(MENAFN- GlobeNewsWire - Nasdaq) Fellow Finance growth continues according to the company strategy: turnover grew by 29,6%
FELLOW FINANCE PLC COMPANY ANNOUNCEMENT 23 AUGUST 2018 AT 8:00 AM
1.1.-30.6.2019 summary
- Turnover was 7,2 million euros (5,6), growth of 29,6%
- EBIT was 1,4 million euro (1,7) comprising 19,0% of turnover
- Intermediated loan volume was approximately 109 million euro (76,5 million euro), growing by 42,5%
- In H1/19 the company prepared for new market entries and product launches and opened the service for consumers in Denmark
- Earnings per share was 0,06 euro (0,14)
- H1/19 contains company IPO (Nasdaq First North Finland) related expenses worth of total 67,3 thousand euros booked in financial expenses.
Key Ratios
| EUR 1,000 (unless otherwise informed) | | | | |
| (unaudited, unless otherwise informed) |
| CONSOLIDATED KEY FIGURES | 01-06/2019 | 01-06/2018 | 1-12/2018 | 1-12/2017 |
| Turnover (EUR 1,000) | 7 236.8 | 5 582.4 | 11 958.81) | 8 655,71) |
| From which commissions | 5 329.4 | 4 138.1 | 8 967.01) | 5 975,21) |
| From which interest yields from loans | 1 907.4 | 1 444.4 | 2 991.81) | 2 680,41) |
| EBITDA | 1 567.3 | 1 860.2 | 3 747.5 | 2 867,6 |
| EBITDA margin % | 21.7% | 33.3% | 31.3% | 33,1 % |
| Adjusted EBITDA | 1 567.3 | 1 860.2 | 3 922.33) | 2 867,6 |
| Adjusted EBITDA margin, % | 21.7% | 33.3% | 32.8%3) | 33,1 % |
| Operating profit (EBIT) | 1 374.2 | 1 673.8 | 3 357.11) | 2 493,01) |
| Operating profit (EBIT) -margin, % | 19.0% | 30.0% | 28.1%1) | 28,8 %1) |
| Adjusted operating profit (Adjusted EBIT) | 1 374.2 | 1 673.8 | 3 531.93) | 2 493,0 |
Adjusted operating profit (Adjusted EBIT)
-margin, % | 19.0% | 30.0% | 29.5%3) | 28,8 % |
| Earnings before taxes (EBT) | 641.3 | 1 005.1 | 1 053.11) | 1 218,21) |
| Earnings before taxes (EBT) -margin, % | 8.9% | 18.0% | 8.8% | 14,1 % |
| Adjusted earnings before taxes (Adjusted EBT) | 708.73) | 1 005.1 | 2 168.23) | 1 218,2 |
| Adjusted earnings before taxes (Adjusted EBT) -margin, % | 9.8% | 18.0% | 18.1%3) | 14,1 % |
| Profit for accounting period | 421.2 | 785.9 | 797.91) | 1 083,71) |
| Adjusted profit for accounting period | 475.03) | 785.9 | 1 690.03) | 1 083,7 |
| Lainaamo's loan receivables rate | 27 727.6 | 17 846.9 | 21 257.6 | 18 124,8 |
| Outstanding interest-bearing debt | 22 054.1 | 17 445.0 | 16 930.0 | 16 945,0 |
| Equity/share (issue-adjusted), EUR | 2.1 | 0.772) | 2.0 | 0,722) |
| Return on equity (ROE), % | 5.8% | 36.4% | 8.5%1) | 29,8 %1) |
| Equity ratio, % | 38.3% | 19.4% | 44.8%1) | 19,1 %1) |
| Personnel (average number) | 38 | 27 | 271) | 221) |
| Earnings per share (issue-adjusted) (EPS), undiluted, EUR | 0.06 | 0,142) | 0.13 | 0,192) |
| Adjusted earnings per share (Adjusted EPS), undiluted, EUR | 0.073) | 0,142) | 0.283) | 0,192) |
| Equity/share, EUR | 2.1 | 19.1 | 2.0 | 18.0 |
| Salaries and incentives | 921.6 | 596.2 | 1 525.5 | 924.8 |
| End balance of Balance Sheet | 38 239.0 | 22 922.6 | 32 392.5 | 21 890.3 |
| Average number of outstanding shares during period (issue-adjusted) | 7 128 625 | 5 817 6252) | 6 112 151 | 5 817 6252) |
| Number of outstanding shares at end of the period (issue-adjusted) | 7 128 625 | 5 817 6252) | 7 128 625 | 5 817 6252) |
1) Audited
2) Key Figures per share are calculated by using a number of shares adjusted in a consequence of costless share issue (share split) for the Company's shareholders. As a part of the arrangements related to Planned Offering, it was decided by unanimous shareholders' decision on 7 September 2018 to organize costless share issue for the Company's shareholders. Share issue adjustment means adjustment of number of shares in consequence of costless share issue.
3) Adjusted with Company's nonrecurring costs related on listing to Nasdaq's First North Finland -marketplace and option incentives related to that. Total of 67,3 thousand euros was booked as costs to financial items. Adjusted Profit for accounting period takes on account the computational taxes if the nonrecurring costs were not actualized.
CEO Jouni Hintikka: The first half of the year we laid foundations for the future growth
In the first half of 2019 we saw continuing growth accelerated by our technological solutions used in our marketplace for private individuals and businesses borrow directly from investors at market rate. Simultaneously we offered our investors an unique opportunity to invest directly in consumer loans on several different markets as well as in Finnish business loans and invoice financing.
The growing number of business customers ensured us that easy-to-use and efficient technology enables us to serve also companies which because of their size are currently underserved by the banks and other financial institutions. Thus, our services supplement the current offering of financial services making the markets also more efficient by adding more financing options for small and medium sized companies.
In January 2019 we opened our service in Denmark making it our fifth market we operate in. The opening of Danish market marks the middle of the road milestone in execution of our strategy to operate in ten different European markets in 2023. We are very excited about our mission to create a cross-border marketplace for private individuals and companies and are very pleased of our expansion and development thus far.
Our revenue grew almost 30% to 7,2 million euro and our EBIT was 1,4 million euro. The number of the platform users and loans continued growing. The intermediated loan volume was 109 million euro marking a 42,5% growth to H1/18. The number of investors by the end of June was over 13.000 from 60 different countries. In May we also improved our financial position by issuing our first bond for Finnish institutional and private investors. Our three-year bond was issued with an annual coupon of 5,75%.
In the second half of the year we will continue our expansion to new markets and by doing so will offer new competitive financing and investing options in Europe across borders. We will continue developing our technology to renew the financial markets. This work will lay foundations for our growth in the upcoming years and to our offering for our platform borrowers a versatile and competitive product offering as well as attractive interest yield for our investors.
Profit Forecast 2019
On 16th of August the company made an announcement of lowering of the guidance for the financial year of 2019
The new revised guidance for 2019
In 2019 Group net sales is expected to grow over 20% and adjusted EBIT to be lower than in year 2018.
The earlier guidance for 2019
In 2019 Group net sales is expected to grow over 30% and adjusted EBIT grow from year 2018.
Financial Development 1-6/2019
Fellow Finance Group´s consolidated turnover grew by 29,6% from previous financial half-year to 7,2 (5,6) million euros and consolidated EBIT percentage was 19 (30). Operating profit was 1,4 (1,7) million euros. Parent company's turnover grew by 28,9% from previous financial half-year 4,6 (3,6) million euros and EBIT was 0,8 (1,0) million euros.
Balance sheet and funding
At the end of the financial period, the Fellow Finance Group´s balance sheet total was 38,2 (22,9) million euros. Fellow Finance Group´s debt receivables were 27,7 (17,8) million euros, which equates to 72,5% (77,7) of total assets.
Fellow Finance Group´s interest bearing debt was 22,1 (17,4) million euros. Liabilities in total were 23,6 (18,5) million euros and equity totalled 14,7 (4,5) million euros.
Fellow Finance Group´s equity ratio was 38,3 (19,4) percent. Company issued a fixed rate unsecured Notes in the amount of EUR 15 million, maturing on 29 May 2022. The three-year Notes carry a fixed annual interest rate of 5.750 per cent and have an issue price of 100 per cent.
The uses of the proceeds from the Notes are the refinancing of the Company's and its subsidiaries' existing loans, the diversification of financing sources, the organic and inorganic growth of the business as well as for general corporate purposes.
Capital adequacy
Fellow Finance's capital adequacy management has been organized according to the laws regulating Payment Institutions. The base of the capital adequacy management is that payment institution's own assets, together with their quality and allocation are on a sufficient level to cover the risks that payment institution carries continuously. To calculate the required amount of assets, Fellow Finance uses transaction-based calculation method. A transaction is included in the calculation when an investor transfers money via platform to the borrower and when borrower do repayment to the investor.
Fellow Finance Plc´s total capital was 13,04 million euros when the minimum adequate capital requirement was 0,46 million euros in the end of the financial half-year period.
Essential events after financial period
The Board of Directors of Fellow Finance Plc has resolved in its meeting on 5 August 2019 to conduct a directed share issue relating to the incentive bonus for the Company's management team member Antoni Airikkala. Airikkala used the majority of the net proceeds to subscribe for 45.000 shares with a subscription price per share of EUR 7.14. The issued 45.000 new shares were registered 9th August 2019 to the Trade Register and admitted for trading on Nasdaq First North marketplace on 12th August 2019. The Company's new total number of shares after the registration raised to 7.173.625 shares.
Decision taken by the annual general meeting
The Fellow Finance Plc´s Annual General Meeting of Shareholders held in Helsinki on 3rd of April 2019. The Annual General Meeting granted release from liability of the members of the Board of Directors and the CEO from the financial year 2018.
It was resolved that, based on the adopted balance sheet for the financial year 2018, a dividend of EUR 0.04 per share be paid. The dividend was paid on 15 April 2019.
The Annual General Meeting resolved that Kai Myllyneva, Harri Tilev, Teemu Nyholm, Esa Laurila and Jorma Alanne are re-elected as members to the Board of Directors for the following term of office ending at the closing of the next Annual General Meeting. It was decided that annual remuneration of EUR 15,000 will be paid to the Chairman of the Board of Directors and EUR 10,000 to the members of the Board of Directors. The remuneration is not paid to the members of the Board of Directors who are employed by the company.
The Annual General Meeting resolved, in accordance with the specified proposal by the Board of Directors, that Timo Helle, APA, is elected as the Auditor of the Company and that audit firm Revico Grant Thornton is elected as deputy auditor for the term of office ending at the closing of the next Annual General Meeting.
The Annual General Meeting resolved, in accordance with the Board of Directors' proposal, to establish a Shareholders' Nomination Board which shall be responsible for preparing and presenting proposals on the remuneration and number of members of the Board of Directors as well as proposal on the members of the Board of Directors, to the Annual General Meeting and, where needed, to an Extraordinary General Meeting. The Nomination Board shall also be responsible for identifying successors for existing Board members.
Other shareholder's unanimous resolutions regarding share issues and special rights entitling to shares are addressed in the section 'Share and shareholders'.
The Board, CEO and Auditors
The Company's Board of Directors is formed starting at 1st of August 2018 by Kai Myllyneva as a chairman of the Board of Directors and Teemu Nyholm, Jorma Alanne, Harri Tilev and Esa Laurila as board members. During the half-year period the board met 10 times and the participation percentage in the meetings was 98%.
The Company's Auditor is KHT Timo Helle (Grant Thornton).
The Company's CEO in the financial period has been Jouni Hintikka.
Share and shareholders
The Company's number of shares in 30th June 2019 was 7 128 625. The Company's share is listed on First North Finland -marketplace with trading code FELLOW. The share capital of the Company was 125.000 euros in the end of the half-year period. Fellow Finance did not own shares during the half-year period.
The shares' closing price on the last trading day on 28th June was 7,58 euros. The financial period's lowest trading price was 6,40 euros and the highest 8,34 euros. Fellow Finance Plc's market value at the end of the financial period was 54,03 million euros and the Company had 2785 shareholders.
The Annual General Meeting resolved, in accordance with the proposal of the Board of Directors, that the Board of Directors is authorised to resolve on the repurchase of the Company's own shares in one or several tranches using the Company's unrestricted shareholders' equity as follows. The maximum number of owns shares to be repurchased is 100,000 shares. The shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders in public trading arranged by Nasdaq Finland Oy for the market price formed at the moment of purchase. The authorisation valid until the closing of the next Annual General Meeting, however, no longer than until 30 June 2020. The previous authorisation of the Board of Directors shall end to the Annual General Meeting on 3 April 2019.
The general meeting resolved, in accordance with the proposal of the Board of Directors, that the Board of Directors is authorised to resolve on a share issue and an issue of special rights entitling to shares as referred to in Chapter 10 Section 1 of the Companies Act in one or several tranches, either against payment or without payment as follows. The aggregate amount of shares to be issued, including the shares to be received based on special rights, must not exceed 300,000 shares. The Board of the Directors may resolve to issue new shares or to transfer own shares possibly held by the company. The proposed maximum number of shares under the authorisation is approximately 4.2% of all the shares in the Company on the date of the Invitation to the Annual General Meeting. The authorisation is proposed to be valid until the closing of the next Annual General Meeting, however, no longer than 30 June 2020. The previous authorisation of the Board of Directors shall end to the Annual General Meeting on 3 April 2019.
The General Meeting resolved, in accordance with the proposal of the Board of Directors, to issue 200,000 option rights in accordance with the terms and conditions proposed by the Board of Directors. There is a weighty financial reason for the company to issue option rights and to deviate from the pre-emptive subscription right because the option rights are intended as an integral part of the incentive and commitment scheme for the key employees. Option rights are intended to be an incentive for the key employees in their long-term work towards increasing the ownership value. Option rights are also used to commit the key employees to the employer. The aggregate amount of option rights issued is 200,000 and they are given without payment. The option rights shall be subscribed with the identifier 2019. The option rights entitle their holders to subscribe a maximum of 200,000 new shares of the company or shares held by the company. The proportion of shares subscribed for with the option rights issued at this time is a maximum of 2.8% of all the shares of the company and the votes of the shares of the company based on the situation at the date of the Invitation to the Annual General Meeting, if the share subscription concerns new shares. The Board of Directors will decide on the offering of the option rights 2019 by 30 August 2019.
The biggest shareholders
Shareholder list is based on Euroclear Finland Oy's list of registered shareholders. Dated 30th of June 2019.
| No | Name | Stocks | (%) |
| 1 | TAALERI OYJ | 1 847 163 | 25.91 |
| 2 | MARGIN INVESTMENTS OY | 830 843 | 11.66 |
| 3 | TN VENTURES OY | 830 843 | 11.66 |
| 4 | OY T & T NORDCAP AB | 646 436 | 9.07 |
| 5 | AVENSIS CAPITAL OY | 277 266 | 3.89 |
| 6 | SEB FINLAND SMALL CAP | 233 000 | 3.27 |
| 7 | VAKUUTUSOSAKEYHTIÖ HENKI-FENNIA | 141 380 | 1.98 |
| 8 | OP-SUOMI MIKROYHTIÖT -ERIKOISSIJOITUSRAHASTO | 137 034 | 1.92 |
| 9 | OP-SUOMI PIENYHTIÖT | 130 000 | 1.82 |
| 10 | SIJOITUSRAHASTO SÄÄSTÖPANKKI PIENYHTIÖT | 128 841 | 1.81 |
Dividend policy and the Board of Directors dividend proposal
The Board of Directors of Fellow Finance made a resolution on the Company's dividend policy on 31st of July 2018. Fellow Finance seeks to distribute at least 30 percent of the Company´s annual net profit to its Shareholders in dividends, taking into account the Company's financial condition and financing situation. However, the size and payment of dividend depend on at least the following: Company profits and financial condition, future investments, cash flow, amount of net debt and loan servicing requirements, and other factors deemed material by the Board. The dividend policy is in effect until further notice.
At the end of the financial period 2018 the parent company´s distributable assets were 13.436.667,11 euros of which the financial period's 2018 profit was 828.942,72 euros.
The Board of Directors proposes to the Annual General Meeting of Shareholders that a dividend of EUR 0,04 per share be paid, which counts for 30% of the Company´s earnings per share.
In the end of the half-year period distributable funds in shareholder's equity were 14.530.066,91 euros, of which profit for the year 421.201,06 euros.
Consolidated income statement, balance sheet, cash flow statement and change in equity (FAS)
| CONSOLIDATED INCOME | | | | | | | |
| STATEMENT (1000eur) | 1.1-30.6.2019 | | 1.1-30.6.2018 | | 1.1-31.12.2018 | | 1.1-31.12.2017 |
| | | | | | (audited) | | (audited) |
| TURNOVER | 7 236.8 | | 5 582.4 | | 11 958.8 | | 8 655.7 |
| | | | | | | | |
| Other operating income | 0.0 | | 2.3 | | 2.3 | | 9.0 |
| | | | | | | | |
| Materials and services | | | | | | | |
| External services | -2 304.5 | | -1 839.3 | | -3 788.7 | | -2 976.0 |
| Materials and services total | -2 304.5 | | -1 839.3 | | -3 788.7 | | -2 976.0 |
| | | | | | | | |
| Personnel expenses | | | | | | | |
| Wages and salaries | -859.4 | | -545.1 | | -1 414.1 | | -846.8 |
| Pension expenses | -162.9 | | -103.4 | | -226.8 | | -157.7 |
| Other non-wage expenses | -18.4 | | -13.9 | | -40.4 | | -26.4 |
| Personnel expenses total | -1 040.7 | | -662.4 | | -1 681.4 | | -1 031.0 |
| | | | | | | | |
| Depreciation and amortization | | | | | | | |
| Depreciation according to plan | -180.7 | | -174.0 | | -365.5 | | -349.8 |
Depreciation on consolidated
goodwill | -12.4 | | -12.4 | | -24.8 | | -24.8 |
| Depreciation and amortization total | -193.1 | | -186.4 | | -390.3 | | -374.6 |
| | | | | | | | |
| Other operating costs | -2 324.3 | | -1 222.8 | | -2 743.5 | | -1 790.1 |
| | | | | | | | |
| OPERATING PROFIT/LOSS | 1 374.2 | | 1 673.8 | | 3 357.1 | | 2 493.0 |
| | | | | | | | |
| Financial income and expenses | | | | | | | |
Other interest and financial
income | | | | | | | |
| From others | 2.7 | | 0.5 | | 2.3 | | 3.2 |
Interest and other financial
expenses | | | | | | | |
| To others | -735.5 | | -669.2 | | -2 306.3 | | -1 278.0 |
| Financial income and expenses total | -732.8 | | -668.7 | | -2 304.0 | | -1 274.8 |
| | | | | | | | |
| PROFIT/LOSS BEFORE APPROPRIATIONS AND TAXES | 641.3 | | 1 005.1 | | 1 053.1 | | 1 218.2 |
| | | | | | | | |
| Income taxes | -220.1 | | -219.2 | | -255.2 | | -134.5 |
| | | | | | | | |
| PROFIT/LOSS FOR THE PERIOD | 421.2 | | 785.9 | | 797.9 | | 1 083.7 |
| CONSOLIDATED BALANCE SHEET (1000eur) | | | | | | | |
| | | | | | | | |
| ASSETS | 30.6.2019 | | 30.6.2018 | | 31.12.2018 | | 31.12.2017 |
| | | | | | | | |
| NON-CURRENT ASSETS | | | | | | | |
| | | | | | | | |
| Intangible assets | | | | | | | |
Other capitalized long-term
expenditure | 925.9 | | 390.6 | | 620.4 | | 380.4 |
| Goodwill | 22.7 | | 47.6 | | 35.2 | | 60.0 |
| Intangible assets total | 948.6 | | 438.1 | | 655.6 | | 440.4 |
| | | | | | | | |
| Tangible assets | | | | | | | |
| Machinery and equipment | 177.7 | | 105.7 | | 191.2 | | 46.3 |
| Tangible assets total | 177.7 | | 105.7 | | 191.2 | | 46.3 |
| | | | | | | | |
| TOTAL NON-CURRENT ASSETS | 1 126.4 | | 543.8 | | 846.8 | | 486.7 |
| | | | | | | | |
| CURRENT ASSETS | | | | | | | |
| | | | | | | | |
| Receivables | | | | | | | |
| | | | | | | | |
| Non-current | | | | | | | |
| Loan receivables | 21 951.8 | | 12 917.9 | | 15 846.3 | | 13 471.3 |
| Non-current receivables total | 21 951.8 | | 12 917.9 | | 15 846.3 | | 13 471.3 |
| | | | | | | | |
| Current | | | | | | | |
| Trade receivables | 137.2 | | 118.6 | | 95.7 | | 112.0 |
| Loan recevables | 5 775.8 | | 4 900.3 | | 5 411.3 | | 4 616.7 |
| Other recevables | 1 023.0 | | 1 720.6 | | 1 156.9 | | 1 182.2 |
| Prepayments and accrued income | 525.6 | | 268.8 | | 347.5 | | 267.1 |
| Current receivables total | 7 461.5 | | 7 008.3 | | 7 011.3 | | 6 178.0 |
| | | | | | | | |
| Cash and cash equivalents | | | | | | | |
| Cash equivalents | 0.0 | | 4.6 | | 0.0 | | 2.5 |
| Cash at banks | 7 699.3 | | 2 448.0 | | 8 688.1 | | 1 751.8 |
| Cash and cash equivalents total | 7 699.3 | | 2 452.6 | | 8 688.1 | | 1 754.3 |
| | | | | | | | |
| TOTAL CURRENT ASSETS | 37 112.7 | | 22 378.7 | | 31 545.7 | | 21 403.6 |
| | | | | | | | |
| TOTAL ASSETS | 38 239.0 | | 22 922.6 | | 32 392.5 | | 21 890.3 |
| CONSOLIDATED BALANCE SHEET (1000eur) | | | | | | | |
| | | | | | | | |
| EQUITY AND LIABILITES | 30.6.2019 | | 30.6.2018 | | 31.12.2018 | | 31.12.2017 |
| | | | | | | | |
| SHAREHOLDER'S EQUITY | | | | | | | |
| Share capital | 125.0 | | 125.0 | | 125.0 | | 125.0 |
| Invested unrestricted equity reserve | 13 039.4 | | 2 977.5 | | 13 039.4 | | 2 977.5 |
| Retained earnings/loss | 1 069.5 | | 564.1 | | 563.5 | | -10.3 |
| Profit/loss for the period | 421.2 | | 785.9 | | 797.9 | | 1 083.7 |
| | | | | | | | |
| TOTAL SHAREHOLDER'S EQUITY | 14 655.1 | | 4 452.6 | | 14 525.8 | | 4 175.9 |
| | | | | | | | |
| | | | | | | | |
| LIABILITES | | | | | | | |
| Non-current | | | | | | | |
| Loans from financial institutions | 500.0 | | 4 700.0 | | 2 000.0 | | 5 300.0 |
| Other liabilities | 15 269.1 | | 7 280.0 | | 11 215.0 | | 11 245.0 |
| Non-current liabilities total | 15 769.1 | | 11 980.0 | | 13 215.0 | | 16 545.0 |
| | | | | | | | |
| Current | | | | | | | |
| Loans from financial institutions | 400.0 | | 600.0 | | 800.0 | | 0.0 |
| Trade payables | 413.2 | | 265.9 | | 275.9 | | 322.5 |
| Other liabilites | 5 951.3 | | 4 942.1 | | 3 017.9 | | 477.6 |
| Accruals and deferred income | 1 050.3 | | 682.0 | | 558.0 | | 369.3 |
| Current liabilities total | 7 814.9 | | 6 490.0 | | 4 651.8 | | 1 169.4 |
| | | | | | | | |
| TOTAL LIABILITES | 23 584.0 | | 18 470.0 | | 17 866.8 | | 17 714.4 |
| | | | | | | | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 38 239.0 | | 22 922.6 | | 32 392.5 | | 21 890.3 |
| CONSOLIDATED CASH FLOW STATEMENT (1000 eur) | | | |
| | | | | |
| Cash flow from operations | 1.1.-30.6.2019 | | 1.1.-30.6.2018 |
| | | | | |
| | | | | |
| Profit (loss) before extraordinary items | 641.3 | | 1 005.1 |
| | Depreciation and amortisation according to plan | 193.1 | | 186.4 |
| | Financial income and expenses | 732.8 | | 668.7 |
| Cash flow before change in working capital | 1 567.3 | | 1 860.2 |
| | | | | |
| Change in net working capital | | | |
| | Increase (-)/decrease (+) in short-term non-interest-bearing receivables | -85.8 | | -546.7 |
| | Increase (+)/decrease (-) in short-term non-interest-bearing debts | 259.7 | | 74.1 |
| Cash flow from business operations before financial items and taxes | 1 741.2 | | 1 387.7 |
| | | | | |
| | Interest paid and payments made for other financial expenditure | -528.8 | | -669.2 |
| | Interest on business operations | 2.7 | | 0.5 |
| | Direct taxes paid | -109.7 | | -37.7 |
| Cash flow from business operations (A) | 1 105.5 | | 681.3 |
| | | | | |
| Cash flow from investments | | | |
| | Investments in tangible and intangible assets | -460.2 | | -243.5 |
| | Loans extended increase(-)/decrease(+) | -6 470.0 | | 269.8 |
| Cash flow from investments (B) | -6 930.2 | | 26.2 |
| | | | | |
| Cash flow from financing activities | | | |
| | Current loans increase(+)/decrease(-) | 2 570.0 | | 0.0 |
| | Non-current loans increase(+)/decrease(-) | 2 554.1 | | 500.0 |
| | Dividends paid and other distribution of profit | -285.1 | | -512.0 |
| | Translation difference | -3.0 | | 2.7 |
| Cash flow from financing activities (C) | 4 835.9 | | -9.3 |
| | | | | |
| Change in cash and cash equivalents | -988.8 | | 698.2 |
| | | | | |
| | Cash and cash equivalents at the beginning of the period | 8 688.1 | | 1 754.3 |
| | Cash and cash equivalents at the end of the period | 7 699.3 | | 2 452.6 |
| | Change in cash and cash equivalents | -988.8 | | 698.2 |
| Change in SH's equity Financial period half-year 01-06/2019, 1000eur | Share capital | Invested unrestricted equity reserve | Retained earnings/loss | SH's EQUITY TOTAL |
| Start balance 1.1.2019 | 125.0 | 13 039.4 | 1 361.4 | 14 525.8 |
| Starting balance translation diff. | | | -3.8 | -3.8 |
| Dividend | | | -285.1 | -285.1 |
| Option subscriptions | | | | 0.0 |
| Share issue | | | | 0.0 |
| Translation differences | | | -3.0 | -3.0 |
| Profit/loss for the period | | | 421.2 | 421.2 |
| End balance 30.6.2019 | 125.0 | 13 039.4 | 1 490.7 | 14 655.1 |
| | | | | |
| Change in SH's equity Financial period half-year 01-06/2018, 1000eur | Share capital | Invested unrestricted equity reserve | Retained earnings/loss | SH's EQUITY TOTAL |
| Start balance 1.1.2018 | 125.0 | 2 977.5 | 1 073.4 | 4 175.9 |
| Starting balance translation diff. | | | -1.0 | -1.0 |
| Dividend | | | -512.0 | -512.0 |
| Option subscriptions | | | | 0.0 |
| Share issue | | | | 0.0 |
| Translation differences | | | 3.7 | 3.7 |
| Profit/loss for the period | | | 785.9 | 785.9 |
| End balance 30.6.2018 | 125.0 | 2 977.5 | 1 350.0 | 4 452.6 |
| | | | | |
| Change in SH's equity Financial period 2018, 1000eur | Share capital | Invested unrestricted equity reserve | Retained earnings/loss | SH's EQUITY TOTAL |
| Start balance 1.1.2018 | 125.0 | 2 977.5 | 1 073.4 | 4 175.9 |
| Starting balance translation diff. | | | -0.9 | -0.9 |
| Dividend | | | -512.0 | -512.0 |
| Option subscriptions | | 83.5 | | 83.5 |
| Share issue | | 9 978.4 | | 9 978.4 |
| Translation differences | | | 3.1 | 3.1 |
| Profit/loss for the period | | | 797.9 | 797.9 |
| End balance 31.12.2018 | 125.0 | 13 039.4 | 1 361.4 | 14 525.8 |
| | | | | |
| Change in SH's equity Financial period 2017, 1000eur | Share capital | Invested unrestricted equity reserve | Retained earnings/loss | SH's EQUITY TOTAL |
| Start balance 1.1.2017 | 125.0 | 2 977.5 | 185.3 | 3 287.8 |
| Dividend | | | | 0.0 |
| Option subscriptions | | | | 0.0 |
| Share issue | | | | 0.0 |
| Translation differences | | | -6.1 | -6.1 |
| Profit/loss for the period | | | 894.2 | 894.2 |
| End balance 31.12.2017 | 125.0 | 2 977.5 | 1 073.4 | 4 175.9 |
FELLOW FINANCE PLC
The Board of Directors
Further enquiries
Jouni Hintikka
CEO, Fellow Finance Plc
Tel. +358 40 585 5009
Certified advisor
Evli Bank Plc
tel. +358 40 579 6210
Fellow Finance in Brief
Fellow Finance Plc launched its operations in 2014 and it is an internationally active and growth-oriented FinTech group that provides crowdfunding services for people and businesses. Fellow Finance is the leading¹ Nordic loan-based crowdfunding and peer-to-peer lending platform which has over 680 000 users from around 60 countries. Fellow Finance Plc is regulated by the Financial Supervisory Authority of Finland as an Authorized Payment Institution. Fellow Finance Plc is listed on Nasdaq First North Finland and The Company has around 2800 shareholders.
¹Measured by amount of financing facilitated. Source: Brismo Market Data (data accessed on 22 August 2019)
Calculation of Key Ratios
| EBITDA | = | Operating profit + Depreciation, amortization and impairment losses |
| EBITDA margin, % | = | Operating profit + Depreciation, amortization and impairment losses |
| Turnover |
| Adjusted EBITDA | = | EBITDA + non-recurring operative costs1 |
| Adjusted EBITDA margin, % | = | Operating profit + non-recurring operative costs1 |
| Turnover |
| Adjusted operating profit (Adjusted EBIT) | = | Operating profit + non-recurring operative costs1 |
| Adjusted operating profit (Adjusted EBIT) margin, % | = | Operating profit + non-recurring operative costs1 |
| Turnover |
| Earnings before taxes (EBT), margin, % | = | Profit for the year + income taxes |
| Turnover |
| Adjusted earnings before taxes (Adjusted EBT) | = | Profit for the year + income taxes + non-recurring operative costs1 + non-recurring financing costs2 |
| Adjusted profit for the year | = | Profit for the year + non-recurring operative costs1 + non-recurring financing costs2 |
| Equity ratio, % | = | Equity |
| Balance sheet total – prepayments received |
| Return on equity (ROE), % | = | Profit for the year (annualised) |
| Equity (average) |
| Earnings per share (EPS), undiluted, EUR | = | Profit for the year |
| Share split-adjusted3 average number of outstanding shares during period |
| Adjusted earnings per share (oadjusted EPS), undiluted, EUR | = | Adjusted profit for the year |
| Share split3 average number of outstanding shares during period |
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