NEO Finance AB
Annual information
Please find attached annual report for the year 2021 of NEO Finance, AB (hereafter – the Company) – audited financial statements, the management report, the statement by the responsible persons and independent auditor’s report.
In 2021, NEO Finance, AB continued to increase the volume of granted loans. In 2021, the platform funded EUR 27.4 million, an increase of 44% compared to 2020. Meanwhile, revenue grew by as much as 39% to EUR 3.44 million compared to last year (EUR 2.48 million). The company’s EBITDA in 2021 was EUR 422 thousand and increased by 239% compared to 2020, when in 2020 this indicator was EUR 125 thousand. The positive change was due to the growth of the loan portfolio, purposeful cost management and software development to automate the company’s processes. Accordingly, the profit before tax in 2021 was EUR 179 thousand, while in 2020 a loss of EUR 69 thousand was incurred.
| 2021 | 2020 | ∆, % | |
| Loans granted, EUR | 27 416 768 | 19 084 970 | 44% |
| Income, EUR | 3 443 082 | 2 482 981 | 39% |
| Sales expenses, EUR | (1 769 674) | (1 597 082) | 11% |
| Gross profit/loss, EUR | 1 673 408 | 885 899 | 89% |
| General and administrative expenses, EUR | (1 250 886) | (761 080) | 64% |
| EBITDA, EUR | 422 522 | 124 819 | 239% |
| Profit/loss before tax, EUR | 179 054 | (69 413) | |
| Income tax, EUR | (61 315) | (52 484) | 17% |
| Net profit/loss, EUR | 117 739 | (121 897) |
In the audited statements, the Company’s profit for 2021 amounts to EUR 117 739 and differs from the forecast published on 2019-04-16 by EUR 813 875. The difference was due to lower-than-planned revenue collection of over 461 581 EUR. Higher operating and sales costs also contributed to the lag.
In the audited financial statements of 2021, the Company’s profit for 2021 amounts to EUR 117 739 and differs from the preliminary profit of EUR 3 620. This difference is due to the following adjustments:
– Calculated income tax that amounted to EUR 61,3 thousand.
– The positive change of EUR 71,2 thousand was due to the addition of additional sales revenue.
– The negative change of EUR 6,3 thousand was due to the consolidation of additional accounting transactions.
Aivaras Bielskis
Head of Finance