Helsinki, Finland, 2011-08-10 15:47 CEST (GLOBE NEWSWIRE) -- The business of Euroloan Consumer Finance PLC grew rapidly during Q2/2011. The company's improved financial situation combined with the effects of investments made during the previous year enabled Euroloan to reach the best quarterly result in the company's history. The growth in business volume shows especially in the company's net profit thanks to efficient business processes and cost control.
Business growth in percent:
| Q1/2011 | Q2/2011 | |
| vs Q1/2010 | vs Q2/2010 | |
| Sales growth | 17,5 % | 67,5 % |
| Balance growth | 76,8 % | 169,0 % |
| Equity growth | 50,4 % | 64,3 % |
| EBIT growth | 161,6 % | 243,6 % |
| Net Profit growth | 131,1 % | 238,1 % |
Prognosis
The business volume and profit for the entire year is expected to be considerably higher than for the previous year.
Interim financial statement Q2/2010 and Q2/2011
| BALANCE SHEET | Q2/2010 | Q2/2011 |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Intangible assets | 278 495,08 | 697 840,06 |
| TOTAL NON-CURRENT ASSETS | 278 495,08 | 697 840,06 |
| CURRENT ASSETS | ||
| Current Receivables | 3 603 733,48 | 7 117 641,68 |
| Cash and Bank Receivables | 488 003,68 | 2 386 385,38 |
| TOTAL CURRENT ASSETS | 4 091 737,16 | 9 504 027,06 |
| TOTAL ASSETS | 4 370 232,24 | 10 201 867,12 |
| EQUITY & LIABILITIES | ||
| EQUITY | ||
| Share Capital | 150 000,00 | 150 000,00 |
| Share Issue | ||
| Total Funds | 403 074,71 | 557 134,86 |
| Prepaid dividends | ||
| Retained earnings | 619 113,22 | 893 687,69 |
| Profit for the Financial period | 262 153,78 | 755 276,84 |
| TOTAL EQUITY | 1 434 341,71 | 2 356 099,39 |
| LIABILITIES | ||
| Current Liabilities | 2 358 541,59 | 7 845 767,73 |
| TOTAL LIABILITIES | 2 358 541,59 | 7 845 767,73 |
| TOTAL EQUITY & LIABILITIES | 3 792 883,30 | 10 201 867,12 |
| INCOME STATEMENT | Q2/2010 | Q2/2011 |
| SALES | 905 485,40 | 1 516 818,26 |
| Personnel costs | -146 360,00 | -154 396,44 |
| Other business-related costs | -521 552,21 | -546 048,46 |
| EBIT | 237 573,19 | 816 373,36 |
| Financial income and expenses | -47 491,21 | -177 921,68 |
| EBT | 190 081,98 | 638 451,68 |
| Tax | -50 325,28 | -165 997,44 |
| Net Profit | 139 756,70 | 472 454,24 |
The interim report contains unaudited figures and cost allocations, which may be different from those in the final annual financial statement. The financial statement includes the allocated credit losses for the quarter and revenues from the sales of written-off receivables.
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