credius ifn sa
TRANSCRIPT
www.credius.ro
CREDIUS IFN SACorporate presentation: FY 2020 resultsJuly 31, 2021
www.credius.rowww.credius.ro 2
The leader in innovations on the Romanian financial market
We are in the top 5 non-banking financial institutions in terms of number ofcustomers, size of loan portfolio, and volume of new loan origination.
Due to smart technologies, the lending process is simplified to the maximumand allows instant loans granting.
CREDIUS IFN SA
www.credius.ro 3
CREDIUS GROUP STRUCTURE
LAPWORTH HOLDINGS LTD.
Member of NCH Group
CREDIUS IFN
Consumer lending
BUSINESS MICROCREDIT IFN
SME mortgage-backed loan originator
INTEGRAL COLLECTION SRL
Debt collection
FINOPRO IFN
Acquisition of live loan portfolios in the open market
CREDIMATIC NETWORK SRL
Loan Broker & Digital solution provider
www.credius.ro 4
22 branches
70+ employees
90,000+ loan issue transactions
CREDIUS IFN SA
250+ retail marketplaces providingloans from Credius as payment-enabling solution
www.credius.ro 5
EUR 12M* in total loan portfolio(as of the end of December 2020)
EUR 9.8M/4.8M EBITDA** (FY2020/1H 2021)
EUR 8.8M/8.3M value of new loans issued in 2020 vs. YTD’Jul 2021
KEY FINANCIALS
EUR 75M+ value of total loans issued since founding
* After car loans spin-off of ≈2.23M EUR in 2019 and 2020**Before net impairment result of 6.4M EUR and 2.6M EUR, respectively.
www.credius.ro 6
HIGHLIGHTS
Credius is the first lending company inRomania who launched an end-to-endonline consumer loan product.
“Credimatic”, a fully automated creditmachine, launched by Credius, is aunique and revolutionary innovation onthe Romanian lending market.
technology has becomea breakthrough solution in the onlinepayments retail marketplace.
10,022
8,168
4,238
12,275
10,431
4,984
18,668
15,325
8,118 8,847
11,498
9,827
6,845
12,234
4,794
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Loans issued, KEUR Loans portfolio in total, KEUR EBITDA, KEUR
HIGHLIGHTS
2017A 2018A 2019A 2020A H1 2021ACredius has recently implemented afully automated KYC solution to verify itscustomers’ identity digitally.
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CREDIUS PORTFOLIO STRUCTURE OVERVIEW
The bulk of Credius portfolio isrepresented by personal loans (64%) –the “core” business line.
Starting 2Q 2018, Credius also emergedas a player in the micro & SME lendingsegments.
Marginally consequential, the consumergoods segment experiences rapidgrowth and has reached 30% of globalportfolio as of the end of June 2021. 7.8M EUR
Personal Loans64%
3.6M EURConsumer Goods
30%
0.8M EURSME6%
LOAN PORTFOLIO STRUCTURE: June 2021
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CREDIUS CONSUMER LOAN PORTFOLIO
The consumer loans portfolio hasincreased at a CAGR of 10% over theperiod 2017-2021, considering the
dramatic YoY decrease caused by theCovid-19 pandemic.
The consumer loan portfolio reached
EUR 11.4M as of the end of June 2021
and continues to expand at steady
rates. Due to smart lending
technologies, the Company aims to
address new retail market segments
and boost its organic growth.10,022
10,905
14,549
8,517
6,723
8,168
9,103
13,522
10,422
11,399
- 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000
2017A
2018A
2019A
2020A
H1 2021A
CONSUMER LOANS (K EUR)
NET LOAN PORTFOLIO LOANS ISSUED
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CREDIUS SME LOAN PORTFOLIO
The SME loan portfolio decreased to EUR 1.0M as of the end of December 2020, being moderately affected by the Covid-19 pandemic.
The Company contemplates a medium-term expansion into the SME LoB due to technological advantage and lesser regulation.
Credius uses open-source online databases to pre-score SME customers and relay credit offer.
Credius uses algorithmic analysis of collected data to produce credit decision and pricing.
The loan agreement can be digitally signed by the borrower with no logistical complexity, the funds being consequently wired into the bank account.
1,429
330
1,354
1,006
- 200 400 600 800 1,000 1,200 1,400 1,600
2019A
2020A
SME LOANS (K EUR)
NET LOAN PORTFOLIO - SMEs LOANS ISSUED - SMEs
www.credius.ro 10
CREDIUS CAR LOAN PORTFOLIO
The car loan portfolio reached EUR 1.9M as of the end of November 2019 and was fully transferred to its affiliate throughout the end of January 2020.
The Company doesn’t plan to expand its car loan portfolio and executed a strategic spin-off of its current operations to its affiliated company Business Microcredit.
819
1,661
797
1,886
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
2018A
YTD NOV'2019
CAR LOANS (K EUR)
NET LOAN PORTFOLIO - car LOANS ISSUED - car
www.credius.ro 11
CREDIUS CONSUMER LOAN PORTFOLIO (ii)
0.50
0.62
0.67
0.810.83 0.83 0.82
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2015A 2016A 2017A 2018A 2019A 2020A H1 2021
Average loan t ranche s ize per i ssue (KEUR)
Consumer loans
32
34
33
30
33
35
36
27
28
29
30
31
32
33
34
35
36
37
2015A 2016A 2017A 2018A 2019A 2020A H1 2021
W eighed average term of loans issued ( in months )
Consumer loans
7%
8%
10%
6%
10%
12.94%
11%
0%
2%
4%
6%
8%
10%
12%
14%
2015A 2016A 2017A 2018A 2019A 2020A H1 2021A
NPL 60+
NPL %
www.credius.ro 12
KEY FINANCIALS (i)
Starting 2H 2015, Credius has consistently generated excess
operating cash flows.
Excess cash flows have been reinvested to fund further portfolio
growth.
2,566
5,527
7,183 7,933
10,558 10,266
2,881
3,327 3,525 4,364
5,436
3,667
-
2,000
4,000
6,000
8,000
10,000
12,000
2015A 2016A 2017A 2018A 2019A 2020A
KEY FINANCIALS (KEUR)
Operating cash inflows Cash outlays for OpEx &CapEx
100%
100% 100% 100% 100% 100%
112%
60%
49%55% 51%
36%
0%
20%
40%
60%
80%
100%
120%
2015A 2016A 2017A 2018A 2019A 2020A
Cash outlays-to-OCI (%)
Operating cash inflows Cash outlays for OpEx &CapEx
www.credius.ro 13
KEY FINANCIALS (ii)
The Company exhibits strong andconsistent EBITDA generation.
For every 1 euro in gross interestrevenues, Credius generates above 70cents in operating profits to coverdefaults, finance costs and taxes.
Current P&L structure canaccommodate significant external debtservicing due to high operating marginsand strong capitalization. 689
3,028
4,238
4,984
8,118
9,827
21%
48%
52%
53%
67%
74%
0%
10%
20%
30%
40%
50%
60%
70%
80%
-
2,000
4,000
6,000
8,000
10,000
12,000
2015A 2016A 2017A 2018A 2019A 2020A
KEY FINANCIALS, KEUR
EBITDA, KEUR EBIDTA margin
www.credius.ro 14
KEY FINANCIALS:PROFITABILITY
Organic increase in gross revenue by7% coupled with a 24% decrease inoperating costs (2020/2019 YoY) havefueled the significant increase inEBITDA and net profit.
KEY FINANCIALS: PROFITABILITY
Income statement, kEUR FY2016 FY2017 FY2018 FY2019 FY2020
Interest & similar income 6,347 8,207 9,403 12,119 12,664
Other income 87 73 60 221 551
Gross Revenue 6,434 8,280 9,463 12,341 13,215
Selling expense 1,638 1,843 2,334 2,516 1,960
Administrative expense 1,768 2,198 2,146 1,615 1,306
EBITDA 3,028 4,238 4,984 8,118 9,827
Depreciation 185 195 176 285 101
Interest & finance costs 30 39 90 591 400
Taxes - 295 953 748 1,147
Net impairment result 1,948 1,905 3,383 5,483 6,443
NET PROFIT 864 1,805 382 €1,103 €1,736
www.credius.ro 15
KEY FINANCIALS:BALANCE SHEET
As of today, Credius is a financialcompany with a very strong balancesheet and significant potential to addexternal financial leverage.
Equity capital represents 10.4M EUR.
External debt amounts to 1.3M EUR.
Debt-to-equity ratio = 0.125.
Debt-to-net loan portfolio = 0.122.
Equity-to-Total Assets = 0.74.
KEY FINANCIALS: BALANCE SHEET
Balance sheet, kEUR YE 2016 YE 2017 YE 2018 YE 2019 YE 2020
Gross portfolio 7,645 8,677 11,166 16,766 12,931
Provisions (808) (560) (826) (2,110) (2,271)
Net portfolio 6,837 8,117 10,340 14,655 10,660
Cash & cash equivalents 346 501 490 664 1,856
Fixed assets 449 390 387 363 471
Other assets 380 928 1,184 896 1,094
Total Assets 8,012 9,936 12,402 16,579 14,080
Share capital & reserves 7,905 7,704 7,877 7,779 7,622
Retained earnings (2,880) (1,974) (239) 74 1,059
Profit/loss for the current year 855 1,866 382 1,103 1,736
Equity 5,879 7,596 8,020 8,857 10,417
Interest-bearing debt* 1,052 971 2,377 5,195 1,300
Trade payables & other liabilities 1,080 1,369 2,005 2,526 2,363
Liabilities 2,132 2,340 4,382 7,722 3,663
Total Equity & Liabilities 8,012 9,936 12,402 16,579 14,080
* Includes shareholder subordinated loan amounting to US$ 1M
1/I Pipera Str, Building Admin, Voluntari, Ilfov, Romania, 077191
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