Helsinki, Finland, 2011-05-18 13:45 CEST (GLOBE NEWSWIRE) --
| INCOME STATEMENT | 2008 | 2009 | 2010 |
| SALES | 1 262 384,09 | 3 570 551,84 | 3 602 818,09 |
| Personnel costs | -122 029,91 | -259 239,51 | -291 891,81 |
| Other business-related costs | -577 992,29 | -1 961 270,48 | -2 210 306,18 |
| EBIT | 562 361,89 | 1 350 041,85 | 1 100 620,10 |
| Financial income and expenses | -22 971,36 | -105 651,56 | -183 136,69 |
| EBT | 539 390,53 | 1 244 390,29 | 917 483,41 |
| Tax | -140 719,94 | -323 947,66 | -242 908,94 |
| Net Profit | 398 670,59 | 920 442,63 | 674 574,47 |
| BALANCE SHEET | 2008 | 2009 | 2010 |
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Intangible assets | - | - | 585 746,99 |
| TOTAL NON-CURRENT ASSETS | - | - | 585 746,99 |
| CURRENT ASSETS | |||
| Current Receivables | 1 373 279,85 | 2 905 894,48 | 3 700 512,80 |
| Cash and Bank Receivables | 133 145,68 | 370 701,43 | 287 567,64 |
| TOTAL CURRENT ASSETS | 1 506 425,53 | 3 276 595,91 | 3 988 080,44 |
| TOTAL ASSETS | 1 506 425,53 | 3 276 595,91 | 4 573 827,43 |
| EQUITY & LIABILITIES | |||
| EQUITY | |||
| Share Capital | 2 500,00 | 150 000,00 | 150 000,00 |
| Share Issue | 625,00 | ||
| Total Funds | 349 375,00 | 303 074,71 | 466 329,71 |
| Prepaid dividends | -390 000,00 | -288 000,00 | |
| Retained earnings | 198 670,59 | 619 113,22 | |
| Profit for the Financial period | 398 670,59 | 920 802,81 | 674 574,47 |
| TOTAL EQUITY | 751 170,59 | 1 182 548,11 | 1 622 017,40 |
| LIABILITIES | |||
| Current Liabilities | 755 254,94 | 2 094 047,80 | 2 951 810,03 |
| TOTAL LIABILITIES | 755 254,94 | 2 094 047,80 | 2 951 810,03 |
| TOTAL EQUITY & LIABILITIES | 1 506 425,53 | 3 276 595,91 | 4 573 827,43 |
President & CEO Pauli Hentunen about 2010:
The year 2010 was a year of development projects for the company. Euroloan made significant investments in a new financing system and a completely new website for our customers, which was opened in October 2010. The new website has been an immediate success, and from the back-end systems we expect considerable benefits to materialize from these investments from 2011 onwards. These benefits include better risk management and flexibility, and the possibility to use the system in many different areas with differing operating environments, enabling us to offer new services to larger numbers of customers, and reducing our transaction costs. Switching to the new platform was a significant milestone in the company’s history, and Euroloan can now boast having the most advanced fully automatic loan system in use, anywhere.
A significant portion of the company’s net operative cash flow was used to finance the investments, which are absolutely vital for the future competitiveness of the company. This affected the company growth rate as the surplus was reinvested into the business infrastructure. It is worth noticing that the company owns all intellectual property rights to the core business systems, which sets Euroloan apart from its competition.
Financing
Financing remained one of the focus areas for the past year, and we have developed our business with the continued support of our investors and shareholders, keeping both sales and profitability at a good level despite the big development projects.
Governance
The Board of Directors of the company is undergoing a change toward a more professional composition. In 2010, two new members were appointed, Mr. Jonas Lindholm and Mr. Timo Saini, both with a wealth of experience from developing international business. This process will continue during 2011 with additional appointments of key board members.
Strategic partnerships
The company also entered into strategic partnerships with some of its core service providers in the fields of marketing and sales, customer service and support, and collection systems. To highlight one, the new Digna Pro collection system integrates fully and seamlessly into the core business systems and brings all the benefits of professional receivables collection at a fraction of the real cost.
Outlook for 2011
The new, professional Board of Directors, investments made and partnerships entered ensure a positive outlook at the coming years. For the coming period, we expect good sales growth and improved profitability. Growth will require continued marketing efforts, but the positive effects of the new platform could already be seen at the end of 2010.
More information: http://www.euroloan.com
Jonas Lindholm, Executive Vice President, Chief Financial Officer +358 10 217 1003