February 26, 2021
DelfinGroup unaudited financial results for the year 2020
The unaudited consolidated turnover of DelfinGroup for 12 months of 2020 amounted to EUR 23.6 million, the loan portfolio reached EUR 34 million, and EBITDA increased to EUR 9.5 million.
The group’s turnover in 2020 was up 8% and loan portfolio was up 9% on the year before. The consolidated EBITDA increased by 8% during the year.
Didzis Ādmīdiņš, AS DelfinGroup Managing Board Chairman: “Despite the COVID 19 situation, in 2020 the group managed to achieve stable growth rates. Although we were forced to work in high uncertainty conditions, thanks to the professionalism of our team, we succeeded in organizing cash flow and managing credit risks, while maintaining profitability. We have gained valuable experience of remote work and new working skills in emergency conditions, which will enable us to increase the efficiency of our team also in the future. Our staff has successfully adapted to these new conditions, focusing on providing high quality of client service, reacting quickly, and improving the offer of products in line with the new situation.”
On November 6, 2020 Latvia reintroduced the state of emergency and set several new restrictions. Given the new situation, we have reassessed the credit risks of consumer loans, and improved the operation of our e-shop in the pawnshop segment. Ivars Lamberts, AS DelfinGroup Managing Board member: “In the 4th quarter of 2020, the turnover of the e-shop has grown by 231% on the quarter before and by 438% on the same period of the previous year. The investments made in the development of the e-shop in 2019 have fully paid off, making it an important channel of selling pawnshop goods, the importance of which will increase in the future.”
In the second half of 2020, adapting to the emergency situation, the group implemented several measures aimed at developing sustainable business. Thus, in the 4th quarter of 2020, a new consumer loan product, Banknote pirkumiem (Banknote for purchases), was launched. This product aims to facilitate access to loans for those who are working and making purchases remotely in order to make the financing of goods purchase both online and at points of trade more convenient. Meanwhile, in the segment of pawnshop services the network of branches was expanded by opening four new pawnshops in Riga. These branches have been opened in line with DelfinGroup’s strategy of building a financially inclusive society and raising public awareness of circular economy.
In the 4th quarter of 2020, DelfinGroup has fully redeemed a bond issue worth EUR 3.5 million (ISIN LV0000801322). The group has created, in line with the situation, cash savings, which were financed from the balance between the financing of debt securities and financing obtained from the operations on p2p lending platform Mintos. At the end of 2020, the amount of funds was EUR 4.6 million. Also, in the 4th quarter of 2020, the group paid out quarterly dividends in the amount of EUR 1 million in line with its dividend policy.
By implementing its business strategy and planned measures, in 2020 the group achieved the following financial results as compared to 2019.
|Item||EUR (M)||Change (%)|
|Net loan portfolio||34.37||+ 9.0|
|Profit before taxes||4.36||+ 2.2|
|Net profit||3.60|| - 7.9%|
DelfinGroup delivers unaudited condensed interim consolidated statements for 12 months of the year 2020.
DelfinGroup is a licenced financial services company founded in 2009, which currently represents three brands - Banknote, VIZIA and Rīgas pilsētas lombards. The company employs 270 professionals at 91 branches located in 38 Latvian cities and towns. The estimated amount of taxes for year 2020 is EUR 3.42 million. DelfinGroup is a member of the Latvian Chamber of Industry and Commerce and has received the Gold level status within the cooperation programme of the Latvian State Revenue Service. The core services of the group include sale of pre-owned goods, pawn loans, consumer loans, and senior loans, the terms of which are specially adapted for seniors. The bonds of DelfinGroup are traded on the Baltic First North bond list of Nasdaq Riga.
AS DelfinGroup Management Board member
Phone: +371 29144168