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Delfin Group Investor Presentation 2019
2238_rns_2019-02-25_2b3fe81d-1abf-49c1-9118-7dca6457ba16.pdf
Investor Presentation
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INVESTOR PRESENTATION 2018Q4 RESULTS
February, 2019
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 2018Q4 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
Increase of maximum consumer loan amount to 3000 EUR and loan term to 5 years
Active participation in Alternative Financial Service Association of Latvia for information communication with respect to legislation initiatives.
Work on preparation with respect to changes in the Consumer rights protection law.
Loans issued, EURm
Loans portfolio in total, EURm
EBITDA, EURm
MARKET OVERVIEW
Loan portfolio of Latvian non-bank lenders, 2018H1
Total consumer loan portfolio in the first six months of year 2018 has increased to EUR 255.3 million, which is increase of EUR 12.5 million or 5.1% over six months period.
ExpressCredit has been able to increase its loan portfolio by 18% over the same period
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 2018H1
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 2018H1
LOANS ISSUED, EURm
CONSUMER LOANS 62% of loans issued by value in 2018Q4
CONSUMER LOANS
PAWN LOANS 38% of loans issued by value in 2018Q4
LOANS ISSUED, EURm
NET LOAN PORTFOLIO, EURm*
* Includes car title loan and mortgage loan legacy portfolios
PAWN LOANS
stable performance of lombard operations.
KEY FINANCIALS
2018H2 was the best in the Group's history in terms of turnover and profitability.
9,0 11,5 Cash inflow Cash outflow 9,4 10,3 8,8 13,7 6,4 7,7 8,6 11,0
2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4
KEY FINANCIALS: PROFITABILITY
New changes in corporate income tax has positive impact on profitability and financial ratios.
| Income statement, EUR'000 |
2017Q4 | 2018Q4 | %, y-o-y |
|---|---|---|---|
| Interest and similar income |
13 863 | 14 664 | 5.8% |
| Gross profit from sale of goods** | 1 414 | 1 527 | 8.0% |
| Gross profit | 15 277 | 16 191 | 6.0% |
| Selling expense | -5 667 | -5 873 | 3.6% |
| Administrative expense | -2 290 | -2 771 | 21.0% |
| Net other income / (expense) |
-1 845 | -565 | -69.4% |
| EBITDA | 5 626 | 7 194 | 27.9% |
| Depreciation | -150 | -212 | 41.4% |
| Interest and similar expense | -1 823 | -2 298 | 26.1% |
| Taxes | -700 | -132 | -81.1% |
| NET PROFIT BEFORE DIVIDENDS | 2 953 | 4 552 | 54.1% |
| Interim dividends |
-997 | -490 | -50.8% |
| NET PROFIT | 1 957 | 4 062 | 107.6% |
* 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
| Balace sheet, EUR'000 |
2017Q4 | 2018Q4 | %, y-o-y |
|---|---|---|---|
| Fixed and intangible assets |
601 | 603 | 0.3% |
| Loans to related parties | 1 302 | 1 277 | -1.9% |
| Net loan portfolio |
15 844 | 20 151 | 27.2% |
| Inventory and scrap |
683 | 906 | 32.7% |
| Other assets |
667 | 244 | -63.4% |
| Cash | 2 220 | 3 489 | 57.2% |
| TOTAL ASSETS | 21 317 | 26 670 | 25.1% |
| Share capital and reserves | 1 500 | 1 500 | 0.0% |
| Retained earnings | 232 | 398 | 71.6% |
| Profit/loss for the current year | 1 957 | 4 062 | 107.6% |
| Equity | 3 689 | 5 960 | 61.6% |
| Interes-bearing debt | 16 346 | 19 555 | 19.6% |
| Trade payables and other liabilities | 1 282 | 1 155 | -9.9% |
| Liabilities | 17 628 | 20 710 | 17.5% |
| TOTAL EQUITY AND LIABILITIES | 21 317 | 26 670 | 25.1% |
FINANCING STRUCTURE
Diversified financing structure with established investor demand.
| Interest-bearing debt |
2017Q4, EUR'000* |
2018Q4, EUR'000* |
Interest rate, % |
Maturity |
|---|---|---|---|---|
| Secured bonds |
1 000 | 0 | ||
| Unsecured bonds |
3 490 | 3 411 | 15.00% | 2020.12 |
| Unsecured notes |
3 573 | 4 496 | 14.00% | 2021.10 |
| Peer-to-peer lending platform |
8 105 | 11 492 | 11%-13.5% | According to issued loans |
| Leases | 175 | 148 | Euribor + 3,5% |
Up to 3 years |
| Accrued interest and bonds commissions | 4 | 8 | ||
| TOTAL | 16 347 | 19 555 |
* As at the end of the period.
