Current overview is compiled based on requirements of the terms and conditions of OÜ Finora Capital notes issue. 6 months interim report that is required by Nasdaq Baltic First North Rules will be published separately on August 31, 2015, at the latest.
Finora Capital continued to offer in Q2 three loan products – mortgage backed loans, financial leasing and factoring. In the end of June the total size of loan portfolio was 2 mio EUR, from that 1,6 mio EUR was related to mortgage backed loans. The level of LTV, average length and interest rate of mortgage loans was kept at the same level as in earlier quarters.
Balance sheet at 30.06.2015 (in euro)
Cash 310 819
Mortgage loans 1 601 881
Other loans 375 865
Other receivables 59 221
Tangible fixed assets 2 552
Intangible fixed assets 25 133
TOTAL ASSETS 2 375 471
Bonds 966 347
Other loans 1 273 033
Shareholders' loans 28 872
Interest payables 31 841
Other payables 45 946
Total liabilities 2 346 039
Share capital 50 000
Reserves 113 426
Retained earnings -80 660
Net profit/(-)loss
for the year -53 334
Total equity 29 432
TOTAL LIABILITIES
AND EQUITY 2 375 471
The company earned in Q2 ca 85 500 EUR as total income. That is the largest quarterly income in company’s history. Due to increased loans and number of clients the expenses of the company increased in Q2 and the quarter ended with an expected loss.
Q2 income statement (in euro)
Fee income 2 578
Interest income (mortgage loans) 61 563
Income (other loans) 20 129
Other income 1 197
TOTAL INCOME 85 467
Personnel expenses -24 862
IT expenses -11 580
Marketing expenses -5 167
Other expenses -16 377
Operating expenses -57 985
Profit 27 481
Interest expense -56 496
EBITDA -29 014
Depreciation and impairment -2 290
EBT -31 305
Financial income and costs 3 159
Net income -28 146
Q2 cash flow statement (in euro)
Operating profit (loss ) 25 191
Adjustments 3 120
Depreciation and Amortization 2 290
Other adjustments 830
Change in operations-related receivables and prepayments -439 896
Change in operations-related liabilities and prepayments -26 945
Total cash flow from core operations -438 530
Paid for the acquisition of tangible and intangible assets -5 767
Interest received 3 159
Total cash flow from investing activities -2 608
Loans received 250 000
Repayments of borrowings 0
Interest paid -50 543
Other proceeds from financing activities 405 000
Total cash flow from financing activities 604 457
Total cash flow 163 319
Cash and cash equivalents at the beginning of period 147 500
Change in cash and cash equivalents 163 319
The effects of changes in foreign exchange rates
Cash and cash equivalents at the end of period 310 819
Important events for the company in Q2 were admission to trading to Nasdaq Baltic First North market and additional successful issues of the notes. The company plans to raise additional capital through non-public notes issues also in following quarters.
At the end of Q2 all covenants of the notes issue were fulfilled.
OÜ Finora Capital is an Estonian capital based financing company that was launched in July 2014 when the company started with offering one product - mortgage backed loans - to its customers in Estonia. Its next products, hire-purchase for private customers and factoring for SMEs were introduced in the end of 2014 and in the beginning of 2015 respectively.
Andrus Alber
Ph: +372 658 1300
E-mail: andrus.alber@finoracapital.eu