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Multitude Group publishes preliminary unaudited full-year results for 2021
DGAP-News: Multitude SE
/ Key word(s): Preliminary Results
Multitude Group publishes preliminary unaudited full-year results for 2021 Helsinki, 15 March 2022 - Multitude SE (ISIN: FI4000106299, WKN: A1W9NS) ("Multitude" or the "Group") announces preliminary unaudited results for the year ended 31 December 2021. Multitude introduced new strategy and brands during 2021 Financial Highlights - Selective increase in risk appetite and increased market activities resulted into significant decrease in impairment losses and increase in overall portfolio - Stable cost baseline and positive profit from continuing operations - Improved current asset, liquidity, and net debt-to-equity ratios
*Restated to carve-out discontinued operations Selective increase in risk appetite and increased market activities The Group has opted to apply a more strategic approach by selectively increasing its risk appetite, boosting its marketing, and lending activities, and investing in the development of products and infrastructures, in more stable markets and customer bases. These resulted into a steady increase of EUR 82.9 million (+23.0%) in the Group's collective loan portfolio, which stands at EUR 443.9 million at the end of 2021 as compared to EUR 361.0 million at the end of 2020. Accordingly, the above activities have resulted into increases in the Group's lending, selling and marketing, and amortization expenses. On the other hand, Multitude's cautious sales approach and enhanced scoring algorithms proved to be beneficial in improving the overall quality of the Group's underwriting inspite of high economic volatility as evident by the significant decrease in impairment losses from EUR 91.0 million (39.5% of revenue) in 2020 to EUR 71.9 million (33.7% of revenue) in 2021. Stable personnel and general and administrative expenses year-on-year During the year 2021, personnel expenses remained flat with a slight decrease from EUR 33.1 million in 2020 to EUR 33.0 million in 2021 (a decrease of EUR 0.1 million or -0.3%), with a minor decrease in Group average headcount from 695 HC in 2020 to 674 HC in 2021. The same is true with the Group's general and administrative expenses which amounted to EUR 28.9 million in both 2021 and 2020. Positive EBIT from continuing operations Lower net finance costs Streamlined operations resulting to overall profitable continuing results Accordingly, the Group has carved out after-tax losses from discontinued operations amounting to EUR 3.8 million and EUR 4.5 million in 2021 and 2020, respectively for the comparative years presented. The 2021 loss from discontinued operations include a EUR 2.0 million loss on disposal relating to Ferratum UK Ltd. The resulting after-tax profit from continuing operations amounted to EUR 1.2 million and EUR 5.0 million in 2021 and 2020, respectively. Solid asset position Cash and cash equivalents increased by EUR 65.0 million (+27.5%), amounting to EUR 301.6 million at the end of 2021 (2020 - EUR 236.6 million), whereas loans to customers increased by EUR 82.9 million (+23.0%), amounting to EUR 443.9 million at the end of 2021 (2021- EUR 361.0 million), resulting from the Group's successful "increased loan disbursement" strategy for its Primeloan product under SweepBank, but also from loan portfolio growth in Ferratum and CapitalBox Current assets amounted to EUR 765.0 million, representing 93.4% of the Group's total assets at the end of 2021 (2020 - EUR 615.1 million, 91.1%), while non-current assets stood at EUR 54.1 million or 6.6% of total assets at the end of 2021 (2020 - EUR 59.9 million, 8.9%). Increase in customer deposits contributing to Group liquidity Current liabilities amounted to EUR 508.6 million, representing 78.3% of the Group's total liabilities at the end of 2021, an increase of EUR 202.1 million (+65.9%), as compared to EUR 306.6 million at the end of 2020, representing 55.8% of total liabilities at the end of 2020. The increase in current liabilities is primarily due to the increase in current customer deposits, which stood at EUR 402.0 million at the end of 2021 as compared to EUR 275.8 million at the end of 2020 to - an increase of EUR 126.1 million (+45.7%), and the reclassification of the Ferratum Capital Germany GmbH bonds issued in 2018 maturing in May 2022. Total current and non-current customer deposits amounted to EUR 484.8 million at the end of 2021 (2020 - EUR 339.5 million), which contributed positively to the Group's liquidity, enabling the pursuit of strategic growth initiatives in all three tribes. About Multitude SE:
15.03.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Multitude SE |
Ratamestarinkatu 11 A | |
00520 Helsinki | |
Finland | |
Phone: | +49 (0) 30 9210058-44 |
Fax: | +49 (0)30 9210058-49 |
E-mail: | ir@multitude.com |
Internet: | https://www.multitude.com/ |
ISIN: | FI4000106299 |
WKN: | A1W9NS |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1302269 |
End of News | DGAP News Service |
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1302269 15.03.2022