EQS-News

An outstanding year with promising prospects for robust growth in the future - Seite 2

Financial Highlights and Progress 
 

• Solid profitability evidenced by strongest-ever business financials:
  • Adjusted EBITDA of EUR 77.2 mln (2022: EUR 63.9 mln). 
  • Adjusted Net Profit before FX of EUR 29.8 mln (2022: EUR 22.0 mln).   
  • Adjusted Net Profit after FX of EUR 23.4 mln (2022: EUR 14.6 mln).
  • Increased net portfolio of EUR 320.2 mln; Eleving Vehicle Finance and Eleving Consumer Finance accounted for EUR 215.3 mln and EUR 104.9 mln, respectively.  
  • 2023 ended with a healthy financial position, supported by the capitalization ratio of 26.3% (31 December 2022: 25.5%), ICR ratio of 2.3 (31 December 2022: 2.3), and net leverage of 3.7 (31 December 2022: 3.9), providing an adequate and stable headroom for Eurobond covenants.   

• During Q4, Eleving Group continued diversifying its funding structure by entering into talks with ACP Credit. In early 2024, it resulted in EUR 10 mln attracted for business development in Romania.
• In the meantime, the Group has continued the private placement of Kenyan notes with an aggregate size of up to EUR 23 mln. As of the end of 2023, EUR 13 mln has been raised in total.
• The Group continues to explore numerous local funding channels to raise funds in local currencies to mitigate future adverse foreign currency exchange impacts. The groundwork has been laid for several collaborations with investment funds and banks, the results of which will be reported over the coming year.

*2022 profit adjusted by one-off costs: a) loss on write-down of held-for-sale business of EUR 0.8 million.

Modestas Sudnius, the CEO of Eleving Group, comments:
“Entering this year, it was clear that high inflation rates and the growing cost of borrowing would challenge overall client payment behavior. Also, Eleving Group had a significant debt of its own, which had to be managed in the best possible way. And finally, we had a goal to increase our efficiency and profitability as an organization further.
Looking back, I can tell that we had very ambitious goals, and I am even more delighted to conclude that we managed to achieve most of them and even more. We were able to have a stable year with increasing portfolio quality; on top of that, in the second part of the year, we laid the foundation for further growth in 2024 - through the integration of consumer finance businesses in the South African region, by capturing new possibilities in our existing markets and securing future financing by issuing new EUR 50 mln bonds.