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Good morning. Welcome to the Multitude H1 2021 Earnings Call. For the first part of this call, we will hear a presentation regarding H1 by the group's CEO and CFO. And afterwards, there will be a question-and-answer session. [Operator Instructions]I would now like to hand over to Multitude's CEO, Jorma Jokela; and CFO, Bernd Egger. Go ahead, gentlemen.
Good morning, everybody. What an amazing morning. My name is Jorma Jokela, I'm the CEO and the Founder of Multitude. And today, I will go through with Multitude's first half year result in 2021 with my colleagues and Mr. Bernd Egger. I hope that many of you have had the opportunity to look at the Multitude -- the second Capital Market Day presentation, what was held in the eighth of June. We relaunched our new strategy and the new group name Multitude. On the same time, we choice metaphor as a planet builder space to describe Multitude new strategy and [ planets ] are present, our business unit or tribes how we real life call them. We like to take a liberty to use the same metaphor today and all our few presentations as well. I have to say the personal that it was a huge honor to be the 16-year CEO of Ferratum Oyj and achieved with the team remarkable milestones. But at the same time, I'm so proud Multitude. Who we are, how we've done this transformation, people, competence, our offers to customers and, of course, our future plans as well. Multitude vision, we want to build the most valued financial ecosystem. And our mission is based idea that we want to democratizing amazing financial service through digitalization, making them easy, fast and free. We are natural to customer experience, technology and data is middle of everything. Spaceship is launched in the financial universal and we are middle of this digital financial revolution. But let's go to look more inside of our spaceship. So this is our view from space cockpit through our financial universe. If you really want to know more how -- the more detail how we use this spaceship, I really recommend go to look at our Capital Market Day videos and the presentations, what you can find from our website, multitude.com at Investor Relations. I really recommend. It's very, very entertainment, and it's very informative as well. Let me present our 3 planets very shortly. The newest and smallest planet, SweepBank, you can find on the left lower corner. The middle one, you can find our SME Planet, CapitalBox; and the right upper corner is our biggest and oldest planet, Ferratum. On the SweepBank planet, we focus the customers the digital financial solution for online shoppers and consumers with planned financial need. We offer the flexible digital installment flows, Mobile Wallet and payment solution up to EUR 30,000 within minutes. Personalized offers and third-party solution in one app as well. The CapitalBox planet, we service the customer, SME customers who are underserved. We offer them flexible digital working capital up to EUR 350,000 on the same day. And the Ferratum planet, we serve consumers with unplanned financial needs. We offer digital credit limit and small loans up to EUR 4,000, fast and convenient, pure end-to-end digital process. All planets have independent strategy and resource, ownership about the customer journey and full P&L responsibility. And to cater, they're building a strong network effect with unique [indiscernible]. On Multitude's spaceship, we support the planets with confidence development technology, data platform and banking as a service and many other things as well to supporting them to growing, becoming the bigger and bigger planets. But let's go to look the more detail how the first 6 months performance -- our spaceship point of view look.Here you can see Multitude dashboard for the H1 2021. Left upper part, you can see that this post-COVID tools impact really positive in all our planet's loan demand and payment behavior is well under the control as well. A little bit under the planet, you can see the space center, what is going around our planets. This demonstrates our thinking to take care of our all own people and future talents as well to come shareholder and benefits the positive share price development on the future as well. Middle screen, left hand, you can see our low-cost level and right hand, increased energy level or what is the real life is in the equity ratio or equity level. When July, we increased EUR 50 million equity to support the future [indiscernible]. Financial dashboard, you can find the right-hand screen. Sales was EUR 104.5 million; net profit, EUR 2.4 million and lending portfolio grow to over EUR 412 million. What is very interesting, EBIT growth over 30% and it was EUR 13.1 million. And even at the same time when we increased the marketing investment from EUR 4 million to EUR 6.6 million on the Q2 to support our end of the year, the growth. When we look to going forward, we will focus -- we are very confident with our guidance. We are -- we implement our new strategy. We're exploring the new opportunities. And we want to bring ESG in the middle of our culture and activities. But let's look closer to each planet. SweepBank planet. We launched in May, new brand, SweepBank to focus the own customer segment. So this is a really, really new brand just a few months old. Today, we operate in the 4 countries with lending and lending portfolio is at 4x higher as last year. And I personally think this is the very strong evidence, our successful business model and concept. We launched the wallet in Finland. And today, it works in 2 countries in Finland and Latvia. We naturally look into new countries there as well, but we're doing this step-by-step and profitability way. We launched shop and save feature to reward our active customers to gain the interest rate from current accounts. Revenue have over doubled from last year to be the EUR 3.6 million and EBIT was minus EUR 9.5 million. What is very important to understand about the SweepBank business logic that our customer lifetime is really strong or unit-level profitability, how we call that as well. But portfolio growth this comes to first, then comes to revenue and after that, comes to profit. So there is a timing element, what we have to understand here. When we look in the going forward, with SweepBank planet, we explore the new product and countries like Denmark, you can see here the picture, the right upper corner that there is a one -- small spaceship is coming in our SweepBank planet. We improved our wallet, the features and customer experience, and we continue to deliver the strong lending portfolio growth. Let's go to look the CapitalBox planet. Portfolio is back to growth mode. June, we see the strong loan sales. Lithuania portfolio is interpreting our securitization instruction to reduce our funding costs and capital books. Brand-building initiative kicked off this week to cooperation with several athletics, example the 2 Olympic winners, Armand Duplantis and Daniel Stoll. And we have to understand that CapitalBox planet is around the 5 years old, knowing before the Ferratum business as a name. But the last year, May, we decided to change the name, the CapitalBox and keep this customer segment the own unique brand and customer experience. And with this new trend, we want to support our digital marketing to investment more branding and for future growth as well. On the right hand, you can see the revenue, it was EUR 11.2 million and EBIT EUR 0.4 million, and net AR, EUR 71 million, back to growth mode. When we look the CapitalBox going forward, we continue exploring the new product. What is to really -- where we see the lots of interesting opportunities, improve the new customer on quadrant that make the customer even easier and faster to come to our customer and use our service. And then the last one, we launched into self-service tools, what practically improve the customer experience and operational efficacy. When customers can over the internet and application to do lots of things themselves. Our last planet, Ferratum planet. This is our biggest and oldest planet, and it's still continued performance really, really strong. We have an all-time high loan sales in several key markets in May and June. Romania lending business, we migrated under the bank, and this has reduced our funding growth. Over 20%, we see the increased usage of our self-service tools, but naturally increase our efficient and customer experience as well, user experience. We see the increased customer lifetime value in Brazil and Denmark through our process and underwriting improvements. Revenue was around the EUR 90 million and EBIT over EUR 20 million. Net AR, around EUR 280 million and back to growth mode. Going forward, we naturally looking -- we naturally see that the similar customer lifetime value increased opportunity, what we see in Brazil and Denmark, we will see in the future in the other countries as well. We look at the credit limit product rollout. We're exploring the new country opening in this planet as well. We really hope that you like our new strategy as much I and our team, and we like together that. But I think it's time to point to look our numbers in more detail, and I want to hand over to Bernd Egger and our CFO.
Yes. Thank you very much, Jorma. Good morning, everybody. My name is Bernd Egger. I'm Multitude's CFO, and I'm glad that I can provide you an overview and financial overview of the first 6 months of the year. In fact, I think I can summarize by highlighting 2 key messages. One is revenue, the other one is profitability. From a revenue perspective, we have achieved the turnaround during the first half of 2021 already. You might recall the financial guidance that we have given on the Capital Markets Day, the intention was and also the guidance was that we expect revenue to grow on a quarter-to-quarter basis during the second half of 2021. Now we have achieved that already in Q2, in comparison to Q1 2021. In number terms, this means whereas we had EUR 51.9 million revenue in Q1, we are now at EUR 52.6 million in Q2, totaling at EUR 104.5 million, which still is a gap of 13.7% compared to the previous year, but the gap is narrowing down. And I think the positive trend is really something that needs to be highlighted at that point. Secondly, from a profitability perspective, we've shown a very strong earnings before interest and tax, especially in the second quarter, EUR 5.4 million in Q1, EUR 7.7 million that equals to a EUR 13.1 million EBIT in the first 6 months, and that is an increase of almost 32% compared to the previous year. Now what are the key drivers for that. One, as briefly elaborated on the stabilization, in fact, the starting increase of revenues; secondly, the very solid credit quality. We come to that in a couple of minutes, but I can already state that the credit quality is still high. The underwriting processes have improved. We've made a lot of progress over the last 1.5 years in that respect, and that now pays off continues to pay off. Thirdly, operational expenses are very focused on marketing, on initiatives to support growth, but operational expenses in total are very well under control. On top of that, I would like to highlight that we have released EUR 1.4 million out of the EUR 7.8 million macroeconomic onetime impairment that we built in Q1 2020. Simply due to the fact that on the one hand side, the payment behavior proved to be extremely strong over the last 1.5 years; and secondly, also taking into consideration, factoring in the macroeconomic forecast support a release of EUR 1.4 million. And by the way, it is a technical information but might be of interest as well. We have, over the last year, established a second macroeconomic holder correction model, which is much more sophisticated in both models support that, and with releasing EUR 1.4 million with active conservatively and prudently. From earnings before tax perspective, first half year positive at EUR 4 million. Net profit also positive at EUR 2.4 million and maybe also worth mentioning, financing costs down by EUR 2.3 million in the first half year compared to the first half year 2020. On the next slide, we can take a short look on the balance sheet. Key messages here are the balance sheet structure is very solid; and secondly, that in itself supports future growth. What do I mean by that? Total assets increased by 13.3% to EUR 765 million. The key driver, obviously, is the increase in the loan portfolio. The loan book increased by 14.4%, EUR 413 million compared to year-end 2020, which is a quite significant increase. Again, key driver here is a quite substantial increase in loan portfolio, especially in the SweepBank offering. From a second driver, from an asset perspective, cash plus 14.2% stands at EUR 270 million. Key driver, obviously, is going to be also going forward. Deposits, so we have a solid cash base for future growth of in the second half of '21 and beyond. From an equity and liability perspective, equity up by EUR 2.2 million to close to EUR 128 million, more precisely EUR 127.7 million. Deposits for the reason that I just highlighted increased to EUR 429 million. Interesting for bondholders net debt equity ratio stands at 2.87, which is also very solid given that we have a 3.5 net debt equity covenant that means we have room to grow going forward. And it's also important to understand that this 2.87 does not include the incremental equity that we raised from the hybrid transaction that we closed earlier this summer. We'll come to that in a minute. Let's have a short look at the segment perspective on the next slide. The second perspective is actually, if I may say so an improved perspective. Why? For 2 reasons. Firstly, we have introduced a segment structure improved segment structure that perfectly in line the management structure and the organizational structure with the segments. From that perspective, it's not super simple. We have 3 segments. Ferratum, CapitalBox, Sweep and those match perfectly well the organizational and managerial structural, Jorma almost highlighted, the full P&L responsibility for the respective tribes or planets and that is now also reflected in a separate segment P&L. Secondly, in the process of refining and established this improved segment reporting, we also refined the cost allocation from a legacy cost allocation, which predominantly used to be key based with revenue being the key allocator to the respective products. We now have implementing a system of direct cost allocation. The benefit for investors to benefit for all stakeholders is an improved quality of P&L information. Very briefly on the 3 segments. Ferratum revenues picking up close to EUR 90 million, very solid underwriting performance with impairments of less than EUR 27 million, which is equivalent to 30% of revenue, which is really very strong KPI. So very solid underwriting and also I have to say collection performance and increasing operational excellence. Jorma briefly pointed out that we've seen increase, for example, of 20% in the utilization of self-service tools. So here, the focus is really to accelerate on optimizing on creating even more efficient processes. And the combination of those factors is reflected in a very strong profitability in Ferratum planet with an EBIT of EUR 22.2 million for the first 6 months, which is considerably above the previous year's level. On CapitalBox, we see a step -- a process of step-by-step rebuilding, building up the portfolio. We'll see that also on the next slide that we are increasing actually in all 3 trends from a portfolio perspective. Also in CapitalBox with very high credit quality. We have a focus on top quality in terms of credit quality, operational expenses. This is a characteristic element of CapitalBox business in itself, very high efficiency, high level of automation, which obviously pays off and will also support profitability when we are scaling the business. Well, I have to highlight this, that obviously, marketing expenses have increased a bit in CapitalBox due to the fact that we are pushing for growth. But still CapitalBox team managed to achieve a slightly positive operating profit with an EBIT of EUR 0.4 million. In the SweepBank offering, that is something I really would like to highlight. We've been talking over the last couple of quarters and informing you about the process of building our portfolio, but it didn't really pay off yet in terms of revenue generation. That is not about to change. We have more than doubled revenue in the SweepBank offering from EUR 1.6 million to EUR 3.6 million in the first 6 months, which is an increase of 124%, which we think is really remarkable. That is equivalent to portfolio growth factor [indiscernible]. And the focus also going forward is on expansion in the SweepBank tribe. On the next slide, as briefly indicated already, a little bit more information on how the portfolios behave, how the tribes behave both from a portfolio and from a revenue composition perspective. On the left-hand side, the inner circle represents loan portfolio, the composition of the loan portfolio in the first half of 2021. The inner circle on the right-hand side represents the composition for the first half 2020. So what is very apparent is that we see the massive increase in the portfolio size of the SweepBank tribe. That is the key message number one. Key message number two, is that essentially all portfolios are back to growth mode. Ferratum increased from EUR 252 million to EUR 280 million. CapitalBox from EUR 66 million to EUR 71 million. Still market growth, which is also reflected in the revenues, but it's important for us to really make sure that we grow in a risk-sensitive way and SweepBank offering, I've referred to that already from [ EUR 60 million ] to EUR 62 million. In terms of revenue, that is represented by the ring around the circle, both again for '21 and '22. We see an increase in relative terms. The contribution of the new business, the new planet at the very young one, SweepBank; and the also quite young one, CapitalBox is increasing. On the next slide, I would like to briefly touch upon asset quality. This is essentially the same information we have provided over the last couple of quarters since we have a clear intention of familiarizing yourselves with the progress we're making in terms of asset quality, underwriting collection, but also obviously, there's an impact from the composition of the portfolios. We measure the asset quality here as loan impairments over net accounts receivable. On this chart, you see a clear downward trend, downward trend in this case means lower impairments over portfolio size, which means higher asset quality. Payment behavior has supported this development over the last 1.5 years, which we have highlighted essentially, but you can see that the trend as such continues for more than 2 years now. And as already mentioned, the macroeconomic outlook has improved quite substantially, hence to release the moderate release of EUR 1.4 million, which is also highlighted in this chart, but also without taking into consideration the release of this EUR 1.4 million. The asset quality would have been excellent, so we do not need the releasing ones to show very high asset quality also for Q2 2021. Let us, on the next slide, have a very short look on the funding structure. That has not changed much over the 6 months in 2021, so a very stable funding structure. However, we see the shift, and that is basically the strategy that we also tried to bring across over the past. We see a shift towards increasing the deposit funding, increasing the utilization of deposit funding. We have 2 bonds outstanding expiring in 2022 and 2023, and also something that we are glad to see. Both have seen a value increase both are trading to path bar now. And I think that this is going to be helpful and supportive in future capital markets transactions. And that, in turn, is also the increase in deposit in turn, also reflected in further decreasing weighted average cost of debt funding and now that's 2.11% compared to 2.5% last year and 3.25% in the year before. So so much on that funding. To conclude, I would like to give you also an update on equity-related topic on the next slide. We have announced on the Capital Markets Day that we have the intention of raising EUR 30 million to EUR 50 million of IFRS equity via perpetual bond. We have placed the full amount of EUR 50 million successfully in July. We are paying a coupon on Europe of 8.9%. We've also bought back around EUR 35 million of outstanding debt instruments. As we've highlighted in the past, this is not a transaction that is driven by need of cash, paid of liquidity, but in order to supplement the equity base for future growth. And obviously, it qualifies as equity and will, therefore, support future growth. With that, I would like to hand over to Jorma again, and thank you very much for your attention.
Good. Thanks, Bernd. Thanks, Bernd. I hope you can hear me. So I want to shortly to take a key takeaways from today, our first 6 months and result publication. And I think the first key takeaway , what I want to leave all of you on this call that we have launched as a new Multitude strategy and trend. This is just like a few months old, and we are just speaking of the -- our story. We have returned the revenue growth quarter-on-quarter. We have really solid over the performance in H1, the reaching the EBIT in the EUR 30 million and what's important that our cost and the credit loss are well under control. The fourth one is what Bernd just explanation is we successfully delivered [indiscernible] placement and improving our group equity in EUR 50 million. And then the last one, I think a key takeaway, all of you is that the group is commitment to return the profitability growth and we project that EBIT growth of 50% per annum in 2022 to 2024. Good. So like a -- that's a 5 key takeaway, what we really want to leave for you on this call. And I think we are ready to questions.
[Operator Instructions]
Good. There is already coming to few question, and I think on the chat. And Bernd, maybe we can a little bit split those questions. Maybe I can start with -- maybe I can start first question, what was coming here, Mr. Stefan [indiscernible].And the question is, "I was a little bit negatively surprised about..." Okay. Maybe I have to start the beginning. "Thank you for your effort and delivered the quite good figures in the Q2 '21. My first question, I was a little bit negatively surprised about in the low increase in net AR in CapitalBox. Q1 versus Q2, only EUR 0.5 million increase. Why is that? And can we expect a much higher growth rate in the second half of this year?"And a short answer here is that when we look in the SME business, there is -- we have to understand a little bit logic there what was happening. The first one, we can see that the loan demand have -- on the base of the Google shares and the SME company is interesting, what's been pretty stable. However, we have been a little bit more selective there because we want to grow the portfolio careful, and we want to be sure that we want to understand the business well that which business suffering and how much there. And that's the reason why we have been very selective there as well. And we can see this that our approval rates have a little bit coming down. So we did not approve to so many loans, what we have approved in the previous period example. Additional, we have to understand that the SMEs all over our countries, they have quite many of those have a benefits the government supports and the real funding -- working capital one funding needs, it's coming ahead there. I think it's -- I think it's -- we -- about the future, I think I don't want to give too much guidance here. It's about the future. We don't want to kind as the tribe level at least today yet. But let's push in that way that we are a very positive view on the CapitalBox future growth as well. Good. So that's the first question. Then the second question is, "How is the payment behavior developing during Q3? Any negative development?" That's coming from Stefan [indiscernible] as well. Bernd, you want to answer or comment to that one?
Yes, yes. Absolutely. I think the question relates to Q2 rather than [indiscernible] -- Q3. The payment behavior, the trend to positive trend has not changed. We still see the strong payment behavior throughout the full first half of the year. And that is also reflected in improving asset quality. So the decreasing impairment of net accounts receivable. So no, nothing negative to report in that respect. And may be -- I think there was another question that Mr. [indiscernible] raised. If now somebody else raised maybe I can also take that and combine those 2, if you're okay. "The impaired loan coverage ratio decreasing to 27% compared to 30.5% in 2019. What is the reason for that?"Thus, it reflects the expectation of higher credit quality in the future. That's a very good question in the sense that essentially, there are 2 questions. One is why it's going down. And second one, our view on the future. Why is it going down? I think there are 2 main drivers. And again, that is reflected in this asset quality slide. One is the fact that we are continuously improving the underwriting skills. So the importance of data science increases basically gradually, and that has a positive impact on our ability to even further improve the underwriting skills. And secondly, we see a -- we don't see. We actually managed to implement a very clear focus on higher credit qualities. We have -- if you recall, discontinued lending in markets where we're not so happy with the credit performance. We've done that beginning of 2020. We are focused a lot in the Ferratum business on credit limit, which helps a lot from the perspective of understanding the behavior of clients, which has a positive impact on the credit quality. In the Ferratum, which -- seen has improved significantly. And secondly, we -- from the perspective of new business, one of the key driver in terms of portfolio size is the SweepBank offering, which is focusing on planned financial needs, which is to be understood as higher -- also lower yields to a certain extent, but also higher credit quality. And the combination of those factors bring the coverage ratio down. To the question on what we expect for the second half going forward. We don't want to make specific -- give guidances for impairment levels, but I think we are on a good track in that respect.
Good. And there is a question from [indiscernible] about 2021 EBIT guidance. Do you want to -- Bernd, take this as well here?
Yes, absolutely. We have given for 2021. And I would like to also put it in the perspective of the strategic guidance that we have given. For 2021, we've given an EBIT guidance of EUR 20 million. But we have done that in combination with an EBIT guidance for the period for 2022 to 2024, which essentially is fairly easy to explain. We've -- we're planning to achieve a 50% EBIT increase per year for the period from 2021 to 2024.
Good. Good. Then we have a question from -- there is so many questions. I try to look in the chat here. There is a question from the -- "Domestic sales in the H1 report means Finland, yes, that's true. And why is the revenue development in Finland quite fat with higher decrease versus last year? And related to Finland lending business, this is the mainly -- in Finland, we have a 2 different -- or we have 3 different businesses there. We have -- we have a CapitalBox lending business. We have a SweepBank lending business, and we have the Ferratum business there as well. So we have 3 different businesses there. And based in the Finland, there is -- during the corona time, the government have an introduction the interest rate cap. What was the impact for the Ferratum planet, the credit limit revenue. And that's the mainly where we can see the impact for that revenue decrease there. But like you can see the Ferratum planet level, we have a really nicely compensate this in the other countries. So team have been doing a really, really great job for that one. Good. Bernd, do you want to comment about these other receivables?
Other receivables, yes. "Can you please explain the other receivables balance sheet position? What is included therein?" There is basically -- there are 3 elements in that. One is the classical day-to-day receivables; number two is receivables from forward flows and portfolio sale transactions, which in the case of H2, also explains a bit why it has increased over the previous year from EUR 15 million to a little bit more than EUR 20 million. Which, by the way, we do not foresee to be a trend, but just a little bit of a short-term volatility rather. And the third element is deposits that we hold related to hedges and to some service partners.
Great. Great. And then we have a question about -- yes, this is the question. "Good morning, I have several question. Why do you move your headquarter to Hamburg?" And yes, that was a good spot that if you go to look our corporate news, we raised this on the sum we expect. We decided that we didn't want to bring this information as like a big information on the H1 publication like it's public information there. We are practically looking for the very practical point of view. What is the best location for Multitude on the future to take accounting for the -- our growth, take accounting for the -- our people, take accounting for the competence, take accounting for the -- our stakeholders and investors. And that's the point why we have started exploring the opportunity, exploring the opportunity, the move the headquarter in German. But I think this end of the year, we will come back to a little bit more detailed information about this topic in the general. Unless Bernd, you don't want to give any other information about this in this point.
I totally agree.
Good. And I think the question -- I think we have the same question about CapitalBox. Net AR -- then there is -- "Could you give us some color of CSC and CLTV in the segment SweepBank?" And yes, that's a question was related to customer lifetime value. Okay. There is actually -- there was actually 2 questions. There is -- or actually 3. "What is your current loan rejection rate versus historic loan resection rate?" Net AR ramp. And this -- and second question, "Net AR ramped up massively. Is it fair to assume that the revenues should ramping up in the second half as well?"And then the third question, "Could you give the some color on the customer acquisition cost versus customer lifetime value in the SweepBank segment." Maybe I take the first one and maybe Bernd, if you can take?
Yes, certainly.
Or if I take the last one, you can take the first 2 one. It's -- so the -- about the customer acquisition cost, and customer lifetime value. We did not have a public exactly customer lifetime value. However, what we can see that we are in the H1, we are in the budget that one. We are in the budget. Of course, it's a little bit lower in the -- our mobile wallet, what is in the -- our consumer loans there. And the customer lifetime value is reflect as well. So currently, in the wallet, the customer lifetime value, it's a lower what is in the our direct consumer loans behind there. But that's something where we -- our team have -- that's one of the key [ OKR ], objective and key result on our team and what we're monitoring on the weekly and monthly pace and the people bonus model is quite strongly related to that as well. I hope that the future, when we get a little bit further, we start to public the more detail in the customer behavior data here as well on the heat price level. But today, we are not ready yet to publish that one. Good. Bernd, do you want to take on the first and second question here?
Yes, absolutely. So the first question, "What is your current loan rejection rate versus historical loan rejection rate?" I think we need to differentiate a bit. In the past, we have not too frequently, we have indicated what the rejection rates are, which used to be in the region around 85-plus percent. Now I wouldn't want to comment on that yet. Why? Because the key driver of net accounts receivable growth over the last year was the SweepBank offering that is a young business. We are obviously observing data very closely, but I don't want to publish any informational rejection rates yet. We might do that at a later stage, but not yet. I don't feel totally comfortable with giving away this information at that point in time as it obviously is a huge strategic importance to us. The second question also relates to the SweepBank offering at AR. "Net accounts receivable, ramped up massively. Is it fair to assume that revenues should be ramping up in the second half as well?" Yes, I mean, I don't think that it is a forward-looking statement to confirm that the logic is per se, correct. So obviously, this is one of the reasons why also related to the CapitalBox business, why Jorma has also pointed that out in his presentation, we have this time lag effect. So we have initial cost. And from a revenue perspective, revenue comes once the loan book is on our books for a while. Now what that means is logically correct with the EUR 62 million that we have on the books now at end of H1 in the new business in the SweepBank business, assuming that this will stay on the books for the full year, then this will be revenue-generating for the remainder of the year. And assuming that we will increase the portfolio further, we will also see an incremental revenue from that. So from that perspective, your conclusion is correct. Maybe to -- if I may continue, , there's one question also on the understanding of the EBIT guidance. "With your guidance, is it correct to calculate as follows concerning earnings before interest and tax: EBIT '21 -- 2021, EUR 20 million guidance; '22, EUR 30 million guidance; '23, EUR 45 million; and '24, EUR 67.5 million."Yes, that's precisely correct.
Good. I think it looks like we have answered all questions here. There is -- there's one question. "Congratulations the very" -- oh sorry, is -- sorry, the chat box is jumping when it's coming to the new question. "Congratulations, the very solid figures from the side. Two questions. First is the guidance for 2021 not too low with the year EUR 12.1 million already achieved? And second one, are you planning for the rollout of SweepBank with the higher expenses comparison to H1?" Bernd, do you want to...
Yes, on the guidance 2021, whether this is too low or not. In fact, we need to take into consideration that we want to accelerate growth. And this is also -- I've just noticed that there is another question on revenue '22 and '23. And that is also reflected in our guidance. And that was the rationale behind putting the EBIT guidance in a broader context. We are ready to invest during 2021, in a way, to support future growth. You will have seen that we have a negative EBIT contribution in the SweepBank business in the region of EUR 9.5 million this year. So obviously, investment in future growth has an impact. I mean, just to reiterate that building up portfolios requires initial credit losses to be reflected in the P&L. Obviously, the customer acquisition cost is something that needs to be taken into consideration. We have up until now not done much or, at least, not created a lot of costs related to new brands that we have implemented. So this is quite a number of initiatives around brand building, about strategic growth that we are working on and that are value accretive in our perspective. And from that perspective, I would say we are, to a certain extent, willing to sacrifice a proportion of profit in 2021 in order to accelerate profitability going forward.
Right. I think our chat box is empty. We don't have any question over here anymore. So I think -- we want to thank all of you, your time and your interest in and attention this -- our earning call. And hopefully we can see soon on the virtual or the face-to-face even. Thanks, everybody. Have a nice day.