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Ferratum Oyj: Interim Report January - March 2017 / Ferratum Group reports 50.6% year-on-year
revenue growth in Q1
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DGAP-News: Ferratum Oyj / Schlagwort(e): Quartals-/Zwischenmitteilung
Ferratum Oyj: Interim Report January - March 2017 / Ferratum Group reports
50.6% year-on-year revenue growth in Q1
11.05.2017 / 09:09
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
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Interim Report January - March 2017
Ferratum Group reports 50.6% year-on-year revenue growth in Q1 2017
Helsinki, May 11, 2017 - Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS)
("Ferratum" or the "Group") announces preliminary unaudited results for the
3 months ended 31 March 2017 ("Q1 2017").
Q1 2017 highlights
- Revenue of EUR 50.0 million - up 50.6% year-on-year
- Operating profit (EBIT) of EUR 6.8 million - up 31.9% year-on-year
- EBIT margin of 13.7%
- Positive operating cash flow of EUR 1.9 million
- Profit before tax (EBT) of EUR 6.0 million - up 56.8% year-on-year
- EPS (basic and diluted) increased 53.3% to EUR 0.23 per share
- Maturing EUR 20 million Ferratum Bank p.l.c. bond (WKN: A1Z4JU) repaid
with proceeds from the EUR 25 million senior unsecured bond (WKN: A189MG)
issued in Q4 2016
- Net financing costs decreased by 36% to EUR 0.9 million (Q1 2016: EUR 1.4
million) due to currency gains
- Net book value of loan portfolio grew by 11.9% to EUR 206 million (Q4
2016: EUR 184 million)
- Deposits from customers further increased by 17.1% to EUR 118.8 million
- Active/former customers increased by 335,967 (25.6%) to 1.65 million (Q1
2016: 1.31 million)
Key Figures
3 months
ended March
31,
EUR '000 2017 2016
Revenue 50,009 33,213
Operating profit (EBIT) 6,849 5,193
Profit before tax 5,946 3,792
Profit before tax % 11.9% 11.4%
Net cash flows from operating activities 23,706 13,171
before movements in portfolio and deposits
received
Net cash flows from operating activities 1,940 (11,401)
Net cash flows from investing activities (2,172) (2,041)
Net cash flows from financing activities (8,487) 7,813
Net increase/decrease in cash and cash (8,719) (5,629)
equivalents
Earnings per share, basic (EUR) 0.23 0.15
Earnings per share, diluted (EUR) 0.23 0.15
EUR '000 March 31, December 31,
2017 2016
Accounts receivable - consumer loans 206,290 184,346
(net)
Deposits from customers 118,795 101,436
Cash and cash equivalents 64,600 73,059
Total assets 311,683 295,683
Non-current liabilities 73,362 72,246
Current liabilities 144,873 135,563
Equity 93,447 87,875
Equity ratio % 30.0 29.7
Net debt to equity ratio 1.64 1.53
Key Developments And Progress
Ferratum continued last year's growth trend during the first three months of
2017: The Group's revenue rose to EUR 50.0 million, an increase of 50.6%
compared to the respective period of the previous year (Q1 2016: 33.2
million). Growth drivers were product diversification and optimization in
consumer lending as well as the further development of business lending. The
number of active and former customers increased by 25.6% year-on-year to
1.65 million as of 31 March 2017.
The operating profit (EBIT) increased by 31.9% year-on-year to EUR 6.8
million. Optimization of marketing efforts have improved significantly,
pushing down marketing costs from 20.2% of revenues in Q4 2016 to 15.8% in
Q1 2017. Impairments on loans have, as expected, increased from 28.7% of
revenues in Q1 2016 to 34.4% in Q1 2017.
The profit before tax (EBT) grew significantly by 56.8% y-o-y to EUR 5.9
million, benefiting from a foreign exchange gain of EUR 842 thousand as part
of net finance costs. In the first quarter of 2016 a currency loss of EUR
338 thousand was realized.
Equity increased to EUR 93.4 million from EUR 87.9 million as of 31 December
2016, while the equity ratio remained strong at 30.0%. Net receivables from
customers grew by 11.9 % to EUR 206.3 from EUR 184.3 million. The loan
coverage ratio remained stable, decreasing slightly from 25.4% in Q4 2016 to
24.2% in Q1 2017. Deposits from customers further increased by 17.1% from
EUR 101.4 million to EUR 118.8 million. The interest offered for deposits
has been reduced in Q1 2017 in order to slow down the inflow of deposits.
The Mobile Bank is planned to be launched in further countries during 2017.
On January 21, 2017, Ferratum Bank p.l.c. repaid its EUR 20 million bond
(ISIN: MT0000911207) with the proceeds from the EUR 25 million senior
unsecured bond issued in the final quarter of 2016.
As of March 1, 2017, the two bonds issued by Ferratum Capital Germany GmbH -
Ferratum Capital Germany GmbH 8% 2018 (WKN: A1X3VZ) and Ferratum Capital
Germany 4.875% 2019 (WKN: A2AAR2) - have commenced trading on Scale,
Deutsche Börse's new market segment for small and medium-sized enterprises.
Ferratum's group rating of BBB+ from Creditreform AG was confirmed during Q1
in its regular annual review.
Subsequent Events
During the first quarter, Ferratum focused preparations for market entry
into Brazil and the launch of a new consumer lending product in Finland.
Ferratum is pleased to report that in May, Ferratum Brasil commenced
consumer lending operations in Brazil with credits of up to BRL 3,000 (EUR
850).
Ferratum is also pleased to announce that a new loan product "Primeloan" was
launched in May in Finland. Primeloan is an unsecured personal loan with
amounts of EUR 3,000 to EUR 20,000 and lending terms of 1 to 10 years. The
product uses a new risk model which links pricing to the risk profile of the
customer.
During the Annual General Meeting held in Helsinki on May 4, 2017,
Christopher Wang was appointed as a new board member. Mr Wang is a Managing
Partner at J&W Partners Co. Ltd., a private equity firm based in Seoul,
South Korea that he co-founded in 2014. He has more than 15 years'
experience as a transactional lawyer and investor operating in the Asian
market.
During the Annual General Meeting shareholders also approved the payment of
a final dividend of EUR 0.12 per share for the financial year 2016.
CEO and Founder Jorma Jokela commented:
"We have made a positive start to 2017 with robust revenue and profit growth
in the first quarter that maintains the momentum we saw in the final quarter
of 2016. The strong performance of our Credit Limit and PlusLoan products
continues to validate the strategy of offering a range of innovative lending
solutions across multiple markets. Growth for these products is partly
driven by Microloan customers who now take advantage of our larger, longer
term products, but our addressable market also continues to grow with the
launch in May of Primeloan, and entry into the strategically important
Brazilian market.
Following the successful launch of our mobile bank in three countries last
year, customer deposits have continued to grow, reaching 118.8 million euros
at the end of the first quarter. With further market entries planned for
2017, and exciting plans in the pipeline to enhance the range of Mobile Bank
services through third-party partnerships, 2017 promises to be another
transformative year for Ferratum and we remain fully confident in achieving
our 2017 full year revenue and EBIT margin guidance."
About Ferratum Group:
Ferratum is an international provider of consumer and small business loans,
distributed and managed by mobile devices. Founded in 2005 and headquartered
in Helsinki, Finland, Ferratum is a pioneer in the fields of financial
technology and mobile lending and has expanded rapidly to operate in 24
countries (as at May 11, 2017). Ferratum's customers utilize digital media
to apply for consumer credit in amounts varying between EUR 25 and EUR
20,000 and small businesses instalment loans up to EUR 100,000 with a term
of six to twelve months. Led by its founder, Jorma Jokela, Ferratum has more
than 1.6 million active and former customers who have been granted one or
more loans in the past (as at March 31, 2017).
Ferratum Group is listed on the Prime Standard of Frankfurt Stock Exchange
under symbol 'FRU.' For more information, visit www.ferratumgroup.com.
Contacts:
Ferratum Group Dr. Clemens European media enquiries:
Krause, CFO T: +49 30 88715308 Edelman.ergo, A Daniel J Edelman
F: +49 30 88715309 E: Company Alexander Schmidt | Andreas
[1]clemens.krause@ferratum.com Martin T: +49 69 27 13 89 26 E:
1. [1]Alexander.Schmidt@edelmanergo.co
mailto:clemens.krause@ferratum. m E:
com [2]Andreas.Martin@edelmanergo.com
1.
mailto:Alexander.Schmidt@edelmaner
go.com 2.
mailto:Andreas.Martin@edelmanergo.
com
Ferratum Group Paul Wasastjerna UK media enquiries: Smithfield, A
Head of Investor Relations T: Daniel J Edelman Company Alex
+358 40 7248247 F: +358 20 741 Simmons | Brett Jacobs T: +44 20
1614 E: 7903 0669 | +44 20 7903 0675 E:
[1]paul.wasastjerna@ferratum.com [1]asimmons@smithfieldgroup.com E:
1. [2]bjacobs@smithfieldgroup.com 1.
mailto:paul.wasastjerna@ferra mailto:asimmons@smithfieldgroup.com
tum.com 2.
mailto:bjacobs@smithfieldgroup.com
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11.05.2017 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch DGAP - ein Service der EQS Group AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap.de
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Sprache: Deutsch
Unternehmen: Ferratum Oyj
Ratamestarinkatu 11 A
00520 Helsinki
Finnland
Internet: https://www.ferratumgroup.com
ISIN: FI4000106299
WKN: A1W9NS
Börsen: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart, Tradegate Exchange
Ende der Mitteilung DGAP News-Service
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572443 11.05.2017
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Ferratum Oyj: Interim Report January - March 2017 / Ferratum Group reports 50.6% year-on-year revenue growth in Q1
Am 11. Mai 2017 um 09:10 Uhr
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