Q2 2018 Presentation Avida Holding AB
Disclaimer This Presentation has been produced by Avida Holding AB (the “Company”, “Avida” or “Avida Holding”), solely for use at the pr esentation to investors and is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward -looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, amon g others, risks or uncertainties associated with the company’s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. The company does not intend, and does not assume any obligation, to update or correct the information included in this presentation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s bu siness. This Presentation speaks as of 30 st June. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. All figures presented in this Presentation is unaudited at the time of edit. 2
Second Second qu quarter highlights arter highlights Business Finance Consumer Finance Avida Group • • Strong growth with YoY increase in net loans of SEK1,148m Significant growth during the quarter with increased net • The strong volume growth continues with an increase in net (65%). Positive development also during the second quarter with lending of SEK174m (22%) and SEK658m (221%) YoY, ending at loans of SEK1,902m (92%) YoY and SEK561m (16%) from an increase of SEK321m (12%), ending at SEK 3,012m. a total loan book of SEK957m. previous quarter, ending at SEK3,968m. • Business Finance operations continue to grow rapidly and winning significant clients. In Q2 Avida have signed its first • The net interest margin was 10.9% (11.0% in Q1) driven by • Net revenues increase ending at SEK105m, an increase of customer in Belgium. This is in line with Avida’s strategy to interest yields decreasing from 12.1% in Q1 2018 to 12.0% in Q2 SEK30m (39%) YoY and SEK9m (10%) in the quarter. grow in Europe together with strategic partners. 2018 due to stronger growth in lower risk and higher ticket segments. • Net interest margin of 20.8% (23.0% in Q1). The decrease in • Earnings before tax at SEK20.5m, an increase of SEK4m net interest margin is due to a change in strategy and (23%). continuous shift towards more credit worthy clients to enable • Loan loss ratio (rolling 4 quarters) of 2.0% (1.5% in Q1). The faster and more stable growth. increase is due to transition to IFRS9. • • The CET1 ratio is 14.9% at the end of second quarter 2018, Loan loss ratio (rolling 4 quarters) of 2.1% (4.6% in Q1). This deduction is almost entirely related to the sale of old B2C compared to Avida’s target of 13%. NPLs. In B2B, where the growth is occurring, there are close to no losses. 3
Q2 20 Q2 2018 18 Finan Financial cial Highligh Highlights ts YoY oY growth in net th in net loans loans of of 92% 92% I Por ortf tfolio olio growth th - Tota tal outsta tstanding loans of f SEK3 K3,968m II II Net inter et interes est t mar margin gin Net inter et interes est t mar margin gin of of 15.5% 15.5% Cost Cos t / net inter net interes est III III Cos Cost t / Income r ncome ratio tio of of 63.1% 63.1% income ratio income tio IV IV Loan loss Loan losses es Annualiz Annualized ed loan loss loan losses es of of 1.8% 1.8% V Prof ofits its Pre-tax pr tax prof ofits its of of SEK20.5m 20.5m ROE of of 13.2% 13.2% VI VI Retur eturn on n on equity equity - Return turn on req required red CET1 capital tal of f 16.8% CE CET1 r 1 ratio of tio of 14.9% 14.9% VII VII CE CET1 r 1 ratio tio - We Well above ve reg regulatory mi tory minimu mum m req requireme rements ts of f 9.6% 4
Con Continu tinued ed stro strong ng gro growth wth Net interest income (SEKm) Rolling 12 month Operating profit / EBT* (SEKm) 75.5 70.8 +60% CAGR 105.1 60.3 95.8 88.8 84.7 75.4 41.2 67.5 63.7 35.9 55.9 41.1 17 Q2 17 Q3 17 Q4 18 Q1 18 Q2 16 Q2 16 Q3 16 Q4 17 Q1 17 Q2 17 Q3 17 Q4 18 Q1 18 Q2 Continued strong growth in Net interest income in Q2 2018 Continued significant growth in rolling EBT * Adjusted EBT in Q4 for one offs of total SEK12m 5
Continu Con tinued ed po positive de sitive deve velop lopme ment nt in in ne net l t loa oans ns Number of customers (#) Net loans to customers (SEKm)* 3,968 Business Finance Deposits Consumer Finance 3,376 957 75,546 75,455 Business Finance 72,361 +138% CAGR Consumer Finance 66,189 14,317 14,744 789 2,835 14,216 59,087 404 11,257 369 554 375 2,394 54,402 328 9,398 48,267 338 2,066 8,925 332 42,994 1,845 330 6,942 301 362 1,614 5,589 289 394 3,012 300 30,522 1,246 2,588 60,825 60,342 57,770 4,034 54,604 2,281 394 309 49,357 2,055 45,147 1,765 701 40,963 1,556 37,011 1,314 268 26,094 937 433 16 Q2 16 Q3 16 Q4 17 Q1 17 Q2 17 Q3 17 Q4 18 Q1 18 Q2 16 Q2 16 Q3 16 Q4 17 Q1 17 Q2 17 Q3 17 Q4 18 Q1 18 Q2 Continued growth of customers in deposits in Q2 2018 Significant volume growth during Q2 2018 * Excluding external commission 6
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