NEO Finance AB: NEO Finance, AB annual information for 2020 and commentary on the change in net result

Please find attached annual information for the year 2020 of NEO Finance, AB
(hereafter - the Company) - audited financial statements, the management
report, the statement by the responsible persons and independent auditor's
report. 

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

  -- Calculated income tax that amounted to EUR 52.5 K.

  -- The investment of EUR 32 K made by NEO Finance, AB in the subsidiary's
     authorized capital was devalued. In the preliminary results published on
     15-02-2021, this devaluation was not made.

  -- Taking into account the economic situation at the time of publication of
     the statements and possible payment delays in the future, Company's
     doubtful debts were re-evaluated, and their amount was increased by EUR 20
     K.

  -- EUR 12 K negative change due to additional accounting transactions entered.


In the audited statements, the Company's loss for 2020 amounts to EUR 121.9 K
and differs from the forecast published on 16-04-2019 by EUR 167.9 K. profit.
Revenues were collected in the amount of EUR 77.5 K less than planned. But the
biggest difference came from higher-than-planned operating and sales costs. The
biggest impact was due to defaulted credits recovery costs, it was planned to
incur EUR 172.5 K costs, when in fact there were EUR 400.9 K. 



Aivaras Bielskis

Financial analyst

E-mail: [e-mail]

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