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DelfinGroup renews the set financial goals until 2024 and anticipates faster growth
Emitents DelfinGroup, AS (iepriekšējais nosaukums - ExpressCredit, SIA) (2138002PKHUJIMVMYB13)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2022-09-13 17:29:02
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Latvian financial service company DelfinGroup renews the previously set financial guidance for 2022 and 2024 and sets new short-term goals for 2023, anticipating faster development than initially planned. Based on the current business results and development trends, the company has determined more ambitious achievable goals - they forecast achieving previously defined goals for 2024 already in 2023.

"Taking into account the stable growth of the company and good financial indicators, DelfinGroup has already fulfilled its net loan portfolio target for 2022 in the first half of this year; as a result, the loan portfolio forecast for 2024 is increased from 70 million euros to 95 million euros. Furthermore, we will continue developing loan products and their availability in digital channels, allowing us to set increasingly ambitious goals for growing the loan portfolio. Based on the growth of the loan portfolio, the EBITDA forecast has also been increased, which is already estimated at 12.7 million euros in 2022 instead of the previously forecasted 12 million," explains Chief Financial Officer of DelfinGroup Aldis Umblejs.

Due to geopolitical and other external conditions, the situation in the capital markets has changed significantly - accordingly, DelfinGroup financing costs have also increased as lenders are demanding higher yields, and the company is growing its loan portfolio more rapidly. Therefore, the forecast of profit before taxes for 2022 is reduced; however, it is planned that in 2024 it will reach 16 million euros instead of the planned 12.9 million euros. Furthermore, after evaluating the company's stable growth in all main business segments, it is predicted that profit before taxes will grow faster than initially planned in the coming years.

In the long-term perspective, the company will continue to ensure the equity ratio is not lower than 27%, while in 2022, it will not be lower than 25%. This can be justified by the distribution of annual dividends done in 2022, which were significantly higher than planned when setting the initial financial goals. As before, the company will continue making regular dividend payments to shareholders of at least 50% of the net profit.

In response to the unusual situation in the capital markets, due to which it is difficult to predict the average interest cost rate of financial liabilities accurately, DelfinGroup, when setting financial goals, will now primarily focus on the achievement of overall financial results, such as EBITDA and profit before taxes. In addition, it should be mentioned that during the period after the initial public offering (IPO), from October 2021 to February 2022, DelfinGroup significantly reduced the cost of financing. The company plans to continue to do this in the future, but it is currently impossible to provide an accurate forecast for fulfilling this target.

The table summarises planned financial targets for 2022, 2023, and 2024 for DelfinGroup. Previously published targets are indicated in brackets.

Indicator 2022 2023 2024
Net loan portfolio (mEUR) 62 (51) 78 95 (70)
EBITDA (mEUR) 12.7 (12) 19 24.5 (17.6)
Profit before tax (mEUR) 7.5 (8.7) 12 16 (12.9)
Cost-to-income ratio 52% 45% 45%
Return on Equity (ROE) >30% >30% >30%
Equity ratio >25% (>27%) >27% >27%
Dividend payout ratio >50% >50% >50%


About JSC DelfinGroup

JSC DelfinGroup is a licenced technology-based financial services company established in 2009 and operates under the brand names Banknote and VIZIA. The company continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia. On average, 35 thousand loans are issued monthly and serviced by a professional team of more than 300 JSC DelfinGroup employees. The company has a total of over 400,000 registered customers. Since 2014, JSC DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a share issuer on the Baltic Main List. The company's IPO in 2021 attracted almost 6000 new shareholders. The company regularly pays dividends to its shareholders. In the first half of 2022, the company's net loan portfolio grew to EUR 53.8 million, while its EBITDA reached EUR 5.8 million, with profits before income tax for dividends of EUR 3.6 million. The company's sustainability is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy. The company has been profitable every year since 2010.


         For further information, please contact:
         Aldis Umblejs
         JSC DelfinGroup Chief Financial Officer
         Phone: +371 26189988
         E-mail: IR@delfingroup.lv