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2020 Annual Report

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2020 Annual Report LEADING FINTECH COMPANY ANNUAL REPORT 2020 50 FINANCIAL 4 STATEMENTS 12 STRATEGIC 2 REPORT 32 14 MARKET OVERVIEW 20 OPERATIONAL OVERVIEW 24 FINANCIAL OVERVIEW CORPORATE 4 26 STRATEGY AND DEVELOPMENT PLANS 27 RISK MANAGEMENT 3 GOVERNANCE 31 SUSTAINABILITY 34 BOARD OF DIRECTORS COMPANY 36 KEY MANAGEMENT 90 OVERVIEW 37 DIRECTORS’ REPORT 1 41 REMUNERATION REPORT 43 CORPORATE GOVERNANCE REPORT 6 COMPANY IN BRIEF 47 SECTION 172 STATEMENT CORPORATE 10 CHAIRMAN’S STATEMENT 48 DIRECTORS’ RESPONSIBILITY STATEMENT INFORMATION 11 CHIEF EXECUTIVE’S REVIEW 5 & GLOSSARY 6 COMPANY IN BRIEF 10 CHAIRMAN’S STATEMENT 1 11 CHIEF EXECUTIVE’S REVIEW COMPANY OVERVIEW Company in Brief Company in Brief Zaim Credit Systems Plc (ZCS) is the UK holding company of Zaim Express LLC (“Zaim”), a Russian-based fintech company providing small-sized short-term loans Our Vision to customers. The combined effect of tighter of financial regulations We see an opportunity to make a transparent, solid, and growing technology-driven complexity has forced healthy and profitable business by creating conditions for an increasing number of people into a sector where it these people to improve their status and progressively As at 31 December 2020, is very hard to access financial services, the “no service mingle with the world of financial services. Zaim directly operated zone.” “Unbanked” or “unbankable” individuals are ne- glected by the mainstream banking system and have no access to any financial service or support. 31 stores Our Guiding Principles Any and all services we provide, now and in the future, are con- Moscow ceived with the highest standards and the Moscow Region OUR of transparency, efficiency and compliance, with the utmost MISSION respect for our customers. Any and all clients, now and in the We are focused on developing our future, are supported and helped business which generates solutions to the to improve their financial status problems experienced by "unbankable" and access to the online world. individuals. We provide access to financial Our employees are our most services and an Internet-based world valuable resource and we focus (“online”) to people who are not eligible for As at 31 December on creating a comfortable working 2020, the total mainstream financial services. environment. number of employees A solid, transparent and profitable of the Group was business is the result and conse- quence of the full and complete implementation of the above. 199 Zaim has been operating in the microcredit market in locations near the transport infrastructure of Moscow Among other products, Zaim has created a pre-paid Mas- dramatically increasing volumes of loans issued online Russia since 2011. Today, Zaim occupies one of the leading and the Moscow Region. tercard product branded with the Zaim’s logo, to which and reducing the number of physical stores. Online oper- positions in the Russian microcredit market rapidly de- Zaim can credit loan amounts directly to customers ation now represents the largest portion of the Group’s Since establishment, Zaim has developed a bespoke fully veloping its online platform. who can then spend them online or via POS terminals. business and is continuing to grow. integrated business platform and operating tools to in- It is also possible for customers to withdraw funds at Zaim currently provides loans with an average size of crease efficiency, driven by automation and a constantly The total loans outstanding had a carrying value of £1.3 ATMs. This card was conceived and implemented to be 8,000 Russian rubles (RUB) (about £80) with a maximum improving credit scoring system. million as at the end of the year (£786k as at 31 Decem- the most convenient and cheapest instrument on the amount of RUB30,000 (£300) for an average period of ber 2019). The Zaim's platform allows for remote transfer of money market, and it is aimed at removing the entrance barrier less than one month. to the client’s own card (can be newly issued by Zaim) to the online world. As at 31 December 2020, the total number of employees As at 31 December 2020, Zaim directly operated 31 stores. or other receiving facilities (bank accounts or any other of the Group was 199 (317 as at 31 December 2019). In 2020, Zaim’s directors and management developed These stores are generally nearby to densely populated system allowed in the market by Russian authorities) and implemented an online-focused business strategy, residential communities in urban areas, as well as in within minutes of the online application. 6 АNNUAL REPORT 2020 LEADING FINTECH COMPANY 7 Zaim’s History Zaim Today 2011 Zaim was established on 14 March 2011, as a Successful IPO 10 years limited liability com- pany under the laws on the London Stock providing services of the Russian Feder- Exchange ation. 2016 In 2016, Zaim obtained State-of-art IT On 29 August 2011, Scalable platform Zaim was authorised its current status as to conduct microf- a microcredit com- online business Company's allowing for credit inance activities in pany (“MCC”) which model risk management the Russian Federa- allows it to engage in 2017 Strengts tion and included in microfinance activity On 20 February 2017, the State Registry of in the territory of the Cash generation Microfinance Organ- Russian Federation. Zaim’s shareholders potential Strong isations maintained approved the change 2019 of the Company's management team initially by the Russian On 4 November 2019, ZCS, Zaim’s holding name from LLC MO Ministry of Finance and company, made a successful initial public Best corporate Zaim-Express to LLC later by the Central offering (IPO) of its ordinary shares on Zaim-Express. governance practices Bank of Russia (“CBR”). the London Stock Exchange raising gross cash proceeds of £2.6m. Zaim in Numbers 441,018 Share Capital The total number active customers of ordinary shares in issue Over 1.22 million loans provided 436,975,000 £1.3 27 million loan directly book1 managed outlets 77% as at 31 December 2020 of loans 26,65% are to recurring Other Shareholders customers2 Providing loans in the amount of over Shareholding 1,12% Structure 73.23% 926 Simon J. Retter Zaim Holding SA million rubles a year (approximately £9.3M) 1 Loans to customers after expected credit loss allowance. 2 Average for 2020. 8 АNNUAL REPORT 2020 LEADING FINTECH COMPANY 9 Chairman’s Statement Chief Executive’s Review Dear Shareholders, This market still has a great potential. Penetration of the Dear fellow Stakeholders, streamlined by reducing the number of outlets to 31 from microfinance industry in the Russian market is less than It is hard to imagine our life now without digital or online 91 at the end of December 2020 and then to 27 as at 31 2% of the adult population, while in some mature markets, 2020 became the year of great challenges not only services. Over the past several years, most of us have March 2021. As a result, the share of loans issued online it ranges between 5% and 10%. Russian household debt for our company, but for the whole of humanity. I am transferred traditional “real-life” activities on- dramatically increased from 9% in December 2019 in September 2020 was only 21% of the Russian extremely proud of our team that has successfully line. Activities such as shopping, education, to 82% in December 2020. GDP compared to 89% in the UK and 78% addressed these global challenges and turned communication, entertainment, ordering in the USA2. Over the past several years, a potential heavy threat to the business These swift and decisive actions resulted delivery from a restaurant or meeting the microfinance market has grown by into an opportunity to increase growth in an immediate improvement to the any other essential needs can now be about 25% per annum, with the major- and undertake an incredibly fast move profitability of the Group with profits undertaken exclusively online. ity of this growth driven by the online to an online model. Our management achieved on a quarterly basis in both Quarantine measures undertaken segment. In addition, online lending in has successfully navigated the difficul- Q3 and Q4 2020. While in the first by the governments of most coun- Russia has been doubling year after ties connected with COVID-19 and its half of 2020 the Group generated an tries during 2020 as a reaction to year. During 2020, which was hopefully an consequences as well as the tightening adjusted EBIT loss of £0.9m, in the the COVID-19 pandemic accelerated exceptional year for uncertainty and general regulations in the microfinance field in second half, it generated an adjusted this shift in many cases and generated economic turmoil, the total balance of Russian Russia and has built a solid and reliable EBIT profit of £0.8m, which is an im- substantial additional demand for online microfinance loans grew by 18% to 249 billion growth platform, generating significant pressive turnaround in performance. 3 profits in the second half of the year. services. Despite this, many of these services rubles (ca. £2.5 billion) . This trend of strong growth in business are difficult or even impossible to access without an on- We used the COVID-19 restrictions and change in habits In the middle of 2019, the Russian financial regulator — volumes has continued during Q1 2021, with key perfor- line banking presence or a bank card. At the same time of individuals as an opportunity to significantly accel- the Central Bank of the Russian Federation — tightened mance indicators indicating healthy growth, and I look as services and activities that can be undertaken online erate the online transformation of our business. At the restrictions for all operators in the microfinance mar- forward to providing more news in the Q1 trading update.
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