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Cembra Money Bank Cembra Money Bank Robert Oudmayer, CEO Baader Helvea Swiss Equities Conference, 10 January 2019 Page Cembra Money Bank A leading player in consumer finance Personal loans Auto leases & loans Credit cards Market (Dec’17) Market (Dec’17) Market (Dec’17) 34% Captives Independent Cembra • Bank-now • Swisscard (CS) • AMAG Leasing • Bank-now Money Cembra • Viseca (Aduno) 2017 • Cashgate Bank Money • BMW 2017 • Cashgate 12% 6.6mn • Cornèr Bank Bank Personal loan • Migros Bank • FCA Capital Auto leasing • Cembra (15%) credit cards ca 36% receivables1 volumes (incl. EFL) • Postfinance • Cantonal • Ford Credit • UBS banks • MultiLease 64% • PSA Finance 88% • RCI Finance 66% . Stable market share in a challenging . Strong independent player, no brand . 14% annual average growth rate since market (interest rate cap) concentration 2008 . Diverse distribution model with 18 . Offering products through 3000 larger, . Credit card solutions for major retailers branches, 200 agents and an efficient medium and small dealers and organisations in Switzerland internet channel . Premium service through dedicated . Long-term relationship with major . Premium price supported by superior sales force and regional service retailer Migros service and fast and easy service centres . A track record of innovation with . Strong market presence . Agreement with Honda, Hyundai, Tesla tailored ‘dual cards’ and attractive and Harley Davidson loyalty programs Page 2 Cembra Money Bank A strong value proposition Independent consumer finance specialist Diversified distribution through own branches, independent credit agents, car dealers and retailers combined with a strong online presence Premium price supported by superior personalised and flexible service in personal loans, auto leasing and credit cards Highly process driven organisation, digitised where needed and with strong risk domain expertise Long-term experience in the Swiss consumer market with stable and consistent management Page 3 Cembra Money Bank A clear strategy Gain size through Defend the core Build the future external growth & business diversification . Asset growth through . Robust IT investment plan . M&A transactions . Strong performance . Simplify customer . Swissbilling . Cross sell / upsell onboarding . EFL Autoleasing . New CRM & Servicing . Grow fee-based income . Digitization . Partnerships / Joint Ventures . Efficient cost management . Customer centric . Eny Finance organization . Lendico . Rigorous risk management . B2B/B2C framework . Focus on consumer finance . Smart follower for new and consumer finance technologies related markets primarily in Switzerland Page 4 Cembra Money Bank A proven performance track record IPO targets 2014 2015 2016 2017 H1’18 (Oct. 2013) Net customer loan growth to Asset growth be moderate and in line 2.1% (0.3)% 0.9% 12.0% 4.0% with Swiss GDP growth Organic: 4.0% Profitability RoE target of at least 15% 17.0% 17.7% 17.4% 16.7% 17.8% Target Tier 1 capital ratio Capitalisation of minimum 18% 20.6% 19.8% 20.0% 19.2% 18.9% Target payout ratio for Dividend payout ordinary dividend between 66% 66% 68% 69% na 60% and 70% of net income Earnings per share (EPS) 4.67 5.04 5.10 5.13 2.76 1 Dividend yield 5.6% 5.2% 6.0% 3.9% na 1 Including extraordinary dividend of CHF 1.00 per share Page 5 Cembra Money Bank Key financials H1 2018 P&L (in CHF mn) H1’18 H1’17 Balance sheet as per 30 June 2018 Interest income 162.2 151.1 (in CHF mn) Assets Liabilities & Equity Interest expense (10.1) (12.6) Cash 5,312 mn Net interest income 152.1 138.6 Insurance 9.8 11.9 1,856 Credit card fees 43.2 34.5 Personal 2,750 Deposits Loans and leases 6.7 6.0 loans Other 1.2 1.4 Commission and fee income 60.9 53.8 Total income 213.0 192.3 Net financing Provision for losses (23.9) (21.1) receivables 1,979 4,742 Operating expense (90.6) (83.3) Auto leases & Short- and 1,547 long-term debt Income before taxes 98.5 87.9 loans Taxes (20.8) (18.5) 151 Net income 77.7 69.4 903 Other Credit cards 864 Shareholders’ Basic earnings per share (EPS) 2.76 2.46 4 Other (Swissbilling) equity Other 129 Ratios Easy to understand balance sheet Net interest margin (NIM) 6.5% 6.7% Cost/income ratio 42.6% 43.3% No derivatives Return on average equity (ROE) 17.8% 16.9% Cash at SNB Return on average assets (ROA) 3.0% 2.8% Page 6 Cembra Money Bank Diversified funding Diversified, local funding sources Funding programs (in CHF mn) 1 Senior Eight issuances of between CHF 50mn to CHF 200mn each 1 4,301 1 4,052 3,878 unsecured 3 3,660 Avg. remaining term of 5.1 yrs / avg. rate of 0.49% 36% IPO 1,102 – ABS Two AAA-rated issuances of CHF 200mn each 926 700 825 3 GE Funding Avg. remaining term of 1.3 yrs / avg. rate of 0.23% 400 250 400 400 100 50 Deposits Deposits 400 300 - Bank loans Term loan of CHF 50mn from one bank Avg. remaining term of 0.3 yrs / avg. rate of 0.10% 650 Non 1,832 1,415 1,705 Institutional Diversified portfolio across sectors and 1,165 term maturities 938 921 917 deposits Book of circa 120 investors Avg. rate of 64% 495 – 0.45% / Retail term avg. 31-12-2013 31-12-2016 31-12-2017 30-06-2018 Circa 28,000 depositors deposits remaining Fixed term offerings of 2–8 yrs End of period and saving term of 2.2 yrs 1.70% 0.66% 0.52% 0.49% Deposits accounts Saving accounts are on-demand deposits funding cost Avg. remaining Committed 2.0 2.7 2.9 2.8 Four facilities between CHF 50mn to CHF 100mn each BS term (yrs) - revolving 3 Avg. remaining term of 1 yr / avg. rate of 0.24% LCR 985% 1908% 916% 1112% Off credit lines • CHF 100mn existing RCF renewed for another 3 yrs NSFR2 >100% >100% >100% >100% starting July 2018 Leverage ratio - 14.8% 14.8% 14.5% Undrawn 300mn 350mn 350mn 350mn credit lines 1 Excludes deferred debt issuance costs on long & short-term debt 2 Based on the revised NSFR framework published by the Basel Committee on Banking Supervision in January 2014 3 Additional charges apply related to fees and debt issuance costs Page 7 Cembra Money Bank Stable asset quality Delinquencies Write-Off Performance by Year of Origination2 4.0% 6.00% 2007 2008 5.00% 2009 3.0% 4.00% 2010 30+ days past due 2011 2.0% 3.00% 2012 2013 2.00% 2014 1.0% 2015 Non-performing loans (NPL)1 1.00% 2016 2017 0.0% 0.00% 0 12 24 36 48 60 Months since origination Credit Grade³ Loss rate 100% 3% 13% 1.1% 1.1% 80% 1.0% 1.0% 1.0% 29% 60% 40% 56% 20% 0% 2010 2011 2012 2013 2014 2015 2016 2017 H1'18 2014 2015 2016 2017 H1 18 CR1 CR2 CR3 CR4&5 Note: The five consumer ratings (CR) and their associated probabilities of default are: 1 Non-performing loans (NPL) ratio is defined as the ratio of non-accrual financing CR1: 0.00%–1.20%; CR2: 1.21%–2.97%; CR3: 2.98%–6.99%; receivables (at period-end) divided by the financing receivables CR4: 7.00%–13.16%; CR5: 13.17% and greater 2 Based on Personal Loans and Auto Leases & Loans portfolios Page 8 Cembra Money Bank Strong capital base and attractive dividend policy Tier 1 capital walk (in CHF m)1 Dividend per share since IPO 19.2% 18.9% Tier 1 ratio 810.4 1.00 Extraordinary 789.7 76.0 (54.4) (0.9) 39 Excess capital dividend 18% minimum target 11.2% regulatory 3.35 3.45 3.55 Ordinary requirement 2.85 3.10 dividend 31-12-17 Net income Ordinary Other 30-06-18 H1’18 dividend 2013 2014 2015 2016 2017 Conservative approach Ordinary dividend . Standard approach to credit risk with risk weightings of . Target payout ratio for ordinary dividend between 60% 75% for all products; no internal models; risk-weighted and 70% of net income assets (RWA) of CHF 4,286 million . All core capital; no hybrid capital Excess capital / extraordinary dividend . Internal minimum CET1 target of 18% significantly . Return excess Tier 1 capital above 20% to shareholders above regulatory minimum requirement of 11.2% either via extraordinary dividends or share buybacks… . Above-average CET1 capital ratio of 18.9% as per . …unless there is a more efficient allocation of capital – in June 2018 particular for internal or external growth Page 9 Cembra Money Bank Outlook and guidance for 2018 Medium-term targets H1’18 Outlook for full-year 2018 Revenues Net customer loan growth to Additional revenues from credit cards growth and Asset growth be moderate and in line 4.0% with Swiss GDP growth acquisitions expected to be partially offset by lower interest income from personal loans following the implementation of the rate cap in July 2016 Provision for losses Profitability RoE target of at least 15% 17.8%1 Loss performance expected to be in line with prior years’ performance Operating expenses Target Tier 1 capital ratio Continued cost discipline with investments in digitisation Capitalisation 18.9% of minimum 18% leading to slightly higher cost/income ratio Guidance for full-year 2018 Target payout ratio for ordinary Dividend payout dividend between 60% and 70%2 Earnings per share 70% of net income EPS anticipated to be in the range between CHF 5.20 to CHF 5.50 (raised from CHF 4.80 – CHF 5.10) 1 Annualised 2 Assumed distribution to determine Tier 1 capital; to be revisited at year-end 2018 Page 10 Cembra Money Bank Appendix Page 11 Cembra Money Bank H1 2018 market update Markets Cembra’s performance Personal loan market turned .
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