Loans disbursed, number

6 550

20 600

39 200

57 500

75 000

Value disbursed

30.9

109.8

227.1

353.5

480.0

Average loan size, rand

4 718

5 330

5 793

6 148

6 400

Term share by value

32.0%

42.6%

49.1%

53.5%

56.3%

Interest income

3.9

14.5

30.6

48.4

66.3

Initiation fees

3.1

10.2

20.2

30.5

40.6

Monthly service fees

1.9

6.7

13.5

20.7

27.9

Credit life commission

0.1

0.6

1.5

2.6

3.6

Total revenue

9.1

32.0

65.9

102.2

138.5

Fee income share of revenue

55.2%

52.7%

51.2%

50.1%

49.5%

Credit losses

(5.1)

(15.1)

(26.7)

(41.2)

(55.6)

Credit loss rate on disbursements

16.47%

13.72%

11.77%

11.66%

11.59%

Variable costs

(2.7)

(7.5)

(12.4)

(16.3)

(19.7)

Fixed operating costs

(11.0)

(16.2)

(21.6)

(26.2)

(30.0)

EBITDA

(9.8)

(6.8)

5.1

18.5

33.2

Depreciation

(1.3)

(1.3)

(1.3)

(1.3)

(1.3)

Interest expense

—

(2.4)

(3.1)

(5.8)

(14.2)

Taxation

—

—

—

(0.6)

(1.6)

Profit / (loss) after tax

(11.1)

(10.5)

0.7

10.8

16.0

Cumulative profit after tax

(11.1)

(21.5)

(20.9)

(10.0)

6.0

Operating cash flow after tax

(8.6)

(6.0)

6.0

18.6

32.1

Investment in the net loan book

(12.4)

(38.4)

(63.8)

(74.6)

(77.4)

Closing cash

17.5

5.0

5.0

5.0

5.0

Gross loan book

13.2

54.0

121.9

201.3

283.6

Net loan book

12.4

50.8

114.6

189.2

266.6

Total assets

35.1

59.7

122.2

195.5

271.6

Senior debt drawn

—

34.3

10.2

72.0

131.5

Shareholders’ funds

33.9

23.5

109.1

120.0

136.0

Gearing

—

59.4%

8.6%

37.5%

49.2%

Headcount

14

22

31

39

45