Home Credit. Presentation of Q results 30 May 2018
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1 Home Credit Presentation of Q results 30 May 2018
2 Disclaimer This presentation has been prepared solely for informational purposes and shall not be considered as an offer to sell or the solicitation of an offer to buy, subscribe for or otherwise acquire any securities of or obtain lending services from Home Credit B.V., PPF Group N.V. or any of their affiliates in any jurisdiction and shall not be treated as any investment advice or recommendation. This presentation is not directed to, or intended for distribution or use, where it is prohibited by operation of law. The presentation does not take into account, in any way whatsoever, the investment objectives, financial situation or specific needs of its recipients. This presentation and its contents may not be copied or disseminated, in part or as a whole, without prior written consent of Home Credit B.V. Information and opinions presented in this presentation may have been obtained or derived from various sources which are believed by Home Credit B.V. to be reliable but such information has not been verified by Home Credit B.V. Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the current beliefs of applicable members of management. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete. Where this presentation quotes any information or statistics from any external source, it should not be interpreted that Home Credit B.V. has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements. These statements reflect the Home Credit B.V. s current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as anticipate, believe, estimate, expect, intend, plan, project, target, may, will, would, could or should or similar terminology. By their nature, forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Home Credit B.V. s control that could cause the actual results and performance to differ materially from any expected future results or performance expressed or implied by any forward-looking statements. No representation or warranty whatsoever, express or implied, is made as to the accuracy, completeness, consistency or the reliability of the information contained in this document and nothing contained in this presentation is, or should be relied upon as, a promise or representation. We accept no liability for loss arising from the use of any information or acting on any opinion contained in this document. We retain the right to change the contents of this presentation at any time without notice. Neither Home Credit B.V. or any other person is under any obligation to update or keep current the information contained in this presentation or to correct any inaccuracies in any such information which may become apparent or to provide you with any additional information. None of its directors, officers, employees, direct or indirect shareholders, agents, affiliates, advisors or any other person accept any responsibility, liability or duty of care whatsoever for the contents of this presentation, and no representation or warranty, express or implied, is made by any such person in relation to the contents of this presentation. The numbers in this presentation are largely taken from the audited consolidated IFRS statements of Home Credit B.V. In the interest of comparability certain number of PT. Home Credit Indonesia are pro-forma For more information on Home Credit Group, please visit
3 Consumer finance leader in growth markets Highlights HC further strengthened its well-balanced portfolio and extended leadership positions on an incresingly diversified Home Credit map: CN: regulatory changes introduced in 4Q 2017 leading to, as anticipated, short-term impact on profitability; confidence in Home Credit s confirmed by transactions on the capital market RU: strong performance supported by continuing growth of online transactions thanks especially to its new and simple credit application 5 fields form KZ: VN: IN: continuing strong and stable business performance in both volume and profitability growing and profitable market, celebrated its 10 th anniversary increased share on digitally initiated transactions; rapid expansion and good trajectory to break-even ID, PH: solid performance with profitable quarter; CZ,SK: mature, profitable businesses US: issued one of the first credit card co-branded with telco operator Number 1 in point-of-sale lending in most markets Multichannel customer-centric distribution with 404,000 distribution points and substantial online presence 28.9m customers and 140,000 employees Global footprint covering 10 countries with a population of 3.5bn Leading-edge risk management leveraging big data and biometrics Strong and diversified funding Total net loans as at 1Q 2018: 15.2bn Consumer durables loans 34% Other 5% Ratios annualized where applicable. Cash loans 61% CZ & SK 9% Russia 17% Asia 9% Key metrics and business mix ( ) Rest CIS 3% China 62% Q Q1 Deposits (bn) Gross loans (bn) Equity (bn) Net income (m) (41.6) Net interest margin 15.6% 14.0% 14.2% 14.7% 15.6% Cost of risk 13.2% 7.6% 7.6% 8.9% 14.9% RoAE (3.3%) 16.2% 20.5% 14.5% (6.5%) # of distribution points (000) # of active customers (m)
4 Meeting Agenda 1. STRATEGY AND BUSINESS 2. SUMMARY BY COUNTRY 3. KEY FINANCIAL INDICATORS
5 Business highlights 1 Customer-centric multichannel distribution with strong cross-sell 5 Responsible lending at the heart of our practices 2 Leading positions in attractive markets 4 Strong and diversified funding 3 Leading-edge risk management 2
6 1 Multichannel distribution with strong cross-sell Acquisition: POS and cash loan walk-in Cross-sell Distribution Products 404 thousand distribution points (POS, branches) 300 e-shop agreements Own websites and mobile apps Call centres Purpose Consumer durables loan Electronics, white goods, two-wheelers Cash loan General purpose Average amount 303 1,264 Distribution Products Existing 101m customer database Up to 64% of customers eligible for cross-sell within 18 months 15% to 20% of customers take either cash loan or credit card within 36 months Cash loan Credit cards Purpose General purpose General purpose Average amount 2,195 1,121 (1) Average term 11 months 26 months Average term 40 months N/A Volumes disbursed ( bn) Volumes disbursed ( bn) Q Full year 1Q Full year 1 Average credit limit per active credit card 3
7 1 Expanding offline footprint and customer base... Number of POS ( 000) Russia China Other(1) Asia Active clients (m) Cooperation with partners Home Credit helps retailers increase their sales and revenues by making loans easily accessible Home Credit also works with electronics manufacturers (Samsung, OPPO, Huawei, etc.) to support their marketing efforts 1 Other includes Czech Republic, Slovakia, Belarus, Kazakhstan 4
8 1 Online Sales Volume disbursed ( m) Mobile app - active users ratio % 30% 29% 32% % 10% 15% 20% 2017 Q Q Q Q1 CN CZ RU VN KZ IN ID PH 0% 2017 Q Q Q Q1 CN CZ RU VN KZ IN ID PH Total Q-o-Q Sales decreased by 16.6% (Q1/Q4) mainly due to NY in CN, VN. CN Mobile Application X-sell Cash Loan sales volumes increased by 14%. Overall trend is increasing; CN slight decrease caused by New Year & VN by growth cap. Social Media followers : 7,167,127 (+20% q-o-q) 5
9 3 Leading-edge risk management Key aspects of risk management Highly automated process: 5.2m applications per month Paperless applications in almost all countries Systematic leveraging of big data Proprietary customer database: 101m customers Anti-fraud prevention using biometric measures Over 80 scoring models 20 thousand collections FTEs; 91.6% collections efficiency (1) Customer-focused risk assessment: median time-to-yes is 0.80 minute Risk-based pricing introduced progressively 1 (1 (Gross loans DPD in current month / Gross loans DPD 0-90 in previous month)) 2 Impairment losses / Average net loans 3 End of period gross loans >90dpd / Total end-of-period gross loans Strong risk performance NPL coverage 106% 116% 128% 122% 144% 17.8% 15.3% 13.2% 10.0% 8.9% 7.6% 6.1% 6.9% 14.9% 8.2% Cost of risk (2) NPL ratio (3) The impact of the regulatory actions introduced in China in 2H 2017 led to the deterioration of the risk performance in the cross-sell portfolio with a peak in February The implementation of IFRS9 increased our Coost of risk to some extent as well. Since February a diminution of that negative impact of the regulatory changes is visible. The portfolio originated after significant tightening of our underwriting criteria in September 2017 tends to be substantially better than the old one. 6
10 4 Strong and diversified funding Diversified funding Interest rate gap profile ( m) Subordinated liabilities 2% Debt securities 5% Funding sources (as at 31 March 2018) Other 5% Equity 8% Customer deposits 30% 2,014 Interest position (as at 31 March 2018) 4,452 4,490 5,077 4,615 3,946 2,034 Liabilities Assets Gap Diversified funding ,544 Loans received 50% -4,619-3,853-2,747-3,350-5,154 Total: 22 bn 7
11 4 Strong and diversified funding Closed in 1Q Secutitization Transactions of Consumer Durables and Cash loans in India Secutitization Transactions of Consumer Loan Portfolio in China First Senior Unsecured Syndicated Loan in China Diversified funding Home Credit India INR 2.96bn Home Credit India 5 ABS projects HC CFC RMB 3.6bn Home Credit China ABS project HC CFC RMB 725m Home Credit China Due to Dec 2018 January March 2018 March 2018 March
12 5 Responsible lending at the heart of our practice Our principles Home Credit prides itself on being a responsible lender and an active participant in the communities in which it operates. We practice financial inclusion and invest in financial literacy. We educate the communities in which we operate to ensure our customers make the right, informed borrowing decisions based on their own circumstances, we have introduced a cooling-off period as standard across all our operations. Home Credit continues to be highly rated for financial inclusion, transparency and customer experience in prestigious surveys in different countries. The surveys recognize Home Credit s strong commitment to fair and accessible financial services. In China, the Tsinghua University report notes that 80% of Home Credit clients are first-time borrowers, which is a testament to our inclusive lending policies and our drive to empower those neglected by traditional banks. In the Czech Republic, independent experts awarded Home Credit a silver medal in the Safe Loan category and a bronze for Responsible Lending. In India, we were rated Excellent for transparency in our lending offers, scored Good in financial inclusion and Good for affordability in the Navigator for Responsible Lending study. 9
13 Meeting Agenda 1. STRATEGY AND BUSINESS 2. SUMMARY BY COUNTRY 3. KEY FINANCIAL INDICATORS
14 2 Leading positions in attractive markets Established High growth markets 1 China TA ( m) 11,810 Equity ( m) 1,268 Net Loans ( m) 9,384 1 Vietnam Total assets ( m) 681 Equity ( m) 138 Net Loans ( m) Kazakhstan Total assets ( m) 605 Equity ( m) 129 Net loans ( m) 493 Mature markets 1 Russia Total assets ( m) 3,691 Equity ( m) 665 Net loans ( m) 2,535 1 Czech Republic Total assets ( m) 4,135 Equity ( m) 273 Net Loans ( m) 1,129 2 Slovakia Total assets ( m) 244 Equity ( m) 12 Net loans ( m) 206 India Indonesia The Philippines United States of America Start-up high growth market 2 Total assets ( m) 634 Equity ( m) 124 Net Loans ( m) Total assets ( m) 302 Equity ( m) 32 Net Loans ( m) 247 (1) 1 Total assets ( m) 270 Equity ( m) 55 Net Loans ( m) 218 new Strategic partnership with Sprint regarding financing services for mobile phones Note: Net loans to clients for 1Q Included portfolio which is not on HC books and is financed within JFS 10
15 China Number of POS Active clients ( 000) 237, , ,315 10,621 16,317 14,997 Net Loans ( m) 9,727 9,384 #1 in POS Net Profit (YTD) 5, Temporary decline in profitability due to market turmoil caused by market rectification. Increased effectivity of the business with significantly more clients using HC mobile application. The proactive management by HC China of the emerging credit bubble in the third quarter Q Q
16 Russia Number of POS Active clients ( 000) 93, , ,281 3,268 3,470 3,584 Net Loans ( m) 2,531 2,535 #1 in POS Net Profit (YTD) 162 2, Q Q1 Focus on online business and innovations: The share of online transactions on overall business continues growing thanks to our superior underwriting capabilities and effective process (5-field loan application). 12
17 Kazakhstan Number of POS Active clients ( 000) 7,934 9,097 8, ,133 1,189 Net Loans ( m) #1 in POS 46 Net Profit (YTD) Q Q1 Strong and stable business performance both in volume and in profitability. 13
18 Vietnam Number of POS Active clients ( 000) 6,834 9,275 9,469 1,769 1,860 2,041 Net Loans ( m) #1 in POS 46 Net Profit (YTD) Q Q1 Strong cooperation with both large and small retailers leading to a stable position in consumer durables and introducing a co-branded card. 14
19 India Number of POS 20,494 22,982 Active clients ( 000) 3,207 3,078 5,789 1,351 Net Loans ( m) #2 in POS Net Profit (YTD) Q Q Further expansion of POS distribution network combined with ALDI model (alternative distribution whereby the employees of the retailer handle (paper-less) underwriting. 10% of all cash loans fully digitally initiated by using the mobile application introduced in December
20 Indonesia Number of POS 11,416 13,678 Active clients ( 000) 1,335 1,341 4, Net Loans ( m) (1) #1 in POS Net Profit (YTD) Incliding Assets under Management Q Q Leader in POS acquisition with the market share growing up to 54%, totally paper-less sale process bringing a boost in our effectiveness Profitability achieved in December 2017 confirmed by 1Q 2018 results. 16
21 The Philippines Number of POS Active clients ( 000) 1,951 4,110 4, ,428 1,550 Net Loans ( m) #1 in POS Net Profit (YTD) Q Q POS market leader with 85% market share. Cash loan cross-sell launched through our mobile application. 17
22 Czech Republic Number of POS Active clients ( 000) 4,951 3, , Net Loans ( m) 1, #1 in POS Net Profit (YTD) Q Q1 NFC payment successfully introduced by Airbank (up to 30,000 clients executed 135,000 transactions totalling CZK 46 million) MyAir platform offering access to various non-bank services to customers used by more than 50% of our clients. 18
23 Meeting Agenda 1. STRATEGY AND BUSINESS 2. SUMMARY BY COUNTRY 3. KEY FINANCIAL INDICATORS
24 Financial performance Strong loan growth ( bn) (1) Resilient revenue ( m) (2) NIM 15.6% 14.0% 14.7% 14.2% 15.6% ,619 2,000 3, Q Q1 Cost of risk Recovering profitability Q Q1 Profitability ( m) Recovering profitability 13.2% 7.6% 8.9% 7.6% 14.9% RoAE (3.3)% 16.2% % % (6.5)% Q Q Q Q1 1Q 2018 result at Home Credit Group level as expected due to regulatory changes in China with the expectation of mitigation during the year. 1 Net loans 2 Operating income 19
25 Profit & Loss: ( m, ratios annualized where applicable) Q Q1 Net interest income 1,207 1,532 2, Net fee income Other operating income Operating income 1,619 2,000 3, Operating expenses (887) (1,115) (1,626) (360) (435) Impairment losses (725) (563) (1,124) (201) (572) Profit before tax (54) Income tax expense (50) (115) (129) (36) (23) Profit from continuing operations (42) (31) Attributable to equity holders (40) (28) Key performance indicators NIM 15.6% 14.0% 14.7% 14.2% 15.6% CIR 54.8% 55.7% 52.0% 53% 45.7% CoR 13.2% 7.6% 8.9% 7.6% 14.9% ROAE (3.3%) 16.2% 14.5% 20.5% (6.5%) 20
26 Balance sheet: ( m) Assets Q Q1 Cash and cash equivalents 1,343 2,412 3,021 2,017 3,614 Financial assets 1,501 1,252 1,533 1,206 1,507 Due from banks Net loans 5,835 9,866 15,452 11,332 15,228 Other assets , ,340 Total assets 9,656 14,704 21,526 15,851 22,042 Liabilities Customer deposits 4,909 5,401 6,356 5,639 6,540 Due to banks 2,331 6,427 10,598 7,054 11,020 Debt securities ,164 Subordinated liabilities Other liabilities , ,175 Total liabilities 8,460 13,202 19,498 14,252 20,272 Total equity 1,196 1,501 2,028 1,599 1,770 NPL ratio 10.0% 6.1% 6.9% 5.7% 8.2% NPL coverage ratio 116% 128% 121.7% 135% 144.2% 21
27 Appendix
28 Home Credit s management team A team of recognized leaders in their fields, committed to high standards of corporate governance Jiri Smejc Executive Chairman/CEO Tomas Kocka Deputy CEO Jean-Pascal Duvieusart Funding & Capital Markets Mel Carvill CGIRO Christoph Glaser CFO David Minol Regional Executive Director Pavel Vyhnalek Regional Executive Director Pavel Rozehnal CLO Radek Pluhar CRO Khalid Husseini CIO Pavel Krbec Head of Online Miroslav Boublik Head of Special Projects Petr Janák CHRO Ludek Mraz Head of CRM Radek Hubeny Head of Strategy 22
29 Strong and diversified parent company Ownership Key investments (2) Petr Kellner 98.92% Ladislav Bartoníček 0.54% Jean-Pascal Duvieusart 0.54% Listed Value 2.7bn (market value of PPF s 81.06% share) 0.8bn (book value) Key financial results (1) Total assets: 34.8bn Equity: 6.9bn Net profit: 1.2bn 2.0bn (book value) 0.7bn (book value) 0.5bn (market value of PPF s 12.69% share) Diverse business activities encompassing banking and financial services, telecommunications, biotechnology, insurance, real estate, and agriculture. Strong cash flow generation capacity to support further investment in high growth businesses. Biotechnology investment 1 Total assets and Equity as of 30 June 2017, Net profit for 12-month period ended 30 June Actual market value, book values latest available 23
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