DGAP-News: Euroloan Consumer Finance Plc Annual Review 1.1.-31.12.2012
(firmenpresse) - Euroloan Consumer Finance Oyj
21.03.2013 08:50
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New markets opened and expanding volumes during 2012. Sales growth was 43,3%,
with 25,4% Return on Equity.
Helsinki, Finland, 2013-03-21 08:50 CET (GLOBE NEWSWIRE) --
Euroloan Consumer Finance PLC grew its operations into new markets during 2012.
Record investments were made into new business operations and production
systems while retaining a healthy profitability, liquidity and solidity. Total
annual sales volumes grew to over 8,6 million EUR, and the total balance grew
with 38,8% to 13,9 million EUR.
2012
Sales growth 43,3 %
Balance Growth 38,8 %
Equity growth 19,5 %
EBIT/Sales 25,0 %
ROCE 18,0 %
ROE 25,4 %
Capital turnover rate 250,6 %
Equity ratio 26,9 %
Debt ratio 73,1 %
BALANCE SHEET 2011 2012
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ASSETS
NON-CURRENT ASSETS
Intangible assets 552 782,32 1 944 929,51
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TOTAL NON-CURRENT ASSETS 552 782,32 1 944 929,51
CURRENT ASSETS
Current Receivables 8 283 887,04 11 443 165,39
Cash and Bank Receivables 1 186 535,33 522 285,18
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TOTAL CURRENT ASSETS 9 470 422,37 11 965 450,57
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TOTAL ASSETS 10 023 204,69 13 910 380,08
EQUITY&LIABILITIES
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EQUITY
Share Capital 150 000,00 150 000,00
Share Issue
Total Funds 817 108,19 817 108,19
Prepaid dividends -324 000,00 -263 100,00
Retained earnings 893 687,69 2 161 572,41
Profit for the Financial period 1 591 884,72 873 394,74
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TOTAL EQUITY 3 128 680,60 3 738 975,34
LIABILITIES
Current Liabilities 6 894 524,09 10 171 404,74
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TOTAL LIABILITIES 6 894 524,09 10 171 404,74=============================================================
TOTAL EQUITY&LIABILITIES 10 023 204,69 13 910 380,08
INCOME STATEMENT 2011 2012
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SALES 6 007 011,88 8 605 117,67
Personnel costs -516 256,71 -435 243,10
Other business-related costs -2 698 099,35 -6 021 025,70
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EBIT 2 792 655,82 2 148 848,87
Financial income and expenses -630 327,46 -985 222,85
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EBT 2 162 328,36 1 163 626,02
Tax -570 443,64 -290 231,28
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Net Profit 1 591 884,72 873 394,74
The interim quarterly reports for 2012 contained unaudited figures and cost
allocations, which may be different from those in the final annual financial
statement. Some preliminary figures and reference data in previously published
quarterly reports have been adjusted for use in future quarterly reports. An
estimated 0,3 million EUR of long-term loan receivables turnover generated
during 2012 have been moved to 2013 according to current accounting principles
for interest income, increasing 2013 sales figures and operating profit by the
same amount, as most loan-related costs were taken in 2012. The actual total
sales generated during 2012 was an estimated 8,9 million EUR. The financial
statement includes depreciation of assets, credit losses and revenues from the
sales of written-off receivables.
From the CEO Tommi Lindfors
2012 - A year of rapid growth and international expansion
2012 was the best year to date for Euroloan Consumer Finance PLC (later
Euroloan), combining the successful launch of operations in the Swedish market
with a total sales growth of 43.3%. Improvements in scoring parameters together
with a larger customer base resulted in a significant reduction of net credit
loss percentage in 2012. Considerable investments were made during the year
into both proprietary IT systems as well as into building a strong expert
organization. The investments form the engine, which will enable Euroloan to
realize the strategic goals set for the company for the next three to five
years. The company is also in an excellent position to realize the ambitious
and challenging targets set for 2013.
The Euroloan Brand
Our goal was to strengthen the Euroloan brand in Finland and start branding
work internationally to selected markets during 2012. Our market studies show
that our brand is currently well known in Finland and moderately known in
Sweden. We are determined to make our brand known to a much wider audience
during 2013. We also invested in raising our customer service level, and our
customers showed their appreciation by increasingly using our services.
Changes in the board
Mr. Pauli Hentunen, co-founder and previous CEO (2007-2011) was chosen to be
our new Chairman of the Board. Mr. Hentunen set his first priority to building
a stronger board to help better position us strategically in the international
markets.
International operations
Euroloan launched its Swedish business operations with intensive testing in
Q2/2012. As a result, we have proven that the efficient, scalable and highly
automated business model of Euroloan is working also in the Swedish market and
the company will continue to expand its market share in Sweden during 2013.
The company continued with its expansion in the Baltic region, with
subsidiaries founded in Poland and Denmark. The choice of countries was made
based on an extensive market research into key European markets. We are
confident that our operating model will be a success in the new markets,
especially in the very promising Polish market, already by the end of 2013. The
establishment of new markets will also continue during 2013.
Personnel and management
Our personnel form the heart of Euroloan. Our key principle of recruiting only
the very best experts in each field has been a success, and our employees
continue to deliver excellent performance. We ask a lot from our employees but
also amply reward success. During 2012 we have successfully recruited the very
best talents, including our enterprise architect, software developers, customer
service manager, test manager and our country managers of Sweden and Poland to
name only a few of the people that form our 'Team Euroloan'. We have constantly
improved our working environment, and according to our employees we have been
successful in creating an excellent workplace. Every day we strive to earn the
confidence given us and the hard work done by our employees.
I want to thank Team Euroloan for a solid year and for placing the company in
an excellent situation for continued growth during 2013. All past and future
growth of the company depends on the people doing all the work. With the growth
comes increasing complexity, which requires a concerted approach and expertise
from many different fields. We are lucky to have a strong team and constant
co-operation that have successfully solved the big challenges we had during the
year. I would also like to thank the valuable input and dedication of our key
business partners.
Financing
The strong growth of Euroloan was made possible by finding sufficient and
reasonably priced funding and the right financing partners. We were able to
raise senior debt and also able to further develop the funding structure for
the company. Together with our main banking partners we were able to raise all
the debt we needed through a series of bond issues. To our investors and
financers we have been able to ensure good and stable returns, while ensuring
excellent liquidity for the company.
IT Systems
The 'factory floor' of Euroloan consists of top-end proprietary IT systems that
we are deservedly very proud of. A new generation of consumer finance services
based on our own operating model will enable faster and cheaper international
scaling of our business with a tested concept also in highly competitive and
regulated markets. The business model and service offering improvements have
been developed over the last two years, based on developments in customer
preferences and key markets. The new service concept is suitable for most
European markets, and well adapted to growth in increasingly regulated markets,
including the home market.
Over 7.000 trees planted and 500.000 kgs of CO2 reduction
We are happy to see how well our brand reflects our values of high ethics and
morale, environmentally friendly operations and sound corporate governance
principles. We partner with Carbonfund.org, a non-profit organization, to
ensure Euroloan's operations are not only carbon neutral, but carbon negative,
with a reduction to date far exceeding all emissions of our staff both at work
and at home. What we are even more proud of is that in addition to acquiring
emission rights, Euroloan has already planted over 7.000 certified trees in
deforested areas around the world. That, we are happy to say, makes for a
sizable forest when the trees grow tall.
Looking forward
Our strategic goal, stated already in 2009, to become 'the most valuable
Internet Consumer Finance provider in Europe', is very challenging. We will be
taking long leaps towards reaching this goal during 2013. Our advanced systems
and business processes, a great team of top professionals and having secured
finance together form a strong base that makes it very possible to achieve ourgoal.
We constantly make customer surveys and based on them new profitable products
will be launched during the first half of 2013, which is expected to be another
year of strong growth.
For more information about Euroloan Consumer Finance PLC please see:
http://www.euroloan.com
Jonas Lindholm, Group CFO, Board Director
Phone: +358 10 217 1003
News Source: NASDAQ OMX
21.03.2013 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Euroloan Consumer Finance Oyj
Finland
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