creditshelf: EBIT improved significantly in 2022 fiscal year

creditshelf: EBIT improved significantly in 2022 fiscal year

• Requested loans reached nearly EUR 2 billion in 2022 (+16%), underscoring existing financing needs of SMEs
• Volume of arranged loans and revenue reduced compared to previous year due to funding restrictions
• Compensation from other income, improved revenue margins, reduced non-personnel expenses
• Significantly improved EBIT of minus EUR 0.6 million (previous year: minus EUR 2.2 million); first time positive EBITDA of EUR 0.1 million (previous year: minus EUR 1.0 million)
• Forecast for the 2023 fiscal year envisages revenue ranging between EUR 8 to 10 m and positive EBIT, assuming utilization of funding capacities

Frankfurt am Main, April 28, 2023 ‒ creditshelf, the largest digital SME financier in Germany, published its report for the 2022 fiscal year today.

creditshelf was able to establish itself even more strongly as a financing partner for SMEs in Germany against the background of the complex macroeconomic and geopolitical situation. This can be observed in an increase of requested loan volume of 16% to EUR 1.96 billion (previous year: EUR 1.68 billion) in the 2022 financial year. Loans totaling EUR 115 million (previous year: EUR 167 million) were arranged due to significantly restricted refinancing options following the insolvency of a central investor in connection with the Ukraine war. With the signing of a new funding vehicle in November 2022, creditshelf was able to lay the foundation for growth in the year 2023. The Management Board expects that this funding vehicle will be available for initial use in the near future.

creditshelf-CFO Dr. Daniel Bartsch provides an outlook for 2023: „The ongoing challenging situation caused by price increases for energy and raw materials, the increasing shortage of skilled workers and the demands of transformation are putting pressure on SMEs – especially when it comes to their financing situation. This provides great opportunities for alternative lenders like us. Once the conditions are met and we can utilize the new funding vehicle, we believe that we are strongly positioned to have a very significant presence in the market, especially from Q2 2023 onwards.. At the same time, we are still in several promising discussions with additional investors to further expand the funding base for our loans.“ Based on these circumstances, described in detail in the full annual report, the Executive Board expects consolidated revenues of EUR 8 to 10 million in 2023. Also at Group level, the Management Board expects a positive EBIT of EUR 0 to EUR 1 million. The break-even point at full-year level should thus be reached in 2023.

When looking at the figures for the 2022 financial year, especially the positive development of revenue margins and a further reduction in non-personnel expenses stand out. Although creditshelf’s revenues decreased by 14.7% compared to the previous year, the overall revenue margin, i.e. the ratio of revenues to arranged loans, was with 5.4% significantly higher than in the previous year (4.3%). Through higher fees creditshelf was able to partially compensate for the decrease in arranged loan volume. Another positive contribution to the income statement was delivered through a compensatory payment in the amount of EUR 1.75 million received as part of the settlement with the insolvency administrator of the defaulted investor for, among other things, lost revenues and expenses incurred. These were recognized as other income. With only a slight increase in personnel expenses despite an increase in headcount (2023: 71 permanent employees; 2022:63) and reduced non-personnel costs, for marketing and advertising in particular, creditshelf significantly improved its EBITDA and reached break-even on this level. Depreciation and amortization – all regular – were lower than in the previous year, driven by a software system integration and the resulting change in depreciation and amortization periods. As a result, creditshelf closed the 2022 financial year with a negative EBIT of minus EUR 0.6 million (previous year: minus 2.2 million). Following a slight deterioration in the financial result, the net loss for the year was minus EUR 0.8 million (previous year: minus EUR 2.3 million).

 

Key figures at a glance

In EUR million FY 2022 FY 2021 Loan request volume 1,959 1,684 Arranged loan volume 115 167       In kEUR     Revenue 6,183 7,252 Of which borrower fees 4,509 5,344 Of which investor-, service- und advisory fees 1,674 1,908 Other operating income 2,052 145 Own work capitalized 557 637 Personnel expenses -5,557 -5,334 Marketing and advertising expenses -473 -784 Legal and consulting costs -752 -770 Third-party services -279 -436 Other expenses -1,671 -1,708 EBITDA 61 -999 Depreciation and amortization -662 -1,185 EBIT -601 -2,183 Net finance costs -183 -102 Income tax expense/income 0 -8 Net loss for the period -784 -2,293

 

The full report for the 2022 fiscal year is available for download on the Investor Relations website ir.creditshelf.com as of today.

 

Communications & IR:

creditshelf Aktiengesellschaft
Maximilian Franz
Head of Communications & Content
Mainzer Landstraße 33a
60329 Frankfurt
Tel.: +49 69 348 719 113
ir@creditshelf.com
www.creditshelf.com

 

About creditshelf

creditshelf is the next generation digital corporate financier. Founded in 2014 and headquartered in Frankfurt am Main, the company arranges bank-independent, flexible financing solutions via a steadily growing network. In doing so, creditshelf combines complementary needs: While SMEs can easily access attractive financing alternatives, institutional investors can invest directly in German SMEs and cooperation partners can support their clients as innovative providers of new credit solutions. The core of creditshelf’s business model is a unique, data-driven risk analysis as well as unbureaucratic, fast and digital processes. The entire value chain comes from one single source. The creditshelf platform is used to select suitable loan projects, analyze the creditworthiness of potential borrowers, provide credit scoring as well as risk-adequate pricing. For these services, creditshelf receives fees from both borrowers and investors.

creditshelf has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since 2018. The experts of the creditshelf team have years of experience in SME financing and are trusted partners and visionaries for tomorrow’s entrepreneurs.