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Kristaps Bergmanis

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Kristaps Bergmanis
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Audited financial statements of SIA ExpressCredit for the year 2016

SIA ExpressCredit Group's turnover reached EUR 15,4 m and Group worked with net consolidated profit of EUR 0.96 m for the year 2015.

The Group’s operations during the period has been successful. In 2016 the new amendments to legislation came into force, which led to significantly lower interest rates on consumer loans. Consequently, in line with expectations, total revenues in the period fell by 14.8% against 2015 and reached 15 423 987 euro.

The Group's strategy in the year 2016 included the increase in loan portfolio and reduction of the cost base.

According to the strategy, substantial investments were made in the Group's "Banknote" product and brand awareness. During the period a new consumer credit brand "MoneyMetro" was developed and implemented in three branches of the Group. Facilitated demand for the Group’s lending services resulted in increase of the loan portfolio.

In 2016 Group invested in IT development and carried out business process optimization, which helped to develop lending services and provide cost reduction. In addition, the work on the training of personnel was carried out in order to improve and maintain high quality and efficient customer service.

The Group's loan portfolio growth has been funded from the profits, from the cooperation with the mutual lending platform, as well as at the end of 2016 the Group issued closed new bond issue in the amount of 5 million euro.

Due to implementation of the chosen business strategy, the following financial results were achieved in 2016:

PositionEUR Increase / (decrease) %
Net loan portfolio, the Group's parent company10.658.6
Net loan portfolio, the Group11.665.0
Assets, the Group's parent company15.740.0
Assets, Group16.048.9
Net profit, the Group's parent company0.99(27.4)
Net profit, Group0.96(36.5)

SIA ExpressCredit submits Corporate governance report for year 2016.

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