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Record profitability as a result of steady operational and financial performance
OPERATIONAL AND STRATEGIC HIGHLIGHTS
FINANCIAL HIGHLIGHTS AND PROGRESS
Modestas Sudnius, CEO of Eleving Group, commented: “By keeping the strategic focus on the Group’s existing markets and continuing to pursue steady growth, Eleving Group has reached multiple substantial milestones in the third quarter of 2021. Our nine-month key performance indicators have already exceeded the results of the entire 2020, and so far, we are turning in the best financial performance in the Group’s history. We have managed to strengthen our position across all Eleving markets. We continue to demonstrate strong quarter-on-quarter growth in Kenya and Uganda, where we are focusing on motorcycle-taxi financing. Also, we have achieved the highest issuances since the beginning of the pandemic across multiple vehicle financing markets (Estonia, Moldova, Belarus), and we are steadily shifting consumer finance portfolio to longer maturity, higher ticket products. Eleving Group also saw a landmark Eurobond issuance in the amount of EUR 150 million, with the bonds listed on the Frankfurt Stock Exchange. We are grateful to our investors’ community across Europe, who showed trust in the company and our vision. The money raised will allow us to refinance our current obligations and secure stable financing for the company in the foreseeable future. Not only was this a milestone for Eleving Group but also for the Baltic capital markets since it has been one of the largest bond issuances of all time by a private company headquartered in the Baltics. In the third quarter of 2021, we continued to implement our ESG strategy. We have designed green vehicle—electric and hybrid—financing products, which were introduced in Lithuania and Romania, with new markets to follow soon. Additionally, we have embarked on a course of offsetting the Group’s carbon footprint and kicked-off a process for developing long-term ESG KPIs.”
Maris Kreics, CFO of Eleving Group: “The record profitability achieved in the first nine months of 2021 conclusively determines Eleving Group’s course to the best financial year in its history, proving the soundness of this and last years’ strategic decisions. The excellent profitability was boosted by the highest-ever nine-month adjusted EBITDA of EUR 45.7 million and record-high portfolio of EUR 229 million, contribution to which was made by both of our business lines—vehicle and consumer financing (Eleving Vehicle Finance and Eleving Consumer Finance accounted for EUR 178.1 million and EUR 50.9 million respectively). The Group’s Net Profit reached EUR 9.2 million, which is an impressive leap compared to the EUR 6.8 million losses made in the nine months of 2020. As a result of the successful Eurobond issuance in the amount of EUR 150 million, Eleving Group’s funding maturity profile has been extended by five more years. New secured Eurobonds were issued at par with an annual interest rate of 9.5% and maturity in 2026. The proceeds were used to repay the previous Eurobond outstanding in the total amount of EUR 100 million as well as refinance other liabilities outstanding.”
The full unaudited report for the nine months ended 30 September 2021 is available under: https://eleving.com/investors/
A conference call in English with the Group's management team to discuss the results is scheduled for 16 November 2021 at 15:00 CET.
Please register: http://emea.directeventreg.com/registration/8478402
Maris Kreics, Chief Financial Officer (CFO)
About Eleving Group
Eleving Group comprises a number of financial technology companies with a global presence. The Group operates in the vehicle and consumer finance segments in 3 continents, providing financial inclusion and disruptively changing financial services industries in its countries of operation. Founded in 2012 in Latvia, the Group has revolutionized the way people purchase cars. Having expanded all across the Baltics within its first year in business, the Group continued expansion in the following years, servicing a total of 14 active markets.
With its headquarters in Latvia, the Group operates in the Baltics, Central, Eastern, and South-Eastern Europe, Caucasus, Central Asia, and Eastern Africa.
For two consecutive years since 2020, the Group has appeared on the Financial Times list of Europe’s 1000 fastest growing companies.
Read more: www.eleving.com
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