EQS-News

Steady portfolio growth while maintaining excellent profitability - Seite 2

Financial Highlights and Progress 
 

• Solid profitability as evidenced by: 
  • Adjusted EBITDA of EUR 58.5 mln (9M 2022: EUR 51.5 mln). 
  • Adjusted Net Profit before FX of EUR 23.5 mln (9M 2022: EUR 18.2 mln). 
  • Adjusted Net Profit after FX of EUR 19.4 mln (9M 2022: EUR 18.7 mln).   
• Increasing net portfolio of EUR 327.3 mln; Eleving Vehicle Finance and Eleving Consumer Finance accounted for EUR 227.1 mln and EUR 100.2 mln, respectively. 
• In Q3, the Group laid the groundwork for the new bond issue and further diversification of the Group’s funding structure and maturities. Investors were allowed to exchange or subscribe to the Eleving Group 2023/2028 senior secured and guaranteed bonds featuring a 13% coupon rate. As a result, Eleving Group issued bonds worth EUR 50 million with a maturity date in 2028.
• Alongside the Eurobond issue, a new local Kenyan 3Y bond program has been launched to attract up to EUR 12 mln in local currencies.
• In the meantime, the newly integrated ExpressCredit comes with a pre-funded business consisting of numerous funding channels such as impact funds, Mintos, and local bank borrowings. 
• The nine months of 2023, similarly to the previous ones, were again closed with a healthy financial position, supported by the capitalization ratio of 26.6% (31 December 2022: 25.8%), ICR ratio of 2.4 (31 December 2022: 2.4), and net leverage of 3.6 (31 December 2022: 3.3), providing an adequate and stable headroom for Eurobond covenants.   

Modestas Sudnius, CEO of Eleving Group, commented:

"Looking back at the last quarter, we see that Eleving Group has successfully managed the challenges faced by the global economy. We see that the business is stable, and that's exactly what we wanted to achieve - to increase the quality of the portfolio and sustain a healthy growth pace. Given the rising inflation, we see that the payment discipline of our clients is slightly changing, but it does not have an impact on our portfolio at significant levels. The reason for that is the strategy we have set previously that is showing its effectiveness during the third and previous quarters of this year.