TWINO Group posts nearly EUR 9 million profit and appoints Council

Today I write to you to share two latest updates – publishing of TWINO Group’s Consolidated IFRS Financial Statements for year 2018 and establishment of TWINO Group Council as well as changes in Board of Directors.

With a goal to deliver long-term success of the company, TWINO Group has established Council with TWINO founder and owner Armands Broks as Chairman of the Council. Other Council members are TWINO Group Legal Lead Eleonora Zelmene and Martins Mellens, corporate finance and M&A expert coming from McKinsey & Company with 10 year international experience in strategic management. The Council is the highest decision-making body in TWINO Group and has the ultimate responsibility for setting company’s strategy, business objectives and risk management framework.

Moreover, TWINO’s corporate governance is also strengthened by expanding the Group’s Board. As announced before, Anastasija Oleinika has been appointed as the new CEO of TWINO Group, and as of 18th of October, 2019 she is also Chair of the Board at LLC TWINO. TWINO Group IT Lead Nauris Bloks, Risk and Data Science Lead Miks Lusitis, Marketing Lead Roberts Bite and myself, Roberts Lasovskis, are now TWINO LLC Board members. The Board is responsible for TWINO Group’s management and operations as well as execution of the set strategy.

In addition to that, we have also published TWINO Group’s Consolidated Financial Statement for year 2018 and you can find it on our webpage. The audited financial results for 2018 show Group’s consolidated net profit reaching €9 million, this marks 2018 financial results as best in TWINO Group’s history since its inception:

Revenue: €87.9 million;
Equity: €15.0 million;
Cash and cash equivalents: €8.1 million;
Strong liquidity ratio of 1.25;
Operational cash-flow positive, which indicates that TWINO is generating positive cash-flow to maintain and grow its operations.

We believe that establishment of TWINO Group Council, 2018 as the Group’s strongest financial year yet and just reached €1 billion milestone in loans issued all lead us to an exciting time ahead. Stay tuned, when the time comes, you will be the first ones to hear about news in business and products!