NEO Finance: Annual information for 2020 and comment on the change in net income

NEO Finance, AB annual information for 2020 and comment on change in net income

NEO Finance AB
Annual information

Attached you will find annual information for 2020 from NEO Finance, AB (hereinafter: the company) – audited financial statements, the management report, the declaration of the persons responsible and the report of the independent auditor.

In the audited annual financial statements 2020, the company’s loss for 2020 amounts to EUR 121.9 K and deviates from the preliminary loss of EUR 4.4 K. This difference is due to the following adjustments:

• Calculated income tax of EUR 52.5 K.
• The investment made by NEO Finance, AB in the amount of EUR 32 thousand in the authorized capital of the subsidiary was devalued. This devaluation was not made in the preliminary results published on February 15, 2021.
• Taking into account the economic situation at the time the accounts were published and possible future payment delays, the company’s dubious debts have been re-evaluated and their amount increased by EUR 20 billion.
• Negative change of EUR 12 million due to additional bookkeeping transactions.

In the audited financial statements, the company’s loss for 2020 amounts to EUR 121.9 thousand and deviates from the forecast published on April 16, 2019 by a profit of EUR 167.9 thousand. The income was achieved in the amount of EUR 77.5 thousand less than planned. The biggest difference, however, resulted from higher than planned operating and distribution costs. The biggest impact was due to the defaulted cost of reclaiming loans. It was planned to incur costs of EUR 172.5 thousand, although there were actually EUR 400.9 thousand.

Aivaras Bielskis

Financial analyst

Email: aivaras.bielskis@neofinance.com

Attachments:

The management report for the year 2020 from NEO Finance, AB, with the declaration of the responsible persons and the audited financial statements.pdf

2020 financial statements of NEO Finance, AB, confirmed by the auditor’s and independent auditor’s report.pdf

Disclaimer of liability

NEO Finance AB posted this content on March 31, 2021 and is solely responsible for the information contained therein. Distributed by the public, unedited and unchanged, on April 02, 2021 07:33:06 UTC.