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Latvian financial service company AS DelfinGroup has prevented the origination of 10 793 tons of additional carbon emissions by rendering circular economy services. As a result, according to the second sustainable corporate governance or ESG report released by AS DelfinGroup, the company has covered the carbon emissions of 2955 individuals in Latvia. The total amount of carbon gas emissions in Latvia is 3,59 tons per capita.


The newly released ESG report shows that AS DelfinGroup’s climate-positive handprint exceeds its created footprint 56 times. It is of utmost importance for the company because Banknote represents the active development of the circular economy business segment. Banknote network has taken one of the leading positions in Latvia as a trade channel for used and little-used goods helping the population to trade items they no longer need. Repeated use of products is one of the most effective ways to reduce overconsumption and excessive exploitation of natural resources. It corresponds to one of the aims of the European Green initiative – to reduce the amount of waste and extend the lifespan of products.


Chairman of the Board of AS DelfinGroup Didzis Ādmīdiņš: “The current ESG report is the first one since our company is being listed on Nasdaq Riga exchange. Looking back, it is obvious that 2021 has been equally the most significant and the most challenging year in the history of the company. We successfully carried out the initial public offering (IPO) and attracted investment along with almost 6000 new investors. We continued to finetune our corporate governance and the management team. Last year two fintech professionals, Aldis Umblejs and Sanita Zitmane joined the Management Board, and their knowledge will advance the long-term growth of the company. At the beginning of 2022, the Supervisory Board approved the updated strategy for the period of 2022 – 2024 which focuses on four main areas of growth – retail lending, brunch network and customer service, services of circular economy, and new technologies. We expect AS DelfinGroup to strengthen its market position in all these segments and the next three years will be the most successful in the history of the company.”


According to ESG report, AS DelfinGroup is engaged in employee wellbeing, improvement of the work environment, and education. The company employs more than 300 people and according to the surveys, 93% of them are satisfied with their workplace.


The high standards of AS DelfinGroup’s corporate governance and social responsibility are appreciated also by government institutions and social organizations. AS DelfinGroup is one of 76 best-governed companies in Latvia to receive a Golden level status in the cooperation program with the State Revenue Service. In addition, the Corporate Governance Advisory Council last year awarded AS DelfinGroup for the most successful selection of the Supervisory Board. Three out of five Supervisory Board members are independent business professionals, which is still a rather uncommon management practice locally.


In terms of raising capital AS DelfinGroup continues its diversified strategy, which allows the company to raise new financing on more favorable terms. The capital structure of the company comprises of equity (37%), bonds (24%), and capital raised through Mintos peer-to-peer investment platform (39%). More than 64 thousand investors from 107 countries have invested in the company using the Mintos platform. The capital raised last year provided for a significant reduction in the total financing cost. At the end of October 2021 the company redeemed bonds in the amount of 5 million euros issued in 2016 with a coupon rate of 14%, and in November – bonds worth 5 million euros issued in 2019 with a coupon rate of 14%. In addition, bonds worth 3,5 million euros with a coupon rate of 12% were redeemed in December. In turn, the issuance of bonds in the amount of 10 million euros was completed in May 2022, with a coupon rate of just 8%.


The stable growth in business has encouraged AS DelfinGroup to more engage in various social projects and activities. AS DelfinGroup continues supporting senior citizens as well as the younger generation by actively collaborating with the Latvian Seniors Association and Children’s Clinical University Hospital. In 2021 AS DelfinGroup has supported various charity initiatives in the amount of 99,9 thousand euros. Moreover, at the beginning of 2022 the company donated 200 000 euros in support of Ukraine.


AS DelfinGroup ESG report is available on the company's website


About AS DelfinGroup

AS DelfinGroup is a licenced technology-based financial services company that was established in 2009 and operates under the brand names Banknote and VIZIA. The company continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), as well as sale of pre-owned goods both online and at more than 90 branches across Latvia. On average, 35 thousand loans are issued every month and serviced by the professional team of more than 300 AS DelfinGroup employees. The company has a total of over 400,000 registered customers. Since 2014, AS DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and since 2021 as a share issuer on the Baltic Main List. The company’s IPO in 2021 attracted almost 6000 new shareholders. The company regularly pays dividends to its shareholders. In 2021, the company's net loan portfolio grew to EUR 43 million, while its EBITDA reached EUR 10.2 million, with profits before income tax for dividends EUR 5.2 million. The company’s sustainability is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy. The company has been profitable every year since 2010.


For further information, please contact:
Aldis Umblejs,
AS DelfinGroup Chief Financial Officer
Phone: +371 26189988
E-mail: [email protected]

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