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Ferratum Oyj: Interim Report January - March 2018
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DGAP-News: Ferratum Oyj / Schlagwort(e): Quartals-/Zwischenmitteilung
Ferratum Oyj: Interim Report January - March 2018
30.05.2018 / 07:30
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
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Interim Report January - March 2018
Ferratum Group Q1 revenue growth in line with expectations; operating profit
up 48.5% year-on-year
Helsinki, 30 May 2018 - Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS)
("Ferratum" or the "Group") announces preliminary unaudited results for the
3 months ended 31 March 2018 ("Q1 2018").
Q1 2018 highlights
- Revenue of EUR 61.4 million - up 22.9% year-on-year
- Operating profit (EBIT) of EUR 10.2 million - up 48.5% year-on-year
- EBIT margin of 16.6%
- Positive operating cash flow of EUR 1.9 million maintained
- Profit before tax (EBT) of EUR 6.6 million - up 11.4% year-on-year
-impacted by unfavourable currency volatility in Q1 2018 of EUR 1.2 million
- The increase in net financing costs from EUR 0.9 million in Q1 2017 to EUR
3.5 million in Q1 2018 is mostly attributable to a currency gain of EUR
842,000 in Q1 2017 and a currency loss of 1.2 million in 1Q 2018.
- EPS (basic and diluted) increased 13.0% to EUR 0.26 per share
- Net book value of loan portfolio grew by 3.1% to EUR 265 million (Q4 2017:
EUR 257 million)
- Deposits from customers increased by 10.5% to EUR 192.7 million
- Customer figure increased by 17.8% to 1.9 million
Key Figures
3 months
ended 31
March
EUR '000 2018 2017
Revenue 61,442 50,009
Operating profit (EBIT) 10,169 6,849
Profit before tax 6,626 5,946
Profit before tax % 10.8% 11.9%
Net cash flows from operating activities 28,934 23,706
before movements in portfolio and deposits
received
Net cash flows from operating activities 1,870 1,940
Net cash flows from investing activities (2,047) (2,172)
Net cash flows from financing activities 1,291 (8,487)
Net increase/decrease in cash and cash 1,114 (8,719)
equivalents
Earnings per share, basic (EUR) 0.26 0.23
Earnings per share, diluted (EUR) 0.26 0.23
EUR '000 31 March 31 December
2018 2017
Accounts receivable - consumer loans 265,455 257,406
(net)
Deposits from customers 192,677 174,301
Cash and cash equivalents 134,688 131,832
Total assets 448,345 436,595
Non-current liabilities 64,302 64,167
Current liabilities 280,083 267,185
Equity 103,960 105,243
Equity ratio % 23.2 24.1
Net debt to equity ratio 2.02 1.90
Key Developments and Progress
Ferratum Group's revenue rose to EUR 61.4 million, an increase of 22.9%
compared to the respective period of the previous year (Q1 2017: 50.0
million) and in line with Ferratum's expectations for the period. The growth
is driven by further increasing revenues from PlusLoan (+40.4%
year-on-year), Credit Limit (+29.4% year-on-year) and Ferratum Business
(SME) lending (+130% year-on-year). The overall number of active customers
increased by 8% to 783,879, reflecting a shrinking active customer base in
Microloan and increasing active customer numbers in the PlusLoan, Credit
Limit and Ferratum Business (SME) product segments, consistent with
Ferratum's strategy of shifting the customer focus towards lower risk and
longer term products and services.
Operating profit (EBIT) increased by 48.5% year-on-year to EUR 10.2 million.
The operating profitability improved from 13.7% in Q1 2017 to 16.6% in Q1
2018, as a result of significantly reduced credit losses (impairment on
loans) . The gross impairment on loans ratio has improved from 34.4% in Q1
2017 to 30.7% in Q1 2018.
The profit before tax (EBT) grew by 11.4% y-o-y to EUR 6.6 million. The EBT
development suffered from an unfavourable FX volatility during Q1 2018
totalling EUR 1.154 million in FX losses compared to FX gains of EUR 842,000
in Q1 2017. The losses were mostly attributable to the weakening of the
Swedish Krona (EUR -900,000) and the Polish Zloty (EUR -284,000) although
Ferratum has partially hedged its SEK and its PLN exposure.
Due to the adoption of the new IFRS 9 accounting standard -with effect from
1 January 2018, the risk provisions of the Group had to be inceased by EUR
9.2 million from this effective date. This one-time increase of the risk
provision reduced the equity of the Group by EUR 7.5 million as the
increased risk provisions were partially offset by deferred tax assets of
EUR 1.7 million. The adjustment was booked directly to the Group's equity
and did not affect the reported profit for Q1 2018. Overall, Group equity
decreased marginally to EUR 104.0 million from EUR 105.2 million as of 31
December 2017, while the equity ratio reduced by 1% to 23.2%. Net
receivables from customers grew by 3.1 % to EUR 265.5 million from EUR 257.4
million. The loan coverage ratio increased from 23.4% in Q4 2017 to 29.5% in
Q1 2018, including the one-time adjustment from IFRS 9. Deposits from
customers increased by 10.5% from EUR 174.3 million to EUR 192.7 million.
The intention of the management is to further reduce the inflow of deposits
and according actions have been taken, e.g. reduced interest rates for
savings accounts and term deposits.
Ferratum's existing group rating of BBB+ from Creditreform Rating AG was
reconfirmed during Q1 in its regular annual review. Creditreform Rating AG
based the rating on the continued revenue growth and highly satisfactory
credit-worthiness of the Group in the 2017 financial year.
Subsequent Events
During the second quarter quarter, Ferratum successfully issued EUR 100
million of new senior unsecured bonds in order to refinance the Group's
outstanding bonds maturing in October 2018 (EUR 45 million in total, issued
by Ferratum Capital Germany GmbH, a subsidiary of Ferratum Oyj) and to
finance continued growth of the Group. The new senior unsecured bonds have a
coupon of 3 months Euribor plus 5.50 per cent p.a. and a tenor of four
years. The bonds shall be listed on Nasdaq Stockholm and first at Frankfurt
Stock Exchange Open Market and thereafter at Frankfurt Stock Exchange Prime
Standard (best effort basis) with ISIN: SE0011167972.
During the Annual General Meeting held in Helsinki on 19 April 2018,
shareholders approved the payment of a final dividend of EUR 0.18 per share
for the financial year 2017.
About Ferratum Group:
Ferratum Group is an international provider of mobile banking and digital
consumer and small business loans, distributed and managed by mobile
devices. Founded in 2005 and headquartered in Helsinki, Finland, Ferratum
has expanded rapidly to operate in 25 countries across Europe, Africa, South
and North America and the Asia-Pacific region.
As a pioneer in digital and mobile financial services technology, Ferratum
is at the forefront of the digital banking revolution. Ferratum's mobile
bank, launched in 2016, is an innovative mobile banking platform offering a
range of banking services, including real time digital payments and
transfers, within a single app. It is currently available in five European
markets. Led by its founder, Jorma Jokela, Ferratum has approximately 1.9
million active and former customers who have an account or have been granted
one or more loans in the past (as at 31 March 2018), of which over 784,000
customers have an open Mobile Bank account or an active loan balance in the
last 12 months.
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 Krause Ferratum Group Paul Wasastjerna
Chief Financial Officer T: + 49 (0) Head of Investor Relations T:
30 921005844 E: +358 40 7248247 E:
[1]clemens.krause@ferratum.com 1. [1]paul.wasastjerna@ferratum.com
mailto:clemens.krause@ferratum.com 1.
mailto:paul.wasastjerna@ferra
tum.com
UK / European media enquiries:
Smithfield, A Daniel J Edelman
Company Alex Simmons | Brett Jacobs
T: +44 20 3047 2543 | +44 20 3047
2537 E:
[1]asimmons@smithfieldgroup.com E:
[2]bjacobs@smithfieldgroup.com 1.
mailto:asimmons@smithfieldgroup.com
2.
mailto:bjacobs@smithfieldgroup.com
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30.05.2018 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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690633 30.05.2018
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Ferratum Oyj: Interim Report January - March 2018
Am 30. Mai 2018 um 07:30 Uhr
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