
Earnings Release • May 3, 2018
2238_rns_2018-05-03_2ab3808d-8515-4737-9455-48c3bf565637.pdf
Earnings Release
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INVESTOR PRESENTATION 2018Q1 RESULTS
May, 2018
DISCLAIMER
This presentation is of selective nature and is made to provide an overview of the Company's (SIA "ExpressCredit" and its subsidaries) business, based on 2018Q1 results.
Unless stated otherwise, this presentation shows information from consolidated perspective.
Facts and information used in this presentation might be subject to revision in the future. Any forward-looking information may subject of change as well.
This presentation is not a legally binding document and none of the Company have any liability for any direct or indirect loss from the use of this Presentation.
This presentation does not purport to contain all the information that investor may require in evaluating the Company. Investors should read publicly available information regarding the Company as well as the full prospectus describing a particular bonds issue.
HIGHLIGHTS
Launch of online lending operations has attracted new clients and improved services for existing clients.
VIZIA - new brand name introduced, focusing on online segment with unique proposition and values.
Changes in corporate income tax legislation will provide positive impact on profitability and financial ratios.
Loans issued, EURm
Loans portfolio in total, EURm
EBITDA, EURm
MARKET OVERVIEW
Loan portfolio of Latvian non-bank lenders, 2017H1
According to The Alternative Financial Services Association of Latvia prognosis the newly issued non-bank loans in 2018 might reach 570-590 million euros.
EUR 223m
Consumer loans
EUR 36m
Mortgage
EUR 294m
Leasing, car title
EUR 7m
Pawn loans
Source: Consumer Rights Protection Centre
MARKET OVERVIEW: CONSUMER LOANS
* Loan portfolio data based on SIA ExpressCredit standalone net consumer and pawn loan portfolio excl. accrued interest
** Based on loan portfolio as at the end of 2017H1
MARKET OVERVIEW: PAWN LOANS
* Loan portfolio data based on SIA ExpressCredit standalone net consumer and pawn loan portfolio excl. accrued interest
** Based on loan portfolio as at the end of 2017H1
CONSUMER LOANS 54% of loans issued by value in 2018Q1
CONSUMER LOANS
PAWN LOANS 46% of loans issued by value in 2018Q1
PAWN LOANS
KEY FINANCIALS
2017 was the best in the Group's history in terms of turnover and profitability.
11,5
2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1
KEY FINANCIALS: PROFITABILITY
New changes in corporate income tax has positive impact on profitability and financial ratios
| Income statement, EUR'000 |
2017Q1 | 2018Q1 | %, y-o-y |
|---|---|---|---|
| Interest and similar income | 3 286 |
3 542 |
7,8% |
| Gross profit from sale of goods** | 321 | 335 | 4,4% |
| Gross profit | 3 607 |
3 877 |
7,5% |
| Selling expense | -1 877 | -1 493 | -20,5% |
| Administrative expense | -485 | -605 | 24,7% |
| Net other income / (expense) | 36 | -135 | -475,0% |
| EBITDA | 1 323 |
1 697 |
28,3% |
| Depreciation | -42 | -53 | 26,2% |
| Interest and similar expense | -399 | -549 | 37,6% |
| Taxes | -200 | 0 | -100% |
| NET PROFIT | 682 | 1 095 |
60,6% |
* Part of interest income reclassified as gross profit from sale of foreclosed items for comparability with historic data.
** Sale of foreclosed items.
KEY FINANCIALS: BALANCE
| Balance sheet , EUR'000 |
2017Q1 | 2018Q1 | %, y-o-y |
|---|---|---|---|
| Fixed and intangible assets | 725 | 620 | -14,5% |
| Loans to related parties | 1 312 |
1 399 |
6,6% |
| Net loan portfolio | 13 776 |
18 172 |
31,9% |
| Inventory and scrap | 584 | 915 | 56,9% |
| Other assets | 527 | 944 | 79,2% |
| Cash | 1 022 |
1 415 |
38,4% |
| TOTAL ASSETS | 17 945 |
23 465 |
30,8% |
| Share capital and reserves | 1 500 |
1 500 |
0,0% |
| Retained earnings |
1 306 |
2 186 |
67,4% |
| Profit/loss for the current year | 681 | 1 095 |
60,8% |
| Equity | 3 487 |
4 781 |
37,1% |
| Interest-bearing debt |
13 483 |
17 548 |
30,1% |
| Trade payables and other liabilities | 974 | 1 135 |
16,5% |
| Liabilities | 14 458 |
18 684 |
29,2% |
| TOTAL EQUITY AND LIABILITIES | 17 945 |
23 465 |
30,8% |
FINANCING STRUCTURE
Diversified financing structure with established investor demand.
| Interest-bearing debt | 2017Q4, EUR'000* |
2018Q1, EUR'000* |
Interest rate, % | Maturity |
|---|---|---|---|---|
| Secured bonds | 1 000 |
750 | 14,0% | 2018/11 |
| Unsecured bonds | 3 490 |
3 470 |
15,0% | 2022/12 |
| Unsecured notes | 3 573 |
4 496 |
14,0% | 2021/10 |
| Peer-to-peer lending platform |
8 105 |
8 650 |
11% - 15% |
According to issued loans |
| Leases | 175 | 173 | EURIBOR+ 3,5% |
Up to 3 years |
| Accrued interest and bonds commissions |
4 | 5 | ||
| TOTAL | 16 346 |
17 544 |
* As at the end of the period.
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