Ferratum publishes 9M 2020 results

Ferratum publishes 9M 2020 results

Helsinki, 16 November 2020 – Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS) (“Ferratum”, the “Company” or the “Group”) announces unaudited results for the first nine months ended 30 September 2020 (“9M 2020”).

Financial Highlights 9M 2020

• Revenue y-o-y down by -19.0% to EUR 176.7 million as a result of management actions related to the COVID-19 pandemic (including reduced lending and stricter scoring) and the decision to streamline the Group’s countries of operations by suspending lending in selected markets
• Positive EBIT achieved by continued strict cost discipline as well as conservative and qualitative underwriting

Operational Highlights

   ·Investment in future growth: CapitalBox acquired SME lending business from Spotcap NL

         

         

	9 months ended 30 September
Key Figures, EUR million	9M 2020	9M 2019
Revenue	176.7	218.1
Operating profit (EBIT)	19.3	33.5
Profit before tax	2.1	19.7
Earnings per share, basic (EUR)	0.03	0.78
Earnings per share, diluted (EUR)	0.03	0.78

Successful navigation through the COVID-19 pandemic by substantial cost reductions and lowered risk appetite

Revenue performance driven by substantial reduction of the Group´s risk exposure

Ferratum’s revenues reached during the first nine months of 2020 EUR 176.7 million, a decrease of 19% compared to the respective period last year (9M 2019: EUR 218.1 million). The reduction in revenues is caused by management actions related to the COVID-19 pandemic (including reduced lending and stricter scoring) and the decision to streamline the Group’s countries of operations by suspending lending in Canada, New Zealand, Poland, Russia and Spain.

Operational cost base decreased by EUR 21.5 million – EBIT remained positive at EUR 19.3 million
The Operating profit (EBIT) came in at EUR 19.3 million for the first nine months of 2020 and decreased by EUR 14.2 million compared to the first nine months of 2019 (EUR 33.5 million).