Lendify Sweden 2 AB (publ) releases interim report for the period January - September 2018
- Operating income amounted to 12 058 KESK (0 KSEK)
- Operating profit amounted to 2 665 KSEK (0 KSEK)
- Profit/loss after tax amounted to -12 787 KSEK (0 KSEK)
- Operating income amounted to 6 155 KSEK (4 482 KSEK)
- Operating profit amounted to 2 503 KSEK (1 110 KSEK)
- Profit/loss after tax amounted to -3 317 KSEK (-4 609 KSEK)
Financial overview
+---------------+--------+--------+--------+-------------+--------------+
|KSEK |Q3 2018 |Q2 2018 |Q3 2017*|Jan-Sept 2018|Jan-Sept 2017*|
+---------------+--------+--------+--------+-------------+--------------+
|Operating |6 155 |4 482 |0 |12 058 |0 |
|income | | | | | |
+---------------+--------+--------+--------+-------------+--------------+
|Operating |2 503 |1 110 |0 |2 666 |0 |
|profit | | | | | |
+---------------+--------+--------+--------+-------------+--------------+
|Net financial |-5 820 |-5 720 |0 |-15 453 |0 |
|income/expense | | | | | |
| | | | | | |
+---------------+--------+--------+--------+-------------+--------------+
|Profit/loss |-3 317 |-4 609 |0 |-12 787 |0 |
|for the | | | | | |
|period | | | | | |
+---------------+--------+--------+--------+-------------+--------------+
|Total assets |431 971 |433 551 |500 |431 971 |500 |
+---------------+--------+--------+--------+-------------+--------------+
|Operating |40.7% |24.8% |- |22.1% |- |
|margin % | | | | | |
+---------------+--------+--------+--------+-------------+--------------+
|Equity ratio % |7.8% |8.5% |100.0% |7.8% |100.0% |
+---------------+--------+--------+--------+-------------+--------------+
*The company was incorporated 5 September 2017.
CEO comments
Lendify Sweden 2 AB (publ), org. no 559129-2981 ("Lendify Sweden 2"), was incorporated 5 September 2017. The company is a wholly owned subsidiary of Lendify AB, org. no. 556968-1744 ("Lendify"). Lendify Sweden 2 has issued bonds of SEK 400 million. Funds from the bond issue has been used to finance acquisitions of consumer loan portfolios from Lendify AB. The average interest on the loan portfolio was 7.4% as at 2018-09-30. Credit losses amounted to SEK 4.3 million during January-September 2018. During the period there were no realized credit losses. The risk distribution of the acquired loan portfolios is shown in the table below.
+------------+-------------------------+------------------+
|Risk class |Percent of nominal amount|Weighted UC score*|
+------------+-------------------------+------------------+
|A |12,0% |0,2% |
+------------+-------------------------+------------------+
|B |23,1% |0,5% |
+------------+-------------------------+------------------+
|C |18,9% |0,9% |
+------------+-------------------------+------------------+
|D |21,3% |2,1% |
+------------+-------------------------+------------------+
|E |14,8% |4,9% |
+------------+-------------------------+------------------+
|F |9,9% |11,0% |
+------------+-------------------------+------------------+
|Grand Total |100,0% |2,6% |
+------------+-------------------------+------------------+
* The UC score represents the propensity, at time of loan origination, for a debtor to become insolvent within 12 months.
Events during January-September 2018
Lendify Sweden 2 issued bonds for SEK 400 million on 29 January 2018. On 31 January 2018 the first portfolio of consumer loans was sold from Lendify AB to Lendify Sweden 2 and the total nominal amount of the portfolio was SEK 108 million. The second loan portfolio was acquired in May 2018 for SEK 240 million (nominal amount).
The Company has received unconditional shareholder's contribution of SEK 46 million during the first nine months 2018.
The bonds were listed on NDX, a regulated market operated by NGM, on 29 March 2018.
For further information, please contact:
Erika Eliasson, Chief Investor Relations Officer tel. no. +46(0)70 999 10 70
This information is information that Lendify Sweden 2 AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on 27 November 2018.