Skip to main content

Multitude SE publishes H1 2022 results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Multitude SE publishes H1 2022 results

Helsinki, 18 August 2022 – Multitude SE (ISIN: FI4000106299, WKN: A1W9NS) (“Multitude” or the “Group”) announces unaudited results for the half year ended 30 June 2022 (“H1 2022”).

Financial Highlights

  • Revenue increased by EUR 2.2m compared to H1 2021, despite headwind from market environment
  • Strong lending portfolio growth over several quarters +23.1% y-o-y
  • EBIT, PBT, and after-tax profit amounted to EUR 12.0m, EUR 2.9m, and EUR 2.0m
Key Figures, EUR millionH1 2022H1 2021*
Revenue107.0104.8
Profit before interests and taxes (EBIT)12.015.7
Profit before tax2.96.4
Net profit from continuing operations2.04.9
Net Profit (loss)2.02.4
Earnings per share, basic, continuing operations (EUR)      0.030.23
Earnings per share, attributable to the ordinary equity (EUR)      0.030.11

*Restated to reflect carve-out of discontinued operations

Growth in portfolio size and solid asset quality

The Group continues to apply a more strategic approach by selectively increasing its risk appetite, boosting its operations and portfolio in more stable markets and customer bases. The Group’s collective loan portfolio stood at EUR 477.4 million at the end of Q2 2022 – a steady increase from EUR 465.4 million (+2.6%) and EUR 443.9 million (+7.5%) at the end of Q1 2022 and Q4 2021, respectively. Increase in net loan receivable portfolio at the end of Q2 2022 as compared to end of Q4 2021 amounted to EUR 4.7 million (+1.7%) in Ferratum, EUR 22.2 million (+25.9%) in SweepBank, and EUR 6.6 million (+8.8%) in CapitalBox.

Relatively flat operating expenses

Overall, the Group’s operating expenses, excluding impairment losses, remained relatively flat with a slight net increase of EUR 0.8 million (+1.4%) when comparing H1 2022 and H1 2021. Selling and marketing expenses decreased by EUR 2.6 million (-19.5%), driven by improved procurement activities. This decrease was offset by the increases in personnel, depreciation and amortization, and general and administrative expenses amounting to EUR 1.1 million (+6.8%), EUR 0.8 million (+10.3%), and EUR 1.3 million (+10.3%).

Lower net finance costs

Net finance costs are relatively stable year-on-year, with a slight decrease of EUR 0.2 million (-2.3%) when comparing EUR 9.1 million in H1 2022 to EUR 9.3 million in H1 2021. Interest expense decreased by EUR 0.4 million (-5.5%) as a result of the conversion of the outstanding 2018 and 2019 bonds to the 2021 perpetual bonds, which interests are charged directly against retained earnings instead of profit or loss. This was partially offset by a slight increase in net foreign exchange losses amounting to EUR 0.2 million when comparing H1 2022 and H1 2021 results.

Solid profitability despite worsening macroeconomic conditions

The Group’s operations during H1 2022 have delivered solid profit before interests and taxes (‘EBIT’), profit before taxes, and after-tax profit from continuing operations amounting to EUR 12.0 million, EUR 2.9 million, and EUR 2.0 million, respectively. In comparison, the results of the Group’s operations for the comparative period H1 2021 amounted to EUR 15.8 million, EUR 6.4 million, and EUR 4.9 million, respectively. The Group’s profitable results were mainly attributed to a combination of the Group’s progressive portfolio growth, relatively stable operating expenses, and lower net finance costs during H1 2022.

About Multitude SE:

Multitude is a fully regulated growth platform for financial technology. Its ambition is to become the most valued financial ecosystem. This vision is backed by 17+ years of solid track record in building and scaling financial technology. Through its full European banking license, profound know-how in technology, regulation, cross-selling, and funding, Multitude enables a range of sustainable banking and financial services to grow and scale. Currently, it has three independent business units on this growth platform: Ferratum as consumer lender, CapitalBox as business lender, and SweepBank as a shopping and financial app. Multitude and its independent units employ over 700 people in 19 countries, and they together generated EUR 214 million turnover in 2021. Multitude was founded in 2005 in Finland and is listed in the Prime Standard segment of the Frankfurt Stock Exchange under the symbol ‘FRU.’ www.multitude.com
Contacts:

IR@multitude.com

https://www.multitude.com/investors/ir-contact

Attachment

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.