Helsinki, Finland, 2011-06-14 08:19 CEST (GLOBE NEWSWIRE) --
The business of Euroloan Consumer Finance PLC continued to grow during Q1/2011. The positive effects of the major investments made during the previous year have begun bearing fruit. The resulting growth of business volume combined with the increase in efficiency show in the improved profit level. The availability of external financing remained the biggest constraint for business growth. This was successfully addressed during Q1, resulting in a significantly increased capital base for the company.
Business growth in percent (Q1/2011 vs. Q1/2010):
| Sales growth | 17,5 % |
| Balance growth | 76,8 % |
| Equity growth | 45,9 % |
| EBIT growth | 161,6 % |
| Net Profit growth | 131,1 % |
Positive profit warning
The financial situation of the company has improved considerably during Q2/2011. Both sales and profit are expected to grow significantly during the second quarter and the business volume for the entire year is expected to be considerably higher than for the previous year.
Interim financial statement Q1/2010 and Q1/2011
| BALANCE SHEET | Q1/2010 | Q1/2011 |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Intangible assets | 136 712,00 | 634 577,82 |
| TOTAL NON-CURRENT ASSETS | 136 712,00 | 634 577,82 |
| CURRENT ASSETS | ||
| Current Receivables | 3 129 452,39 | 4 674 546,07 |
| Cash and Bank Receivables | 223 689,27 | 399 742,22 |
| TOTAL CURRENT ASSETS | 3 353 141,66 | 5 074 288,29 |
| TOTAL ASSETS | 3 489 853,66 | 5 708 866,11 |
| EQUITY & LIABILITIES | ||
| EQUITY | ||
| Share Capital | 150 000,00 | 150 000,00 |
| Share Issue | ||
| Total Funds | 303 074,71 | 470 184,86 |
| Prepaid dividends | ||
| Retained earnings | 619 113,22 | 839 569,60 |
| Profit for the Financial period | 122 397,08 | 282 822,60 |
| TOTAL EQUITY | 1 194 585,01 | 1 742 577,06 |
| LIABILITIES | ||
| Current Liabilities | 2 034 349,83 | 3 966 289,05 |
| TOTAL LIABILITIES | 2 034 349,83 | 3 966 289,05 |
| TOTAL EQUITY & LIABILITIES | 3 228 934,84 | 5 708 866,11 |
| INCOME STATEMENT | Q1/2010 | Q1/2011 |
| SALES | 752 761,16 | 884 452,37 |
| Personnel costs | -115 804,55 | -127 061,2 |
| Other business-related costs | -426 714,68 | -207 385,69 |
| EBIT | 210 241,93 | 550 005,52 |
| Financial income and expenses | -43 770,63 | -167 812,82 |
| EBT | 166 471,30 | 382 192,70 |
| Tax | -44 074,22 | -99 370,10 |
| Net Profit | 122 397,08 | 282 822,60 |
The interim report contains unaudited figures and cost allocations, which may be different from those in the final annual financial statement. The income statement includes the allocated expected credit losses for the quarter and revenues from the sales of written-off receivables. The expected allocated credit losses for the quarter are also included as reservations in the balance sheet.
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