Helsinki, Finland, 2012-04-25 08:00 CEST (GLOBE NEWSWIRE) -- 2012 opened with continued strong performance by Euroloan Consumer Finance PLC in the first quarter, with growth in all key figures compared to Q1/2011. With a sales volume of 1.91 million EUR and EBIT of 0,88 million EUR, the company is in a good position to develop its business operations in several countries. Investments have been made during the first quarter to prepare for market expansion and the launch of new services later this year. The balance sheet of Euroloan continued to strengthen, with equity reaching over 3,53 million EUR. Successful raising of external capital during the first quarter also means that Euroloan continues in an excellent liquidity position.
Business growth in percent:
| Q1/2012 | |
| vs Q1/2011 | |
| Sales growth | 116,4 % |
| Balance growth | 101,5 % |
| Equity growth | 96,6 % |
| EBIT growth | 171,1 % |
| Net Profit growth | 190,8 % |
Forecast
Marketing and sales have been successful during the first quarter and the high performance level is expected to continue in the second quarter. The company expects the sales volume for the entire year to be considerably higher than for the previous year.
Interim financial statement Q1/2011 and Q1/2012
| BALANCE SHEET | Q1/2011 | Q1/2012 |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Intangible assets | 616 183,35 | 777 295,61 |
| TOTAL NON-CURRENT ASSETS | 616 183,35 | 777 295,61 |
| CURRENT ASSETS | ||
| Current Receivables | 4 674 546,07 | 9 316 888,36 |
| Cash and Bank Receivables | 399 742,22 | 1 411 107,82 |
| TOTAL CURRENT ASSETS | 5 074 288,29 | 10 727 996,18 |
| TOTAL ASSETS | 5 690 471,64 | 11 505 291,79 |
| EQUITY & LIABILITIES | ||
| EQUITY | ||
| Share Capital | 150 000,00 | 150 000,00 |
| Share Issue | ||
| Total Funds | 570 184,86 | 817 108,19 |
| Prepaid dividends | ||
| Retained earnings | 893 687,69 | 2 035 572,41 |
| Profit for the Financial period | 180 410,69 | 524 553,15 |
| TOTAL EQUITY | 1 794 283,24 | 3 527 233,75 |
| LIABILITIES | ||
| Current Liabilities | 3 896 188,40 | 7 978 058,04 |
| TOTAL LIABILITIES | 3 896 188,40 | 7 978 058,04 |
| TOTAL EQUITY & LIABILITIES | 5 708 866,11 | 11 505 291,79 |
| INCOME STATEMENT | Q1/2011 | Q1/2012 |
| SALES | 884 452,37 | 1 913 761,50 |
| Personnel costs | -127 061,16 | -149 990,33 |
| Other business-related costs | -445 780,16 | -918 956,51 |
| EBIT | 311 611,05 | 844 814,66 |
| Financial income and expenses | -67 812,82 | -150 042,27 |
| EBT | 243 798,23 | 694 772,39 |
| Tax | -63 387,54 | -170 219,24 |
| Net Profit | 180 410,69 | 524 553,15 |
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