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Home Credit B.V Home Credit B.V. Condensed Unconsolidated Interim Financial Report for the nine-month period ended 30 September 2017 (unaudited) Home Credit B.V. Condensed Unconsolidated Interim Financial Report for the nine-month period ended 30 September 2017 Contents Condensed Unconsolidated Interim Financial Statements Condensed Unconsolidated Interim Statement of Financial Position 3 Condensed Unconsolidated Interim Statement of Comprehensive Income 4 Condensed Unconsolidated Interim Statement of Changes in Equity 5 Condensed Unconsolidated Interim Statement of Cash Flows 6 Notes to the Condensed Unconsolidated Interim Financial Statements 7 - 2 - Home Credit B.V. Condensed Unconsolidated Interim Statement of Financial Position as at 30 September 2017 30 Sep 31 Dec 2017 2016 Note MEUR MEUR ASSETS Cash and cash equivalents 5 157 3 Time deposits with banks 6 10 27 Loans provided 7 67 79 Financial assets at fair value through profit or loss 8 3 3 Financial assets available-for-sale 9 - 12 Investments in subsidiaries 10 2,841 2,108 Other assets 11 1 68 Total assets 3,079 2,300 LIABILITIES Debt securities issued 12 117 36 Financial liabilities at fair value through profit or loss 13 297 1 Loans received and other liabilities 14 963 768 Total liabilities 1,377 805 EQUITY Share capital 15 659 659 Share premium 15 638 480 Other reserves 15 405 356 Total equity 1,702 1,495 Total liabilities and equity 3,079 2,300 - 3 - Home Credit B.V. Condensed Unconsolidated Interim Statement of Comprehensive Income for the nine-month period ended 30 September 2017 9 months 9 months ended ended 30 Sep 2017 30 Sep 2016 Note MEUR MEUR Continuing operations: Interest income 16 4 5 Interest expense 16 (42) (28) Net interest expense (38) (23) Dividend income 17 97 69 Fee income 18 4 6 Net foreign exchange result (1) (2) Operating income 62 50 Impairment losses 19 - (11) General administrative expenses 20 (9) (8) Operating expenses (9) (19) Profit before tax 53 31 Income tax expense 21 (4) (2) Net profit for the period 49 29 Other comprehensive income for the period - - Total comprehensive income for the period 49 29 - 4 - Home Credit B.V. Condensed Unconsolidated Interim Statement of Changes in Equity for the nine-month period ended 30 September 2017 Share Other Total Share capital premium reserves equity MEUR MEUR MEUR MEUR Balance as at 1 January 2017 659 480 356 1,495 Share premium increase - 158 - 158 Profit for the period - - 49 49 Total changes - 158 49 207 Balance as at 30 September 2017 659 638 405 1,702 Share Other Total Share capital premium reserves equity MEUR MEUR MEUR MEUR Balance as at 1 January 2016 659 480 294 1,433 Profit for the period - - 29 29 Total changes - - Balance as at 30 September 2016 659 480 323 1,462 - 5 - Home Credit B.V. Condensed Unconsolidated Interim Statement of Cash Flows for the nine-month period ended 30 September 2017 9 months 9 months ended ended 30 Sep 2017 30 Sep 2016 Note MEUR MEUR Operating activities Profit before tax 53 31 Adjustments for: Interest income and expense 16 38 23 Dividend income 17 (97) (69) Impairment losses 19 - 11 Expenses not involving movements of cash 6 (13) Net operating cash flow before changes in working capital - (17) Change in time deposits with banks 15 (5) Change in loans provided 5 6 Change in other assets 2 4 Change in other liabilities (3) (2) Cash flows from / (used in) the operations 19 (14) Interest paid (50) (27) Interest received 4 7 Income tax paid (4) (2) Cash flows from / (used in) operating activities (31) (36) Investing activities Proceeds from available-for-sale assets 12 10 Investments into subsidiaries (733) (303) Dividends received 17 162 69 Cash flows used in investing activities (559) (224) Financing activities Share premium increase 158 - Proceeds from issue of debt securities 74 - Repayment of debt securities - (148) Proceeds from due to banks and other financial institutions 1,396 709 Repayments of due to banks and other financial institutions (884) (302) Cash flows from financing activities 744 259 Net increase in cash and cash equivalents 154 (1) Cash and cash equivalents at 1 January 5 3 2 Cash and cash equivalents at 30 September 5 157 1 - 6 - Home Credit B.V. Notes to the Condensed Unconsolidated Interim Financial Statements for the nine-month period ended 30 September 2017 1. Description of the Company Home Credit B.V. (the “Company”) was incorporated on 28 December 1999 in the Netherlands. Registered office Strawinskylaan 933 1077 XX Amsterdam The Netherlands Shareholders Country of incorporation Ownership interest (%) 30 Sep 2017 31 Dec 2016 PPF Financial Holdings B.V. Netherlands 88.62 88.62 EMMA OMEGA LTD Cyprus 11.38 11.38 PPF Financial Holdings B.V. is a subsidiary of PPF Group N.V. The ultimate controlling party is Mr. Petr Kellner, who exercises control through PPF Group N.V. and PPF Financial Holdings B.V. Board of Directors Jiří Šmejc Chairman Jan Cornelis Jansen Vice-chairman Rudolf Bosveld Member Petr Kohout Member till September 30 Mel Gerard Carvill Member Marcel Marinus van Santen Member Paulus Aloysius de Reijke Member Lubomír Král Member till March 7 Jean-Pascal Pierre Alexandre Duvieusart Member from March 7 Principal activities The Company is a direct owner of consumer finance companies (“the Group”) operating in the Central Europe, CIS, Asia and The United States of America. The principal activities of the Company are the holding of equity stakes in these companies and financing these companies both from the market and from the parent company and related parties. - 7 - Home Credit B.V. Notes to the Condensed Unconsolidated Interim Financial Statements for the nine-month period ended 30 September 2017 2. Basis of preparation The financial statements for the period ended 30 September 2017 have been prepared on an unconsolidated basis. Subsidiaries are presented on a cost-less-impairment basis. The Company has also prepared the consolidated financial statements for the period ended 30 September 2017, which have been prepared in accordance with IFRSs, including IASs, promulgated by the IASB and interpretations issued by the IFRIC of the IASB as adopted by the European Union. (a) Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs), including International Accounting Standards (IASs), promulgated by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and with Part 9 of Book 2 of the Netherlands Civil Code. (b) Basis of measurement The financial statements are prepared on the historic cost basis except for financial instruments at fair value through profit or loss and financial assets available-for-sale that are measured at fair value. Financial assets and liabilities and non-financial assets and liabilities which are valued at historic cost are stated at amortized cost or historic 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 million (MEUR). (d) Changes in accounting policies and comparative figures The comparative figures have been regrouped or reclassified, where necessary, on a basis consistent with the current period. (e) Use of estimates and judgments The preparation of the unconsolidated 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 historic 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 period in which the estimate is revised and in any future periods affected. - 8 - Home Credit B.V. Notes to the Condensed Unconsolidated Interim Financial Statements for the nine-month period ended 30 September 2017 3. Significant accounting policies The significant accounting policies applied in the preparation of these condensed unconsolidated interim financial statements are consistent with those used in the preparation of the Company’s annual financial statements for the year ended 31 December 2016. (a) Changes in Accounting policies and accounting pronouncements adopted since 1 January 2017 The following revised standards effective from 1 January 2017 are mandatory and relevant for the Company and have been applied by the Company since 1 January 2017. Amendments to IAS 7 Statement of Cash Flows (effective from 1 January 2017) The amendments are part of the IASB's disclosure initiative project and introduce additional disclosure requirements intended to address investors' concerns that financial statements do not currently enable them to understand the entity's cash flows; particularly in respect to the management of financing activities. This standard did not have significant impact on the Company’s financial statements. Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses (effective from 1 January 2017) In January 2016 IASB issued amendments to IAS 12 Income Taxes. The amendments clarify how to account for deferred tax assets related to debt instruments measured at fair value. This standard did not have significant impact on the Company’s financial statements. Annual improvements 2014-2016 Cycle (effective from 1 January 2017) In December 2016, the IASB issued its annual Improvements to IFRSs 2014-2016 Cycle as part of the annual improvements process to make non-urgent but necessary amendments to IFRS.
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