14.11.2019 MyBucks S.A.  LU1404975507

DGAP-News: MyBucks S.A. Releases Preliminary Unaudited Financial Information


 

DGAP-News: MyBucks S.A. / Key word(s): Annual Results
MyBucks S.A. Releases Preliminary Unaudited Financial Information
14.11.2019 / 17:44
The issuer is solely responsible for the content of this announcement.


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MyBucks S.A. / Key word(s): Annual Financial Statements

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR IN WHICH THE OFFERING OF SECURITIES IS SUBJECT TO REGULATORY RESTRICTIONS. OTHER RESTRICTIONS ARE ALSO APPLICABLE.

MyBucks S.A. Releases Preliminary Unaudited Financial Information

- Group completed turnaround year with a total comprehensive loss of c. EUR55m, predominantly driven by once-off items

- Various restructuring measures successfully implemented (change of management, cost-cutting, sale of non-core entities)

- Debt Recapitalisation will return the Group to positive equity by no later than 31 December 2019

- Further capitalisation measures under way, rights offer planned for 2020


Luxembourg, November 14th, 2019 - Frankfurt-listed digital African banking group MyBucks S.A ("MyBucks" or the "Group") today released preliminary unaudited financial information for the year ending 30 June 2019. Despite recording profitability in most of the banking subsidiaries (Malawi, Mozambique, Uganda, and Zimbabwe) of EUR8.5m, the Group recorded a significant after-tax loss of c. EUR37m on the back of restructuring one-offs of EUR16m, holding Group overhead and financing costs as well as losses in its lending operations (South Africa). The Group further suffered foreign exchange devaluations of c. EUR18m (predominantly from its operation in Zimbabwe), leading to a total comprehensive loss of c. EUR55m for the period ending 30 June 2019.

As a result, the Group's equity attributable to parent position deteriorated from c. EUR7m as at 30 June 2018 to c. (EUR46m) as at 30 June 2019 (combined with minor capital measures). Through the successful Debt Recapitalisation as announced on 26 March 2019, MyBucks will convert over EUR48m of claims into equity and acquire assets of c EUR5m with equity - which will see the Group return to positive equity post the financial year under review. As a result of the Debt Recapitalisation, the debt has reduced from c. EUR108m to c. EUR39m at holding company level (net of financial assets), the Group continues its effort to increase its equity and reduce this debt significantly through asset disposals and debt conversions.

Since the change in management in March 2019 the Group has significantly reduced group and holding company costs (reducing its staff base from over 100 to less than 10) and disposed of its loss-making lending segment (contributing in excess of EUR15m to the Group's financial losses for the period ending 30 June 2019). In addition, 75% of the Group's interest in the Australian operations, MyBucks Australia, has been sold to Skybound. The group is now 100% focused on its banking businesses in Africa (Malawi, Mozambique, Uganda, Zambia and Zimbabwe) that are expected to continue to be profitable for the financial periods ending 31 December 2019 and 31 December 2020.

In the financial year ending 30 June 2019, the Group's key operating subsidiaries continued to grow significantly, even in a situation with very limited access to growth capital - offsetting most of the foreign currency revaluations and maintaining the Group's net loan book in excess of EUR80m. Furthermore, the Group grew its total deposits from customers from c. EUR21m as of 30 June 2018 to c. EUR60m as of 30 June 2019. The Group expects to continue this trend and aims to shift more of its refinancing to customer deposits over time.

Resultant from the items noted above, the Group is on track to return to profitability. The Group however still expects to deliver a loss for the financial period ending 31 December 2019, as the Debt Recapitalisation only concluded close to this period end.

MyBucks CEO Timothy Nuy summarised: "MyBucks has closed a very difficult year, however, with this laid a strong foundation for the future. Through the restructuring measures implemented, the Group now is focused on our profitable banking business with the elimination of excessive head office costs and discontinued loss-making subsidiaries. Key focus area for the future will be the growth of these subsidiaries, whilst addressing the remaining holding company debt."

Debt Recapitalisation

Ecsponent Limited has its shareholder meeting on the 20th of November 2019, for which irrevocable undertakings to approve the Debt Recapitalisation are in place. Following this meeting, the Group aims to complete the majority of the Debt Recapitalisation and release its Audited Financial Statements by 30 November 2019. MyBucks continues talks with other stakeholders to increase the volume of the Debt Recapitalisation and subsequent to the completion of the Debt Recapitalisation, MyBucks intends to engage on the proposed rights offer in 2020 at a ratio of at least 5 new shares per every 1 share currently owned to compensate shareholders for the dilutive effect of the Debt Recapitalisation.

 


Key performance indicators (Unaudited)

Figures in EURm 2019 2018
Statement of Financial Position  
Cash and balances with other financial institutions 13 13
Loans and advances to customers and other loans granted 88 99
Financial investments 59 15
Intangibles and goodwill 18 9
Other assets 25 39
Total assets 203 176
     
Customer deposits 60 21
Financial liabilities 157 120
Other liabilities 31 11
Total liabilities 248 152
     
Parent equity (46) 7
Non-controlling interest 1 17
Total Equity (45) 24
     
Statement of Comprehensive Income  
Interest income 45 42
Interest expense (32) (23)
Net interest income 13 19
Other income and sales expenses 15 12
Impairments of loan book and financial assets (17) (10)
Net operating income 11 21
Operating expenses (34) (23)
Loss before tax (23) (2)
Taxes (4) (2)
Loss after tax from continuing operations (27) (4)
Discontinued operations (10) (4)
Loss for the year (37) (8)
Total comprehensive loss for the year (55) (10)
 

 

ENDS


About MyBucks

MyBucks S.A. is a digital African banking group domiciled in Luxembourg that delivers financial services through technology. MyBucks operates in six African countries through its brands GetBucks, GetSure, MBC, and Opportunity Bank. The Group offers credit, banking solutions and insurance products to customers. The MyBucks product offering enables customers to manage their financial affairs easily and conveniently. Discover more at http://www.mybucks.com

About Ecsponent Limited

Ecsponent Limited is a South Africa-based financial services company. The Company invests in companies that offer a range of niche financial services in South Africa and Africa, offering investment services, credit solutions and enterprise development initiatives. The Company's operating segments include a Credit unit, Investment Services and Equity Holdings. Its Credit segment offers a range of credit solutions that provide the Group with continuous cash flow and liquidity. Its Investment Services segment includes capital raising from retail and institutional investors, as well as wealth and investment advisory services. Its Equity Holdings segment includes longer-term horizon, strategic investments. The Group operates in Botswana, Eswatini, Zambia, Zimbabwe and in five provinces in South Africa.


Contact:
info@mybucks.com

Important Notice:

This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase or subscribe securities of MyBucks S.A. in the United States, Germany or any other jurisdiction.

This publication is not intended, either directly or indirectly, for dissemination or distribution to the USA or within the USA (including its territories and possessions, a U.S. federal state and the District of Columbia) and may not be distributed or forwarded to 'U.S. persons' (as defined in Regulation S of the U.S. Securities Act of 1933 in the applicable version ('Securities Act')) or to publications which are widely available in the USA. This publication does not constitute an offer - or a request to issue an offer - to buy or acquire securities in the USA, nor is it part of such an offer or request. The securities are not and will not be registered in accordance with the provisions of the Securities Act and may only be sold or offered for purchase in the USA with prior registration in accordance with the provisions of the Securities Act in the version currently applicable or, in the absence of prior registration, if an exemption is granted. MyBucks S.A. does not intend to make a public share offer in the USA.

Subject to certain exceptions under applicable securities laws, the securities referred to in this publication may not be offered or sold in Canada, Australia or Japan or to, or for the account or benefit of, any national, resident or citizen of Canada, Australia or Japan.

No action has been taken that would permit an offering of securities or their subscription or the distribution of this publication in any jurisdiction where such offering, subscription or distribution is prohibited. Persons who obtain this publication are required to inform themselves about potential restrictions and to observe any such restrictions.

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of MyBucks S.A. and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described herein due to factors affecting MyBucks S.A. such as, among other things, changes in the general economic and competitive environment, capital market risks, currency exchange rate fluctuations and competition from other companies, and changes in international and national laws and regulations, in particular with respect to tax laws and regulations. MyBucks S.A. does not assume any obligation to update any forward-looking statements.

The information contained in this publication is for background purposes only and does not purport to be full or complete. No reliance may be placed, for any purpose, on the information contained in this publication or its accuracy or completeness. The information in this publication is subject to change.

Neither the bank nor any of their directors, officers, employees, advisers or agents accept any responsibility or liability whatsoever for or make any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this publication (or whether any information has been omitted from the publication) or, with limited exception, other information relating to MyBucks S.A., its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and independent from how it was transmitted or made available, or for any loss in any way arising from any use of this publication or its contents or otherwise arising in connection therewith.



14.11.2019 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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Language: English
Company: MyBucks S.A.
9 rue du Laboratoire
L-1911 Luxembourg
Luxemburg
Phone: +352 2088 2123
Fax: +27 86 537 2010
E-mail: info@mybucks.com
Internet: www.mybucks.com
ISIN: LU1404975507
WKN: A2AJLT
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange
EQS News ID: 913595

 
End of News DGAP News Service

913595  14.11.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019 2020e
Umsatzerlöse1 12,98 31,29 36,25 55,79 21,01 12,77 0,00 0,00
EBITDA1,2 4,56 11,14 11,08 13,93 -2,30 -21,98 0,00 0,00
EBITDA-Marge3 35,13 35,60 30,57 24,97 -10,95 -172,12 0,00 0,00
EBIT1,4 4,56 11,14 11,08 11,41 -2,30 -21,98 0,00 0,00
EBIT-Marge5 35,13 35,60 30,57 20,45 -10,95 -172,12 0,00 0,00
Jahresüberschuss1 2,18 3,34 -1,88 -13,04 -8,19 -36,11 0,00 0,00
Netto-Marge6 16,80 10,67 -5,19 -23,37 -38,98 -282,77 0,00 0,00
Cashflow1,7 -7,46 -16,95 -6,56 -28,34 -25,06 -27,25 0,00 0,00
Ergebnis je Aktie8 0,20 0,30 -6,45 -1,10 -0,59 -2,23 -0,35 -0,09
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2018 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
MyBucks
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2AJLT 0,067 5,14
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 0,00 0,000 -0,06
KBV KCV KUV EV/EBITDA
-0,12 - 0,40 -0,23
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
0,00 0,00 0,00 31.01.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2020 17.12.2019
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-56,21% -81,71% -91,79% -92,47%
    
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