Multitude SE: Halbjahreszahlen 2022 unter Vorjahresniveau
Pressemitteilung der Multitude SE:
Multitude SE publishes H1 2022 results
Multitude SE (ISIN: FI4000106299, WKN: A1W9NS) (“Multitude” or the “Group”) announces unaudited results for the half year ended 30 June 2022 („H1 2022“).
- – Revenue increased by EUR 2.2m compared to H1 2021, despite headwind from market environment
- – Strong lending portfolio growth over several quarters +23.1% y-o-y
- – EBIT, PBT, and after-tax profit amounted to EUR 12.0m, EUR 2.9m, and EUR 2.0m
|Key Figures, EUR million||H1 2022||H1 2021*|
|Profit before interests and taxes(EBIT)||12.0||15.7|
|Profit before tax||2.9||6.4|
|Net profit from continuing operations||2.0||4.9|
|Net Profit (loss)||2.0||2.4|
|Earnings per share, basic, continuing operations (EUR)||0.03||0.23|
|Earnings per share, attributable to the ordinary equity (EUR)||0.03||0.11|
*Restated to reflect carve-out of discontinued operations
Growth in portfolio size and solid asset quality
The Group continues to apply a more strategic approach by selectively increasing its risk appetite, boosting its operations and portfolio in more stable markets and customer bases. The Group’s collective loan portfolio stood at EUR 477.4 million at the end of Q2 2022 – a steady increase from EUR 465.4 million (+2.6%) and EUR 443.9 million (+7.5%) at the end of Q1 2022 and Q4 2021, respectively. Increase in net loan receivable portfolio at the end of Q2 2022 as compared to end of Q4 2021 amounted to EUR 4.7 million (+1.7%) in Ferratum, EUR 22.2 million (+25.9%) in SweepBank, and EUR 6.6 million (+8.8%) in CapitalBox.
Relatively flat operating expenses
Overall, the Group’s operating expenses, excluding impairment losses, remained relatively flat with a slight net increase of EUR 0.8 million (+1.4%) when comparing H1 2022 and H1 2021. Selling and marketing expenses decreased by EUR 2.6 million (-19.5%), driven by improved procurement activities. This decrease was offset by the increases in personnel, depreciation and amortization, and general and administrative expenses amounting to EUR 1.1 million (+6.8%), EUR 0.8 million (+10.3%), and EUR 1.3 million (+10.3%).
Lower net finance costs
Net finance costs are relatively stable year-on-year, with a slight decrease of EUR 0.2 million (-2.3%) when comparing EUR 9.1 million in H1 2022 to EUR 9.3 million in H1 2021. Interest expense decreased by EUR 0.4 million (-5.5%) as a result of the conversion of the outstanding 2018 and 2019 bonds to the 2021 perpetual bonds, which interests are charged directly against retained earnings instead of profit or loss. This was partially offset by a slight increase in net foreign exchange losses amounting to EUR 0.2 million when comparing H1 2022 and H1 2021 results.
Solid profitability despite worsening macroeconomic conditions
The Group’s operations during H1 2022 have delivered solid profit before interests and taxes (‘EBIT’), profit before taxes, and after-tax profit from continuing operations amounting to EUR 12.0 million, EUR 2.9 million, and EUR 2.0 million, respectively. In comparison, the results of the Group’s operations for the comparative period H1 2021 amounted to EUR 15.8 million, EUR 6.4 million, and EUR 4.9 million, respectively. The Group’s profitable results were mainly attributed to a combination of the Group’s progressive portfolio growth, relatively stable operating expenses, and lower net finance costs during H1 2022.
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