FINANCIAL RESULTS FOR THE HALF YEAR TO 30 September 2018
Disclaimer This presentation has been prepared by Amigo Holdings PLC (“the Company”) and includes the results of Amigo Loans Group Ltd (“ALGL”) solely for informational purposes. A reconciliation of the results between the Company and ALGL is shown in the Appendix. For the purposes of this disclaimer, the presentation shall mean and include the slides that follow, the oral presentation of the slides by the Company or any person on their behalf, any question-and-answer session that follows the oral presentation, hard copies of this document and any materials distributed in connection with the presentation. By attending the meeting at which the presentation is made, dialing into the teleconference during which the presentation is made or reading the presentation, you will be deemed to have agreed to all of the restrictions that apply with regard to the presentation and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation. The Company has included non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS. The information contained in this presentation has not been subject to any independent audit or review. Certain of the information contained in this document is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. The Company has not verified the accuracy of such information, data or predictions contained in this report. In addition, past performance of the Company is not indicative of future performance. 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 this presentation or the opinions contained herein. The future performance of the Company will depend on numerous factors which are subject to uncertainty. Certain statements contained in this document are forward-looking statements, including, without limitation, any statements preceded by, followed by or including the words “targets,” “believes,” “expects,” “aims,” “intends,” “may,” “anticipates,” “would,” “could” or similar expressions or the negative thereof, notwithstanding that such statements are not specifically identified. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the management of the Company. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The Company has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual market results may differ from those predicted. While the Company does not know what impact any such differences may have on its business, if there are such differences, the Company’s future results of operations and financial condition, and the market price of the notes, could be materially advers ely affected. You should not place undue reliance on these forward- looking statements. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any of the information in this presentation to reflect events or circumstances after the date on which this presentation was made, or to reflect the occurrence of unanticipated events. The presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire the Company or the Company’s securities, or an inducement to enter into investment activity in any jurisdiction in which such offer, solicitatio n, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is not for publication, release or distribution in any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction. Because consolidated financial information for the Company is not available prior to the year ended March 31, 2016, unless otherwise indicated, financial information presented in this presentation for periods prior to March 31, 2016 is that of Amigo Loans Ltd. Amigo Loans Ltd is the Company’s primary operating subsidiary and represented 99.9% of the Company’s consolidated revenue for the six months ended September 30, 2018, and differences between the consolidated financial information for the Company and financial information of Amigo Loans Ltd for periods prior to March 31, 2016 would be negligible. Introduction Key Highlights Financial Regulatory Outlook Appendix 2 Review Update
Today’s Presenters Glen Crawford Simon Dighton Nick Beal CEO CFO Director of Legal and Compliance Introduction Key Highlights Financial Regulatory Outlook Appendix 3 Review Update
Agenda • Key Highlights • Financial Review • Regulatory Update • Outlook • Appendix 4
Key Performance Highlights – H1 2018 Applications (000’s) Customer Numbers (000s) • Applications continue to increase showing 207 688.8 appetite for product 585.1 155 • Growth in customer numbers underpins long term growth 6m Sep-17 6m Sep-18 Sep-17 Sep-18 • Originations of £220.7mm (2017: £238.1mm) with Net Loan Book 2 (£mm) Originations (£mm) a planned reduction in pilot lending • Net Loan Book growth of 24% even after the 238.2 (7)% 220.7 671.7 541.6 effect of IFRS 9 on opening balance sheet of 1 April 2018 • Impairment for 2018 on IFRS 9 basis and at lower 6m Sep-17 6m Sep-18 Sep-17 Sep-18 end of market guidance Impairment as a % of • Adjusted EPS 10.8 pence (Sep-17 8.5 pence) Adjusted PAT 1 (£mm) revenue • Inaugural dividend of 1.87 pence per share 47.2 23.3% 18.8% 33.8 6m Sep-17 6m Sep-18 6m Sep-17 6m Sep-18 1 Adjusted profit is a non IFRS measure. Adjusted profit after tax is profit after tax plus shareholder loan note interest and IPO costs and related financing less incremental tax expense. 2 Net Loan Book represents total outstanding loan value less provision for impairment, excluding deferred broker costs. Introduction Key Highlights Financial Regulatory Outlook Appendix 5 Review Update
Financial Statements P&L (£mm) Six months ended Six months ended 30-Sep-17 (Unaudited) 30-Sep-18 (Unaudited) % Change 92.6 40.5% Revenue 130.1 (13.4) 35.8% Interest payable and funding facility fees (18.2) (10.2) (41.2%) Shareholder loan note interest (6.0) Total interest payable (23.6) (24.2) 2.5% (17.4) 74.1% Impairment of amounts receivable from customers 1 (30.3) Operating expenses (21.8) (23.3) 6.9% - - IPO costs and related financing (3.9) 29.8 62.4% Profit before tax 48.4 (5.6) 91.1% Tax on profit (10.7) 24.2 55.8% Profit attributable to equity shareholders of the Company 37.7 KPIs (£mm, unless otherwise stated) Six months ended Six months ended Sep-17 Sep-18 % Change 19% 21% Impairment / revenue 23% 33.8 40% Adjusted profit after tax 1 47.2 EPS (Basic, adjusted, pence) 2 8.5 10.8 27% 6.1 41% Basic EPS (pence) 8.6 Dividend per share (pence) n.a. 1.87 n.a. 541.6 24% Net loan book 3 671.7 Net borrowings 4 / Gross loan book 5 68% (7)% 63% 2.4 (4)% Net borrowings / adjusted tangible equity 6 2.3 155 34% Number of customers (000s) 207 1 Adjusted profit is a non IFRS measure. Adjusted profit after tax is profit after tax plus shareholder loan note interest (£6.0mm) and IPO costs and related financing (£3.9mm) less incremental tax expense (£0.4mm) as shown in note 6. 2 This is a non-IFRS measure and the calculation is shown in note 6. Shareholder loan note interest is excluded as the loan notes were converted to equity immediately before admission while IPO costs are also non-recurring in nature. By excluding these items from the adjusted profit and EPS metrics, the Directors are of the opinion that these measures give a better understanding of the underlying performance of the business. 3 Net loan book represents total outstanding loans less provision for impairment excluding deferred broker costs. 4 Net borrowings is defined as borrowings, excluding shareholder loan notes, less cash at bank and in hand. 5 Gross loan book represents total outstanding loans excluding deferred broker costs. 6 Adjusted Tangible Equity is defined as shareholder equity less intangible assets plus shareholder loan notes. Introduction Key Highlights Financial Regulatory Outlook Appendix 6 Review Update
Recommend
More recommend
