OREANDA-NEWS. Current overview is the 6 month Interim Report, required by the rules of the Nasdaq Baltic First North.

In 6 months this year Finora Capital continued to offer three loan products – mortgage backed loans, financial leasing and factoring. In the end of June the total size of loan portfolio was 2 mio EUR, from that 1,6 mio EUR was related to mortgage backed loans. The level of LTV, average length and interest rate of mortgage loans was kept at the same level as in earlier periods.

When last year the company financed its activities through bilateral loans then in first half of 2015 in addition to loans financing was received through bond issue. Bonds were issued only through non-public offering. Since May 2015 the bonds are on Nasdaq Baltic First North market. The company plans to raise additional capital through non-public notes issues also in following quarters. As of 30.06.2015 all covenants of the notes issue were fulfilled.

Statement of financial position (in euro)

  30.06.2014 31.12.2014 30.06.2015
Cash 10 525 106 362 310 819
Mortgage loans 0 850 888 1 601 881
Other loans 0 0 372 798
Other receivables 201 16 299 61 788
Tangible fixed assets 465 717 2 552
Intangible fixed assets 3 250 23 566 25 133
TOTAL ASSETS 14 442 997 831 2 374 972
       
Bonds 0   966 347
Other loans 0 922 000 1 273 033
Shareholders' loans 11 000 0 28 872
Interest payables 30 26 678 32 700
Other payables 4 921 11 387 46 084
Total liabilities 15 951 960 065 2 347 036
Share capital 2 500 20 000 50 000
Reserve capital 0 98 426 113 426
Retained earnings 0 0 -80 660
Net profit for the year -4 009 -80 660 -54 830
Total equity -1 509 37 766 27 936
TOTAL LIABILITIES AND EQUITY 14 442 997 831 2 374 972

As the company started to service its clients only in July 2014 then first 6 months revenues in 2014 were at zero. In 6 months 2015 the company earned 141 486 EUR as total income, majority of it as interest income from mortgage loans.

Due to increased loan portfolio and number of clients the expenses of the company increased in first half of 2015 substantially compared with first 6 months of 2014 and the company was making expected loss.

Income statement (in euro)

  H1 2014 H1 2015
Fee income 0 10 512
Interest income (mortgage loans) 0 108 827
Interest income (other loans) 0 20 047
Other income 0 2 100
TOTAL INCOME 0 141 486
     
Personnel expense -3 192 -44 987
IT expenses -96 -18 868
Marketing expenses -78 -12 530
Other expenses -614 -25 018
Operating expenses -3 980 -101 403
Operational profit -3 980 40 083
Interest expense -30 -94 978
EBITDA -4 010 -54 894
Depreciation and impairment 0 -3 384
EBT -4 010 -58 279
Financial income and costs 0 3 448
Net income -4 009 -54 830

Cash flow statement (in euro)

  H1 2014 H1 2015
     
Operating profit (loss ) -3 980 36 700
Adjustments    
Depreciation and Amortization   3 384
Other adjustments   -2 140
Total adjustments 0 1 245
Change in operations-related receivables and prepayments -201 -1 176 890
Change in operations-related liabilities and prepayments 4 921 35 090
Total cash flow from core operations 740 -1 103 855
     
Paid for the acquisition of tangible and intangible assets -3 715 -6 787
Interest received   3 448
Total cash flow from investing activities -3 715 -3 339
     
Loans received 11 000 600 000
Repayments of borrowings   -250 000
Interest paid   -88 349
Other proceeds from financing activities   1 050 000
Total cash flow from financing activities 11 000 1 311 651
     
Total cash flow 8 025 204 457
     
Cash and cash equivalents at the beginning of period 2 500 106 362
Change in cash and cash equivalents 8 025 204 457
The effects of changes in foreign exchange rates    
Cash and cash equivalents at the end of period 10 525 310 819

 

Changes in equity (in euro)

  Issued capital Other reserves Retained earnings/loss Total
1.01.2014 2 500   0 2 500
Net profit for the year     -4 009 -4 009
Issued share capital        
30.06.2014 2 500   -4 009 -1 509
         
  Issued capital Other reserves Retained earnings/loss Total
1.01.2015 20 000 98 426 -80 660 37 766
Net profit for the year     -54 830 -54 830
Issued share capital 30 000     30 000
Changes in reserves   15 000   15 000
30.06.2015 50 000 113 426 -135 490 27 936