Stockholm, Sweden- Tessin Nordic AB (publ) (NASDAQ: TESSIN)- Tessin’s Interim Report for Q2 and Q1 2021 is published. Significant events during the financial year includes increased net sales and a listing at NASDAQ First North Growth Market.

“The higher demand and growth in the financing solutions we offer via our platform affects our net sales, which grew by 20 percent during the quarter. We achieved higher sales and brokered more loans than in any previous quarter.” says Heidi Wik, CEO of Tessin Nordic Holding AB (publ.).

April–June 2021

  • Net sales rose by 20 percent to SEK 13.3 million (11.1).
  • EBIT excluding items affecting comparability (Adjusted EBIT) was SEK -2.4 million (0.4). This excludes costs of SEK 59.2 million related to the Tessin IPO, which include a non-recurring profit and loss item of SEK -57 million required under accounting rules for reverse takeovers. The effect on profit and loss does not affect cash flow and is only an item for accounting purposes.
  • EBIT including items affecting comparability amounted to SEK -61.7 million (0.4).
  • The loss after tax for the quarter was SEK -61.2 million (0.2).
  • Basic and diluted earnings per share were SEK -1.73 (0.00).
  • The value of brokered loans rose during the quarter by 83.0 percent to SEK 332.6 million (181.7).

January–June 2021

  • Net sales rose by 9 percent to SEK 19.7 million (18.0).
  • EBIT excluding items affecting comparability (Adjusted EBIT) was SEK -10.2 million (-8.5). This excludes costs of SEK 60.2 million related to the Tessin IPO, including a non-recurring profit and loss item of SEK -57 million required under accounting rules for reverse takeovers. The effect on profit and loss does not affect cash flow and is only an item for accounting purposes.
  • EBIT including items affecting comparability amounted to SEK -70.4 million (-8.5).
  • The loss after tax for the period was SEK -69.4 million (-7.9).
  • Basic and diluted earnings per share were SEK -3.12 [-0.001].
  • The value of brokered loans rose during the period by 55.6 percent to SEK 475.9 million (305.8).

Significant events during the period

  • Tessin executed a fully subscribed share issue in April that raised capital of SEK 38.5 million before transaction costs for the company.
  • Tessin Nordic Holding AB (publ) was listed on NASDAQ First North through a reverse takeover via Effnetplattformen AB.
  • A new board of directors was appointed by the annual general meeting of shareholders in Tessin Nordic Holding AB (publ) held 21 May. The board is composed as follows: Eva de Falck (chair), Alexander Molander, Katrin Lindahl Wallin, Pär Roosvall and Jonas Björkman.
  • Heidi Wik took over as President and CEO on 1 June.
  • Tessin Services was launched. Tessin Services is a loan agency business whose purpose is to streamline the lending process and reinforce continuity and peace of mind for members of the Tessin platform. The business is also expected to contribute significant ongoing revenues.
  • Tessin Services closed two new loan agent agreements during the period.

More financial information about Tessin is available in the attached Interim Report.

Contacts

Thomas Ahlerup
Head of M&A, Investor Relations and Strategy
Tessin Nordic Holding AB (publ.)
+46-768966300 
ir@tessin.se

About Us

Tessin was founded in 2014 and is now a leading Nordic digital investment platform in the property financing segment, in terms of brokered capital. Tessin has more than 56,000 registered members on the platform. The business is based on a proprietary digital platform that links property developers seeking loan financing with investors seeking exposure to a high-return asset class with balanced risk and backed by collateral, primarily property mortgages.

At present, Tessin primarily offers construction and bridge loans to small and medium-sized property companies and property developers. The loans are funded through the Tessin platform by a syndicate of private, professional and institutional investors who are given the opportunity to invest in secured real estate loans with attractive yields. Tessin currently operates in Sweden and Finland. Since its founding, the company has brokered about SEK 3.0 billion in financing to more than 290 different real estate projects. This has contributed making the building of around 5,000 residential units, as well as numerous commercial spaces and public buildings, a reality. Since the beginning, the equivalent of around SEK 2.0 billion has been repaid to platform members and the average annual return has been 8-9 percent.

Visit our website to learn more about Tessin.

Financial information about Tessin is available online at Tessin Investor Relations.

FNCA Sweden AB is the Certified Adviser to Tessin. Tel +46 (0) 8 528 00 399 Email info@fnca.se

This information is information that Tessin Nordic Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-07-20 08:30 CEST.

Image Attachments

Image: Christian Gustavsson

Attachments

Interim Report Q2 2021

© Modular Finance, source Nordic Press Releases