Creditstar Group AS. Interim Report. January June 2017

Transcription

1 Creditstar Group AS Interim Report January June 2017 Tallinn 31 July 2017

2 Highlights during the second quarter Creditstar Group s subsidiary ZiiP launches a new credit line product and rebrands into Monefit In April, Creditstar Group s Estonian subsidiary ZiiP OÜ announced the launch of and started operating in the Estonian market. ZiiP OÜ has been renamed to Monefit Estonia OÜ and will continue operating under the Monefit brand. The new product is a revolving credit that doesn t have a fixed number of payments, in contrast to instalment loans, but customers have to make a minimum monthly payment (currently at 8% from the withdrawn loan principal). It allows the credit amount to be withdrawn, repaid, and redrawn again, in any form and any number of times, until the arrangement expires. Credit line is like a credit card, but without the actual card. Lenders are granted a maximum credit line (currently up to 3000 Euros), which can be used at any time. Borrowers are only charged on the funds they withdraw, making this product very flexible from the consumers point of view. Consumers can plan withdrawal of funds and repayment of funds depending on their cash flow position. The Group expects to roll out credit line products in other target markets in due course. Creditstar started using peer-to-peer lending marketplace to generate additional funding Creditstar started placing personal unsecured loans at Mintos (P2P lending marketplace with 30,000 investors from 63 countries) to generate additional funding. Currently selected Creditstar Poland and Creditstar Spain loans are placed on the marketplace. Improvement of underwriting and scoring models across all markets The Group will continue to improve its proprietary technology and underwriting models across all markets and platforms. We are improving our specialised statistical and machine learning models in our lending platform in order to make better lending decisions, expand our customer base more effectively, optimise marketing, and perform other advanced business analysis and forecasting.

3 Financial performance 2Q 2017 Net profit EUR 606 thousand Profit and interest income Interest income increased 13.7% compared with the 1st quarter of Increase in interest income resulted due to growth in lending volumes both from current and new target markets. Net profit amounted to EUR 606 thousand Operating profit increased 9% to EUR thousand in the 2nd quarter of 2017 compared with the 1st quarter of 2017 (EUR thousand). Expenses Operating expenses increased from EUR thousand in 1st quarter of 2017 to EUR thousand in 2nd quarter of Interest expense on loans and issued bonds amounted to EUR thousand EUR Wages and salaries cost increased by EUR 40 thousand in the 2nd quarter of 2017 Loan impairment charges Loan impairment charges amount to EUR 905 thousand in 2nd quarter of Adjustments The interim report at hand reflects financial statements after the yearly results for 2016 have been audited. Small adjustments to prior periods have been made in this report.

4 Statement of the management board The financial and other additional information published in the Interim Report January June 2017 is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operations and cash flows of the group. Consolidated financial statements in the report for the period January June 2017 are not audited. Aaro Sosaar Member of the Management Board Tallinn,

5 Consolidated Income Statement In thousands Euros s Q Q Q Q 2017 Interest income Interest expense Net interest income Other operating income Other operating expenses Wages and salaries Depreciation Operating profit Loan impairment charges Corporate income tax Net profit

6 Consolidated Balance Sheet In thousands Euros s Assets Cash Loans to customers Other assets Total assets Liabilities and Equity Borrowings Payables and prepayments Total liabilities Equity Issued capital Mandatory reserve Retained earnings Total equity Total Liabilities and Equity

7 Consolidated Cash Flow Statement In thousands Euros s Operating activities Q2016 4Q2016 1Q2017 2Q2017 Net profit Adjustment to net profit: Depreciation Interest income Interest expense Impairments Other adjustments Change in operating assets: Loans to customers Other receivables and prepayments Change in operating liabilities Net cash flow from operating activities Investing activities Purchase of intangible assets Other loans issued Repayment of other loans issued Total cash flow from investing activities Financing activities Proceeds from debt issued and borrowed funds Repayment of debt issued and borrowed funds Interest paid Total cash flow from financing activities Total cash flow Cash and cash equivalents in beginning Change in cash and cash equivalents Cash and cash equivalents in the end

8 GROUP Creditstar Group AS Lõõtsa Tallinn, Estonia Phone: Fax: ESTONIA FINLAND SWEDEN LITHUANIA Creditstar Estonia AS Lõõtsa Tallinn Estonia Creditstar Finland Oy Business Center Aleksi Aleksanterinkatu 15B Helsinki, Finland Creditstar Sweden AB Mästersamuelsgatan Stockholm Sweden Creditstar Lithuania UAB Olimpiečių g.1a Vilnius Lithuania Phone: Fax: Phone: Fax: Phone: Fax: Phone: Fax: POLAND UNITED KINGDOM CZECH REPUBLIC SPAIN Creditstar Poland Sp. z o.o. Warsaw Financial Centre ul. Emilii Plater 53 Warsaw , Poland Creditstar UK (UCSL LTD) 17 Hanover Square London, W1S 1BN United Kingdom Creditstar Czech S.R.O Pobřežní 249/46, Karlín , Prague 8 Czech Republic Creditstar Spain S.L Avinguda Pau Casals, número 10, Principal 2a Barcelona Spain Phone: Phone: Phone: Phone: