Fellow Finance Plc: Transition to IFRS reporting
FELLOW FINANCE PLC COMPANY ANNOUNCEMENT 7.12.2021 AT 2.45 PM (EET)
Fellow Finance Plc announced an arrangement whereby the Company will merge with Evli Bank Plc, which will continue its banking operations. As part of this process, the Company will prepare its financial statements for the financial year ended 31 December 2020 in accordance with the International Financial Reporting Standards (IFRS).
The Company's historical financial information consists of audited financial information for the financial year ended 31 December 2020, including comparative information for the financial year ended 31 December 2019 and unaudited financial information for 30 June 2021, including unaudited comparative financial information for 30 June 2020 and the opening balance for the IFRS transition date 1.1.2019
The Company's audited financial statements for the financial year ended 31 December 2020 is the Company's first consolidated financial statements prepared in accordance with IFRS, which contain comparative information for the financial year ended 31 December 2019. These consolidated financial statements are not the Company's statutory financial statements and do not include the report of the Board of Directors or the parent company's separate financial statements. IFRS financial statements have been prepared for inclusion in the merger prospectus only.
The Company's unaudited financial information for the six-month period ended June 30, 2021, including the unaudited financial information for the six-month period ended June 30, 2020, has been prepared in accordance with IAS 34 - Interim Financial Reporting.
In the first quarter of 2022, the company will publish a financial statement bulletin prepared in accordance with International Financial Reporting Standards (IFRS) and an annual report containing financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for the financial year ended 31 December 2021.
In the future, the company will prepare its consolidated financial statements and half year financial reports in accordance with IFRS standards. The company has previously prepared its financial statements, including its half year financial report, in accordance with Finnish Accounting Standards (FAS).
The key differences between the IFRS financial statements and FAS due to the transition to IFRS are described in the notes to the release (IFRS impact: The transition effects and exemptions applied).
FELLOW FINANCE PLC
Further enquiries
Teemu Nyholm: CEO, Fellow Finance Plc, teemu.nyholm@fellowfinance.fi, tel. +358 50 577 1028
Certified advisor: Evli Bank Plc, tel. +358 40 579 6210
Fellow Finance Plc is a loan-based crowdfunding and peer-to-peer lending platform. The company’s mission is to transform the traditional financing and payments to direct transactions between people and businesses. Fellow Finance has intermediated consumer and business financing of more than 850 million euros in Finland, Sweden, Denmark, Germany, Poland and the Czech Republic and served more than 1 000 000 customers. The company is regulated by the Financial Supervisory Authority of Finland as an Authorized Payment Institution and listed on the Nasdaq First North Growth Market Finland. www.fellowfinance.com.
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