EQS-News 141 0 Kommentare Multitude Group Annual Report 2023 published - on track for substantial profitable growth in 2024 and beyond - Seite 2

“With our very strong performance in 2023, Multitude has exceeded its guidance for the third year in a row and underlined its potential for further sustainable growth in the years to come”, commented CEO Jorma Jokela. “We are happy to confirm the success of our strategy, which has been further developed along the value chain. Based on the strong growth drivers of our FinTech platform we are very confident about increasing our EBIT by another 50% to EUR 67.5 million. Furthermore, we confirm our mid-term guidance to almost double Multitude`s net profit to EUR 30 million by the end of 2026.

Improved balance sheet quality and risk management

Multitude continued its focus on growth, increasing the Group’s total assets significantly to EUR 990.9 million, a difference of 31.5 % compared to EUR 753.2 million in 2022. The gain in assets is largely attributable to the rise in loans to customers from EUR 507.1 million at the end of 2022 to EUR 575.9 million at the end of 2023, representing an increase of EUR 68.9 million (13.6%). Additionally, the strategic concentration on growth also showed itself in the Group’s substantial expansion of the debt investments by 194.3% from EUR 21.1 million in 2022 to EUR 62.1 million. Despite the significant increase of total loans to customers the strict focus on risk control has continued to bear fruit and Multitude was able to decrease the impaired loan coverage ratio by 1.6% from 18.2% to 16.6% in 2023. The Group’s shareholders’ equity increased to EUR 183.6 million, representing an equity ratio of 18.5%. The net equity ratio as one of the main measures for capital adequacy reached 26.0% at the end of 2023 (December 31, 2022: 30.0%). With the overall growth in assets also comes a rise in cash and cash equivalents by 85.0% to EUR 283.7 million from EUR 153.3 million.

Key figures, in EUR million	2023	2022*	% change
Revenue**	230.5	212.5	8.5%
Impairment loss on loans to customers	(89.3)	(84.6)	5.5%
Profit before interest expense and taxes (‘EBIT’)	45.6	31.5	44.8%
Profit before income taxes	19.0	13.6	39.7%
Profit for the year	16.4	11.8	39.6%
*Basic earnings per share (in EUR)*	*0.51*	*0.38*	*34.2%*