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Virgin Money UK PLC Full Year 2020 Financial Results Announcement

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Virgin Money UK PLC Full Year 2020 Financial Results Announcement Virgin Money UK PLC Full Year 2020 Financial Results Announcement BASIS OF PRESENTATION Virgin Money UK PLC (‘Virgin Money’, ‘VMUK’ or ‘the Company’), formerly known as CYBG PLC (‘CYBG’) (the Company was renamed on 30 October 2019), together with its subsidiary undertakings (which together comprise ‘the Group’), operate under the Clydesdale Bank, Yorkshire Bank, B and Virgin Money brands. This results announcement covers the results of the Group for the year ended 30 September 2020. The term ‘Virgin Money’ is used throughout this results announcement either in reference to the Group, or when referring to the acquired business of Virgin Money Holdings (UK) PLC or subsequent integration of the acquired business, within the newly combined Group. Statutory basis Statutory information is set out on page 16 and within the financial statements. Pro forma results: On 15 October 2018, the Company acquired all the voting rights in Virgin Money Holdings (UK) PLC by means of a scheme of arrangement under Part 26 of the UK Companies Act 2006, with the transaction being accounted for as an acquisition of Virgin Money Holdings (UK) PLC. We believe that it is helpful to provide additional information which is more readily comparable with the current year result s of the combined businesses. Therefore we have prepared pro forma comparative results for the Group as if Virgin Money UK PLC and Virgin Money Holdings (UK) PLC had always been a combined group, in order to assist in explaining trends in financial performance. A reconciliation between the results on a comparative pro forma basis and a statutory basis is included on page 17. The pro forma comparative results are also presented on an underlying basis as there were a number of factors which had a significant effect on the comparability of the Group’s financial posit ion and results. Any reference to pro forma results relates to the prior period only as the pro forma basis is not applicable in the current period due to the combined group being in operation for the entire 12 months to 30 September 2020. Underlying basis The results are adjusted to remove certain items that do not promote an understanding of historical or future trends of earnings or cash flows, and therefore allows a more meaningful comparison of the Group’s underlying performance. A reconciliation from the underlying results to the statutory basis is shown on page 17 and management’s rationale for the adjustments is shown on page 129. Alternative performance measures (APMs) The financial key performance indicators (KPIs) used by management in monitoring the Group’s performance and reflected throughout this results announcement are determined on a combination of bases (including statutory, regulatory and alternative performanc e measures), as detailed at ‘Measuring financial performance – glossary’ on pages 127 to 128. APMs are closely scrutinised to ensure that they provide genuine insights into the Group’s progress; however statutory measures are the key determinant of dividend paying capability. Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given. FORWARD LOOKING STATEMENTS The information in this document may include forward-looking statements, which are based on assumptions, expectations, valuations, targets, estimat es, forecasts and projections about future events. These can be identified by the use of words such as ‘expects’, ‘aims’, ‘targets’, ‘seeks’, ‘anticipates’, ‘plans’, ‘intends’, ‘prospects’, ‘outlooks’, ‘projects’, ‘forecasts’, ‘believes’, ‘estimates’, ‘potential’, ‘possible’, and similar words or phrases. These forward-looking statements, as well as those included in any other material discussed at any presentation, are subject to risks, uncertainties and assumptions about the Group and its securities, investments and the environment in which it operates, including, among other things, the development of its business and strategy, any acquisitions, combinations, disposals or other corporate activity undertaken by the Group (including but not limited to the integration of the business of Virgin Money Holdings (UK) PLC and its subsidiaries into the Group), trends in its operating industry, changes to customer behaviours and covenant, macroeconomic and/or geo-political factors, the repercussions of the outbreak of coronaviruses (including but not limited to the COVID-19 outbreak), changes to its Board and/or employee composition, exposures to terrorist activity, IT system failures, cybercrime, fraud and pension scheme liabilities, changes to law and/or the policies and practices of the Bank of England, the Financial Conduct Authority and/or other regulatory and governmental bodies, inflation, deflation, interest rates, exchange rates, changes in the liquidity, capital, funding and/or asset position and/or credit ratings of the Group, future capital expenditures and acquisitions, the repercussions of the UK’s referendum vote to leave the European Union, the UK’s exit from the EU (including any change to the UK’s currency), Eurozone instability, and any referendum on Scottish independence. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Forward-looking statements involve inherent risks and uncertainties. Other events not taken into account may occur and may significantly affect the analysis of the forward-looking statements. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates gives any assurance that any such projections or estimates will be realised or that actual returns or other results will not be materially lower than those set out in this document and/or discussed at any presentation. All forward-looking statements should be viewed as hypothetical. No representation or warranty is made that any forward-looking statement will come to pass. No member of the Group or their respective directors, officers, employees, agents, advisers or affiliates undertakes any obligation to update or revise any such forward-looking statement following the publication of this document nor accepts any responsibility, liability or duty of care whatsoever for (whether in contract, tort or otherwise) or makes any representation or warranty, express or implied, as to the truth, fullness, fairness, merchantability, accuracy, sufficiency or completeness of, the information in this document. The information, statements and opinions contained in this document do not constitute or form part of, and should not be cons trued as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Contents Highlights 1 Contact details 2 Business and financial review 3 Risk management 18 Directors’ responsibility statement in respect of the Annual Report & Accounts 69 Group financial statements 70 Additional information 127 Virgin Money UK PLC 2020 Full Year Results Highlights David Duffy, Chief Executive Officer: “It has been an extraordinary year of disruption for all of us. Our priority has been to support our customers and colleagues through this period, and we will continue to do so during the challenging economic environment ahead. I’m proud of the way we’ve a dapted how we work this year to continue serving our customers, while looking after our colleagues and protecting the bank for the future. “While we are yet to see any material impacts of the pandemic on the credit quality of our loan book, our results reflect a cautious and conservative approach to the coming period as we refine our assessment of the uncertain economic outlook and the impact of th e second lockdown. Although the vaccine news is a strong cause of hope for the future, the economic benefits are still some way off when considering the immediate reality of current restrictions and so have not yet been factored into our near-term forecasts. “Looking into 2021, we are well underway in rolling out our full suite of Virgin Money products and serv ices across personal and business, underpinned by our unique brand proposition and leading digital capabilities. This progress, as well as the steps we have alr eady taken to transform and simplify our business, mean we are well positioned to emerge from th e pandemic as an agile, innovative and disruptive force in UK banking.” Supporting our customers, colleagues & communities • Virgin Money has continued to provide customers with valuable support at this difficult time: o c.67k Mortgage payment holidays granted to date (c.20% of balances); c.4% of balances currently on an active payment holiday with 98% of customers who have matured from their holiday period having returned to payment o c.58k Personal payment holidays granted to date (c.6% of balan ces); c.1% of balances currently on an active payment holiday with 93% of customers who have matured from their holiday period having returned to payment o Supported c.30k businesses with lending support including c.£1.2bn of Government-backed loans disbursed • c.6k of our c.9k colleagues enabled to work from home; enhanced safety and wellbeing support for those in offices/branches • c.£900k distributed to local charities supporting
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