VEB GROUP IFRS 2015 RESULTS. April 2016

Transcription

1 VEB GROUP IFRS 2015 RESULTS April 2016

2 DISCLAIMER / NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THE INFORMATION OR THE OPINIONS CONTAINED HEREIN. THIS PRESENTATION IS NOT TO BE RELIED UPON IN ANY MANNER AS LEGAL, TAX OR ANY OTHER ADVICE AND SHALL NOT BE USED IN SUBSTITUTION FOR THE EXERCISE OF INDEPENDENT JUDGMENT AND EACH PERSON MADE AWARE OF THE INFORMATION SET-FORTH HEREOF SHALL BE RESPONSIBLE FOR CONDUCTING ITS OWN INVESTIGATION AND ANALYSIS OF THE INFORMATION CONTAINED HEREIN. EXCEPT WHERE OTHERWISE INDICATED, THE INFORMATION PROVIDED IN THIS PRESENTATION IS BASED ON MATTERS AS THEY EXIST AS OF THE DATE STATED OR, IF NO DATE IS STATED, AS OF THE DATE OF PREPARATION AND NOT AS OF ANY FUTURE DATE, AND THE INFORMATION AND OPINIONS CONTAINED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE. NONE OF THE STATE CORPORATION BANK FOR DEVELOPMENT AND FOREIGN ECONOMIC AFFAIRS (VNESHECONOMBANK) ( VEB ) NOR ANY OF ITS SUBSIDIARIES ACCEPTS ANY OBLIGATION TO UPDATE OR OTHERWISE REVISE ANY SUCH INFORMATION TO REFLECT INFORMATION THAT SUBSEQUENTLY BECOMES AVAILABLE OR CIRCUMSTANCES EXISTING OR CHANGES OCCURRING AFTER THE DATE HEREOF. NONE OF VEB OR ANY OF ITS SUBSIDIARIES OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS PRESENTATION OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THE PRESENTATION AND ANY AND ALL SUCH LIABILITY IS EXPRESSLY DISCLAIMED. THE INFORMATION CONTAINED HEREIN MUST BE KEPT STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED IN ANY FORMAT WITHOUT THE EXPRESS WRITTEN APPROVAL OF VEB. / We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. 2

3 2015 HIGHLIGHTS Controlled Loan Portfolio Growth Loan portfolio in 2015 increased by 14.1% as compared to 2014 and reached RUB 2,6 trillion Sound and Consistent Government Support Government measures taken in 2015 allowed to improve VEB s financial sustainability Funding sustainability Despite the unfavorable macroeconomic environment VEB successfully continued refinancing market borrowings in 2015 and meeting its obligations 3

4 ASSET STRUCTURE As at the end of 2015 assets amounted to RUB bn increasing by RUB bn (+12.8%) compared to the beginning of Loan portfolio in 2015 grew by RUB bn (+14.1%) to RUB 2,6 trl over Share of loans to customers in the Group s assets increased from 58% to 59% from the beginning of Asset Structure RUB bn Asset Structure % of Total Assets Other assets Net investment in leases Financial assets Cash & cash equivalents Investment securities Amounts due from credit institutions Loans to customers 4% 6% 5% 3% 9% 7% 8% 10% 4% 8% 4% 3% 8% 18% 8% 9% 13% 10% 10% 15% 5% 2% 13% 58% 59% 51% 49% 4

5 LOAN PORTFOLIO Loan portfolio in 2015 grew by 14,1% to RUB 2,6 trl. VEB's loan portfolio growth in primarily came as a result of VEB's continued focus on its core development bank activities and the related provision of significant financing for a number of large scale infrastructure and investment projects. Loan portfolio is mainly represented by project finance and commercial loans. Loan Portfolio Structure % of Total Loans 9% 8% 10% 11% 15% 17% 37% 38% 48% 49% 44% 43% 36% 33% Other Net investments in leases Project finance Commercial loans Loan Portfolio Maturity Breakdown % of Total Loans Loan Portfolio Currency Breakdown % of Total Loans 18% 20% 27% 16% 9% 8% 9% 9% 19% 18% 34% 31% 29% 32% 16% 36% 32% 26% 25% 23% 33% 34% More than 5 years 3-5 years 1-3 years Less than 1 year 57% 58% 45% 50% 46% 42% Other currencies US Dollar Rouble Vnesheconombank / April 2016 / VEB Group IFRS 2015 Results 5

6 LOAN PORTFOLIO INDUSTRY BREAKDOWN AND CONCENTRATION Loan Portfolio Industry Breakdown % of Total Loans Loan portfolio industry composition matches the goals set out in the Memorandum On Financial Policy i.e. the loan portfolio consists of loans to top priority industries. The most significant part of the loan portfolio as at the end of 2015 comprised manufacturing (RUB 922,3 bn in absolute terms), finance companies (RUB 829,5 bn) and real estate and construction (RUB 612,5bn). Manufacturing Finance companies Real estate & construction Agriculture Transport Energy 5,9% 3,5% 3,4% 18,3% 24,8% 27,6% At 31 December 2015, the total outstanding amount of loans to three major borrowers mostly remained unchanged. Trade Oil and gas Other 2,8% 2,5% 11,3% Top Borrowers Top Borrowers RUB bn % of Total Loans ,3% 34,9% ,9% 20,3% ,7% 15,4% 17,0% 17,3% Top 3 major borrowers Top 10 major borrowers Top 3 major borrowers Top 10 major borrowers 6

7 LIABILITIES STRUCTURE Over the 2015 total liabilities increased by RUB bn (+11.2%) to RUB bn. Debt securities issued increased over the year by RUB bn (+20%) up to RUB bn due to the Group s issue of domestic bonds, as well as due to foreign currency exchange rate rise against the rouble, leading to the increase in rouble equivalent of securities, denominated in foreign currency. Liabilities Structure RUB bn Liabilities Structure % of Total Liabilities 251 5% 2% 4% 6% % 22% Other liabilities 28% 30% Debt securities issued 24% Amounts due to credit institutions Amounts due to customers Subordinated deposits 14% 25% 15% 29% 26% Due to Russian Gov. and Bank of Russia 15% 16% % 36% 9% 3% % 18% 7

8 VEB STANDALONE REPAYMENT SCHEDULE Public debt diversification by source % 75% 21% 4% Domestic RUB-bonds Domestic USDdenominated bonds Eurobonds / VEB s public debt is diversified by sources, including: Eurobonds; Domestic USD and RUB-denominated bonds. / The share of debt securities is 30% 2,3 of total financing. Public Debt Maturity Profile (1,3) USD mn (1) VEB CHF 500 mn eurobond was fully repaid in February 2016 after reporting date (2) Calculated as a share of debt securities issued in total liabilities according to Unaudited Interim Condensed Consolidated Financial Statements for year 2015; (3) RUB, EUR and CHF amounts converted into US$ at official CBR exchange rates as at December 31, 2015 Domestic RUB-bonds Domestic USD-denominated bonds Eurobonds 8

9 EQUITY VEB Group s Equity RUB bn Risk-Weighted Assets and CAR (1) RUB bn, % ,3% 11,7% 10,9% 10,4% ,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% Risk-Weighted Assets CAR VEB Equity Injection History (2) RUB mn Vnesheconombank / April 2016 / VEB Group IFRS 2015 Results 9 (1) Calculated on a standalone basis in accordance with methodology based on CBR requirement (2) First tranche of approved RUB 150 bn was received in late March 2016 after reporting date Equity injection Subsidy

10 INCOME STATEMENT RUB mn Change Net interest income ,2% Provision for impairment of interest-earning assets ,8% Net interest income/(expense) after provision for impairment of interest-earning assets ,6% Net fee and commission income ,5% Non-interest income, including: ,8% Government subsidies ,1% Gains less losses on initial recognition of financial instruments and restructuring ,1% Non-interest expense ,9% Profit/(loss) before income tax and hyperinflation effect ,2% Loss on net monetary position resulting from hyperinflation ,0% Profit/(loss) before income tax ,2% Income tax expense ,1% Profit/(loss) for the period ,0% Other comprehensive income/(loss) for the period, net of tax ,4% Total comprehensive income/(loss) for the period ,7% 10

11 11 Thank you! 9, Akademik Sakharov ave., Moscow, Russia Ksenia Nefedova Deputy Director of International Finance Department tel.: +7 (495) fax: +7 (499)