RE: Reason to be cheerful - Angra19 Sep 2025 08:06
Chaebol stop your craven attempts;
The figures for GS Fintech UAB don't add up if you think of it as the same entity it was last year. But it's not. It is now a profoundly different entity that has swallowed a much larger platform (Bake).
The P&L (Income Statement) shows a short, costly period of integration with only 3 months of revenue contribution from the new assets, leading to increased losses.
The Balance Sheet exploded in size to reflect the massive client money balances acquired from Bake.
So, while the bottom-line loss increased, the strategic and scale-related figures (user numbers, assets under management, balance sheet size) also increased dramatically. The financials reflect the high cost of integration in the short term, which the Chairman's Statement argues will lead to "substantial future return."
In essence, the accounts are correct. They reflect the messy and expensive reality of a transformative acquisition that happened late in the financial year. The true financial performance of the combined GS Fintech UAB (Bake + GS20) will be seen in the next financial year (FY26).