Lendify Sweden 1 AB (publ) releases interim report for the period 2018-01-01 to 2018-03-31
First quarter 2018,
- Operating income amounted to 6 010 kSEK.
- Operating profit amounted to 1 432 kSEK.
- Profit/loss after tax amounted to -2 965 kSEK
|kSEK||2018-01-01 – 2018-03-31|
|Operating income||6 010|
|Operating profit||1 432|
|Net financial income/expense||-4 397|
|Profit/loss for the period||-2 965|
|Total assets||272 327|
Lendify Sweden 1 AB (publ), org. no 559106–7524 (”Lendify Sweden 1”), was incorporated 29 March 2017. The company is a wholly owned subsidiary of Lendify AB, org. nr 556968–1744 (”Lendify”). Lendify Sweden 1 has issued bonds of SEK 300 million. Funds from the bond issue has financed 3 acquisitions of consumer loan portfolios from Lendify. The average interest on the loan portfolio was 9,2% as at 2018-03-31. During the period there were no realized credit losses. Provision for credit losses amounted to SEK 2,6 million during the period.
|Key Indicators as of 2018-03-31|
|Average interest rate||9,2%|
|Average term (months)||89|
|Weighted Average UC score*||2,54%|
|Risk class||Percentage of outstanding nominal amounts||Weighted UC score*|
*The UC score represents the propensity, at time of loan origination, for a debtor to get a payment remark (Sw. betalningsanmärkning) within 12 months.
Events during the period
Lendify Sweden 1 has used the liquidity from interest payments and instalments to repurchase bonds in Lendify Swe Bond 1. The repurchase was made the 23rd February and amounted to SEK 25 million.
From 1 January 2018 the Company applies a new IFRS standard for reporting of financial instruments, IFRS 9. According to IFRS 9 reserves for credit losses shall be made on all consumer loans, including performing loans. This has caused earlier recognition and higher reserves for credit losses.
In the end of 2017, total reserves for credit losses amounted to SEK 2,2 million. In the opening balance of 2018 the reserve increased by SEK 1,3 million to SEK 3,5 million due to the transition to IFRS 9. The adjustment has decreased equity by the same amount.
The complete interim report in Swedish can be downloaded from: https://lendify.se/InvestmentFunds/LendifySweden1
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 1 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 29 May 2018.