DGAP-News: Eleving Group S.A.
/ Key word(s): Annual Results/Annual Results
Record profitability as a result of steady operational and financial performance
OPERATIONAL AND STRATEGIC HIGHLIGHTS
While keeping our focus on the existing geographies, Eleving Group also launched a variety of new products. From subscription and rental services in the Baltics to long term credit line solutions in Moldova. The successful launch of these products shows the company's ability to meet the changing customer needs and will play an important role in strengthening the Group's leading market position in the future. Throughout the year, we recorded strong quarter-on-quarter growth in the productive lending operations in Africa. By providing local entrepreneurs with affordable access to owning a moto-taxi we have created thousands of jobs and improved the drivers' income. During the last year, Eleving Group has laid a firm foundation for sustainable operations following ESG principles, and we are proud of the tangible results achieved across multiple social and environmental initiatives. Going forward, we aim to incorporate more and more sustainability-focused products into our business and focus on improving our non-financial reporting practices." Maris Kreics, CFO of Eleving Group: "2021 marks the best year in Eleving Group's 9-year history since inception in 2012. The following achievements across three main areas are worthy of mention. First, the Group's operational excellence and healthy balance sheet. Both have been forged by the Group's adjusted EBITDA of EUR 58.9 million, exceeding the previous year's result 1.6 times. Second, in 2021, the Group refinanced all of its bond liabilities by issuing new Latvian bonds in the amount of EUR 30 million and refinancing previous Eurobonds with a new senior secured bond simultaneously raising more capital, which resulted in a new EUR 150 million Eurobond with maturity in 2026. Year 2021 was closed with the issuance of subordinated bonds worth EUR 25 million, which enjoys the equity credit from the rating agency's perspective. It is worth mentioning that the extraordinary fundraising year left a non-recurring refinancing expense of EUR 5.7 m in the Profit and Loss statement that we consider money well spent. Third, we have spent a considerable amount of time optimizing our balance sheet; as a result, we have either divested or written off several of our rundown markets freeing up resources for the active ones. This repositioning took a one-time toll on our Profit and Loss statement in the amount of EUR 4.5 million as an extraordinary expense. We have also been successful at monetizing a number of receivables on our balance sheet ahead of time, reinvesting them in productive assets-our net loan portfolio, which now stands at EUR 244.7 million. To conclude, a one-time extraordinary expense of more than EUR 10 million has not affected the profitability of the Group, which has achieved EUR 9.3 million of total comprehensive income in 2021, thus positioning itself for an operational and financial uplift in 2022." The full unaudited report for the twelve months ended 31 December 2021 is available under: https://eleving.com/investors/ Conference Call: A conference call in English with the Group's management team to discuss the results is scheduled for 15 February 2022 at 15:00 CET. Please register: http://emea.directeventreg.com/registration/8954344 Contact: Eleving Group Maris Kreics, Chief Financial Officer (CFO) Email: maris.kreics@eleving.com About Eleving Group Eleving Group comprises a number of financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments in 3 continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia, the Group has revolutionized the way people purchase cars. Having expanded all across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 14 active markets. With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa. For two consecutive years since 2020, the Group has appeared on the Financial Times list of Europe's 1000 fastest growing companies. Read more: www.eleving.com IMPORTANT INFORMATION The information contained herein is not for release, publication, or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or any other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Persons into whose possession this announcement may come are required to inform themselves of and observe all such restrictions. This announcement does not constitute an offer of securities for sale in the United States. The bonds have not been and will not be registered under the Securities Act or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This announcement does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") and does not constitute a public offer of securities in any member state of the European Economic Area (the "EEA"). This announcement does not constitute an offer of bonds to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the bonds. Accordingly, this announcement is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this announcement as a financial promotion may only be distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "Relevant Persons"). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement or any of its contents. PROFESSIONAL INVESTORS ONLY - Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the bonds do not constitute packaged products and will be offered to eligible counterparties and professional clients only.
11.02.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Eleving Group S.A. |
8-10 avenue de la Gare | |
1610 Luxembourg | |
Luxemburg | |
Internet: | www.eleving.com |
ISIN: | XS1831877755 |
WKN: | A191NY |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Munich, Tradegate Exchange; SIX |
EQS News ID: | 1279803 |
End of News | DGAP News Service |
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1279803 11.02.2022