Helsinki, Finland, 2012-08-09 11:52 CEST (GLOBE NEWSWIRE) -- The international expansion of Euroloan Consumer Finance PLC continued in the second quarter, with sales growth in all markets compared both to Q2/2011 and Q1/2012. With a sales volume of 2.13 million EUR and EBIT of 0,74 million EUR, the performance has been positive. The rapid expansion of the company is progressing according to plan and within budget targets, with loan services and sales volumes expanding in both the Swedish and Finnish markets. The income statement includes costs related to opening new markets, as well as increased financing costs as the financial basis of the company has been expanded. The average cost of financing has decreased during the second quarter, with funds raised in total over 8,42 million EUR, and the liquidity position of Euroloan is excellent, while the balance sheet of Euroloan continued to strengthen, with equity exceeding 3,89 million EUR.
Business growth in percent:
| Q1/2012 | Q2/2012 | |
| vs Q1/2011 | vs Q2/2011 | |
| Sales growth | 116,4 % | 40,5 % |
| Balance growth | 101,5 % | 20,7 % |
| Equity growth | 96,6 % | 64,9 % |
| EBIT growth | 171,1 % | 2,4 % |
| Net Profit growth | 190,8 % | -10,2 % |
Forecast
The successful opening of new markets is expected to lead to higher sales volumes. Expansion-related costs will have some impact on net profit for the third quarter, while dramatically improving long-term growth and profit potential. The company expects the sales volume for the entire year to be considerably higher than for the previous year.
Interim financial statement Q2/2011 and Q2/2012
| BALANCE SHEET | Q2/2011 | Q2/2012 |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Intangible assets | 640 176,10 | 989 370,29 |
| TOTAL NON-CURRENT ASSETS | 640 176,10 | 989 370,29 |
| CURRENT ASSETS | ||
| Current Receivables | 7 118 364,75 | 10 381 090,96 |
| Cash and Bank Receivables | 2 386 385,38 | 943 894,41 |
| TOTAL CURRENT ASSETS | 9 504 750,13 | 11 324 985,37 |
| TOTAL ASSETS | 10 144 926,23 | 12 314 355,66 |
| EQUITY & LIABILITIES | ||
| EQUITY | ||
| Share Capital | 150 000,00 | 150 000,00 |
| Share Issue | ||
| Total Funds | 730 934,86 | 817 108,19 |
| Prepaid dividends | ||
| Retained earnings | 893 687,69 | 2 035 572,41 |
| Profit for the Financial period | 584 585,50 | 887 522,17 |
| TOTAL EQUITY | 2 359 208,05 | 3 890 202,77 |
| LIABILITIES | ||
| Current Liabilities | 7 785 718,18 | 8 424 152,89 |
| TOTAL LIABILITIES | 7 785 718,18 | 8 424 152,89 |
| TOTAL EQUITY & LIABILITIES | 10 201 867,12 | 12 314 355,66 |
| INCOME STATEMENT | Q2/2011 | Q2/2012 |
| SALES | 1 516 818,26 | 2 131 030,00 |
| Personnel costs | -154 396,44 | -160 063,95 |
| Other business-related costs | -638 317,97 | -1 229 215,62 |
| EBIT | 724 103,85 | 741 750,43 |
| Financial income and expenses | -177 921,68 | -251 251,76 |
| EBT | 546 182,17 | 490 498,67 |
| Tax | -142 007,36 | -127 529,65 |
| Net Profit | 404 174,81 | 362 969,02 |
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