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Q1 2020 Financial Results

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Q1 2020 Financial Results EnterCard Group AB 556673-0585 Table of Content Summary .................................................................................................................................................................................................... 3 Income Statement ................................................................................................................................................................................... 5 Balance Sheet ........................................................................................................................................................................................... 6 Statement of Changes in Equity .......................................................................................................................................................... 7 Statement of Cash Flow ......................................................................................................................................................................... 8 Notes........................................................................................................................................................................................................... 9 EnterCard Group AB 556673-0585 INTERIM REPORT FOR ENTERCARD GROUP AB The Chief Executive Officer for EnterCard Group AB hereby submits the Interim report for January 1 - March 31, 2020. For EnterCard, estimating the depth and duration of this SUMMARY event is essential but involves a number of uncertainties, such as the effectiveness of the respective country response Scope, type of Operation and ownership strategies, the timing of social mobility normalization and the EnterCard Group AB operates in the Scandinavian market, pace of business recovery. The broad base of customer with the issuance of credit cards and consumer loans as a spending is continuing though at a lower level. New primary business focus. The company was founded in 2005 customer accounts are being created, though at a lower by Barclays Bank, the largest credit institution providing level, like with card spending. Though the business model credit cards financing in Europe, and Swedbank, a leading continues, it will be necessary to increase provisions for banking group in the Nordics and Baltics. The business focus anticipated asset value deterioration. Because the of EnterCard is to issue credit cards and consumer loans observation period of asset performance has been short, an under its own brand, re:member, in all three Scandinavian estimate of increased provision involves data and countries, as well as issuing credit cards and loans under management judgement. The anticipated additional different partners’ brands and through their own distribution provisioning related to Covid 19 is 142msek, which is channels. EnterCard Group AB is owned by Swedbank AB, reflected in the Q1 2020 financial results. 60% and Barclays Bank PLC, 40% through a joint venture. EnterCard Group AB operates two branches in Norway and Year to date earnings, profitability and position Denmark, respectively. Operating income as per March 31, 2020, amounted to 848.7m SEK, compared with 863.2m SEK the same period Significant events during the period previous year. Total loans to the public without considering During quarter one of 2020, the Corona virus began to provisions of anticipated loan losses as per March 31, 2020, spread worldwide resulting in devastating human and increased to 33,218.3m SEK compared to 32,729.2m SEK economic loss. It has been classified as a pandemic. Though March 31, 2019. all Scandinavian countries have instituted firm social distancing guidelines, the countries have not deployed Non performing loans, after loan loss provision, as per March identical response strategies. The varying strategies have 31 amounted to a book value of 1,291.1m SEK which effected social mobility and perceived security in the constitutes 3,7 percent of the total credit portfolio. respective countries. These factors are significant considerations for existing and potential customers that may Operating profit before tax amounted to 9.6m SEK (170.8m utilize EnterCard’s products and services. This type of event SEK). adversely disrupts traditional consumer behavior patterns, which is acutely observed with International travel and Investments related spending patterns. Investments in tangible assets during the period amounted to 0.1m SEK and intangible fixed assets with 4.4m SEK. This unique event has materially increased uncertainty in EnterCard continuously assesses whether there are most countries. Correspondingly, the Scandinavian indications of diminished value for assets. The evaluation has environmental risk has increased with markedly high shown that there is no need for impairment. unemployment, a dramatic decline in oil prices and speculation about supply chain stability. These factors are Significant risks and factors of uncertainty relevant when considering the strength and resilience of EnterCard is a consumer financing company delivering private consumers’ economies, which bears heavily on products and services that meet the customer needs and considering EnterCard’s future asset valuations. expectations. EnterCard’s operations encounters to a number Page 3 of 19 EnterCard Group AB 556673-0585 of risks. As a result, considerations needs to be made in Barclays Bank PLC. EnterCard’s liquidity need is satisfied relation to these risks. through credits and loans provided by the owners. EnterCard’s cash balance as per March 31 amounted to The interest rate environment presents material of risk and 3,501.0m SEK, cash balance in the beginning of the year was uncertainty. As the Scandinavian central banks seek to 3,501.9m SEK. assist their respective economies, differing decisions can be seen. The interbank offer rate in Sweden, STIBOR, has The liquidity reserve amounted to 2,414.9m SEK (5,521.7m slightly increased, whereas in Norway the interbank offer SEK), more detailed information is provided in note 5 and rate, NIBOR, has materially decreased. These actions have note 6. EnterCard Group AB’s Liquidity Coverage Ratio (LCR) both positive and adverse economic effects for EnterCard. was 363% (421%). According to EnterCard’s interpretation There is also a higher level of insecurity in the market about of the Basel Committee’s most recent proposal on Net Stable how the larger economic volatility will affect borrowers, Funding Ratio (NSFR), EnterCard’s NSFR was 146% (146%). which has led to sharp increases in the Funds Transfer Premium (FTP), increasing the cost of borrowing. EnterCard As per March 31 2020, the survival horizon, in a scenario continually monitors and optimizes its borrowing needs to with a very limited access to funding and significantly ensure sufficient liquidity for operational and regulatory decreased inflows from customers, was 107 days for requirements. Sweden, 154 days for Norway and 154 days for Denmark, to be compared with the risk appetite, decided by the Board, of EnterCard continues to monitor the regulatory environment 60 days. to assess the likely impacts to the company. Like all other banks and credit institutions, EnterCard is benefiting from More detailed information on the liquidity reserve and the relaxed regulatory measures issued forth by the liquidity management is provided in the yearly Risk and European Banking Authority (EBA). The significant reduction capital adequacy report. of the Counter-Cyclical Buffer in the Scandinavian countries has provided ample security that capital regulatory targets Capital adequacy will not be breached as the Covid 19 event progresses Total capital ratio for EnterCard as per March 31, 2020 was through its cycle. Additionally, EnterCard has begun 19,5 %. The total adjusted Tire 1 Capital base amounted to incorporating relaxation measures permitted for Covid 5,880.4m SEK and the total risk exposure amount for credit initiated debt restructuring/forbearance and payment risk was 30,171.6m SEK. EnterCard applies the standardized holidays to encourage companies to assistant customers in approach to calculate the capital requirement for credit risk. navigating this difficult period. This relaxation also is reflected in accounting rules under IFRS 9 allowing for a Audit review more measured consideration of changes in perceived risk. This report has not been reviewed by EnterCard’s auditors. EnterCard remains very active to follow and incorporate Although, the company’s result per March 31, 2020 have regulatory guidance from European and local regulators. been subject for a general review. Liquidity and funding Funding has been exclusively provided by Swedbank AB and Page 4 of 19 EnterCard Group AB 556673-0585 Income statement 2020-01-01 2019-01-01 2019-01-01 TSEK Note 2020-03-31 2019-12-31 2019-03-31 Interest income 833 063 3 487 386 823 744 Interest expenses -87 323 -305 651 -64 245 Net interest income 745 740 3 181 735 759 499 Commission income 226 305 980 917 227 897 Commission expenses -125 429 -538 291 -130 538 Net commissions 100 876 442 626 97 359 Net gain/loss transactions from financial instruments 2 -3 889 -3 395 36 Other income 5 968 31 999 6 288 TOTAL OPERATING INCOME 848 694 3 652 965 863 182 Staff costs -138 951 -604 359 -150 574 Other general administrative expenses -206 334 -885 854 -199 878 Total general administrative expenses -345 285 -1 490 213 -350 452 Depreciation/amortization and impairments of tangible and intangible fixed assets -10 141 -46 291 -11 271 Other costs
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