IuteCredit Finance S.à.r.l.

  • ISIN: XS2033386603
  • Land: Luxembourg

Nachricht vom 09.12.2019 | 07:30

IuteCredit: Group performance not affected by license revocation in Kosovo

DGAP-News: IuteCredit Finance S.à.r.l. / Key word(s): Bond
09.12.2019 / 07:30
The issuer is solely responsible for the content of this announcement.

IuteCredit: Group performance not affected by license revocation in Kosovo

Tallinn, Estonia, 9 December 2019.
IuteCredit Europe ("ICE"), a leading European personal finance group, does not expect the revocation of the license from IuteCredit Kosovo (ICKO) to have a material impact on the Group's performance of IuteCredit Europe for the full year 2019.

The financial impact of the stopped loan origination is minimal under the current circumstances, given the small size of the net loan book in Kosovo, which amounts to 9.3 million EUR, respectively 12.4% of the Group's net loan portfolio. The still ongoing collection of receivables from customers continues to contribute to revenues supported by a very good repayment behavior of customers in Kosovo with a current CPI 30 of 90.0% in November. CPI 30 as an indicator of customers' actual duly repayments against the expected payments, plus a 30 days tolerance. EBITDA will only be minimally impacted. Since ICKO is only a start-up, i.e., country operations ramping up, the influence on the net result will also be limited so far.

In order to protect the Company, in particular, the employees, business partners, and investors of IuteCredit, against the unexpected revocation of its license by Central Bank of Kosovo (CBK), the Management Board immediately instructed a renowned commercial law firm. At the same time, IuteCredit will continue to cooperate fully with the regulatory authorities in Kosovo. The Company will disclose information as soon as new findings become available.

"We are pleased that some investors have already expressed their confidence and support and share our assessment that the situation is manageable and essentially uncritical. It is regrettable, that the lack of legislation on effective interest rates and the respective caps makes the offering of loan products more complicated in a developing economy. In contrast, the outstanding quality of the current portfolio, operations process in loan collection, and our team in Kosovo underline our position. As of today, we should meet our goals for 2019", said Tarmo Sild, Group CEO of IuteCredit Europe.


IuteCredit
Kristel Kurvits, Group Chief Financial Officer (CFO)
Email: kristel.kurvits@iutecredit.com
Phone: +372 55 88 77 0

Evelin Kanter, Group Chief Legal Officer (CLO)
Email: evelin.kanter@iutecredit.com
Phone: +372 50 52 72 9

Aalto Capital (Investor Relations)
Sven Pauly, Consultant
Email: sven.pauly@aaltocapital.com
Phone: +49 89 898 67 77 0


About IuteCredit:
IuteCredit - established in 2008 - is a leading European personal finance company. The Group is specialized in consumer credits via its 100% subsidiaries using equity and loan capital. IuteCredit serves customers currently in Moldova, Albania, North Macedonia, Kosovo and Bosnia and Herzegovina.

As of 30/09/2019, the IuteCredit team had grown to 341 employees, including the Management and IT team. The entire IuteCredit team processed almost 470,000 loan applications in 9M/2019. IuteCredit manages more than 500,000 customers with over 90 million EUR of gross loan principal in its database.

IuteCredit's loan products are unsecured consumer loans with maturities between 1 month and 36 months and car-secured loans with maturities up to 60 months.

The mission of IuteCredit is to create the extraordinary experience in personal finance by exceeding customers' expectations.

www.iutecredit.com



09.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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