Multitude Group Annual Report 2023 published - on track for substantial profitable growth in 2024 and beyond - Seite 2

Improved balance sheet quality and risk management

Multitude continued its focus on growth, increasing the Group’s total assets significantly to EUR 990.9 million, a difference of 31.5 % compared to EUR 753.2 million in 2022. The gain in assets is largely attributable to the rise in loans to customers from EUR 507.1 million at the end of 2022 to EUR 575.9 million at the end of 2023, representing an increase of EUR 68.9 million (13.6%). Additionally, the strategic concentration on growth also showed itself in the Group’s substantial expansion of the debt investments by 194.3% from EUR 21.1 million in 2022 to EUR 62.1 million. Despite the significant increase of total loans to customers the strict focus on risk control has continued to bear fruit and Multitude was able to decrease the impaired loan coverage ratio by 1.6% from 18.2% to 16.6% in 2023. The Group’s shareholders’ equity increased to EUR 183.6 million, representing an equity ratio of 18.5%. The net equity ratio as one of the main measures for capital adequacy reached 26.0% at the end of 2023 (December 31, 2022: 30.0%). With the overall growth in assets also comes a rise in cash and cash equivalents by 85.0% to EUR 283.7 million from EUR 153.3 million.

Key figures, in EUR million	2023	2022*	% change
Revenue**	230.5	212.5	8.5%
Impairment loss on loans to customers	(89.3)	(84.6)	5.5%
Profit before interest expense and taxes (‘EBIT’)	45.6	31.5	44.8%
Profit before income taxes	19.0	13.6	39.7%
Profit for the year	16.4	11.8	39.6%
Basic earnings per share (in EUR)	0.51	0.38	34.2%

* Restated
**Refers to interest income from the consolidated financial statements

The Annual Report includes the consolidated financial statements, the Board of Directors' report, and the Multitude SE separate financial statements. The non-financial part of the Annual Report includes the ESG Report and an overview of the legal and regulatory environment. The ESG report highlights the Group’s commitments and progress towards managing environmental, social, and governance matters and provides insight on positive impact creation.