EQS-News

Eleving Group demonstrates strong performance and announces plans for future external equity raise - Seite 2

Financial Highlights and Progress

• Solid profitability as evidenced by strongest-ever business financials:
  • Adjusted EBITDA of EUR 22.0 mln (1Q2023: EUR 17.8 mln).
  • Net profit before FX 7.8 mln (1Q2023: EUR 6.8 mln).  
  • Net profit of 5.4 mln (1Q2023: EUR 5.1 mln).
  • Total net loan and pre-owned vehicle rent portfolio of EUR 330.5 mln (4Q2023: EUR 320.4 mln).
  • 1Q2024 ended with a healthy financial position, supported by the capitalization ratio of 26.9% (31 December 2023: 26.1%), ICR ratio of 2.4 (31 December 2023: 2.3), and net leverage of 3.5 (31 December 2023: 3.7), providing an adequate and stable headroom for Eurobond covenants.   
• Eleving Group is further diversifying its debt profile and tapping into various channels, primarily in local currencies, to limit foreign exchange exposure.
  • The Group has continued to diversify its outside debt structure by attracting EUR 10 mln from ACP Credit for business development in Romania.
  • In March, the Group closed a deal with Private Capital Trust in Namibia. A total of NAD 50 mln (about EUR 2.5 mln) funding was secured for a one-year term in the local currency.
  • In early April, the Group secured funding in the local currency with Morula Capital Partners for a total facility of BWP 45 mln (approximately EUR 3.0 mln) in Botswana, with different underlying tranche maturities—6 to 18 months.
• The Group is actively continuing to tap the Mintos, marketplace for loans, platform. As of the end of the first quarter, the Group had outstanding loans of EUR 71.7 mln on Mintos (compared to EUR 63.9 mln as of 31 December 2023), an increase of EUR 7.8 mln. The weighted average annual funding cost for Mintos has been reduced from 10.7% to 9.5%, which brings significant interest expense reduction for the Group, further improving its profitability.
• During the first quarter, the Group increased its equity by EUR 4.9 mln compared to 31 December 2023 (EUR 7.6 mln of it was due to positive contribution from Total profit, while rest relates to changes in subordinated debt position), further solidifying its capital base for future growth.
• On 2 April, the Group’s subsidiary in Latvia—Mogo AS—successfully repaid its 2021/2024 bonds (ISIN LV0000802452) that matured on 31 March 2024. Bondholders who did not exchange their Mogo AS 2021/2024 bonds for the senior secured and guaranteed Eleving Group 2023/2028 bonds (ISIN DE000A3LL7M4) during the exchange offer last October have received full repayment of their investment.