FERRATUM Interim Report January - March 2016
Continued dynamic growth
Q1/2016 (compared with Q1/2015)
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Year-on-year revenue up 44.2 % to EUR 33.2 million
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Operating profit (EBIT) doubled to EUR 5.2 million (Q1 2015: EUR 2.6 million)
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Improved EBIT margin of 15.6 % (Q1 2015: 11.2 %)
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Improved portfolio quality: declining impaired loan coverage ratio to 32.5 % (Q1 2015: 41.7 %)
Helsinki/Berlin, May 12, 2016 - Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS), a pioneer in the field of financial technology and an international provider of mobile consumer loans and small corporate loans, was able to continue last year`s growth trend during the first three months of 2016. The positive development of key figures continued: By showing both strong topline growth with group revenues up 44.2 % and increased bottom line profitability with (diluted) earnings per share of EUR 0.15 (Q1 2015: EUR 0.10), the company once again delivered on its objective of profitable growth.
Product developments in Q1 2016
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Mobile Bank launched to the public in Sweden
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Deposit taking started in Germany
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CreditLimit launched in Spain and Poland
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SME lending launched in Lithuania and Denmark (also in the Netherlands in May 2016)
The combined revenue share of PlusLoans (including SME lending) and Credit Limit grew from 37.6 % in Q1 2015 to 59.6 % while the revenue share of the microloans business decreased to 40.4 % (Q1 2015: 62.4 %).
Key Figures, EUR `000 | Jan-Mar 2016 | Jan-Mar 2015 |
Revenue | 33,213 | 23,033 |
Operating Profit | 5,193 | 2,583 |
Profit before tax | 3,792 | 2,551 |
Net cash flows from operating activities before movements in portfolio | 13,171 | 8,268 |
Net cash flows from operating activities | (11,419) | (9,003) |
Net cash flows from investing activities | (2,041) | (78) |
Net cash flows from financing activities | 7,832 | 40,422 |
Net increase/decrease in cash and cash equivalents | (5,629) | 31,342 |
Profit before tax % | 11.4 | 11.2 |
Key Figures, EUR `000 | 31-Mar-2016 | 31-Dec-2015 | |
Accounts receivable - consumer loans (net) | 121,801 | 106,758 | |
Cash and cash equivalents | 11,184 | 17,452 | |
Total assets | 152,388 | 140,127 | |
Non-current liabilities | 49,075 | 48,927 | |
Current liabilities | 22,834 | 13,562 | |
Equity | 80,479 | 77,638 | |
Equity ratio | 52.8 | 55.4 | |
Net debt to equity ratio | 0.75 | 0.58 | |
CEO Jorma Jokela comments the first quarter
"I`m pleased with the published results, we consistently implement a clear growth strategy that focuses on the diversification of our product portfolio, the geographic expansion and the development of a leading mobile bank. We have reached new milestones in all three areas during the first quarter of 2016. We have launched the Mobile Bank to the public in Sweden and expanded our deposit product offering to the German market. Further more we could launch our business lending in two more countries and we could launch our consumer lending product credit limit also in two more countries. With the acquisition of FCB Firmen-Credit Bank we have made an important step in developing our SME business.