17:38 uur 30-05-2017

4finance presenteert resultaten van de drie maanden eindigend op 31 maart 2017

LONDEN & RIGA, Letland–(BUSINESS WIRE)– 4finance Holding S.A., de grootste Europese online kredietverstrekker voor particulieren, heeft van daag zijn niet-geauditeerde geconsolideerde kwartaalcijfers bekendgemaakt van de drie maanden eindigend op 31 maart 2017.

Financiële kernpunten

  • De omzet steeg met 16 procent naar 104,7 miljoen euro in de periode, tegen 90,3 miljoen euro in dezelfde periode vorig jaar.
  • De aangepaste EBITDA bedroeg 34,9 miljoen euro in de periode; een stijging van 18 procent, wat leidt tot een aangepaste rentedekkingsratio van 2,6x.
  • De winst voor aftrek van belastingen van de groep bedroeg in de drie maanden eindigend op 31 maart 17 miljoen euro, een daling van 15 procent ten opzichte van de 19,9 miljoen euro in 2016.
  • De online kredietverstrekking groeide met 17 procent, tot een volume van 313,1 miljoen euro. In dezelfde periode vorig jaar was dit 266,9 miljoen euro.
  • De nettokredietportefeuille bedroeg per 31 maart 2017 508,6 miljoen euro, een stijging van 3 procent gedurende het afgelopen kwartaal.
  • De verhouding tussen kosten en omzet was in de periode 56 procent, versus 47 procent in de drie maanden voor 31 maart 2016; een afspiegeling van een grote personeelsuitbreiding, overnames en investeringen voor toekomstige groei.
  • De financiële gezondheid blijf solide met een ratio eigen vermogen/activa van 26 procent op 31 maart 2017. De verhouding vermogen/ netto krediet was 49 procent.
  • De kredietdiscipline en effectieve preventie van noodlijdend krediet bleef behouden. De verhouding tussen noodlijdend krediet en het totaal aan uitgeschreven leningen was op 31 maart 2017 8,9 procent; een verbetering ten opzichte van 9,3 procent aan het eind van het vorige boekjaar. Bovendien daalt verhouding tussen netto waardevermindering/ omzet naar 22 procent.



4finance Reports Results for the Three Months Ending 31 March 2017

LONDON & RIGA, Latvia–(BUSINESS WIRE)– 4finance Holding S.A. (the ‘Group’), Europe’s largest online and mobile consumer lending group, today announces unaudited consolidated results for the three months ending 31 March 2017 (the ‘Period’).

Financial Highlights

  • Revenue up 16% to EUR 104.7 million in the Period compared with EUR 90.3 million in the prior year period.
  • Adjusted EBITDA was EUR 34.9 million for the Period, up 18%, leading to an adjusted interest coverage ratio of 2.6x.
  • The Group’s profit before tax for the three months to 31 March 2017 was EUR 17.0 million, a decrease of 15% from EUR 19.9 million in 2016.
  • Online loan issuance grew by 17% to EUR 313.1 million in the Period from EUR 266.9 million last year.
  • Net loan portfolio reached EUR 508.5 million as of 31 March 2017, up 3% during the Period.
  • Cost to revenue ratio for the Period was 56%, vs. 47% for the three months to 31 March 2016, reflecting a significant increase in staff numbers during last year, acquisitions and investment for future growth.
  • Financial strength remains solid with a capital to assets ratio of 26% as of 31 March 2017 and capital / net loans of 49%.
  • Credit discipline and effective NPL management maintained, with a non-performing loans to online loan issuance ratio of 8.9% as of 31 March 2017, improving from 9.3% at year end, and a reduction in net impairment / revenue to 22%.

Operational Highlights

  • The number of registered online lending customers reached 6.7 million as of 31 March 2017, up 36% from a year ago, with a further 1.4 million registered banking customers added through TBI Bank.
  • Approvals granted for passporting of TBI Bank credit card license to Poland and for portfolio transfers from Sweden and Denmark alongside continued strong financial performance from TBI Bank.
  • Developing new product offerings, using both brands, to adapt to regulatory changes in Georgia.
  • Expanded TrustPilot and Ekomi online customer review programme to five markets with strong ratings and positive feedback.
  • Launched pilot of Point-of-Sale offering in Spain with Zaplo brand offering 3-12 month loans with c.30% APR.
  • Completed significant refinancing in April with new USD 325 million 5 year bond issue to extend our funding structure, including tender of 2/3 of old USD bond with removal of its put option, and early redemption of SEK 2018 bond.

George Georgakopoulos, CEO of 4finance, commented:

“With revenue growth of 16% and profit before tax of EUR 17.0 million, our first quarter performance showed the benefits of our diversification. We have seen growth in a number of European markets (particularly Spain and Denmark) with our investment in the instalment loan offering in European markets delivering additional revenue and Latin America achieving unit economics and poised for growth. Regulatory changes in Georgia and Lithuania have impacted on results, but we are adapting our products in both those markets with the benefit of our well established brands.

“TBI Bank continues to contribute positively to 4finance, with deposit and loan growth seen in the consumer business and encouraging progress in our strategic initiatives to bring additional products and lower funding cost to our online business.

“The recent USD 325 million, 5 year bond offering brought many new institutional investors to the group and represents a liquid benchmark sized transaction. Together with the associated refinancing of our SEK and old USD bond, we have no significant debt maturities until summer 2019 and now have the funding to support our continuing profitable growth.

“It has been a very active start to 2017 for 4finance. Our focus on credit quality continues to improve our results. We expect the benefits of our cost efficiency drive to be reflected later in the year. Our strategy remains firmly multi-market and multi-product as we continue to expand our sustainable, diversified business.”

About 4finance

Established in 2008, 4finance is the largest and fastest growing online and mobile consumer lending group in Europe with operations in 16 countries. Putting innovative data-driven analysis into all aspects of the business, 4finance has grown rapidly, issuing over EUR 4 billion to date in single payment loans, instalment loans and lines of credit.

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, the Dominican Republic, Finland, Georgia, Latvia, Lithuania, Mexico, Poland, Romania, Spain, Slovakia and Sweden. The group also provides consumer and SME lending through TBI Bank, its EU licensed banking operations in Bulgaria and Romania.

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.


James Etherington (Investor Relations)
+44 (0)7766 697 950
Email: investorrelations@4finance.com< br/>Website: www.4finance.com

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