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Annual Report & Accounts 2015

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Annual Report & Accounts 2015 SHAWBROOK GROUP PLC Annual Report & Accounts for the year ended 31 December ReportAnnual 2015 ended for the year 31 & Accounts SHAWBROOK GROUP PLC ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015 SHAWBROOK IS A SPECIALIST LENDING AND SAVINGS BUSINESS WITH A FOCUS ON POORLY- SERVED CUSTOMER SEGMENTS ACROSS THE SME AND CONSUMER MARKETS IN THE UK. WE USE OUR EXPERIENCE AND JUDGEMENT TO MAKE INDIVIDUAL DECISIONS THAT BALANCE RISK, RETURN AND CUSTOMER NEEDS. SHAWBROOK COMPLETED ITS SUCCESSFUL IPO AND LISTED ON THE LONDON STOCK EXCHANGE IN APRIL 2015 (LSE:SHAW) A FULL VERSION OF OUR ANNUAL REPORT AND PILLAR 3 REPORT ARE AVAILABLE ONLINE AT WWW.SHAWBROOK.CO.UK CONTENTS STRATEGIC REPORT 01 Highlights 02 At a glance 04 History and Background 08 Chairman’s Statement 10 Q&A with the CEO and Interim CEO/CFO 14 Market Overview 17 Our Strategy 18 KPIs 20 Business Model 24 Business Review 32 Risk Management Report 43 Corporate Social Responsibility CORPORATE GOVERNANCE 45 Corporate Governance Report 48 Board of Directors 67 Directors’ Remuneration Report 82 Statement of Directors’ Responsibilities 83 Directors’ Report FINANCIAL STATEMENTS 87 Independent Auditor’s Report 90 Consolidated Statement of Profit or Loss and Other Comprehensive Income 91 Consolidated and Company Statements of Financial Position 92 Consolidated Statement of Changes in Equity 93 Company Statement of Changes in Equity 94 Consolidated Statement of Cash Flows 95 Notes to the Financial Statements 131 Glossary STRATEGIC REPORT GOVERNANCE FINANCIALS HIGHLIGHTS A RECORD YEAR FINANCIAL HIGHLIGHTS HIGHLIGHTS }}Strong financial performance aligned PROFIT BEFORE TAX NET LOANS1 AND ORIGINATIONS to IPO guidance – Successful IPO with admission to the LSE main market in April 2015 and entered the £80.1m £1,685m FTSE 250 in June 2015 Underlying PBT Originations – 63% increase in underlying profit before tax to £80.1m in 2015 – Total Assets have reached £4bn – Net Promoter Score increased to 34 with £70.1m £3,361m Statutory PBT Net Loans 89% customer satisfaction 80.1 1,685 2015 2015 }}Continuing strong demand in our 70.1 3,361 1,366 carefully selected SME and Consumer 2014 49.1 2014 45.3 2,331 markets has seen: 1,000 2013 16.9 2013 16.1 1,399 – 23% growth in organic originations of £1,685m (2014: £1,366m) enhanced by the ¢ Underlying PBT £ m ¢ Statutory PBT £m ¢ Originations £m ¢ Net Loans £m selective acquisition of £0.3bn of assets. – 32% growth in customer deposits to TOTAL CAPITAL RATIO4, CET 15 RATIO AND £3,186m (2014: £2,421m) LEVERAGE RATIO NET INTEREST MARGIN2 AND ROTE3 }}Our carefully selected specialist markets continue to offer strong risk-adjusted returns 18.0% 6.2% – Net Interest Margin increased to 6.2% from Capital Ratio NIM 6.1% in 2014 – Achieved an underlying Return on Tangible Equity of 27.9% 14.4% 27.9% }}Our prudent approach to risk CET1 Ratio ROTE management is underpinned by our 6.2 2015 conservatively positioned balance sheet 27.9 6.1 – Total capital ratio enhanced to 17.9% (2014: 2014 26.9 13.9%) following successful IPO raising 7.0 % 5.8 2013 £90m of primary capital (£82m net of costs) T1 Leverage Ratio 13.6 and our maiden public Tier 2 capital raising 18.0 ¢ NIM % ¢ ROTE % (£75m) in October 2015 2015 14.4 7.0 (1) Net loans include loans and advances to customers plus }}We have delivered on our 2015 13.9 2014 11.6 operating leases. guidance and we are able to reaffirm 6.3 (2) Net interest margin is calculated as underlying net operating income divided by average principal employed. our medium term guidance provided at 17.3 the IPO 2013 13.8 (3) Return on Tangible Equity (‘ROTE’) is calculated as 6.8 underlying profit/(loss) for the year attributable to owners divided by average tangible equity. Average ¢ Capital Ratio % ¢ CET1 Ratio ¢ T1 Leverage Ratio % tangible equity is calculated as total equity less intangible assets at the beginning of a period plus total equity less intangible assets at the end of the period divided by two. (4) Total Capital Ratio is calculated as total capital for regulatory purposes divided by risk-weighted assets. (5) Common Equity Tier 1 ratio is calculated as the total core equity capital divided by the risk-weighted assets. Annual Report and Accounts for the year ended 31 December 2015 SHAWBROOK GROUP PLC 01 AT A GLANCE OUR SPECIALIST LENDING AND SAVING DIVISIONS OUR THREE DISTINCT MARKETS ARE PROPERTY, BUSINESS FINANCE AND CONSUMER. OUR MARKETS OUR DIVISIONS PROPERTY COMMERCIAL MORTGAGES Provides finance to the Providing investment CUSTOMER BALANCES CONTRIBUTION specialist residential mortgages, short-term investment and commercial loans and commercial property mortgage market property loans. and to professional £1,596 m £40.3m property investors and Increased by 65% in 2015 Contribution to overall SME owner-occupiers. (2014 Customer balances £969m) operating profit for the Group Second charge mortgages CUSTOMER to consumers. SATISFACTION* 78% BUSINESS FINANCE ASSET FINANCE We primarily finance Providing leasing finance, CUSTOMER BALANCES CONTRIBUTION business critical assets block discounting and operated by established UK SME and healthcare wholesale finance businesses. In addition, we and healthcare finance £761m £40.9m provide facilities to smaller to SMEs. Increased by 35% in 2015 Contribution to overall UK financial institutions (2014 Customer balances £564m) operating profit for the Group through wholesale and block facilities. CUSTOMER SATISFACTION* 90% STRATEGIC REPORT GOVERNANCE FINANCIALS CONSUMER INVESTING IN INNOVATION BANG & OLUFSEN Shawbrook’s commitment to innovation CONSUMER LENDING has created a bespoke and highly BANG & OLUFSEN HAS A efficient service for Bang & Olufsen and MARKET-LEADING REPUTATION its customers. Store owners benefit from expert support and the promise FOR HIGH-END AUDIO AND Consumerof high levels of customer satisfaction. lendingTV TECHNOLOGY. operates Visit our Business Model on page[••]for more information Providing unsecured CUSTOMER BALANCES CONTRIBUTION through relationships with major home improvementCONSUMER CASE STUDY loans for a variety of firms,00% in-store andDELIVERING online purposes, including Subheading Lorem ipsum dolor sit amet, TECHNOLOGY consectetur adipiscing elit. retailers,Quisque fermentum erat risus, et carefully selected consequat lacus egestas et. Proin vitae orci vestibulum, egestas enim home renovation Through a relationship first established in 2013, our Consumer Lending ut, euismod sem. Quisque business provides in-store finance to enable Bang & Olufsen to sell its sollicitudin, nisl ut ipsum, eget. leading edge products to high net worth customers. £ m £ m holiday ownership companies 333 11.8 We work with Bang & Olufsen across all of the company-owned stores as well as the majority of its franchises. Technology is a major competitive advantage and refurbishment. Increased by 47% in 2015 Contribution to overall and loan broker partners.for Shawbrook and one of the key drivers behind this relationship. Bang & Olufsen use our state-of-the-art ‘eSignature’ technology to provide a fast and efficient service. ‘eSignature’ enables the frontline sales staff to gain instant approval of loan applications, thereby closing sales, ensuring a positive (2014 Customer balances £227m) operating profit for the Group Savings productscustomer are experience and supporting the Bang & Olufsen brand. available directly to personal, business and charity CUSTOMER Shawbrook Bank provided us with a simple, elegant and * customers.efficient solution for our in-store finance needs. It has SATISFACTION 87% proved hugely popular with our customers and as such has been a great driver for our business. Andrew Macer, Head of Sales UK & Ireland 06 SHAWBROOK GROUP PLC Annual Report and Accounts for the year ended 31 December 2015 Annual Report and Accounts for the year ended 31 December 2015 SHAWBROOK GROUP PLC 07 02 SHAWBROOK GROUP PLC Annual Report and Accounts for the year ended 31 December 2015 STRATEGIC REPORT GOVERNANCE FINANCIALS BY PLACING OUR VALUES AND CULTURE AT THE HEART OF OUR BUSINESS, WE’VE DEVELOPED LONG STANDING CUSTOMER RELATIONSHIPS FOUNDED ON TRUST AND THE EXPERTISE THAT OUR PEOPLE DELIVER. THIS HAS ENABLED US TO BUILD A REPUTATION FOR THE OUTSTANDING SERVICE AND INNOVATION THAT UNDERPINS OUR SUCCESS. STEVE PATEMAN, CEO OUR VALUES SECURED LENDING PERSONAL Providing loans secured CUSTOMER BALANCES CONTRIBUTION We treat our customers and brokers as against clients’ homes people. We take the time to understand through second charge them, and we listen to what they say. mortgages. £487m £21.7m Increased by 21% in 2015 Contribution to overall (2014 Customer balances £401m) operating profit for the Group PRAGMATIC CUSTOMER We look at every situation on its merits, SATISFACTION* 92% rather than follow rigid guidelines or the accepted way of doing things. BUSINESS CREDIT EXPERT Funding against CUSTOMER BALANCES CONTRIBUTION Our people are experienced and invoices, stock, plant, professional. We know that it’s our people machinery and property. and their know-how that make things £183m £5.7m happen for our customers. Increased by 8% in 2015 Contribution to overall (2014 Customer balances £170m) operating profit for the Group PROGRESSIVE CUSTOMER We are proactive. We will find ways to SATISFACTION* 95% work that are quicker, simpler, and more efficient than the way we do things today. SAVINGS WE USE OUR EXPERTISE Providing a range of savings BALANCES AND JUDGEMENT TO MAKE products, including ISAs, fixed rate bonds, easy access INDIVIDUAL DECISIONS THAT accounts and
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