Business Wire

4finance Reports Results for the Six Months Ending 30 June 2016

Del

4finance Holding S.A. (the ‘Group’), Europe’s largest online and mobile consumer lending group, today announces unaudited consolidated results for the six months ending 30 June 2016 (the ‘Period’).

Financial Highlights

  • Revenue up 25% to EUR 182.8 million in the Period compared with EUR 146.1 million in the prior year period.
  • Adjusted EBITDA was EUR 62.2 million for the Period, up 15%, leading to an adjusted interest coverage ratio of 4.0x.
  • The Group’s profit from continuing operations for the six months to 30 June 2016 was EUR 32.1 million, an increase of 8% from EUR 29.8 million in 2015.
  • Average net loan portfolio for the Period, excluding acquisitions, of EUR 305.9 million, up 17% from a year ago.
  • Cost to revenue ratio for the Period was 46%, vs. 39% for the six months to 30 June 2015, reflecting a 50% increase in staff numbers and investment across the platform for future growth and geographic / product diversification.
  • Financial strength remains solid, with a capital-to-assets ratio of 34% as of 30 June 2016 (37% as of 30 June 2015).
  • Credit discipline maintained, with non-performing loans to loan issuance ratio of 9.5% as of 30 June 2016 within expected range given growth of higher return markets with higher non-performing loan ratios.

Operational Highlights

  • The number of registered customers, pre acquisitions, reached 5.3 million as of 30 June 2016, up 32% from a year ago.
  • EUR 100 million bond with 5 year maturity issued in May and now listed on the regulated market segment in Frankfurt.
  • Continued progress in Instalment Loan rollout with Spain launched in May and Romania in August.
  • Strong business performance in Poland and Latvia following implementation of regulatory changes in first quarter.
  • Corporate governance enhancements, with roles of Chairman and CEO separated in May and new Supervisory Board established at 4finance Group S.A. level in July.
  • Successful completion of TBI Bank acquisition in August following receipt of all regulatory approvals.
  • Acquisition of 80% of Friendly Finance, a profitable online consumer lender in five European countries, at end of June to diversify brand portfolio and consolidate market position.

George Georgakopoulos, CEO of 4finance, commented:

"These results for the first half of the year, with revenue up 25% and net profit of EUR 32.1 million, demonstrate steady progress for 4finance in line with our plans. Our diversified business continues to grow at the same time as investing for the future and adapting to market changes.

"We are pleased to have closed two acquisitions that both contribute towards building a long-term sustainable business. TBI Bank is a significant strategic addition to the Group and enhances our overall financial profile. The integration process will be gradual, but the bank gives us immediate scale in Bulgaria and Romania and we can deploy our cutting edge technology to enhance their customer experience and value proposition.

"The Friendly Finance acquisition adds strong brands to our portfolio and their database of over one million registered customers adds to our valuable proprietary data assets. It reinforces our position in core markets such as Poland, Czech Republic and Spain - and as the clear European market leader.

"We see a substantial growth opportunity in coming years as we diversify our portfolio of responsible lending products in Europe and develop in Latin America. The carefully planned investments we are making this year will allow 4finance to capture this opportunity fully."

Key Financial Ratios

 

Six Months
Ended 30 June 2016

 

Six Months
Ended 30 June 2015

 

Year Ended
31 December 2015

 

Year Ended
31 December 2014

2016   2015   2015   2014
 
Net loan portfolio (in millions of EUR)(1) 322.7 283.3 308.3 241.4
Capital/assets ratio(2) 34% 37% 40% 35%
Capital/net loan portfolio(3) 63% 51% 56% 47%
Adjusted interest coverage(4) 4.0x 4.1x 4.2x 3.7x
Profit before tax margin(5) 21% 26% 23% 27%
Return on average equity(6) 34% 37% 41% 54%
Cost/revenue ratio(7) 46% 39% 42% 37%
Net impairment to revenue ratio(8) 26% 26% 25% 25%
Non-performing loans to loan issuance ratio(9) 9.5% 8.9% 9.0% 8.8%

Notes:

(1) Gross loan portfolio less provisions for bad debts.
(2) Total equity/total assets (2014 assets adjusted for effect of bond defeasance).
(3) Total equity/net loan portfolio.
(4) Adjusted EBITDA/interest expense.
(5) Profit before tax/interest income.
(6) Profit from continuing operations/average equity (total equity as of the start and end of each period divided by two).
(7) General administrative expenses/interest income.
(8) Net impairment losses on loans and receivables/interest income.
(9) Non-performing loans with a delay of over 90 days/value of loans issued. The value of loans issued represents loans issued for the two-year period before commencement of the 90 day past-due period, eg for 30 June 2016: 1 April 2014 to 31 March 2016.

Contacts

Email:  

investorrelations@4finance.com

HQ Address: Lielirbes iela 17a-8, Riga, LV-1046, Latvia
Website:

www.4finance.com

Conference call

A conference call with management to discuss these results is scheduled for Wednesday, August 31 at 15:00 UK time. To register, please visit www.4finance.com/investors.

About 4finance

Established in 2008, 4finance is the largest and fastest growing online and mobile consumer lending group in Europe with operations in 15 countries. Putting innovative data-driven analysis into all aspects of the business, 4finance has grown rapidly, issuing over EUR 3 billion in single payment and instalment loans to date.

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, Finland, Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain, Slovakia and Sweden. To support its international expansion, 4finance continues to pursue a twin-track strategy of strong organic growth bolstered by targeted acquisition.

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.

Contact information

4finance
James Etherington, +44 (0)7766 697 950
investorrelations@4finance.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Gilead Sciences Announces That John C. Martin, PhD Will Transition From Executive Chairman to Chairman of the Board of Directors14.12.2017 21:30Pressemelding

Gilead Sciences, Inc. (Nasdaq:GILD) today announced that Executive Chairman John Martin, PhD will transition from his current role of Executive Chairman to Chairman of the Board of Directors effective March 9, 2018. Dr. Martin was named Executive Chairman on March 10, 2016, when he was succeeded as CEO by John Milligan, PhD. Dr. Martin served as CEO of Gilead from 1996 to 2016, having joined the company in 1990 as the Vice President of Research and Development. During his time as CEO, he built the company’s portfolio to 24 marketed products with annual revenues of more than $32 billion. “John's scientific and business leadership has been notable for the development of Gilead’s portfolio of HIV and viral hepatitis medicines and commitment to worldwide access for patients. We are all grateful that he will continue to help guide the company as Chairman of the Board,” said Dr. Milligan, Pr

UniPrint Infinity Now Available in Epic App Orchard14.12.2017 19:07Pressemelding

UniPrint.net announced today that UniPrint Infinity software is now available in the Epic App Orchard Marketplace. Users can now take advantage of UniPrint Infinity’s secure release print suite which works with any printer, any device, and in any computing environment. UniPrint Infinity’s PDF-based Healthcare Printing Suite provides industry standard 256-bit data encryption and compression, high availability, archiving, and “follow-the-user” printing, resulting in increased security and compliance in addition to reduced print costs. Implementation of UniPrint Infinity is proven to reduce wait times and help desk calls. By improving workflows for doctors, nurses, and other healthcare providers, UniPrint Infinity allows healthcare staff to focus their attention on their most important task: providing better patient care. “Building upon our recent Imprivata SSO integrati

FINEOS Announces Three New Customers in the Cloud14.12.2017 15:57Pressemelding

FINEOS Corporation, the market leading provider of core systems for Life, Accident and Health (LA&H) insurance, today announced three new customers who have acquired FINEOS as a cloud service. The three new FINEOS customers, based in the US, Sweden and Canada respectively, have licenced FINEOS for their group insurance core processing needs. FINEOS is partnering with Amazon Web Services (AWS), the world’s largest IaaS cloud provider, to deliver the FINEOS Software as a Service (SaaS) offering. FINEOS Insurance Cloud is designed for the specific compliance and security needs of the LA&H industry. With simple subscription pricing, a FastTrack implementation approach, 24 x 7 support and continuous upgrades, the FINEOS Insurance Cloud is the way forward for LA&H insurance core systems. Speaking about the cloud, Gartner has said “By 2020, a Corporate ‘

UniPrint Infinity Now Available in Epic App Orchard14.12.2017 15:52Pressemelding

UniPrint.net announced today that UniPrint Infinity software is now available in the Epic App Orchard Marketplace. Users can now take advantage of UniPrint Infinity’s secure release print suite which works with any printer, any device, and in any computing environment. UniPrint Infinity’s PDF-based Healthcare Printing Suite provides industry standard 256-bit data encryption and compression, high availability, archiving, and “follow-the-user” printing, resulting in increased security and compliance in addition to reduced print costs. Implementation of UniPrint Infinity is proven to reduce wait times and help desk calls. By improving workflows for doctors, nurses, and other healthcare providers, UniPrint Infinity allows healthcare staff to focus their attention on their most important task: providing better patient care. “Building upon our recent Imprivata SSO integrati

Abdullah bin Zayed Honors Winners of the Al Hassan Bin Ali Award 2017 as Part of the Fourth Annual Forum for Promoting Peace in Muslim Societies14.12.2017 15:19Pressemelding

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, hosted a ceremony to honor the ‘Egyptian Family House’, winner of the Imam Al Hassan bin Ali Award 2017, represented by Dr. Mahmoud Hamdi Zaqzouq, Secretary General, and His Eminence Anba Ermia, Assistant Secretary General. Also present were H.E Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and H.E Shaykh Abdallah Bin Bayyah, President of the Forum for Promoting Peace in Muslim Societies. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171214005883/en/ Left to right: H.E Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance, H.H Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, H.E Shaykh Abdallah Bin Bayyah, President of the Forum for Promoting Peace in Muslim

Kymeta Announces Commercial Availability of KĀLO™ Mobile Internet Access Services14.12.2017 15:00Pressemelding

Kymeta—the communications company making good on the promise of global, mobile connectivity—and Intelsat S.A. (NYSE:I)—operator of the world’s first globalized network—have announced that Kymeta KĀLO internet access is now available with broad initial geographic coverage. Kymeta is redefining how satellite services are purchased with KĀLO internet services, and making mobile communications as easy to buy as a mobile phone plan. KĀLO internet services, powered by the IntelsatOne® Flex network, deliver broad connectivity when paired with the world’s only commercially available flat panel, electronically-steered satellite terminals from Kymeta as well as other satellite terminal solutions. Kymeta™ KyWay™ terminals and mTennau7 antenna subsystem modules open new markets for the satellite industry and allow organizations that require high-bandwidth mobile internet access to do busine

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom