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Annual Report 2016 Contents

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Annual Report 2016 Contents ANNUAL REPORT 2016 CONTENTS Resurs in brief 3 CEO statement 4 Investment case 6 2016 in brief 8 Financial targets and outcomes 10 The market 12 Business model and strategy 14 Innovation 16 Payment Solutions business segment 18 Consumer Loans business segment 20 Insurance business segment 22 Employees 24 Sustainability 26 The share 28 Board of Directors’ Report 32 Corporate Governance Report 41 Board of Directors 46 Group Management 47 Statements and notes – Group 48 Auditor’s Report 99 2 RESURS HOLDING RESURS IN BRIEF RESURS IN BRIEF Resurs Holding, which operates through its subsidiaries Resurs Bank and Solid Försäkringar, is a leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Five million private customers across Listed on Nasdaq Stockholm Large Cap listed on the Nasdaq Stockholm Large the Nordic region Resurs Bank was granted a banking li- Cap segment. Since its foundation in 1977, Resurs Bank cense in 2001 and is supervised by the Pan-Nordic Group has established itself as a leading partner Swedish Financial Supervisory Authority. Resurs operates in Sweden, Denmark, for sales-driving payment and loyalty solu- On 29 April 2016, Resurs Holding was Norway and Finland. tions in retail and e-commerce, and subse- quently built a customer base of approxi- mately five million private customers across the Nordic region. Sweden Denmark Finland Norway Three business segments Retail Finance Resurs Holding is divided into three busi- ness segments: Payment Solutions, Con- Credit Cards sumer Loans and Insurance. Consumer Loans 728 employees Insurance On 31 December 2016, Resurs had 728 employees. The head office is based in Helsingborg, Sweden. BUSINESS SEGMENTS PAYMENT SOLUTIONS CONSUMER LOANS INSURANCE 5 million customers in the customer SEK 12.4 billion in consumer loans more than 2.3 million customers database and lending of SEK 8.8 billion In Consumer Loans, Resurs provides In Insurance, non-life insurance is Payment Solutions comprises Retail unsecured loans to consumers who offered under the Solid Försäkring Finance and Credit Cards. In Retail want to finance investments in, for brand. The focus lies on niche cover- Finance, Resurs is the leading partner for example, homes or holidays. Resurs age, with the Nordic region as the salesdriving finance, payment and loyalty also helps consumers to consolidate main market. solutions for chain stores and e-commerce their loans with other banks, in order Insurance products are divided into companies across the Nordic region. to reduce their monthly payments or four business lines: Travel, Security, Credit Cards comprises Resurs’s propri- interest expense. Resurs has SEK Motor and Product. The company etary credit cards (of which Supreme Card 12.4 billion in consumer loans out- partners with leading retail chains in is the best known), and co-branded cards standing. various sectors, and has more than for retail finance partners. Resurs has 2.3 million customers. issued more than 280,000 co-branded Mastercard or Visa credit cards on the Nordic market. RESURS HOLDING 3 KENNETH NILSSON, CEO CONTINUED PROFITABLE GROWTH AND STRONGER MARKET POSITIONS CEO 2016 was an eventful year in the history of Resurs, when we transitioned from a privately owned to a listed company. While the management team focused on the IPO early in the year, the entire organisation achieved very satisfying and profitable growth, which strengthened our market posi- tions. I am looking forward to 2017 with confidence. The core of our business model is the formed favourably. In Retail Finance, we we are at the cutting edge of retail and attractive retail finance solutions that we developed a fully digital credit applica- ahead of our closest competitors. Our offer our retail finance partners. We offer tion process for physical retail during intense focus on innovation will continue both retail and e-commerce solutions, the year that considerably simplifies and we will soon be complementing making it easier and more convenient for purchasing for individual retailers. It was our IT development with a new IT office consumers to finance their purchases, implemented in Sweden and Denmark in Malmö. while unlocking the sales potential of our and the aim is that all of our retail fi- Our partner network is steadily grow- retail finance partners. nance partners across the entire Nordic ing. In 2016, we entered into partner- The loan portfolio passed the SEK 20 region will be using our digital credit ships with several exciting retail chains, billion mark for the very first time, and application before summer. many of them e-commerce operators. grew 17 per cent (just over SEK 3 billion) Our mobile services are gathered We create successful transactions with to SEK 21.2 billion. Our operating profit under the name of Loyo. We launched our retail finance partners, as confirmed rose 36 per cent, since we managed to Loyo, a digital wallet where customers by a survey showing that our 50-largest expand without losing control over can store their loyalty cards, in 2014. retail finance partners have a growth margins or costs. We see strong and continuous growth rate that exceeds the retail sector aver- The year’s success is due to the dedi- in the number of users here. In 2016, we age by up to 2.5 times. cated efforts of our employees, where took yet another major and significant Consumer Loans performed favourably, we are continuing to partner with retail- digital step with the launch of Loyo Pay, and the digitisation of customer rela- ers, improve our customer service and the first digital wallet in the Nordic re- tionships also played a key role here. create solutions that are appreciated by gion that can be used for payments Market conditions for our business are the market. In Payment Solutions, both across all channels – e-commerce and also highly positive. Resurs now has a Retail Finance and Credit Cards per- physical stores. With this innovation, customer database with five million We create successful transactions with our retail finance partners, as confirmed by a survey showing that our 50-largest retail finance partners have a growth rate that exceeds the retail sector average by up to 2.5 times. 4 RESURS HOLDING consumers across the Nordic region. In 2016, our loan losses corresponded to 1.9 per cent of the loan portfolio, which outperformed our target of 2-3 per cent. Historically, we have succeeded in keep- ing our loan losses down in both upturns and downturns, based on a strong under- standing of customer behaviour and a high percentage of smaller loans. We continued to develop the Insur- ance business segment during the year. Discontinuation of the unprofitable UK travel-insurance operation was com- pleted during the year, and the impact was charged to consolidated earnings. Nonetheless, our core business continued to deliver high profitability and steady growth. During the year, we continued to im- plement our strategy for broadening our financing, which largely comprises de- posits and equity. This was achieved by expanding both our MTN and ABS pro- grammes with a total capital injection of SEK 1.1 billion. In early 2017, we also issued a Tier 2 loan of SEK 300 million. I would like to thank all of our more than 700 employees for a fantastic job over the past year, and I have high expectations for 2017. At the same time, I would like to wel- come our new shareholders and sincerely thank all of our retail finance partners for the confidence you have shown us. Helsingborg, March 2017 Kenneth Nilsson President and CEO RESURS HOLDING 5 INVESTMENT CASE FOUR REASONS TO INVEST IN RESURS HOLDING 1 2 STRONG BUSINESS MODEL WITH A CONTINUOUS INNOVATION NORDIC FOCUS AND A RETAILING LEGACY Innovation plays a vital role in Resurs’s competitiveness. The Group is continuously adding new products and services to its product Resurs was founded by retailers for retailers. The business model is portfolio to support the transactions of our retail finance partners. therefore based on retailing experience, and the founders of Resurs In the 1980s, for example, Resurs was the first company to launch realised the benefits of retail finance solutions and flexible payment for the “interest-free credit” concept in retail finance solutions, and one increasing customer purchasing power and consumption, attracting of the first in Sweden to issue credit cards with reward and loyalty customers to stores and strengthening customer loyalty. Since the programmes. In 1993, Resurs added product insurance through company’s retail finance solution was launched in the 1980s, Resurs Solid to its Retail Finance offering. In recent years, the omni-channel has continued to refine its retail finance offering and is now the largest offering, which enables a multichannel approach to our solutions, independent retail finance provider in the Nordic region. Resurs now has been actively implemented by our retail finance partners. In has more than five million customers in its customer database, and 2016, Resurs launched a beta version of the Loyo Pay app (based most of these come from retail finance. The large customer database on the Loyo mobile platform), a digital credit application at check- provides opportunities for cross-selling other offerings, such as credit out and contactless cards (read more on page 16). cards, consumer loans and insurance products. Historically, Resurs has shown strong growth, driven by a broader base of retail finance part- ners, new product introductions, geographic expansion and several key acquisitions. 3 4 PROFITABLE GROWTH ATTRACTIVE DIVIDEND YIELD Resurs’s stable returns are driven by the Group’s range of small and According to the dividend policy adopted by the Board, Resurs is medium-sized loans with relatively short maturities, low customer to distribute at least 50 per cent of annual consolidated net profit acquisition costs and effective marketing.
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