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In Terim Fin an C Ial Statem En Ts Fo R Th E Period En D Ed 31 31 December 2017 31 December Interim financial statements financial Interim ended period the for Interim Financial Statements for the period ended 31 December 2017 Page 1 Page 2 MyBucks Integrated Report 2017. Table of contents. The reports and statements set out below comprise the consolidated interim financial statements presented to the shareholders: Chief Executive Report 4 Consolidated Statement of Profit or Loss and Other Comprehensive Income 6 Consolidated Statement of Financial Position 8 Consolidated Statement of Changes in Equity 10 Consolidated Statement of Cash Flow 12 Notes to the Consolidated Financial Statements 13 Interim Financial Statements for the period ended 31 December 2017 Page 3 Chief Executive report. The state of the world and Artificial wherever and whenever, and appreciates that Intelligence (AI) most younger people are used to interacting with AI. MyBucks, a FinTech company with Younger, tech-savvy consumers demand innovation in its DNA, also understands that transparent and efficient service at their AI and ML provide immense possibilities fingertips. Why is this relevant? Because for optimising operations, from supporting millennials will very soon be occupying the various divisions of its business to minimising driving seat in most sectors of the world credit risk arising from repayment of economy, their needs will drive growth. loans (collections). Digitally-driven consumers demand a personalised service at their fingertips, MyBucks has deployed AI to all aspects of wherever and whenever they want it. In order its business. MyBucks currently uses AI for to retain a competitive advantage in this credit scoring, fraud detection and to predict rapidly evolving Fourth Industrial Revolution, when potential clients are going to drop-off companies will need teams of tech innovators its website, using behavioural characteristics. that keep these demands in mind. In order Two of the latest uses of AI are to interpret to satisfy these needs, blockchain, Machine natural language queries through MyBucks’ Learning (ML) and AI have transformed the TExt-based virtual aSSistant (TESS) and digital transformation space into one that to improve collections using a self-learning is not only efficient and fast, but also fun collections system. and relevant. AI across the MyBucks business Global trends in AI point to a rapidly evolving world, where learning, decision-making and TESS will be integrated into all aspects of the deep neural networks are able to interact MyBucks business, including but not limited and predict in near real-time. Not only are to collections; lending; banking; insurance; consumers thus rapidly becoming used customer service; and customer on- to interacting with AI but companies are boarding. In the aforementioned areas, TESS increasingly realising that they need to be will engage with customers and assist with at the leading edge of AI development, in claims, sales, quotations and general queries. order to pioneer the new age of technology. AI has forever changed the inherent delays The first notable application of TESS is in and human-driven red tape that slowed and instant messaging, where MyBucks launched inhibited all sectors of the economy, not least WhatsApp-based lending. In the USA, young the paper-driven world of traditional banking. people (aged 18 to 24) send an average of 67 text messages a day, according to MyBucks poised on the leading edge businessinsider.com. The average text of innovation response time is 90 seconds, as opposed to the 90-minute turnaround time for email. A MyBucks is continually pushing the envelope fascinating insight, which is highly relevant of innovation, which has driven its rapid to a business wishing to communicate with growth in market segments that have, until its clients, is that in excess of 97% of text now, been out of reach of brick-and-mortar messages are opened, compared to 22% banks. MyBucks understands that the tech- of emails. If efficiency and immediacy are savvy consumer wants efficient service, your calling card, consider that 90% of all Page 4 MyBucks S.A. Chief Executive report. (continued) text messages are read within three minutes June 2017. This recovery was on the back of of delivery. revenues in the amount of approximately €29.0m and a slight improvement in the The MyBucks self-learning collections Impairment to Revenue Ratio, from 22.4% to system will use AI to predict which clients 21.4%. The Operational Cost Ratio improved have a high probability of missing a payment from 68.3% to approx. 60.3%, significantly and, based on these predictions, will prepare contributing to the enhanced performance. bespoke messages and determine the correct time and appropriate channel to pre- The key contributor to the improved results emptively communicate with these clients. was the successful turnaround strategy MyBucks expects this innovation to lead to implemented at the banks operated higher customer satisfaction rates and lower under the Opportunity Bank brand. The default rates. banking operations exceeded expectations by delivering an €8.2m contribution to MyBucks and blockchain Profit Before Tax, exceeding the full-year contribution from the previous financial year. Blockchain can be regarded as the new In addition to the above, the Group recorded internet. What does this mean? While the a €2.1m Profit Before Tax from its Southern internet allows for the transfer of data African Lending Operations. between a network of devices, blockchain allows for the transfer of value between Contrary to the above, the Eastern-African parties without a centralised third party to Operations incurred a loss of approx. €0.5m. validate transactions. Blockchain provides The Group’s technology division suffered a transparency of transactions and is Loss Before Tax of approx. €8.6m and that immutable, which characteristics provide loss was driven largely by the Group’s finance almost infinite uses for this technology. Just costs, which remained high for the first half as early surfers figured out what the internet year at approximately €11.9m. MyBucks was for in the 1990s, the world is currently expects to significantly reduce finance costs figuring out what to do with blockchain. through its recent private placement and by further debt refinancing measures that will MyBucks is currently investigating numerous be implemented in the remainder of the 2018 use cases of blockchain technology financial year. MyBucks expects that the throughout its technology ecosystem and, ongoing banking license applications; the since MyBucks operates in 13 countries on launch of new insurance and lending products three continents, it can utilise its existing using AI; and the further enhancement of its infrastructure to launch innovations that UX (user experience) through TESS will allow improve the lives of its customers. the Group to enhance its product offering and position it well for future growth. Financials MyBucks turned its financial results around in the first half of the financial year and the MyBucks Group recorded a positive profit before tax of € 66.6k, compared to a full-year loss before tax of €7.7m as at 30 Interim Financial Statements for the period ended 31 December 2017 Page 5 Consolidated statement of profit and loss and other comprehensive income. 31 December 2016 31 December 2017 30 June 2017 (restated) EUR Notes 6 months Full year 6 months Profit and loss Revenue 3 29 007 074 53 773 404 24 564 175 Loan book impairments (6 210 249) (12 039 736) (5 863 455) Other income 4 4 497 805 6 191 698 4 073 687 Employee costs (7 032 643) (13 907 805) (6 905 615) Depreciation, amortisation and impairments (1 046 795) (2 520 109) (1 109 747) Consulting and professional fees (2 034 971) (4 893 710) (2 251 804) Operating expenses (7 432 568) (15 665 672) (7 228 475) Operating profit 9 747 653 10 938 070 5 278 766 Investment revenue 5 2 189 349 2 683 535 858 852 Finance costs 6 (11 870 358) (21 311 705) (9 499 108) (Loss) / Profit before taxation 66 644 (7 690 100) (3 361 490) Income tax expense (2 209 584) (3 428 701) (2 142 651) Loss from continuing operations (2 142 940) (11 118 801) (5 504 141) Loss from discontinued operations (598 413) (1 895 349) (480 881) Loss for the period (2 741 353) (13 014 150) (5 985 022) Page 6 MyBucks S.A. Consolidated statement of profit and loss and other comprehensive income. 31 December 2016 31 December 2017 30 June 2017 (restated) EUR Notes 6 months Full year 6 months Other comprehensive income Exchange difference in translating foreign (357 246) 1 319 818 1 246 212 operations NCI portion of exchange difference in translating (255 912) (322 559) 122 921 foreign operations Effects of cash flow hedges - (59 601) (59 601) Share of other comprehensive income of joint venture Total items that may be reclassified to profit or (613 158) 937 658 1 309 532 loss Total other comprehensive income for the period (613 158) 937 658 1 309 532 Total Comprehensive loss for the period (3 354 511) (12 076 492) (4 675 490) Loss attributable to: Owners of the parent Continuing operations (3 106 833) (13 139 298) (6 568 279) Discontinued operations (598 413) (1 895 349) (480 881) (3 705 246) (15 034 647) (7 049 160) Non Controlling interest Continuing operations 963 893 2 020 497 1 064 139 Discontinued operations - - - 963 893 2 020 497 1 064 139 Total comprehensive loss attributable to: Owners of the parent (4 062 492) (13 774 430) (5 862 550) Non Controlling interest 707 981 1 697 938 1 187 060 (3 354 511) (12 076 492) (4 675 490) Earnings per share Basic loss per share from continuing operations 18 (0.27) (1.14) (0.59) Basic loss per share from discontinuing 18 (0.05) (0.16) (0.04) operations Diluted loss per share from continuing operations 18 (0.27) (1.14) (0.59) Diluted loss per share from discontinuing 18 (0.05) (0.16) (0.04) operations The 31 December 2016 results were adjusted to reflect the accounting errors identified in the prior financial year.
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