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Home Credit Slovakia, A.S Home Credit Slovakia, a.s. Financial Statements for the year ended 31 December 2016 Translated from the Slovak original Home Credit Slovakia, a.s. Financial Statements for the year ended 31 December 2016 Contents Independent Auditor’s Report 3 Statement of Financial Position 6 Statement of Comprehensive Income 7 Statement of Changes in Equity 8 Statement of Cash Flows 9 Notes to the Financial Statements 10 - 2 - Home Credit Slovakia, a.s. Statement of Comprehensive Income for the year ended 31 December 2016 2016 2015 Note TEUR TEUR Interest income 14 12,286 9,309 Interest expense 14 (1,177) (1,072) Net interest income 11,109 8,237 Fee and commission income 15 4,933 5,501 Fee and commission expense 16 (6,932) (6,966) Net fee and commission expense (1,999) (1,465) Other operating income 17 10,159 20,697 Operating income 19,269 27,469 Impairment losses 18 (4,139) (3,550) General administrative expenses 19 (16,764) (17,144) Operating expenses (20,903) (20,694) Profit before tax (1,634) 6,775 Income tax expense 20 (256) (2,129) Net (loss)/profit for the year (1,890) 4,646 Total comprehensive income for the year (1,890) 4,646 - 7 - Home Credit Slovakia, a.s. Statement of Changes in Equity for the year ended 31 December 2016 Statutory Share Share reserve Retained capital premium fund earnings Total TEUR TEUR TEUR TEUR TEUR Balance as at 1 January 2016 18,821 - 3,765 6,181 28,767 Dividends to shareholders - - - (4,000) (4,000) Net loss for the year - - - (1,890) (1,890) Total comprehensive income - - - (1,890) (1,890) for the year Total changes - - - (5,890) (5,890) Balance as at 31 December 2016 18,821 - 3,765 291 22,877 Statutory Share Share reserve Retained capital premium fund earnings Total TEUR TEUR TEUR TEUR TEUR Balance as at 1 January 2015 18,821 - 3,765 5,535 28,121 Dividends to shareholders - - - (4,000) (4,000) Net profit for the year - - - 4,646 4,646 Total comprehensive income - - - 4,646 4,646 for the year Total changes - - - 646 646 Balance as at 31 December 2015 18,821 - 3,765 6,181 28,767 - 8 - Home Credit Slovakia, a.s. Statement of Cash Flows for the year ended 31 December 2016 2016 2015 Note TEUR TEUR Operating activities (Loss)/profit before tax (1,634) 6,775 Adjustments for: Impairment losses 18 4,139 3,550 Interest expense 14 1,177 1,072 Depreciation and amortization 19 388 393 Net gain on disposal of property, equipment and intangible assets (36) (32) Net operating cash flow before changes in working capital 4,034 11,758 Change in loans to customers (11,633) (14,937) Change in other assets 2,567 3,660 Change in other liabilities 2,237 1,747 Cash flows from operations (2,795) 2,228 Interest paid (1,078) (1,054) Income tax received/(paid) (3,058) 2,818 Cash flows from operating activities (6,931) 3,992 Investing activities Proceeds from sale of property, equipment and intangible assets 39 33 Acquisition of property, equipment and intangible assets (178) (442) Cash flows from investing activities (139) (409) Financing activities Dividends paid to shareholders (4,000) (4,000) Proceeds from banks and other financial institutions 386,453 309,087 Repayment of amounts due to banks and other financial institutions (370,762) (309,294) Cash flows from financing activities 11,691 (4,207) Net increase/(decrease) in cash and cash equivalents 4,621 (624) Cash and cash equivalents at 1 January 6,680 7,304 Cash and cash equivalents at 31 December 5 11,301 6,680 - 9 - Home Credit Slovakia, a.s. Notes to the Financial Statements for the year ended 31 December 2016 1. Description of the Company Home Credit Slovakia, a.s. (the “Company”) was established on 27 August 1999 and incorporated on 27 October 1999. The Company’s identification number (IČO) is 36234176, tax identification number (DIČ) is 2020170218 and VAT identification number (IČ DPH) is SK2020170218. During 2016 the Company had on average 253 employees, out of these 33 managing employees (2015: 268 employees, out of these 34 managing employees). Registered office Home Credit Slovakia, a.s. Teplická 7434/147 921 22 Piešťany Slovak Republic Shareholders Country of incorporation Ownership interest (%) 2016 2015 Home Credit B.V. Netherlands 100.00 100.00 The consolidated financial statements of Home Credit B.V. are available at the shareholder’s registered office, Strawinskylaan 933, 1077XX Amsterdam, Netherlands. The consolidated financial statements of the ultimate controlling entity PPF Group N.V. are available at its registered office, Strawinskylaan 933, 1077XX Amsterdam, Netherlands. Board of Directors Supervisory Board David Bystrzycki Chairman Pavel Rozehnal Chairman (since August), Luděk Jírů Member Member (until August) Zdeněk Šperka Member Miroslav Zborovský Member David Minol Member (since August) Erich Čomor Chairman (until August) Principal activities The principal activity of the Company is the provision of consumer financing to private individual customers in the Slovak Republic. The major source of financing for the Company’s consumer lending activities are onward sales of originated loan receivables and loan participations (refer to Note 6). - 10 - Home Credit Slovakia, a.s. Notes to the Financial Statements for the year ended 31 December 2016 2. Basis of preparation These individual financial statements constitute financial statements for statutory purposes and comply with Section 17(a) of the Slovak Act on Accounting No. 431/2002, as amended. The statutory financial statements for the year ended 31 December 2015 were approved by the General Meeting on 29 February 2016. (a) Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs), as adopted by the European Union. (b) Basis of measurement The financial statements are prepared on the historical cost basis. The Company does not hold or issue financial instruments at fair value through profit or loss or financial instruments classified as available- for-sale which would be otherwise measured at fair value. Other financial assets and liabilities and non- financial assets and liabilities which are measured at historical cost are stated at amortized cost or historical cost, as appropriate, net of any relevant impairment. (c) Presentation and functional currency These financial statements are presented in euro (EUR), which is the Company’s functional currency and reporting currency. Financial information presented in EUR has been rounded to the nearest thousand (TEUR). (d) Use of estimates and judgments The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of the judgments about the carrying values of assets and liabilities that cannot readily be determined from other sources. The actual values may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised and in any future years affected. In particular, information about a significant area of estimation uncertainty, impairment recognition for financial assets, and critical judgments made by management in this area is provided in Note 3c (iv), Note 3c (vi), Note 3f and Note 6. - 11 - Home Credit Slovakia, a.s. Notes to the Financial Statements for the year ended 31 December 2016 3. Significant accounting policies The following significant accounting policies have been consistently applied in the preparation of the financial statements. (a) Foreign currency transactions A foreign currency transaction is a transaction that is denominated in or requires settlement in a currency other than the functional currency. The functional currency is the currency of the primary economic environment in which an entity operates. For initial recognition purposes, a foreign currency transaction is translated into the functional currency using the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to EUR at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities denominated in foreign currencies, which are stated at historical cost, are translated to EUR at the foreign exchange rate ruling at the date of the transaction. Foreign exchange differences arising on retranslation are recognized in profit or loss. (b) Cash and cash equivalents The Company considers cash in hand, current accounts and balances with banks and other financial institutions due within three months to be cash and cash equivalents. (c) Financial assets and liabilities (i) Classification The Company classifies all of its financial assets as Loans to customers. Loans to customers are non- derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than those that the Company intends to sell immediately or in the near term or those that the Company upon initial recognition designates as at fair value through profit or loss. The Company does not hold or issue financial instruments at fair value through profit or loss, held-to- maturity investments nor financial instruments classified as available-for-sale. (ii) Recognition Financial assets and liabilities are recognized in the statement of financial position when the Company becomes a party to the contractual provisions of the instrument. (iii) Measurement A financial asset or liability is initially measured at its fair value. The fair value measurement is increased in case of a financial asset or liability not at fair value through profit or loss by transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability.
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