Home Credit Slovakia, a.s.

Transcription

1 Condensed Interim Financial Statements for the three month period 31 March 2015 (unaudited)

2 Condensed Interim Financial Statements for the three month period 31 March 2015 Contents Condensed Interim Statement of Financial Position 3 Condensed Interim Statement of Comprehensive Income 4 Condensed Interim Statement of Changes in Equity 5 Condensed Interim Statement of Cash Flows 6 Notes to the Condensed Interim Financial Statements 7-2 -

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4 Condensed Interim Statement of Comprehensive Income for the three month period 31 March 2015 Note Interest income 12 2,049 2,287 Interest expense 12 (273) (187) Net interest income 1,776 2,100 Fee and commission income 13 1,382 1,489 Fee and commission expense 14 (1,694) (1,874) Net fee and commission expense (312) (385) Other operating income 15 4,463 7,684 Operating income 5,927 9,399 Impairment losses 16 (658) 65 General administrative expenses 17 (4,577) (4,390) Operating expenses (5,235) (4,325) Profit before tax 692 5,074 Income tax expense 18 (169) (1,152) Net profit for the period 523 3,922 Total comprehensive income for the period 523 3,

5 Condensed Interim Statement of Changes in Equity for the three month period 31 March 2015 Share capital Share premium Statutory reserve fund Retained earnings Total Balance as at 1 January ,821-3,765 5,535 28,121 Dividends to shareholders (4,000) (4,000) Total 18,821-3,765 1,535 24,121 Net profit for the period Total comprehensive income for the period Total changes (3,477) (3,477) Balance as at 31 March ,821-3,765 2,058 24,644 Share capital Share premium Statutory reserve fund Retained earnings Total Balance as at 1 January ,821 3,982 3,758 25,416 51,977 Transfers (7) - Dividends to shareholders (18,000) (18,000) Total 18,821 3,982 3,765 7,409 33,977 Net profit for the period ,922 3,922 Total comprehensive income for the period ,922 3,922 Total changes (14,085) (14,078) Balance as at 31 March ,821 3,982 3,765 11,331 37,

6 Condensed Interim Statement of Cash Flows for the three month period 31 March 2015 Note Operating activities Profit before tax 692 5,074 Adjustments for: Impairment losses (65) Interest expense Depreciation and amortization Net gain on disposal of property, equipment and intangible assets (16) (2) Net operating cash flow before changes in working capital 1,717 5,281 Change in loans to customers (3,674) 15,182 Change in other assets 787 3,750 Change in other liabilities (117) (362) Cash flows (used in)/from operations (1,287) 23,851 Interest paid (266) (185) Income tax paid (270) (1,139) Cash flows (used in)/from operating activities (1,823) 22,527 Investing activities Proceeds from sale of property, equipment and intangible assets 19 2 Acquisition of property, equipment and intangible assets (94) (117) Cash flows used in investing activities (75) (115) Financing activities Dividends paid to shareholders (4,000) (18,000) Proceeds from banks and other financial institutions 85,802 50,408 Repayment of amounts due to banks and other financial institutions (81,738) (52,459) Cash flows from/(used in) financing activities 64 (20,051) Net (decrease)/increase in cash and cash equivalents (1,834) 2,361 Cash and cash equivalents at 1 January 7,304 10,596 Cash and cash equivalents at 31 March 4 5,470 12,

7 Notes to the Condensed Interim Financial Statements for the three month period 31 March Description of the Company Home Credit Slovakia, a.s. (the Company ) was incorporated and commenced trading in Registered office Home Credit Slovakia, a.s. Teplická 7434/ Piešťany Slovak Republic Shareholders Country of incorporation Ownership interest (%) Home Credit B.V. Netherlands The ultimate controlling entity is PPF Group N.V. registered in the Netherlands. Board of Directors Supervisory Board David Bystrzycki Chairman Pavel Vyhnálek Chairman Luděk Jírů Member Pavel Rozehnal Member Zdeněk Šperka Member Pavel Zemaník Member Principal activities The principal activity of the Company is the provision of consumer financing to private individual customers in the Slovak Republic. The major source of financing for the Company consumer lending activities are onward sales of originated loan receivables. 2. Basis of preparation (a) (b) Statement of compliance The interim financial statements follow, in the context of measurement, all requirements of International Financial Reporting Standards (IFRS), including International Accounting Standards (IAS), promulgated by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB as adopted for use in the European Union. The disclosures in these interim financial statements have been presented in accordance with IAS 34 Interim Financial Reporting, and therefore should be interpreted in conjunction with the Company s financial statements for the year 31 December 2014, as these interim financial statements provide an update of previously reported financial information. Comparative figures The comparative figures have been regrouped or reclassified, where necessary, on a basis consistent with the current year. 3. Significant accounting policies The significant accounting policies applied in the preparation of the interim financial statements are consistent with those used in the preparation of the Company s financial statements for the year 31 December

8 Notes to the Condensed Interim Financial Statements for the three month period 31 March Cash and cash equivalents Cash in hand Current accounts 5,445 7,290 5,470 7, Loans to customers Gross amount Cash loan receivables 46,203 43,392 Revolving loan receivables 20,897 20,064 POS loan receivables 18,417 19,851 Car loan receivables 14,462 13,860 Loans to corporations 3,283 2, ,262 99,467 Collective allowances for impairment Cash loan receivables (32,749) (32,511) Revolving loan receivables (16,757) (16,628) POS loan receivables (16,143) (15,890) Car loan receivables (8,371) (8,215) (74,020) (73,244) Specific allowances for impairment on loans to corporations (496) (493) (74,516) (73,737) 28,746 25, Intangible assets Acquisition cost Accumulated amortization (721) (675) Property and equipment Acquisition cost 2,352 2,387 Accumulated depreciation (1,698) (1,734)

9 Notes to the Condensed Interim Financial Statements for the three month period 31 March Other assets Outstanding selling price for receivables 13,532 14,481 Prepaid expenses 9,982 9,722 Settlements with suppliers Other ,364 25, Due to banks and other financial institutions Unsecured loans 26,529 23,022 Bank overdrafts 4,080 3,516 30,609 26,538 Unsecured loans Term loan facility of 20,000 Term loan facility of 15,000 Interest Final Amount outstanding rate maturity EURIBOR + margin October ,511 15,004 EURIBOR + margin August ,018 8,018 26,529 23, Other liabilities Due to customers 6,887 6,768 Settlements with suppliers 2,773 2,943 Accrued employee compensation Other 3,827 3,837 14,054 14, Equity At 31 March 2015 the authorized share capital comprised 567 ordinary shares (31 December 2014: 567) with a nominal value of EUR 33,194 each. All issued shares have been fully paid and bear equal voting rights. The holders of shares are entitled to receive dividends when declared. In February 2015 the sole shareholder approved the distribution of retained earnings in the form of a dividend in the amount of EUR 7,055 per each share, totaling to 4,

10 Notes to the Condensed Interim Financial Statements for the three month period 31 March Interest income and interest expense Interest income Cash loan receivables POS loan receivables Revolving loan receivables Car loan receivables Other ,049 2,287 Interest expense Balances from banks and other financial institutions (273) (187) (273) (187) 13. Fee and commission income Customer payment processing and account maintenance Penalty fees Cash transactions Insurance commissions ,382 1, Fee and commission expense Commissions to retailers 1,192 1,361 Payment processing and account maintenance Cash transactions ,694 1,

11 Notes to the Condensed Interim Financial Statements for the three month period 31 March Other operating income Gains on disposal of loan receivables 3,867 7,078 Fees for servicing receivables sold Other ,463 7, Impairment losses POS loan receivables (249) (244) Cash loan receivables (238) (20) Revolving loan receivables (124) (385) Car loan receivables (44) 608 Loans to corporations (3) 106 (658) General administrative expenses Employee compensation Payroll related taxes (including pension contributions) Information technologies Telecommunication and postage Professional services Advertising and marketing Occupancy Depreciation and amortization Travel expenses Other ,577 4,

12 Notes to the Condensed Interim Financial Statements for the three month period 31 March Income tax expense Current tax expense Deferred tax expense Total income tax expense in the statement of comprehensive income 169 1, Commitments The Company has outstanding commitments to extend credit. These commitments take the form of approved credit limits related to customer s revolving loan accounts, POS loan facilities, cash loan facilities and car loan facilities. Revolving loan commitments 173, ,749 Cash loan commitments 2,127 1,347 POS loan commitments 928 1,280 Car loan commitments , ,667 The total outstanding contractual commitments to extend credit indicated above do not necessarily represent future cash requirements, as many of these commitments will expire or terminate without being funded. 20. Operating leases Leases as lessee Non-cancellable operating lease rentals are payable as follows: Less than one year Between one and five years ,048 1,130 The Company leases premises under operating leases. Lease payments are usually increased annually to reflect market rentals. None of the leases includes contingent rentals. During the three month period 31 March (the three month period 31 March 2014: 63) was recognized as an expense in the statement of comprehensive income in respect of operating leases