NEO Finance AB
Interim information
In 2021, the sales revenue of NEO Finance AB (hereinafter – the Company) grew 36% and amounted to EUR 3 371 841. The Company’s cost of sales increased 11% in the year to EUR 1 767 260, while general and administrative expenses rose 61% to EUR 1 483 284. Net profit in 2021 was EUR 114 119 (versus a loss in 2020 of EUR 121 896).
Income for activities related to payment initiation services grew the most in 2021, rising 89% to EUR 901 671. Income from peer-to-peer lending activities totalled EUR 2 121 481 EUR, or 63% of all the Company’s revenue in 2021, and increased 22% compared to 2020. The biggest cost increase in 2021 was for wages and social insurance, which rose 112% compared to the year before and amounted to EUR 791 302.
The Company’s assets of EUR 14 215 249 at the end of 2021 were up 31% from a year earlier. The growth was mainly due to a 53% increase in cash and cash equivalents during 2021, to EUR 11 057 300 at year-end. It should be noted that nearly 95% of that amount consisted of customer funds.
The sales revenue of the NEO Finance AB group (hereinafter – the Group) totalled EUR 3 498 517 in 2021 and grew 41% compared to 2020, while the net loss of the Group in the reporting period shrank 20% and amounted to EUR 201 086. The Group’s cost of sales rose 12% in the year to EUR 1 775 720 and its general and administrative expenses increased 82% to EUR 1 922 867.
The full interim report and financial statements of NEO Finance AB (legal entity code: 303225546; registered address: Vivulskio g. 7, Vilnius, Lithuania) for the 12 months of 2021, with confirmation by the responsible persons, are available for review in the attached document.
Aivaras Bielskis
Acting Head of Finance
Email address: aivaras.bielskis@neofinance.com