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Atlas Mara Limited Annual Report 2017 Atlas MaraAtlas Limited Atlas Mara Limited Annual Report 2017 Who we are: What we do and Our purpose: Atlas Mara how we do it: Achieve is a London- We serve sustainable listed financial our customers’ growth services group financial by helping focused entirely services people, on sub-Saharan needs through businesses and Africa (‘SSA’). differentiated economies grow. products and services. We want to be a ‘positively disruptive force’ in the markets in which we operate by harnessing technology and our collective experience in running first- tier financial institutions. Strategic report Financial statements Strategic report 02 2017 highlights 89 Independent Auditor’s 04 Executive Chairman’s report statement 92 Consolidated statement 06 2017 in focus of financial position 08 Our markets 93 Consolidated statement 12 Business lines of profit or loss 12 – Mobile banking 93 Consolidated statement 12 – Market and Treasury of other comprehensive 13 – Retail and Commercial income Banking 94 Consolidated statement 14 Our business model of changes in equity 16 How we do business 96 Consolidated statement Governance 20 Our strategy of cash flows 24 Key performance 97 Segmental report indicators 100 Significant accounting 26 Principal risks policies and uncertainties 105 Notes to the financial 29 Chief Financial Officer’s statements review of financial performance Additional information 159 Glossary Governance and risk 160 Professional advisers 35 Corporate Governance: Introduction statements Financial 36 Board of Directors 39 Corporate Governance report 52 Nomination Committee report 54 Audit, Risk and Compliance Committee report 58 Risk report 75 Directors’ Remuneration report 85 Directors’ report information Additional 88 Statement of Directors’ responsibilities 01 Atlas Mara Limited Annual Report 2017 2017 highlights Revenue (US$) Reported 2017 net income of $45.4m $260.5m +6.6%1 (2016: $8.4m, and EPS of 42 cents 2017 $260.5m 2016 $241.7m (2016: 12 cents). 2015 $205.2m 2017 reported profit benefitted from the inclusion of a one-off gain of $20.6 million associated with the acquisition of the additional 2014 $126.0m shares in UBN. This gain arose as a result of the fair value of the shares acquired exceeding the purchase consideration paid. Earnings per share (cents) Adjusted net profit is $37.0 million (2016: $20.8m) and excludes the impact of this gain and other transaction and restructuring 42.0c related expenses. 2017 $0.42 Executed on Nigeria 2016 $0.29 strategy by increasing 2015 $0.35 2014 $(1.02) stake in Union Bank Net profit after NCI of Nigeria (‘UBN’) (US$) from approximately 31% in Q3 2017 to +540.5% 44.5% in Q4 2017 $45.4m and 48% in Q1 2018. 2017 $45.4m 2016 $8.4m 2015 $11.3m 2014 $(47.8m) Credit impairments (US$) +62.8% ccy $22.3m +63.7%1 2017 $22.3m 2016 $15.4m 2015 $12.0m 2014 $32.7m 1. At constant currency 02 Atlas Mara Limited Annual Report 2017 Strategic report Continued shareholder Closed DFI facilities support with for asset growth of our oversubscribed equity operations to support placement and digital banking and subsequent strategic financial inclusion financing transaction initiatives. Governance with existing Atlas Mara shareholders and To read more Executive Chairman’s statement new investor Fairfax Page 04 Africa Holdings Chief Financial Officer’s review of financial performance (‘Fairfax Africa’), Page 29 enabling an aggregate statements Financial of$213.7m equity raise to accelerate growth plans. Focused on growth and execution in information Additional streamlined business units. Retail & Commercial Banking led to an improved portfolio, improved credit quality trends with lower NPLs at 11.8% (2016: 13.3%), and improved cost of funds at 5.5% (2016: 6.3%), while achieving higher NII and NIM on a stable loan book. Achieved BVPS growth from $4.44 in Q3 2017 to $4.77 in Q4 2017. Developed our Digital offering and executed on strategic partnerships. Continued to enhance Markets and Treasury propositions to customers, which are provided both directly and through our banking subsidiaries. 03 Atlas Mara Limited Annual Report 2017 Executive Chairman’s statement Dear Shareholders One year ago, we promised to meet two clear performance targets: more than $20 million in cost savings at the centre, and more than double our net profit from 2016. I am pleased to report to you that we meaningfully exceeded those targets by 35% and more than 100%, respectively. We also expanded our product offerings across our business lines, improved the quality of our loans and deposits, and materially increased our investment in Nigeria, while bringing in a strong new strategic partner. 2017 was a landmark year for the Company and has positioned us better than ever for the future. The year in review Against a mixed macroeconomic backdrop, we delivered strong operating performance and an improved franchise. In 2017, we established a leaner management team and focused on execution and strengthening the foundations of our Group. Our efforts Bob Diamond yielded results. Chairman Our Retail & Commercial Banking business line delivered improved credit quality with a stable loan book, as a focus on legacy NPLs and the credit approval processes moved us closer to our company-wide short-term target NPL ratio of below 10%. At the same time, we improved our deposit mix through a targeted effort to retire expensive deposits; at year-end, transactional deposits were 50% of the total base (from 38% a year earlier). Finally, we improved capacity through a focus on talent in our operating Against a mixed countries, and today, we believe our local franchises are stronger than ever. Notably, we also launched the first bank with our group’s macroeconomic brand, Atlas Mara, in Zambia, as a precursor of the synergies we backdrop, we delivered expect to create across the footprint in the long-term. Our agency banking program continues to be a strong driver strong operating of customer growth and deposit capture, and we expanded it in 2017 including in Tanzania and Mozambique, adding hundreds of performance and an new agents and thousands of new customers. We also achieved more than $50 million in deposit capture in Zimbabwe in the year. improved franchise. We deployed a new, best-in-class internet banking solution In 2017, we established in Rwanda. Markets and Treasury faced a particularly challenging yield a leaner management environment, but offset this with a focus on other income streams and broader business expansion. Although net interest income team and focused was down from 2016, non-interest revenue increased 16% and has shown a strong growth trend since 2015. Markets was on execution and particularly focused on expanding the product portfolio and the client base, and in 2017 it doubled client visits and launched strengthening the several new products. It built out the offshore trading desk in Dubai to drive further revenue diversification, and this segment foundations of contributed more than $3.5 million in revenue in a partial year in 2017. In 2018 Markets is positioned for strong growth as our our Group. product offerings mature and we take share, particularly in FX. 04 Atlas Mara Limited Annual Report 2017 Strategic partnership and Nigeria Management update Strategic report In 2017 we materially increased our investment in Nigeria by The Board and I are delighted to welcome John Staley to the increasing our position in UBN, and today we hold 48% total Company as our new CEO. John brings an impressive record ownership in the bank. Our increased shareholding came in part of building up and helping to drive the growth of Equity Bank. through a rights issue by UBN, which strengthened the bank’s His experience and expertise in banking and payments technology capital position and equipped it to make key strategic investments and infrastructure in particular will help to accelerate the build out for growth. With Nigeria having turned the corner from recession of a best in class platform across our footprint, and to support our during the year, growth forecasts are now increasingly positive growth through technology, including through new digital products for the medium-term. Against that backdrop, we expect UBN to and channels. I have been working with John for the past few continue to take market share and improve its positioning in this months and am thrilled that we successfully brought him on crucial market. board. He will begin his new role May 1, and you will hear from him in due course regarding his plans for improving operations Our Nigeria investments were also enabled in part by our and infrastructure, developing new products, and driving growth. Governance $200 million capital raise from our existing investors and Fairfax We are fortunate to have John joining us and I look forward to Africa. Fairfax Africa was the ideal partner, given their model of working with him to achieve our vision. permanent equity and their long-term outlook. The partnership with Fairfax Africa brought new capital and further strengthened Outlook our Board, ensuring that Atlas Mara is in position to capitalise on On the back of a strong 2017, we have more work to do. Most of the opportunities for expansion and investment across our all, we will continue to focus on sustainable growth throughout our footprint. Today we have also announced the issuance of a new businesses, making sensible and supportive investments to enable convertible bond to be anchored by Fairfax Africa, to support us to meet the needs of our customers in a manner that will drive growth across our business lines. This is yet another strong long-term value for our shareholders. statement of support for our strategy, and of our alignment with Fairfax Africa. With a strong 2017 behind us, I am incredibly excited about what lies ahead.
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