- FinLab AG announces figures as of 30/06/2018
- Positive operating EBIT and increased earnings
- Change in revaluation reserve leads to negative overall results
- Positive outlook for H2 2018 due to partial exit concluded of EUR 10 million from Deposit Solutions with high NAV contribution and launch of the FinLab EOS VC Fund
Frankfurt am Main, 19/09/2018 - FinLab AG (ISIN: DE0001218063, WKN: 121806, Ticker: A7A.GR) announces its half year results as of 30/06/2018. Positive IFRS results (EBIT) of EUR 1 million were achieved in H1 2018 (H1 2017: EUR 0.3 million), resulting in an improvement of EUR 0.7 million against the same period last year. This improvement in EBIT can be mainly attributed to the significant increase of income from EUR 1.8 million (H1 2017) to EUR 2.8 million (H1 2018). Overall results were negative, with EUR -7.3 million for H1 2018 (H1 2017: EUR 7.6 million), due to the change in revaluation reserve of EUR -8.9 million. The negative results are caused exclusively by the (re)valuation of the shares held by FinLab AG in the listed company Heliad Equity Partners GmbH & Co. KGaA at the closing rate as of 30/06/2018. Associated with this, the NAV is reduced to EUR 19.51 / share at the end of the first half of 2018 (31/12/2017: EUR 20.83/share). With equity of EUR 102.2 million (31/12/2017: EUR 103.9 million) and an equity ratio of 98%, FinLab still presents a strong balance sheet without external debt.
FinLab also achieved positive results of EUR 1.3 million for the reporting period under German HGB accounting standards (H1 2017: EUR 0.4 million). This represents an improvement of EUR 0.9 million over the same period in the previous year. This is also the result of the improved results, especially the increase in revenue results from EUR 0.8 million (H1 2017) to EUR 1.2 million (H1 2018), and the growth in investment income results from EUR 0.7 million (H1 2017) to EUR 1.2 million (H1 2018).
However, the overall outlook for 2018 remains positive. In this regard, FinLab was able to achieve a high seven-digit profit from the partial sale of shares of Deposit Solutions GmbH of around EUR 10 million in August 2018, which will only be reflected in the figures for the second half of 2018. FinLab continues to be a major shareholder of Deposit Solutions GmbH following the sale, still holding 7.7% of the company. The value of its holdings in Deposit Solutions GmbH result to over EUR 30 million after the last round of financing. These values as well as the profits recognition over
EUR 3.00 / share will also not be reflected in NAV until the second half of 2018.
Revenues generated from the now finally launched FinLab EOS Europe VC I Fund will have a positive impact on company results, along with the considerable contribution to results from the holdings in Deposit Solutions GmbH.
The management board of the company is also quite satisfied with the development of the rest of the portfolio. Specifically, various financings of existing holdings were able to be successfully concluded at higher valuations than the offering of FinLab AG. The company nextmarkets GmbH in Cologne was able to raise EUR 6 million in the first half of 2018. Kapilendo AG in Berlin likewise successfully closed its Series B financing round at the beginning of July 2018. Authada GmbH in Darmstadt also closed a seven-digit financing round in August 2018.
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech start-ups and providing venture capital for their financial needs, whereas in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
Phone: +49 69 719 12 80 0
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