capital germany GmbH HALF YEAR REPORT AND FINANCIAL STATEMENTS 30 JUNE 2018

Transcription

1 capital germany GmbH HALF YEAR REPORT AND FINANCIAL STATEMENTS 30 JUNE 2018

2 2 Ferratum Capital GmbH Half Year Report And Financial Statements 30 June 2018

3 Business activity of the company Ferratum Capital Germany GmbH is a finance company that finances the operative business of the Ferratum Group. The company raises outside capital through the issue of bearer bonds and grants the proceeds of the issue as a loan to the parent company, Ferratum Oyj, based in Helsinki, Finland. The loans finance investments to expand the Ferratum Group. The company charges the parent company interest at the rate of interest payable to the holders of the bonds issued plus a margin of at least 1.0 percent. The interest is settled monthly with the parent company. The parent company must redeem the loans at the latest at the end of the term of the issued bearer bonds. The ability of the company to service the creditors claims arising out of the issued bearer bonds primarily depends on the economic success of Ferratum Oyj and its affiliates. Their purpose is to provide unsecured, short-term microloans to individuals and companies in various, predominantly European countries, in part using a banking license and operating a mobile banking business. In contrast to traditional banks, the group does not use any branches or outbound call centres, but transacts the business exclusively via mobile devices or, alternatively, websites. In addition, borrowers with acceptable credit history are also offered instalment-loan-like so-called plus loans and revolving, overdraft-credit-like credit limits. The distribution channel is exclusively the Internet including mobile applications on mobile phones. Financial position In May 2018, Ferratum Capital Germany GmbH successfully issued a bearer bond 2018/2022 listed on the stock exchange in Stockholm and will be listed on the stock exchange in Frankfurt with a nominal value of 100,000 TEUR thousand (ISIN: SE ). The bearer bond bears interest in the amount of 3-month Euribor plus 5.5 percent p.a. and matures in May The proceeds from the issue of the bearer bond will be used as planned to repay two bearer bonds repayable in October 2018 with a nominal value of 45,000 TEUR plus accrued interest. In addition, Ferratum Capital Germany GmbH has granted the parent company Ferratum Oyj another loan in the nominal amount of 52,000 TEUR. The loan bears interest at 7.0 percent p.a. and is due for repayment in May In order to strengthen its equity capital, Ferratum Oyj made another additional payment to the company s equity in the amount 225 TEUR in June 2018, which is reported as a capital reserve (31 December 2017: 250 TEUR). Outlook The expected development of the company in the second half of 2018 will be mainly influenced by the planned repayment of the bearer bond from October 2013 with a nominal value of 25,000 TEUR and the bearer bond from July 2017 with a nominal value of 20,000 TEUR plus accrued interest. The repayment of the two bearer bonds including accrued interest will, above all, be done with the company s cash and cash equivalents amounting to 31,925 TEUR. This amount corresponds to the outstanding volume of the two bearer bonds and is deposited in a trust account managed by Nordic Trustee & Agency AB with the aim of using these funds only for the repurchase or repayment of the bonds. In addition, funds from the planned repayment of two shareholder loans granted totalling 45,000 TEUR are available for the repayment of the two bearer bonds. As planned, available cash and cash equivalents are made available to the parent company on a loan basis to finance the operating business. A balanced result is expected for the second half of As planned, the interest margin in the second half of 2018 covers the operating costs of the company. Ferratum Capital GmbH Half Year Report And Financial Statements 30 June

4 Statements of profit or loss and other comprehensive income 6 months ended June 30 EUR Revenue - - Other income 3, Cost of purchased services (3,124) - Personnel expenses (212,356) (39,651) Depreciations and amortization (371) (867) Other operating expenses (185,414) (86,864) Financial income 2,683,700 1,840,424 Financial expense (2,524,839) (1,588,088) Financial result 158, ,336 Profit/(loss) before tax (238,671) 124,990 Income taxes (79,906) (82,315) Net income/(loss) for the year (318,577) 42,675 Other comprehensive income Change of fair value-bonds measured in FVTOCI 3,000 Total comprehensive profit/(loss) (318,577) 45,675 4 Ferratum Capital GmbH Half Year Report And Financial Statements 30 June 2018

5 Statement of financial position EUR 30 June Dec 2017 ASSETS Non-current assets Property, plant and equipment 1,337 1,708 Loans to shareholder 52,327,562 25,532,928 Total non-current assets 52,328,899 25,534,636 Current assets Loans to shareholder 72,780,603 45,651,332 Other receivables 422, ,606 Cash and cash equivalents 33,600,721 18,952 Total current assets 106,803,897 45,806,890 Total assets 159,132,796 71,341,526 EQUITY AND LIABILITIES Equity Subscribed capital 25,000 25,000 Capital reserve 475, ,000 Retained earnings (460,491) (141,914) Total equity 39, ,086 Non-current liabilities Bonds 100,000,000 25,000,000 Total non-current liabilities 100,000,000 25,000,000 Current liabilities Bonds 58,999,576 46,193,425 Other payables and accrued expenses 93,711 15,015 Total current liabilities 59,093,287 46,208,440 Total equity and liabilities 159,132,796 71,341,526 Ferratum Capital GmbH Half Year Report And Financial Statements 30 June

6 Statement of changes in equity EUR Subscribed capital Capital reserve Accumulated losses Accumulated other comprehensive income Total Balance at 1 January , ,000 (274,048) (3,000) (2,048) Share capital issue 0 Capital reserve 0 Results brought forward 0 Net income for the period/year 42,675 42,675 Other comprehensive income 3,000 3,000 Balance as at 30 June , ,000 (231,373) 0 43,627 Balance at 1 January , ,000 (141,914) 0 133,086 Share capital issue 0 Capital reserve 225, ,000 Results brought forward 0 Net income for the period/year (318,577) (318,577) Other comprehensive income 0 Balance as at 30 June , ,000 (460,491) 0 39,509 6 Ferratum Capital GmbH Half Year Report And Financial Statements 30 June 2018

7 Statement of cash flow 6 months ended June 30 EUR Net result before taxes (238,671) 124,990 Depreciation of property, plant and equipment Increase /(decrease) in other liabilities 78, ,556 Increase/(decrease) in other assets (285,967) 4,646 Interest paid 2,524,839 1,588,088 Interest received (2,683,700) (1,840,424) Income tax paid (79,906) (16 3, 8 8 4) Cash flow from regular operating activities (684,338) 112,839 Proceeds from purchasing securities - 600,000 Interest received 2,683,700 1,840,424 Cash flow from investing activities 2,683,700 2,440,424 Proceeds from issue of shares 225,000 - Proceeds from issuing bonds 87,806, , Proceeds from borrowings (53,923,904) (1,343,464) Interest paid (2,524,839) (1,588,088) Cash flows from financing activities 31,582,408 (2,158,028) Total of the cash flows 33,581, ,235 Cash and cash equivalents at beginning of year 18,952 84,040 Cash and cash equivalents at end of period 33,600, ,276 Ferratum Capital GmbH Half Year Report And Financial Statements 30 June

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