09.05.2023 Multitude SE  FI4000106299
EQS-News: Multitude SE publishes restated interim results for 2022 due to prior period adjustments and change of presentation
 

EQS-News: Multitude SE / Key word(s): Interim Report
Multitude SE publishes restated interim results for 2022 due to prior period adjustments and change of presentation

09.05.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Helsinki, 09 May 2023 - Multitude SE (ISIN: FI4000106299, WKN: A1W9NS) ("Multitude" or the "Group") announces restated unaudited results for the 3 months ended 31 March 2022, ("3 Month"), the 6 months ended 30 June 2022 ("6 Month"), and the 9 months ended 30 September 2022 ("9 Month"). These restatements are required following a review of the brokerage fee treatment according to IFRS 9, classification of cash flows on deposits from customers in consolidated statement of cash flows and classification of loans to customers as non-current or current in consolidated statement of financial position.

  1. Brokerage fees on loans and deposits

The Group reviewed the way sales and commission fees payable to third parties of specific lending products are recognised, and the pattern and method of recognition of the fees within the consolidated statement of profit or loss. Previously these costs were expensed as incurred and presented within selling and marketing expense. Subsequent to the correction, such fees which are transaction costs directly attributable to the acquisition of loans to customers and deposits from customers, are adjusted against the initial fair value of the instrument and are amortised to the statement of profit or loss over the estimated life of the related loans and deposits received applying the effective interest rate method. The impact of the correction is that the timing of the expense recognition changes, and both the interest income and fee expenses decrease within the statement of profit or loss.

Following the adjustments to the treatment of commission fee, Multitude considers its procedures on calculating interest revenue as fully compliant with definition of effective interest rate in IFRS 9.

  1. Classification of cash flows on deposits from customers to cash flows from financing activities

The Group corrected the presentation of cash flows from deposits from customers in the consolidated statement of cash flows to cash flows from financing and restated the comparative period. Previously the Group classified the deposit related cash flows as part of the cash flows from its net cash flows from operating activities.

Reclassification of cash flow on deposits is aimed to align with classification of interest cost on deposits in the consolidated statement of profit or loss where it is part of finance costs.

  1. Classification of loans to customers as non-current or current

The Group has corrected the classification of loans to customers as current and non-current in the statement of financial position and restated the comparative financial information accordingly. Previously, the Group incorrectly classified loans to customers which did not meet the current asset criteria in IAS 1 as current assets. The correction relates solely to the presentation in the statement of financial position, and it has no impact on the results.

The impact of adjustments on the financial statement line items can be found in the table below:

 

Consolidated statement of profit or loss (EUR ’000) 1 Jan 2022 - 31 Mar 2022 1 Jan 2022 - 30 Jun 2022 1 Jan 2022 - 30 Sep 2022 Type of adjustment
Interest revenue (1,720) (3,458) (5,256) 1
Selling and marketing expense 2,000 4,022 6,112 1
Profit (loss) before interests and taxes (‘EBIT’) 280 564 857 1
Finance income (cost) (231) (464) (705) 1
Income Tax Expense (7) (14) (22) 1
Profit (loss) for the year 43 85 130 1

 

Consolidated statement of financial position (EUR ’000) 31 Mar 2022 30 Jun 2022 30 Sep 2022 Type of adjustment
Assets:        
Non-current assets:        
Loans to customers 88,428 100,259 96,947 3
Current assets:        
Loans to customers (82,205) (93,140) (88,821) 1, 3
Prepaid expenses and other current assets (1,362) (2,207) (3,163) 1
Equity:        
Retained earnings 4,647 4,689 4,734 1
Liabilities:        
Non-current liabilities:        
Deferred tax liabilities 215 222 230 1

 

Consolidated statement of cash flows (EUR ’000) 1 Jan 2022 - 31 Mar 2022 1 Jan 2022 - 30 Jun 2022 1 Jan 2022 - 30 Sep 2022 Type of adjustment
Profit (loss) for the year 43 85 130 1
Finance costs, net 231 464 705 1
Increase (+) / decrease (-) in trade payables and other liabilities (273) (550) (835) 1
Deposits from customers 66,268 59,947 32,395 2
Net cash flows from (used in) operating activities 66,268 59,947 32,395  
Deposits from customers (66,268) (59,947) (32,395) 2
Net cash flows from (used in) financing activities (66,268) (59,947) (32,395)  

In connection to the aforementioned adjustments the Group has also restated all subsequently published interim results and balance sheets of the financial year 2022 as follows:

 

Consolidated Statement of Financial Position (EUR ’000) 31 Mar 2022 30 Jun 2022 30 Sep 2022
ASSETS      
Non-current assets:      
Property, plant and equipment 3,240 3,099 2,933
Right-of-use assets 3,683 3,456 2,929
Intangible assets 34,832 34,593 34,094
Deferred tax assets 6,911 6,571 6,254
Loans to customers 88,428 100,259 96,947
Other non-current financial assets 6,625 16,706 16,652
Total non-current assets 143,719 164,684 159,809
Current assets:      
Loans to customers 383,205 384,286 395,915
Other current financial assets 11,369 15,085 28,789
Derivative financial assets 700 2,007 4,013
Current tax assets 2,347 2,081 2,862
Prepaid expenses and other current assets 7,053 161 2,614
Cash and cash equivalents 213,123 149,065 152,220
Total current assets 617,798 552,686 586,414
Total assets 761,517 717,370 746,223
EQUITY AND LIABILITIES      
Equity:      
Share capital 40,134 40,134 40,134
Treasury shares (142) (142) (142)
Retained earnings 71,752 71,669 75,259
Perpetual bonds 50,000 50,000 50,000
Unrestricted equity reserve 14,708 14,708 14,708
Translation differences (3,944) (4,794) (5,132)
Other reserves 2,631 2,631 2,630
Total equity 175,139 174,206 177,457
Liabilities:      
Non-current liabilities:      
Long-term borrowings 58,304 2,765 2,847
Deposits from customers 91,237 88,486 77,634
Lease liabilities 2,026 1,570 2,113
Deferred tax liabilities 418 417 824
Total non-current liabilities 151,985 93,238 83,418
Current liabilities:      
Short-term borrowings 84,291 97,644 95,891
Deposits from customers 326,886 335,953 374,358
Derivative financial liabilities 2,623 106 337
Lease liabilities 1,461 724 1,281
Current tax liabilities 2,081 210 23
Trade payables 3,508 3,254 2,205
Accruals and other current liabilities 13,543 12,035 11,253
Total current liabilities 434,393 449,926 485,348
Total liabilities 586,378 543,164 568,766
Total equity and liabilities 761,517 717,370 746,223

 

Consolidated Statement of Profit or Loss (EUR ’000) 1 Jan 2022 - 31 Mar 2022 1 Jan 2022 - 30 Jun 2022 1 Jan 2022 - 30 Sep 2022
Interest revenue 51,006   101,948   155,076  
Servicing fee revenue 763 1,620   2,497  
Total revenue 51,769   103,569   157,573  
Operating expenses:      
Impairment loss on loans to customers (18,547) (37,754) (57,872)
Bank and lending costs (3,815) (6,854) (10,535)
Personnel expense (8,918) (17,942) (25,860)
Selling and marketing expense (3,528) (6,759) (9,755)
General and administrative expense (7,129) (13,549) (19,384)  
Depreciation and amortisation (4,073) (8,071) (12,640)
Operating profit 5,759 12,640 21,528
Other income (expense) 72   (47) 151
Profit before interests and taxes ("EBIT") 5,831 12,593 21,679
Finance income (costs) (3,364) (9,574) (13,784)
Profit before income taxes  2,468 3,019 7,894
Income tax expense (416) (888) (1,798)
Profit (loss) from continuing operations  2,052 2,130 6,097
Loss from discontinued operations - - -
Profit (loss) for the year  2,052 2,130 6,097
Earnings (loss) per share:      
Weighted average number of ordinary shares in issue 21,578   21,578 21,578
Earnings (loss) per share from continuing operations, EUR 0.10 0.03 0.17
Earnings (loss) per share from discontinued operations, EUR - - -
Total earnings (loss) per share, EUR 0.10 0.03 0.17

 

Consolidated Statement of Cash Flows (EUR ’000) 1 Jan 2022 - 31 Mar 2022 1 Jan 2022 - 30 Jun 2022 1 Jan 2022 - 30 Sep 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Profit (loss) for the year 2,052 2,130 6,096
Adjustments for:      
Depreciation and amortisation 4,062 8,060 12,617
Finance costs, net 3,364 8,968 13,074
Tax on income from operations 409 874 1,776
Other adjustments (166) 280 223
Impairments on loans 18,547 38,107 57,872
Working capital changes:      
Increase (-) / decrease (+) in current receivables (8) (2,865) (30,568)
Increase (+) / decrease (-) in trade payables and other liabilities (62) (624) (6,658)
Interest paid (2,953) (6,751) (9,337)
Interest received 61 188 662
Income taxes paid (1,541) (2,966) (4,471)
Net cash flows from operating activities before movements in loan portfolio 23,764 45,402 41,286
Movements in gross portfolio (41,609) (72,310) (83,413)
Net cash flows used in operating activities (17,845) (26,908) (42,127)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of tangible and intangible assets (2,380) (5,753) (9,057)
Purchase of investments and other assets 900 784 784
Purchase of non-current financial assets - (10,000) (10,000)
Disposal of subsidiaries - (3,781) (5,584)
Net cash flows used in investing activities (1,480) (18,750) (23,857)
CASH FLOWS FROM FINANCING ACTIVITIES      
Repayment of short-term borrowings - (83,521) (85,221)
Perpetual bonds interests and issuance costs (729) (1,854) (2,403)
Repayment of finance lease liabilities (763) (1,120) (1,881)
Proceeds from long-term borrowings - 39,400 39,400
Proceeds from short-term borrowings - 2,765 2,770
Deposits from customers (66,268) (59,947) (32,395)
Net cash flows from (used in) financing activities (67,760) (104,277) (79,730)
Cash and cash equivalents, as at 1 January 301,592 301,592 301,592
Exchange gains (losses) on cash and cash equivalents (1,383) (2,592) (3,658)
Net increase in cash and cash equivalents (87,085) (149,935) (145,714)
Cash and cash equivalents, as at end of reporting period 213,124 149,065 152,220

 

The restatement of operating segments for each interim result of year 2022 are shown as follows:

Operating and reportable segments for 1 Jan 2022 - 31 Mar 2022

EUR ’000 Ferratum Sweep-Bank Capital-Box Central Total
Gross interest revenue 44,204 3,406 5,448 - 53,058
Transaction costs (1,720) (280) (53) - (2,052)
Interest revenue 42,485 3,126 5,395 - 51,006
Servicing fee revenue 751 13 - - 763
Total revenue 43,235 3,139 5,395 - 51,769
Share in revenue, in % 83.5% 6.1% 10.4% - 100.0%
Operating expenses:          
Impairment loss on loans to customers (14,091) (2,077) (2,379) - (18,547)
% of revenue 32.6% 66.2% 44.1% - 35.8%
Bank and lending costs (3,288) (339) (188) - (3,815)
Personnel expense (4,904) (2,549) (1,465) - (8,918)
Selling and marketing expense (1,518) (750) (1,260) - (3,528)
General and administrative expense (3,941) (2,214) (975) - (7,129)
Depreciation and amortisation (3,452) (485) (136) - (4,073)
Operating profit (loss) 12,041 (5,275) (1,008) - 5,759
Other income (expense), net 14 1 57 - 72
Profit (loss) before interests and taxes ("EBIT") 12,055 (5,274) (951) - 5,831
EBIT margin, in % 27.9% -168.0% -17.6% - 11.3%
Allocated finance costs, net (2,463) (744) (640)   (3,847)
Unallocated foreign exchange losses, net       483 483
Profit before income taxes 9,593 (6,018) (1,591) 483 2,468
Profit before tax margin, in % 22.2% -191.7% -29.5% - 4.8%
Loans to customers 290,905 98,386 82,342 - 471,633
Unallocated assets - - - - 291,245
Unallocated liabilities - - - - 586,163

Operating and reportable segments for 1 Jan 2022 - 30 Jun 2022

EUR ’000 Ferratum Sweep-Bank Capital-Box Central Total
Gross interest revenue 88,892 6,757 10,876 - 106,525
Transaction costs (3,458) (656) (462) - (4,577)
Interest revenue 85,434 6,100 10,414 - 101,948
Servicing fee revenue 1,590 31 - - 1,620
Total revenue 87,024 6,131 10,414 - 103,569
Share in revenue, in % 84.0% 5.9% 10.1% - 100.0%
Operating expenses:          
Impairment loss on loans to customers (29,032) (4,216) (4,506) - (37,754)
% of revenue 33.4% 68.8% 43.3% - 36.5%
Bank and lending costs (5,710) (688) (456) - (6,854)
Personnel expense (9,969) (5,218) (2,754) - (17,942)
Selling and marketing expense (4,000) (1,115) (1,644) - (6,759)
General and administrative expense (7,629) (4,117) (1,803) - (13,549)
Depreciation and amortisation (6,333) (1,450) (289) - (8,071)
Operating profit (loss) 24,351 (10,673) (1,038) - 12,640
Other income (expense), net (40) (3) (5) - (47)
Profit (loss) before interests and taxes ("EBIT") 24,311 (10,676) (1,043) - 12,593
EBIT margin, in % 27.9% -174.1% -10.0%   12.2%
Allocated finance costs, net (5,166) (1,767) (1,343) - (8,276)
Unallocated foreign exchange losses, net - - - (1,298) (1,298)
Profit before income taxes 19,145 (12,443) (2,386) (1,298) 3,019
Profit before tax margin, in % 22.0% -203.0% -22.9% - 2.9%
Loans to customers 291,334 111,154 82,058 - 484,546
Unallocated assets - - - - 23,507
Unallocated liabilities - - - - 543,312

Operating and reportable segments for 1 Jan 2022 - 30 Sep 2022

EUR ’000 Ferratum Sweep-Bank Capital-Box Central Total
Gross interest revenue 135,087 11,253 15,883 - 162,222
Transaction costs (5,256) (1,116) (775) - (7,147)
Interest revenue 129,831 10,137 15,108 - 155,075
Servicing fee revenue 2,443 54 -   2,498
Total revenue 132,274 10,191 15,108 - 157,573
Share in revenue, in % 83.9% 6.5% 9.6% - 100.0%
Operating expenses:          
Impairment loss on loans to customers (44,030) (7,980) (5,862) - (57,872)
% of revenue 33.3% 78.3% 38.8%   36.7%
Bank and lending costs (8,236) (1,062) (1,237) - (10,535)
Personnel expense (14,476) (7,183) (4,201) - (25,860)
Selling and marketing expense (5,963) (1,674) (2,118) - (9,755)
General and administrative expense (10,942) (5,541) (2,900) - (19,384)
Depreciation and amortisation (9,060) (3,105) (475) - (12,640)
Operating profit (loss) 39,568 (16,354) (1,685) - 21,528
Other income (expense), net 128 9 14 - 151
Profit (loss) before interests and taxes ("EBIT") 39,696 (16,345) (1,671) - 21,679
EBIT margin, in % 30.0% -160.4% -11.1% - 13.8%
Allocated finance costs, net (7,100) (2,601) (1,846) - (11,547)
Unallocated foreign exchange losses, net - - - (2,237) (2,237)
Profit before income taxes 32,595 (18,946) (3,517) (2,237) 7,894
Profit before tax margin, in % 24.6% -185.9% -23.3% - 5.0%
Loans to customers 290,395 120,034 82,434 - 492,863
Unallocated assets - - - - 256,609
Unallocated liabilities - - - - 568,536

 

About Multitude Group:

Multitude aims to become the most valued financial ecosystem by acting as a growth platform that creates success stories in FinTech. With profound know-how in technology, regulation, funding and cross-selling, Multitude offers a range of sustainable banking and financial services for FinTechs to grow and scale rapidly. Multitude and its three independent business units, SweepBank, Ferratum and CapitalBox, employ around 700 people in 19 countries, and they together generated EUR 212 million revenue in 2022. Multitude was founded in 2005 in Finland and is listed in the Prime Standard segment of the Frankfurt Stock Exchange under the symbol ‘FRU’. www.multitude.com


09.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
Language: English
Company: Multitude SE
Ratamestarinkatu 11 A
00520 Helsinki
Finland
E-mail: [email protected]
Internet: https://www.multitude.com/
ISIN: FI4000106299
WKN: A1W9NS
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Stockholm
EQS News ID: 1626721

 
End of News EQS News Service

1626721  09.05.2023 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1626721&application_name=news&site_id=boersengefluester_html

Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 221,64 262,15 293,10 230,47 213,67 212,37 230,46
EBITDA1,2 34,65 43,02 56,35 41,87 39,22 49,13 60,57
EBITDA-Marge3 15,63 16,41 19,23 18,17 18,36 23,13
EBIT1,4 31,84 37,80 45,53 28,51 23,90 31,61 45,56
EBIT-Marge5 14,37 14,42 15,53 12,37 11,19 14,88 19,77
Jahresüberschuss1 20,06 19,27 23,02 0,48 -2,56 12,00 16,44
Netto-Marge6 9,05 7,35 7,85 0,21 -1,20 5,65 7,13
Cashflow1,7 33,32 -40,36 22,53 140,36 71,72 -26,15 157,78
Ergebnis je Aktie8 0,92 0,89 1,10 0,02 -0,12 0,39 0,51
Dividende8 0,18 0,18 0,00 0,00 0,00 0,12 0,12
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Multitude
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1W9NS 5,340 Kaufen 116,03
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
5,74 14,56 0,40 11,82
KBV KCV KUV EV/EBITDA
0,65 0,74 0,50 1,92
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %		 Hauptversammlung
0,12 0,19 3,56 25.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
16.05.2024 22.08.2024 14.11.2024 28.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
11,40% 35,63% 23,04% 36,22%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Multitude SE  ISIN: FI4000106299 können Sie bei EQS abrufen

FinTech , A1W9NS , FRU , XETR:FRU